Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | LIMESTONE BANCORP, INC. | ||
Entity Central Index Key | 0001358356 | ||
Trading Symbol | lmst | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 79,993,646 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, no par value | ||
Nonvoting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 1,220,000 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 6,271,143 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 8,241 | $ 6,963 |
Interest bearing deposits in banks | 21,962 | 28,398 |
Cash and cash equivalents | 30,203 | 35,361 |
Securities available for sale | 209,000 | 201,192 |
Loans, net of allowance of $8,376 and $8,880, respectively | 917,895 | 756,364 |
Premises and equipment, net | 19,658 | 14,655 |
Premises held for sale | 900 | 1,050 |
Other real estate owned | 3,225 | 3,485 |
Federal Home Loan Bank stock | 6,237 | 7,233 |
Bank owned life insurance | 16,037 | 15,646 |
Deferred taxes, net | 27,765 | 29,282 |
Goodwill | 6,252 | |
Other intangible assets, net | 2,500 | |
Accrued interest receivable and other assets | 6,107 | 5,424 |
Total assets | 1,245,779 | 1,069,692 |
Deposits | ||
Non-interest bearing | 187,551 | 142,618 |
Interest bearing | 839,424 | 751,613 |
Total deposits | 1,026,975 | 894,231 |
Federal Home Loan Bank advances | 61,389 | 46,549 |
Accrued interest payable and other liabilities | 8,665 | 5,815 |
Junior subordinated debentures | 21,000 | 21,000 |
Subordinated capital note | 17,000 | |
Senior debt | 5,000 | 10,000 |
Total liabilities | 1,140,029 | 977,595 |
Commitments and contingent liabilities (Note 18) | ||
Stockholders’ equity | ||
Common stock, no par, 39,000,000 shares authorized, 6,251,975 and 6,242,720 voting, and 1,220,000 and 1,220,000 non-voting shares issued and outstanding, respectively | 140,639 | 140,639 |
Additional paid-in capital | 24,508 | 24,287 |
Retained deficit | (55,683) | (66,201) |
Accumulated other comprehensive loss | (3,714) | (6,628) |
Total common stockholders’ equity | 105,750 | 92,097 |
Total liabilities and stockholders’ equity | $ 1,245,779 | $ 1,069,692 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans, allowance | $ 8,376 | $ 8,880 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 39,000,000 | 39,000,000 |
Voting Common Stock [Member] | ||
Common stock, shares issued (in shares) | 6,251,975 | 6,242,720 |
Common stock, shares outstanding (in shares) | 6,251,975 | 6,242,720 |
Nonvoting Common Stock [Member] | ||
Common stock, shares issued (in shares) | 1,220,000 | 1,220,000 |
Common stock, shares outstanding (in shares) | 1,220,000 | 1,220,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | |||
Loans, including fees | $ 42,153,000 | $ 37,342,000 | $ 31,866,000 |
Taxable securities | 6,269,000 | 4,880,000 | 4,399,000 |
Tax exempt securities | 326,000 | 383,000 | 571,000 |
Federal funds sold and other | 836,000 | 856,000 | 686,000 |
49,584,000 | 43,461,000 | 37,522,000 | |
Interest expense | |||
Deposits | 11,657,000 | 7,549,000 | 5,190,000 |
Federal Home Loan Bank advances | 810,000 | 867,000 | 120,000 |
Senior debt | 329,000 | 389,000 | 194,000 |
Junior subordinated debentures | 1,005,000 | 946,000 | 753,000 |
Subordinated capital note | 433,000 | 39,000 | 148,000 |
14,234,000 | 9,790,000 | 6,405,000 | |
Net interest income | 35,350,000 | 33,671,000 | 31,117,000 |
Negative provision for loan losses | (500,000) | (800,000) | |
Net interest income after negative provision for loan losses | 35,350,000 | 34,171,000 | 31,917,000 |
Non-interest income | |||
Non-interest income revenue | 501,000 | 660,000 | 666,000 |
Income from bank owned life insurance | 410,000 | 437,000 | 412,000 |
Net gain (loss) on sales and calls of investment securities | (5,000) | (6,000) | 288,000 |
Other | 694,000 | 1,162,000 | 930,000 |
5,918,000 | 5,779,000 | 5,404,000 | |
Non-interest expense | |||
Salaries and employee benefits | 16,233,000 | 15,489,000 | 15,090,000 |
Occupancy and equipment | 3,522,000 | 3,586,000 | 3,420,000 |
Professional fees | 769,000 | 814,000 | 978,000 |
Marketing expense | 908,000 | 1,114,000 | 1,098,000 |
FDIC insurance | 211,000 | 557,000 | 1,412,000 |
Data processing expense | 1,259,000 | 1,192,000 | 1,256,000 |
State franchise and deposit tax | 1,210,000 | 1,118,000 | 956,000 |
Deposit account related expense | 1,224,000 | 823,000 | 896,000 |
Other real estate owned expense | 368,000 | 868,000 | 1,973,000 |
Litigation and loan collection expense | 189,000 | 245,000 | 179,000 |
Communications expense | 772,000 | 701,000 | 722,000 |
Insurance expense | 444,000 | 478,000 | 540,000 |
Postage and delivery | 544,000 | 364,000 | 395,000 |
Acquisition costs | 775,000 | ||
Other | 1,842,000 | 1,777,000 | 1,852,000 |
30,270,000 | 29,126,000 | 30,767,000 | |
Income before income taxes | 10,998,000 | 10,824,000 | 6,554,000 |
Income tax expense (benefit) | 480,000 | 2,030,000 | (31,899,000) |
Net income | $ 10,518,000 | $ 8,794,000 | $ 38,453,000 |
Basic and diluted income per common share (in dollars per share) | $ 1.41 | $ 1.23 | $ 6.15 |
Deposit Account [Member] | |||
Non-interest income | |||
Non-interest income revenue | $ 2,381,000 | $ 2,355,000 | $ 2,253,000 |
Debit Card [Member] | |||
Non-interest income | |||
Non-interest income revenue | $ 2,438,000 | $ 1,831,000 | $ 1,521,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 10,518 | $ 8,794 | $ 38,453 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) arising during the period | 3,773 | (1,652) | 1,141 |
Transfer of investment securities from held to maturity to available for sale | 702 | ||
Amortization during the period of net unrealized loss transferred to held to maturity | 119 | ||
Less reclassification adjustment for gains (losses) included in net income (loss) | (5) | (6) | 288 |
Net unrealized gain (loss) recognized in comprehensive income | 3,778 | (1,646) | 1,674 |
Tax effect | (864) | 347 | (587) |
Other comprehensive income (loss) | 2,914 | (1,299) | 1,087 |
Comprehensive income | $ 13,432 | $ 7,495 | $ 39,540 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series E Preferred Stock [Member] | Preferred Stock [Member]Series F Preferred Stock [Member] | Common Stock [Member]Voting Common Stock [Member] | Common Stock [Member]Nonvoting Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2016 | 6,198 | 4,304 | 4,632,933 | 1,591,600 | 6,224,533 | ||||
Balances at Dec. 31, 2016 | $ 1,644 | $ 1,127 | $ 125,729 | $ 24,097 | $ (113,561) | $ (6,303) | $ 32,733 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 37,865 | 37,865 | |||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | |||||||||
Forfeited unvested stock (in shares) | (1,316) | (1,316) | |||||||
Forfeited unvested stock | |||||||||
Reverse stock split rounding shares (in shares) | (1,218) | (1,218) | |||||||
Stock-based compensation expense | 400 | 400 | |||||||
Net income | 38,453 | 38,453 | |||||||
Net change in accumulated other comprehensive loss, net of taxes | 1,087 | 1,087 | |||||||
Non-voting shares converted to voting (in shares) | 1,371,600 | (1,371,600) | |||||||
Balances (in shares) at Dec. 31, 2017 | 6,198 | 4,304 | 6,039,864 | 220,000 | 6,259,864 | ||||
Balances at Dec. 31, 2017 | $ 1,644 | $ 1,127 | $ 125,729 | 24,497 | (75,108) | (5,216) | 72,673 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 52,856 | 52,856 | |||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | |||||||||
Stock-based compensation expense | 524 | 524 | |||||||
Net income | 8,794 | 8,794 | |||||||
Net change in accumulated other comprehensive loss, net of taxes | (1,299) | (1,299) | |||||||
Issuance of stock (in shares) | 150,000 | 1,000,000 | 1,150,000 | ||||||
Issuance of stock | $ 14,910 | 14,910 | |||||||
Redemption and retirement of preferred shares (in shares) | (6,198) | (4,304) | |||||||
Redemption and retirement of preferred shares | $ (1,644) | $ (1,127) | (734) | (3,505) | |||||
Reclassification of disproportionate tax effect due to change in federal tax rate | 113 | (113) | |||||||
Balances (in shares) at Dec. 31, 2018 | 6,242,720 | 1,220,000 | 7,462,720 | ||||||
Balances at Dec. 31, 2018 | $ 140,639 | 24,287 | (66,201) | (6,628) | 92,097 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 13,503 | 13,503 | |||||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | (314) | (314) | |||||||
Forfeited unvested stock (in shares) | (4,248) | (4,248) | |||||||
Forfeited unvested stock | |||||||||
Stock-based compensation expense | 535 | 535 | |||||||
Net income | 10,518 | 10,518 | |||||||
Net change in accumulated other comprehensive loss, net of taxes | 2,914 | 2,914 | |||||||
Balances (in shares) at Dec. 31, 2019 | 6,251,975 | 1,220,000 | 7,471,975 | ||||||
Balances at Dec. 31, 2019 | $ 140,639 | $ 24,508 | $ (55,683) | $ (3,714) | $ 105,750 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 10,518,000 | $ 8,794,000 | $ 38,453,000 |
Adjustments to reconcile net income (loss) to net cash from operating activities | |||
Depreciation and amortization | 1,669,000 | 1,080,000 | 1,239,000 |
Negative provision for loan losses | (500,000) | (800,000) | |
Net amortization on securities | 700,000 | 865,000 | 1,246,000 |
Stock-based compensation expense | 535,000 | 524,000 | 400,000 |
Deferred taxes, net | 653,000 | 2,376,000 | (31,899,000) |
Net gain on sales of loans held for sale | (1,000) | (46,000) | |
Origination of loans held for sale | (2,859,000) | ||
Proceeds from sales of loans held for sale | 71,000 | 2,835,000 | |
Net gain on sales of other real estate owned | (72,000) | (74,000) | |
Net write-down of other real estate owned | 260,000 | 850,000 | 1,963,000 |
Net realized (gain) loss on sales and calls of investment securities | 5,000 | 6,000 | (288,000) |
Net (gain) loss on sale of premises and equipment | (1,000) | (692,000) | 3,000 |
Impairment on premises held for sale | 150,000 | 392,000 | |
Increase in cash surrender value of life insurance, net of premium expense | (391,000) | (417,000) | (391,000) |
Amortization of operating lease right-of-use assets | 185,000 | ||
