Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-32637 | ||
Entity Registrant Name | AMES NATIONAL CORPORATION | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 159,160,907 | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,992,167 | ||
Auditor Name | FORVIS LLP | ||
Auditor Location | Springfield, MO. | ||
Auditor Firm ID | 686 | ||
Entity Central Index Key | 0001132651 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 24,105 | $ 20,819 |
Interest-bearing deposits in financial institutions and federal funds sold | 30,996 | 7,065 |
Total cash and cash equivalents | 55,101 | 27,884 |
Interest-bearing time deposits | 8,904 | 14,669 |
Securities available-for-sale | 736,389 | 786,438 |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | 3,086 | 4,613 |
Loans receivable, net | 1,277,812 | 1,226,011 |
Loans held for sale | 124 | 154 |
Bank premises and equipment, net | 22,549 | 18,895 |
Accrued income receivable | 12,953 | 11,275 |
Bank-owned life insurance | 3,131 | 3,054 |
Deferred income taxes, net | 16,496 | 22,130 |
Other intangible assets, net | 1,429 | 1,931 |
Goodwill | 12,424 | 12,424 |
Other assets | 5,083 | 5,448 |
Total assets | 2,155,481 | 2,134,926 |
LIABILITIES | ||
Noninterest-bearing checking | 370,942 | 391,576 |
Interest-bearing checking | 611,891 | 617,379 |
Savings and money market | 552,275 | 675,031 |
Time, $250 and over | 67,733 | 42,886 |
Other time | 208,990 | 171,085 |
Total deposits | 1,811,831 | 1,897,957 |
Securities sold under agreements to repurchase | 53,994 | 40,676 |
Other borrowings | 110,588 | 39,120 |
Dividends payable | 2,428 | 2,428 |
Accrued interest payable | 4,710 | 666 |
Accrued expenses and other liabilities | 6,142 | 4,981 |
Total liabilities | 1,989,693 | 1,985,828 |
STOCKHOLDERS' EQUITY | ||
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of December 31, 2023 and 2022 | 17,984 | 17,984 |
Additional paid-in capital | 14,253 | 14,253 |
Retained earnings | 180,438 | 179,931 |
Accumulated other comprehensive (loss) | (46,887) | (63,070) |
Total stockholders' equity | 165,788 | 149,098 |
Total liabilities and stockholders' equity | $ 2,155,481 | $ 2,134,926 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, authorized (in shares) | 18,000,000 | 18,000,000 |
Common Stock, Shares, Issued (in shares) | 8,992,167 | 8,992,167 |
Common Stock, Outstanding (in shares) | 8,992,167 | 8,992,167 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest and dividend income: | ||
Loans, including fees | $ 56,810 | $ 45,956 |
Securities: | ||
Taxable | 12,674 | 12,101 |
Tax-exempt | 2,292 | 2,595 |
Other interest and dividend income | 2,525 | 901 |
Total interest and dividend income | 74,301 | 61,553 |
Interest expense: | ||
Deposits | 24,471 | 7,316 |
Other borrowed funds | 5,205 | 993 |
Total interest expense | 29,676 | 8,309 |
Net interest income | 44,625 | 53,244 |
Credit loss expense (benefit) | 789 | (874) |
Net interest income after credit loss expense (benefit) | 43,836 | 54,118 |
Noninterest income: | ||
Securities gains, net | 35 | 37 |
Gain on sale of loans held for sale | 362 | 606 |
Other noninterest income | 1,155 | 938 |
Total noninterest income | 9,215 | 9,687 |
Noninterest expense: | ||
Salaries and employee benefits | 23,664 | 22,909 |
Data processing | 5,985 | 6,153 |
Occupancy expenses, net | 2,965 | 2,945 |
FDIC insurance assessments | 1,095 | 608 |
Professional fees | 2,081 | 1,888 |
Business development | 1,360 | 1,427 |
Intangible asset amortization | 502 | 574 |
New Markets Tax Credit projects amortization | 767 | 755 |
Other operating expenses, net | 1,743 | 1,385 |
Total noninterest expense | 40,162 | 38,644 |
Income before income taxes | 12,889 | 25,161 |
Provision for income taxes | 2,072 | 5,868 |
Net income | $ 10,817 | $ 19,293 |
Basic and diluted earnings per share (in dollars per share) | $ 1.2 | $ 2.14 |
Fiduciary and Trust [Member] | ||
Noninterest income: | ||
Noninterest income | $ 4,649 | $ 4,938 |
Financial Service [Member] | ||
Noninterest income: | ||
Noninterest income | 1,349 | 1,351 |
Credit and Debit Card [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,665 | $ 1,817 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 10,817 | $ 19,293 |
Unrealized holding gains (losses) arising during the period | 21,279 | (87,339) |
Plus: reclassification adjustment for (gains) realized in net income | (35) | (37) |
Other comprehensive income (loss) before tax | 21,244 | (87,376) |
Tax benefit (expense) related to other comprehensive income | (5,056) | 21,442 |
Other income tax effects from tax reform | 5 | 0 |
Other comprehensive income (loss), net of tax | 16,183 | (65,934) |
Comprehensive income (loss) | $ 27,000 | $ (46,641) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 9,092,167 | |||||||||
Balance at Dec. 31, 2021 | $ 18,184 | $ 16,353 | $ 170,377 | $ 2,864 | $ 207,778 | |||||
Net income | 0 | 0 | 19,293 | 0 | 19,293 | |||||
Other comprehensive (loss) | $ 0 | 0 | 0 | (65,934) | (65,934) | |||||
Repurchase and retirement of stock (in shares) | (100,000,000) | |||||||||
Repurchase and retirement of stock | $ (200) | (2,100) | 0 | 0 | (2,300) | |||||
Cash dividends declared, $1.08 per share | $ 0 | 0 | (9,739) | 0 | (9,739) | |||||
Other income tax effects from tax reform | $ 0 | |||||||||
Balance (in shares) at Dec. 31, 2022 | 8,992,167 | 8,992,167 | ||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 17,984 | $ 0 | 14,253 | $ (603) | 179,931 | $ 0 | (63,070) | $ (603) | $ 149,098 |
Net income | 0 | 0 | 10,817 | 0 | 10,817 | |||||
Other comprehensive (loss) | 0 | 0 | 0 | 16,183 | 16,183 | |||||
Cash dividends declared, $1.08 per share | 0 | 0 | (9,712) | 0 | (9,712) | |||||
Other income tax effects from tax reform | $ 0 | 0 | 5 | 0 | $ 5 | |||||
Balance (in shares) at Dec. 31, 2023 | 8,992,167 | 8,992,167 | ||||||||
Balance at Dec. 31, 2023 | $ 17,984 | $ 14,253 | $ 180,438 | $ (46,887) | $ 165,788 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 1.08 | $ 1.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 10,817 | $ 19,293 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Credit loss expense (benefit) for loans | [1] | 774 | (874) |
Credit loss expense for off-balance sheet credit exposures | 15 | 106 | |
Amortization of securities available-for-sale, loans and deposits, net | 1,524 | 2,133 | |
Amortization of intangible assets | 502 | 574 | |
Depreciation | 1,250 | 1,424 | |
Provision for deferred income taxes | 766 | 1,234 | |
Securities gains, net | (35) | (37) | |
Increase in cash value of bank-owned life insurance | (77) | (69) | |
Gain on sales of loans held for sale | (362) | (606) | |
Proceeds from the sales of loans held for sale | 18,678 | 26,905 | |
Originations of loans held for sale | (18,286) | (26,453) | |
(Gain) on sale and disposal of bank premises and equipment, net | 0 | (76) | |
Amortization of investment in New Markets Tax Credit projects | 767 | 755 | |
Change in assets and liabilities: | |||
(Increase) in accrued income receivable | (1,678) | (1,151) | |
(Increase) in other assets | (365) | (1,439) | |
Increase in accrued interest payable | 4,044 | 313 | |
Increase (decrease) in accrued expenses and other liabilities | 873 | (801) | |
Net cash provided by operating activities | 19,207 | 21,231 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Change in interest-bearing time deposits | 5,765 | 2,253 | |
Purchase of securities available-for-sale | (6,418) | (141,315) | |
Proceeds from sale of securities available-for-sale | 2,069 | 10,548 | |
Proceeds from maturities and calls of securities available-for-sale | 73,917 | 85,582 | |
Purchase of FHLB stock | (18,791) | (14,131) | |
Proceeds from the redemption of FHLB and FRB stock | 20,318 | 12,940 | |
Net (increase) in loans | (52,904) | (80,528) | |
Purchase of premises and equipment | (4,894) | (2,858) | |
Proceeds from the sale of premises and equipment | 0 | 125 | |
Net cash provided by (used in) investing activities | 19,062 | (127,384) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase in deposits | (86,126) | 19,938 | |
Increase in securities sold under agreements to repurchase | 13,318 | 825 | |
Payments on other borrowings | (186,962) | (3,300) | |
Proceeds from other borrowings | 269,850 | 4,000 | |
Net proceeds from (payments on) FHLB short-term borrowings | (11,420) | 35,420 | |
Dividends paid | (9,712) | (9,675) | |
Stock repurchases | 0 | (2,300) | |
Net cash provided by (used in) financing activities | (11,052) | 44,908 | |
Net increase (decrease) in cash and cash equivalents | 27,217 | (61,245) | |
CASH AND CASH EQUIVALENTS | |||
Beginning | 27,884 | 89,129 | |
Ending | 55,101 | 27,884 | |
Cash payments for: | |||
Interest | 25,632 | 8,560 | |
Income taxes | $ 1,813 | $ 4,969 | |
[1]The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $15 thousand related to off-balance sheet credit exposures. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Summary of Significant Accounting Policies Description of business Segment information one Consolidation Use of estimates Cash and cash equivalents Interest-bearing time deposits Securities available-for-sale and the allowance for credit losses on securities available-for-sale : AFS debt securities in unrealized loss positions are evaluated for credit losses at least quarterly. For AFS debt securities, a decline in fair value due to credit loss results in recording an allowance for credit losses to the extent the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through other comprehensive income, net of applicable taxes. Credit losses may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. For asset-backed securities performance indicators considered related to the underlying assets include default rates, delinquency rates, percentage of nonperforming assets, debt-to-collateral ratios, third-party guarantees, current levels of subordination, vintage, geographic concentration, analyst reports and forecasts, credit ratings and other market data. In assessing whether a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. If the Company intends to sell a debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged against the allowance for credit losses with any incremental impairment reported in earnings. Accrued interest receivable on AFS debt securities totaled $3.5 million at December 31, 2023 and is excluded from the estimate of credit losses. FHLB and FRB stock Loans The policy for charging off loans is consistent throughout all loan categories. A loan is charged off based on criteria that includes but is not limited to: delinquency status, financial condition of the entire customer credit line and underlying collateral coverage, economic or external conditions that might impact full repayment of the loan, legal issues, overdrafts, and the customer’s willingness to work with the Company. The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower's ability to meet payments of interest or principal when they become due, which is generally when a loan is 90 days or more past due unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual status, all previously accrued and unpaid interest is reversed against interest income. Loans are returned to an accrual status when all of the principal and interest amounts contractually due are brought current and repayment of the remaining contractual principal and interest is expected. A loan may also return to accrual status if additional collateral is received from the borrower and, in the opinion of management, the financial position of the borrower indicates that there is no longer any reasonable doubt as to the collection of the amount contractually due. Payment received on nonaccrual loans are applied first to principal. Once principal is recovered, any remaining payments received are applied to interest income. Allowance for credit losses on loans The credit loss estimation process involves procedures to appropriately consider the unique characteristics of loan portfolio segments which consist of construction real estate, 1 to 4 family residential real estate, multi-family real estate, commercial real estate, agricultural real estate, commercial, agricultural and consumer and other lending. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The key components in this estimation process include the following: ● An initial forecast period of one year for all portfolio segments and OBS credit exposures. This period reflects management's expectation of losses based on forward-looking economic scenarios over that time. ● A historical loss forecast period covering the remaining contractual life, adjusted for prepayments, by portfolio segment based on the change in key historical economic variables. ● A reversion period of 1 year connecting the initial loss forecast to the historical loss forecast based on economic conditions at the measurement date. The Company primarily utilizes loss rate based undiscounted cash flow (UDCF) methods to estimate credit losses by portfolio segment. The UDCF methods obtain estimated life-time credit losses using the conceptual components described above. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimation of expected credit losses. The following provides the credit quality indicators and risk elements that are most relevant and most carefully considered and monitored for each loan portfolio segment. Determining the Contractual Term Credit Loss Measurement For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, we recognize expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The fair value of collateral used by the Company is determined by obtaining an observable market price or by obtaining a fair value from an independent, licensed or certified appraiser, using observable market data. This data includes information such as selling price of similar properties and capitalization rates of similar properties sold within the market, expected future cash flows or earnings of the subject property based on current market expectations, and other relevant factors. Each quarter management reviews all collateral-dependent loans on a loan-by-loan basis to determine whether updated appraisals or evaluations are necessary based on loan performance, collateral type and guarantor support. At times, the Company measures the fair value of collateral-dependent loans using appraisals or evaluations with dates prior to one year from the date of review. Third-party appraisals are obtained from a pre-approved list of independent, third-party, local appraisal firms maintained by the credit underwriting department or the Company’s appraiser. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. Generally, appraisals are internally reviewed to ensure the quality of the appraisal and the expertise and independence of the appraiser. Once the expected credit loss amount is determined an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of expected credit loss will be charged off. Factors considered by management in determining if the expected credit loss is permanent or not recoverable include whether management judges the loan to be uncollectible, repayment is deemed to be protracted beyond reasonable time frames, or the loss becomes evident owing to the borrower's lack of assets unless both well-secured and in the process of collection. In estimating the component of the allowance for credit losses for loans that share similar risk characteristics with other loans, such loans are segregated into loan classes. Loans are designated into loan classes based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the allowance for credit losses, we derive an estimated credit loss assumption from a model that categorizes loan pools based on loan type and purpose. This model calculates an expected loss percentage for each loan class by considering the historical loss rate of similar peers. The component of the allowance for credit losses for loans that share similar risk characteristics also considers qualitative factors for each loan class to adjust for differences between the historical period used to calculate historical loss rates and expected conditions over the remaining lives of the loans in the portfolio related to: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio; (3) the nature and volume of the loan portfolio including the terms of the loans; (4) the experience, depth, and ability of the lending management and other relevant staff; (5) the volume and severity of past due loans and other similar conditions; (6) the quality of our loan review system and (7) the value of underlying collateral for collateralized loans. Additional qualitative factors include the existence and effect of any concentrations of credit, and changes in the level of such concentrations and the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Such factors are used to adjust the historical loss rates so that they reflect management expectation of future conditions based on a reasonable and supportable forecast. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reduces, on a straight-line basis over one year, the adjustments so that the model reverts back to the historical loss rates. Pre-ASC 326 CECL Adoption: The allowance for credit losses is established through a credit loss expense that is treated as an expense which would be charged against earnings. Loans are charged against the allowance for credit losses when management believes that collectability of the principal is unlikely. The Company has policies and procedures for evaluating the overall credit quality of its loan portfolio, including timely identification of potential problem loans. On a quarterly basis, management reviews the appropriate level for the allowance for credit losses, incorporating a variety of risk considerations, both quantitative and qualitative. Quantitative factors include the Company’s historical loss experience, delinquency and charge-off trends, collateral values, known information about individual loans and other factors. Qualitative factors include various considerations regarding the general economic environment in the Company’s market area. To the extent actual results differ from forecasts and management’s judgment, the allowance for credit losses may be greater or lesser than future charge-offs. Due to potential changes in conditions, including economic disruption, high inflation levels, and rising interest rates, it is at least reasonably possible that changes in estimates will occur in the near term and that such changes could be material to the amounts reported in the Company’s financial statements. Off-balance sheet credit exposures Allowance for credit losses on off-balance sheet credit exposures, including unfunded loan commitments Loans held for sale Bank premises and equipment Other real estate owned Bank-owned life insurance Goodwill and other intangible assets: 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, 2023 which indicated that goodwill was not impaired. Subsequently, the Company determined there were no adverse changes in criteria and key considerations to the previous assessment. Accordingly, the Company concluded that there is no 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 finite 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 be recoverable. Wealth management department assets Revenue from contracts with customers Advertising costs: Income taxes 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 Derivative financial instruments The Company has fair value hedging relationships at December 31, 2023. The Company uses hedge accounting in accordance with ASC 815, with the unrealized gains and losses, representing the change in fair value of the derivative and the change in fair value of the risk being hedged on the related loan, being recorded in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income and interest expense in the consolidated statements of income. The Company uses the dollar-offset method for assessing effectiveness using the cumulative approach. The dollar-offset method compares the fair value of the hedging derivative with the fair value of the hedged exposure. The cumulative approach involves comparing the cumulative changes in the hedging derivative’s fair value to the cumulative changes in the hedged exposure’s fair value. The Company does not use derivatives for trading or speculative purposes. Transfers of financial assets and participating interests 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) from the date of the transfer, it must represent a proportionate (pro rata) ownership in the financial asset; (2) from the date of transfer, all cash flows received, except any cash flows allocated as any compensation for servicing or other services performed, must be divided proportionately among participating interest holders in the amount equal to their share ownership; (3) the rights of each participating interest holder must have the same priority; and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to do so. Earnings per share: The following information was used in the computation of basic EPS for the years ended December 31, 2023 and 2022 ( in thousands, except share and per share data 2023 2022 Basic earning per share computation: Net income $ 10,817 $ 19,293 Weighted average common shares outstanding 8,992,167 9,033,410 Basic EPS $ 1.20 $ 2.14 Reclassifications: Adoption of New Financial Accounting Standard Codification 326 (ASC 326 (CECL)): On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the recognition of the allowance for credit losses be estimated using the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to OBS credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and OBS credit exposures. Results for reporting periods beginning January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $603 thousand as of January 1, 2023 for the cumulative effect of adopting ASC 326, which includes deferred taxes of $188 thousand. The transition adjustment includes a $518 thousand increase to the Allowance for Credit Losses on loans and a $273 thousand increase to the Allowance for Credit Losses on OBS Credit Exposures. The following table illustrates the impact of ASC 326 (amounts in thousands). January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Loans receivable Allowance for credit losses on loans $ 16,215 $ 15,697 $ 518 Liabilities: Accrued expenses and other liabilities Allowance for credit losses on off-balance sheet credit exposures $ 1,071 $ 798 $ 273 New and Pending Accounting Pronouncements: In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. ASU 2022-01 further clarifies certain targeted improvements to the optional hedge accounting model that were made under ASU 2017-12. ASU 2022-01 expands the last-of-layer method and renames this method to portfolio layer method to reflect this expansion, as well as expanding the scope of the portfolio layer method to include nonprepayable financial assets. It also specifies eligible hedging instruments and provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method. ASU 2022-01 permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. ASU 2022-01 became effective for the Company on January 1, 2023. The adoption of ASU 2022-01 did not have a material impact on the Company’s consolidated financial statements. In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using Proportional Amortization Method. The ASU is intended to improve the accounting and disclosures for investments in tax credit structures. It allows reporting entities to elect to adopt for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact of the ASU on the Company's consolidated financial statements. |
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, 2023 | |
Notes to Financial Statements | |
Concentrations and Restrictions on Cash and Due from Banks and Interest Bearing Deposits in Financial Institutions [Text Block] | Note 2. Concentrations and Restrictions on Cash and Due from Banks and Interest-Bearing Deposits in Financial Institutions The Federal Reserve announced on March 15, 2020, that the reserve requirement ratios would be reduced to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions. Prior to March 26, 2020, the Federal Reserve Bank required member banks to maintain certain cash and due from bank reserves. The subsidiary banks did not have a reserve requirement at December 31, 2023 or 2022. The Federal Reserve Board currently has no plans to reinstate the reserve requirement but retains the right to reinstate it. At December 31, 2023, the Company had approximately $38.9 million on deposit at various financial institutions. Management does not believe these balances carry a significant risk of loss but cannot provide absolute assurance that no losses would occur if these institutions were to become insolvent. |
Note 3 - Debt Securities
