Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-33203 | |
Entity Registrant Name | LANDMARK BANCORP, INC. | |
Entity Central Index Key | 0001141688 | |
Entity Tax Identification Number | 43-1930755 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 701 Poyntz Avenue | |
Entity Address, City or Town | Manhattan | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66502 | |
City Area Code | (785) | |
Local Phone Number | 565-2000 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | LARK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,756,604 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 109,151 | $ 84,818 |
Investment securities available-for-sale, at fair value | 320,905 | 297,270 |
Bank stocks, at cost | 4,062 | 4,473 |
Loans, net of allowance for loans losses of $9,271 at March 31, 2021 and $8,775 at December 31, 2020 | 717,809 | 702,782 |
Loans held for sale, at fair value | 13,995 | 15,533 |
Bank owned life insurance | 25,568 | 25,420 |
Premises and equipment, net | 20,320 | 20,493 |
Goodwill | 17,532 | 17,532 |
Other intangible assets, net | 168 | 206 |
Mortgage servicing rights | 3,966 | 3,726 |
Real estate owned, net | 1,474 | 1,774 |
Accrued interest and other assets | 13,925 | 14,000 |
Total assets | 1,248,875 | 1,188,027 |
Deposits: | ||
Non-interest-bearing demand | 314,616 | 264,878 |
Money market and checking | 490,634 | 491,275 |
Savings | 142,507 | 126,124 |
Certificates of deposit | 123,489 | 133,750 |
Total deposits | 1,071,246 | 1,016,027 |
Subordinated debentures | 21,651 | 21,651 |
Other borrowings | 4,165 | 6,371 |
Accrued interest, taxes, and other liabilities | 23,532 | 17,306 |
Total liabilities | 1,120,594 | 1,061,355 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued | ||
Common stock, $0.01 par value per share, 7,500,000 shares authorized; 4,756,604 and 4,750,838 shares issued at March 31, 2021 and December 31, 2020, respectively | 48 | 48 |
Additional paid-in capital | 72,336 | 72,230 |
Retained earnings | 49,363 | 44,947 |
Accumulated other comprehensive income | 6,534 | 9,447 |
Total stockholders’ equity | 128,281 | 126,672 |
Total liabilities and stockholders’ equity | $ 1,248,875 | $ 1,188,027 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for loans losses | $ 9,271 | $ 8,775 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares outstanding | 4,756,604 | 4,750,838 |
Common stock, shares outstanding | 4,756,604 | 4,750,838 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Interest income: | |||
Loans | $ 8,404 | $ 7,126 | |
Investment securities: | |||
Taxable | 811 | 1,344 | |
Tax-exempt | 778 | 848 | |
Total interest income | 9,993 | 9,318 | |
Interest expense: | |||
Deposits | 281 | 983 | |
Borrowings | 121 | 233 | |
Total interest expense | 402 | 1,216 | |
Net interest income | 9,591 | 8,102 | |
Provision for loan losses | 500 | 1,200 | |
Net interest income after provision for loan losses | 9,091 | 6,902 | |
Non-interest income: | |||
Fees and service charges | 2,033 | 1,962 | |
Gains on sales of loans, net | [1] | 3,140 | 1,193 |
Bank owned life insurance | [1] | 148 | 154 |
Gains on sales of investment securities, net | 1,075 | 1,770 | |
Other | 329 | 274 | |
Total non-interest income | 6,725 | 5,353 | |
Non-interest expense: | |||
Compensation and benefits | 4,941 | 4,582 | |
Occupancy and equipment | 1,062 | 1,079 | |
Data processing | 501 | 425 | |
Amortization of mortage servicing rights and intangibles | 437 | 277 | |
Professional fees | 392 | 363 | |
Other | 1,740 | 1,381 | |
Total non-interest expense | 9,073 | 8,107 | |
Earnings before income taxes | 6,743 | 4,148 | |
Income tax expense | 1,376 | 785 | |
Net earnings | $ 5,367 | $ 3,363 | |
Earnings per share (1): | |||
Basic (1) | [2] | $ 1.13 | $ 0.70 |
Diluted (1) | [2] | 1.13 | 0.70 |
Dividends per share (1) | [2] | $ 0.20 | $ 0.19 |
[1] | Not within the scope of ASC 606. | ||
[2] | Per share amounts for the period ended March 31, 2020 have been adjusted to give effect to the 5 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Unaudited) (Parenthetical) | 12 Months Ended |
Dec. 31, 2020 | |
Consolidated Statements Of Earnings Unaudited | |
Percentage of stocks dividend | 5.00% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net earnings | $ 5,367 | $ 3,363 |
Net unrealized holding (losses) gains on available-for-sale securities | (2,783) | 4,405 |
Less reclassification adjustment for net gains included in earnings | (1,075) | (1,770) |
Net unrealized (losses) gains | (3,858) | 2,635 |
Income tax effect on net gains included in earnings | 263 | 434 |
Income tax effect on net unrealized holding losses (gains) | 682 | (1,080) |
Other comprehensive (loss) income | (2,913) | 1,989 |
Total comprehensive income | $ 2,454 | $ 5,352 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 46 | $ 69,029 | $ 34,293 | $ 5,239 | $ 108,607 | |
Net earnings | 3,363 | 3,363 | ||||
Other comprehensive loss | 1,989 | 1,989 | ||||
Dividends paid ($0.19 per share) | (920) | (920) | ||||
Stock-based compensation | 85 | 85 | ||||
Exercise of stock options, 3,136 shares | 33 | 33 | ||||
Purchase of 91,137 treasury shares | (2,023) | (2,023) | ||||
Ending balance, value at Mar. 31, 2020 | 46 | 69,147 | 36,736 | (2,023) | 7,228 | 111,134 |
Beginning balance, value at Dec. 31, 2020 | 48 | 72,230 | 44,947 | 9,447 | 126,672 | |
Net earnings | 5,367 | 5,367 | ||||
Other comprehensive loss | (2,913) | (2,913) | ||||
Dividends paid ($0.20 per share) | (951) | (951) | ||||
Stock-based compensation | 84 | 84 | ||||
Exercise of stock options, 5,766 shares | 22 | 22 | ||||
Ending balance, value at Mar. 31, 2021 | $ 48 | $ 72,336 | $ 49,363 | $ 6,534 | $ 128,281 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share | $ 0.20 | $ 0.19 |
Excise of stock option, shares | 5,766 | 3,136 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash flows from operating activities: | |||
Net earnings | $ 5,367 | $ 3,363 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Provision for loan losses | 500 | 1,200 | |
Amortization of investment security premiums, net | 397 | 366 | |
Amortization of purchase accounting adjustment on loans | (8) | (5) | |
Amortization of mortgage servicing rights and other intangibles | 437 | 277 | |
Depreciation | 245 | 250 | |
Increase in cash surrender value of bank owned life insurance | [1] | (148) | (154) |
Stock-based compensation | 84 | 85 | |
Deferred income taxes | 628 | 403 | |
Net gains on sales of investment securities | (1,075) | (1,770) | |
Net (gain) losses on sales of foreclosed assets | (5) | 1 | |
Net gains on sales of loans | [1] | (3,140) | (1,193) |
Proceeds from sales of loans | 100,687 | 45,830 | |
Origination of loans held for sale | (96,648) | (45,893) | |
Changes in assets and liabilities: | |||
Accrued interest and other assets | 75 | (968) | |
Accrued expenses, taxes, and other liabilities | (484) | 2,948 | |
Net cash provided by operating activities | 6,912 | 4,740 | |
Cash flows from investing activities: | |||
Net increase in loans | (15,519) | (23,065) | |
Maturities and prepayments of investment securities | 7,720 | 18,948 | |
Purchases of investment securities | (40,854) | (10,909) | |
Proceeds from sales of investment securities | 13,346 | 44,508 | |
Redemption of bank stocks | 1,017 | 680 | |
Purchase of bank stocks | (606) | (915) | |
Proceeds from sales of premises and equipment and foreclosed assets | 305 | 45 | |
Purchases of premises and equipment, net | (72) | (120) | |
Net cash (used in) provided by investing activities | (34,663) | 29,172 | |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | 55,219 | (4,568) | |
Federal Home Loan Bank advance borrowings | 101,768 | ||
Federal Home Loan Bank advance repayments | (104,768) | ||
Proceeds from other borrowings | 1,000 | ||
Repayments on other borrowings | (2,206) | (9,346) | |
Proceeds from exercise of stock options | 22 | 33 | |
Payment of dividends | (951) | (920) | |
Purchase of treasury stock | (2,023) | ||
Net cash provided by (used in) financing activities | 52,084 | (18,824) | |
Net increase in cash and cash equivalents | 24,333 | 15,088 | |
Cash and cash equivalents at beginning of period | 84,818 | 13,694 | |
Cash and cash equivalents at end of period | 109,151 | 28,782 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 419 | 1,258 | |
Cash paid for operating leases | 32 | 44 | |
Supplemental schedule of noncash investing and financing activities: | |||
Transfer of loans to real estate owned | 314 | ||
Investment securities purchases not yet settled | $ 7,028 | ||
[1] | Not within the scope of ASC 606. |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Statements | 1. Interim Financial Statements The unaudited consolidated financial statements of Landmark Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, Landmark National Bank (the “Bank”) and Landmark Risk Management Inc., have been prepared in accordance with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 22, 2021, containing the latest audited consolidated financial statements and notes thereto. The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of financial statements have been reflected herein. The results of the three-month interim period ended March 31, 2021 are not necessarily indicative of the results expected for the year ending December 31, 2021 or any other future time period. The Company has evaluated subsequent events for recognition and disclosure up to the date the financial statements were issued. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Investments | 2. Investments A summary of investment securities available-for-sale is as follows: Schedule of Available-for-sale Securities As of March 31, 2021 Gross Gross Amortized unrealized unrealized Estimated (Dollars in thousands) cost gains losses fair value U. S. treasury securities $ 20,330 $ 30 $ (1 ) $ 20,359 U. S. federal agency obligations 18,748 123 (10 ) 18,861 Municipal obligations, tax exempt 138,162 4,998 (55 ) 143,105 Municipal obligations, taxable 39,866 1,376 (104 ) 41,138 Agency mortgage-backed securities 89,690 2,456 (159 ) 91,987 Certificates of deposit 5,455 - - 5,455 Total available-for-sale $ 312,251 $ 8,983 $ (329 ) $ 320,905 As of December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated (Dollars in thousands) cost gains losses fair value U. S. treasury securities $ 2,000 $ 37 $ - $ 2,037 U. S. federal agency obligations 18,804 138 (18 ) 18,924 Municipal obligations, tax exempt 136,321 6,367 (12 ) 142,676 Municipal obligations, taxable 46,643 2,892 - 49,535 Agency mortgage-backed securities 75,530 3,108 - 78,638 Certificates of deposit 5,460 - - 5,460 Total available-for-sale $ 284,758 $ 12,542 $ (30 ) $ 297,270 The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized losses, or were temporarily impaired, as of March 31, 2021 and December 31, 2020. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position. As of March 31, 2021 (Dollars in thousands) Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. treasury securities 2 $ 5,308 $ (1 ) $ - $ - $ 5,308 $ (1 ) U.S. federal agency obligations 3 8,712 (10 ) - - 8,712 (10 ) Municipal obligations, tax exempt 24 9,541 (55 ) - - 9,541 (55 ) Municipal obligations, taxable 8 5,345 (104 ) - - 5,345 (104 ) Agency mortgage-backed securities 7 21,085 (159 ) 21,085 (159 ) Total 44 $ 49,991 $ (329 ) $ - $ - $ 49,991 $ (329 ) As of December 31, 2020 (Dollars in thousands) Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. federal agency obligations 4 $ 11,772 $ (18 ) $ - $ - $ 11,772 $ (18 ) Municipal obligations, tax exempt 12 4,191 (12 ) 4,191 (12 ) Total 16 $ 15,963 $ (30 ) $ - $ - $ 15,963 $ (30 ) The Company’s U.S. treasury portfolio consists of securities issued by the United States Department of the Treasury. The receipt of principal and interest on U.S. treasury securities is guaranteed by the full faith and credit of the U.S. government. Based on these factors, along with the Company’s intent to not sell the securities and its belief that it was more likely than not that the Company will not be required to sell the securities before recovery of its cost basis, the Company believed that the U.S. treasury securities identified in the table above were temporarily impaired as of March 31, 2021. The Company’s U.S. federal agency portfolio consists of securities issued by the government-sponsored agencies of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Bank (“FHLB”). The receipt of principal and interest on U.S. federal agency obligations is guaranteed by the respective government-sponsored agency guarantor, such that the Company believes that its U.S. federal agency obligations do not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and its belief that it was more likely than not that the Company will not be required to sell the securities before recovery of their cost basis, the Company believed that the U.S. federal agency obligations identified in the tables above were temporarily impaired as of March 31, 2021 and December 31, 2020. The Company’s portfolio of municipal obligations consists of both tax-exempt and taxable general obligations securities issued by various municipalities. As of March 31, 2021, the Company did not intend to sell and it is more likely than not that the Company will not be required to sell its municipal obligations in an unrealized loss position until the recovery of its cost. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms and the expectation that they will continue to do so, the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence, the Company believed that the municipal obligations identified in the tables above were temporarily impaired as of March 31, 2021 and December 31, 2020. The Company’s agency mortgage-backed securities portfolio consists of securities underwritten to the standards of and guaranteed by the government-sponsored agencies of FHLMC, FNMA and the Government National Mortgage Association. The receipt of principal, at par, and interest on agency mortgage-backed securities is guaranteed by the respective government-sponsored agency guarantor, such that the Company believed that its agency mortgage-backed securities did not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and the Company’s belief that it was more likely than not that the Company will not be required to sell the securities before recovery of their cost basis, the Company believed that the agency mortgage-backed securities identified in the table above were temporarily impaired as of March 31, 2021. The table below sets forth amortized cost and fair value of investment securities at March 31, 2021. The table includes scheduled principal payments and estimated prepayments, based on observable market inputs, for agency mortgage-backed securities. Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. Schedule of Investments Classified by Contractual Maturity Date (Dollars in thousands) Amortized Estimated cost fair value Due in less than one year $ 28,023 $ 28,100 Due after one year but within five years 167,223 170,860 Due after five years but within ten years 58,457 60,891 Due after ten years 58,548 61,054 Total $ 312,251 $ 320,905 Sales proceeds and gross realized gains and losses on sales of available-for-sale securities were as follows for the periods indicated: Schedule of Realized Gain (loss) 2021 2020 (Dollars in thousands) Three months ended March 31, 2021 2020 Sales proceeds $ 13,346 $ 44,508 Realized gains $ 1,075 $ 1,772 Realized losses 0 (2 ) Net realized gains $ 1,075 $ 1,770 Securities with carrying values of $ 285.0 282.2 10 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 3. Loans and Allowance for Loan Losses Loans consisted of the following as of the dates indicated below: Schedule of Loans March 31, December 31, (Dollars in thousands) 2021 2020 One-to-four family residential real estate loans $ 159,798 $ 157,984 Construction and land loans 26,591 26,106 Commercial real estate loans 179,781 172,307 Commercial loans 126,998 134,047 Paycheck protection program loans 117,297 100,084 Agriculture loans 92,486 96,532 Municipal loans 2,183 2,332 Consumer loans 25,557 24,122 Total gross loans 730,691 713,514 Net deferred loan (fees) costs and loans in process (3,611 ) (1,957 ) Allowance for loan losses (9,271 ) (8,775 ) Loans, net $ 717,809 $ 702,782 The following tables provide information on the Company’s allowance for loan losses by loan class and allowance methodology: Schedule of Allowance for Credit Losses on Financing Receivables Three months ended March 31, 2021 (Dollars in thousands) One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Balance at January 1, 2021 $ 859 $ 181 $ 2,482 $ 2,388 $ $ 2,690 $ 6 $ 169 $ 8,775 Charge-offs (23 ) - - - - - - (41 ) (64 ) Recoveries 1 1 - 1 - - 6 51 60 Provision for loan losses 60 4 775 (143 ) - (187 ) (6 ) (3 ) 500 Balance at March 31, 2021 $ 897 $ 186 $ 3,257 $ 2,246 $ - $ 2,503 $ 6 $ 176 $ 9,271 Three months ended March 31, 2020 (Dollars in thousands) One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Balance at January 1, 2020 $ 501 $ 271 $ 1,386 $ 1,815 $ - $ 2,347 $ 7 $ 140 $ 6,467 Charge-offs - (100 ) - (33 ) - - - (87 ) (220 ) Recoveries - - - 1 - 6 25 32 Provision for loan losses 152 54 242 642 - 34 (6 ) 82 1,200 Balance at March 31, 2020 $ 653 $ 225 $ 1,628 $ 2,425 $ - $ 2,381 $ 7 $ 160 $ 7,479 As of March 31, 2021 (Dollars in thousands) One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Individually evaluated for loss $ - $ - $ 424 $ 28 $ - $ 40 $ - $ - $ 492 Collectively evaluated for loss 897 186 2,833 2,218 - 2,463 6 176 8,779 Total $ 897 $ 186 $ 3,257 $ 2,246 $ - $ 2,503 $ 6 $ 176 $ 9,271 Loan balances: Individually evaluated for loss $ 956 $ 1,027 $ 7,874 $ 1,679 $ - $ 1,182 $ 36 $ 4 $ 12,758 Collectively evaluated for loss 158,842 25,564 171,907 125,319 117,297 91,304 2,147 25,553 717,933 Total $ 159,798 $ 26,591 $ 179,781 $ 126,998 $ 117,297 $ 92,486 $ 2,183 $ 25,557 $ 730,691 As of December 31, 2020 (Dollars in thousands) One-to-four family residential real estate loan Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Individually evaluated for loss $ - $ - $ 177 $ 22 $ - $ 67 $ - $ - $ 266 Collectively evaluated for loss 859 181 2,305 2,366 - 2,623 6 169 8,509 Total $ 859 $ 181 $ 2,482 $ 2,388 $ - $ 2,690 $ 6 $ 169 $ 8,775 Loan balances: Individually evaluated for loss $ 914 $ 1,137 $ 8,119 $ 1,639 $ - $ 614 $ 36 $ 3 $ 12,462 Collectively evaluated for loss 157,070 24,969 164,188 132,408 100,084 95,918 2,296 24,119 701,052 Total $ 157,984 $ 26,106 $ 172,307 $ 134,047 $ 100,084 $ 96,532 $ 2,332 $ 24,122 $ 713,514 The Company recorded net loan charge-offs of $ 4,000 188,000 The Company’s impaired loans increased from $ 12.5 12.8 Schedule of Impaired Financing Receivables (Dollars in thousands) As of March 31, 2021 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate $ 956 $ 956 $ 956 $ - $ - $ 963 $ 2 Construction and land 2,762 1,027 1,027 - - 1,043 6 Commercial real estate 7,874 7,874 2,404 5,470 424 7,875 9 Commercial 2,030 1,679 1,561 118 28 1,705 10 Agriculture 1,397 1,182 1,131 51 40 1,237 16 Municipal 36 36 36 - - 36 - Consumer 4 4 4 - - 5 - Total impaired loans $ 15,059 $ 12,758 $ 7,119 $ 5,639 $ 492 $ 12,864 $ 43 (Dollars in thousands) As of December 31, 2020 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate $ 914 $ 914 $ 914 $ - $ - $ 925 $ 3 Construction and land 2,872 1,137 1,137 - - 1,211 26 Commercial real estate 8,119 8,119 4,302 3,817 177 8,152 8 Commercial 1,990 1,639 1,543 96 22 1,984 43 Agriculture 829 614 538 76 67 618 67 Municipal 36 36 36 - - 54 1 Consumer 3 3 3 - - 4 - Total impaired loans $ 14,763 $ 12,462 $ 8,473 $ 3,989 $ 266 $ 12,948 $ 148 The Company’s key credit quality indicator is a loan’s performance status, defined as accruing or non-accruing. Performing loans are considered to have a lower risk of loss. Non-accrual loans are those which the Company believes have a higher risk of loss. The accrual of interest on non-performing loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of principal or interest is considered doubtful. There were no loans 90 days or more delinquent and accruing interest at March 31, 2021 or December 31, 2020. The following tables present information on the Company’s past due and non-accrual loans by loan class: Schedule of Past Due Financing Receivables (Dollars in thousands) As of March 31, 2021 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 1,268 $ 124 $ - $ 1,392 $ 793 $ 2,185 $ 157,613 Construction and land loans - - - - 691 691 25,900 Commercial real estate loans - - - - 7,874 7,874 171,907 Commercial loans 1,587 - - 1,587 947 2,534 124,464 Paycheck protection program loans - - - - - - 117,297 Agriculture loans 1,583 424 - 2,007 706 2,713 89,773 Municipal loans - - - - - - 2,183 Consumer loans 15 24 - 39 4 43 25,514 Total $ 4,453 $ 572 $ - $ 5,025 $ 11,015 $ 16,040 $ 714,651 Percent of gross loans 0.61 % 0.08 % 0.00 % 0.69 % 1.51 % 2.20 % 97.80 % (Dollars in thousands) As of December 31, 2020 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 262 $ 185 $ - $ 447 $ 749 $ 1,196 $ 156,788 Construction and land loans - - - - 694 694 25,412 Commercial real estate loans - - - - 8,119 8,119 164,188 Commercial loans 832 - - 832 874 1,706 132,341 Paycheck protection program loans - - - - - - 100,084 Agriculture loans 206 29 - 235 76 311 96,221 Municipal loans - - - - - - 2,332 Consumer loans 15 1 - 16 3 19 24,103 Total $ 1,315 $ 215 $ - $ 1,530 $ 10,515 $ 12,045 $ 701,469 Percent of gross loans 0.19 % 0.03 % 0.00 % 0.22 % 1.47 % 1.69 % 98.31 % Under the original terms of the Company’s non-accrual loans, interest earned on such loans for the three months ended March 31, 2021 and 2020 would have increased interest income by $ 186,000 120,000 No The Company also categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. Nonclassified loans generally include those loans that are expected to be repaid in accordance with contractual loan terms. Classified loans are those that are assigned a special mention, substandard or doubtful risk rating using the following definitions: Special Mention: Loans are currently protected by the current net worth and paying capacity of the obligor or of the collateral pledged but such protection is potentially weak. These loans constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. The credit risk may be relatively minor, yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. Substandard: Loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The following table provides information on the Company’s risk categories by loan class: Schedule of Risk Categories by Loan Class As of March 31, 2021 As of December 31, 2020 (Dollars in thousands) Nonclassified Classified Nonclassified Classified One-to-four family residential real estate loans $ 155,668 $ 4,130 $ 154,985 $ 2,999 Construction and land loans 25,900 691 25,412 694 Commercial real estate loans 168,909 10,872 161,661 10,646 Commercial loans 125,069 1,929 132,023 2,024 Paycheck protection program loans 117,297 - 100,084 - Agriculture loans 85,305 7,181 87,662 8,870 Municipal loan 2,183 - 2,332 - Consumer loans 25,554 3 24,119 3 Total $ 705,885 $ 24,806 $ 688,278 $ 25,236 At March 31, 2021, the Company had ten loan relationships consisting of 21 outstanding loans that were classified as TDRs. During the first quarter of 2021, one commercial loan totaling $ 47,000 100,000 no The Company evaluates each TDR individually and returns the loan to accrual status when a payment history is established after the restructuring and future payments are reasonably assured. There were no loans modified as TDRs for which there was a payment default within 12 months of modification as of March 31, 2021 and 2020. The Company did not record any charge-offs against loans classified as TDRs in the first quarter of 2021 or 2020. No credit provisions related to TDRs were recorded in the three months ended March 31, 2021 compared to a credit provision of $ 1,000 8,000 The following table presents information on loans that are classified as TDRs: Schedule of Troubled Debt Restructurings On Financing Receivables (Dollars in thousands) As of March 31, 2021 As of December 31, 2020 Number of loans Non-accrual balance Accruing balance Number of loans Non-accrual balance Accruing balance One-to-four family residential real estate loans 2 $ - $ 163 2 $ - $ 165 Construction and land loans 4 691 336 5 693 443 Commercial real estate loans 2 1,227 - 2 1,227 - Commercial loans 8 80 732 7 33 765 Agriculture loans 4 - 476 4 - 538 Municipal loan 1 - 36 1 - 36 Total 21 $ 1,998 $ 1,743 21 $ 1,953 $ 1,947 As of March 31, 2021, the Company had 4 loan modifications on outstanding loan balances of $ 6.8 250,000 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The Company tests goodwill for impairment annually or more frequently if circumstances warrant. The Company’s annual step one impairment test as of December 31, 2020 concluded that its goodwill was not impaired. The Company concluded there were no triggering events during the first three months of 2021 that required an interim goodwill impairment test. Lease intangible assets are amortized over the life of the lease. Core deposit intangible assets are amortized over the estimated useful life of ten years on an accelerated basis. A summary of the other intangible assets that continue to be subject to amortization was as follows: Schedule of Other Intangible Assets and Goodwill (Dollars in thousands) As of March 31, 2021 Gross carrying amount Accumulated amortization Net carrying amount Core deposit intangible assets $ 2,018 $ (1,865 ) $ 153 Lease intangible asset 350 (335 ) 15 Total other intangible assets $ 2,368 $ (2,200 ) $ 168 (Dollars in thousands) As of December 31, 2020 Gross carrying amount Accumulated amortization Net carrying amount Core deposit intangible assets $ 2,018 $ (1,838 ) $ 180 Lease intangible asset 350 (324 ) 26 Total other intangible assets $ 2,368 $ (2,162 ) $ 206 The following sets forth estimated amortization expense for core deposit and lease intangible assets for the remainder of 2021 and in successive years ending December 31: Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Dollars in thousands) Amortization expense Remainder of 2021 $ 84 2022 58 2023 26 Total $ 168 |
Mortgage Loan Servicing
Mortgage Loan Servicing | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Loan Servicing | |
Mortgage Loan Servicing | 5. Mortgage Loan Servicing Mortgage loans serviced for others are not reported as assets. The following table provides information on the principal balances of mortgage loans serviced for others: Schedule of Participating Mortgage Loans (Dollars in thousands) March 31, December 31, 2021 2020 FHLMC $ 662,995 $ 639,875 FHLB 24,865 28,157 Total $ 687,860 $ 668,032 Custodial escrow balances maintained in connection with serviced loans were $ 10.0 5.8 431,000 357,000 Activity for mortgage servicing rights was as follows: Schedule of Servicing Asset at Amortized Cost Three months ended (Dollars in thousands) March 31, 2021 2020 Mortgage servicing rights: Balance at beginning of period $ 3,726 $ 2,446 Additions 639 212 Amortization (399 ) (230 ) Balance at end of period $ 3,966 $ 2,428 The fair value of mortgage servicing rights was $ 6.0 4.4 8.65 12.00 6.00 27.55 1.35 8.78 12.00 7.10 29.61 1.36 . The Company had a mortgage repurchase reserve of $ 226,000 235,000 9,000 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings per share (1): | |
Earnings per Share | 6. Earnings per Share Basic earnings per share have been computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share include the effect of all potential common shares outstanding during each period. The diluted earnings per share computation for the three months ended March 31, 2021 included all unexercised stock options because no stock options were anti-dilutive during such period. The diluted earnings per share computation for the three months ended March 31, 2020 excluded 105,041 Schedule of Earnings Per Share, Basic and Diluted 2021 2020 Three months ended (Dollars in thousands, except per share amounts) March 31, 2021 2020 Net earnings $ 5,367 $ 3,363 Weighted average common shares outstanding - basic (1) 4,752,864 4,808,572 Assumed exercise of stock options (1) 6,634 19,121 Weighted average common shares outstanding - diluted (1) 4,759,498 4,827,693 Earnings per share (1): Basic (1) $ 1.13 $ 0.70 Diluted (1) $ 1.13 $ 0.70 (1) Share and per share values for the period ended March 31, 2020 have been adjusted to give effect to the 5 |
Repurchase Agreements