Net change in accrued interest receivable and other assets | (302,000) | (491,000) | 2,079,000 |
Net change in accrued interest payable and other liabilities | (763,000) | (155,000) | (9,854,000) |
Net cash from operating activities | 13,218,000 | 12,630,000 | 2,007,000 |
Cash flows from investing activities | |||
Purchases of available for sale securities | (29,169,000) | (77,159,000) | (21,112,000) |
Proceeds from sales and calls of available for sale securities | 5,351,000 | 6,054,000 | 41,686,000 |
Proceeds from maturities and prepayments of available for sale securities | 19,083,000 | 20,116,000 | 21,838,000 |
Proceeds from calls of held to maturity securities | 47,000 | ||
Proceeds from maturities of held to maturity securities | 145,000 | ||
Proceeds from sale of other real estate owned | 876,000 | 793,000 | |
Proceeds from mandatory redemption of Federal Home Loan Bank stock | 996,000 | 90,000 | |
Net changes in loans | (35,538,000) | (52,885,000) | (73,202,000) |
Proceeds from sale of premises and equipment | 1,000 | 1,590,000 | 331,000 |
Purchases of premises and equipment | (1,321,000) | (1,168,000) | (284,000) |
Net cash paid for acquisition | (5,280,000) | ||
Net cash from investing activities | (45,877,000) | (102,486,000) | (29,758,000) |
Cash flows from financing activities | |||
Net change in deposits | 975,000 | 47,207,000 | (2,901,000) |
Repayment of Federal Home Loan Bank advances | (160,160,000) | (120,248,000) | (55,661,000) |
Advances from Federal Home Loan Bank | 175,000,000 | 155,000,000 | 45,000,000 |
Repayment of subordinated capital note | (2,250,000) | (900,000) | |
Proceeds from issuance of subordinated capital note | 17,000,000 | ||
Proceeds from senior debt | 10,000,000 | ||
Repayment of senior debt | (5,000,000) | ||
Proceeds from issuance of common stock, net | 14,910,000 | ||
Common shares withheld for taxes | (314,000) | ||
Redemption of preferred stock | (3,505,000) | ||
Net cash from financing activities | 27,501,000 | 91,114,000 | (4,462,000) |
Net change in cash and cash equivalents | (5,158,000) | 1,258,000 | (32,213,000) |
Beginning cash and cash equivalents | 35,361,000 | 34,103,000 | 66,316,000 |
Ending cash and cash equivalents | 30,203,000 | 35,361,000 | 34,103,000 |
Supplemental cash flow information: | |||
Interest paid | 13,763,000 | 10,607,000 | 5,665,000 |
Income taxes paid (refunded) | (346,000) | ||
Supplemental non-cash disclosure: | |||
Transfer from loans to other real estate | 730,000 | 270,000 | |
Transfer from premises and equipment to premises and equipment held for sale | 1,050,000 | ||
Transfer from held to maturity to available for sale securities | 41,380,000 | ||
AOCI component of transfer from held to maturity to available for sale, net of tax | 456,000 | ||
Initial recognition of right-of-use lease assets | $ 507,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 Nature of Operations and Principles of Consolidation 100% The Company provides financial services through its offices in south central, southern, and western Kentucky, Lexington, Louisville, and Frankfort. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, agricultural, and real estate loans. Substantially all loans are collateralized by specific items of collateral including business assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. There are no one Use of Estimates Cash and Cash Equivalents one $10.1 $7.4 December 31, 2019 2018, Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method anticipating prepayments on mortgage backed securities. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not not 1 2 Loans Interest income recognition on mortgage and commercial loans is discontinued at the time the loan is 90 no 90 not All interest accrued but not Allowance for Loan Losses may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is deemed impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and treated as impaired. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment and are not The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on actual loss history experienced over the most recent five A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for loan losses. Management identified the following portfolio segments: commercial, commercial real estate, residential real estate, consumer, agricultural, and other. ● Commercial loans are made to businesses and depend on the strength of the industries, related borrowers, and cash flow from the businesses. Commercial loans are advances for equipment purchases, or to provide working capital, or to meet other financing needs of business enterprises. These loans may ● Commercial real estate loans are affected by the local commercial real estate market and the local economy. Commercial real estate loans include loans on commercial properties occupied by borrowers and/or tenants. Construction and development loans are a component of this segment. These loans are generally secured by land under development or homes and commercial buildings under construction. Loans secured by farmland are also a component of this segment. Appraisals are obtained to support the loan amount. Financial information is obtained from the borrowers and/or the individual project to evaluate cash flows sufficiency to service the debt. ● Residential real estate loans are affected by the local residential real estate market, local economy, and, for variable rate mortgages, movement in indices tied to these loans. For owner occupied residential loans, the borrowers’ repayment ability is evaluated through a review of credit scores and debt to income ratios. For non-owner occupied residential loans, such as rental real estate, financial information is obtained from the borrowers and/or the individual project to evaluate cash flows sufficiency to service the debt. Appraisals are obtained to support the loan amount. ● Consumer loans depend on local economies. Consumer loans are generally unsecured, but may may ● Agriculture loans depend on the industries tied to these loans and are generally secured by livestock, crops, and/or equipment, but may ● Other loans include loans to municipalities, loans secured by stock, and overdrafts. For municipal loans, management evaluates the borrowers’ revenue streams as well as ability to repay form general funds. For loans secured by stock, management evaluates the market value of the stock securing the loan in relation to the loan amount. Overdrafts are funded based on pre-established criteria related to the deposit account relationship. Management analyzes key relevant risk characteristics for each portfolio segment having determined that loans in each segment possess similar general risk characteristics that are analyzed in connection with loan underwriting processes and procedures. In determining the allocated allowance, the weighted average loss rates over the most recent five Transfers of Financial Assets not Other Real Estate Owned Premises and Equipment 5 40 3 10 Premises and equipment held for sale are recorded at fair value less estimated cost to sell at the time of transfer based upon independent third Premises and equipment are reviewed for impairment when events indicate their carrying amount may not Federal Home Loan Bank (FHLB) Stock may Bank Owned Life Insurance Goodwill and Other Intangible Assets not November 30 Other intangible assets consist of a core deposit intangible asset arising from a branch acquisition and is amortized on an accelerated method over its estimated useful life of 13 Benefit Plans 401 Stock-Based Compensation Income Taxes A tax position is recognized as a benefit only if it is "more likely than not" 50% not not" no Loan Commitments and Related Financial Instruments Comprehensive Income ( Loss ) Earnings Per Common Share Earnings Allocated to Participating Securities – Loss Contingencies Dividend Restriction s may Fair Value of Financial Instruments D erivative I nstruments – As part of the asset/liability management program, the Company utilizes, from time to time, risk participation agreements to reduce its sensitivity to changing interest rates. These are derivative instruments, which are recorded as assets or liabilities in the consolidated balance sheets at fair value. Changes in the fair values of derivatives are reported in the consolidated statements of operations or other comprehensive income (“OCI”) depending on the use of the derivative and whether the instrument qualifies for hedge accounting. The key criterion for the hedge accounting is that the hedged relationship must be found to be effective as determined by FASB ASC 815 To date, the Company has not The risk participation agreements are not 815, not 820, New Accounting Standards – February 2016, No. 2016 02, 842 December 15, 2018. January 1, 2019, $ 507,000 not 5 In June 2016, No. 2016 13, 326 first one first December 2018, three one may October 2019, not December 15, 2022. In January 2017, No. 2017 04, 350 2 not first December 15, 2019. January 1, 2017. 