Note 3 - Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Debt Securities The amortized cost of securities available-for-sale and their approximate fair values are summarized below (in thousands) Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2023: U.S. government treasuries $ 213,646 $ 29 $ (13,587 ) $ 200,088 U.S. government agencies 99,455 2 (6,842 ) 92,615 U.S. government mortgage-backed securities 115,988 - (14,124 ) 101,864 State and political subdivisions 292,475 93 (22,677 ) 269,891 Corporate bonds 77,139 11 (5,219 ) 71,931 Total $ 798,703 $ 135 $ (62,449 ) $ 736,389 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2022: U.S. government treasuries $ 227,065 $ - $ (19,468 ) $ 207,597 U.S. government agencies 110,370 4 (9,441 ) 100,933 U.S. government mortgage-backed securities 133,205 4 (16,468 ) 116,741 State and political subdivisions 317,179 27 (31,203 ) 286,003 Corporate bonds 82,177 7 (7,020 ) 75,164 Total $ 869,996 $ 42 $ (83,600 ) $ 786,438 The amortized cost and fair value of debt securities available-for-sale as of December 31, 2023, are shown below by expected maturity. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands). Amortized Estimated Cost Fair Value Due in one year or less $ 82,517 $ 80,981 Due after one year through five years 395,006 370,101 Due after five years through ten years 196,227 175,993 Due after ten years 8,965 7,450 $ 682,715 $ 634,525 U.S. government mortgage-backed securities 115,988 101,864 Total $ 798,703 $ 736,389 At December 31, 2023 and 2022, securities with a carrying value of approximately $374.4 million and $256.7 million, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. Securities sold under agreements to repurchase are held by the Company’s safekeeping agent. The proceeds, gains, and losses from securities available-for-sale are summarized below (in thousands) 2023 2022 Proceeds from sales of securities available-for-sale $ 2,069 $ 10,548 Gross realized gains on securities available-for-sale 73 60 Gross realized losses on securities available-for-sale (38 ) (23 ) No credit loss expense was recognized on securities available-for-sale for the year ended December 31, 2023 and no other-than-temporary impairments were recognized as a component of income for the year ended December 31, 2022. 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, 2023 and 2022, are summarized as follows (in thousands) 2023: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized No. of Fair Unrealized No. of Fair Unrealized Value Losses Securities Value Losses Securities Value Losses Securities available for sale: U.S. government treasuries $ - $ - - $ 196,432 $ (13,587 ) 121 $ 196,432 $ (13,587 ) U.S. government agencies 1,986 (11 ) 2 90,137 (6,831 ) 78 92,123 (6,842 ) U.S. government mortgage-backed securities 467 (12 ) 4 101,265 (14,112 ) 155 101,732 (14,124 ) State and political subdivisions 9,054 (73 ) 18 251,286 (22,604 ) 474 260,340 (22,677 ) Corporate bonds 3,117 (108 ) 4 67,816 (5,111 ) 84 70,933 (5,219 ) Total $ 14,624 $ (204 ) 28 $ 706,936 $ (62,245 ) 912 $ 721,560 $ (62,449 ) 2022: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized No. of Fair Unrealized No. of Fair Unrealized Value Losses Securities Value Losses Securities Value Losses Securities available for sale: U.S. government treasuries $ 57,882 $ (3,960 ) 45 $ 147,215 $ (15,508 ) 89 205,097 (19,468 ) U.S. government agencies 61,821 (4,293 ) 51 38,492 (5,148 ) 32 100,313 (9,441 ) U.S. government mortgage-backed securities 45,440 (4,393 ) 104 70,854 (12,075 ) 57 116,294 (16,468 ) State and political subdivisions 181,640 (14,556 ) 335 97,907 (16,647 ) 203 279,547 (31,203 ) Corporate bonds 59,293 (4,281 ) 71 13,382 (2,739 ) 23 72,675 (7,020 ) Total $ 406,076 $ (31,483 ) 606 $ 367,850 $ (52,117 ) 404 $ 773,926 $ (83,600 ) At December 31, 2023, debt securities have unrealized losses of $62.4 million. These unrealized losses are generally due to changes in interest rates or general market conditions. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. Management concluded that the unrealized losses on debt securities were not credit related. Due to potential changes in conditions, it is at least reasonably possible that changes in fair values and management’s assessments will occur in the near term and that such changes could materially affect the amounts reported in the Company’s financial statements. |
Note 4 - Loans Receivable and C
Note 4 - Loans Receivable and Credit Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 4. Loans Receivable and Credit Disclosures The composition of loans receivable is as follows (in thousands) 2023 2022 Real estate - construction $ 63,050 $ 51,253 Real estate - 1 to 4 family residential 289,404 285,107 Real estate - multi-family 195,536 185,784 Real estate - commercial 359,266 353,285 Real estate - agricultural 161,517 159,448 Commercial 89,729 77,265 Agricultural 119,136 113,355 Consumer and other 16,540 16,211 1,294,178 1,241,708 Unallocated portfolio layer basis adjustments 1 410 - Less allowance for credit losses (16,776 ) (15,697 ) Total loans receivable, net $ 1,277,812 $ 1,226,011 1 On January 1, 2023, the Company adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326)," and results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Additionally, the Company reclassified its loan categories to breakout multi-family real estate from commercial real estate and all prior periods have been adjusted. 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 prove to be inaccurate primarily due to unforeseen circumstances beyond the control of the borrower or lender. Construction loans often involve the disbursement of funds with repayment substantially dependent on the success of the ultimate project. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. The Company may require guarantees on these loans. The Company’s construction loans are secured primarily by properties located in its primary market area. National unemployment rate is a key economic forecast used in estimating expected credit losses for this segment. The Company originates 1-4 family real estate loans utilizing credit reports to supplement the underwriting process. The Company’s underwriting standards for 1-4 family loans are generally in accordance with FHLMC and FNMA manual underwriting guidelines. Properties securing 1-4 family real estate loans are appraised by either staff appraisers or fee appraisers, both of which are independent of the loan origination function and have been approved by the Board of Directors. The loan-to-value ratios normally do not exceed 90% without credit enhancements such as mortgage insurance. The Company will lend up to 100% of the lesser of the appraised value or purchase price for conventional 1-4 family real estate loans, provided private mortgage insurance is obtained. The Company’s 1-4 family real estate loans are secured primarily by properties located in its primary market area. The national unemployment rate is a key economic forecast used in estimating expected credit losses for this segment. Multi-family, 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. Multi-family, 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 exceed 80% of the cost or value of the assets. Loans are typically subject to interest rate adjustments between five and seven years from origination. Fully amortized monthly repayment terms normally do not exceed twenty-five years. Projections and cash flows that show ability to service debt within the amortization period are required. Property and casualty insurance is required to protect the Banks’ collateral interests. Appraisals on properties securing these loans are generally performed by fee appraisers approved by the Board of Directors. Because payments on multi-family, commercial and agricultural real estate loans are often dependent on the successful operation or management of the properties, repayment of such loans may be subject to adverse conditions in the real estate market or the economy. Management monitors and evaluates commercial and agricultural real estate loans based on collateral and risk rating criteria. The Company may require guarantees on these loans. The Company’s multi-family, commercial and agricultural real estate loans are secured primarily by properties located in its primary market areas. The national unemployment rate and the national real gross domestic product (GDP) are key economic forecasts used in estimating expected credit losses for the multi-family and commercial real estate segments. The national real GDP is a key economic forecast used in estimating expected credit losses for the agricultural real estate segment. 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 fluctuate in value after the initial evaluation. A first priority lien on the general assets of the business normally secures these types of loans. Loan-to-value limits vary and are dependent upon the nature and type of the underlying collateral and the financial strength of the borrower. Crop and hail insurance is required for most agricultural borrowers. Loans are generally guaranteed by the principal(s). The Company’s commercial and agricultural operating lending is primarily in its primary market area. The national unemployment rate and the national real GDP are key economic forecasts used in estimating expected credit losses for the commercial operating segment. The national real GDP is a key economic forecast used in estimating expected credit losses for the agricultural operating segment. Consumer and other loans utilize credit reports to supplement the underwriting process. The underwriting standards include a determination of the applicant’s payment history on other debts and an assessment of their ability to meet existing obligations and payments on the proposed loan. To monitor and manage loan risk, policies and procedures are developed and modified, as needed by management. This activity, coupled with smaller loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, market conditions are reviewed by management on a regular basis. The Iowa real GDP and Iowa retail trade earnings are key economic forecasts used in estimating expected credit losses for this segment. The Company 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 credit losses for the years ended December 31, 2023 and 2022 are as follows (in thousands) 2023 2022 Balance, beginning $ 15,697 $ 16,621 Impact of adopting ASC 326 518 - Credit loss expense (benefit) 1 774 (874 ) Recoveries of loans charged-off 32 42 Loans charged-off (245 ) (92 ) Balance, ending $ 16,776 $ 15,697 1 Activity in the allowance for credit losses, on a disaggregated basis, for the years ended December 31, 2023 and 2022 is as follows (in thousands) 2023: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 730 $ 3,028 $ 2,493 $ 4,742 $ 1,625 $ 1,153 $ 1,705 $ 221 $ 15,697 Impact of adopting ASC 326 (395 ) 242 (24 ) 513 (398 ) 449 (61 ) 192 518 Credit loss expense (benefit) 73 58 73 (24 ) 11 381 161 41 774 Recoveries of loans charged-off - 5 - 5 - 9 5 8 32 Loans charged-off - - - - - (37 ) (203 ) (5 ) (245 ) Balance, ending $ 408 $ 3,333 $ 2,542 $ 5,236 $ 1,238 $ 1,955 $ 1,607 $ 457 $ 16,776 2022: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 675 $ 2,752 $ 2,501 $ 5,905 $ 1,584 $ 1,170 $ 1,836 $ 198 $ 16,621 Provision (credit) for loan losses 55 291 (8 ) (1,166 ) 41 20 (124 ) 17 (874 ) Recoveries of loans charged-off - 8 - 3 - 4 - 27 42 Loans charged-off - (23 ) - - - (41 ) (7 ) (21 ) (92 ) Balance, ending $ 730 $ 3,028 $ 2,493 $ 4,742 $ 1,625 $ 1,153 $ 1,705 $ 221 $ 15,697 The following table shows the balance in the allowance for credit losses and loans receivable as of December 31, 2022, disaggregated on the basis of measurement methodology ( in thousands 2022: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending ACL balance: Individually evaluated for credit losses $ - $ 10 $ - $ - $ - $ - $ 68 $ 17 $ 95 Ending ACL balance: Collectively evaluated for credit losses 730 3,018 2,493 4,742 1,625 1,153 1,637 204 15,602 Ending ACL balance $ 730 $ 3,028 $ 2,493 $ 4,742 $ 1,625 $ 1,153 $ 1,705 $ 221 $ 15,697 2022: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending loans receiveable balance: Individually evaluated for credit losses $ - $ 805 $ - $ 12,853 $ 165 $ 200 $ 342 $ 21 $ 14,386 Ending loans receivable balance: Collectively evaluated for credit losses 51,253 284,302 185,784 340,432 159,283 77,065 113,013 16,190 1,227,322 Ending loans receivable balance $ 51,253 $ 285,107 $ 185,784 $ 353,285 $ 159,448 $ 77,265 $ 113,355 $ 16,211 $ 1,241,708 The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans (in thousands): Primary Type of Collateral December 31, 2023 Real Estate Equipment Other Total ACL Allocation Real estate - construction $ 66 $ - $ - $ 66 $ - Real estate - 1 to 4 family residential 678 - - 678 10 Real estate - multi-family 2,034 - - 2,034 - Real estate - commercial 8,993 - - 8,993 - Real estate - agricultural 449 - - 449 - Commercial 118 - 101 219 96 Agricultural 239 669 402 1,310 - Consumer and other - - - - - $ 12,577 $ 669 $ 503 $ 13,749 $ 106 Credit Quality Indicators. The Company utilizes a risk rating matrix to assign risk ratings to each of its loans. Loans are rated on a scale of 1 to 7. A description of the general characteristics of the risk ratings is as follows: Ratings 1, 2 and 3 Rating 4 Rating 5 Rating 6 Rating 7 The following tables show the risk category of loans by loan category and year of origination as of December 31, 2023 (in thousands) December 31, 2023 Amortized Cost Basis of Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Real estate - construction Pass $ 45,404 $ 14,501 $ 746 $ 11 $ - $ 325 $ 1,917 $ 62,904 Watch 80 - - - - - - 80 Special Mention - - - - - - - - Substandard - - - - - - - - Substandard-Impaired - 66 - - - - - 66 Total $ 45,484 $ 14,567 $ 746 $ 11 $ - $ 325 $ 1,917 $ 63,050 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - 1-4 family residential Pass $ 55,051 $ 66,190 $ 59,250 $ 47,865 $ 8,607 $ 17,154 $ 18,649 $ 272,766 Watch 1,608 298 10,483 1,226 - 358 27 14,000 Special Mention - - - - - - - - Substandard 448 18 1,350 47 33 64 - 1,960 Substandard-Impaired 115 - 140 - 199 144 80 678 Total $ 57,222 $ 66,506 $ 71,223 $ 49,138 $ 8,839 $ 17,720 $ 18,756 $ 289,404 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - multi-family Pass $ 18,436 $ 51,928 $ 47,161 $ 40,201 $ 13,542 $ 694 $ 5,020 $ 176,982 Watch 4,603 1,427 8,192 - - - - 14,222 Special Mention - - - - - - - - Substandard - - - 2,298 - - - 2,298 Substandard-Impaired 983 - - - 1,051 - - 2,034 Total $ 24,022 $ 53,355 $ 55,353 $ 42,499 $ 14,593 $ 694 $ 5,020 $ 195,536 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - commercial Pass $ 35,133 $ 81,342 $ 51,598 $ 66,467 $ 20,006 $ 13,122 $ 2,929 $ 270,597 Watch 8,379 13,580 14,669 14,607 78 583 2,988 54,884 Special Mention - 2,531 11,853 3,006 1,043 - - 18,433 Substandard 897 - 4,822 551 - 106 - 6,376 Substandard-Impaired 8,517 - 99 - 360 - - 8,976 Total $ 52,926 $ 97,453 $ 83,041 $ 84,631 $ 21,487 $ 13,811 $ 5,917 $ 359,266 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - agricultural Pass $ 22,469 $ 30,738 $ 32,893 $ 27,733 $ 6,039 $ 22,850 $ 2,073 $ 144,795 Watch 4,163 379 2,263 1,760 333 3,601 - 12,499 Special Mention - - - - - - - - Substandard 2,302 1,439 114 - - 214 - 4,069 Substandard-Impaired - - 154 - - - - 154 Total $ 28,934 $ 32,556 $ 35,424 $ 29,493 $ 6,372 $ 26,665 $ 2,073 $ 161,517 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - December 31, 2023 Amortized Cost Basis of Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Pass $ 23,904 $ 12,645 $ 10,378 $ 2,087 $ 2,434 $ 1,578 $ 29,752 $ 82,778 Watch 860 295 119 423 93 137 1,996 3,923 Special Mention - - - - - - - - Substandard 600 256 - 421 - - 1,484 2,761 Substandard-Impaired 94 - 5 96 - 72 - 267 Total $ 25,458 $ 13,196 $ 10,502 $ 3,027 $ 2,527 $ 1,787 $ 33,232 $ 89,729 Current-period gross writeoffs $ - $ - $ - $ 33 $ - $ 4 $ - $ 37 Agricultural Pass $ 14,614 $ 8,395 $ 5,459 $ 2,858 $ 400 $ 608 $ 77,448 $ 109,782 Watch 1,107 340 288 18 18 194 5,419 7,384 Special Mention - - - - - - - - Substandard 866 14 25 58 - - - 963 Substandard-Impaired 95 140 383 - - - 389 1,007 Total $ 16,682 $ 8,889 $ 6,155 $ 2,934 $ 418 $ 802 $ 83,256 $ 119,136 Current-period gross writeoffs $ 39 $ 74 $ 90 $ - $ - $ - $ - $ 203 Consumer and other Pass $ 6,801 $ 3,719 $ 2,701 $ 2,071 $ 352 $ 731 $ 15 $ 16,390 Watch 127 - - - - - - 127 Special Mention - - - - - - - - Substandard 10 - - - - - - 10 Substandard-Impaired - - - 13 - - - 13 Total $ 6,938 $ 3,719 $ 2,701 $ 2,084 $ 352 $ 731 $ 15 $ 16,540 Current-period gross writeoffs $ - $ - $ - $ - $ - $ 5 $ - $ 5 Total loans Pass $ 221,812 $ 269,458 $ 210,186 $ 189,293 $ 51,380 $ 57,062 $ 137,803 $ 1,136,994 Watch 20,927 16,319 36,014 18,034 522 4,873 10,430 107,119 Special Mention - 2,531 11,853 3,006 1,043 - - 18,433 Substandard 5,123 1,727 6,311 3,375 33 384 1,484 18,437 Substandard-Impaired 9,804 206 781 109 1,610 216 469 13,195 Total $ 257,666 $ 290,241 $ 265,145 $ 213,817 $ 54,588 $ 62,535 $ 150,186 $ 1,294,178 Current-period gross writeoffs $ 39 $ 74 $ 90 $ 33 $ - $ 9 $ - $ 245 The credit risk profile by internally assigned grade, on a disaggregated basis, as of December 31, 2022 is as follows (in thousands) 2022: Construction Multi-family Commercial Agricultural Real Estate Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 51,253 $ 174,048 $ 264,898 $ 136,043 $ 69,872 $ 98,415 $ 794,529 Watch - 9,344 62,076 18,324 5,392 14,146 109,282 Special Mention - - - - 116 - 116 Substandard - 2,392 13,458 4,916 1,685 452 22,903 Substandard-Impaired - - 12,853 165 200 342 13,560 Total $ 51,253 $ 185,784 $ 353,285 $ 159,448 $ 77,265 $ 113,355 $ 940,390 The credit risk profile based on payment activity, on a disaggregated basis, as of December 31, 2022 is as follows (in thousands) 2022: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 284,302 $ 16,190 $ 300,492 Non-performing 805 21 826 Total $ 285,107 $ 16,211 $ 301,318 As of December 31, 2022, consumer and 1-4 family loans are considered non-performing when the loan is greater than 90 days past due or it is determined that the borrower is unable to make contractual principal and interest payments. 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 credit losses 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 credit losses. The following is a Pre-ASC 326 (CECL) adoption recap of impaired loans, on a disaggregated basis, as of December 31, 2022 and the average recorded investment and interest income recognized on these loans for the year ended December 31, 2022 (in thousands) 2022: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ - $ - Real estate - 1 to 4 family residential 687 721 - 715 70 Real estate - multi-family - - - - - Real estate - commercial 12,853 13,578 - 3,391 - Real estate - agricultural 165 194 - 319 14 Commercial 200 249 - 227 6 Agricultural 78 88 - 147 - Consumer and other 4 7 - 5 1 Total loans with no specific reserve: 13,987 14,837 - 4,804 91 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 118 123 10 188 1 Real estate - multi-family - - - - - Real estate - commercial - - - 7,667 - Real estate - agricultural - - - - - Commercial - - - 35 1 Agricultural 264 294 68 292 - Consumer and other 17 19 17 19 - Total loans with specific reserve: 399 436 95 8,201 2 Total Real estate - construction - - - - - Real estate - 1 to 4 family residential 805 844 10 903 71 Real estate - multi-family - - - - - Real estate - commercial 12,853 13,578 - 11,058 - Real estate - agricultural 165 194 - 319 14 Commercial 200 249 - 262 7 Agricultural 342 382 68 439 - Consumer and other 21 26 17 24 1 Total $ 14,386 $ 15,273 $ 95 $ 13,005 $ 93 The following table presents the amortized cost basis of loans on nonaccrual status and loans on nonaccrual status with no allowance for credit losses recorded by loan category (in thousands) Total Nonaccrual Nonaccrual with no ACL December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Real estate - construction $ 66 $ - $ 66 $ - Real estate - 1 to 4 family residential 678 805 563 687 Real estate - multi-family 2,034 - 2,034 - Real estate - commercial 8,976 12,853 8,976 12,853 Real estate - agricultural 449 500 449 500 Commercial 268 200 172 200 Agricultural 1,310 342 1,310 78 Consumer and other 13 21 - 4 $ 13,794 $ 14,721 $ 13,570 $ 14,322 The interest foregone on nonaccrual loans for the years ended December 31, 2023 and 2022 was approximately $768 thousand and $733 thousand, respectively. Loan Modifications to Borrowers Experiencing Financial Difficulty. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a loss rate model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not recorded upon modification. The Company made three loan modifications to borrowers experiencing financial difficulty for the year ended December 31, 2023. The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted (in thousands) Loan Modifications Made to Borrowers Experiencing Financial Difficulty Term Extension Amortized Cost Basis at % of Total Class of December 31, 2023 Financing Receivable Loan Type Agricultural $ 336 0.3 % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Loan Type Financial Effect Agricultural 8 Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged-off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Company had $34 thousand of net charge-offs for the year ended December 31, 2023. There were two loan modifications with an amortized cost basis of $42 thousand that had a payment default and were modified in the twelve months before default as of December 31, 2023. A loan is considered to be in payment default once it is 60 days contractually past due under the modified terms. Troubled Debt Restructurings 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 months and management is reasonably assured of future performance. If the TDR meets these performance criteria and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will return to performing status. If the TDR loan has a below market interest rate at the time of restructuring, it will be considered impaired until fully collected. For TDR loans that were on nonaccrual status before the modification, a specific reserve may already be recorded. In periods subsequent to modification, the Company will continue to evaluate all troubled debt restructurings for possible credit losses and, as necessary, recognizes credit losses through the allowance. The Company had no The Company had loans meeting the definition of TDR of $10.7 million as of December 31, 2022, all of which were included as impaired and nonaccrual loans. The Company’s TDRs, on a disaggregated basis, occurring in the year ended December 31, 2022 is as follows (dollars in thousands) 2022 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Real estate - construction - $ - $ - Real estate - 1 to 4 family residential 1 118 118 Real estate - commercial - - - Real estate - agricultural - - - Commercial - - - Agricultural - - - Consumer and other - - - Total 1 $ 118 $ 118 During the year ended December 31, 2022, the Company granted a concession to one borrower, with one contract, experiencing financial difficulties. The loan was restructured for an extended maturity and accrued interest was capitalized. There were no TDR loans that were modified during the year ended December 31, 2022 with a payment default. A TDR loan is considered to have payment default when it is past due 60 days or more. There was no significant financial impact from specific reserves for the TDR loans. An aging analysis of the recorded investment in loans, on a disaggregated basis, as of December 31, 2023 and 2022, are as follows (in thousands) 2023: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 359 $ 66 $ 425 $ 62,625 $ 63,050 $ - Real estate - 1 to 4 family residential 1,020 302 1,322 288,082 289,404 3 Real estate - multi-family - 983 983 194,553 195,536 - Real estate - commercial 119 106 225 359,041 359,266 106 Real estate - agricultural - - - 161,517 161,517 - Commercial 559 98 657 89,072 89,729 - Agricultural 169 529 698 118,438 119,136 - Consumer and other 16 - 16 16,524 16,540 - Total $ 2,242 $ 2,084 $ 4,326 $ 1,289,852 $ 1,294,178 $ 109 2022: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 66 $ - $ 66 $ 51,187 $ 51,253 $ - Real estate - 1 to 4 family residential 944 11 955 284,152 285,107 - Real estate - multi-family - - - 185,784 185,784 - Real estate - commercial 2,362 1,399 3,761 349,524 353,285 - Real estate - agricultural 185 - 185 159,263 159,448 - Commercial 592 7 599 76,666 77,265 - Agricultural 218 30 248 113,107 113,355 - Consumer and other 37 4 41 16,170 16,211 - Total $ 4,404 $ 1,451 $ 5,855 $ 1,235,853 $ 1,241,708 $ - There are no other known problem loans that cause management to have serious doubts as to the ability of such borrowers to comply with the present loan repayment terms. As of December 31, 2023, there were no Loans are made in the normal course of business to certain directors and executive officers of the Company and to their affiliates. The terms of these loans, including interest rates and collateral, are similar to those prevailing for comparable transactions with others and do not involve more than a normal risk of collectability. Loan transactions with related parties as of December 31, 2023 and 2022 were as follows (in thousands) 2023 2022 Balance, beginning of year $ 16,680 $ 17,269 New loans 9,480 13,067 Repayments (10,269 ) (13,633 ) Change in status 69 (23 ) Balance, end of year $ 15,960 $ 16,680 |
Note 5 - Bank Premises and Equi
Note 5 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Bank Premises and Equipment The major classes of bank premises and equipment and the total accumulated depreciation as of December 31, 2023 and 2022 (in thousands) 2023 2022 Land $ 4,210 $ 3,994 Construction in process - 1,206 Buildings and improvements 28,506 23,679 Furniture and equipment 8,334 8,324 41,050 37,203 Less accumulated depreciation 18,501 18,308 Total bank premises and equipment, net $ 22,549 $ 18,895 |
Note 6 - Goodwill
Note 6 - Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | Note 6. Goodwill Goodwill arose in connection with four acquisitions in previous periods. Accounting standards allow for goodwill to be tested for impairment by performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. There was no |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 7. Intangible Assets The following sets forth the carrying amounts and accumulated amortization of all intangible assets as of December 31, 2023 and 2022 (in thousands) 2023 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 4,982 $ 6,411 $ 4,539 Customer list 535 535 535 476 Total $ 6,946 $ 5,517 $ 6,946 $ 5,015 The weighted average life of the intangible assets is approximately 2 years and 3 years as of December 31, 2023 and 2022, respectively. The amortization expense for the intangible assets totaled $502 thousand and $574 thousand for the years ended December 31, 2023 and 2022, respectively. Estimated remaining amortization expense on intangible assets is as follows for the years ending December 31 (in thousands) 2024 337 2025 301 2026 268 2027 240 2028 190 After 93 Total $ 1,429 The following sets forth the activity related to intangible assets for the years ended December 31, 2023 and 2022 (in thousands) 2023 2022 Beginning intangibles, net $ 1,931 $ 2,505 Amortization (502 ) (574 ) Ending intangible asset, net $ 1,429 $ 1,931 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8. Deposits At December 31, 2023, the maturities of time deposits are as follows (in thousands) 2024 $ 240,732 2025 24,370 2026 5,763 2027 3,499 2028 2,359 Total time deposits $ 276,723 Interest expense on deposits for the years ended December 31, 2023 and 2022 is summarized as follows (in thousands) 2023 2022 Interest-bearing checking $ 9,824 $ 2,888 Savings and money market 6,970 2,610 Time deposits 7,677 1,818 Total deposit interest expense $ 24,471 $ 7,316 Deposits held by the Company from related parties as of December 31, 2023 and 2022 totaled approximately $22.7 million and $19.7 million, respectively. |