Repurchase Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Repurchase Agreements | 7. Repurchase Agreements The Company has overnight repurchase agreements with certain deposit customers whereby the Company uses investment securities as collateral for non-insured funds. These balances are accounted for as collateralized financing and included in other borrowings on the balance sheet. Repurchase agreements are comprised of non-insured customer funds, totaling $ 4.2 6.4 7.2 8.7 The following is a summary of the balances and collateral of the Company’s repurchase agreements: Schedule of Repurchase Agreements As of March 31, 2021 (dollars in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 1,989 $ - $ - $ - $ 1,989 Agency mortgage-backed securities 2,176 - - - 2,176 Total $ 4,165 $ - $ - $ - $ 4,165 As of December 31, 2020 (dollars in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 2,412 $ - $ - $ - $ 2,412 Agency mortgage-backed securities 3,959 - - - 3,959 Total $ 6,371 $ - $ - $ - $ 6,371 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 8. Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. Items outside the scope of ASC 606 are noted as such. Schedule of Revenue from Contracts with Customers Within Non-interest Income 2021 2020 Three months ended (Dollars in thousands) March 31, 2021 2020 Non-interest income: Service charges on deposit accounts Overdraft fees $ 672 $ 873 Other 163 146 Interchange income 724 535 Loan servicing fees (1) 431 357 Office lease income (1) 166 162 Gains on sales of loans (1) 3,140 1,193 Bank owned life insurance income (1) 148 154 Gains on sales of investment securities (1) 1,075 1,770 Gains (losses) on sales of real estate owned 5 (1 ) Other 201 164 Total non-interest income $ 6,725 $ 5,353 (1) Not within the scope of ASC 606. A description of the Company’s revenue streams under ASC 606 follows: Service Charges on Deposit Accounts The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM usage fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period during which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income The Company earns interchange fees from debit cardholder transactions conducted through the interchange payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gains (Losses) on Sales of Real Estate Owned The Company records a gain or loss from the sale of real estate owned when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of real estate owned to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the real estate owned asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. There were no sales of real estate owned that were financed by the Company during the first three months of 2021 or 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | 9. Fair Value of Financial Instruments and Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Fair value estimates of the Company’s financial instruments as of March 31, 2021 and December 31, 2020, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping (Dollars in thousands) As of March 31, 2021 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 109,151 $ 109,151 $ - $ - $ 109,151 Investment securities available-for-sale 320,905 20,359 300,546 - 320,905 Bank stocks, at cost 4,062 n/a n/a n/a n/a Loans, net 717,809 - - 733,858 733,858 Loans held for sale 13,995 - 13,995 - 13,995 Accrued interest receivable 4,655 65 1,537 3,053 4,655 Derivative financial instruments 1,757 - 1,757 - 1,757 Financial liabilities: Non-maturity deposits $ (947,757 ) $ (947,757 ) $ - $ - $ (947,757 ) Certificates of deposit (123,489 ) - (123,670 ) - (123,670 ) Subordinated debentures (21,651 ) - (16,168 ) - (16,168 ) Other borrowings (4,165 ) - (4,165 ) - (4,165 ) Accrued interest payable (151 ) - (151 ) - (151 ) As of December 31, 2020 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 84,818 $ 84,818 $ - $ - $ 84,818 Investment securities available-for-sale 297,270 2,037 295,233 - 297,270 Bank stocks, at cost 4,473 n/a n/a n/a n/a Loans, net 702,782 - - 718,071 718,071 Loans held for sale 15,533 - 15,533 - 15,533 Accrued interest receivable 4,885 - 1,697 3,188 4,885 Derivative financial instruments 1,796 - 1,796 - 1,796 Financial liabilities: Non-maturity deposits $ (882,277 ) $ (882,277 ) $ - $ - $ (882,277 ) Certificates of deposit (133,750 ) - (134,048 ) - (134,048 ) Subordinated debentures (21,651 ) - (15,232 ) - (15,232 ) Other borrowings (6,371 ) - (6,371 ) - (6,371 ) Accrued interest payable (168 ) - (168 ) - (168 ) Derivative financial instruments (466 ) - (466 ) - (466 ) Transfers The Company did not transfer any assets or liabilities among levels during the three months ended March 31, 2021 or during the year ended December 31, 2020. Valuation Methods for Instruments Measured at Fair Value on a Recurring Basis The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, allocated to the appropriate fair value hierarchy: Schedule of Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) As of March 31, 2021 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: U. S. treasury securities $ 20,359 $ 20,359 $ - $ - U. S. federal agency obligations 18,861 - 18,861 - Municipal obligations, tax exempt 143,105 - 143,105 - Municipal obligations, taxable 41,138 - 41,138 - Agency mortgage-backed securities 91,987 - 91,987 Certificates of deposit 5,455 - 5,455 - Loans held for sale 13,995 - 13,995 - Derivative financial instruments 1,757 - 1,757 - As of December 31, 2020 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: U. S. treasury securities $ 2,037 $ 2,037 $ - $ - U. S. federal agency obligations 18,924 - 18,924 - Municipal obligations, tax exempt 142,676 - 142,676 - Municipal obligations, taxable 49,535 - 49,535 - Agency mortgage-backed securities 78,638 - 78,638 - Certificates of deposit 5,460 - 5,460 - Loans held for sale 15,533 - 15,533 - Derivative financial instruments 1,796 - 1,796 - Liability: Derivative financial instruments (466 ) - (466 ) - The Company’s investment securities classified as available-for-sale include U.S. treasury securities, U.S. federal agency obligations, municipal obligations, agency mortgage-backed securities and certificates of deposit. Quoted exchange prices are available for the Company’s U.S treasury securities, which are classified as Level 1. U.S. federal agency securities and agency mortgage-backed securities are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. These measurements are classified as Level 2. Municipal obligations are valued using a type of matrix, or grid, pricing in which securities are benchmarked against U.S. treasury rates based on credit rating. These model and matrix measurements are classified as Level 2 in the fair value hierarchy. Changes in the fair value of available-for-sale securities are included in other comprehensive income to the extent the changes are not considered other-than-temporary impairments. Other-than-temporary impairment tests are performed on a quarterly basis and any decline in the fair value of an individual security below its cost that is deemed to be other-than-temporary results in a write-down of that security’s cost basis. Mortgage loans originated and intended for sale in the secondary market are carried at fair value. The mortgage loan valuations are based on quoted secondary market prices for similar loans and are classified as Level 2. Changes in the fair value of mortgage loans originated and intended for sale in the secondary market and derivative financial instruments are included in gains on sales of loans. The aggregate fair value, contractual balance (including accrued interest), and gain on loans held for sale were as follows: Schedule of Fair Value Contractual Balance and Gain Loss on Loans Held for Sale As of As of March 31, December 31, (Dollars in thousands) 2021 2020 Aggregate fair value $ 13,995 $ 15,533 Contractual balance 13,956 15,151 Gain $ 39 $ 382 The Company’s derivative financial instruments consist of interest rate lock commitments and corresponding forward sales contracts on mortgage loans held for sale. The fair values of these derivatives are based on quoted prices for similar loans in the secondary market. The market prices are adjusted by a factor, based on the Company’s historical data and its judgment about future economic trends, which considers the likelihood that a commitment will ultimately result in a closed loan. These instruments are classified as Level 2. The amounts are included in other assets or other liabilities on the consolidated balance sheets and gains on sales of loans, net in the consolidated statements of earnings. The total amount of gains from changes in fair value of loans held for sale included in earnings were as follows: Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale Three months ended March 31, (Dollars in thousands) 2021 2020 Total change in fair value $ 427 $ (34 ) Valuation Methods for Instruments Measured at Fair Value on a Nonrecurring Basis The Company does not record its loan portfolio at fair value. Collateral-dependent impaired loans are generally carried at the lower of cost or fair value of the collateral, less estimated selling costs. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company and then further adjusted if warranted based on relevant facts and circumstances. The appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales and income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Impaired loans are reviewed and evaluated at least quarterly for additional impairment and adjusted accordingly, based on the same factors identified above. The carrying value of the Company’s impaired loans was $ 12.8 12.5 492,000 266,000 Real estate owned includes assets acquired through, or in lieu of, foreclosure and land previously acquired for expansion. Real estate owned is initially recorded at the fair value of the collateral less estimated selling costs. Subsequent valuations are updated periodically and are based upon independent appraisals, third party price opinions or internal pricing models. The appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales and income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Real estate owned is reviewed and evaluated at least annually for additional impairment and adjusted accordingly, based on the same factors identified above. The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020. Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques (Dollars in thousands) Fair value Valuation technique Unobservable inputs Range As of March 31, 2021 Impaired loans: Commercial real estate $ 5,046 Sales comparison Adjustment to appraised value 15 20 % Commercial 90 Sales comparison Adjustment to comparable sales 0 86 % Agriculture 11 Sales comparison Adjustment to appraised value 25 % As of December 31, 2020 Impaired loans: Commercial real estate $ 3,640 Sales comparison Adjustment to appraised value 20 % Commercial 74 Sales comparison Adjustment to comparable sales 0 69 % Agriculture 9 Sales comparison Adjustment to appraised value 20 % Real estate owned: One-to-four family residential real estate 48 Sales comparison Adjustment to appraised value 10 % |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Capital Requirements | 10. Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believed that as of March 31, 2021, the Company and the Bank met all capital adequacy requirements to which they were subject at that time. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The Company and the Bank are subject to the Basel III Rule, which is applicable to all U.S. banks that are subject to minimum capital requirements, as well as to bank and savings and loan holding companies other than “small bank holding companies” (generally, non-public bank holding companies with consolidated assets of less than $ 3.0 The Basel III Rule includes a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5 6.0 8.0 4.0 2.5 As of March 31, 2021 and December 31, 2020, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action then in effect. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a comparison of the Company’s regulatory capital to minimum capital requirements at March 31, 2021 and December 31, 2020: Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Dollars in thousands) To be well-capitalized For capital under regulatory Actual adequacy purposes guidelines Amount Ratio Amount Ratio (1) Amount Ratio As of March 31, 2021 Leverage $ 125,652 10.43 % $ 48,185 4.0 % $ 60,232 5.0 % Common Equity Tier 1 Capital 104,652 14.38 % 50,946 7.0 % 47,307 6.5 % Tier 1 Capital 125,652 17.26 % 61,863 8.5 % 58,224 8.0 % Total Risk Based Capital 134,752 18.51 % 76,419 10.5 % 72,780 10.0 % As of December 31, 2020 Leverage $ 121,068 10.70 % $ 45,262 4.0 % $ 56,577 5.0 % Common Equity Tier 1 Capital 100,068 13.77 % 50,866 7.0 % 47,233 6.5 % Tier 1 Capital 121,068 16.66 % 61,766 8.5 % 58,133 8.0 % Total Risk Based Capital 129,983 17.89 % 76,300 10.5 % 72,666 10.0 % (1) The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5 The following is a comparison of the Bank’s regulatory capital to minimum capital requirements at March 31, 2021 and December 31, 2020: Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulation To be well-capitalized under prompt (Dollars in thousands) For capital corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio (1) Amount Ratio As of March 31, 2021 Leverage $ 122,481 10.19 % $ 48,064 4.0 % $ 60,080 5.0 % Common Equity Tier 1 Capital 122,481 16.84 % 50,901 7.0 % 47,265 6.5 % Tier 1 Capital 122,481 16.84 % 61,808 8.5 % 58,173 8.0 % Total Risk Based Capital 131,574 18.09 % 76,352 10.5 % 72,716 10.0 % As of December 31, 2020 Leverage $ 118,174 10.47 % $ 45,139 4.0 % $ 56,423 5.0 % Common Equity Tier 1 Capital 118,174 16.27 % 50,829 7.0 % 47,199 6.5 % Tier 1 Capital 118,174 16.27 % 61,721 8.5 % 58,091 8.0 % Total Risk Based Capital 127,089 17.50 % 76,244 10.5 % 72,613 10.0 % (1) The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5 |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | 11. Impact of Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), commonly referred to as “CECL.” The provisions of the update eliminate the probable initial recognition threshold under current GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost will reflect an organization’s estimate of all expected credit losses over the expected term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held to maturity debt securities. Under the provisions of the update, credit losses recognized on available for sale debt securities will be presented as an allowance as opposed to a write-down. In addition, CECL will modify the accounting for purchased loans. Under prior GAAP, a purchased loan’s contractual balance was adjusted to fair value through a credit discount, and no reserve was recorded on the purchased loan upon acquisition. Since under CECL reserves will be established for purchased loans at the time of acquisition, the accounting for purchased loans is made more comparable to the accounting for originated loans. Finally, increased disclosure requirements under CECL oblige organizations to present the currently required credit quality disclosures disaggregated by the year of origination or vintage. The FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. In October 2019, the FASB approved a change in the effective dates for CECL which delayed the effective date to fiscal years beginning after December 15, 2022 for smaller reporting companies. Because the Company is a smaller reporting company, the proposed delay is applicable to the Company, and the Company plans to delay the implementation of CECL until January 1, 2023. Management has initiated an implementation committee that has implemented a process to collect the data and is utilizing a vendor solution for the new standard. Initial calculations estimate the effect will be an increase to the allowance for loan losses upon adoption. However, the size of the overall increase is uncertain at this time. Management is utilizing the delay to continue to refine and back test the CECL calculation. The internal controls over financial reporting specifically related to CECL are in the design stage and are currently being evaluated. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this update simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendments require an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. The amendments in this ASU are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. In October 2019, the FASB approved a change in the effective dates for ASU 2017-04 which delayed the effective date to fiscal years beginning after December 15, 2022 for smaller reporting companies. Because the Company is a smaller reporting company, the proposed delay is applicable to the Company, and the Company plans to delay the implementation of ASU 2017-04 until January 1, 2023. Early adoption of the amendments of this ASU is permitted. The adoption of ASU 2017-04 is not expected to have a material effect on the Company’s operating results or financial condition. In May 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Reference rate reform relates to the effects undertaken to eliminate certain reference rates such as the London Interbank Offered Rate (“LIBOR”) and introduce new reference rates that may be based on larger or more liquid observations and transactions. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other contracts. Generally, ASU 2020-04 would allow entities to consider contract modifications due to reference rate reform to be a continuation of an existing contract; thus, the Company would not have to determine if the modification is considered insignificant. The Company is in the process of reviewing loan documentation, along with the transition procedures it will need in order to implement reference rate reform. While the Company has yet to adopt ASU 2020-04, the standard was effective upon issuance and terminates December 31, 2022 such that changes made to contracts beginning on or after January 1, 2023 would not apply. The adoption of ASU 2020-04 is not expected to have a material effect on the Company’s operating results or financial condition. |
COVID-19 Pandemic
COVID-19 Pandemic | 3 Months Ended |
Mar. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Pandemic | 12. COVID-19 Pandemic The COVID-19 pandemic in the United States caused a substantial disruption to the economy, employment and financial markets and continues to have a complex and significant adverse impact on the economy, the banking industry and the Company in future fiscal periods, all subject to a high degree of uncertainty. Additional federal government stimulus, declining COVID-19 cases and the distribution of vaccines may lead to positive impacts on the economy and employment while new variants of COVID-19 presents risks to the recovery. The Company’s pandemic response plan continues to focus foremost on the safety and well-being of our customers and associates. The COVID-19 pandemic could adversely impact our customers, employees or vendors which may impact our operations and financial results. The COVID-19 pandemic may cause economic declines in excess of current projections, or if the pandemic lasts longer than currently projected, the Company’s provision for loan losses may remain elevated or increase in future periods. The Company may see higher loan delinquencies and defaults in future periods as a result of the COVID-19 pandemic and will continue to monitor our allowance for loan losses in light of changing economic conditions related to COVID-19. The COVID-19 pandemic may also impact the Company’s deposit balances and service charge income. In addition, the fair value of certain assets may be adversely impacted by the pandemic and the economic downturn, including the fair value of goodwill, mortgage servicing rights and other real estate. These declines could result in impairments in future periods. The pandemic has caused a significant decline in market interest rates which may cause our net interest margin to continue to decline. At this time, the full impact of the COVID-19 pandemic on the Company’s financial statements is uncertain. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Schedule of Available-for-sale Securities | A summary of investment securities available-for-sale is as follows: Schedule of Available-for-sale Securities As of March 31, 2021 Gross Gross Amortized unrealized unrealized Estimated (Dollars in thousands) cost gains losses fair value U. S. treasury securities $ 20,330 $ 30 $ (1 ) $ 20,359 U. S. federal agency obligations 18,748 123 (10 ) 18,861 Municipal obligations, tax exempt 138,162 4,998 (55 ) 143,105 Municipal obligations, taxable 39,866 1,376 (104 ) 41,138 Agency mortgage-backed securities 89,690 2,456 (159 ) 91,987 Certificates of deposit 5,455 - - 5,455 Total available-for-sale $ 312,251 $ 8,983 $ (329 ) $ 320,905 As of December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated (Dollars in thousands) cost gains losses fair value U. S. treasury securities $ 2,000 $ 37 $ - $ 2,037 U. S. federal agency obligations 18,804 138 (18 ) 18,924 Municipal obligations, tax exempt 136,321 6,367 (12 ) 142,676 Municipal obligations, taxable 46,643 2,892 - 49,535 Agency mortgage-backed securities 75,530 3,108 - 78,638 Certificates of deposit 5,460 - - 5,460 Total available-for-sale $ 284,758 $ 12,542 $ (30 ) $ 297,270 |
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value | The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized losses, or were temporarily impaired, as of March 31, 2021 and December 31, 2020. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position. As of March 31, 2021 (Dollars in thousands) Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. treasury securities 2 $ 5,308 $ (1 ) $ - $ - $ 5,308 $ (1 ) U.S. federal agency obligations 3 8,712 (10 ) - - 8,712 (10 ) Municipal obligations, tax exempt 24 9,541 (55 ) - - 9,541 (55 ) Municipal obligations, taxable 8 5,345 (104 ) - - 5,345 (104 ) Agency mortgage-backed securities 7 21,085 (159 ) 21,085 (159 ) Total 44 $ 49,991 $ (329 ) $ - $ - $ 49,991 $ (329 ) As of December 31, 2020 (Dollars in thousands) Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. federal agency obligations 4 $ 11,772 $ (18 ) $ - $ - $ 11,772 $ (18 ) Municipal obligations, tax exempt 12 4,191 (12 ) 4,191 (12 ) Total 16 $ 15,963 $ (30 ) $ - $ - $ 15,963 $ (30 ) |
Schedule of Investments Classified by Contractual Maturity Date | The table below sets forth amortized cost and fair value of investment securities at March 31, 2021. The table includes scheduled principal payments and estimated prepayments, based on observable market inputs, for agency mortgage-backed securities. Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. Schedule of Investments Classified by Contractual Maturity Date (Dollars in thousands) Amortized Estimated cost fair value Due in less than one year $ 28,023 $ 28,100 Due after one year but within five years 167,223 170,860 Due after five years but within ten years 58,457 60,891 Due after ten years 58,548 61,054 Total $ 312,251 $ 320,905 |
Schedule of Realized Gain (loss) | Sales proceeds and gross realized gains and losses on sales of available-for-sale securities were as follows for the periods indicated: Schedule of Realized Gain (loss) 2021 2020 (Dollars in thousands) Three months ended March 31, 2021 2020 Sales proceeds $ 13,346 $ 44,508 Realized gains $ 1,075 $ 1,772 Realized losses 0 (2 ) Net realized gains $ 1,075 $ 1,770 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following as of the dates indicated below: Schedule of Loans March 31, December 31, (Dollars in thousands) 2021 2020 One-to-four family residential real estate loans $ 159,798 $ 157,984 Construction and land loans 26,591 26,106 Commercial real estate loans 179,781 172,307 Commercial loans 126,998 134,047 Paycheck protection program loans 117,297 100,084 Agriculture loans 92,486 96,532 Municipal loans 2,183 2,332 Consumer loans 25,557 24,122 Total gross loans 730,691 713,514 Net deferred loan (fees) costs and loans in process (3,611 ) (1,957 ) Allowance for loan losses (9,271 ) (8,775 ) Loans, net $ 717,809 $ 702,782 |
Schedule of Allowance for Credit Losses on Financing Receivables | The following tables provide information on the Company’s allowance for loan losses by loan class and allowance methodology: Schedule of Allowance for Credit Losses on Financing Receivables Three months ended March 31, 2021 (Dollars in thousands) One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Balance at January 1, 2021 $ 859 $ 181 $ 2,482 $ 2,388 $ $ 2,690 $ 6 $ 169 $ 8,775 Charge-offs (23 ) - - - - - - (41 ) (64 ) Recoveries 1 1 - 1 - - 6 51 60 Provision for loan losses 60 4 775 (143 ) - (187 ) (6 ) (3 ) 500 Balance at March 31, 2021 $ 897 $ 186 $ 3,257 $ 2,246 $ - $ 2,503 $ 6 $ 176 $ 9,271 Three months ended March 31, 2020 (Dollars in thousands) One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Balance at January 1, 2020 $ 501 $ 271 $ 1,386 $ 1,815 $ - $ 2,347 $ 7 $ 140 $ 6,467 Charge-offs - (100 ) - (33 ) - - - (87 ) (220 ) Recoveries - - - 1 - 6 25 32 Provision for loan losses 152 54 242 642 - 34 (6 ) 82 1,200 Balance at March 31, 2020 $ 653 $ 225 $ 1,628 $ 2,425 $ - $ 2,381 $ 7 $ 160 $ 7,479 As of March 31, 2021 (Dollars in thousands) One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Individually evaluated for loss $ - $ - $ 424 $ 28 $ - $ 40 $ - $ - $ 492 Collectively evaluated for loss 897 186 2,833 2,218 - 2,463 6 176 8,779 Total $ 897 $ 186 $ 3,257 $ 2,246 $ - $ 2,503 $ 6 $ 176 $ 9,271 Loan balances: Individually evaluated for loss $ 956 $ 1,027 $ 7,874 $ 1,679 $ - $ 1,182 $ 36 $ 4 $ 12,758 Collectively evaluated for loss 158,842 25,564 171,907 125,319 117,297 91,304 2,147 25,553 717,933 Total $ 159,798 $ 26,591 $ 179,781 $ 126,998 $ 117,297 $ 92,486 $ 2,183 $ 25,557 $ 730,691 As of December 31, 2020 (Dollars in thousands) One-to-four family residential real estate loan Construction and land loans Commercial real estate loans Commercial loans Paycheck protection program loans Agriculture loans Municipal loans Consumer loans Total Allowance for loan losses: Individually evaluated for loss $ - $ - $ 177 $ 22 $ - $ 67 $ - $ - $ 266 Collectively evaluated for loss 859 181 2,305 2,366 - 2,623 6 169 8,509 Total $ 859 $ 181 $ 2,482 $ 2,388 $ - $ 2,690 $ 6 $ 169 $ 8,775 Loan balances: Individually evaluated for loss $ 914 $ 1,137 $ 8,119 $ 1,639 $ - $ 614 $ 36 $ 3 $ 12,462 Collectively evaluated for loss 157,070 24,969 164,188 132,408 100,084 95,918 2,296 24,119 701,052 Total $ 157,984 $ 26,106 $ 172,307 $ 134,047 $ 100,084 $ 96,532 $ 2,332 $ 24,122 $ 713,514 |
Schedule of Impaired Financing Receivables | Schedule of Impaired Financing Receivables (Dollars in thousands) As of March 31, 2021 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate $ 956 $ 956 $ 956 $ - $ - $ 963 $ 2 Construction and land 2,762 1,027 1,027 - - 1,043 6 Commercial real estate 7,874 7,874 2,404 5,470 424 7,875 9 Commercial 2,030 1,679 1,561 118 28 1,705 10 Agriculture 1,397 1,182 1,131 51 40 1,237 16 Municipal 36 36 36 - - 36 - Consumer 4 4 4 - - 5 - Total impaired loans $ 15,059 $ 12,758 $ 7,119 $ 5,639 $ 492 $ 12,864 $ 43 (Dollars in thousands) As of December 31, 2020 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate $ 914 $ 914 $ 914 $ - $ - $ 925 $ 3 Construction and land 2,872 1,137 1,137 - - 1,211 26 Commercial real estate 8,119 8,119 4,302 3,817 177 8,152 8 Commercial 1,990 1,639 1,543 96 22 1,984 43 Agriculture 829 614 538 76 67 618 67 Municipal 36 36 36 - - 54 1 Consumer 3 3 3 - - 4 - Total impaired loans $ 14,763 $ 12,462 $ 8,473 $ 3,989 $ 266 $ 12,948 $ 148 |
Schedule of Past Due Financing Receivables | The following tables present information on the Company’s past due and non-accrual loans by loan class: Schedule of Past Due Financing Receivables (Dollars in thousands) As of March 31, 2021 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 1,268 $ 124 $ - $ 1,392 $ 793 $ 2,185 $ 157,613 Construction and land loans - - - - 691 691 25,900 Commercial real estate loans - - - - 7,874 7,874 171,907 Commercial loans 1,587 - - 1,587 947 2,534 124,464 Paycheck protection program loans - - - - - - 117,297 Agriculture loans 1,583 424 - 2,007 706 2,713 89,773 Municipal loans - - - - - - 2,183 Consumer loans 15 24 - 39 4 43 25,514 Total $ 4,453 $ 572 $ - $ 5,025 $ 11,015 $ 16,040 $ 714,651 Percent of gross loans 0.61 % 0.08 % 0.00 % 0.69 % 1.51 % 2.20 % 97.80 % (Dollars in thousands) As of December 31, 2020 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 262 $ 185 $ - $ 447 $ 749 $ 1,196 $ 156,788 Construction and land loans - - - - 694 694 25,412 Commercial real estate loans - - - - 8,119 8,119 164,188 Commercial loans 832 - - 832 874 1,706 132,341 Paycheck protection program loans - - - - - - 100,084 Agriculture loans 206 29 - 235 76 311 96,221 Municipal loans - - - - - - 2,332 Consumer loans 15 1 - 16 3 19 24,103 Total $ 1,315 $ 215 $ - $ 1,530 $ 10,515 $ 12,045 $ 701,469 Percent of gross loans 0.19 % 0.03 % 0.00 % 0.22 % 1.47 % 1.69 % 98.31 % |