2019 not not not 2 In March 2017, No. 2017 08, 310 20 first December 15, 2018. not |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N OTE 2 – SECURITIES Securities are classified as available for sale (AFS). AFS securities may The amortized cost and fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 201 9 (in thousands) Available for sale U.S. Government and federal agency $ 22,281 $ 196 $ (147 ) $ 22,330 Agency mortgage-backed: residential 91,269 1,186 (255 ) 92,200 Collateralized loan obligations 49,831 — (412 ) 49,419 State and municipal 27,819 550 (3 ) 28,366 Corporate bonds 16,472 213 — 16,685 Total available for sale $ 207,672 $ 2,145 $ (817 ) $ 209,000 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 201 8 (in thousands) Available for sale U.S. Government and federal agency $ 23,280 $ 2 $ (722 ) $ 22,560 Agency mortgage-backed: residential 87,689 192 (1,891 ) 85,990 Collateralized loan obligations 49,942 — (103 ) 49,839 State and municipal 32,841 230 (259 ) 32,812 Corporate bonds 9,890 127 (26 ) 9,991 Total available for sale $ 203,642 $ 551 $ (3,001 ) $ 201,192 Sales and calls of securities were as follows: 201 9 201 8 201 7 (in thousands) Proceeds $ 5,351 $ 6,054 $ 41,733 Gross gains 1 — 449 Gross losses 6 6 161 The tax provision related to net gains and losses realized on sales was an income tax benefit of $1,000 2019, $1,000 2018, $101,000 2017. The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may not December 31, 201 9 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ 49,398 $ 49,152 One to five years 38,081 38,524 Five to ten years 26,085 26,285 Beyond ten years 2,839 2,839 Agency mortgage-backed: residential 91,269 92,200 Total $ 207,672 $ 209,000 Securities pledged at year-end 2019 2018 $75.8 $64.4 At December 31, 2019 2018, $14.5 $15.3 2019, no one 10% The Bank owns Collateralized Loan Obligations (CLOs), which are debt securities secured by professionally managed portfolios of senior-secured loans to corporations. CLO managers are typically large non-bank financial institutions or banks and are typically $300 $1 one hundred five six first first may may The market value of CLOs may At December 31, 2019, $32.9 $16.5 no none 2019. three The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, underlying credit quality of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may December 31, 2019, not Securities with unrealized losses at December 31, 2019 December 31, 2018, Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) 201 9 Available for sale U.S. Government and federal agency $ 12,567 $ (147 ) $ — $ — $ 12,567 $ (147 ) Agency mortgage-backed: residential 18,457 (97 ) 10,665 (158 ) 29,122 (255 ) Collateralized loan obligations 9,539 (46 ) 35,336 (366 ) 44,875 (412 ) State and municipal 911 (3 ) — — 911 (3 ) Corporate bonds — — — — — — Total temporarily impaired $ 41,474 $ (293 ) $ 46,001 $ (524 ) $ 87,475 $ (817 ) Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) 201 8 Available for sale U.S. Government and federal agency $ 3,431 $ (57 ) $ 17,212 $ (665 ) $ 20,643 $ (722 ) Agency mortgage-backed: residential 30,229 (343 ) 40,932 (1,548 ) 71,161 (1,891 ) Collateralized loan obligations 48,294 (103 ) — — 48,294 (103 ) State and municipal 6,133 (29 ) 7,252 (230 ) 13,385 (259 ) Corporate bonds 3,569 (26 ) — — 3,569 (26 ) Total temporarily impaired $ 91,656 $ (558 ) $ 65,396 $ (2,443 ) $ 157,052 $ (3,001 ) |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 – LOANS Loans net of unearned income, deferred loan origination costs, and net premiums on acquired loans by class were as follows: 201 9 201 8 (in thousands) Commercial $ 145,551 $ 129,368 Commercial Real Estate: Construction 64,911 86,867 Farmland 79,118 77,937 Nonfarm nonresidential 255,459 172,177 Residential Real Estate: Multi-family 70,950 49,757 1-4 Family 226,629 175,761 Consumer 47,790 39,104 Agriculture 35,064 33,737 Other 799 536 Subtotal 926,271 765,244 Less: Allowance for loan losses (8,376 ) (8,880 ) Loans, net $ 917,895 $ 756,364 The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019, 2018, 2017: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 201 9 : (in thousands) Beginning balance $ 1,299 $ 4,676 $ 2,452 $ 130 $ 321 $ 2 $ 8,880 Provision (negative provision) 342 (622 ) (958 ) 943 297 (2 ) – Loans charged off (37 ) (47 ) (275 ) (663 ) (266 ) – (1,288 ) Recoveries 106 73 524 75 3 3 784 Ending balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total Dec ember 3 1 , 201 8 : (in thousands) Beginning balance $ 892 $ 4,032 $ 2,900 $ 64 $ 313 $ 1 $ 8,202 Provision (negative provision) 196 (192 ) (599 ) 92 6 (3 ) (500 ) Loans charged off (50 ) (198 ) (252 ) (95 ) (13 ) (8 ) (616 ) Recoveries 261 1,034 403 69 15 12 1,794 Ending balance $ 1,299 $ 4,676 $ 2,452 $ 130 $ 321 $ 2 $ 8,880 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total Dec ember 3 1 , 201 7 : (in thousands) Beginning balance $ 475 $ 4,894 $ 3,426 $ 8 $ 162 $ 2 $ 8,967 Provision (negative provision) 363 (1,223 ) (129 ) (8 ) 213 (16 ) (800 ) Loans charged off (5 ) (58 ) (692 ) (51 ) (95 ) – (901 ) Recoveries 59 419 295 115 33 15 936 Ending balance $ 892 $ 4,032 $ 2,900 $ 64 $ 313 $ 1 $ 8,202 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of December 31, 2019: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 3 $ 37 $ 2 $ – $ – $ – $ 42 Collectively evaluated for impairment 1,707 4,043 1,741 485 355 3 8,334 Total ending allowance balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Loans: Loans individually evaluated for impairment $ 74 $ 1,064 $ 892 $ 98 $ 42 $ – $ 2,170 Loans collectively evaluated for impairment 145,477 398,424 296,687 47,692 35,022 799 924,101 Total ending loans balance $ 145,551 $ 399,488 $ 297,579 $ 47,790 $ 35,064 $ 799 $ 926,271 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of December 31, 2018: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ – $ 35 $ 168 $ – $ – $ – $ 203 Collectively evaluated for impairment 1,299 4,641 2,284 130 321 2 8,677 Total ending allowance balance $ 1,299 $ 4,676 $ 2,452 $ 130 $ 321 $ 2 $ 8,880 Loans: Loans individually evaluated for impairment $ 53 $ 510 $ 2,348 $ – $ – $ – $ 2,911 Loans collectively evaluated for impairment 129,315 336,471 223,170 39,104 33,737 536 762,333 Total ending loans balance $ 129,368 $ 336,981 $ 225,518 $ 39,104 $ 33,737 $ 536 $ 765,244 Im paired Loans Impaired loans include restructured loans and loans on nonaccrual or classified as doubtful, whereby collection of the total amount is improbable, or loss, whereby all or a portion of the loan has been written off or a specific allowance for loss had been provided. The following table presents information related to loans individually evaluated for impairment by class of loan as of and for the year ended December 31, 2019: Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 138 $ 50 $ — $ 57 $ 3 $ 3 Commercial real estate: Construction — — — — — — Farmland 380 293 — 179 23 23 Nonfarm nonresidential 1,057 489 — 295 34 3 Residential real estate: Multi-family — — — — — — 1-4 Family 1,679 745 — 1,402 219 191 Consumer 309 98 — 56 6 6 Agriculture 304 42 — 47 3 3 Other — — — — — — Subtotal 3,867 1,717 — 2,036 288 229 With An Allowance Recorded: Commercial 24 24 3 15 2 — Commercial real estate: Construction — — — — — — Farmland 282 282 37 236 9 — Nonfarm nonresidential — — — — — — Residential real estate: Multi-family — — — — — — 1-4 Family 183 147 2 459 6 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 489 453 42 710 17 — Total $ 4,356 $ 2,170 $ 42 $ 2,746 $ 305 $ 229 The following table presents information related to loans individually evaluated for impairment by class of loan as of and for the year ended December 31, 2018: Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 120 $ 53 $ — $ 125 $ — $ — Commercial real estate: Construction — — — — — — Farmland 1,860 89 — 1,156 360 360 Nonfarm nonresidential 402 262 — 327 19 — Residential real estate: Multi-family — — — — — — 1-4 Family 2,678 1,628 — 1,964 — — Consumer 12 — — 1 — — Agriculture — — — — — — Other — — — — — — Subtotal 5,072 2,032 — 3,573 379 360 With An Allowance Recorded: Commercial — — — 60 3 — Commercial real estate: Construction — — — — — — Farmland — — — — — — Nonfarm nonresidential 159 159 35 100 — — Residential real estate: Multi-family — — — — — — 1-4 Family 720 720 168 1,111 — — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 879 879 203 1,271 3 — Total $ 5,951 $ 2,911 $ 203 $ 4,844 $ 382 $ 360 The following table presents information related to loans individually evaluated for impairment by class of loan as of and for the year ended December 31, 2017: Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 703 $ 487 $ — $ 495 $ 7 $ 7 Commercial real estate: Construction — — — — — — Farmland 3,687 2,059 — 2,651 210 210 Nonfarm nonresidential 1,047 576 — 716 59 47 Residential real estate: Multi-family — — — 820 — — 1-4 Family 4,293 2,787 — 2,884 143 143 Consumer 9 1 — 2 2 2 Agriculture — — — 24 1 1 Other — — — — — — Subtotal 9,739 5,910 — 7,592 422 410 With An Allowance Recorded: Commercial 100 100 13 100 7 — Commercial real estate: Construction — — — — — — Farmland — — — 235 — — Nonfarm nonresidential — — — 238 14 — Residential real estate: Multi-family — — — — — — 1-4 Family 1,163 1,163 206 1,404 68 — Consumer — — — — — — Agriculture — — — 24 — — Other — — — — — — Subtotal 1,263 1,263 219 2,001 89 — Total $ 11,002 $ 7,173 $ 219 $ 9,593 $ 511 $ 410 Troubled Debt Restructuring A troubled debt restructuring (TDR) occurs when the Bank has agreed to a loan modification in the form of a concession for a borrower who is experiencing financial difficulty. The Bank’s TDRs typically involve a reduction in interest rate, a deferral of principal for a stated period of time, or an interest only period. All TDRs are considered impaired and the Bank has allocated reserves for these loans to reflect the present value of the concessionary terms granted to the borrower. The following table presents the TDR loan modifications by portfolio segment outstanding as of December 31, 2019 2018: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 201 9 Commercial Real Estate: Nonfarm nonresidential $ 400 $ — $ 400 Residential Real Estate: 1-4 Family 75 — 75 Total TDRs $ 475 $ — $ 475 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2018 Commercial Real Estate: Nonfarm nonresidential $ 190 $ — $ 190 Residential Real Estate: 1-4 Family 720 — 720 Total TDRs $ 910 $ — $ 910 At December 31, 2019 2018, 100 $1,000 $168,000 December 31, 2019 2018, no December 31, 2019 December 31, 2018 The following table presents a summary of the TDR loan modifications by portfolio segment that occurred during the twelve December 31, 2019: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 201 9 Commercial Real Estate: Nonfarm nonresidential $ 215 $ — $ 215 Residential Real Estate: 1-4 Family 75 — 75 Total TDRs $ 290 $ — $ 290 As of December 31, 2019, 100% 2019 $1,000 2019. twelve