Note 9 - Pledged Collateral Rel
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | Note 9. Pledged Collateral Related to Securities Sold Under Repurchase Agreements 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, 2023 and 2022 (in thousands) 2023 2022 Securities sold under agreements to repurchase: U.S. government treasuries $ 22,877 $ 12,555 U.S. government agencies 44,960 39,226 U.S. government mortgage-backed securities 7,369 9,133 Total pledged collateral $ 75,206 $ 60,914 The following table summarizes the outstanding amount of, and the average rate on, repurchase agreements as of December 31, 2023 and 2022 (dollars in thousands) 2023 2022 Average Average Balance Rate Balance Rate Repurchase agreements $ 53,994 2.83 % $ 40,676 2.50 % |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10. Borrowings FHLB advances are collateralized by FHLB stock, certain 1-4 family residential real estate loans, multifamily real estate loans, commercial real estate loans and agricultural real estate loans. The Banks had available borrowing capacity with the FHLB of Des Moines, Iowa of $280.9 million and $285.3 million at December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had $24 million of FHLB advances maturing in 2024 with a weighted average interest rate of 5.51%. As of December 31, 2022, the Company had $35.4 million of FHLB advances maturing in 2023 with a weighted average interest rate of 4.50%. The Federal Reserve Board created the Bank Term Funding Program (BTFP) in 2023, offering loans of up to one year in length to banks pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. The BTFP allows for borrowing from the Federal Reserve Bank up to the par value of the pledged collateral. As of December 31, 2023, the Company had $83.1 million borrowed under the BTFP maturing in 2024 with a weighted average interest rate of 4.41%. On August 15, 2023, the Company borrowed $400 thousand on a credit agreement with a commercial bank. Principal and interest is payable quarterly over 15 years and the agreement matures in June 2038. The interest rate is fixed at 6.5% for five years and variable beginning September 15, 2028. The outstanding balance was $388 thousand as of December 31, 2023. The note is secured by property in Ames, Iowa. On June 6, 2022, the Company borrowed $4.0 million on a credit agreement with a commercial bank. The borrowings were used for general corporate purposes. Interest under the note is payable quarterly over four Future required principal payments for long-term debt as of December 31, 2023 are shown in the table below (in thousands) 2024 617 2025 618 2026 1,920 2027 21 2028 22 Thereafter 290 $ 3,488 |
Note 11 - Derivative Financial
Note 11 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11. Derivative Financial Instruments In the normal course of business, the Company may use derivative financial instruments to manage its interest rate risk. These instruments carry varying degrees of credit, interest rate and market or liquidity risks. Derivative instruments are recognized as either assets or liabilities in the accompanying consolidated financial statements and are measured at fair value. The Company’s objectives are to add stability to its net interest margin and to manage its exposure to movements in interest rates. The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amount to be exchanged between the counterparties. The Company is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. The Company minimizes this risk by entering into derivative contracts with large, stable financial institutions. The Company has not experienced any losses from nonperformance by counterparties. The Company monitors counterparty risk in accordance with the provisions of ASC 815. Fair Value Hedges The Company uses interest rate swaps to convert certain long term fixed rate loans to floating rates to hedge interest rate risk exposure. The Company uses hedge accounting in accordance with ASC 815, with the unrealized gains and losses, representing the change in fair value of the derivative and the change in fair value of the risk being hedged on the related loan, being recorded in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income and interest expense in the consolidated statements of income. The Company uses the dollar-offset method for assessing effectiveness using the cumulative approach. The dollar-offset method compares the fair value of the hedging derivative with the fair value of the hedged exposure. The cumulative approach involves comparing the cumulative changes in the hedging derivative’s fair value to the cumulative changes in the hedged exposure’s fair value. During 2023, the Company executed an interest rate swap designated as a fair value hedge with an original notional amount of $25.0 million to convert certain long-term fixed rate 1-4 family loans to floating rates to hedge interest rate risk exposure using the portfolio layer method. The portfolio layer method allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors that would affect the timing and amount of cash flow. The fair value portfolio level basis adjustment on the hedged loans has not been attributed to the individual loans on the consolidated balance sheet. The Company was required to pledge $1.6 million and $1.0 million of securities as collateral for these fair value hedges as of December 31, 2023 and 2022, respectively. The table below identifies the notional amount, fair value and balance sheet category of the Company's interest rate swaps at December 31, 2023 and 2022 (in thousands): Notional Amount Fair Value Balance Sheet Category December 31, 2023 Interest rate swaps $ 8,930 $ 891 Other assets Interest rate swaps 25,000 (411 ) Other liabilities December 31, 2022 Interest rate swaps $ 9,314 $ 1,096 Other assets The table below identifies the carrying amount of the hedged assets and cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets that are designated as a fair value hedge accounting relationship as of December 31, 2023 and 2022 (in thousands) Cumulative Amount of Fair Value Location in the consolidated Carrying Amount of Hedging Adjustment Included in balance sheet the Hedged Assets Carrying Amount of Hedged Assets December 31, 2023 Interest rate swaps Loans receivable, net $ 58,588 $ (481 ) December 31, 2022 Interest rate swaps Loans receivable, net $ 8,494 $ (1,096 ) Back-to-Back Loan Swaps The Company has interest rate swap loan relationships with customers to assist them in managing their interest rate risk. Upon entering into these loan swaps, the Company enters into offsetting positions with counterparties in order to minimize interest rate risk. These back-to-back loan swaps qualify as free-standing financial derivatives with the fair values reported in other assets and other liabilities on the consolidated balance sheets. The Company posted collateral of $429 thousand as of December 31, 2023 and was not required to post collateral at December 31, 2022, related to these back-to-back swaps. The Company's counterparties were not required to pledge collateral as of December 31, 2023 and 2022. Any gains and losses on these back-to-back swaps are recorded in noninterest income on the consolidated statements of income, and for the years ended December 31, 2023 and 2022, no gain or loss was recognized. The table below identifies the balance sheet category and fair values of the derivative instruments designated as loan swaps as of December 31, 2023 and 2022 (in thousands) Weighted Average Weighted Average Notional Amount Fair Value Balance Sheet Category Receive Rate Pay Rate December 31, 2023 Customer interest rate swaps $ 11,353 $ 334 Other assets 7.36 % 5.62 % Customer interest rate swaps 11,353 (334 ) Other liabilities 5.62 % 7.36 % December 31, 2022 Customer interest rate swaps $ - $ - Other assets 0.00 % 0.00 % Customer interest rate swaps - - Other liabilities 0.00 % 0.00 % |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 12. Employee Benefit Plans The Company has a qualified 401(k) profit-sharing plan. For the years ended December 31, 2023 and 2022, the Company matched employee contributions up to a maximum of 6%. For the years ended December 31, 2023 and 2022, Company contributions to the plan were approximately $1.1 million. The plan covers substantially all employees. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13. Income Taxes The components of income tax expense for the years ended December 31, 2023 and 2022 are as follows (in thousands) 2023 2022 Federal: Current $ 746 $ 3,453 Deferred 565 529 Total federal income tax expense 1,311 3,982 State: Current 560 1,781 Deferred 201 105 Total state income tax expense 761 1,886 Total income tax expense $ 2,072 $ 5,868 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, 2023 and 2022 as shown in the following table (in thousands) 2023 2022 Income taxes at 21% $ 2,707 $ 5,284 Increase (decrease) resulting from: Tax-exempt interest (414 ) (541 ) State taxes, net of federal tax benefit 334 1,684 New Markets Tax Credits (725 ) (713 ) Valuation allowance 112 69 Other 58 85 Total income tax expense $ 2,072 $ 5,868 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands) 2023 2022 Deferred tax assets: Allowance for loan losses $ 3,987 $ 3,731 Net unrealized losses on securities available-for-sale 14,831 19,887 State operating and alternative minimum tax carryforward 882 779 Fair value adjustments from acquisitions 41 61 Accrued vacation 275 267 Off balance sheet reserve 231 162 Other deferred tax assets 267 242 Total deferred tax assets 20,514 25,129 Deferred tax liabilities: Goodwill and other intangible assets (1,267 ) (1,168 ) Bank premises and equipment (1,300 ) (600 ) Deferred loan costs (201 ) (177 ) Other deferred tax liabilities (446 ) (363 ) Total deferred tax liabilities (3,214 ) (2,308 ) Valuation allowance (804 ) (691 ) Net deferred tax asset $ 16,496 $ 22,130 The Company has approximately $578 thousand and $465 thousand of state income taxes associated with state net operating loss (“NOL”) carryforwards as of December 31, 2023 and 2022, respectively. The Company has recorded a valuation allowance against the tax effect of the NOL, as management believes it is more likely than not that such carryforwards will not be utilized. 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, 2023 and 2022. The Company has recorded a valuation allowance against the tax effect of the AMT credit carryforwards, as management believes it is more likely than not that such carryforwards will not be utilized. The Company and its subsidiaries file one income tax return in the U.S. federal jurisdiction and separate tax returns for the state of Iowa. The Company is no longer subject to U.S. federal income and state tax examinations for years before 2020 The Company follows the accounting requirements for uncertain tax positions. Management has determined that the Company has no no no |
Note 14 - Commitments, Continge
Note 14 - Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14. Commitments, Contingencies and Concentrations of Credit Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as they do for on-balance-sheet instruments. A summary of the Company’s commitments as of December 31, 2023 and 2022 is as follows (in thousands) 2023 2022 Commitments to extend credit $ 262,749 $ 262,883 Standby letters of credit 7,927 4,963 Total commitments $ 270,676 $ 267,846 Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. As of December 31, 2023 and 2022, approximately $157.7 million and $161.7 million of the commitments to extend credit were fixed interest rates. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Banks evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Banks upon extension of credit, is based on management’s credit evaluation of the party. Standby letters of credit are conditional commitments issued by the Banks to guarantee the performance of a customer to a third-party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies and is required in instances which the Banks deem necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Banks would be required to fund the commitment. The maximum potential amount of future payments the Banks could be required to make is represented by the contractual amount shown in the summary above. If the commitments were funded, the Banks would be entitled to seek recovery from the customer. As of December 31, 2023 and 2022, the Banks have established liabilities totaling approximately $1.1 million and $798 thousand, respectively to cover estimated credit losses for off-balance-sheet loan commitments and standby letters of credit. 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 have a material adverse effect on the Company’s financial statements. 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 15 - Regulatory Matters
Note 15 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 15. Regulatory Matters The Company and the Banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Banks’ financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Regulators also have the ability to impose higher limits than those specified by capital adequacy guidelines if they so deem necessary. Management believes, as of December 31, 2023 and 2022, that the Company and each subsidiary bank met all capital adequacy requirements to which they are subject. The Company’s and each of the subsidiary bank’s actual capital amounts and ratios as of December 31, 2023 and 2022 are also presented in the tables. ( 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, 2023: Total capital (to risk- weighted assets): Consolidated $ 218,049 14.0 % $ 164,005 10.50 % N/A N/A Boone Bank & Trust 16,232 13.6 12,510 10.50 11,914 10.0 % First National Bank 112,057 13.9 84,863 10.50 80,822 10.0 Iowa State Savings Bank 26,691 15.7 17,854 10.50 17,004 10.0 Reliance State Bank 28,755 11.9 25,293 10.50 24,089 10.0 State Bank & Trust 22,283 16.0 14,597 10.50 13,902 10.0 United Bank & Trust 12,989 16.1 8,486 10.50 8,082 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 200,187 12.8 % $ 132,766 8.50 % N/A N/A Boone Bank & Trust 15,309 12.8 10,127 8.50 9,532 8.0 % First National Bank 102,634 12.7 68,699 8.50 64,658 8.0 Iowa State Savings Bank 24,619 14.5 14,453 8.50 13,603 8.0 Reliance State Bank 25,937 10.8 20,476 8.50 19,271 8.0 State Bank & Trust 20,676 14.9 11,817 8.50 11,122 8.0 United Bank & Trust 11,979 14.8 6,870 8.50 6,466 8.0 Tier 1 capital (to average- assets): Consolidated $ 200,187 9.0 % $ 88,992 4.00 % N/A N/A Boone Bank & Trust 15,309 9.6 6,393 4.00 7,991 5.0 % First National Bank 102,634 8.8 46,878 4.00 58,597 5.0 Iowa State Savings Bank 24,619 9.6 10,234 4.00 12,792 5.0 Reliance State Bank 25,937 8.3 12,464 4.00 15,580 5.0 State Bank & Trust 20,676 9.6 8,573 4.00 10,717 5.0 United Bank & Trust 11,979 9.5 5,039 4.00 6,299 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 200,187 12.8 % $ 109,337 7.00 % N/A N/A Boone Bank & Trust 15,309 12.8 8,340 7.00 7,744 6.5 % First National Bank 102,634 12.7 56,576 7.00 52,534 6.5 Iowa State Savings Bank 24,619 14.5 11,903 7.00 11,052 6.5 Reliance State Bank 25,937 10.8 16,862 7.00 15,658 6.5 State Bank & Trust 20,676 14.9 9,731 7.00 9,036 6.5 United Bank & Trust 11,979 14.8 5,657 7.00 5,253 6.5 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total capital (to risk- weighted assets): Consolidated $ 215,799 14.1 % $ 160,370 10.50 % N/A N/A Boone Bank & Trust 15,962 12.9 12,984 10.50 12,366 10.0 % First National Bank 110,887 14.2 82,089 10.50 78,180 10.0 Iowa State Savings Bank 25,398 15.5 17,210 10.50 16,390 10.0 Reliance State Bank 28,385 12.4 24,103 10.50 22,955 10.0 State Bank & Trust 22,011 14.7 15,716 10.50 14,968 10.0 United Bank & Trust 12,633 15.1 8,759 10.50 8,342 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 199,069 13.0 % $ 129,823 8.50 % N/A N/A Boone Bank & Trust 14,990 12.1 10,511 8.50 9,893 8.0 % First National Bank 101,976 13.0 66,453 8.50 62,544 8.0 Iowa State Savings Bank 24,113 14.7 13,932 8.50 13,112 8.0 Reliance State Bank 25,647 11.2 19,512 8.50 18,364 8.0 State Bank & Trust 20,392 13.6 12,723 8.50 11,974 8.0 United Bank & Trust 11,677 14.0 7,090 8.50 6,673 8.0 Tier 1 capital (to average- assets): Consolidated $ 199,069 9.1 % $ 87,392 4.00 % N/A N/A Boone Bank & Trust 14,990 8.7 6,868 4.00 8,585 5.0 % First National Bank 101,976 8.9 45,582 4.00 56,978 5.0 Iowa State Savings Bank 24,113 9.3 10,423 4.00 13,029 5.0 Reliance State Bank 25,647 8.5 12,001 4.00 15,001 5.0 State Bank & Trust 20,392 9.1 8,932 4.00 11,165 5.0 United Bank & Trust 11,677 8.9 5,274 4.00 6,592 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 199,069 13.0 % $ 106,913 7.00 % N/A N/A Boone Bank & Trust 14,990 12.1 8,656 7.00 8,038 6.5 % First National Bank 101,976 13.0 54,726 7.00 50,817 6.5 Iowa State Savings Bank 24,113 14.7 11,473 7.00 10,654 6.5 Reliance State Bank 25,647 11.2 16,069 7.00 14,921 6.5 State Bank & Trust 20,392 13.6 10,477 7.00 9,729 6.5 United Bank & Trust 11,677 14.0 5,839 7.00 5,422 6.5 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, 2023 and 2022, the capital ratios for the Company and the Banks were sufficient to meet the conservation buffer. 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 have a significant impact on the Company. |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 16. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. 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 be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, a fair value hierarchy was established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted process for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risk); or inputs derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis. Securities available-for-sale Derivative financial instruments and loans receivable 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 purchase investment portfolio securities that are esoteric or that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are federal agency or mortgage pass-through securities, general obligation or revenue based municipal bonds and corporate bonds. Annually, the Company will validate prices supplied by the independent pricing service by comparison to prices obtained from third-party sources. The following table presents the balances of assets measured at fair value on a recurring basis by level as of December 31, 2023 and 2022 (in thousands) Description Total Level 1 Level 2 Level 3 2023 Assets Securities available-for-sale U.S. government treasuries $ 200,088 $ 200,088 $ - $ - U.S. government agencies 92,615 - 92,615 - U.S. government mortgage-backed securities 101,864 - 101,864 - State and political subdivisions 269,891 - 269,891 - Corporate bonds 71,931 - 71,931 - Loans 8,327 - 8,327 - Derivative financial instruments 1,225 - 1,225 - Liabilities Derivative financial instruments $ 745 $ - $ 745 $ - 2022 Assets Securities available-for-sale U.S. government treasuries $ 207,597 $ 207,597 $ - $ - U.S. government agencies 100,933 - 100,933 - U.S. government mortgage-backed securities 116,741 - 116,741 - State and political subdivisions 286,003 - 286,003 - Corporate bonds 75,164 - 75,164 - Loans 8,494 - 8,494 - Derivative financial instruments 1,096 - 1,096 - 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, 2023 and 2022 (in thousands) Description Total Level 1 Level 2 Level 3 2023 Loans receivable $ 105 $ - $ - $ 105 2022 Loans receivable $ 304 $ - $ - $ 304 As of December 31, 2023, individually analyzed loans with a carrying value of $224 thousand were reduced by a specific reserve of $119 thousand, resulting in a reported fair value of $105 thousand. As of December 31, 2022, impaired loans with a carrying value of $399 thousand were reduced by a specific reserve of $95 thousand resulting in a reporting fair value of $304 thousand. The significant inputs used in the fair value measurements for Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022 are as follows (in thousands) 2023 Estimated Valuation Range of Range Fair Value Techniques Unobservable Inputs (Average) Loans receivable $ 105 Evaluation of collateral Estimation of value NM* 2022 Estimated Valuation Range of Range Fair Value Techniques Unobservable Inputs (Average) Loans receivable $ 304 Evaluation of collateral Estimation of value NM* * Not Meaningful. 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 be obtained. Types of discounts considered included aging of receivables, condition of the collateral, potential market for the collateral and estimated disposal costs. These discounts will vary from loan to loan, thus providing a range would not be meaningful. GAAP requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The following table includes the carrying amounts and estimated fair values of financial assets and liabilities as of December 31, 2023 and 2022 (in thousands) 2023 2022 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 55,101 $ 55,101 $ 27,884 $ 27,884 Interest-bearing time deposits Level 2 8,904 8,444 14,669 14,340 Securities available-for-sale See previous table 736,389 736,389 786,438 786,438 FHLB and FRB stock Level 2 3,086 3,086 4,613 4,613 Loans receivable, net Level 2 1,277,812 1,224,446 1,226,011 1,170,948 Loans held for sale Level 2 124 124 154 154 Accrued income receivable Level 1 12,953 12,953 11,275 11,275 Derivative financial instruments Level 2 1,225 1,225 1,096 1,096 Financial liabilities: Deposits Level 2 $ 1,811,831 $ 1,812,718 $ 1,897,957 $ 1,895,473 Securities sold under agreements to repurchase Level 1 53,994 53,994 40,676 40,676 Other borrowings Level 2 110,588 110,376 39,120 38,991 Accrued interest payable Level 1 4,710 4,710 666 666 Derivative financial instruments Level 2 745 745 - - Commitments to extend credit and standby letters of credit Limitations |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 17. Subsequent Events Subsequent events have been evaluated through March 8, 2024. |
Note 18 - Ames National Corpora
Note 18 - Ames National Corporation (Parent Company Only) Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 18. Ames National Corporation (Parent Company Only) Financial Statements Information relative to the Parent Company’s balance sheets as of December 31, 2023 and 2022, and statements of income and cash flows for each of the years in the two-year period ended December 31, 2023, is as follows (in thousands) CONDENSED BALANCE SHEETS December 31, 2023 and 2022 2023 2022 ASSETS Cash and due from banks $ 124 $ 96 Interest-bearing deposits in banks 1,783 3,511 Total cash and cash equivalents 1,907 3,607 Investment in bank subsidiaries 166,756 148,827 Loans receivable, net 906 1,084 Premises and equipment, net 2,793 2,378 Accrued income receivable 1 2 Other assets 103 70 Total assets $ 172,466 $ 155,968 LIABILITIES Borrowings $ 3,488 $ 3,700 Dividends payable 2,428 2,428 Accrued expenses and other liabilities 762 742 Total liabilities 6,678 6,870 STOCKHOLDERS' EQUITY Common stock 17,984 17,984 Additional paid-in capital 14,253 14,253 Retained earnings 180,438 179,931 Accumulated other comprehensive (loss) (46,887 ) (63,070 ) Total stockholders' equity 165,788 149,098 Total liabilities and stockholders' equity $ 172,466 $ 155,968 CONDENSED STATEMENTS OF INCOME Years Ended December 31, 2023 and 2022 2023 2022 Operating income: Equity in net income of bank subsidiaries $ 12,355 $ 20,282 Interest income 56 58 Rental income 398 390 Other income 2,532 2,330 15,341 23,060 Credit loss (benefit) (3 ) (11 ) Operating income after credit loss (benefit) 15,344 23,071 Interest expense 127 76 Operating expense 4,809 3,965 4,936 4,041 Income before income taxes 10,408 19,030 Income tax (benefit) (409 ) (263 ) Net income $ 10,817 $ 19,293 CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2023 and 2022 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 10,817 $ 19,293 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 96 96 Credit loss (benefit) (3 ) (11 ) Provision (credit) for deferred income taxes (15 ) (20 ) Equity in net income of bank subsidiaries (12,355 ) (20,282 ) Dividends received from bank subsidiaries 10,010 10,160 Decrease in accrued income receivable 1 - (Increase) in other assets (33 ) (12 ) Increase in accrued expense and other liabilities 36 15 Net cash provided by operating activities 8,554 9,239 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in loans 181 654 Purchase of premises and equipment (511 ) - Net cash provided by (used in) investing activities (330 ) 654 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings 400 4,000 Payments of long-term borrowings (612 ) (300 ) Dividends paid (9,712 ) (9,675 ) Stock repurchases - (2,300 ) Net cash (used in) financing activities (9,924 ) (8,275 ) Net increase (decrease) in cash and cash equivalents (1,700 ) 1,618 CASH AND CASH EQUIVALENTS Beginning 3,607 1,989 Ending $ 1,907 $ 3,607 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash payments (receipts) for: Interest paid $ 127 $ 70 Income taxes (421 ) (253 ) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segment information one |
Consolidation, Policy [Policy Text Block] | Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Deposit Contracts, Policy [Policy Text Block] | Interest-bearing time deposits |
Marketable Securities, Policy [Policy Text Block] | Securities available-for-sale and the allowance for credit losses on securities available-for-sale : AFS debt securities in unrealized loss positions are evaluated for credit losses at least quarterly. For AFS debt securities, a decline in fair value due to credit loss results in recording an allowance for credit losses to the extent the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through other comprehensive income, net of applicable taxes. Credit losses may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. For asset-backed securities performance indicators considered related to the underlying assets include default rates, delinquency rates, percentage of nonperforming assets, debt-to-collateral ratios, third-party guarantees, current levels of subordination, vintage, geographic concentration, analyst reports and forecasts, credit ratings and other market data. In assessing whether a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. If the Company intends to sell a debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged against the allowance for credit losses with any incremental impairment reported in earnings. Accrued interest receivable on AFS debt securities totaled $3.5 million at December 31, 2023 and is excluded from the estimate of credit losses. |