Schedule of Risk Categories by Loan Class | The following table provides information on the Company’s risk categories by loan class: Schedule of Risk Categories by Loan Class As of March 31, 2021 As of December 31, 2020 (Dollars in thousands) Nonclassified Classified Nonclassified Classified One-to-four family residential real estate loans $ 155,668 $ 4,130 $ 154,985 $ 2,999 Construction and land loans 25,900 691 25,412 694 Commercial real estate loans 168,909 10,872 161,661 10,646 Commercial loans 125,069 1,929 132,023 2,024 Paycheck protection program loans 117,297 - 100,084 - Agriculture loans 85,305 7,181 87,662 8,870 Municipal loan 2,183 - 2,332 - Consumer loans 25,554 3 24,119 3 Total $ 705,885 $ 24,806 $ 688,278 $ 25,236 |
Schedule of Troubled Debt Restructurings On Financing Receivables | The following table presents information on loans that are classified as TDRs: Schedule of Troubled Debt Restructurings On Financing Receivables (Dollars in thousands) As of March 31, 2021 As of December 31, 2020 Number of loans Non-accrual balance Accruing balance Number of loans Non-accrual balance Accruing balance One-to-four family residential real estate loans 2 $ - $ 163 2 $ - $ 165 Construction and land loans 4 691 336 5 693 443 Commercial real estate loans 2 1,227 - 2 1,227 - Commercial loans 8 80 732 7 33 765 Agriculture loans 4 - 476 4 - 538 Municipal loan 1 - 36 1 - 36 Total 21 $ 1,998 $ 1,743 21 $ 1,953 $ 1,947 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Other Intangible Assets and Goodwill | Schedule of Other Intangible Assets and Goodwill (Dollars in thousands) As of March 31, 2021 Gross carrying amount Accumulated amortization Net carrying amount Core deposit intangible assets $ 2,018 $ (1,865 ) $ 153 Lease intangible asset 350 (335 ) 15 Total other intangible assets $ 2,368 $ (2,200 ) $ 168 (Dollars in thousands) As of December 31, 2020 Gross carrying amount Accumulated amortization Net carrying amount Core deposit intangible assets $ 2,018 $ (1,838 ) $ 180 Lease intangible asset 350 (324 ) 26 Total other intangible assets $ 2,368 $ (2,162 ) $ 206 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | The following sets forth estimated amortization expense for core deposit and lease intangible assets for the remainder of 2021 and in successive years ending December 31: Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Dollars in thousands) Amortization expense Remainder of 2021 $ 84 2022 58 2023 26 Total $ 168 |
Mortgage Loan Servicing (Tables
Mortgage Loan Servicing (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage Loan Servicing | |
Schedule of Participating Mortgage Loans | Mortgage loans serviced for others are not reported as assets. The following table provides information on the principal balances of mortgage loans serviced for others: Schedule of Participating Mortgage Loans (Dollars in thousands) March 31, December 31, 2021 2020 FHLMC $ 662,995 $ 639,875 FHLB 24,865 28,157 Total $ 687,860 $ 668,032 |
Schedule of Servicing Asset at Amortized Cost | Activity for mortgage servicing rights was as follows: Schedule of Servicing Asset at Amortized Cost Three months ended (Dollars in thousands) March 31, 2021 2020 Mortgage servicing rights: Balance at beginning of period $ 3,726 $ 2,446 Additions 639 212 Amortization (399 ) (230 ) Balance at end of period $ 3,966 $ 2,428 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings per share (1): | |
Schedule of Earnings Per Share, Basic and Diluted | Schedule of Earnings Per Share, Basic and Diluted 2021 2020 Three months ended (Dollars in thousands, except per share amounts) March 31, 2021 2020 Net earnings $ 5,367 $ 3,363 Weighted average common shares outstanding - basic (1) 4,752,864 4,808,572 Assumed exercise of stock options (1) 6,634 19,121 Weighted average common shares outstanding - diluted (1) 4,759,498 4,827,693 Earnings per share (1): Basic (1) $ 1.13 $ 0.70 Diluted (1) $ 1.13 $ 0.70 (1) Share and per share values for the period ended March 31, 2020 have been adjusted to give effect to the 5 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Repurchase Agreements | The following is a summary of the balances and collateral of the Company’s repurchase agreements: Schedule of Repurchase Agreements As of March 31, 2021 (dollars in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 1,989 $ - $ - $ - $ 1,989 Agency mortgage-backed securities 2,176 - - - 2,176 Total $ 4,165 $ - $ - $ - $ 4,165 As of December 31, 2020 (dollars in thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total Repurchase agreements: U.S. federal agency obligations $ 2,412 $ - $ - $ - $ 2,412 Agency mortgage-backed securities 3,959 - - - 3,959 Total $ 6,371 $ - $ - $ - $ 6,371 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue from Contracts with Customers Within Non-interest Income | All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. Items outside the scope of ASC 606 are noted as such. Schedule of Revenue from Contracts with Customers Within Non-interest Income 2021 2020 Three months ended (Dollars in thousands) March 31, 2021 2020 Non-interest income: Service charges on deposit accounts Overdraft fees $ 672 $ 873 Other 163 146 Interchange income 724 535 Loan servicing fees (1) 431 357 Office lease income (1) 166 162 Gains on sales of loans (1) 3,140 1,193 Bank owned life insurance income (1) 148 154 Gains on sales of investment securities (1) 1,075 1,770 Gains (losses) on sales of real estate owned 5 (1 ) Other 201 164 Total non-interest income $ 6,725 $ 5,353 (1) Not within the scope of ASC 606. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | Fair value estimates of the Company’s financial instruments as of March 31, 2021 and December 31, 2020, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping (Dollars in thousands) As of March 31, 2021 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 109,151 $ 109,151 $ - $ - $ 109,151 Investment securities available-for-sale 320,905 20,359 300,546 - 320,905 Bank stocks, at cost 4,062 n/a n/a n/a n/a Loans, net 717,809 - - 733,858 733,858 Loans held for sale 13,995 - 13,995 - 13,995 Accrued interest receivable 4,655 65 1,537 3,053 4,655 Derivative financial instruments 1,757 - 1,757 - 1,757 Financial liabilities: Non-maturity deposits $ (947,757 ) $ (947,757 ) $ - $ - $ (947,757 ) Certificates of deposit (123,489 ) - (123,670 ) - (123,670 ) Subordinated debentures (21,651 ) - (16,168 ) - (16,168 ) Other borrowings (4,165 ) - (4,165 ) - (4,165 ) Accrued interest payable (151 ) - (151 ) - (151 ) As of December 31, 2020 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 84,818 $ 84,818 $ - $ - $ 84,818 Investment securities available-for-sale 297,270 2,037 295,233 - 297,270 Bank stocks, at cost 4,473 n/a n/a n/a n/a Loans, net 702,782 - - 718,071 718,071 Loans held for sale 15,533 - 15,533 - 15,533 Accrued interest receivable 4,885 - 1,697 3,188 4,885 Derivative financial instruments 1,796 - 1,796 - 1,796 Financial liabilities: Non-maturity deposits $ (882,277 ) $ (882,277 ) $ - $ - $ (882,277 ) Certificates of deposit (133,750 ) - (134,048 ) - (134,048 ) Subordinated debentures (21,651 ) - (15,232 ) - (15,232 ) Other borrowings (6,371 ) - (6,371 ) - (6,371 ) Accrued interest payable (168 ) - (168 ) - (168 ) Derivative financial instruments (466 ) - (466 ) - (466 ) |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, allocated to the appropriate fair value hierarchy: Schedule of Fair Value, Assets Measured on Recurring Basis (Dollars in thousands) As of March 31, 2021 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: U. S. treasury securities $ 20,359 $ 20,359 $ - $ - U. S. federal agency obligations 18,861 - 18,861 - Municipal obligations, tax exempt 143,105 - 143,105 - Municipal obligations, taxable 41,138 - 41,138 - Agency mortgage-backed securities 91,987 - 91,987 Certificates of deposit 5,455 - 5,455 - Loans held for sale 13,995 - 13,995 - Derivative financial instruments 1,757 - 1,757 - As of December 31, 2020 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale investment securities: U. S. treasury securities $ 2,037 $ 2,037 $ - $ - U. S. federal agency obligations 18,924 - 18,924 - Municipal obligations, tax exempt 142,676 - 142,676 - Municipal obligations, taxable 49,535 - 49,535 - Agency mortgage-backed securities 78,638 - 78,638 - Certificates of deposit 5,460 - 5,460 - Loans held for sale 15,533 - 15,533 - Derivative financial instruments 1,796 - 1,796 - Liability: Derivative financial instruments (466 ) - (466 ) - |
Schedule of Fair Value Contractual Balance and Gain Loss on Loans Held for Sale | The aggregate fair value, contractual balance (including accrued interest), and gain on loans held for sale were as follows: Schedule of Fair Value Contractual Balance and Gain Loss on Loans Held for Sale As of As of March 31, December 31, (Dollars in thousands) 2021 2020 Aggregate fair value $ 13,995 $ 15,533 Contractual balance 13,956 15,151 Gain $ 39 $ 382 |
Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale | Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale Three months ended March 31, (Dollars in thousands) 2021 2020 Total change in fair value $ 427 $ (34 ) |
Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020. Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques (Dollars in thousands) Fair value Valuation technique Unobservable inputs Range As of March 31, 2021 Impaired loans: Commercial real estate $ 5,046 Sales comparison Adjustment to appraised value 15 20 % Commercial 90 Sales comparison Adjustment to comparable sales 0 86 % Agriculture 11 Sales comparison Adjustment to appraised value 25 % As of December 31, 2020 Impaired loans: Commercial real estate $ 3,640 Sales comparison Adjustment to appraised value 20 % Commercial 74 Sales comparison Adjustment to comparable sales 0 69 % Agriculture 9 Sales comparison Adjustment to appraised value 20 % Real estate owned: One-to-four family residential real estate 48 Sales comparison Adjustment to appraised value 10 % |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies | The following is a comparison of the Company’s regulatory capital to minimum capital requirements at March 31, 2021 and December 31, 2020: Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Dollars in thousands) To be well-capitalized For capital under regulatory Actual adequacy purposes guidelines Amount Ratio Amount Ratio (1) Amount Ratio As of March 31, 2021 Leverage $ 125,652 10.43 % $ 48,185 4.0 % $ 60,232 5.0 % Common Equity Tier 1 Capital 104,652 14.38 % 50,946 7.0 % 47,307 6.5 % Tier 1 Capital 125,652 17.26 % 61,863 8.5 % 58,224 8.0 % Total Risk Based Capital 134,752 18.51 % 76,419 10.5 % 72,780 10.0 % As of December 31, 2020 Leverage $ 121,068 10.70 % $ 45,262 4.0 % $ 56,577 5.0 % Common Equity Tier 1 Capital 100,068 13.77 % 50,866 7.0 % 47,233 6.5 % Tier 1 Capital 121,068 16.66 % 61,766 8.5 % 58,133 8.0 % Total Risk Based Capital 129,983 17.89 % 76,300 10.5 % 72,666 10.0 % (1) The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5 |
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulation | The following is a comparison of the Bank’s regulatory capital to minimum capital requirements at March 31, 2021 and December 31, 2020: Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulation To be well-capitalized under prompt (Dollars in thousands) For capital corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio (1) Amount Ratio As of March 31, 2021 Leverage $ 122,481 10.19 % $ 48,064 4.0 % $ 60,080 5.0 % Common Equity Tier 1 Capital 122,481 16.84 % 50,901 7.0 % 47,265 6.5 % Tier 1 Capital 122,481 16.84 % 61,808 8.5 % 58,173 8.0 % Total Risk Based Capital 131,574 18.09 % 76,352 10.5 % 72,716 10.0 % As of December 31, 2020 Leverage $ 118,174 10.47 % $ 45,139 4.0 % $ 56,423 5.0 % Common Equity Tier 1 Capital 118,174 16.27 % 50,829 7.0 % 47,199 6.5 % Tier 1 Capital 118,174 16.27 % 61,721 8.5 % 58,091 8.0 % Total Risk Based Capital 127,089 17.50 % 76,244 10.5 % 72,613 10.0 % (1) The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5 |
Schedule of Available-for-sale
Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Amortized cost | $ 312,251 | $ 284,758 |
Gross unrealized gains | 8,983 | 12,542 |
Gross unrealized losses | (329) | (30) |
Estimated fair value | 320,905 | 297,270 |
US Treasury Securities [Member] | ||
Investment Holdings [Line Items] | ||
Amortized cost | 20,330 | 2,000 |
Gross unrealized gains | 30 | 37 |
Gross unrealized losses | (1) | |
Estimated fair value | 20,359 | 2,037 |
U.S. Federal Agency Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Amortized cost | 18,748 | 18,804 |
Gross unrealized gains | 123 | 138 |
Gross unrealized losses | (10) | (18) |
Estimated fair value | 18,861 | 18,924 |
Municipal Obligations, Tax Exempt [Member] | ||
Investment Holdings [Line Items] | ||
Amortized cost | 138,162 | 136,321 |
Gross unrealized gains | 4,998 | 6,367 |
Gross unrealized losses | (55) | (12) |
Estimated fair value | 143,105 | 142,676 |
Municipal Obligations, Taxable [Member] | ||
Investment Holdings [Line Items] | ||
Amortized cost | 39,866 | 46,643 |
Gross unrealized gains | 1,376 | 2,892 |
Gross unrealized losses | (104) | |
Estimated fair value | 41,138 | 49,535 |
Agency Mortgage-backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Amortized cost | 89,690 | 75,530 |
Gross unrealized gains | 2,456 | 3,108 |
Gross unrealized losses | (159) | |
Estimated fair value | 91,987 | 78,638 |
Certificates of Deposit [Member] | ||
Investment Holdings [Line Items] | ||
Amortized cost | 5,455 | 5,460 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Estimated fair value | $ 5,455 | $ 5,460 |
Schedule of Available for Sale
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Details) $ in Thousands | Mar. 31, 2021USD ($)Number | Dec. 31, 2020USD ($)Number |