December 31, 2019, no twelve December 31, 2018. Management periodically reviews renewals and modifications of previously identified TDRs, for which there was no no not not During the years ended December 31, 2019, 2018, 2017, no twelve 90 Non - performing Loans Non-performing loans include impaired loans and smaller balance homogeneous loans, such as residential mortgage and consumer loans, that are collectively evaluated for impairment. The following table presents the recorded investment in nonaccrual and loans past due 90 December 31, 2019 2018: Nonaccrual Loans Past Due 90 Days And Over Still Accruing 201 9 201 8 201 9 201 8 (in thousands) Commercial $ 50 $ 53 $ — $ — Commercial Real Estate: Construction — — — — Farmland 431 249 — — Nonfarm nonresidential 90 61 — — Residential Real Estate: Multi-family — — — — 1-4 Family 817 1,628 — — Consumer 98 — — — Agriculture 42 — — — Other — — — — Total $ 1,528 $ 1,991 $ — $ — The following table presents the aging of the recorded investment in past due loans by class as of December 31, 2019 2018: 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) December 31 , 201 9 Commercial $ 14 $ 3 $ — $ 50 $ 67 Commercial Real Estate: Construction — — — — — Farmland 274 — — 431 705 Nonfarm nonresidential 206 — — 90 296 Residential Real Estate: Multi-family — — — — — 1-4 Family 1,162 503 — 817 2,482 Consumer 91 164 — 98 353 Agriculture — — — 42 42 Other — — — — — Total $ 1,747 $ 670 $ — $ 1,528 $ 3,945 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) December 31, 201 8 Commercial $ 39 $ — $ — $ 53 $ 92 Commercial Real Estate: Construction — — — — — Farmland 244 107 — 249 600 Nonfarm nonresidential — 52 — 61 113 Residential Real Estate: Multi-family — — — — — 1-4 Family 1,299 137 — 1,628 3,064 Consumer 8 35 — — 43 Agriculture 3 — — — 3 Other — — — — — Total $ 1,593 $ 331 $ — $ 1,991 $ 3,915 Credit Quality Indicators Management categorizes all loans into risk categories at origination based upon original underwriting. Thereafter, management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends. Additionally, loans are analyzed through internal and external loan review processes. Borrower relationships in excess of $500,000 Watch – may Special Mention – not one may Substandard – may not Doubtful Loans not December 31, 2019 2018, Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 201 9 Commercial $ 130,312 $ 11,280 $ — $ 3,959 $ — $ 145,551 Commercial Real Estate: Construction 64,911 — — — — 64,911 Farmland 71,503 6,663 — 952 — 79,118 Nonfarm nonresidential 245,995 6,986 — 2,478 — 255,459 Residential Real Estate: Multi-family 70,950 — — — — 70,950 1-4 Family 221,727 2,420 — 2,482 — 226,629 Consumer 47,657 5 — 128 — 47,790 Agriculture 34,853 168 — 43 — 35,064 Other 799 — — — — 799 Total $ 888,707 $ 27,522 $ — $ 10,042 $ — $ 926,271 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 201 8 Commercial $ 129,106 $ 141 $ — $ 121 $ — $ 129,368 Commercial Real Estate: Construction 86,867 — — — — 86,867 Farmland 74,054 2,741 — 1,142 — 77,937 Nonfarm nonresidential 169,551 1,983 — 643 — 172,177 Residential Real Estate: Multi-family 44,697 5,060 — — — 49,757 1-4 Family 169,342 2,209 113 4,097 — 175,761 Consumer 38,768 11 — 325 — 39,104 Agriculture 32,683 1,019 — 35 — 33,737 Other 536 — — — — 536 Total $ 745,604 $ 13,164 $ 113 $ 6,363 $ — $ 765,244 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 – PREMISES AND EQUIPMENT Year-end premises and equipment were as follows: 201 9 201 8 (in thousands) Land and buildings $ 21,228 $ 19,974 Furniture and equipment 8,884 7,420 Leased right-of-use asset 3,070 — 33,182 27,394 Accumulated depreciation (13,524 ) (12,739 ) $ 19,658 $ 14,655 See ‘Note 5 Depreciation expense was $801,000, $833,000 $955,000 2019, 2018 2017, |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 5 – LEASES Effective January 1, 2019, 2016 02, 842 January 1, 2019, two 2019, three December 31, 2019, six 2021 2055, 22 December 31, 2019. In determining the present value of lease payments, the Bank uses the implicit lease rate when readily determinable. As most of the Bank’s leases do not 5.46% December 31, 2019. Total rental expense was $294,000 December 31, 2019. $ 3.1 December 31, 2019. Total estimated rental commitments for the operating leases were as follows as of December 31, 2019 ( 2019 2020 $ 510 2021 279 2022 262 2023 266 2024 266 Thereafter 3,721 Total minimum lease payments 5,304 Discount effect of cash flows (2,234 ) Present value of lease liabilities $ 3,070 |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | N OTE 6 – OTHER REAL ESTATE OWNED Other real estate owned (OREO) is real estate acquired as a result of foreclosure or by deed in lieu of foreclosure. It is classified as real estate owned until such time as it is sold. When property is acquired as a result of foreclosure or by deed in lieu of foreclosure, it is recorded at its fair market value less estimated cost to sell. Any write-down of the property at the time of acquisition is charged to the allowance for loan losses. The following table presents the major categories of OREO at the period-ends indicated: 201 9 201 8 (in thousands) Commercial Real Estate: Construction, land development, and other land 3,225 3,485 $ 3,225 $ 3,485 Residential loans secured by 1 4 $172,000 $771,000 December 31, 2019 December 31, 2018, Activity relating to OREO during the years indicated is as follows: 201 9 201 8 20 17 (in thousands) OREO Activity OREO as of January 1 $ 3,485 $ 4,409 $ 6,821 Real estate acquired — 730 270 Valuation adjustment write-downs (260 ) (850 ) (1,963 ) Net gain on sale — 72 74 Proceeds from sale of properties — (876 ) (793 ) OREO as of December 31 $ 3,225 $ 3,485 $ 4,409 Expenses related to OREO include: 201 9 201 8 201 7 (in thousands) Net gain on sales $ — $ (72 ) $ (74 ) Valuation adjustment write-downs 260 850 1,963 Operating expense 108 90 84 Total $ 368 $ 868 $ 1,973 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 The following table summarizes the Company’s acquired goodwill and intangible assets as of December 31, 2019 ( 2019 Gross Carrying Amount Accumulated Amortization Goodwill $ 6,252 $ — Core deposit intangibles 2,500 — Total $ 8,752 $ — During 2019, $6.3 23 not may not November 30 No 2019. The core deposit intangible asset is amortized over a weighted average estimated life of the related deposits and is not not 2019. The estimated amortization expense of the core deposit intangible for the years ending December 31 Amortization Expense 2020 $ 256 2021 256 2022 256 2023 256 2024 256 Thereafter 1,220 $ 2,500 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 – DEPOSITS The following table details deposits by category: December 31, 201 9 December 31, 201 8 (in thousands) Non-interest bearing $ 187,551 $ 142,618 Interest checking 146,038 94,269 Money market 160,837 171,924 Savings 56,015 34,534 Certificates of deposit 476,534 450,886 Total $ 1,026,975 $ 894,231 Time deposits of $250,000 $51.2 $38.9 2019 2018, Scheduled maturities of total time deposits for each of the next five Total 2020 $ 389,349 2021 49,858 2022 9,610 2023 16,017 2024 11,405 Thereafter 295 $ 476,534 |
Note 9 - Advances From the Fede
Note 9 - Advances From the Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 9 – ADVANCES FROM FEDERAL HOME LOAN BANK At year-end, advances from the Federal Home Loan Bank were as follows: December 31, December 31 , 201 9 201 8 (in thousands) Short term advances (fixed rates 1.66% to 1.76%) maturing January 2020 $ 60,000 $ 45,000 Long term advances (fixed rates 0.00% to 5.24%) maturing April 2020 to August 2033 1,389 1,549 Total advances from the Federal Home Loan Bank $ 61,389 $ 46,549 FHLB advances had a weighted-average rate of 1.70% December 31, 2019 2.45% December 31, 2018. No 2019 2018. $166.0 $130.4 first December 31, 2019 December 31, 2018, December 31, 2019, $24.4 Scheduled principal payments during the next five Advances 2020 $ 60,484 2021 718 2022 100 2023 59 2024 21 Thereafter 7 $ 61,389 At year-end 2019, $5.0 |
Note 10 - Junior Subordinated D
Note 10 - Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10 – JUNIOR SUBORDINATED DEBENTURES The junior subordinated debentures are redeemable at par prior to maturity at the option of the Company as defined within the trust indenture. The Company has the option to defer interest payments on the junior subordinated debentures from time to time for a period not 20 may December 31, 2019, A summary of the junior subordinated debentures is as follows: Description Issuance Date Interest Rate (1) Junior Subordinated Debt Owed To Trust Maturity Date (2) Statutory Trust I 2/13/2004 3-month LIBOR + 2.85% $ 3,000,000 2/13/2034 Statutory Trust II 2/13/2004 3-month LIBOR + 2.85% 5,000,000 2/13/2034 Statutory Trust III 4/15/2004 3-month LIBOR + 2.79% 3,000,000 4/15/2034 Statutory Trust IV 12/14/2006 3-month LIBOR + 1.67% 10,000,000 3/01/2037 $ 21,000,000 ( 1 As of December 31, 2019, 3 1.91%. ( 2 The debentures are callable at the Company’s option at their principal amount plus accrued interest. |
Note 11 - Subordinated Capital
Note 11 - Subordinated Capital Note | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 11 UBORDINATED CAPITAL NOTE On July 23, 2019, $17.0 10 5.75% first five 2 $10.0 1 $5.0 |
Note 12 - Senior Debt
Note 12 - Senior Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | N OTE 1 2 – S ENIOR D EBT On June 30, 2017, $10.0 June 30, 2022. three 250 June 30, 2020, $250,000 December 31, 2019, 4.60%. first 100% may $5.0 2019 The loan agreement contains customary representations, warranties, covenants and events of default, including the following financial covenants: (i) the Company must maintain minimum cash on hand of not $2,500,000, 10% 11% may not 2.5% December 31, 2019. |
Note 13 - Other Benefit Plans