FHLB and FRB [Policy Text Block] | FHLB and FRB stock |
Receivable [Policy Text Block] | Loans The policy for charging off loans is consistent throughout all loan categories. A loan is charged off based on criteria that includes but is not limited to: delinquency status, financial condition of the entire customer credit line and underlying collateral coverage, economic or external conditions that might impact full repayment of the loan, legal issues, overdrafts, and the customer’s willingness to work with the Company. The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower's ability to meet payments of interest or principal when they become due, which is generally when a loan is 90 days or more past due unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual status, all previously accrued and unpaid interest is reversed against interest income. Loans are returned to an accrual status when all of the principal and interest amounts contractually due are brought current and repayment of the remaining contractual principal and interest is expected. A loan may also return to accrual status if additional collateral is received from the borrower and, in the opinion of management, the financial position of the borrower indicates that there is no longer any reasonable doubt as to the collection of the amount contractually due. Payment received on nonaccrual loans are applied first to principal. Once principal is recovered, any remaining payments received are applied to interest income. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for credit losses on loans The credit loss estimation process involves procedures to appropriately consider the unique characteristics of loan portfolio segments which consist of construction real estate, 1 to 4 family residential real estate, multi-family real estate, commercial real estate, agricultural real estate, commercial, agricultural and consumer and other lending. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The key components in this estimation process include the following: ● An initial forecast period of one year for all portfolio segments and OBS credit exposures. This period reflects management's expectation of losses based on forward-looking economic scenarios over that time. ● A historical loss forecast period covering the remaining contractual life, adjusted for prepayments, by portfolio segment based on the change in key historical economic variables. ● A reversion period of 1 year connecting the initial loss forecast to the historical loss forecast based on economic conditions at the measurement date. The Company primarily utilizes loss rate based undiscounted cash flow (UDCF) methods to estimate credit losses by portfolio segment. The UDCF methods obtain estimated life-time credit losses using the conceptual components described above. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimation of expected credit losses. The following provides the credit quality indicators and risk elements that are most relevant and most carefully considered and monitored for each loan portfolio segment. Determining the Contractual Term Credit Loss Measurement For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, we recognize expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The fair value of collateral used by the Company is determined by obtaining an observable market price or by obtaining a fair value from an independent, licensed or certified appraiser, using observable market data. This data includes information such as selling price of similar properties and capitalization rates of similar properties sold within the market, expected future cash flows or earnings of the subject property based on current market expectations, and other relevant factors. Each quarter management reviews all collateral-dependent loans on a loan-by-loan basis to determine whether updated appraisals or evaluations are necessary based on loan performance, collateral type and guarantor support. At times, the Company measures the fair value of collateral-dependent loans using appraisals or evaluations with dates prior to one year from the date of review. Third-party appraisals are obtained from a pre-approved list of independent, third-party, local appraisal firms maintained by the credit underwriting department or the Company’s appraiser. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. Generally, appraisals are internally reviewed to ensure the quality of the appraisal and the expertise and independence of the appraiser. Once the expected credit loss amount is determined an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. If the calculated expected credit loss is determined to be permanent or not recoverable, the amount of expected credit loss will be charged off. Factors considered by management in determining if the expected credit loss is permanent or not recoverable include whether management judges the loan to be uncollectible, repayment is deemed to be protracted beyond reasonable time frames, or the loss becomes evident owing to the borrower's lack of assets unless both well-secured and in the process of collection. In estimating the component of the allowance for credit losses for loans that share similar risk characteristics with other loans, such loans are segregated into loan classes. Loans are designated into loan classes based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the allowance for credit losses, we derive an estimated credit loss assumption from a model that categorizes loan pools based on loan type and purpose. This model calculates an expected loss percentage for each loan class by considering the historical loss rate of similar peers. The component of the allowance for credit losses for loans that share similar risk characteristics also considers qualitative factors for each loan class to adjust for differences between the historical period used to calculate historical loss rates and expected conditions over the remaining lives of the loans in the portfolio related to: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio; (3) the nature and volume of the loan portfolio including the terms of the loans; (4) the experience, depth, and ability of the lending management and other relevant staff; (5) the volume and severity of past due loans and other similar conditions; (6) the quality of our loan review system and (7) the value of underlying collateral for collateralized loans. Additional qualitative factors include the existence and effect of any concentrations of credit, and changes in the level of such concentrations and the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Such factors are used to adjust the historical loss rates so that they reflect management expectation of future conditions based on a reasonable and supportable forecast. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reduces, on a straight-line basis over one year, the adjustments so that the model reverts back to the historical loss rates. Pre-ASC 326 CECL Adoption: The allowance for credit losses is established through a credit loss expense that is treated as an expense which would be charged against earnings. Loans are charged against the allowance for credit losses when management believes that collectability of the principal is unlikely. The Company has policies and procedures for evaluating the overall credit quality of its loan portfolio, including timely identification of potential problem loans. On a quarterly basis, management reviews the appropriate level for the allowance for credit losses, incorporating a variety of risk considerations, both quantitative and qualitative. Quantitative factors include the Company’s historical loss experience, delinquency and charge-off trends, collateral values, known information about individual loans and other factors. Qualitative factors include various considerations regarding the general economic environment in the Company’s market area. To the extent actual results differ from forecasts and management’s judgment, the allowance for credit losses may be greater or lesser than future charge-offs. Due to potential changes in conditions, including economic disruption, high inflation levels, and rising interest rates, it is at least reasonably possible that changes in estimates will occur in the near term and that such changes could be material to the amounts reported in the Company’s financial statements. Off-balance sheet credit exposures Allowance for credit losses on off-balance sheet credit exposures, including unfunded loan commitments |
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: 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, 2023 which indicated that goodwill was not impaired. Subsequently, the Company determined there were no adverse changes in criteria and key considerations to the previous assessment. Accordingly, the Company concluded that there is no 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 finite 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 be recoverable. |
Trust Department Assets, Policy [Policy Text Block] | Wealth management department assets |
Revenue from Contract with Customer [Policy Text Block] | Revenue from contracts with customers |
Advertising Cost [Policy Text Block] | Advertising costs: |
Income Tax, Policy [Policy Text Block] | Income taxes 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 |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments The Company has fair value hedging relationships at December 31, 2023. The Company uses hedge accounting in accordance with ASC 815, with the unrealized gains and losses, representing the change in fair value of the derivative and the change in fair value of the risk being hedged on the related loan, being recorded in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income and interest expense in the consolidated statements of income. The Company uses the dollar-offset method for assessing effectiveness using the cumulative approach. The dollar-offset method compares the fair value of the hedging derivative with the fair value of the hedged exposure. The cumulative approach involves comparing the cumulative changes in the hedging derivative’s fair value to the cumulative changes in the hedged exposure’s fair value. The Company does not use derivatives for trading or speculative purposes. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Aggregation, Policy [Policy Text Block] | Transfers of financial assets and participating interests 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) from the date of the transfer, it must represent a proportionate (pro rata) ownership in the financial asset; (2) from the date of transfer, all cash flows received, except any cash flows allocated as any compensation for servicing or other services performed, must be divided proportionately among participating interest holders in the amount equal to their share ownership; (3) the rights of each participating interest holder must have the same priority; and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to do so. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share: The following information was used in the computation of basic EPS for the years ended December 31, 2023 and 2022 ( in thousands, except share and per share data 2023 2022 Basic earning per share computation: Net income $ 10,817 $ 19,293 Weighted average common shares outstanding 8,992,167 9,033,410 Basic EPS $ 1.20 $ 2.14 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications: |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Financial Accounting Standard Codification 326 (ASC 326 (CECL)): On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the recognition of the allowance for credit losses be estimated using the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to OBS credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and OBS credit exposures. Results for reporting periods beginning January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $603 thousand as of January 1, 2023 for the cumulative effect of adopting ASC 326, which includes deferred taxes of $188 thousand. The transition adjustment includes a $518 thousand increase to the Allowance for Credit Losses on loans and a $273 thousand increase to the Allowance for Credit Losses on OBS Credit Exposures. The following table illustrates the impact of ASC 326 (amounts in thousands). January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Loans receivable Allowance for credit losses on loans $ 16,215 $ 15,697 $ 518 Liabilities: Accrued expenses and other liabilities Allowance for credit losses on off-balance sheet credit exposures $ 1,071 $ 798 $ 273 New and Pending Accounting Pronouncements: In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. ASU 2022-01 further clarifies certain targeted improvements to the optional hedge accounting model that were made under ASU 2017-12. ASU 2022-01 expands the last-of-layer method and renames this method to portfolio layer method to reflect this expansion, as well as expanding the scope of the portfolio layer method to include nonprepayable financial assets. It also specifies eligible hedging instruments and provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method. ASU 2022-01 permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. ASU 2022-01 became effective for the Company on January 1, 2023. The adoption of ASU 2022-01 did not have a material impact on the Company’s consolidated financial statements. In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using Proportional Amortization Method. The ASU is intended to improve the accounting and disclosures for investments in tax credit structures. It allows reporting entities to elect to adopt for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company is currently evaluating the impact of the ASU on the Company's consolidated financial statements. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 Basic earning per share computation: Net income $ 10,817 $ 19,293 Weighted average common shares outstanding 8,992,167 9,033,410 Basic EPS $ 1.20 $ 2.14 |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Loans receivable Allowance for credit losses on loans $ 16,215 $ 15,697 $ 518 Liabilities: Accrued expenses and other liabilities Allowance for credit losses on off-balance sheet credit exposures $ 1,071 $ 798 $ 273 |
Note 3 - Debt Securities (Table
Note 3 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2023: U.S. government treasuries $ 213,646 $ 29 $ (13,587 ) $ 200,088 U.S. government agencies 99,455 2 (6,842 ) 92,615 U.S. government mortgage-backed securities 115,988 - (14,124 ) 101,864 State and political subdivisions 292,475 93 (22,677 ) 269,891 Corporate bonds 77,139 11 (5,219 ) 71,931 Total $ 798,703 $ 135 $ (62,449 ) $ 736,389 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value 2022: U.S. government treasuries $ 227,065 $ - $ (19,468 ) $ 207,597 U.S. government agencies 110,370 4 (9,441 ) 100,933 U.S. government mortgage-backed securities 133,205 4 (16,468 ) 116,741 State and political subdivisions 317,179 27 (31,203 ) 286,003 Corporate bonds 82,177 7 (7,020 ) 75,164 Total $ 869,996 $ 42 $ (83,600 ) $ 786,438 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated Cost Fair Value Due in one year or less $ 82,517 $ 80,981 Due after one year through five years 395,006 370,101 Due after five years through ten years 196,227 175,993 Due after ten years 8,965 7,450 $ 682,715 $ 634,525 U.S. government mortgage-backed securities 115,988 101,864 Total $ 798,703 $ 736,389 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2023 2022 Proceeds from sales of securities available-for-sale $ 2,069 $ 10,548 Gross realized gains on securities available-for-sale 73 60 Gross realized losses on securities available-for-sale (38 ) (23 ) |
Gain (Loss) on Securities [Table Text Block] | 2023: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized No. of Fair Unrealized No. of Fair Unrealized Value Losses Securities Value Losses Securities Value Losses Securities available for sale: U.S. government treasuries $ - $ - - $ 196,432 $ (13,587 ) 121 $ 196,432 $ (13,587 ) U.S. government agencies 1,986 (11 ) 2 90,137 (6,831 ) 78 92,123 (6,842 ) U.S. government mortgage-backed securities 467 (12 ) 4 101,265 (14,112 ) 155 101,732 (14,124 ) State and political subdivisions 9,054 (73 ) 18 251,286 (22,604 ) 474 260,340 (22,677 ) Corporate bonds 3,117 (108 ) 4 67,816 (5,111 ) 84 70,933 (5,219 ) Total $ 14,624 $ (204 ) 28 $ 706,936 $ (62,245 ) 912 $ 721,560 $ (62,449 ) 2022: Less than 12 Months 12 Months or More Total Estimated Gross Estimated Gross Estimated Gross Fair Unrealized No. of Fair Unrealized No. of Fair Unrealized Value Losses Securities Value Losses Securities Value Losses Securities available for sale: U.S. government treasuries $ 57,882 $ (3,960 ) 45 $ 147,215 $ (15,508 ) 89 205,097 (19,468 ) U.S. government agencies 61,821 (4,293 ) 51 38,492 (5,148 ) 32 100,313 (9,441 ) U.S. government mortgage-backed securities 45,440 (4,393 ) 104 70,854 (12,075 ) 57 116,294 (16,468 ) State and political subdivisions 181,640 (14,556 ) 335 97,907 (16,647 ) 203 279,547 (31,203 ) Corporate bonds 59,293 (4,281 ) 71 13,382 (2,739 ) 23 72,675 (7,020 ) Total $ 406,076 $ (31,483 ) 606 $ 367,850 $ (52,117 ) 404 $ 773,926 $ (83,600 ) |
Note 4 - Loans Receivable and_2
Note 4 - Loans Receivable and Credit Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Composition of Loans Receivable [Table Text Block] | 2023 2022 Real estate - construction $ 63,050 $ 51,253 Real estate - 1 to 4 family residential 289,404 285,107 Real estate - multi-family 195,536 185,784 Real estate - commercial 359,266 353,285 Real estate - agricultural 161,517 159,448 Commercial 89,729 77,265 Agricultural 119,136 113,355 Consumer and other 16,540 16,211 1,294,178 1,241,708 Unallocated portfolio layer basis adjustments 1 410 - Less allowance for credit losses (16,776 ) (15,697 ) Total loans receivable, net $ 1,277,812 $ 1,226,011 |
Schedule of Allowance for Loan Losses [Table Text Block] | 2023 2022 Balance, beginning $ 15,697 $ 16,621 Impact of adopting ASC 326 518 - Credit loss expense (benefit) 1 774 (874 ) Recoveries of loans charged-off 32 42 Loans charged-off (245 ) (92 ) Balance, ending $ 16,776 $ 15,697 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | 2023: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 730 $ 3,028 $ 2,493 $ 4,742 $ 1,625 $ 1,153 $ 1,705 $ 221 $ 15,697 Impact of adopting ASC 326 (395 ) 242 (24 ) 513 (398 ) 449 (61 ) 192 518 Credit loss expense (benefit) 73 58 73 (24 ) 11 381 161 41 774 Recoveries of loans charged-off - 5 - 5 - 9 5 8 32 Loans charged-off - - - - - (37 ) (203 ) (5 ) (245 ) Balance, ending $ 408 $ 3,333 $ 2,542 $ 5,236 $ 1,238 $ 1,955 $ 1,607 $ 457 $ 16,776 2022: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Balance, beginning $ 675 $ 2,752 $ 2,501 $ 5,905 $ 1,584 $ 1,170 $ 1,836 $ 198 $ 16,621 Provision (credit) for loan losses 55 291 (8 ) (1,166 ) 41 20 (124 ) 17 (874 ) Recoveries of loans charged-off - 8 - 3 - 4 - 27 42 Loans charged-off - (23 ) - - - (41 ) (7 ) (21 ) (92 ) Balance, ending $ 730 $ 3,028 $ 2,493 $ 4,742 $ 1,625 $ 1,153 $ 1,705 $ 221 $ 15,697 |
Allowance for Loan Losses Disaggregated on Basis of Impairment Analysis Method [Table Text Block] | 2022: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending ACL balance: Individually evaluated for credit losses $ - $ 10 $ - $ - $ - $ - $ 68 $ 17 $ 95 Ending ACL balance: Collectively evaluated for credit losses 730 3,018 2,493 4,742 1,625 1,153 1,637 204 15,602 Ending ACL balance $ 730 $ 3,028 $ 2,493 $ 4,742 $ 1,625 $ 1,153 $ 1,705 $ 221 $ 15,697 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2022: 1-4 Family Construction Residential Multi-family Commercial Agricultural Consumer Real Estate Real Estate Real Estate Real Estate Real Estate Commercial Agricultural and Other Total Ending loans receiveable balance: Individually evaluated for credit losses $ - $ 805 $ - $ 12,853 $ 165 $ 200 $ 342 $ 21 $ 14,386 Ending loans receivable balance: Collectively evaluated for credit losses 51,253 284,302 185,784 340,432 159,283 77,065 113,013 16,190 1,227,322 Ending loans receivable balance $ 51,253 $ 285,107 $ 185,784 $ 353,285 $ 159,448 $ 77,265 $ 113,355 $ 16,211 $ 1,241,708 |
Financing Receivable, Amortized Cost [Table Text Block] | Primary Type of Collateral December 31, 2023 Real Estate Equipment Other Total ACL Allocation Real estate - construction $ 66 $ - $ - $ 66 $ - Real estate - 1 to 4 family residential 678 - - 678 10 Real estate - multi-family 2,034 - - 2,034 - Real estate - commercial 8,993 - - 8,993 - Real estate - agricultural 449 - - 449 - Commercial 118 - 101 219 96 Agricultural 239 669 402 1,310 - Consumer and other - - - - - $ 12,577 $ 669 $ 503 $ 13,749 $ 106 |
Financing Receivable, Amortized Cost by Year of Origination [Table Text Block] | December 31, 2023 Amortized Cost Basis of Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Real estate - construction Pass $ 45,404 $ 14,501 $ 746 $ 11 $ - $ 325 $ 1,917 $ 62,904 Watch 80 - - - - - - 80 Special Mention - - - - - - - - Substandard - - - - - - - - Substandard-Impaired - 66 - - - - - 66 Total $ 45,484 $ 14,567 $ 746 $ 11 $ - $ 325 $ 1,917 $ 63,050 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - 1-4 family residential Pass $ 55,051 $ 66,190 $ 59,250 $ 47,865 $ 8,607 $ 17,154 $ 18,649 $ 272,766 Watch 1,608 298 10,483 1,226 - 358 27 14,000 Special Mention - - - - - - - - Substandard 448 18 1,350 47 33 64 - 1,960 Substandard-Impaired 115 - 140 - 199 144 80 678 Total $ 57,222 $ 66,506 $ 71,223 $ 49,138 $ 8,839 $ 17,720 $ 18,756 $ 289,404 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - multi-family Pass $ 18,436 $ 51,928 $ 47,161 $ 40,201 $ 13,542 $ 694 $ 5,020 $ 176,982 Watch 4,603 1,427 8,192 - - - - 14,222 Special Mention - - - - - - - - Substandard - - - 2,298 - - - 2,298 Substandard-Impaired 983 - - - 1,051 - - 2,034 Total $ 24,022 $ 53,355 $ 55,353 $ 42,499 $ 14,593 $ 694 $ 5,020 $ 195,536 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - commercial Pass $ 35,133 $ 81,342 $ 51,598 $ 66,467 $ 20,006 $ 13,122 $ 2,929 $ 270,597 Watch 8,379 13,580 14,669 14,607 78 583 2,988 54,884 Special Mention - 2,531 11,853 3,006 1,043 - - 18,433 Substandard 897 - 4,822 551 - 106 - 6,376 Substandard-Impaired 8,517 - 99 - 360 - - 8,976 Total $ 52,926 $ 97,453 $ 83,041 $ 84,631 $ 21,487 $ 13,811 $ 5,917 $ 359,266 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - Real estate - agricultural Pass $ 22,469 $ 30,738 $ 32,893 $ 27,733 $ 6,039 $ 22,850 $ 2,073 $ 144,795 Watch 4,163 379 2,263 1,760 333 3,601 - 12,499 Special Mention - - - - - - - - Substandard 2,302 1,439 114 - - 214 - 4,069 Substandard-Impaired - - 154 - - - - 154 Total $ 28,934 $ 32,556 $ 35,424 $ 29,493 $ 6,372 $ 26,665 $ 2,073 $ 161,517 Current-period gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - December 31, 2023 Amortized Cost Basis of Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Pass $ 23,904 $ 12,645 $ 10,378 $ 2,087 $ 2,434 $ 1,578 $ 29,752 $ 82,778 Watch 860 295 119 423 93 137 1,996 3,923 Special Mention - - - - - - - - Substandard 600 256 - 421 - - 1,484 2,761 Substandard-Impaired 94 - 5 96 - 72 - 267 Total $ 25,458 $ 13,196 $ 10,502 $ 3,027 $ 2,527 $ 1,787 $ 33,232 $ 89,729 Current-period gross writeoffs $ - $ - $ - $ 33 $ - $ 4 $ - $ 37 Agricultural Pass $ 14,614 $ 8,395 $ 5,459 $ 2,858 $ 400 $ 608 $ 77,448 $ 109,782 Watch 1,107 340 288 18 18 194 5,419 7,384 Special Mention - - - - - - - - Substandard 866 14 25 58 - - - 963 Substandard-Impaired 95 140 383 - - - 389 1,007 Total $ 16,682 $ 8,889 $ 6,155 $ 2,934 $ 418 $ 802 $ 83,256 $ 119,136 Current-period gross writeoffs $ 39 $ 74 $ 90 $ - $ - $ - $ - $ 203 Consumer and other Pass $ 6,801 $ 3,719 $ 2,701 $ 2,071 $ 352 $ 731 $ 15 $ 16,390 Watch 127 - - - - - - 127 Special Mention - - - - - - - - Substandard 10 - - - - - - 10 Substandard-Impaired - - - 13 - - - 13 Total $ 6,938 $ 3,719 $ 2,701 $ 2,084 $ 352 $ 731 $ 15 $ 16,540 Current-period gross writeoffs $ - $ - $ - $ - $ - $ 5 $ - $ 5 Total loans Pass $ 221,812 $ 269,458 $ 210,186 $ 189,293 $ 51,380 $ 57,062 $ 137,803 $ 1,136,994 Watch 20,927 16,319 36,014 18,034 522 4,873 10,430 107,119 Special Mention - 2,531 11,853 3,006 1,043 - - 18,433 Substandard 5,123 1,727 6,311 3,375 33 384 1,484 18,437 Substandard-Impaired 9,804 206 781 109 1,610 216 469 13,195 Total $ 257,666 $ 290,241 $ 265,145 $ 213,817 $ 54,588 $ 62,535 $ 150,186 $ 1,294,178 Current-period gross writeoffs $ 39 $ 74 $ 90 $ 33 $ - $ 9 $ - $ 245 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2022: Construction Multi-family Commercial Agricultural Real Estate Real Estate Real Estate Real Estate Commercial Agricultural Total Pass $ 51,253 $ 174,048 $ 264,898 $ 136,043 $ 69,872 $ 98,415 $ 794,529 Watch - 9,344 62,076 18,324 5,392 14,146 109,282 Special Mention - - - - 116 - 116 Substandard - 2,392 13,458 4,916 1,685 452 22,903 Substandard-Impaired - - 12,853 165 200 342 13,560 Total $ 51,253 $ 185,784 $ 353,285 $ 159,448 $ 77,265 $ 113,355 $ 940,390 |
Credit Risk Profile Based on Payment Activity on Disaggregated Basis [Table Text Block] | 2022: 1-4 Family Residential Consumer Real Estate and Other Total Performing $ 284,302 $ 16,190 $ 300,492 Non-performing 805 21 826 Total $ 285,107 $ 16,211 $ 301,318 |
Schedule of Impaired Financing Receivables [Table Text Block] | 2022: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no specific reserve recorded: Real estate - construction $ - $ - $ - $ - $ - Real estate - 1 to 4 family residential 687 721 - 715 70 Real estate - multi-family - - - - - Real estate - commercial 12,853 13,578 - 3,391 - Real estate - agricultural 165 194 - 319 14 Commercial 200 249 - 227 6 Agricultural 78 88 - 147 - Consumer and other 4 7 - 5 1 Total loans with no specific reserve: 13,987 14,837 - 4,804 91 With an allowance recorded: Real estate - construction - - - - - Real estate - 1 to 4 family residential 118 123 10 188 1 Real estate - multi-family - - - - - Real estate - commercial - - - 7,667 - Real estate - agricultural - - - - - Commercial - - - 35 1 Agricultural 264 294 68 292 - Consumer and other 17 19 17 19 - Total loans with specific reserve: 399 436 95 8,201 2 Total Real estate - construction - - - - - Real estate - 1 to 4 family residential 805 844 10 903 71 Real estate - multi-family - - - - - Real estate - commercial 12,853 13,578 - 11,058 - Real estate - agricultural 165 194 - 319 14 Commercial 200 249 - 262 7 Agricultural 342 382 68 439 - Consumer and other 21 26 17 24 1 Total $ 14,386 $ 15,273 $ 95 $ 13,005 $ 93 |