Investment Holdings [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Number | 44 | 16 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 49,991 | $ 15,963 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (329) | (30) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 49,991 | 15,963 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (329) | $ (30) |
US Treasury Securities [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Number | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 5,308 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,308 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) | |
U.S. Federal Agency Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Number | 3 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 8,712 | $ 11,772 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10) | (18) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,712 | 11,772 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (10) | $ (18) |
Municipal Obligations, Tax Exempt [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Number | 24 | 12 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 9,541 | $ 4,191 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (55) | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 9,541 | 4,191 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (55) | $ (12) |
Municipal Obligations, Taxable [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Number | 8 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 5,345 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (104) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,345 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (104) | |
Agency Mortgage-backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | Number | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 21,085 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (159) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,085 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (159) |
Schedule of Investments Classif
Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Abstract] | ||
Amortized cost, Due in less than one year | $ 28,023 | |
Estimated fair value, Due in less than one year | 28,100 | |
Amortized cost, Due after one year but within five years | 167,223 | |
Estimated fair value, Due after one year but within five years | 170,860 | |
Amortized cost, Due after five years but within ten years | 58,457 | |
Estimated fair value, Due after five years but within ten years | 60,891 | |
Amortized cost, Due after ten years | 58,548 | |
Estimated fair value, Due after ten years | 61,054 | |
Amortized cost, Total | 312,251 | $ 284,758 |
Estimated fair value, Total | $ 320,905 | $ 297,270 |
Schedule of Realized Gain (loss
Schedule of Realized Gain (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Investments [Abstract] | ||
Sales proceeds | $ 13,346 | $ 44,508 |
Realized gains | 1,075 | 1,772 |
Realized losses | 0 | (2) |
Net realized gains | $ 1,075 | $ 1,770 |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Abstract] | ||
Security Owned and Pledged as Collateral, Fair Value | $ 285 | $ 282.2 |
Equity Method Investment, Ownership Percentage | 10.00% |
Schedule of Loans (Details)
Schedule of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | $ 730,691 | $ 713,514 |
Net deferred loan (fees)/costs and loans in process | (3,611) | (1,957) |
Allowance for loan losses | (9,271) | (8,775) |
Loans, net | 717,809 | 702,782 |
One To Four Family Residential Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 159,798 | 157,984 |
Construction and Land Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 26,591 | 26,106 |
Commercial Real Estate Loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 179,781 | 172,307 |
Commercial Loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 126,998 | 134,047 |
Paycheck Protection Program Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 117,297 | 100,084 |
Agriculture Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 92,486 | 96,532 |
Municipal Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | 2,183 | 2,332 |
Consumer Loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total gross loans | $ 25,557 | $ 24,122 |
Schedule of Allowance for Credi
Schedule of Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | $ 8,775 | $ 6,467 | ||
Charge-offs | (64) | (220) | ||
Recoveries | 60 | 32 | ||
Provision for loan losses | 500 | 1,200 | ||
Balance | 9,271 | 7,479 | ||
Individually evaluated for loss | $ 492 | $ 266 | ||
Collectively evaluated for loss | 8,779 | 8,509 | ||
Total | 9,271 | 7,479 | 9,271 | 8,775 |
Individually evaluated for loss | 12,758 | 12,462 | ||
Collectively evaluated for loss | 717,933 | 701,052 | ||
Loans and Leases Receivable, Gross, Total | 730,691 | 713,514 | ||
One To Four Family Residential Real Estate Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 859 | 501 | ||
Charge-offs | (23) | |||
Recoveries | 1 | |||
Provision for loan losses | 60 | 152 | ||
Balance | 897 | 653 | ||
Individually evaluated for loss | ||||
Collectively evaluated for loss | 897 | 859 | ||
Total | 897 | 653 | 897 | 859 |
Individually evaluated for loss | 914 | |||
Collectively evaluated for loss | 157,070 | |||
Loans and Leases Receivable, Gross, Total | 157,984 | |||
Construction and Land Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 181 | 271 | ||
Charge-offs | (100) | |||
Recoveries | 1 | |||
Provision for loan losses | 4 | 54 | ||
Balance | 186 | 225 | ||
Individually evaluated for loss | ||||
Collectively evaluated for loss | 186 | 181 | ||
Total | 186 | 225 | 186 | 181 |
Individually evaluated for loss | 1,027 | 1,137 | ||
Collectively evaluated for loss | 25,564 | 24,969 | ||
Loans and Leases Receivable, Gross, Total | 26,591 | 26,106 | ||
Commercial Real Estate Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 2,482 | 1,386 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | 775 | |||
Balance | 3,257 | 1,628 | ||
Individually evaluated for loss | 424 | 177 | ||
Collectively evaluated for loss | 2,833 | 2,305 | ||
Total | 3,257 | 1,628 | 3,257 | 2,482 |
Individually evaluated for loss | 7,874 | 8,119 | ||
Collectively evaluated for loss | 171,907 | 164,188 | ||
Loans and Leases Receivable, Gross, Total | 179,781 | 172,307 | ||
Commercial Loan [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 2,388 | 1,815 | ||
Charge-offs | (33) | |||
Recoveries | 1 | 1 | ||
Provision for loan losses | (143) | 642 | ||
Balance | 2,246 | 2,425 | ||
Individually evaluated for loss | 28 | 22 | ||
Collectively evaluated for loss | 2,218 | 2,366 | ||
Total | 2,246 | 2,425 | 2,246 | 2,388 |
Individually evaluated for loss | 1,679 | 1,639 | ||
Collectively evaluated for loss | 125,319 | 132,408 | ||
Loans and Leases Receivable, Gross, Total | 126,998 | 134,047 | ||
Paycheck Protection Program Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | ||||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | ||||
Balance | ||||
Total | ||||
Loans and Leases Receivable, Gross, Total | 117,297 | 100,084 | ||
Agriculture Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 2,690 | 2,347 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan losses | (187) | 34 | ||
Balance | 2,503 | 2,381 | ||
Individually evaluated for loss | 40 | 67 | ||
Collectively evaluated for loss | 2,463 | 2,623 | ||
Total | 2,503 | 2,381 | 2,503 | 2,690 |
Individually evaluated for loss | 1,182 | 614 | ||
Collectively evaluated for loss | 91,304 | 95,918 | ||
Loans and Leases Receivable, Gross, Total | 92,486 | 96,532 | ||
Municipal Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 6 | 7 | ||
Charge-offs | ||||
Recoveries | 6 | 6 | ||
Provision for loan losses | (6) | (6) | ||
Balance | 6 | 7 | ||
Individually evaluated for loss | ||||
Collectively evaluated for loss | 6 | 6 | ||
Total | 6 | 7 | 6 | 6 |
Individually evaluated for loss | 36 | 36 | ||
Collectively evaluated for loss | 2,147 | 2,296 | ||
Loans and Leases Receivable, Gross, Total | 2,183 | 2,332 | ||
Consumer Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 169 | 140 | ||
Charge-offs | (41) | (87) | ||
Recoveries | 51 | 25 | ||
Provision for loan losses | (3) | |||
Balance | 176 | 160 | ||
Total | 176 | 160 | 176 | 169 |
Commercial Real Estate Loan [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Provision for loan losses | 242 | |||
Loans and Leases Receivable, Gross, Total | 179,781 | 172,307 | ||
Consumer Loan [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 169 | |||
Provision for loan losses | $ 82 | |||
Balance | 176 | |||
Individually evaluated for loss | ||||
Collectively evaluated for loss | 176 | 169 | ||
Total | 169 | 176 | 169 | |
Individually evaluated for loss | 4 | 3 | ||
Collectively evaluated for loss | 25,553 | 24,119 | ||
Loans and Leases Receivable, Gross, Total | 25,557 | 24,122 | ||
Paycheck Protection Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | ||||
Balance | ||||
Individually evaluated for loss | ||||
Collectively evaluated for loss | ||||
Total | ||||
Individually evaluated for loss | ||||
Collectively evaluated for loss | 117,297 | 100,084 | ||
Loans and Leases Receivable, Gross, Total | 117,297 | 100,084 | ||
One To Four Family Residential Real Estate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Balance | 897 | |||
Total | $ 897 | 897 | ||
Individually evaluated for loss | 956 | |||
Collectively evaluated for loss | 158,842 | |||
Loans and Leases Receivable, Gross, Total | $ 159,798 | $ 157,984 |
Schedule of Impaired Financing
Schedule of Impaired Financing Receivables (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | $ 15,059,000 | $ 14,763,000 |
Impaired loan balance | 12,758,000 | 12,462,000 |
Impaired loans without an allowance | 7,119,000 | 8,473,000 |
Impaired loans with an allowance | 5,639,000 | 3,989,000 |
Related allowance recorded | 492,000 | 266,000 |
Year-to-date average loan balance | 12,864,000 | 12,948,000 |
Year-to-date interest income recognized | 43,000 | 148,000 |
One To Four Family Residential Real Estate Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 956,000 | 914,000 |
Impaired loan balance | 956,000 | 914,000 |
Impaired loans without an allowance | 956,000 | 914,000 |
Impaired loans with an allowance | ||
Related allowance recorded | ||
Year-to-date average loan balance | 963,000 | 925,000 |
Year-to-date interest income recognized | 2,000 | 3,000 |
Construction and Land Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 2,762,000 | 2,872,000 |
Impaired loan balance | 1,027,000 | 1,137,000 |
Impaired loans without an allowance | 1,027,000 | 1,137,000 |
Impaired loans with an allowance | ||
Related allowance recorded | ||
Year-to-date average loan balance | 1,043,000 | 1,211,000 |
Year-to-date interest income recognized | 6,000 | 26,000 |
Commercial Real Estate Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 7,874,000 | 8,119,000 |
Impaired loan balance | 7,874,000 | 8,119,000 |
Impaired loans without an allowance | 2,404,000 | 4,302,000 |
Impaired loans with an allowance | 5,470,000 | 3,817,000 |
Related allowance recorded | 424,000 | 177,000 |
Year-to-date average loan balance | 7,875,000 | 8,152,000 |
Year-to-date interest income recognized | 9,000 | 8,000 |
Commercial Loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 2,030,000 | 1,990,000 |
Impaired loan balance | 1,679,000 | 1,639,000 |
Impaired loans without an allowance | 1,561,000 | 1,543,000 |
Impaired loans with an allowance | 118,000 | 96,000 |
Related allowance recorded | 28,000 | 22,000 |
Year-to-date average loan balance | 1,705,000 | 1,984,000 |
Year-to-date interest income recognized | 10,000 | 43,000 |
Agriculture Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 1,397,000 | 829,000 |
Impaired loan balance | 1,182,000 | 614,000 |
Impaired loans without an allowance | 1,131,000 | 538,000 |
Impaired loans with an allowance | 51,000 | 76,000 |
Related allowance recorded | 40,000 | 67,000 |
Year-to-date average loan balance | 1,237,000 | 618,000 |
Year-to-date interest income recognized | 16,000 | 67,000 |
Municipal Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 36,000 | 36,000 |
Impaired loan balance | 36,000 | 36,000 |
Impaired loans without an allowance | 36,000 | 36,000 |
Impaired loans with an allowance | ||
Related allowance recorded | ||
Year-to-date average loan balance | 36,000 | 54,000 |
Year-to-date interest income recognized | 1,000 | |
Consumer Loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unpaid contractual principal | 4,000 | 3,000 |
Impaired loan balance | 4,000 | 3,000 |
Impaired loans without an allowance | 4,000 | 3,000 |
Impaired loans with an allowance | ||
Related allowance recorded | ||
Year-to-date average loan balance | 5,000 | 4,000 |
Year-to-date interest income recognized |
Schedule of Past Due Financing
Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | $ 5,025 | $ 1,530 |
Loans, Non-accrual loans | 11,015 | 10,515 |
Loan, Total past due and non-accrual loans | 16,040 | 12,045 |
Loan, Total loans not past due | $ 714,651 | $ 701,469 |
Percentage of gross loans, Total past due loans accruing | 0.69% | 0.22% |
Percent of gross loans, Non-accrual loans | 1.51% | 1.47% |
Percentage of Total past due and non-accrual loans | 2.20% | 1.69% |
Percentage of Total loans not past due | 97.80% | 98.31% |
Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | $ 4,453 | $ 1,315 |
Percentage of gross loans, Total past due loans accruing | 0.61% | 0.19% |
Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | $ 572 | $ 215 |
Percentage of gross loans, Total past due loans accruing | 0.08% | 0.03% |
Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Percentage of gross loans, Total past due loans accruing | 0.00% | 0.00% |
One To Four Family Residential Real Estate [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | $ 1,268 | $ 262 |
One To Four Family Residential Real Estate [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 124 | 185 |
One To Four Family Residential Real Estate [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
One To Four Family Residential Real Estate Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 1,392 | 447 |
Loans, Non-accrual loans | 793 | 749 |
Loan, Total past due and non-accrual loans | 2,185 | 1,196 |
Loan, Total loans not past due | 157,613 | 156,788 |
Construction and Land Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Loans, Non-accrual loans | 691 | 694 |