Note 13 - Other Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | NOTE 1 3 – OTHER BENEFIT PLANS 401 k ) Plan 401 2019 2018, 100% first 1% 50% 5% 2017, 50% first 4% may $362,000, $347,000 $200,000 2019, 2018 2017, Supplemental Executive Retirement Plan 10 $6,000, $77,000 $121,000 December 31, 2019, 2018 2017, The Company approved the termination of the plan effective January 31, 2018. February 1, 2019. No $1.3 December 31, 2018 The Company purchased life insurance on the participants of the plan. The cash surrender value of all insurance policies was $16.0 $15.6 December 31, 2019 2018, $410,000, $437,000 $412,000 December 31, 2019, 2018, 2017, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 4 – INCOME TAXES Income tax expense (benefit) was as follows: 201 9 201 8 20 17 (in thousands) Current $ (173 ) $ (346 ) $ — Deferred 505 121 2,523 Net operating loss 1,725 2,255 (647 ) Establish state deferred tax asset (1,577 ) — — Change in federal statutory rate — — 20,274 Change in valuation allowance — — (54,049 ) $ 480 $ 2,030 $ (31,899 ) Prior to 2017, 2011. fourth 2017, not $54.0 December 31, 2017. On December 22, 2017, 2017 35% 21% 2018. 21% $20.3 December 31, 2017. The combination of the reversal of the valuation allowance and the change in federal corporate tax rates, as well as income tax expense for the year, resulted in an income tax benefit of $31.9 December 31, 2017. During the first 2019, $341,000, $0.05 first 1.1% 5%. January 1, 2021. In addition, the Company has state net operating loss carryforwards (“NOLs”) of $31.8 2025. April 2019, 2021 $1.2 $0.16 second 2019. Effective tax rates differ from federal statutory rate applied to income (loss) before income taxes due to the following: 201 9 201 8 20 1 7 (in thousands) Federal statutory rate 21 % 21 % 35 % Federal statutory rate times financial statement income (loss) $ 2,310 $ 2,273 $ 2,294 Effect of: Valuation allowance — — (54,049 ) Tax-exempt income (66 ) (80 ) (196 ) Establish state deferred tax asset (1,577 ) — — Non-taxable life insurance income (86 ) (92 ) (144 ) Restricted stock vesting (137 ) (115 ) (121 ) Change in federal statutory rate — — 20,274 Other, net 36 44 43 Total $ 480 $ 2,030 $ (31,899 ) Year-end deferred tax assets and liabilities were due to the following: 201 9 201 8 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 22,915 $ 24,507 Allowance for loan losses 2,090 1,865 OREO write-down 2,665 2,611 Alternative minimum tax credit carry-forward 173 346 Net assets from acquisitions 228 290 Net unrealized loss on securities — 515 New market tax credit carry-forward 208 208 Nonaccrual loan interest 303 235 Accrued expenses 102 239 Deferred compensation — 267 Lease liability 766 — Other 309 241 29,759 31,324 Deferred tax liabilities: FHLB stock dividends 563 557 Fixed assets 57 94 Deferred loan costs 170 136 Net unrealized gain on securities 331 — Lease right-of-use assets 766 — Other 107 138 1,994 925 Net deferred tax assets before valuation allowance 27,765 30,399 Valuation allowance — (1,117 ) Net deferred tax assets before valuation allowance $ 27,765 $ 29,282 At December 31, 2019, $103.1 2032, $31.8 2025. December 31, 2019, $173,000 2019 The Company does not not twelve no December 31, 2019 December 31, 2018 Under Section 382 382” 382. 5% 50 In 2015, two one July 10, 2015. 5% not 5% not November 25, 2019, not May 2018 June 30, 2021, ( no may 382 no On September 23, 2015, 382. May 2018 May 23, 2021, ( no may 382 no no The Company and its subsidiaries are subject to U.S. federal income tax and the Company is subject to income tax in the Commonwealth of Kentucky. The Company is no 2016. |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 5 – RELATED PARTY TRANSACTIONS Loans to principal officers, directors, significant shareholders, and their affiliates in 2019 Beginning balance $ 14,191 New loans and advances 6,247 Repayments (8,046 ) Ending balance $ 12,392 Deposits from principal officers, directors, significant shareholders, and their affiliates at year-end 2019 2018 $505,000 $178,000, Hogan Development Company assists the Bank in onboarding, managing, and selling the Bank’s OREO. Hogan Development Company is owned by W. Glenn Hogan, a director. The agreement with Hogan Development Company is periodically reviewed and evaluated by the Audit Committee. The Bank paid real estate management fees of $20,000 2019 2018. no 2019 2018. On March 30, 2018, 150,000 1.0 $13.00 $14.9 On June 26, 2018, $3.5 $10.5 third no |
Note 16 - Preferred Stock
Note 16 - Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 6 – PREFERRED STOCK At December 31, 2017, 6,198 4,304 not $1,000 2% On June 26, 2018, $3.5 $10.5 |
Note 17 - Regulatory Capital Ma
Note 17 - Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 1 7 – REGULATORY CAPITAL MATTERS 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 result in regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Company and Bank on January 1, 2015 January 1, 2019. $250 one 2.5% January 1, 2019, 1 7.0%, 1 8.5%, 10.5%. 2019 2.5% 1.875% 2018. The Company’s capital ratios were positively impacted by the $17.0 July 23, 2019, 2 $10.0 1 As of December 31, 2019, 2019 2018, no The following tables show the ratios (excluding capital conservation buffer) and amounts of common equity Tier 1, 1 Actual Minimum Requirement for Capital Adequacy Purposes Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 201 9 : Total risk-based capital (to risk- weighted assets) $ 121,335 12.08 % $ 80,341 8.00 % $ 100,426 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 112,959 11.25 45,192 4.50 65,277 6.50 Tier 1 capital (to risk-weighted assets) 112,959 11.25 60,256 6.00 80,341 8.00 Tier 1 capital (to average assets) 112,959 9.99 45,208 4.00 56,510 5.00 Actual Minimum Requirement for Capital Adequacy Purposes Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 201 8 : Total risk-based capital (to risk- weighted assets) $ 109,309 12.88 % $ 67,920 8.00 % $ 84,900 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 100,429 11.83 38,205 4.50 55,185 6.50 Tier 1 capital (to risk-weighted assets) 100,429 11.83 50,940 6.00 67,920 8.00 Tier 1 capital (to average assets) 100,429 9.60 41,837 4.00 52,297 5.00 Kentucky banking laws limit the amount of dividends that may may two |
Note 18 - Off Balance Sheet Ris
Note 18 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 8 – OFF BALANCE SHEET RISKS, COMMITMENTS, AND CONTINGENT LIABILITIES The Company, in the normal course of business, is party to financial instruments with off balance sheet risk. The financial instruments include commitments to extend credit and standby letters of credit. The contract or notional amounts of these instruments reflect the potential future obligations of the Company pursuant to those financial instruments. Creditworthiness for all instruments is evaluated on a case-by-case basis in accordance with the Company’s credit policies. Collateral from the client may may An approved but unfunded loan commitment represents a potential credit risk and a liquidity risk, since the Company’s client(s) may may may not one Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third not No The following table presents the contractual amounts of financial instruments with off-balance sheet risk for each year ended: 201 9 201 8 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 11,577 $ 20,415 $ 5,317 $ 11,236 Unused lines of credit 7,916 111,230 7,410 73,024 Standby letters of credit 531 3,164 541 1,752 Commitments to make loans are generally made for periods of one In connection with the purchase of loan participations, the Bank entered into risk participation agreements, which had notional amounts totaling $26.6 December 31, 2019 $26.6 December 31, 2018. not 815, not 820, December 31, 2019 December 31, 2018, $87,000 $12,000, In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may The Company contests liability and/or the amount of damages as appropriate in each pending matter. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot predict with certainty the loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, or other relief, if any, might be. Subject to the foregoing, the Company believes, based on current knowledge and after consultation with counsel, that the outcome of such pending matters will not 1 2 not |
Note 19 - Fair Values
Note 19 - Fair Values | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 1 9 – FAIR VALUES 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. Various valuation techniques are used to determine fair value, including market, income and cost approaches. There are three may Level 1: Level 2: 1 not Level 3: In certain cases, the inputs used to measure fair value may Securities: 1 not two 2 not 3 Impaired Loans: 3 may Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualities such as location, size, and income production capacity relative to the subject property of the appraisal. Such adjustments are typically significant and result in a Level 3 Management routinely apply internal discounts to the value of appraisals used in the fair value evaluation of our impaired loans. The deductions to the appraisal take into account changing business factors and market conditions, as well as potential value impairment in cases where our appraisal date predates a likely change in market conditions. These deductions range from 10% 25% six ten Management also apply discounts to the expected fair value of collateral for impaired loans where the likely resolution involves litigation or foreclosure. Resolution of this nature generally results in receiving lower values for real estate collateral in a more aggressive sales environment. Discounts ranging from 10% 33% Impaired loans are evaluated quarterly for additional impairment. Management obtains updated appraisals on properties securing our loans when circumstances are warranted such as at the time of renewal or when market conditions have significantly changed. This determination is made on a property-by-property basis in light of circumstances in the broader economic climate and the assessment of deterioration of real estate values in the market in which the property is located. Other Real Estate