Financing Receivable, Nonaccrual [Table Text Block] | Total Nonaccrual Nonaccrual with no ACL December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Real estate - construction $ 66 $ - $ 66 $ - Real estate - 1 to 4 family residential 678 805 563 687 Real estate - multi-family 2,034 - 2,034 - Real estate - commercial 8,976 12,853 8,976 12,853 Real estate - agricultural 449 500 449 500 Commercial 268 200 172 200 Agricultural 1,310 342 1,310 78 Consumer and other 13 21 - 4 $ 13,794 $ 14,721 $ 13,570 $ 14,322 |
Financing Receivable, Modified With Term Extension [Table Text Block] | Loan Modifications Made to Borrowers Experiencing Financial Difficulty Term Extension Amortized Cost Basis at % of Total Class of December 31, 2023 Financing Receivable Loan Type Agricultural $ 336 0.3 % Term Extension Loan Type Financial Effect Agricultural 8 |
Financing Receivable, Modified [Table Text Block] | 2022 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Real estate - construction - $ - $ - Real estate - 1 to 4 family residential 1 118 118 Real estate - commercial - - - Real estate - agricultural - - - Commercial - - - Agricultural - - - Consumer and other - - - Total 1 $ 118 $ 118 |
Financing Receivable, Past Due [Table Text Block] | 2023: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 359 $ 66 $ 425 $ 62,625 $ 63,050 $ - Real estate - 1 to 4 family residential 1,020 302 1,322 288,082 289,404 3 Real estate - multi-family - 983 983 194,553 195,536 - Real estate - commercial 119 106 225 359,041 359,266 106 Real estate - agricultural - - - 161,517 161,517 - Commercial 559 98 657 89,072 89,729 - Agricultural 169 529 698 118,438 119,136 - Consumer and other 16 - 16 16,524 16,540 - Total $ 2,242 $ 2,084 $ 4,326 $ 1,289,852 $ 1,294,178 $ 109 2022: 30-89 90 Days 90 Days Days or Greater Total or Greater Past Due Past Due Past Due Current Total Accruing Real estate - construction $ 66 $ - $ 66 $ 51,187 $ 51,253 $ - Real estate - 1 to 4 family residential 944 11 955 284,152 285,107 - Real estate - multi-family - - - 185,784 185,784 - Real estate - commercial 2,362 1,399 3,761 349,524 353,285 - Real estate - agricultural 185 - 185 159,263 159,448 - Commercial 592 7 599 76,666 77,265 - Agricultural 218 30 248 113,107 113,355 - Consumer and other 37 4 41 16,170 16,211 - Total $ 4,404 $ 1,451 $ 5,855 $ 1,235,853 $ 1,241,708 $ - |
Schedule of Loan Transactions With Related Parties [Table Text Block] | 2023 2022 Balance, beginning of year $ 16,680 $ 17,269 New loans 9,480 13,067 Repayments (10,269 ) (13,633 ) Change in status 69 (23 ) Balance, end of year $ 15,960 $ 16,680 |
Note 5 - Bank Premises and Eq_2
Note 5 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 Land $ 4,210 $ 3,994 Construction in process - 1,206 Buildings and improvements 28,506 23,679 Furniture and equipment 8,334 8,324 41,050 37,203 Less accumulated depreciation 18,501 18,308 Total bank premises and equipment, net $ 22,549 $ 18,895 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | 2023 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Core deposit intangible asset $ 6,411 $ 4,982 $ 6,411 $ 4,539 Customer list 535 535 535 476 Total $ 6,946 $ 5,517 $ 6,946 $ 5,015 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 337 2025 301 2026 268 2027 240 2028 190 After 93 Total $ 1,429 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2023 2022 Beginning intangibles, net $ 1,931 $ 2,505 Amortization (502 ) (574 ) Ending intangible asset, net $ 1,429 $ 1,931 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Maturities of Time Deposits [Table Text Block] | 2024 $ 240,732 2025 24,370 2026 5,763 2027 3,499 2028 2,359 Total time deposits $ 276,723 |
Schedule of Interest Expense on Deposits [Table Text Block] | 2023 2022 Interest-bearing checking $ 9,824 $ 2,888 Savings and money market 6,970 2,610 Time deposits 7,677 1,818 Total deposit interest expense $ 24,471 $ 7,316 |
Note 9 - Pledged Collateral R_2
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | 2023 2022 Securities sold under agreements to repurchase: U.S. government treasuries $ 22,877 $ 12,555 U.S. government agencies 44,960 39,226 U.S. government mortgage-backed securities 7,369 9,133 Total pledged collateral $ 75,206 $ 60,914 |
Schedule of Repurchase Agreements [Table Text Block] | 2023 2022 Average Average Balance Rate Balance Rate Repurchase agreements $ 53,994 2.83 % $ 40,676 2.50 % |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 617 2025 618 2026 1,920 2027 21 2028 22 Thereafter 290 $ 3,488 |
Note 11 - Derivative Financia_2
Note 11 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Fair Value Balance Sheet Category December 31, 2023 Interest rate swaps $ 8,930 $ 891 Other assets Interest rate swaps 25,000 (411 ) Other liabilities December 31, 2022 Interest rate swaps $ 9,314 $ 1,096 Other assets |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Cumulative Amount of Fair Value Location in the consolidated Carrying Amount of Hedging Adjustment Included in balance sheet the Hedged Assets Carrying Amount of Hedged Assets December 31, 2023 Interest rate swaps Loans receivable, net $ 58,588 $ (481 ) December 31, 2022 Interest rate swaps Loans receivable, net $ 8,494 $ (1,096 ) Weighted Average Weighted Average Notional Amount Fair Value Balance Sheet Category Receive Rate Pay Rate December 31, 2023 Customer interest rate swaps $ 11,353 $ 334 Other assets 7.36 % 5.62 % Customer interest rate swaps 11,353 (334 ) Other liabilities 5.62 % 7.36 % December 31, 2022 Customer interest rate swaps $ - $ - Other assets 0.00 % 0.00 % Customer interest rate swaps - - Other liabilities 0.00 % 0.00 % |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Federal: Current $ 746 $ 3,453 Deferred 565 529 Total federal income tax expense 1,311 3,982 State: Current 560 1,781 Deferred 201 105 Total state income tax expense 761 1,886 Total income tax expense $ 2,072 $ 5,868 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Income taxes at 21% $ 2,707 $ 5,284 Increase (decrease) resulting from: Tax-exempt interest (414 ) (541 ) State taxes, net of federal tax benefit 334 1,684 New Markets Tax Credits (725 ) (713 ) Valuation allowance 112 69 Other 58 85 Total income tax expense $ 2,072 $ 5,868 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred tax assets: Allowance for loan losses $ 3,987 $ 3,731 Net unrealized losses on securities available-for-sale 14,831 19,887 State operating and alternative minimum tax carryforward 882 779 Fair value adjustments from acquisitions 41 61 Accrued vacation 275 267 Off balance sheet reserve 231 162 Other deferred tax assets 267 242 Total deferred tax assets 20,514 25,129 Deferred tax liabilities: Goodwill and other intangible assets (1,267 ) (1,168 ) Bank premises and equipment (1,300 ) (600 ) Deferred loan costs (201 ) (177 ) Other deferred tax liabilities (446 ) (363 ) Total deferred tax liabilities (3,214 ) (2,308 ) Valuation allowance (804 ) (691 ) Net deferred tax asset $ 16,496 $ 22,130 |
Note 14 - Commitments, Contin_2
Note 14 - Commitments, Contingencies and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2023 2022 Commitments to extend credit $ 262,749 $ 262,883 Standby letters of credit 7,927 4,963 Total commitments $ 270,676 $ 267,846 |
Note 15 - Regulatory Matters (T
Note 15 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023: Total capital (to risk- weighted assets): Consolidated $ 218,049 14.0 % $ 164,005 10.50 % N/A N/A Boone Bank & Trust 16,232 13.6 12,510 10.50 11,914 10.0 % First National Bank 112,057 13.9 84,863 10.50 80,822 10.0 Iowa State Savings Bank 26,691 15.7 17,854 10.50 17,004 10.0 Reliance State Bank 28,755 11.9 25,293 10.50 24,089 10.0 State Bank & Trust 22,283 16.0 14,597 10.50 13,902 10.0 United Bank & Trust 12,989 16.1 8,486 10.50 8,082 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 200,187 12.8 % $ 132,766 8.50 % N/A N/A Boone Bank & Trust 15,309 12.8 10,127 8.50 9,532 8.0 % First National Bank 102,634 12.7 68,699 8.50 64,658 8.0 Iowa State Savings Bank 24,619 14.5 14,453 8.50 13,603 8.0 Reliance State Bank 25,937 10.8 20,476 8.50 19,271 8.0 State Bank & Trust 20,676 14.9 11,817 8.50 11,122 8.0 United Bank & Trust 11,979 14.8 6,870 8.50 6,466 8.0 Tier 1 capital (to average- assets): Consolidated $ 200,187 9.0 % $ 88,992 4.00 % N/A N/A Boone Bank & Trust 15,309 9.6 6,393 4.00 7,991 5.0 % First National Bank 102,634 8.8 46,878 4.00 58,597 5.0 Iowa State Savings Bank 24,619 9.6 10,234 4.00 12,792 5.0 Reliance State Bank 25,937 8.3 12,464 4.00 15,580 5.0 State Bank & Trust 20,676 9.6 8,573 4.00 10,717 5.0 United Bank & Trust 11,979 9.5 5,039 4.00 6,299 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 200,187 12.8 % $ 109,337 7.00 % N/A N/A Boone Bank & Trust 15,309 12.8 8,340 7.00 7,744 6.5 % First National Bank 102,634 12.7 56,576 7.00 52,534 6.5 Iowa State Savings Bank 24,619 14.5 11,903 7.00 11,052 6.5 Reliance State Bank 25,937 10.8 16,862 7.00 15,658 6.5 State Bank & Trust 20,676 14.9 9,731 7.00 9,036 6.5 United Bank & Trust 11,979 14.8 5,657 7.00 5,253 6.5 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total capital (to risk- weighted assets): Consolidated $ 215,799 14.1 % $ 160,370 10.50 % N/A N/A Boone Bank & Trust 15,962 12.9 12,984 10.50 12,366 10.0 % First National Bank 110,887 14.2 82,089 10.50 78,180 10.0 Iowa State Savings Bank 25,398 15.5 17,210 10.50 16,390 10.0 Reliance State Bank 28,385 12.4 24,103 10.50 22,955 10.0 State Bank & Trust 22,011 14.7 15,716 10.50 14,968 10.0 United Bank & Trust 12,633 15.1 8,759 10.50 8,342 10.0 Tier 1 capital (to risk- weighted assets): Consolidated $ 199,069 13.0 % $ 129,823 8.50 % N/A N/A Boone Bank & Trust 14,990 12.1 10,511 8.50 9,893 8.0 % First National Bank 101,976 13.0 66,453 8.50 62,544 8.0 Iowa State Savings Bank 24,113 14.7 13,932 8.50 13,112 8.0 Reliance State Bank 25,647 11.2 19,512 8.50 18,364 8.0 State Bank & Trust 20,392 13.6 12,723 8.50 11,974 8.0 United Bank & Trust 11,677 14.0 7,090 8.50 6,673 8.0 Tier 1 capital (to average- assets): Consolidated $ 199,069 9.1 % $ 87,392 4.00 % N/A N/A Boone Bank & Trust 14,990 8.7 6,868 4.00 8,585 5.0 % First National Bank 101,976 8.9 45,582 4.00 56,978 5.0 Iowa State Savings Bank 24,113 9.3 10,423 4.00 13,029 5.0 Reliance State Bank 25,647 8.5 12,001 4.00 15,001 5.0 State Bank & Trust 20,392 9.1 8,932 4.00 11,165 5.0 United Bank & Trust 11,677 8.9 5,274 4.00 6,592 5.0 Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 199,069 13.0 % $ 106,913 7.00 % N/A N/A Boone Bank & Trust 14,990 12.1 8,656 7.00 8,038 6.5 % First National Bank 101,976 13.0 54,726 7.00 50,817 6.5 Iowa State Savings Bank 24,113 14.7 11,473 7.00 10,654 6.5 Reliance State Bank 25,647 11.2 16,069 7.00 14,921 6.5 State Bank & Trust 20,392 13.6 10,477 7.00 9,729 6.5 United Bank & Trust 11,677 14.0 5,839 7.00 5,422 6.5 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Description Total Level 1 Level 2 Level 3 2023 Assets Securities available-for-sale U.S. government treasuries $ 200,088 $ 200,088 $ - $ - U.S. government agencies 92,615 - 92,615 - U.S. government mortgage-backed securities 101,864 - 101,864 - State and political subdivisions 269,891 - 269,891 - Corporate bonds 71,931 - 71,931 - Loans 8,327 - 8,327 - Derivative financial instruments 1,225 - 1,225 - Liabilities Derivative financial instruments $ 745 $ - $ 745 $ - 2022 Assets Securities available-for-sale U.S. government treasuries $ 207,597 $ 207,597 $ - $ - U.S. government agencies 100,933 - 100,933 - U.S. government mortgage-backed securities 116,741 - 116,741 - State and political subdivisions 286,003 - 286,003 - Corporate bonds 75,164 - 75,164 - Loans 8,494 - 8,494 - Derivative financial instruments 1,096 - 1,096 - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Description Total Level 1 Level 2 Level 3 2023 Loans receivable $ 105 $ - $ - $ 105 2022 Loans receivable $ 304 $ - $ - $ 304 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2023 Estimated Valuation Range of Range Fair Value Techniques Unobservable Inputs (Average) Loans receivable $ 105 Evaluation of collateral Estimation of value NM* 2022 Estimated Valuation Range of Range Fair Value Techniques Unobservable Inputs (Average) Loans receivable $ 304 Evaluation of collateral Estimation of value NM* |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2023 2022 Fair Value Estimated Estimated Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 55,101 $ 55,101 $ 27,884 $ 27,884 Interest-bearing time deposits Level 2 8,904 8,444 14,669 14,340 Securities available-for-sale See previous table 736,389 736,389 786,438 786,438 FHLB and FRB stock Level 2 3,086 3,086 4,613 4,613 Loans receivable, net Level 2 1,277,812 1,224,446 1,226,011 1,170,948 Loans held for sale Level 2 124 124 154 154 Accrued income receivable Level 1 12,953 12,953 11,275 11,275 Derivative financial instruments Level 2 1,225 1,225 1,096 1,096 Financial liabilities: Deposits Level 2 $ 1,811,831 $ 1,812,718 $ 1,897,957 $ 1,895,473 Securities sold under agreements to repurchase Level 1 53,994 53,994 40,676 40,676 Other borrowings Level 2 110,588 110,376 39,120 38,991 Accrued interest payable Level 1 4,710 4,710 666 666 Derivative financial instruments Level 2 745 745 - - |
Note 18 - Ames National Corpo_2
Note 18 - Ames National Corporation (Parent Company Only) Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2023 2022 ASSETS Cash and due from banks $ 124 $ 96 Interest-bearing deposits in banks 1,783 3,511 Total cash and cash equivalents 1,907 3,607 Investment in bank subsidiaries 166,756 148,827 Loans receivable, net 906 1,084 Premises and equipment, net 2,793 2,378 Accrued income receivable 1 2 Other assets 103 70 Total assets $ 172,466 $ 155,968 LIABILITIES Borrowings $ 3,488 $ 3,700 Dividends payable 2,428 2,428 Accrued expenses and other liabilities 762 742 Total liabilities 6,678 6,870 STOCKHOLDERS' EQUITY Common stock 17,984 17,984 Additional paid-in capital 14,253 14,253 Retained earnings 180,438 179,931 Accumulated other comprehensive (loss) (46,887 ) (63,070 ) Total stockholders' equity 165,788 149,098 Total liabilities and stockholders' equity $ 172,466 $ 155,968 |
Condensed Income Statement [Table Text Block] | 2023 2022 Operating income: Equity in net income of bank subsidiaries $ 12,355 $ 20,282 Interest income 56 58 Rental income 398 390 Other income 2,532 2,330 15,341 23,060 Credit loss (benefit) (3 ) (11 ) Operating income after credit loss (benefit) 15,344 23,071 Interest expense 127 76 Operating expense 4,809 3,965 4,936 4,041 Income before income taxes 10,408 19,030 Income tax (benefit) (409 ) (263 ) Net income $ 10,817 $ 19,293 |
Condensed Cash Flow Statement [Table Text Block] | 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 10,817 $ 19,293 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 96 96 Credit loss (benefit) (3 ) (11 ) Provision (credit) for deferred income taxes (15 ) (20 ) Equity in net income of bank subsidiaries (12,355 ) (20,282 ) Dividends received from bank subsidiaries 10,010 10,160 Decrease in accrued income receivable 1 - (Increase) in other assets (33 ) (12 ) Increase in accrued expense and other liabilities 36 15 Net cash provided by operating activities 8,554 9,239 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in loans 181 654 Purchase of premises and equipment (511 ) - Net cash provided by (used in) investing activities (330 ) 654 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings 400 4,000 Payments of long-term borrowings (612 ) (300 ) Dividends paid (9,712 ) (9,675 ) Stock repurchases - (2,300 ) Net cash (used in) financing activities (9,924 ) (8,275 ) Net increase (decrease) in cash and cash equivalents (1,700 ) 1,618 CASH AND CASH EQUIVALENTS Beginning 3,607 1,989 Ending $ 1,907 $ 3,607 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash payments (receipts) for: Interest paid $ 127 $ 70 Income taxes (421 ) (253 ) |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 1 | |||
Time Deposit, Maturity | 6 years | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Retained Earnings (Accumulated Deficit) | 180,438 | 179,931 | ||
Deferred income taxes, net | 16,496 | 22,130 | ||
Financing Receivable, Allowance for Credit Loss | $ 16,776 | 15,697 | $ 16,621 | |
Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 15,697 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Retained Earnings (Accumulated Deficit) | (603) | |||
Deferred income taxes, net | 188 | |||
Financing Receivable, Allowance for Credit Loss | $ 518 | 518 | $ 0 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | OBS Credit Exposures [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 273 | |||
Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Accrued Interest Receivable [Member] | ||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 3,500 | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 9,400 |
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, 2023 | Dec. 31, 2022 | |
Net income | $ 10,817 | $ 19,293 |
Weighted average common shares outstanding (in shares) | 8,992,167 | 9,033,410 |
Basic and diluted earnings per share (in dollars per share) | $ 1.2 | $ 2.14 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Impact of ASC 326 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss | $ 16,776 | $ 15,697 | $ 16,621 | |
Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 15,697 | |||
Allowance for credit losses on off-balance sheet credit exposures | 798 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Loss | 16,215 | |||
Allowance for credit losses on off-balance sheet credit exposures | 1,071 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Loss | 518 | $ 518 | $ 0 | |
Allowance for credit losses on off-balance sheet credit exposures | $ 273 |
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, 2023 USD ($) |
Deposits with Other Federal Home Loan Banks | $ 38.9 |
Note 3 - Debt Securities (Detai
Note 3 - Debt Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Restricted | $ 374,400 | $ 256,700 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 62,449 | $ 83,600 |
Note 3 - Debt Securities - Secu
Note 3 - Debt Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost | $ 798,703 | $ 869,996 |
Gross unrealized gains | 135 | 42 |
Gross unrealized losses | (62,449) | (83,600) |
Estimated fair value | 736,389 | 786,438 |
US Treasury Securities [Member] | ||
Amortized cost | 213,646 | 227,065 |
Gross unrealized gains | 29 | 0 |
Gross unrealized losses | (13,587) | (19,468) |
Estimated fair value | 200,088 | 207,597 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 99,455 | 110,370 |
Gross unrealized gains | 2 | 4 |
Gross unrealized losses | (6,842) | (9,441) |
Estimated fair value | 92,615 | 100,933 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 115,988 | 133,205 |
Gross unrealized gains | 0 | 4 |
Gross unrealized losses | (14,124) | (16,468) |
Estimated fair value | 101,864 | 116,741 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 292,475 | 317,179 |
Gross unrealized gains | 93 | 27 |
Gross unrealized losses | (22,677) | (31,203) |
Estimated fair value | 269,891 | 286,003 |
Corporate Debt Securities [Member] | ||
Amortized cost | 77,139 | 82,177 |
Gross unrealized gains | 11 | 7 |
Gross unrealized losses | (5,219) | (7,020) |
Estimated fair value | $ 71,931 | $ 75,164 |
Note 3 - Debt Securities - Debt
Note 3 - Debt Securities - Debt Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, Amortized cost | $ 82,517 | |
Due in one year or less, Estimated fair value | 80,981 | |
Due after one year through five years, Amortized cost | 395,006 | |
Due after one year through five years, Estimated fair value | 370,101 | |
Due after five years through ten years, Amortized cost | 196,227 | |
Due after five years through ten years, Estimated fair value | 175,993 | |
Due after ten years, Amortized cost | 8,965 | |
Due after ten years, Estimated fair value | 7,450 | |
Securities, amortized cost | 682,715 | |
Securities, fair value | 634,525 | |
U.S. government mortgage-backed securities, amortized cost | 115,988 | |
U.S. government mortgage-backed securities, fair value | 101,864 | |
Total, amortized cost | 798,703 | $ 869,996 |
Securities available-for-sale | $ 736,389 | $ 786,438 |
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, 2023 | Dec. 31, 2022 | |
Proceeds from sales of securities available-for-sale | $ 2,069 | $ 10,548 |
Gross realized gains on securities available-for-sale | 73 | 60 |
Gross realized losses on securities available-for-sale | $ (38) | $ (23) |
Note 3 - Debt Securities - Se_2
Note 3 - Debt Securities - Securities Available-for-sale Continuous Unrealized Loss Position (Details) Pure in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Less than 12 months, estimated fair value | $ 14,624 | $ 406,076 |
Less than 12 months, unrealized losses | $ (204) | $ (31,483) |
Less than 12 months, securities | 28 | 606 |
12 months or more, estimated fair value | $ 706,936 | $ 367,850 |
12 months or more, unrealized losses | $ (62,245) | $ (52,117) |
12 months or more, securities | 912 | 404 |
Total estimated fair value | $ 721,560 | $ 773,926 |
Total unrealized losses | (62,449) | (83,600) |
US Treasury Securities [Member] | ||
Less than 12 months, estimated fair value | 0 | 57,882 |
Less than 12 months, unrealized losses | $ 0 | $ (3,960) |
Less than 12 months, securities | 0 | 45 |
12 months or more, estimated fair value | $ 196,432 | $ 147,215 |
12 months or more, unrealized losses | $ (13,587) | $ (15,508) |
12 months or more, securities | 121 | 89 |
Total estimated fair value | $ 196,432 | $ 205,097 |
Total unrealized losses | (13,587) | (19,468) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 1,986 | 61,821 |
Less than 12 months, unrealized losses | $ (11) | $ (4,293) |
Less than 12 months, securities | 2 | 51 |
12 months or more, estimated fair value | $ 90,137 | $ 38,492 |
12 months or more, unrealized losses | $ (6,831) | $ (5,148) |
12 months or more, securities | 78 | 32 |
Total estimated fair value | $ 92,123 | $ 100,313 |
Total unrealized losses | (6,842) | (9,441) |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than 12 months, estimated fair value | 467 | 45,440 |
Less than 12 months, unrealized losses | $ (12) | $ (4,393) |
Less than 12 months, securities | 4 | 104 |
12 months or more, estimated fair value | $ 101,265 | $ 70,854 |
12 months or more, unrealized losses | $ (14,112) | $ (12,075) |
12 months or more, securities | 155 | 57 |
Total estimated fair value | $ 101,732 | $ 116,294 |
Total unrealized losses | (14,124) | (16,468) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 9,054 | 181,640 |
Less than 12 months, unrealized losses | $ (73) | $ (14,556) |
Less than 12 months, securities | 18 | 335 |
12 months or more, estimated fair value | $ 251,286 | $ 97,907 |
12 months or more, unrealized losses | $ (22,604) | $ (16,647) |
12 months or more, securities | 474 | 203 |
Total estimated fair value | $ 260,340 | $ 279,547 |
Total unrealized losses | (22,677) | (31,203) |
Corporate Debt Securities [Member] | ||
Less than 12 months, estimated fair value | 3,117 | 59,293 |
Less than 12 months, unrealized losses | $ (108) | $ (4,281) |
Less than 12 months, securities | 4 | 71 |
12 months or more, estimated fair value | $ 67,816 | $ 13,382 |
12 months or more, unrealized losses | $ (5,111) | $ (2,739) |
12 months or more, securities | 84 | 23 |
Total estimated fair value | $ 70,933 | $ 72,675 |
Total unrealized losses | $ (5,219) | $ (7,020) |
Note 4 - Loans Receivable and_3
Note 4 - Loans Receivable and Credit Disclosures (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | $ 15 | $ 106 |
Financing Receivable, Nonaccrual, Interest Income | 768 | 733 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 34 | |
Financing Receivable, Modified, Subsequent Default | 42 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Recoveries | 0 | |
Financing Receivable, Modified, Accumulated | $ 10,700 | |
Financing Receivable, Modified, Commitment to Lend | $ 0 |
Note 4 - Loans Receivable and_4
Note 4 - Loans Receivable and Credit Disclosures - Composition of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable | $ 1,294,178 | $ 1,241,708 | |
Unallocated portfolio layer basis adjustments1 | (410) | 0 | |
Less allowance for credit losses | (16,776) | (15,697) | $ (16,621) |
Total loans receivable, net | 1,277,812 | 1,226,011 | |
Construction Real Estate [Member] | |||
Loans receivable | 63,050 | 51,253 | |
Less allowance for credit losses | (408) | (730) | (675) |
Family Residential Real Estate 1-4 [Member] | |||
Loans receivable | 289,404 | 285,107 | |
Less allowance for credit losses | (3,333) | (3,028) | (2,752) |
Multifamily [Member] | |||
Loans receivable | 195,536 | 185,784 | |
Less allowance for credit losses | (2,542) | (2,493) | (2,501) |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 359,266 | 353,285 | |
Less allowance for credit losses | (5,236) | (4,742) | (5,905) |
Agriculture Real Estate [Member] | |||
Loans receivable | 161,517 | 159,448 | |
Less allowance for credit losses | (1,238) | (1,625) | (1,584) |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 89,729 | 77,265 | |
Less allowance for credit losses | (1,955) | (1,153) | (1,170) |
Agriculture [Member] | |||
Loans receivable | 119,136 | 113,355 | |
Less allowance for credit losses | (1,607) | (1,705) | (1,836) |
Consumer and Other [Member] | |||
Loans receivable | 16,540 | 16,211 | |
Less allowance for credit losses | $ (457) | $ (221) | $ (198) |
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, 2023 | Dec. 31, 2022 | ||
Balance, beginning | $ 15,697 | $ 16,621 | |
Credit loss expense (benefit) 1 | [1] | 774 | (874) |
Recoveries of loans charged-off | 32 | 42 | |
Loans charged-off | (245) | (92) | |
Balance, ending | 16,776 | 15,697 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | $ 518 | 0 | |
Balance, ending | $ 518 | ||
[1]The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $15 thousand related to off-balance sheet credit exposures. |
Note 4 - Loans Receivable and_6
Note 4 - Loans Receivable and Credit Disclosures - Activity in Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Balance, beginning | $ 15,697,000 | $ 16,621,000 | |
Credit loss expense (benefit) 1 | [1] | 774,000 | (874,000) |
Recoveries of loans charged-off | 32,000 | 42,000 | |
Loans charged-off | (245,000) | (92,000) | |