Loan, Total past due and non-accrual loans | 691 | 694 |
Loan, Total loans not past due | 25,900 | 25,412 |
Construction and Land Loans [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Construction and Land Loans [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Construction and Land Loans [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Loans, Non-accrual loans | 7,874 | 8,119 |
Loan, Total past due and non-accrual loans | 7,874 | 8,119 |
Loan, Total loans not past due | 171,907 | 164,188 |
Commercial Real Estate [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Commercial Real Estate [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Commercial Real Estate [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Commercial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 1,587 | 832 |
Loans, Non-accrual loans | 947 | 874 |
Loan, Total past due and non-accrual loans | 2,534 | 1,706 |
Loan, Total loans not past due | 124,464 | 132,341 |
Commercial Loans [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 1,587 | 832 |
Commercial Loans [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Commercial Loans [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Paycheck Protection Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Loans, Non-accrual loans | ||
Loan, Total past due and non-accrual loans | ||
Loan, Total loans not past due | 117,297 | 100,084 |
Paycheck Protection Loans [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Paycheck Protection Loans [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Paycheck Protection Loans [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Agriculture Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 2,007 | 235 |
Loans, Non-accrual loans | 706 | 76 |
Loan, Total past due and non-accrual loans | 2,713 | 311 |
Loan, Total loans not past due | 89,773 | 96,221 |
Agriculture Loans [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 1,583 | 206 |
Agriculture Loans [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 424 | 29 |
Agriculture Loans [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Municipal Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Loans, Non-accrual loans | ||
Loan, Total past due and non-accrual loans | ||
Loan, Total loans not past due | 2,183 | 2,332 |
Municipal Loans [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Municipal Loans [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Municipal Loans [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | ||
Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 39 | 16 |
Loans, Non-accrual loans | 4 | 3 |
Loan, Total past due and non-accrual loans | 43 | 19 |
Loan, Total loans not past due | 25,514 | 24,103 |
Consumer Loans [Member] | Thirty To Fifty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 15 | 15 |
Consumer Loans [Member] | Sixty To Eighty Nine Days Delinquent And Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing | 24 | 1 |
Consumer Loans [Member] | Ninety Days or More Delinquent and Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Total past due loans accruing |
Schedule of Risk Categories by
Schedule of Risk Categories by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | $ 730,691 | $ 713,514 |
One To Four Family Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 159,798 | 157,984 |
Construction and Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 26,591 | 26,106 |
Paycheck Protection Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 117,297 | 100,084 |
Agriculture Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 92,486 | 96,532 |
Municipal Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 2,183 | 2,332 |
Loans Receivables Non Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 705,885 | 688,278 |
Loans Receivables Non Classified [Member] | One To Four Family Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 155,668 | 154,985 |
Loans Receivables Non Classified [Member] | Construction and Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 25,900 | 25,412 |
Loans Receivables Non Classified [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 168,909 | 161,661 |
Loans Receivables Non Classified [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 125,069 | 132,023 |
Loans Receivables Non Classified [Member] | Paycheck Protection Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 117,297 | 100,084 |
Loans Receivables Non Classified [Member] | Agriculture Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 85,305 | 87,662 |
Loans Receivables Non Classified [Member] | Municipal Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 2,183 | 2,332 |
Loans Receivables Non Classified [Member] | Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 25,554 | 24,119 |
Loans Receivables Classified [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 24,806 | 25,236 |
Loans Receivables Classified [Member] | One To Four Family Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 4,130 | 2,999 |
Loans Receivables Classified [Member] | Construction and Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 691 | 694 |
Loans Receivables Classified [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 10,872 | 10,646 |
Loans Receivables Classified [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 1,929 | 2,024 |
Loans Receivables Classified [Member] | Paycheck Protection Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | ||
Loans Receivables Classified [Member] | Agriculture Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | 7,181 | 8,870 |
Loans Receivables Classified [Member] | Municipal Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | ||
Loans Receivables Classified [Member] | Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross, Total | $ 3 | $ 3 |
Schedule of Troubled Debt Restr
Schedule of Troubled Debt Restructurings On Financing Receivables (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)Number | Dec. 31, 2020USD ($)Number | |
One To Four Family Residential Real Estate Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 2 | 2 |
Financing receivable, modifications, recorded investment, non accrual balance | ||
Financing receivable, modifications, recorded investment, accruing balance | $ 163 | $ 165 |
Construction and Land Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 4 | 5 |
Financing receivable, modifications, recorded investment, non accrual balance | $ 691 | $ 693 |
Financing receivable, modifications, recorded investment, accruing balance | $ 336 | $ 443 |
Commercial Real Estate Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 2 | 2 |
Financing receivable, modifications, recorded investment, non accrual balance | $ 1,227 | $ 1,227 |
Financing receivable, modifications, recorded investment, accruing balance | ||
Commercial Loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 8 | 7 |
Financing receivable, modifications, recorded investment, non accrual balance | $ 80 | $ 33 |
Financing receivable, modifications, recorded investment, accruing balance | $ 732 | $ 765 |
Agriculture loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 4 | 4 |
Financing receivable, modifications, recorded investment, non accrual balance | ||
Financing receivable, modifications, recorded investment, accruing balance | $ 476 | $ 538 |
Municipal Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 1 | 1 |
Financing receivable, modifications, recorded investment, non accrual balance | ||
Financing receivable, modifications, recorded investment, accruing balance | $ 36 | $ 36 |
Troubled Debt Restructurings [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Troubled debt restructurings, Number of loans | Number | 21 | 21 |
Financing receivable, modifications, recorded investment, non accrual balance | $ 1,998 | $ 1,953 |
Financing receivable, modifications, recorded investment, accruing balance | $ 1,743 | $ 1,947 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | ||||
Net loan charge-offs | $ 4,000 | $ 188,000 | ||
Impaired loan balance | 12,758,000 | $ 12,462,000 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 186,000 | 120,000 | ||
Interest income realted to non-accural loans | 0 | 0 | ||
Loan classified as TDRs | 47,000 | 0 | ||
Restructuring charge-off | 100,000 | |||
Loans and Leases Receivable, Allowance | 9,271,000 | $ 7,479,000 | 8,775,000 | $ 6,467,000 |
One To Four Family Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans and Leases Receivable, Allowance | 897,000 | |||
One To Four Family Residential Real Estate [Member] | Short-Term Repayment Plans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Payments for Loans | 250,000 | |||
COVID-19 [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan classified as TDRs | 6,800,000 | |||
Trouble Debt Restructurings [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Provision For Loan Losses Reversal | 1,000 | |||
Loans and Leases Receivable, Allowance | $ 8,000 | $ 8,000 |
Schedule of Other Intangible As
Schedule of Other Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | $ 2,368 | $ 2,368 |
Intangible assets, Accumulated amortization | (2,200) | (2,162) |
Intangible assets, Net carrying amount | 168 | 206 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | 2,018 | 2,018 |
Intangible assets, Accumulated amortization | (1,865) | (1,838) |
Intangible assets, Net carrying amount | 153 | 180 |
Lease Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross carrying amount | 350 | 350 |
Intangible assets, Accumulated amortization | (335) | (324) |
Intangible assets, Net carrying amount | $ 15 | $ 26 |
Schedule of Finite-lived Intang
Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2021 | $ 84 |
2022 | 58 |
2023 | 26 |
Total | $ 168 |
Schedule of Participating Mortg
Schedule of Participating Mortgage Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Total | $ 687,860 | $ 668,032 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Total | 662,995 | 639,875 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Total | $ 24,865 | $ 28,157 |
Schedule of Servicing Asset at
Schedule of Servicing Asset at Amortized Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Mortgage Loan Servicing | ||
Balance at beginning of year | $ 3,726 | $ 2,446 |
Additions | 639 | 212 |
Amortization | (399) | (230) |
Balance at end of year | $ 3,966 | $ 2,428 |
Mortgage Loan Servicing (Detail
Mortgage Loan Servicing (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Loss on reserve for mortage loan | $ 9,000 | ||
Weighted Average [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Assumption for fair value of interests continued to be held by transferor servicing assets or liabilities weighted average default rate | 1.35% | 1.36% | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Write-down or Reserve, Amount | $ 226,000 | $ 235,000 | |
Mortgage Loans Serviced [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Escrow deposit | 10,000,000 | 5,800,000 | |
Interest and Fee Income, Other Loans | 431,000 | $ 357,000 | |
Servicing asset at fair value, amount | $ 6,000,000 | $ 4,400,000 | |
Mortgage Loans Serviced [Member] | Minimum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, discount rate | 8.65% | 8.78% | |
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, prepayment speed | 6.00% | 7.10% | |
Mortgage Loans Serviced [Member] | Maximum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, discount rate | 12.00% | 12.00% | |
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, prepayment speed | 27.55% | 29.61% |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Earnings per share (1): | |||
Net earnings | $ 5,367 | $ 3,363 | |
Weighted Average Number of Shares Outstanding, Basic | [1] | 4,752,864 | 4,808,572 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | [1] | 6,634 | 19,121 |
Weighted Average Number of Shares Outstanding, Diluted | [1] | 4,759,498 | 4,827,693 |
Earnings Per Share, Basic | [2] | $ 1.13 | $ 0.70 |
Earnings Per Share, Diluted | [2] | $ 1.13 | $ 0.70 |
[1] | Share and per share values for the period ended March 31, 2020 have been adjusted to give effect to the 5 | ||
[2] | Per share amounts for the period ended March 31, 2020 have been adjusted to give effect to the 5 |
Schedule of Earnings Per Shar_2
Schedule of Earnings Per Share, Basic and Diluted (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share (1): | |
Stock dividend, percentage | 5.00% |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) | 3 Months Ended |
Mar. 31, 2020shares | |
Earnings per share (1): | |
Diluted earning per shares excluded unexercised stock option | 105,041 |
Schedule of Repurchase Agreemen
Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | $ 4,165 | $ 6,371 |
U.S. Federal Agency Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | 1,989 | 2,412 |
Agency Mortgage-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | 2,176 | 3,959 |
Overnight And Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | 4,165 | 6,371 |
Overnight And Continuous [Member] | U.S. Federal Agency Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | 1,989 | 2,412 |
Overnight And Continuous [Member] | Agency Mortgage-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | 2,176 | 3,959 |
Upto 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
Upto 30 Days [Member] | U.S. Federal Agency Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
Upto 30 Days [Member] | Agency Mortgage-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
30 - 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
30 - 90 Days [Member] | U.S. Federal Agency Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
30 - 90 Days [Member] | Agency Mortgage-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
Greater Than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
Greater Than 90 Days [Member] | U.S. Federal Agency Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount | ||
Greater Than 90 Days [Member] | Agency Mortgage-backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase, carrying amount |
Repurchase Agreements (Details
Repurchase Agreements (Details Narrative) - Repurchase Agreements [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Customer funds | $ 4.2 | $ 6.4 |
Debt instrument, collateral amount | $ 7.2 | $ 8.7 |
Schedule of Revenue from Contra