Owned (OREO) For larger dollar commercial real estate properties, management obtains a new appraisal of the subject property or has staff in the special assets group evaluate the latest in-file appraisal in connection with the transfer to OREO. Management generally obtains updated appraisals within five Financial assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at December 31, 201 9 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government and federal agency $ 22,330 $ — $ 22,330 $ — Agency mortgage-backed: residential 92,200 — 92,200 — Collateralized loan obligations 49,419 — 49,419 — State and municipal 28,366 — 28,366 — Corporate bonds 16,685 — 16,685 — Total $ 209,000 $ — $ 209,000 $ — Fair Value Measurements at December 31, 201 8 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government and federal agency $ 22,560 $ — $ 22,560 $ — Agency mortgage-backed: residential 85,990 — 85,990 — Collateralized loan obligations 49,839 — 49,839 — State and municipal 32,812 — 32,812 — Corporate bonds 9,991 — 9,991 — Total $ 201,192 $ — $ 201,192 $ — There were no 1 2 2019 2018. Financial assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 201 9 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired lo ans : Commercial $ 21 $ — $ — $ 21 Commercial real estate: Farmland 245 — — 245 Residential real estate: 1-4 Family 145 — — 145 Fair Value Measurements at December 31, 2018 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial real estate: Nonfarm nonresidential $ 124 $ — $ — $ 124 Residential real estate: 1-4 Family 552 — — 552 Other real estate owned, net: Commercial real estate: Construction 3,485 — — 3,485 Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $453,000, $42,000, December 31, 2019, no December 31, 2019. December 31, 2018, $879,000, $203,000, December 31, 2018, no December 31, 2018. OREO, which is measured at the lower of carrying or fair value less costs to sell, had a net carrying amount of $3.5 December 31, 2018. $850,000 December 31, 2018. The following table presents qualitative information about level 3 December 31, 2018: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Impaired loans – Residential real estate $ 552 Sales comparison approach Adjustment for differences between the comparable sales 0% - 26% (11%) Other real estate owned – Commercial real estate $ 3,485 Sales comparison approach Adjustment for differences between the comparable sales 0% - 35% (18%) Income approach Discount or capitalization rate 25% (25%) Carrying amount and estimated fair values of financial instruments were as follows at year-end 2019: Fair Value Measurements at December 31, 201 9 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 30,203 $ 30,203 $ — $ — $ 30,203 Securities available for sale 209,000 — 209,000 — 209,000 Federal Home Loan Bank stock 6,237 N/A N/A N/A N/A Loans, net 917,895 — — 925,388 925,388 Accrued interest receivable 4,257 — 1,118 3,139 4,257 Financial liabilities Deposits $ 1,026,975 $ 187,551 $ 839,882 $ — $ 1,027,433 Federal Home Loan Bank advances 61,389 — 61,395 — 61,395 Junior subordinated debentures 21,000 — — 17,466 17,466 Subordinated capital note 17,000 — — 17,003 17,003 Senior debt 5,000 — — 5,022 5,022 Accrued interest payable 1,129 — 647 482 1,129 Carrying amount and estimated fair values of financial instruments were as follows at year-end 2018: Fair Value Measurements at December 31, 201 8 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 35,361 $ 35,361 $ — $ — $ 35,361 Securities available for sale 201,192 — 201,192 — 201,192 Federal Home Loan Bank stock 7,233 N/A N/A N/A N/A Loans, net 756,364 — — 744,076 744,076 Accrued interest receivable 3,665 — 1,222 2,443 3,665 Financial liabilities Deposits $ 894,231 $ 142,618 $ 750,015 $ — $ 892,633 Federal Home Loan Bank advances 46,549 — 46,519 — 46,519 Junior subordinated debentures 21,000 — — 16,226 16,226 Senior debt 10,000 — — 9,585 9,585 Accrued interest payable 658 — 598 60 658 In accordance with the Company’s adoption of ASU 2016 01 January 1, 2018, may |
Note 20 - Stock Plans and Stock
Note 20 - Stock Plans and Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | N OTE 20 – STOCK PLANS AND STOCK BASED COMPENSATION Shares available for issuance under the 2018 “2018 292,497. three $25,000 December 31 The fair value of the 2019 $511,000, $14.81 $535,000, $524,000, $400,000 2019, 2018, 2017, $112,000, $110,000, $140,000 2019, 2018, 2017, The following table summarizes unvested share activity as of and for the periods indicated for the Stock Incentive Plan: Twelve Months Ended Twelve Months Ended December 31 , 201 9 December 31, 201 8 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 116,909 $ 8.69 142,334 $ 5.67 Granted 34,501 14.81 52,856 13.94 Vested (89,388 ) 7.83 (78,281 ) 6.75 Forfeited (4,248 ) 13.07 — — Outstanding, ending 57,774 $ 13.35 116,909 $ 8.69 Unrecognized stock based compensation expense related to unvested shares for 2020 2020 $ 309 2021 194 2022 20 2023 & thereafter — |
Note 21 - Earnings Per Share
Note 21 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | N OTE 2 1 – EARNINGS PER SHARE The factors used in the basic and diluted earnings per share computation follow: 201 9 201 8 201 7 (in thousands, except share and per share data) Net income $ 10,518 $ 8,794 $ 38,453 Less: Earnings allocated to unvested shares 106 144 967 Net income attributable to common shareholders, basic and diluted $ 10,412 $ 8,650 $ 37,486 Basic Weighted average common shares including unvested common shares and participating preferred shares outstanding 7,468,215 7,159,723 6,249,059 Less: Weighted average unvested common shares 75,084 117,030 157,127 Weighted average common shares outstanding 7,393,131 7,042,693 6,091,932 Basic income per common share $ 1.41 $ 1.23 $ 6.15 Diluted Add: Dilutive effects of assumed exercises of common stock warrants — — — Weighted average common shares and potential common shares 7,393,131 7,042,693 6,091,932 Diluted income per common share $ 1.41 $ 1.23 $ 6.15 The Company had no December 31, 2019, 2018 2017. 66,113 $79.41 December 31, 2017, not November 21, 2018. |
Note 22 - Revenue From Contract
Note 22 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 2 – REVENUE FROM CONTRACTS WITH CUSTOMERS The Company adopted ASC 606 606 not 606 $549,000 December 31, 2017, no December 31, 2017. All of the Company’s revenue from customers in the scope of ASC 606 606 Service Charges on Deposit Accounts: Bank Card Interchange Income: third 606, 606, Gains/Losses on Sales of OREO: Other Non-interest Income 606, $501,000, $660,000, $666,000 December 31, 2019, 2018, 2017, 606. 606. |
Note 23 - Acquisitions
Note 23 - Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 3 – ACQUISITIONS On November 15, 2019, four $126.8 $1.5 $131.8 Included in the purchase price was goodwill and a core deposit intangible of $6.3 $2.5 not 13 not 2019 five 2020 $256,000 $1.2 2024. The following table summarizes the estimated fair value of the assets acquired, liabilities assumed and consideration transferred in connection with the acquisition (in thousands): Consideration: Cash $ 6,286 Fair value of total consideration transferred 6,286 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 1,006 Loans 126,823 Premises and equipment 1,451 Leased right-of-use asset 1,892 Core deposit intangibles 2,500 Accrued interest receivable and other assets 380 Total assets acquired 134,052 Deposits 131,769 Lease liability 1,892 Accrued interest payable and other liabilities 357 Total liabilities assumed 134,018 Net identifiable assets 34 Goodwill 6,252 $ 6,286 If the Company obtains additional information during the twelve may not The fair value of loans was estimated using discounted contractual cash flows. The book balance of the loans at the time of the acquisition was $127.3 $1.4 $924,000. no Acquisition-related costs to the branch acquisition were expensed as incurred and amounted to $775,000 2019. |
Note 24 - Parent Company Only C
Note 24 - Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 4 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of Limestone Bancorp Inc. is presented as follows: CONDENSED BALANCE SHEETS December 31, 201 9 201 8 (in thousands) ASSETS Cash and cash equivalents (1) $ 4,769 $ 5,369 Investment in banking subsidiary 138,321 114,042 Investment in and advances to other subsidiaries 776 776 Deferred taxes, net 5,138 3,142 Other assets 1,083 682 Total assets $ 150,087 $ 124,011 LIABILITIES AND SHAREHOLDERS’ EQUITY Debt $ 43,775 $ 31,775 Accrued expenses and other liabilities 562 139 Shareholders’ equity 105,750 92,097 Total liabilities and shareholders’ equity $ 150,087 $ 124,011 ( 1 $88,000 CONDENSED STATEMENTS OF OPERATIONS Years ended December 31, 201 9 201 8 201 7 (in thousands) Interest income $ 83 $ 45 $ 4 Dividends from subsidiaries 36 35 26 Other income 19 38 — Interest expense (1,803 ) (1,370 ) (973 ) Other expense (1,179 ) (1,290 ) (1,137 ) Loss before income tax and undistributed subsidiary income (2,844 ) (2,542 ) (2,080 ) Income tax expense (benefit) (1,997 ) (645 ) (2,497 ) Equity in undistributed subsidiary income 11,365 10,691 38,036 Net income $ 10,518 $ 8,794 $ 38,453 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 201 9 201 8 20 1 7 (in thousands) Cash flows from operating activities Net income $ 10,518 $ 8,794 $ 38,453 Adjustments: Equity in undistributed subsidiary (income) loss (11,365 ) (10,691 ) (38,036 ) Deferred taxes, net (1,996 ) (645 ) (2,497 ) Stock-based compensation expense 535 524 400 Net change in other assets (401 ) 30 805 Net change in other liabilities 423 (1,093 ) (128 ) Net cash used in operating activities (2,286 ) (3,081 ) (1,003 ) Cash flows from investing activities Investments in subsidiaries (10,000 ) (5,000 ) (9,000 ) Net cash used in investing activities (10,000 ) (5,000 ) (9,000 ) Cash flows from financing activities Proceeds from issuance of common stock — 14,910 — Redemption of preferred stock — (3,505 ) — Proceeds from issuance of subordinated capital note 17,000 — — Proceeds from senior debt — — 10,000 Repayment of senior debt (5,000 ) — — Common shares withheld for taxes (314 ) — — Net cash provided by financing activities 11,686 11,405 10,000 Net change in cash and cash equivalents (600 ) 3,324 (3 ) Beginning cash and cash equivalents 5,369 2,045 2,048 Ending cash and cash equivalents $ 4,769 $ 5,369 $ 2,045 |