Balance, ending | 16,776,000 | 15,697,000 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | 518,000 | 0 | |
Balance, ending | 518,000 | ||
Construction Real Estate [Member] | |||
Balance, beginning | 730,000 | 675,000 | |
Credit loss expense (benefit) 1 | 73,000 | 55,000 | |
Recoveries of loans charged-off | 0 | 0 | |
Loans charged-off | 0 | 0 | |
Balance, ending | 408,000 | 730,000 | |
Construction Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | (395,000) | ||
Balance, ending | (395,000) | ||
Family Residential Real Estate 1-4 [Member] | |||
Balance, beginning | 3,028,000 | 2,752,000 | |
Credit loss expense (benefit) 1 | 58,000 | 291,000 | |
Recoveries of loans charged-off | 5,000 | 8,000 | |
Loans charged-off | 0 | (23,000) | |
Balance, ending | 3,333,000 | 3,028,000 | |
Family Residential Real Estate 1-4 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | 242,000 | ||
Balance, ending | 242,000 | ||
Multifamily [Member] | |||
Balance, beginning | 2,493,000 | 2,501,000 | |
Credit loss expense (benefit) 1 | 73,000 | (8,000) | |
Recoveries of loans charged-off | 0 | 0 | |
Loans charged-off | 0 | 0 | |
Balance, ending | 2,542,000 | 2,493,000 | |
Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | (24,000) | ||
Balance, ending | (24,000) | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Balance, beginning | 4,742,000 | 5,905,000 | |
Credit loss expense (benefit) 1 | (24,000) | (1,166,000) | |
Recoveries of loans charged-off | 5,000 | 3,000 | |
Loans charged-off | 0 | 0 | |
Balance, ending | 5,236,000 | 4,742,000 | |
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | 513,000 | ||
Balance, ending | 513,000 | ||
Agriculture Real Estate [Member] | |||
Balance, beginning | 1,625,000 | 1,584,000 | |
Credit loss expense (benefit) 1 | 11,000 | 41,000 | |
Recoveries of loans charged-off | 0 | 0 | |
Loans charged-off | 0 | 0 | |
Balance, ending | 1,238,000 | 1,625,000 | |
Agriculture Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | (398,000) | ||
Balance, ending | (398,000) | ||
Commercial Portfolio Segment [Member] | |||
Balance, beginning | 1,153,000 | 1,170,000 | |
Credit loss expense (benefit) 1 | 381,000 | 20,000 | |
Recoveries of loans charged-off | 9,000 | 4,000 | |
Loans charged-off | (37,000) | (41,000) | |
Balance, ending | 1,955,000 | 1,153,000 | |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | 449,000 | ||
Balance, ending | 449,000 | ||
Agriculture [Member] | |||
Balance, beginning | 1,705,000 | 1,836,000 | |
Credit loss expense (benefit) 1 | 161,000 | (124,000) | |
Recoveries of loans charged-off | 5,000 | 0 | |
Loans charged-off | (203,000) | (7,000) | |
Balance, ending | 1,607,000 | 1,705,000 | |
Agriculture [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | (61,000) | ||
Balance, ending | (61,000) | ||
Consumer and Other [Member] | |||
Balance, beginning | 221,000 | 198,000 | |
Credit loss expense (benefit) 1 | 41,000 | 17,000 | |
Recoveries of loans charged-off | 8,000 | 27,000 | |
Loans charged-off | (5,000) | (21,000) | |
Balance, ending | 457,000 | 221,000 | |
Consumer and Other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, beginning | $ 192,000 | ||
Balance, ending | $ 192,000 | ||
[1]The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $15 thousand related to off-balance sheet credit exposures. |
Note 4 - Loans Receivable and_7
Note 4 - Loans Receivable and Credit Disclosures - Allowance for Loan Losses Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Ending ACL balance: Individually evaluated for credit losses | $ 95 | ||
Ending ACL balance: Collectively evaluated for credit losses | 15,602 | ||
Ending ACL balance | $ 16,776 | 15,697 | $ 16,621 |
Construction Real Estate [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 0 | ||
Ending ACL balance: Collectively evaluated for credit losses | 730 | ||
Ending ACL balance | 408 | 730 | 675 |
Family Residential Real Estate 1-4 [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 10 | ||
Ending ACL balance: Collectively evaluated for credit losses | 3,018 | ||
Ending ACL balance | 3,333 | 3,028 | 2,752 |
Multifamily [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 0 | ||
Ending ACL balance: Collectively evaluated for credit losses | 2,493 | ||
Ending ACL balance | 2,542 | 2,493 | 2,501 |
Commercial Real Estate Portfolio Segment [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 0 | ||
Ending ACL balance: Collectively evaluated for credit losses | 4,742 | ||
Ending ACL balance | 5,236 | 4,742 | 5,905 |
Agriculture Real Estate [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 0 | ||
Ending ACL balance: Collectively evaluated for credit losses | 1,625 | ||
Ending ACL balance | 1,238 | 1,625 | 1,584 |
Commercial Portfolio Segment [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 0 | ||
Ending ACL balance: Collectively evaluated for credit losses | 1,153 | ||
Ending ACL balance | 1,955 | 1,153 | 1,170 |
Agriculture [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 68 | ||
Ending ACL balance: Collectively evaluated for credit losses | 1,637 | ||
Ending ACL balance | 1,607 | 1,705 | 1,836 |
Consumer and Other [Member] | |||
Ending ACL balance: Individually evaluated for credit losses | 17 | ||
Ending ACL balance: Collectively evaluated for credit losses | 204 | ||
Ending ACL balance | $ 457 | $ 221 | $ 198 |
Note 4 - Loans Receivable and_8
Note 4 - Loans Receivable and Credit Disclosures - Loans Receivable Impairment Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Ending loans receiveable balance: Individually evaluated for credit losses | $ 14,386 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 1,227,322 | |
Loans receivable | $ 1,294,178 | 1,241,708 |
Construction Real Estate [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 51,253 | |
Loans receivable | 63,050 | 51,253 |
Family Residential Real Estate 1-4 [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 805 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 284,302 | |
Loans receivable | 289,404 | 285,107 |
Multifamily [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 185,784 | |
Loans receivable | 195,536 | 185,784 |
Commercial Real Estate Portfolio Segment [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 12,853 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 340,432 | |
Loans receivable | 359,266 | 353,285 |
Agriculture Real Estate [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 165 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 159,283 | |
Loans receivable | 161,517 | 159,448 |
Commercial Portfolio Segment [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 200 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 77,065 | |
Loans receivable | 89,729 | 77,265 |
Agriculture [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 342 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 113,013 | |
Loans receivable | 119,136 | 113,355 |
Consumer and Other [Member] | ||
Ending loans receiveable balance: Individually evaluated for credit losses | 21 | |
Ending loans receivable balance: Collectively evaluated for credit losses | 16,190 | |
Loans receivable | $ 16,540 | $ 16,211 |
Note 4 - Loans Receivable and_9
Note 4 - Loans Receivable and Credit Disclosures - Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Ending loans receiveable balance: Individually evaluated for credit losses | $ 14,386 | ||
Allowance for credit loss | $ 16,776 | 15,697 | $ 16,621 |
Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 12,577 | ||
Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 669 | ||
Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 503 | ||
Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 13,749 | ||
Allowance for credit loss | 106 | ||
Construction Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Allowance for credit loss | 408 | 730 | 675 |
Construction Real Estate [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 66 | ||
Construction Real Estate [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Construction Real Estate [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Construction Real Estate [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 66 | ||
Allowance for credit loss | 0 | ||
Family Residential Real Estate 1-4 [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 805 | ||
Allowance for credit loss | 3,333 | 3,028 | 2,752 |
Family Residential Real Estate 1-4 [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 678 | ||
Family Residential Real Estate 1-4 [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Family Residential Real Estate 1-4 [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Family Residential Real Estate 1-4 [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 678 | ||
Allowance for credit loss | 10 | ||
Multifamily [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Allowance for credit loss | 2,542 | 2,493 | 2,501 |
Multifamily [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 2,034 | ||
Multifamily [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Multifamily [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Multifamily [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 2,034 | ||
Allowance for credit loss | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 12,853 | ||
Allowance for credit loss | 5,236 | 4,742 | 5,905 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 8,993 | ||
Commercial Real Estate Portfolio Segment [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 8,993 | ||
Allowance for credit loss | 0 | ||
Agriculture Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 165 | ||
Allowance for credit loss | 1,238 | 1,625 | 1,584 |
Agriculture Real Estate [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 449 | ||
Agriculture Real Estate [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Agriculture Real Estate [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Agriculture Real Estate [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 449 | ||
Allowance for credit loss | 0 | ||
Commercial Portfolio Segment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 200 | ||
Allowance for credit loss | 1,955 | 1,153 | 1,170 |
Commercial Portfolio Segment [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 118 | ||
Commercial Portfolio Segment [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Commercial Portfolio Segment [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 101 | ||
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 219 | ||
Allowance for credit loss | 96 | ||
Agriculture [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 342 | ||
Allowance for credit loss | 1,607 | 1,705 | 1,836 |
Agriculture [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 239 | ||
Agriculture [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 669 | ||
Agriculture [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 402 | ||
Agriculture [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 1,310 | ||
Allowance for credit loss | 0 | ||
Consumer and Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 21 | ||
Allowance for credit loss | 457 | $ 221 | $ 198 |
Consumer and Other [Member] | Real Estate [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Consumer and Other [Member] | Equipment [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Consumer and Other [Member] | Other [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Consumer and Other [Member] | Collateral Pledged [Member] | |||
Ending loans receiveable balance: Individually evaluated for credit losses | 0 | ||
Allowance for credit loss | $ 0 |
Note 4 - Loans Receivable an_10
Note 4 - Loans Receivable and Credit Disclosures - Amortized Cost Basis of Term Loans by Year of Origination (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 257,666,000 | |
Financing Receivable, Year Two | 290,241,000 | |
Financing Receivable, Year Three | 265,145,000 | |
Financing Receivable, Year Four | 213,817,000 | |
Financing Receivable, Year Five | 54,588,000 | |
Financing Receivable, Prior | 62,535,000 | |
Financing Receivable, Revolving | 150,186,000 | |
Financing Receivable, Total | 1,294,178,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 39,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 74,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 90,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 33,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 9,000 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 245,000 | $ 92,000 |
Pass [Member] | ||
Financing Receivable, Year One | 221,812,000 | |
Financing Receivable, Year Two | 269,458,000 | |
Financing Receivable, Year Three | 210,186,000 | |
Financing Receivable, Year Four | 189,293,000 | |
Financing Receivable, Year Five | 51,380,000 | |
Financing Receivable, Prior | 57,062,000 | |
Financing Receivable, Revolving | 137,803,000 | |
Financing Receivable, Total | 1,136,994,000 | |
Watch [Member] | ||
Financing Receivable, Year One | 20,927,000 | |
Financing Receivable, Year Two | 16,319,000 | |
Financing Receivable, Year Three | 36,014,000 | |
Financing Receivable, Year Four | 18,034,000 | |
Financing Receivable, Year Five | 522,000 | |
Financing Receivable, Prior | 4,873,000 | |
Financing Receivable, Revolving | 10,430,000 | |
Financing Receivable, Total | 107,119,000 | |
Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 2,531,000 | |
Financing Receivable, Year Three | 11,853,000 | |
Financing Receivable, Year Four | 3,006,000 | |
Financing Receivable, Year Five | 1,043,000 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 18,433,000 | |
Substandard [Member] | ||
Financing Receivable, Year One | 5,123,000 | |
Financing Receivable, Year Two | 1,727,000 | |
Financing Receivable, Year Three | 6,311,000 | |
Financing Receivable, Year Four | 3,375,000 | |
Financing Receivable, Year Five | 33,000 | |
Financing Receivable, Prior | 384,000 | |
Financing Receivable, Revolving | 1,484,000 | |
Financing Receivable, Total | 18,437,000 | |
Substandard Impaired [Member] | ||
Financing Receivable, Year One | 9,804,000 | |
Financing Receivable, Year Two | 206,000 | |
Financing Receivable, Year Three | 781,000 | |
Financing Receivable, Year Four | 109,000 | |
Financing Receivable, Year Five | 1,610,000 | |
Financing Receivable, Prior | 216,000 | |
Financing Receivable, Revolving | 469,000 | |
Financing Receivable, Total | 13,195,000 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Year One | 25,458,000 | |
Financing Receivable, Year Two | 13,196,000 | |
Financing Receivable, Year Three | 10,502,000 | |
Financing Receivable, Year Four | 3,027,000 | |
Financing Receivable, Year Five | 2,527,000 | |
Financing Receivable, Prior | 1,787,000 | |
Financing Receivable, Revolving | 33,232,000 | |
Financing Receivable, Total | 89,729,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 33,000 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 4,000 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 37,000 | 41,000 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Year One | 23,904,000 | |
Financing Receivable, Year Two | 12,645,000 | |
Financing Receivable, Year Three | 10,378,000 | |
Financing Receivable, Year Four | 2,087,000 | |
Financing Receivable, Year Five | 2,434,000 | |
Financing Receivable, Prior | 1,578,000 | |
Financing Receivable, Revolving | 29,752,000 | |
Financing Receivable, Total | 82,778,000 | |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Financing Receivable, Year One | 860,000 | |
Financing Receivable, Year Two | 295,000 | |
Financing Receivable, Year Three | 119,000 | |
Financing Receivable, Year Four | 423,000 | |
Financing Receivable, Year Five | 93,000 | |
Financing Receivable, Prior | 137,000 | |
Financing Receivable, Revolving | 1,996,000 | |
Financing Receivable, Total | 3,923,000 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 600,000 | |
Financing Receivable, Year Two | 256,000 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 421,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 1,484,000 | |
Financing Receivable, Total | 2,761,000 | |
Commercial Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 94,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 5,000 | |
Financing Receivable, Year Four | 96,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 72,000 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 267,000 | |
Construction Real Estate [Member] | ||
Financing Receivable, Year One | 45,484,000 | |
Financing Receivable, Year Two | 14,567,000 | |
Financing Receivable, Year Three | 746,000 | |
Financing Receivable, Year Four | 11,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 325,000 | |
Financing Receivable, Revolving | 1,917,000 | |
Financing Receivable, Total | 63,050,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Construction Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Year One | 45,404,000 | |
Financing Receivable, Year Two | 14,501,000 | |
Financing Receivable, Year Three | 746,000 | |
Financing Receivable, Year Four | 11,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 325,000 | |
Financing Receivable, Revolving | 1,917,000 | |
Financing Receivable, Total | 62,904,000 | |
Construction Real Estate [Member] | Watch [Member] | ||
Financing Receivable, Year One | 80,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 80,000 | |
Construction Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Construction Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Construction Real Estate [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 66,000 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 66,000 | |
Agriculture [Member] | ||
Financing Receivable, Year One | 16,682,000 | |
Financing Receivable, Year Two | 8,889,000 | |
Financing Receivable, Year Three | 6,155,000 | |
Financing Receivable, Year Four | 2,934,000 | |
Financing Receivable, Year Five | 418,000 | |
Financing Receivable, Prior | 802,000 | |
Financing Receivable, Revolving | 83,256,000 | |
Financing Receivable, Total | 119,136,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 39,000 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 74,000 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 90,000 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 203,000 | 7,000 |
Agriculture [Member] | Pass [Member] | ||
Financing Receivable, Year One | 14,614,000 | |
Financing Receivable, Year Two | 8,395,000 | |
Financing Receivable, Year Three | 5,459,000 | |
Financing Receivable, Year Four | 2,858,000 | |
Financing Receivable, Year Five | 400,000 | |
Financing Receivable, Prior | 608,000 | |
Financing Receivable, Revolving | 77,448,000 | |
Financing Receivable, Total | 109,782,000 | |
Agriculture [Member] | Watch [Member] | ||
Financing Receivable, Year One | 1,107,000 | |
Financing Receivable, Year Two | 340,000 | |
Financing Receivable, Year Three | 288,000 | |
Financing Receivable, Year Four | 18,000 | |
Financing Receivable, Year Five | 18,000 | |
Financing Receivable, Prior | 194,000 | |
Financing Receivable, Revolving | 5,419,000 | |
Financing Receivable, Total | 7,384,000 | |
Agriculture [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Agriculture [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 866,000 | |
Financing Receivable, Year Two | 14,000 | |
Financing Receivable, Year Three | 25,000 | |
Financing Receivable, Year Four | 58,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 963,000 | |
Agriculture [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 95,000 | |
Financing Receivable, Year Two | 140,000 | |
Financing Receivable, Year Three | 383,000 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 389,000 | |
Financing Receivable, Total | 1,007,000 | |
Consumer and Other [Member] | ||
Financing Receivable, Year One | 6,938,000 | |
Financing Receivable, Year Two | 3,719,000 | |
Financing Receivable, Year Three | 2,701,000 | |
Financing Receivable, Year Four | 2,084,000 | |
Financing Receivable, Year Five | 352,000 | |
Financing Receivable, Prior | 731,000 | |
Financing Receivable, Revolving | 15,000 | |
Financing Receivable, Total | 16,540,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 5,000 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 5,000 | 21,000 |
Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable, Year One | 6,801,000 | |
Financing Receivable, Year Two | 3,719,000 | |
Financing Receivable, Year Three | 2,701,000 | |
Financing Receivable, Year Four | 2,071,000 | |
Financing Receivable, Year Five | 352,000 | |
Financing Receivable, Prior | 731,000 | |
Financing Receivable, Revolving | 15,000 | |
Financing Receivable, Total | 16,390,000 | |
Consumer and Other [Member] | Watch [Member] | ||
Financing Receivable, Year One | 127,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 127,000 | |
Consumer and Other [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 10,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 10,000 | |
Consumer and Other [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 13,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 13,000 | |
Family Residential Real Estate 1-4 [Member] | ||
Financing Receivable, Year One | 57,222,000 | |
Financing Receivable, Year Two | 66,506,000 | |
Financing Receivable, Year Three | 71,223,000 | |
Financing Receivable, Year Four | 49,138,000 | |
Financing Receivable, Year Five | 8,839,000 | |
Financing Receivable, Prior | 17,720,000 | |
Financing Receivable, Revolving | 18,756,000 | |
Financing Receivable, Total | 289,404,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 23,000 |
Family Residential Real Estate 1-4 [Member] | Pass [Member] | ||
Financing Receivable, Year One | 55,051,000 | |
Financing Receivable, Year Two | 66,190,000 | |
Financing Receivable, Year Three | 59,250,000 | |
Financing Receivable, Year Four | 47,865,000 | |
Financing Receivable, Year Five | 8,607,000 | |
Financing Receivable, Prior | 17,154,000 | |
Financing Receivable, Revolving | 18,649,000 | |
Financing Receivable, Total | 272,766,000 | |
Family Residential Real Estate 1-4 [Member] | Watch [Member] | ||
Financing Receivable, Year One | 1,608,000 | |
Financing Receivable, Year Two | 298,000 | |
Financing Receivable, Year Three | 10,483,000 | |
Financing Receivable, Year Four | 1,226,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 358,000 | |
Financing Receivable, Revolving | 27,000 | |
Financing Receivable, Total | 14,000,000 | |
Family Residential Real Estate 1-4 [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Family Residential Real Estate 1-4 [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 448,000 | |
Financing Receivable, Year Two | 18,000 | |
Financing Receivable, Year Three | 1,350,000 | |
Financing Receivable, Year Four | 47,000 | |
Financing Receivable, Year Five | 33,000 | |
Financing Receivable, Prior | 64,000 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 1,960,000 | |
Family Residential Real Estate 1-4 [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 115,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 140,000 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 199,000 | |
Financing Receivable, Prior | 144,000 | |
Financing Receivable, Revolving | 80,000 | |
Financing Receivable, Total | 678,000 | |
Multifamily [Member] | ||
Financing Receivable, Year One | 24,022,000 | |
Financing Receivable, Year Two | 53,355,000 | |
Financing Receivable, Year Three | 55,353,000 | |
Financing Receivable, Year Four | 42,499,000 | |
Financing Receivable, Year Five | 14,593,000 | |
Financing Receivable, Prior | 694,000 | |
Financing Receivable, Revolving | 5,020,000 | |
Financing Receivable, Total | 195,536,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Year One | 18,436,000 | |
Financing Receivable, Year Two | 51,928,000 | |
Financing Receivable, Year Three | 47,161,000 | |
Financing Receivable, Year Four | 40,201,000 | |
Financing Receivable, Year Five | 13,542,000 | |
Financing Receivable, Prior | 694,000 | |
Financing Receivable, Revolving | 5,020,000 | |
Financing Receivable, Total | 176,982,000 | |
Multifamily [Member] | Watch [Member] | ||
Financing Receivable, Year One | 4,603,000 | |
Financing Receivable, Year Two | 1,427,000 | |
Financing Receivable, Year Three | 8,192,000 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 14,222,000 | |
Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Multifamily [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 2,298,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 2,298,000 | |
Multifamily [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 983,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 1,051,000 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 2,034,000 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Year One | 52,926,000 | |
Financing Receivable, Year Two | 97,453,000 | |
Financing Receivable, Year Three | 83,041,000 | |
Financing Receivable, Year Four | 84,631,000 | |
Financing Receivable, Year Five | 21,487,000 | |
Financing Receivable, Prior | 13,811,000 | |
Financing Receivable, Revolving | 5,917,000 | |
Financing Receivable, Total | 359,266,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Year One | 35,133,000 | |
Financing Receivable, Year Two | 81,342,000 | |
Financing Receivable, Year Three | 51,598,000 | |
Financing Receivable, Year Four | 66,467,000 | |
Financing Receivable, Year Five | 20,006,000 | |
Financing Receivable, Prior | 13,122,000 | |
Financing Receivable, Revolving | 2,929,000 | |
Financing Receivable, Total | 270,597,000 | |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | ||
Financing Receivable, Year One | 8,379,000 | |
Financing Receivable, Year Two | 13,580,000 | |
Financing Receivable, Year Three | 14,669,000 | |
Financing Receivable, Year Four | 14,607,000 | |
Financing Receivable, Year Five | 78,000 | |
Financing Receivable, Prior | 583,000 | |
Financing Receivable, Revolving | 2,988,000 | |
Financing Receivable, Total | 54,884,000 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 2,531,000 | |
Financing Receivable, Year Three | 11,853,000 | |
Financing Receivable, Year Four | 3,006,000 | |
Financing Receivable, Year Five | 1,043,000 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 18,433,000 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 897,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 4,822,000 | |
Financing Receivable, Year Four | 551,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 106,000 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 6,376,000 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 8,517,000 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 99,000 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 360,000 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 8,976,000 | |