Schedule of Revenue from Contracts with Customers Within Non-interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenue from Contract with Customer [Abstract] | |||
Overdraft fees | $ 672 | $ 873 | |
Other | 163 | 146 | |
Interchange income | 724 | 535 | |
Loan servicing fees | [1] | 431 | 357 |
Gain (Loss) on Sale of Capital Leases, Net | [1] | 166 | 162 |
Gain (Loss) on Sales of Loans, Net | [1] | 3,140 | 1,193 |
Bank Owned Life Insurance Income | [1] | 148 | 154 |
Gain (Loss) on Derivative Instruments, Net, Pretax | [1] | 1,075 | 1,770 |
Gains (losses) on sales of real estate owned | 5 | (1) | |
Other | 201 | 164 | |
Total non-interest income | $ 6,725 | $ 5,353 | |
[1] | Not within the scope of ASC 606. |
Schedule of Fair Value, by Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale | $ 320,905 | $ 297,270 |
Loans held for sale | 13,995 | 15,533 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 109,151 | 84,818 |
Investment securities available-for-sale | 20,359 | 2,037 |
Loans, net | ||
Loans held for sale | ||
Accrued interest receivable | 65 | |
Derivative financial instruments | ||
Non-maturity deposits | (947,757) | (882,277) |
Certificates of deposit | ||
Subordinated debentures | ||
Other borrowings | ||
Accrued interest payable | ||
Derivative financial instruments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | ||
Investment securities available-for-sale | 300,546 | 295,233 |
Loans, net | ||
Loans held for sale | 13,995 | 15,533 |
Accrued interest receivable | 1,537 | 1,697 |
Derivative financial instruments | 1,757 | 1,796 |
Non-maturity deposits | ||
Certificates of deposit | (123,670) | (134,048) |
Subordinated debentures | (16,168) | (15,232) |
Other borrowings | (4,165) | (6,371) |
Accrued interest payable | (151) | (168) |
Derivative financial instruments | (466) | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | ||
Investment securities available-for-sale | ||
Loans, net | 733,858 | 718,071 |
Loans held for sale | ||
Accrued interest receivable | 3,053 | 3,188 |
Derivative financial instruments | ||
Non-maturity deposits | ||
Certificates of deposit | ||
Subordinated debentures | ||
Other borrowings | ||
Accrued interest payable | ||
Derivative financial instruments | ||
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 109,151 | 84,818 |
Investment securities available-for-sale | 320,905 | 297,270 |
Loans, net | 733,858 | 718,071 |
Loans held for sale | 13,995 | 15,533 |
Accrued interest receivable | 4,655 | 4,885 |
Derivative financial instruments | 1,757 | 1,796 |
Non-maturity deposits | (947,757) | (882,277) |
Certificates of deposit | (123,670) | (134,048) |
Subordinated debentures | (16,168) | (15,232) |
Other borrowings | (4,165) | (6,371) |
Accrued interest payable | (151) | (168) |
Derivative financial instruments | (466) | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 109,151 | 84,818 |
Investment securities available-for-sale | 320,905 | 297,270 |
Bank stocks, at cost | 4,062 | 4,473 |
Loans, net | 717,809 | 702,782 |
Loans held for sale | 13,995 | 15,533 |
Accrued interest receivable | 4,655 | 4,885 |
Derivative financial instruments | 1,757 | 1,796 |
Non-maturity deposits | (947,757) | (882,277) |
Certificates of deposit | (123,489) | (133,750) |
Subordinated debentures | (21,651) | (21,651) |
Other borrowings | (4,165) | (6,371) |
Accrued interest payable | $ (151) | (168) |
Derivative financial instruments | $ (466) |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 320,905 | $ 297,270 |
Loans held for Sale | 13,995 | 15,533 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 20,359 | 2,037 |
Loans held for Sale | ||
Assets: Derivative financial instruments | ||
Liabilities: Derivative financial instruments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 300,546 | 295,233 |
Loans held for Sale | 13,995 | 15,533 |
Assets: Derivative financial instruments | 1,757 | 1,796 |
Liabilities: Derivative financial instruments | (466) | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Loans held for Sale | ||
Assets: Derivative financial instruments | ||
Liabilities: Derivative financial instruments | ||
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for Sale | 13,995 | 15,533 |
Assets: Derivative financial instruments | 1,757 | 1,796 |
Liabilities: Derivative financial instruments | (466) | |
Fair Value, Recurring [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 143,105 | 142,676 |
Fair Value, Recurring [Member] | Municipal Obligations, Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 41,138 | 49,535 |
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 91,987 | 78,638 |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,455 | 5,460 |
Fair Value, Recurring [Member] | U.S. Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 18,861 | 18,924 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for Sale | ||
Assets: Derivative financial instruments | ||
Liabilities: Derivative financial instruments | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations, Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Agency Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for Sale | 13,995 | 15,533 |
Assets: Derivative financial instruments | 1,757 | 1,796 |
Liabilities: Derivative financial instruments | (466) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 143,105 | 142,676 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations, Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 41,138 | 49,535 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Agency Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 91,987 | 78,638 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,455 | 5,460 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 18,861 | 18,924 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for Sale | ||
Assets: Derivative financial instruments | ||
Liabilities: Derivative financial instruments | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations, Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Agency Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Federal Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 20,359 | 2,037 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 20,359 | 2,037 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale |
Schedule of Fair Value Contract
Schedule of Fair Value Contractual Balance and Gain Loss on Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Aggregate fair value | $ 13,995 | $ 15,533 |
Contractual balance | 13,956 | 15,151 |
Gain | $ 39 | $ 382 |
Schedule of Gains and Losses fr
Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Total change in fair value | $ 427 | $ (34) |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Commercial Real Estate Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Fair Value Disclosure | $ 5,046 | $ 3,640 |
Fair Value Measurements, Valuation Techniques | Sales comparison | Sales comparison |
Fair Value Measurements, Unobservable inputs | Adjustment to appraised value | Adjustment to appraised value |
Fair Value Measurements Range | 0.20 | |
Commercial Real Estate Loans [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 0.15 | |
Commercial Real Estate Loans [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 0.20 | |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Fair Value Disclosure | $ 90 | $ 74 |
Fair Value Measurements, Valuation Techniques | Sales comparison | Sales comparison |
Fair Value Measurements, Unobservable inputs | Adjustment to comparable sales | Adjustment to comparable sales |
Commercial Loan [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 0 | 0 |
Commercial Loan [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 0.86 | 0.69 |
Agriculture loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Fair Value Disclosure | $ 11 | $ 9 |
Fair Value Measurements, Valuation Techniques | Sales comparison | Sales comparison |
Fair Value Measurements, Unobservable inputs | Adjustment to appraised value | Adjustment to appraised value |
Fair Value Measurements Range | 0.25 | 0.20 |
One To Four Family Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned Fair Value Disclosure | $ 48 | |
Fair Value Measurements, Real estate owned Valuation Techniques | Sales comparison | |
Fair Value Measurements, Real estate owned Unobservable inputs | Adjustment to appraised value | |
Fair Value Measurements Real estate owned Range | 10.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Impaired financing receivable, recorded investment | $ 12,758,000 | $ 12,462,000 |
Impaired financing receivable, related allowance | $ 492,000 | $ 266,000 |
Schedule of Compliance with Reg
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Entity Listings [Line Items] | |||
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | 4.50% | ||
Companys Regulatory Capital Requirements [Member] | |||
Entity Listings [Line Items] | |||
Leverage - Actual Amount | $ 125,652 | $ 121,068 | |
Leverage - Actual Ratio | 0.1043 | 0.1070 | |
Leverage - For capital adequacy purposes Amount | $ 48,185 | $ 45,262 | |
Leverage - For capital adequacy purposes Ratio | [1] | 0.040 | 0.040 |
Leverage - To be well-capitalized under prompt corrective action provisions Amount | $ 60,232 | $ 56,577 | |
Leverage - To be well-capitalized under prompt corrective action provisions Ratio | 0.050 | 0.050 | |
Common Equity Tier 1 Capital - Actual Amount | $ 104,652 | $ 100,068 | |
Common Equity Tier 1 Capital - Actual Ratio | 14.38% | 13.77% | |
Common Equity Tier 1 Capital - For capital adequacy purposes Amount | $ 50,946 | $ 50,866 | |
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | [1] | 7.00% | 7.00% |
Common Equity Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 47,307 | $ 47,233 | |
Common Equity Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Ratio | 6.50% | 6.50% | |
Tier 1 Capital - Actual Amount | $ 125,652 | $ 121,068 | |
Tier 1 Capital - Actual Ratio | 0.1726 | 0.1666 | |
Tier 1 Capital - For capital adequacy purposes Amount | $ 61,863 | $ 61,766 | |
Tier 1 Capital - For capital adequacy purposes Ratio | [1] | 0.085 | 0.085 |
Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 58,224 | $ 58,133 | |
Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Ratio | 0.080 | 0.080 | |
Total Risk Based Capital - Actual Amount | $ 134,752 | $ 129,983 | |
Total Risk Based Capital - Actual Ratio | 0.1851 | 0.1789 | |
Total Risk Based Capital - For capital adequacy purposes Amount | $ 76,419 | $ 76,300 | |
Total Risk Based Capital - For capital adequacy purposes Ratio | [1] | 0.105 | 0.105 |
Total Risk Based Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 72,780 | $ 72,666 | |
Total Risk Based Capital - To be well-capitalized under prompt corrective action provisions Ratio | 0.100 | 0.100 | |
[1] | The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5 |
Schedule of Compliance with R_2
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Details) (Parenthetical) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Companys Regulatory Capital Requirements [Member] | ||
Entity Listings [Line Items] | ||
Tier one capital conversation buffer | 2.50% | 2.50% |
Schedule of Compliance with R_3
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulation (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Entity Listings [Line Items] | |||
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | 4.50% | ||
Banks Regulatory Capital Requirements [Member] | |||
Entity Listings [Line Items] | |||
Leverage - Actual Amount | $ 122,481 | $ 118,174 | |
Leverage - Actual Ratio | 0.1019 | 0.1047 | |
Leverage - For capital adequacy purposes Amount | $ 48,064 | $ 45,139 | |
Leverage - For capital adequacy purposes Ratio | [1] | 0.040 | 0.040 |
Leverage - To be well-capitalized under prompt corrective action provisions Amount | $ 60,080 | $ 56,423 | |
Leverage - To be well-capitalized under prompt corrective action provisions Ratio | 0.050 | 0.050 | |
Common Equity Tier 1 Capital - Actual Amount | $ 122,481 | $ 118,174 | |
Common Equity Tier 1 Capital - Actual Ratio | 16.84% | 16.27% | |
Common Equity Tier 1 Capital - For capital adequacy purposes Amount | $ 50,901 | $ 50,829 | |
Common Equity Tier 1 Capital - For capital adequacy purposes Ratio | [1] | 7.00% | 7.00% |
Common Equity Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 47,265 | $ 47,199 | |
Common Equity Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Ratio | 6.50% | 6.50% | |
Tier 1 Capital - Actual Amount | $ 122,481 | $ 118,174 | |
Tier 1 Capital - Actual Ratio | 0.1684 | 0.1627 | |
Tier 1 Capital - For capital adequacy purposes Amount | $ 61,808 | $ 61,721 | |
Tier 1 Capital - For capital adequacy purposes Ratio | [1] | 0.085 | 0.085 |
Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 58,173 | $ 58,091 | |
Tier 1 Capital - To be well-capitalized under prompt corrective action provisions Ratio | 0.080 | 0.080 | |
Total Risk Based Capital - Actual Amount | $ 131,574 | $ 127,089 | |
Total Risk Based Capital - Actual Ratio | 0.1809 | 0.1750 | |
Total Risk Based Capital - For capital adequacy purposes Amount | $ 76,352 | $ 76,244 | |
Total Risk Based Capital - For capital adequacy purposes Ratio | [1] | 0.105 | 0.105 |
Total Risk Based Capital - To be well-capitalized under prompt corrective action provisions Amount | $ 72,716 | $ 72,613 | |
Total Risk Based Capital - To be well-capitalized under prompt corrective action provisions Ratio | 0.100 | 0.100 | |
[1] | The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5 |
Schedule of Compliance with R_4
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations (Details) (Parenthetical) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Banks Regulatory Capital Requirements [Member] | ||
Entity Listings [Line Items] | ||
Tier one capital conversation buffer | 2.50% | 2.50% |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Assets, total | $ 1,248,875 | $ 1,188,027 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 4.50% | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | |
Capital required for capital adequacy to risk weighted assets | 8.00% | |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | |
Capital Conservation Buffer [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Tier one capital conversation buffer | 2.50% | |
Small Bank Holding Companies [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Assets, total | $ 3,000,000 |