Note 25 - Quarterly Financial D
Note 25 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 2 5 – QUARTERLY FINANCIAL DATA (UNAUDITED) Earnings Per Common Share Interest Income Net Interest Income Negative Provision For Loan Losses Income Before Income Taxes Net Income (Loss) Basic (1) Diluted (1) (in thousands, except per share data) 201 9 First quarter (2) $ 12,186 $ 8,959 $ — $ 2,962 $ 2,839 $ 0.38 $ 0.38 Second quarter (2) 12,376 8,800 — 3,022 3,633 0.49 0.49 Third quarter 12,485 $ 8,730 $ — $ 2,813 $ 2,282 $ 0.31 $ 0.31 Fourth quarter (3) 12,537 8,861 — 2,201 1,764 0.24 0.24 201 8 First quarter $ 10,015 $ 8,181 $ — $ 2,263 $ 1,934 $ 0.31 $ 0.31 Second quarter 10,585 8,374 (150 ) 2,466 1,983 0.27 0.27 Third quarter 11,120 $ 8,412 $ (350 ) $ 3,041 $ 2,437 $ 0.33 $ 0.33 Fourth quarter 11,741 8,704 — 3,054 2,440 0.33 0.33 ( 1 The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding. ( 2 Income tax expense for 2019 $341,000, $0.05 first 2019 $1.2 $0.16 2019 ( 3 On November 15, 2019, four $775,000, $0.08 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Nature of Operations and Principles of Consolidation 100% The Company provides financial services through its offices in south central, southern, and western Kentucky, Lexington, Louisville, and Frankfort. Its primary deposit products are checking, savings, and term certificate accounts, and its primary lending products are residential mortgage, commercial, agricultural, and real estate loans. Substantially all loans are collateralized by specific items of collateral including business assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. There are no one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents one $10.1 $7.4 December 31, 2019 2018, |
Investment, Policy [Policy Text Block] | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method anticipating prepayments on mortgage backed securities. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not not 1 2 |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Interest income recognition on mortgage and commercial loans is discontinued at the time the loan is 90 no 90 not All interest accrued but not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is deemed impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and treated as impaired. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment and are not The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on actual loss history experienced over the most recent five A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for loan losses. Management identified the following portfolio segments: commercial, commercial real estate, residential real estate, consumer, agricultural, and other. ● Commercial loans are made to businesses and depend on the strength of the industries, related borrowers, and cash flow from the businesses. Commercial loans are advances for equipment purchases, or to provide working capital, or to meet other financing needs of business enterprises. These loans may ● Commercial real estate loans are affected by the local commercial real estate market and the local economy. Commercial real estate loans include loans on commercial properties occupied by borrowers and/or tenants. Construction and development loans are a component of this segment. These loans are generally secured by land under development or homes and commercial buildings under construction. Loans secured by farmland are also a component of this segment. Appraisals are obtained to support the loan amount. Financial information is obtained from the borrowers and/or the individual project to evaluate cash flows sufficiency to service the debt. ● Residential real estate loans are affected by the local residential real estate market, local economy, and, for variable rate mortgages, movement in indices tied to these loans. For owner occupied residential loans, the borrowers’ repayment ability is evaluated through a review of credit scores and debt to income ratios. For non-owner occupied residential loans, such as rental real estate, financial information is obtained from the borrowers and/or the individual project to evaluate cash flows sufficiency to service the debt. Appraisals are obtained to support the loan amount. ● Consumer loans depend on local economies. Consumer loans are generally unsecured, but may may ● Agriculture loans depend on the industries tied to these loans and are generally secured by livestock, crops, and/or equipment, but may ● Other loans include loans to municipalities, loans secured by stock, and overdrafts. For municipal loans, management evaluates the borrowers’ revenue streams as well as ability to repay form general funds. For loans secured by stock, management evaluates the market value of the stock securing the loan in relation to the loan amount. Overdrafts are funded based on pre-established criteria related to the deposit account relationship. Management analyzes key relevant risk characteristics for each portfolio segment having determined that loans in each segment possess similar general risk characteristics that are analyzed in connection with loan underwriting processes and procedures. In determining the allocated allowance, the weighted average loss rates over the most recent five |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets not |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment 5 40 3 10 Premises and equipment held for sale are recorded at fair value less estimated cost to sell at the time of transfer based upon independent third Premises and equipment are reviewed for impairment when events indicate their carrying amount may not |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank (FHLB) Stock may |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not November 30 Other intangible assets consist of a core deposit intangible asset arising from a branch acquisition and is amortized on an accelerated method over its estimated useful life of 13 |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Benefit Plans 401 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes A tax position is recognized as a benefit only if it is "more likely than not" 50% not not" no |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income ( Loss ) |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Earnings Allocated to Participating Securities – |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies |
Dividend Policy, [Policy Text Block] | Dividend Restriction s may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Derivatives, Policy [Policy Text Block] | D erivative I nstruments – As part of the asset/liability management program, the Company utilizes, from time to time, risk participation agreements to reduce its sensitivity to changing interest rates. These are derivative instruments, which are recorded as assets or liabilities in the consolidated balance sheets at fair value. Changes in the fair values of derivatives are reported in the consolidated statements of operations or other comprehensive income (“OCI”) depending on the use of the derivative and whether the instrument qualifies for hedge accounting. The key criterion for the hedge accounting is that the hedged relationship must be found to be effective as determined by FASB ASC 815 To date, the Company has not The risk participation agreements are not 815, not 820, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards – February 2016, No. 2016 02, 842 December 15, 2018. January 1, 2019, $ 507,000 not 5 In June 2016, No. 2016 13, 326 first one first December 2018, three one may October 2019, not December 15, 2022. In January 2017, No. 2017 04, 350 2 not first December 15, 2019. January 1, 2017. 2019 not not not 2 In March 2017, No. 2017 08, 310 20 first December 15, 2018. not |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 201 9 (in thousands) Available for sale U.S. Government and federal agency $ 22,281 $ 196 $ (147 ) $ 22,330 Agency mortgage-backed: residential 91,269 1,186 (255 ) 92,200 Collateralized loan obligations 49,831 — (412 ) 49,419 State and municipal 27,819 550 (3 ) 28,366 Corporate bonds 16,472 213 — 16,685 Total available for sale $ 207,672 $ 2,145 $ (817 ) $ 209,000 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 201 8 (in thousands) Available for sale U.S. Government and federal agency $ 23,280 $ 2 $ (722 ) $ 22,560 Agency mortgage-backed: residential 87,689 192 (1,891 ) 85,990 Collateralized loan obligations 49,942 — (103 ) 49,839 State and municipal 32,841 230 (259 ) 32,812 Corporate bonds 9,890 127 (26 ) 9,991 Total available for sale $ 203,642 $ 551 $ (3,001 ) $ 201,192 |