Agriculture Real Estate [Member] | ||
Financing Receivable, Year One | 28,934,000 | |
Financing Receivable, Year Two | 32,556,000 | |
Financing Receivable, Year Three | 35,424,000 | |
Financing Receivable, Year Four | 29,493,000 | |
Financing Receivable, Year Five | 6,372,000 | |
Financing Receivable, Prior | 26,665,000 | |
Financing Receivable, Revolving | 2,073,000 | |
Financing Receivable, Total | 161,517,000 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | $ 0 |
Agriculture Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Year One | 22,469,000 | |
Financing Receivable, Year Two | 30,738,000 | |
Financing Receivable, Year Three | 32,893,000 | |
Financing Receivable, Year Four | 27,733,000 | |
Financing Receivable, Year Five | 6,039,000 | |
Financing Receivable, Prior | 22,850,000 | |
Financing Receivable, Revolving | 2,073,000 | |
Financing Receivable, Total | 144,795,000 | |
Agriculture Real Estate [Member] | Watch [Member] | ||
Financing Receivable, Year One | 4,163,000 | |
Financing Receivable, Year Two | 379,000 | |
Financing Receivable, Year Three | 2,263,000 | |
Financing Receivable, Year Four | 1,760,000 | |
Financing Receivable, Year Five | 333,000 | |
Financing Receivable, Prior | 3,601,000 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 12,499,000 | |
Agriculture Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 0 | |
Agriculture Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 2,302,000 | |
Financing Receivable, Year Two | 1,439,000 | |
Financing Receivable, Year Three | 114,000 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 214,000 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | 4,069,000 | |
Agriculture Real Estate [Member] | Substandard Impaired [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 154,000 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Total | $ 154,000 |
Note 4 - Loans Receivable an_11
Note 4 - Loans Receivable and Credit Disclosures - Loans Receivable Credit Quality Indicators (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Loans receivable | $ 940,390 |
Pass [Member] | |
Loans receivable | 794,529 |
Watch [Member] | |
Loans receivable | 109,282 |
Special Mention [Member] | |
Loans receivable | 116 |
Substandard [Member] | |
Loans receivable | 22,903 |
Substandard Impaired [Member] | |
Loans receivable | 13,560 |
Construction Real Estate [Member] | |
Loans receivable | 51,253 |
Construction Real Estate [Member] | Pass [Member] | |
Loans receivable | 51,253 |
Construction Real Estate [Member] | Watch [Member] | |
Loans receivable | 0 |
Construction Real Estate [Member] | Special Mention [Member] | |
Loans receivable | 0 |
Construction Real Estate [Member] | Substandard [Member] | |
Loans receivable | 0 |
Construction Real Estate [Member] | Substandard Impaired [Member] | |
Loans receivable | 0 |
Multifamily [Member] | |
Loans receivable | 185,784 |
Multifamily [Member] | Pass [Member] | |
Loans receivable | 174,048 |
Multifamily [Member] | Watch [Member] | |
Loans receivable | 9,344 |
Multifamily [Member] | Special Mention [Member] | |
Loans receivable | 0 |
Multifamily [Member] | Substandard [Member] | |
Loans receivable | 2,392 |
Multifamily [Member] | Substandard Impaired [Member] | |
Loans receivable | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Loans receivable | 353,285 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |
Loans receivable | 264,898 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | |
Loans receivable | 62,076 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |
Loans receivable | 0 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |
Loans receivable | 13,458 |
Commercial Real Estate Portfolio Segment [Member] | Substandard Impaired [Member] | |
Loans receivable | 12,853 |
Agriculture Real Estate [Member] | |
Loans receivable | 159,448 |
Agriculture Real Estate [Member] | Pass [Member] | |
Loans receivable | 136,043 |
Agriculture Real Estate [Member] | Watch [Member] | |
Loans receivable | 18,324 |
Agriculture Real Estate [Member] | Special Mention [Member] | |
Loans receivable | 0 |
Agriculture Real Estate [Member] | Substandard [Member] | |
Loans receivable | 4,916 |
Agriculture Real Estate [Member] | Substandard Impaired [Member] | |
Loans receivable | 165 |
Commercial Portfolio Segment [Member] | |
Loans receivable | 77,265 |
Commercial Portfolio Segment [Member] | Pass [Member] | |
Loans receivable | 69,872 |
Commercial Portfolio Segment [Member] | Watch [Member] | |
Loans receivable | 5,392 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |
Loans receivable | 116 |
Commercial Portfolio Segment [Member] | Substandard [Member] | |
Loans receivable | 1,685 |
Commercial Portfolio Segment [Member] | Substandard Impaired [Member] | |
Loans receivable | 200 |
Agriculture [Member] | |
Loans receivable | 113,355 |
Agriculture [Member] | Pass [Member] | |
Loans receivable | 98,415 |
Agriculture [Member] | Watch [Member] | |
Loans receivable | 14,146 |
Agriculture [Member] | Special Mention [Member] | |
Loans receivable | 0 |
Agriculture [Member] | Substandard [Member] | |
Loans receivable | 452 |
Agriculture [Member] | Substandard Impaired [Member] | |
Loans receivable | $ 342 |
Note 4 - Loans Receivable an_12
Note 4 - Loans Receivable and Credit Disclosures - Credit Risk Profile Based on Payment Activity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Loan and lease receivable, consumer and residential | $ 301,318 |
Performing Financial Instruments [Member] | |
Loan and lease receivable, consumer and residential | 300,492 |
Nonperforming Financial Instruments [Member] | |
Loan and lease receivable, consumer and residential | 826 |
Family Residential Real Estate 1-4 [Member] | |
Loan and lease receivable, consumer and residential | 285,107 |
Family Residential Real Estate 1-4 [Member] | Performing Financial Instruments [Member] | |
Loan and lease receivable, consumer and residential | 284,302 |
Family Residential Real Estate 1-4 [Member] | Nonperforming Financial Instruments [Member] | |
Loan and lease receivable, consumer and residential | 805 |
Consumer and Other [Member] | |
Loan and lease receivable, consumer and residential | 16,211 |
Consumer and Other [Member] | Performing Financial Instruments [Member] | |
Loan and lease receivable, consumer and residential | 16,190 |
Consumer and Other [Member] | Nonperforming Financial Instruments [Member] | |
Loan and lease receivable, consumer and residential | $ 21 |
Note 4 - Loans Receivable an_13
Note 4 - Loans Receivable and Credit Disclosures - Impaired Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Impaired financing receivable with no related allowance, recorded investment | $ 13,987 |
Impaired financing receivable with no related allowance, unpaid principal balance | 14,837 |
Impaired financing receivable, with no related allowance, average recorded investment | 4,804 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 91 |
Impaired financing receivable with related allowance, recorded investment | 399 |
Impaired financing receivable with related allowance, unpaid principal balance | 436 |
Impaired financing receivable, related allowance | 95 |
Impaired financing receivable, with related allowance, average recorded investment | 8,201 |
Impaired financing receivable, with related allowance, interest income, accrual method | 2 |
Impaired financing receivable, recorded investment | 14,386 |
Impaired financing receivable, unpaid principal balance | 15,273 |
Impaired financing receivable, average recorded investment | 13,005 |
Impaired financing receivable, interest income, accrual method | 93 |
Construction Real Estate [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 0 |
Impaired financing receivable with no related allowance, unpaid principal balance | 0 |
Impaired financing receivable, with no related allowance, average recorded investment | 0 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 0 |
Impaired financing receivable with related allowance, recorded investment | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 |
Impaired financing receivable, related allowance | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 0 |
Impaired financing receivable, with related allowance, interest income, accrual method | 0 |
Impaired financing receivable, recorded investment | 0 |
Impaired financing receivable, unpaid principal balance | 0 |
Impaired financing receivable, average recorded investment | 0 |
Impaired financing receivable, interest income, accrual method | 0 |
Family Residential Real Estate 1-4 [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 687 |
Impaired financing receivable with no related allowance, unpaid principal balance | 721 |
Impaired financing receivable, with no related allowance, average recorded investment | 715 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 70 |
Impaired financing receivable with related allowance, recorded investment | 118 |
Impaired financing receivable with related allowance, unpaid principal balance | 123 |
Impaired financing receivable, related allowance | 10 |
Impaired financing receivable, with related allowance, average recorded investment | 188 |
Impaired financing receivable, with related allowance, interest income, accrual method | 1 |
Impaired financing receivable, recorded investment | 805 |
Impaired financing receivable, unpaid principal balance | 844 |
Impaired financing receivable, average recorded investment | 903 |
Impaired financing receivable, interest income, accrual method | 71 |
Multifamily [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 0 |
Impaired financing receivable with no related allowance, unpaid principal balance | 0 |
Impaired financing receivable, with no related allowance, average recorded investment | 0 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 0 |
Impaired financing receivable with related allowance, recorded investment | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 |
Impaired financing receivable, related allowance | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 0 |
Impaired financing receivable, with related allowance, interest income, accrual method | 0 |
Impaired financing receivable, recorded investment | 0 |
Impaired financing receivable, unpaid principal balance | 0 |
Impaired financing receivable, average recorded investment | 0 |
Impaired financing receivable, interest income, accrual method | 0 |
Commercial Real Estate Portfolio Segment [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 12,853 |
Impaired financing receivable with no related allowance, unpaid principal balance | 13,578 |
Impaired financing receivable, with no related allowance, average recorded investment | 3,391 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 0 |
Impaired financing receivable with related allowance, recorded investment | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 |
Impaired financing receivable, related allowance | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 7,667 |
Impaired financing receivable, with related allowance, interest income, accrual method | 0 |
Impaired financing receivable, recorded investment | 12,853 |
Impaired financing receivable, unpaid principal balance | 13,578 |
Impaired financing receivable, average recorded investment | 11,058 |
Impaired financing receivable, interest income, accrual method | 0 |
Agriculture Real Estate [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 165 |
Impaired financing receivable with no related allowance, unpaid principal balance | 194 |
Impaired financing receivable, with no related allowance, average recorded investment | 319 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 14 |
Impaired financing receivable with related allowance, recorded investment | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 |
Impaired financing receivable, related allowance | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 0 |
Impaired financing receivable, with related allowance, interest income, accrual method | 0 |
Impaired financing receivable, recorded investment | 165 |
Impaired financing receivable, unpaid principal balance | 194 |
Impaired financing receivable, average recorded investment | 319 |
Impaired financing receivable, interest income, accrual method | 14 |
Commercial Portfolio Segment [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 200 |
Impaired financing receivable with no related allowance, unpaid principal balance | 249 |
Impaired financing receivable, with no related allowance, average recorded investment | 227 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 6 |
Impaired financing receivable with related allowance, recorded investment | 0 |
Impaired financing receivable with related allowance, unpaid principal balance | 0 |
Impaired financing receivable, related allowance | 0 |
Impaired financing receivable, with related allowance, average recorded investment | 35 |
Impaired financing receivable, with related allowance, interest income, accrual method | 1 |
Impaired financing receivable, recorded investment | 200 |
Impaired financing receivable, unpaid principal balance | 249 |
Impaired financing receivable, average recorded investment | 262 |
Impaired financing receivable, interest income, accrual method | 7 |
Agriculture [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 78 |
Impaired financing receivable with no related allowance, unpaid principal balance | 88 |
Impaired financing receivable, with no related allowance, average recorded investment | 147 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 0 |
Impaired financing receivable with related allowance, recorded investment | 264 |
Impaired financing receivable with related allowance, unpaid principal balance | 294 |
Impaired financing receivable, related allowance | 68 |
Impaired financing receivable, with related allowance, average recorded investment | 292 |
Impaired financing receivable, with related allowance, interest income, accrual method | 0 |
Impaired financing receivable, recorded investment | 342 |
Impaired financing receivable, unpaid principal balance | 382 |
Impaired financing receivable, average recorded investment | 439 |
Impaired financing receivable, interest income, accrual method | 0 |
Consumer and Other [Member] | |
Impaired financing receivable with no related allowance, recorded investment | 4 |
Impaired financing receivable with no related allowance, unpaid principal balance | 7 |
Impaired financing receivable, with no related allowance, average recorded investment | 5 |
Impaired financing receivable, with no related allowance, interest income, accrual method | 1 |
Impaired financing receivable with related allowance, recorded investment | 17 |
Impaired financing receivable with related allowance, unpaid principal balance | 19 |
Impaired financing receivable, related allowance | 17 |
Impaired financing receivable, with related allowance, average recorded investment | 19 |
Impaired financing receivable, with related allowance, interest income, accrual method | 0 |
Impaired financing receivable, recorded investment | 21 |
Impaired financing receivable, unpaid principal balance | 26 |
Impaired financing receivable, average recorded investment | 24 |
Impaired financing receivable, interest income, accrual method | $ 1 |
Note 4 - Loans Receivable an_14
Note 4 - Loans Receivable and Credit Disclosures - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual Loans | $ 13,794 | $ 14,721 |
Nonaccrual Loans, no allowance | 13,570 | 14,322 |
Construction Real Estate [Member] | ||
Nonaccrual Loans | 66 | 0 |
Nonaccrual Loans, no allowance | 66 | 0 |
Family Residential Real Estate 1-4 [Member] | ||
Nonaccrual Loans | 678 | 805 |
Nonaccrual Loans, no allowance | 563 | 687 |
Multifamily [Member] | ||
Nonaccrual Loans | 2,034 | 0 |
Nonaccrual Loans, no allowance | 2,034 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual Loans | 8,976 | 12,853 |
Nonaccrual Loans, no allowance | 8,976 | 12,853 |
Agriculture Real Estate [Member] | ||
Nonaccrual Loans | 449 | 500 |
Nonaccrual Loans, no allowance | 449 | 500 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans | 268 | 200 |
Nonaccrual Loans, no allowance | 172 | 200 |
Agriculture [Member] | ||
Nonaccrual Loans | 1,310 | 342 |
Nonaccrual Loans, no allowance | 1,310 | 78 |
Consumer and Other [Member] | ||
Nonaccrual Loans | 13 | 21 |
Nonaccrual Loans, no allowance | $ 0 | $ 4 |
Note 4 - Loans Receivable an_15
Note 4 - Loans Receivable and Credit Disclosures - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modified | $ 118 | |
Agriculture [Member] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification (Year) | 8 years | |
Financing Receivable, Modified | $ 336 | $ 0 |
Financing Receivable, Modified, Percentage | 0.30% |
Note 4 - Loans Receivable an_16
Note 4 - Loans Receivable and Credit Disclosures - Modified Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of contracts | 1 | |
Pre-modification outstanding recorded investment | $ 118 | |
Financing Receivable, Modified | $ 118 | |
Construction Real Estate [Member] | ||
Number of contracts | 0 | |
Pre-modification outstanding recorded investment | $ 0 | |
Financing Receivable, Modified | $ 0 | |
Family Residential Real Estate 1-4 [Member] | ||
Number of contracts | 1 | |
Pre-modification outstanding recorded investment | $ 118 | |
Financing Receivable, Modified | $ 118 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of contracts | 0 | |
Pre-modification outstanding recorded investment | $ 0 | |
Financing Receivable, Modified | $ 0 | |
Agriculture Real Estate [Member] | ||
Number of contracts | 0 | |
Pre-modification outstanding recorded investment | $ 0 | |
Financing Receivable, Modified | $ 0 | |
Commercial Portfolio Segment [Member] | ||
Number of contracts | 0 | |
Pre-modification outstanding recorded investment | $ 0 | |
Financing Receivable, Modified | $ 0 | |
Agriculture [Member] | ||
Number of contracts | 0 | |
Pre-modification outstanding recorded investment | $ 0 | |
Financing Receivable, Modified | $ 336 | $ 0 |
Consumer and Other [Member] | ||
Number of contracts | 0 | |
Pre-modification outstanding recorded investment | $ 0 | |
Financing Receivable, Modified | $ 0 |
Note 4 - Loans Receivable an_17
Note 4 - Loans Receivable and Credit Disclosures - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans receivable | $ 1,294,178 | $ 1,241,708 |
Financing receivable, recorded investment, 90 days past due and still accruing | 109 | 0 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 2,242 | 4,404 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 2,084 | 1,451 |
Financial Asset, Past Due [Member] | ||
Loans receivable | 4,326 | 5,855 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable | 1,289,852 | 1,235,853 |
Construction Real Estate [Member] | ||
Loans receivable | 63,050 | 51,253 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Construction Real Estate [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 359 | 66 |
Construction Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 66 | 0 |
Construction Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 425 | 66 |
Construction Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 62,625 | 51,187 |
Family Residential Real Estate 1-4 [Member] | ||
Loans receivable | 289,404 | 285,107 |
Financing receivable, recorded investment, 90 days past due and still accruing | 3 | 0 |
Family Residential Real Estate 1-4 [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 1,020 | 944 |
Family Residential Real Estate 1-4 [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 302 | 11 |
Family Residential Real Estate 1-4 [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 1,322 | 955 |
Family Residential Real Estate 1-4 [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 288,082 | 284,152 |
Multifamily [Member] | ||
Loans receivable | 195,536 | 185,784 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Multifamily [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 983 | 0 |
Multifamily [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 983 | 0 |
Multifamily [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 194,553 | 185,784 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 359,266 | 353,285 |
Financing receivable, recorded investment, 90 days past due and still accruing | 106 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 119 | 2,362 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 106 | 1,399 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 225 | 3,761 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 359,041 | 349,524 |
Agriculture Real Estate [Member] | ||
Loans receivable | 161,517 | 159,448 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Agriculture Real Estate [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 185 |
Agriculture Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Agriculture Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 185 |
Agriculture Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 161,517 | 159,263 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 89,729 | 77,265 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 559 | 592 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 98 | 7 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 657 | 599 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 89,072 | 76,666 |
Agriculture [Member] | ||
Loans receivable | 119,136 | 113,355 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Agriculture [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 169 | 218 |
Agriculture [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 529 | 30 |
Agriculture [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 698 | 248 |
Agriculture [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 118,438 | 113,107 |
Consumer and Other [Member] | ||
Loans receivable | 16,540 | 16,211 |
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 |
Consumer and Other [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans receivable | 16 | 37 |
Consumer and Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 4 |
Consumer and Other [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 16 | 41 |
Consumer and Other [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | $ 16,524 | $ 16,170 |
Note 4 - Loans Receivable an_18
Note 4 - Loans Receivable and Credit Disclosures - Schedule of Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of year | $ 16,680 | $ 17,269 |
New loans | 9,480 | 13,067 |
Repayments | (10,269) | (13,633) |
Change in status | 69 | (23) |
Balance, end of year | $ 15,960 | $ 16,680 |
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, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 41,050 | $ 37,203 |
Less accumulated depreciation | 18,501 | 18,308 |
Total bank premises and equipment, net | 22,549 | 18,895 |
Land [Member] | ||
Property, plant and equipment, gross | 4,210 | 3,994 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 0 | 1,206 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 28,506 | 23,679 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 8,334 | $ 8,324 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amortization of Intangible Assets | $ 502 | $ 574 |
Weighted Average [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | 3 years |
Note 7 - Intangible Assets - In
Note 7 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible asset, gross amount | $ 6,946 | $ 6,946 |
Intangible asset, accumulated amortization | 5,517 | 5,015 |
Core Deposits [Member] | ||
Intangible asset, gross amount | 6,411 | 6,411 |
Intangible asset, accumulated amortization | 4,982 | 4,539 |
Customer Lists [Member] | ||
Intangible asset, gross amount | 535 | 535 |
Intangible asset, accumulated amortization | $ 535 | $ 476 |
Note 7 - Intangible Assets - Es
Note 7 - Intangible Assets - Estimated Remaining Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
2024 | $ 337 | ||
2025 | 301 | ||
2026 | 268 | ||
2027 | 240 | ||
2028 | 190 | ||
After | 93 | ||
Total | $ 1,429 | $ 1,931 | $ 2,505 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Intangible Assets Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning intangibles, net | $ 1,931 | $ 2,505 |
Amortization | (502) | (574) |
Ending intangible asset, net | $ 1,429 | $ 1,931 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Deposit Liabilities | $ 22.7 | $ 19.7 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 240,732 |
2025 | 24,370 |
2026 | 5,763 |
2027 | 3,499 |
2028 | 2,359 |
Total time deposits | $ 276,723 |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest-bearing checking | $ 9,824 | $ 2,888 |
Savings and money market | 6,970 | 2,610 |
Time deposits | 7,677 | 1,818 |
Total deposit interest expense | $ 24,471 | $ 7,316 |
Note 9 - Pledged Collateral R_3
Note 9 - Pledged Collateral Related to Securities Sold Under Repurchase Agreements - Pledged Collateral at Estimated Fair Value (Details) - Asset Pledged as Collateral [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities sold under agreements to repurchase | $ 75,206 | $ 60,914 |
US Treasury and Government [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 22,877 | 12,555 |
US Government Agencies Debt Securities [Member] | Collateral Related to Securities Sold Under Agreements to Repurchase [Member] | ||
Securities sold under agreements to repurchase | 44,960 | 39,226 |
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 | $ 7,369 | $ 9,133 |
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, 2023 | Dec. 31, 2022 | |
Repurchase agreements | $ 53,994 | $ 40,676 |
Repurchase agreements | 2.83% | 2.50% |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Aug. 15, 2023 | Jun. 06, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 280,900 | $ 285,300 | |||
Long-Term Federal Home Loan Bank Advances | $ 24,000 | $ 35,400 | |||
Federal Home Loan Bank, Advances, Interest Rate | 5.51% | 4.50% | |||
Long-Term Debt | $ 3,488 | ||||
Bank Term Funding Program (BTFP) [Member] | Federal Reserve Bank Advances [Member] | |||||
Short-Term Debt | $ 83,100 | ||||
Bank Term Funding Program (BTFP) [Member] | Federal Home Loan Bank Advances [Member] | |||||
Short-Term Debt, Weighted Average Interest Rate, at Point in Time | 4.41% | ||||
Credit Agreement With Commercial Bank [Member] | |||||
Debt Instrument, Face Amount | $ 400 | ||||
Debt Instrument, Term (Year) | 15 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||
Long-Term Debt | $ 388 | ||||
Promissory Note [Member] | |||||
Debt Instrument, Face Amount | $ 4,000 | ||||
Debt Instrument, Term (Year) | 4 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | ||||
Long-Term Debt | $ 3,100 | $ 3,700 | |||
Debt Instrument, Periodic Payment | $ 150 |
Note 10 - Borrowings - Schedule
Note 10 - Borrowings - Schedule of Maturities of Long Term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-Term Debt, Maturity, Year One | $ 617 |
Long-Term Debt, Maturity, Year Two | 618 |
Long-Term Debt, Maturity, Year Three | 1,920 |
Long-Term Debt, Maturity, Year Four | 21 |
Long-Term Debt, Maturity, Year Five | 22 |
Thereafter | 290 |
Long-Term Debt | $ 3,488 |
Note 11 - Derivative Financia_3
Note 11 - Derivative Financial Instruments (Details Textual) - Interest Rate Swap [Member] - Fair Value Hedging [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative, Notional Amount | $ 25 | |
Collateral Already Posted, Aggregate Fair Value | $ 1.6 | $ 1 |
Note 11 - Derivative Financia_4
Note 11 - Derivative Financial Instruments - Fair Value Hedges (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Member] | ||
Interest rate swaps | $ 8,930 | $ 9,314 |
Interest rate swaps, Fair value | 891 | $ 1,096 |
Other Liabilities [Member] | ||
Interest rate swaps | 25,000 | |
Interest rate swaps, Fair value | $ (411) |
Note 11- Derivative Financial I
Note 11- Derivative Financial Instruments - Schedule of Balance Sheet Derivatives (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Customer Interest Rate Swaps [Member] | Other Assets [Member] | ||
Interest rate swaps | $ 11,353 | $ 0 |
Interest rate swaps, Fair value | $ 334 | $ 0 |
Receive Rate | 7.36% | 0% |
Pay Rate | 5.62% | 0% |
Customer Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Interest rate swaps | $ 11,353 | $ 0 |
Receive Rate | 5.62% | 0% |
Pay Rate | 7.36% | 0% |
Derivative financial instruments | $ (334) | $ 0 |
Derivative financial instruments | 334 | 0 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Interest rate swaps | 8,930 | 9,314 |
Interest rate swaps, Fair value | 891 | 1,096 |
Interest Rate Swap [Member] | Loans Receivable, Net [Member] | ||
Interest rate swaps, Fair value | 58,588 | 8,494 |
Adjustment in hedged assets | (481) | $ (1,096) |
Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Interest rate swaps | 25,000 | |
Interest rate swaps, Fair value | $ (411) |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | 6% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.1 | $ 1.1 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 226 | $ 226 |
Open Tax Year | 2020 2021 2022 2023 | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | 0 |
Income Tax Examination, Penalties and Interest Accrued, Total | 0 | 0 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | 0 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 578 | $ 465 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal: | ||
Current | $ 746 | $ 3,453 |
Deferred | 565 | 529 |
Total federal income tax expense | 1,311 | 3,982 |
State: | ||
Current | 560 | 1,781 |
Deferred | 201 | 105 |
Total state income tax expense | 761 | 1,886 |
Total income tax expense | $ 2,072 | $ 5,868 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income taxes at 21% | $ 2,707 | $ 5,284 |
Tax-exempt interest | (414) | (541) |
State taxes, net of federal tax benefit | 334 | 1,684 |
New Markets Tax Credits | (725) | (713) |
Valuation allowance | 112 | 69 |
Other | 58 | 85 |
Total income tax expense | $ 2,072 | $ 5,868 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for loan losses | $ 3,987 | $ 3,731 |
Net unrealized losses on securities available-for-sale | 14,831 | 19,887 |
State operating and alternative minimum tax carryforward | 882 | 779 |
Fair value adjustments from acquisitions | 41 | 61 |
Accrued vacation | 275 | 267 |
Off balance sheet reserve | 231 | 162 |
Other deferred tax assets | 267 | 242 |
Total deferred tax assets | 20,514 | 25,129 |
Deferred tax liabilities: | ||
Goodwill and other intangible assets | (1,267) | (1,168) |
Bank premises and equipment | (1,300) | (600) |
Deferred loan costs | (201) | (177) |
Other deferred tax liabilities | (446) | (363) |
Total deferred tax liabilities | (3,214) | (2,308) |
Valuation allowance | (804) | (691) |
Net deferred tax asset | $ 16,496 | $ 22,130 |
Note 14 - Commitments, Contin_3
Note 14 - Commitments, Contingencies and Concentrations of Credit Risk (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fixed Interest Rate, Commitments to Extend Credit | $ 157,700,000 | $ 161,700,000 |
Liabilities to Cover Credit Losses for Off Balance Sheet | $ 1,100 | $ 798,000 |
Note 14 - Commitments, Contin_4
Note 14 - Commitments, Contingencies and Concentrations of Credit Risk - Summary of Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments | $ 270,676 | $ 267,846 |
Commitments to Extend Credit [Member] | ||
Commitments | 262,749 | 262,883 |
Standby Letters of Credit [Member] | ||
Commitments | $ 7,927 | $ 4,963 |
Note 15 - Regulatory Matters (D
Note 15 - Regulatory Matters (Details Textual) | Dec. 31, 2023 |
Banking Regulation, Capital Conservation Buffer, Total Risk-Based Capital, Actual | 0.025 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier 1 Risk-Based Capital, Actual | 0.025 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 |
Note 15 - Regulatory Matters -
Note 15 - Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Capital | $ 218,049 | $ 215,799 |
Capital to risk weighted assets | 0.14 | 0.141 |
Capital required for capital adequacy | $ 164,005 | $ 160,370 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Tier one risk based capital | $ 200,187 | $ 199,069 |
Tier one risk based capital to risk weighted assets | 0.128 | 0.13 |
Tier one risk based capital required for capital adequacy | $ 132,766 | $ 129,823 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one leverage capital | $ 200,187 | $ 199,069 |
Tier one leverage capital to average assets | 0.09 | 0.091 |
Tier one leverage capital required for capital adequacy | $ 88,992 | $ 87,392 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Common equity tier one capital | $ 200,187 | $ 199,069 |
Common equity tier one risk based capital to risk weighted assets | 0.128 | 0.13 |
Common equity tier one capital required for capital adequacy | $ 109,337 | $ 106,913 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | 7% |
Boone Bank and Trust [Member] | ||
Capital | $ 16,232 | $ 15,962 |
Capital to risk weighted assets | 0.136 | 0.129 |
Capital required for capital adequacy | $ 12,510 | $ 12,984 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Capital required to be well capitalized | $ 11,914 | $ 12,366 |
Capital required to be well capitalized to risk weighted assets | 0.10 | 0.10 |
Tier one risk based capital | $ 15,309 | $ 14,990 |
Tier one risk based capital to risk weighted assets | 0.128 | 0.121 |
Tier one risk based capital required for capital adequacy | $ 10,127 | $ 10,511 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one risk based capital required to be well capitalized | $ 9,532 | $ 9,893 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.08 | 0.08 |
Tier one leverage capital | $ 15,309 | $ 14,990 |
Tier one leverage capital to average assets | 0.096 | 0.087 |
Tier one leverage capital required for capital adequacy | $ 6,393 | $ 6,868 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Tier one leverage capital required to be well capitalized | $ 7,991 | $ 8,585 |
Tier one leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Common equity tier one capital | $ 15,309 | $ 14,990 |
Common equity tier one risk based capital to risk weighted assets | 0.128 | 0.121 |
Common equity tier one capital required for capital adequacy | $ 8,340 | $ 8,656 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | 7% |
Common equity tier one capital required to be well capitalized | $ 7,744 | $ 8,038 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
First National Bank [Member] | Also Conducts Business Out of 3 Full Service Offices in Des Moines Metro Area [Member] | ||
Capital | $ 112,057 | $ 110,887 |
Capital to risk weighted assets | 0.139 | 0.142 |
Capital required for capital adequacy | $ 84,863 | $ 82,089 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Capital required to be well capitalized | $ 80,822 | $ 78,180 |
Capital required to be well capitalized to risk weighted assets | 0.10 | 0.10 |
Tier one risk based capital | $ 102,634 | $ 101,976 |
Tier one risk based capital to risk weighted assets | 0.127 | 0.13 |
Tier one risk based capital required for capital adequacy | $ 68,699 | $ 66,453 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one risk based capital required to be well capitalized | $ 64,658 | $ 62,544 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.08 | 0.08 |
Tier one leverage capital | $ 102,634 | $ 101,976 |
Tier one leverage capital to average assets | 0.088 | 0.089 |
Tier one leverage capital required for capital adequacy | $ 46,878 | $ 45,582 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Tier one leverage capital required to be well capitalized | $ 58,597 | $ 56,978 |
Tier one leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Common equity tier one capital | $ 102,634 | $ 101,976 |
Common equity tier one risk based capital to risk weighted assets | 0.127 | 0.13 |
Common equity tier one capital required for capital adequacy | $ 56,576 | $ 54,726 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | |
Common equity tier one capital required to be well capitalized | $ 52,534 | $ 50,817 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Iowa State Savings Bank [Member] | ||
Capital | $ 26,691 | $ 25,398 |
Capital to risk weighted assets | 0.157 | 0.155 |
Capital required for capital adequacy | $ 17,854 | $ 17,210 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Capital required to be well capitalized | $ 17,004 | $ 16,390 |
Capital required to be well capitalized to risk weighted assets | 0.10 | 0.10 |
Tier one risk based capital | $ 24,619 | $ 24,113 |
Tier one risk based capital to risk weighted assets | 0.145 | 0.147 |
Tier one risk based capital required for capital adequacy | $ 14,453 | $ 13,932 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one risk based capital required to be well capitalized | $ 13,603 | $ 13,112 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.08 | 0.08 |
Tier one leverage capital | $ 24,619 | $ 24,113 |
Tier one leverage capital to average assets | 0.096 | 0.093 |
Tier one leverage capital required for capital adequacy | $ 10,234 | $ 10,423 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Tier one leverage capital required to be well capitalized | $ 12,792 | $ 13,029 |
Tier one leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Common equity tier one capital | $ 24,619 | $ 24,113 |
Common equity tier one risk based capital to risk weighted assets | 0.145 | 0.147 |
Common equity tier one capital required for capital adequacy | $ 11,903 | $ 11,473 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | |
Common equity tier one capital required to be well capitalized | $ 11,052 | $ 10,654 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Reliance State Bank [Member] | Conducts Business Out of Offices at Story City, Garner, and Kleme, Iowa [Member] | ||
Capital | $ 28,755 | $ 28,385 |
Capital to risk weighted assets | 0.119 | 0.124 |
Capital required for capital adequacy | $ 25,293 | $ 24,103 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Capital required to be well capitalized | $ 24,089 | $ 22,955 |
Capital required to be well capitalized to risk weighted assets | 0.10 | 0.10 |
Tier one risk based capital | $ 25,937 | $ 25,647 |
Tier one risk based capital to risk weighted assets | 0.108 | 0.112 |
Tier one risk based capital required for capital adequacy | $ 20,476 | $ 19,512 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one risk based capital required to be well capitalized | $ 19,271 | $ 18,364 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.08 | 0.08 |
Tier one leverage capital | $ 25,937 | $ 25,647 |
Tier one leverage capital to average assets | 0.083 | 0.085 |
Tier one leverage capital required for capital adequacy | $ 12,464 | $ 12,001 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Tier one leverage capital required to be well capitalized | $ 15,580 | $ 15,001 |
Tier one leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Common equity tier one capital | $ 25,937 | $ 25,647 |
Common equity tier one risk based capital to risk weighted assets | 0.108 | 0.112 |
Common equity tier one capital required for capital adequacy | $ 16,862 | $ 16,069 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | |
Common equity tier one capital required to be well capitalized | $ 15,658 | $ 14,921 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
State Bank and Trust [Member] | ||
Capital | $ 22,283 | $ 22,011 |
Capital to risk weighted assets | 0.16 | 0.147 |
Capital required for capital adequacy | $ 14,597 | $ 15,716 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Capital required to be well capitalized | $ 13,902 | $ 14,968 |
Capital required to be well capitalized to risk weighted assets | 0.10 | 0.10 |
Tier one risk based capital | $ 20,676 | $ 20,392 |
Tier one risk based capital to risk weighted assets | 0.149 | 0.136 |
Tier one risk based capital required for capital adequacy | $ 11,817 | $ 12,723 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one risk based capital required to be well capitalized | $ 11,122 | $ 11,974 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.08 | 0.08 |
Tier one leverage capital | $ 20,676 | $ 20,392 |
Tier one leverage capital to average assets | 0.096 | 0.091 |
Tier one leverage capital required for capital adequacy | $ 8,573 | $ 8,932 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Tier one leverage capital required to be well capitalized | $ 10,717 | $ 11,165 |
Tier one leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Common equity tier one capital | $ 20,676 | $ 20,392 |
Common equity tier one risk based capital to risk weighted assets | 0.149 | 0.136 |
Common equity tier one capital required for capital adequacy | $ 9,731 | $ 10,477 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | |
Common equity tier one capital required to be well capitalized | $ 9,036 | $ 9,729 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
United Bank and Trust [Member] | ||
Capital | $ 12,989 | $ 12,633 |
Capital to risk weighted assets | 0.161 | 0.151 |
Capital required for capital adequacy | $ 8,486 | $ 8,759 |
Capital required for capital adequacy to risk weighted assets | 10.50% | 10.50% |
Capital required to be well capitalized | $ 8,082 | $ 8,342 |
Capital required to be well capitalized to risk weighted assets | 0.10 | 0.10 |
Tier one risk based capital | $ 11,979 | $ 11,677 |
Tier one risk based capital to risk weighted assets | 0.148 | 0.14 |
Tier one risk based capital required for capital adequacy | $ 6,870 | $ 7,090 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 8.50% | 8.50% |
Tier one risk based capital required to be well capitalized | $ 6,466 | $ 6,673 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.08 | 0.08 |
Tier one leverage capital | $ 11,979 | $ 11,677 |
Tier one leverage capital to average assets | 0.095 | 0.089 |
Tier one leverage capital required for capital adequacy | $ 5,039 | $ 5,274 |
Tier one leverage capital required for capital adequacy to risk weighted assets | 0.04 | 0.04 |
Tier one leverage capital required to be well capitalized | $ 6,299 | $ 6,592 |
Tier one leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Common equity tier one capital | $ 11,979 | $ 11,677 |
Common equity tier one risk based capital to risk weighted assets | 0.148 | 0.14 |
Common equity tier one capital required for capital adequacy | $ 5,657 | $ 5,839 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 7% | |
Common equity tier one capital required to be well capitalized | $ 5,253 | $ 5,422 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Impaired Loans, Carrying Amount | $ 224 | $ 399 |
Impaired Loans, Reserve | 119 | 95 |
Impaired Loans, Fair Value | $ 105 | $ 304 |
Note 16 - Fair Value Measurem_4
Note 16 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale securities | $ 736,389 | $ 786,438 |
US Treasury Securities [Member] | ||
Available for sale securities | 200,088 | 207,597 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 92,615 | 100,933 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities | 101,864 | 116,741 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 269,891 | 286,003 |
Corporate Debt Securities [Member] | ||
Available for sale securities | 71,931 | 75,164 |
Fair Value, Recurring [Member] | ||
Loans | 8,327 | 8,494 |
Interest rate swaps, Fair value | 1,096 | |
Fair Value, Recurring [Member] | Other Assets [Member] | ||
Interest rate swaps, Fair value | 1,225 | |
Fair Value, Recurring [Member] | Other Liabilities [Member] | ||
Derivative financial instruments | 745 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans | 0 | 0 |
Interest rate swaps, Fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Interest rate swaps, Fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Liabilities [Member] | ||
Derivative financial instruments | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans | 8,327 | 8,494 |
Interest rate swaps, Fair value | 1,096 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||
Interest rate swaps, Fair value | 1,225 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Liabilities [Member] | ||
Derivative financial instruments | 745 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 0 | 0 |
Interest rate swaps, Fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||
Interest rate swaps, Fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Liabilities [Member] | ||
Derivative financial instruments | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available for sale securities | 200,088 | 207,597 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 200,088 | 207,597 |
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 | 92,615 | 100,933 |
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 | 92,615 | 100,933 |
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 | 101,864 | 116,741 |
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 | 101,864 | 116,741 |
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 | 269,891 | 286,003 |
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 | 269,891 | 286,003 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | 71,931 | 75,164 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 71,931 | 75,164 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | $ 0 | $ 0 |
Note 16 - Fair Value Measurem_5
Note 16 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 105 | $ 304 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans | $ 105 | $ 304 |
Note 16 - Fair Value Measurem_6
Note 16 - Fair Value Measurements - Fair Value Quantitative Information (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 105 | $ 304 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans | 105 | 304 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loan [Member] | ||
Loans | $ 105 | $ 304 |
Note 16 - Fair Value Measurem_7
Note 16 - Fair Value Measurements - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 736,389 | $ 786,438 |
Reported Value Measurement [Member] | ||
Securities available-for-sale | 736,389 | 786,438 |
Estimate of Fair Value Measurement [Member] | ||
Securities available-for-sale | 736,389 | 786,438 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | 55,101 | 27,884 |
Accrued income receivable | 12,953 | 11,275 |
Securities sold under agreements to repurchase | 53,994 | 40,676 |
Accrued interest payable | 4,710 | 666 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 55,101 | 27,884 |
Accrued income receivable | 12,953 | 11,275 |
Securities sold under agreements to repurchase | 53,994 | 40,676 |
Accrued interest payable | 4,710 | 666 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Interest-bearing time deposits | 8,904 | 14,669 |
FHLB and FRB stock | 3,086 | 4,613 |
Loans receivable, net | 1,277,812 | 1,226,011 |
Loans held for sale | 124 | 154 |
Derivative financial instruments | 1,225 | 1,096 |
Deposits | 1,811,831 | 1,897,957 |
FHLB advances and other borrowings | 110,588 | 39,120 |
Derivative financial instruments | 745 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Interest-bearing time deposits | 8,444 | 14,340 |
FHLB and FRB stock | 3,086 | 4,613 |
Loans receivable, net | 1,224,446 | 1,170,948 |
Loans held for sale | 124 | 154 |
Derivative financial instruments | 1,225 | 1,096 |
Deposits | 1,812,718 | 1,895,473 |
FHLB advances and other borrowings | 110,376 | 38,991 |
Derivative financial instruments | $ 745 | $ 0 |
Note 18 - Ames National Corpo_3
Note 18 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Cash and due from banks | $ 24,105 | $ 20,819 | |
Interest-bearing deposits in financial institutions and federal funds sold | 30,996 | 7,065 | |
Total cash and cash equivalents | 55,101 | 27,884 | |
Loans receivable, net | 1,277,812 | 1,226,011 | |
Bank premises and equipment, net | 22,549 | 18,895 | |
Accrued income receivable | 12,953 | 11,275 | |
Other assets | 5,083 | 5,448 | |
Total assets | 2,155,481 | 2,134,926 | |
LIABILITIES | |||
Long-Term Debt | 3,488 | ||
Dividends payable | 2,428 | 2,428 | |
Accrued expenses and other liabilities | 6,142 | 4,981 | |
Total liabilities | 1,989,693 | 1,985,828 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 17,984 | 17,984 | |
Additional paid-in capital | 14,253 | 14,253 | |
Retained Earnings (Accumulated Deficit) | 180,438 | 179,931 | |
Accumulated other comprehensive (loss) | (46,887) | (63,070) | |
Total stockholders' equity | 165,788 | 149,098 | $ 207,778 |
Total liabilities and stockholders' equity | 2,155,481 | 2,134,926 | |
Parent Company [Member] | |||
ASSETS | |||
Cash and due from banks | 124 | 96 | |
Interest-bearing deposits in financial institutions and federal funds sold | 1,783 | 3,511 | |
Total cash and cash equivalents | 1,907 | 3,607 | $ 1,989 |
Investment in bank subsidiaries | 166,756 | 148,827 | |
Loans receivable, net | 906 | 1,084 | |
Bank premises and equipment, net | 2,793 | 2,378 | |
Accrued income receivable | 1 | 2 | |
Other assets | 103 | 70 | |
Total assets | 172,466 | 155,968 | |
LIABILITIES | |||
Long-Term Debt | 3,488 | 3,700 | |
Dividends payable | 2,428 | 2,428 | |
Accrued expenses and other liabilities | 762 | 742 | |
Total liabilities | 6,678 | 6,870 | |
STOCKHOLDERS' EQUITY | |||
Common stock | 17,984 | 17,984 | |
Additional paid-in capital | 14,253 | 14,253 | |
Retained Earnings (Accumulated Deficit) | 180,438 | 179,931 | |
Accumulated other comprehensive (loss) | (46,887) | (63,070) | |
Total stockholders' equity | 165,788 | 149,098 | |
Total liabilities and stockholders' equity | $ 172,466 | $ 155,968 |
Note 18 - Ames National Corpo_4
Note 18 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Interest income | $ 74,301 | $ 61,553 | |
Credit loss expense (benefit) 1 | [1] | 774 | (874) |
Operating income after credit loss (benefit) | 43,836 | 54,118 | |
Interest expense | 29,676 | 8,309 | |
Provision for income taxes | 2,072 | 5,868 | |
Net income | 10,817 | 19,293 | |
Parent Company [Member] | |||
Equity in net income of bank subsidiaries | 12,355 | 20,282 | |
Interest income | 56 | 58 | |
Rental income | 398 | 390 | |
Other income | 2,532 | 2,330 | |
Operating Income (Loss), Before Provision for Loan Losses | 15,341 | 23,060 | |
Credit loss expense (benefit) 1 | (3) | (11) | |
Operating income after credit loss (benefit) | 15,344 | 23,071 | |
Interest expense | 127 | 76 | |
Operating expense | 4,809 | 3,965 | |
Operating Income (Loss) | 4,936 | 4,041 | |
Income before income taxes | 10,408 | 19,030 | |
Provision for income taxes | (409) | (263) | |
Net income | $ 10,817 | $ 19,293 | |
[1]The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $15 thousand related to off-balance sheet credit exposures. |
Note 18 - Ames National Corpo_5
Note 18 - Ames National Corporation (Parent Company Only) Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 10,817 | $ 19,293 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,250 | 1,424 | |
Credit loss expense (benefit) for loans | [1] | 774 | (874) |
(Increase) in other assets | 365 | 1,439 | |
Net cash provided by operating activities | 19,207 | 21,231 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Decrease in loans | (52,904) | (80,528) | |
Purchase of premises and equipment | (4,894) | (2,858) | |
Net cash provided by (used in) investing activities | 19,062 | (127,384) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends paid | (9,712) | (9,675) | |
Stock repurchases | 0 | (2,300) | |
Net cash (used in) financing activities | (11,052) | 44,908 | |
Net increase (decrease) in cash and cash equivalents | 27,217 | (61,245) | |
Beginning | 27,884 | ||
Ending | 55,101 | 27,884 | |
Interest | 25,632 | 8,560 | |
Income taxes | 1,813 | 4,969 | |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 10,817 | 19,293 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 96 | 96 | |
Credit loss expense (benefit) for loans | (3) | (11) | |
Provision (credit) for deferred income taxes | (15) | (20) | |
Equity in net income of bank subsidiaries | (12,355) | (20,282) | |
Dividends received from bank subsidiaries | 10,010 | 10,160 | |
Decrease in accrued income receivable | 1 | 0 | |
(Increase) in other assets | (33) | (12) | |
Increase in accrued expense and other liabilities | 36 | 15 | |
Net cash provided by operating activities | 8,554 | 9,239 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Decrease in loans | 181 | 654 | |
Purchase of premises and equipment | (511) | 0 | |
Net cash provided by (used in) investing activities | (330) | 654 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from long-term borrowings | 400 | 4,000 | |
Payments of long-term borrowings | (612) | (300) | |
Dividends paid | (9,712) | (9,675) | |
Stock repurchases | 0 | (2,300) | |
Net cash (used in) financing activities | (9,924) | (8,275) | |
Net increase (decrease) in cash and cash equivalents | (1,700) | 1,618 | |
Beginning | 3,607 | 1,989 | |
Ending | 1,907 | 3,607 | |
Interest | 127 | 70 | |
Income taxes | $ (421) | $ (253) | |
[1]The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $15 thousand related to off-balance sheet credit exposures. |