Schedule of Realized Gain (Loss) [Table Text Block] | 201 9 201 8 201 7 (in thousands) Proceeds $ 5,351 $ 6,054 $ 41,733 Gross gains 1 — 449 Gross losses 6 6 161 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 201 9 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ 49,398 $ 49,152 One to five years 38,081 38,524 Five to ten years 26,085 26,285 Beyond ten years 2,839 2,839 Agency mortgage-backed: residential 91,269 92,200 Total $ 207,672 $ 209,000 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) 201 9 Available for sale U.S. Government and federal agency $ 12,567 $ (147 ) $ — $ — $ 12,567 $ (147 ) Agency mortgage-backed: residential 18,457 (97 ) 10,665 (158 ) 29,122 (255 ) Collateralized loan obligations 9,539 (46 ) 35,336 (366 ) 44,875 (412 ) State and municipal 911 (3 ) — — 911 (3 ) Corporate bonds — — — — — — Total temporarily impaired $ 41,474 $ (293 ) $ 46,001 $ (524 ) $ 87,475 $ (817 ) Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) 201 8 Available for sale U.S. Government and federal agency $ 3,431 $ (57 ) $ 17,212 $ (665 ) $ 20,643 $ (722 ) Agency mortgage-backed: residential 30,229 (343 ) 40,932 (1,548 ) 71,161 (1,891 ) Collateralized loan obligations 48,294 (103 ) — — 48,294 (103 ) State and municipal 6,133 (29 ) 7,252 (230 ) 13,385 (259 ) Corporate bonds 3,569 (26 ) — — 3,569 (26 ) Total temporarily impaired $ 91,656 $ (558 ) $ 65,396 $ (2,443 ) $ 157,052 $ (3,001 ) |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 201 9 201 8 (in thousands) Commercial $ 145,551 $ 129,368 Commercial Real Estate: Construction 64,911 86,867 Farmland 79,118 77,937 Nonfarm nonresidential 255,459 172,177 Residential Real Estate: Multi-family 70,950 49,757 1-4 Family 226,629 175,761 Consumer 47,790 39,104 Agriculture 35,064 33,737 Other 799 536 Subtotal 926,271 765,244 Less: Allowance for loan losses (8,376 ) (8,880 ) Loans, net $ 917,895 $ 756,364 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 201 9 : (in thousands) Beginning balance $ 1,299 $ 4,676 $ 2,452 $ 130 $ 321 $ 2 $ 8,880 Provision (negative provision) 342 (622 ) (958 ) 943 297 (2 ) – Loans charged off (37 ) (47 ) (275 ) (663 ) (266 ) – (1,288 ) Recoveries 106 73 524 75 3 3 784 Ending balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total Dec ember 3 1 , 201 8 : (in thousands) Beginning balance $ 892 $ 4,032 $ 2,900 $ 64 $ 313 $ 1 $ 8,202 Provision (negative provision) 196 (192 ) (599 ) 92 6 (3 ) (500 ) Loans charged off (50 ) (198 ) (252 ) (95 ) (13 ) (8 ) (616 ) Recoveries 261 1,034 403 69 15 12 1,794 Ending balance $ 1,299 $ 4,676 $ 2,452 $ 130 $ 321 $ 2 $ 8,880 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total Dec ember 3 1 , 201 7 : (in thousands) Beginning balance $ 475 $ 4,894 $ 3,426 $ 8 $ 162 $ 2 $ 8,967 Provision (negative provision) 363 (1,223 ) (129 ) (8 ) 213 (16 ) (800 ) Loans charged off (5 ) (58 ) (692 ) (51 ) (95 ) – (901 ) Recoveries 59 419 295 115 33 15 936 Ending balance $ 892 $ 4,032 $ 2,900 $ 64 $ 313 $ 1 $ 8,202 |
Impairment Evaluation of Financing Receivables [Table Text Block] | Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 3 $ 37 $ 2 $ – $ – $ – $ 42 Collectively evaluated for impairment 1,707 4,043 1,741 485 355 3 8,334 Total ending allowance balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Loans: Loans individually evaluated for impairment $ 74 $ 1,064 $ 892 $ 98 $ 42 $ – $ 2,170 Loans collectively evaluated for impairment 145,477 398,424 296,687 47,692 35,022 799 924,101 Total ending loans balance $ 145,551 $ 399,488 $ 297,579 $ 47,790 $ 35,064 $ 799 $ 926,271 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ – $ 35 $ 168 $ – $ – $ – $ 203 Collectively evaluated for impairment 1,299 4,641 2,284 130 321 2 8,677 Total ending allowance balance $ 1,299 $ 4,676 $ 2,452 $ 130 $ 321 $ 2 $ 8,880 Loans: Loans individually evaluated for impairment $ 53 $ 510 $ 2,348 $ – $ – $ – $ 2,911 Loans collectively evaluated for impairment 129,315 336,471 223,170 39,104 33,737 536 762,333 Total ending loans balance $ 129,368 $ 336,981 $ 225,518 $ 39,104 $ 33,737 $ 536 $ 765,244 |
Impaired Financing Receivables [Table Text Block] | Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 138 $ 50 $ — $ 57 $ 3 $ 3 Commercial real estate: Construction — — — — — — Farmland 380 293 — 179 23 23 Nonfarm nonresidential 1,057 489 — 295 34 3 Residential real estate: Multi-family — — — — — — 1-4 Family 1,679 745 — 1,402 219 191 Consumer 309 98 — 56 6 6 Agriculture 304 42 — 47 3 3 Other — — — — — — Subtotal 3,867 1,717 — 2,036 288 229 With An Allowance Recorded: Commercial 24 24 3 15 2 — Commercial real estate: Construction — — — — — — Farmland 282 282 37 236 9 — Nonfarm nonresidential — — — — — — Residential real estate: Multi-family — — — — — — 1-4 Family 183 147 2 459 6 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 489 453 42 710 17 — Total $ 4,356 $ 2,170 $ 42 $ 2,746 $ 305 $ 229 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 120 $ 53 $ — $ 125 $ — $ — Commercial real estate: Construction — — — — — — Farmland 1,860 89 — 1,156 360 360 Nonfarm nonresidential 402 262 — 327 19 — Residential real estate: Multi-family — — — — — — 1-4 Family 2,678 1,628 — 1,964 — — Consumer 12 — — 1 — — Agriculture — — — — — — Other — — — — — — Subtotal 5,072 2,032 — 3,573 379 360 With An Allowance Recorded: Commercial — — — 60 3 — Commercial real estate: Construction — — — — — — Farmland — — — — — — Nonfarm nonresidential 159 159 35 100 — — Residential real estate: Multi-family — — — — — — 1-4 Family 720 720 168 1,111 — — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 879 879 203 1,271 3 — Total $ 5,951 $ 2,911 $ 203 $ 4,844 $ 382 $ 360 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 703 $ 487 $ — $ 495 $ 7 $ 7 Commercial real estate: Construction — — — — — — Farmland 3,687 2,059 — 2,651 210 210 Nonfarm nonresidential 1,047 576 — 716 59 47 Residential real estate: Multi-family — — — 820 — — 1-4 Family 4,293 2,787 — 2,884 143 143 Consumer 9 1 — 2 2 2 Agriculture — — — 24 1 1 Other — — — — — — Subtotal 9,739 5,910 — 7,592 422 410 With An Allowance Recorded: Commercial 100 100 13 100 7 — Commercial real estate: Construction — — — — — — Farmland — — — 235 — — Nonfarm nonresidential — — — 238 14 — Residential real estate: Multi-family — — — — — — 1-4 Family 1,163 1,163 206 1,404 68 — Consumer — — — — — — Agriculture — — — 24 — — Other — — — — — — Subtotal 1,263 1,263 219 2,001 89 — Total $ 11,002 $ 7,173 $ 219 $ 9,593 $ 511 $ 410 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 201 9 Commercial Real Estate: Nonfarm nonresidential $ 400 $ — $ 400 Residential Real Estate: 1-4 Family 75 — 75 Total TDRs $ 475 $ — $ 475 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2018 Commercial Real Estate: Nonfarm nonresidential $ 190 $ — $ 190 Residential Real Estate: 1-4 Family 720 — 720 Total TDRs $ 910 $ — $ 910 |
Schedule of Troubled Debt Restructurings Postmodification[Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 201 9 Commercial Real Estate: Nonfarm nonresidential $ 215 $ — $ 215 Residential Real Estate: 1-4 Family 75 — 75 Total TDRs $ 290 $ — $ 290 |
Financing Receivable, Nonaccrual [Table Text Block] | Nonaccrual Loans Past Due 90 Days And Over Still Accruing 201 9 201 8 201 9 201 8 (in thousands) Commercial $ 50 $ 53 $ — $ — Commercial Real Estate: Construction — — — — Farmland 431 249 — — Nonfarm nonresidential 90 61 — — Residential Real Estate: Multi-family — — — — 1-4 Family 817 1,628 — — Consumer 98 — — — Agriculture 42 — — — Other — — — — Total $ 1,528 $ 1,991 $ — $ — |
Financing Receivable, Past Due [Table Text Block] | 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) December 31 , 201 9 Commercial $ 14 $ 3 $ — $ 50 $ 67 Commercial Real Estate: Construction — — — — — Farmland 274 — — 431 705 Nonfarm nonresidential 206 — — 90 296 Residential Real Estate: Multi-family — — — — — 1-4 Family 1,162 503 — 817 2,482 Consumer 91 164 — 98 353 Agriculture — — — 42 42 Other — — — — — Total $ 1,747 $ 670 $ — $ 1,528 $ 3,945 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) December 31, 201 8 Commercial $ 39 $ — $ — $ 53 $ 92 Commercial Real Estate: Construction — — — — — Farmland 244 107 — 249 600 Nonfarm nonresidential — 52 — 61 113 Residential Real Estate: Multi-family — — — — — 1-4 Family 1,299 137 — 1,628 3,064 Consumer 8 35 — — 43 Agriculture 3 — — — 3 Other — — — — — Total $ 1,593 $ 331 $ — $ 1,991 $ 3,915 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 201 9 Commercial $ 130,312 $ 11,280 $ — $ 3,959 $ — $ 145,551 Commercial Real Estate: Construction 64,911 — — — — 64,911 Farmland 71,503 6,663 — 952 — 79,118 Nonfarm nonresidential 245,995 6,986 — 2,478 — 255,459 Residential Real Estate: Multi-family 70,950 — — — — 70,950 1-4 Family 221,727 2,420 — 2,482 — 226,629 Consumer 47,657 5 — 128 — 47,790 Agriculture 34,853 168 — 43 — 35,064 Other 799 — — — — 799 Total $ 888,707 $ 27,522 $ — $ 10,042 $ — $ 926,271 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 201 8 Commercial $ 129,106 $ 141 $ — $ 121 $ — $ 129,368 Commercial Real Estate: Construction 86,867 — — — — 86,867 Farmland 74,054 2,741 — 1,142 — 77,937 Nonfarm nonresidential 169,551 1,983 — 643 — 172,177 Residential Real Estate: Multi-family 44,697 5,060 — — — 49,757 1-4 Family 169,342 2,209 113 4,097 — 175,761 Consumer 38,768 11 — 325 — 39,104 Agriculture 32,683 1,019 — 35 — 33,737 Other 536 — — — — 536 Total $ 745,604 $ 13,164 $ 113 $ 6,363 $ — $ 765,244 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 9 201 8 (in thousands) Land and buildings $ 21,228 $ 19,974 Furniture and equipment 8,884 7,420 Leased right-of-use asset 3,070 — 33,182 27,394 Accumulated depreciation (13,524 ) (12,739 ) $ 19,658 $ 14,655 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 2020 $ 510 2021 279 2022 262 2023 266 2024 266 Thereafter 3,721 Total minimum lease payments 5,304 Discount effect of cash flows (2,234 ) Present value of lease liabilities $ 3,070 |
Note 6 - Other Real Estate Ow_2
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | 201 9 201 8 (in thousands) Commercial Real Estate: Construction, land development, and other land 3,225 3,485 $ 3,225 $ 3,485 |
Schedule of Expenses Related to Foreclosed Real Estate [Table Text Block] | 201 9 201 8 20 17 (in thousands) OREO Activity OREO as of January 1 $ 3,485 $ 4,409 $ 6,821 Real estate acquired — 730 270 Valuation adjustment write-downs (260 ) (850 ) (1,963 ) Net gain on sale — 72 74 Proceeds from sale of properties — (876 ) (793 ) OREO as of December 31 $ 3,225 $ 3,485 $ 4,409 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 201 9 201 8 201 7 (in thousands) Net gain on sales $ — $ (72 ) $ (74 ) Valuation adjustment write-downs 260 850 1,963 Operating expense 108 90 84 Total $ 368 $ 868 $ 1,973 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | 2019 Gross Carrying Amount Accumulated Amortization Goodwill $ 6,252 $ — Core deposit intangibles 2,500 — Total $ 8,752 $ — |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense 2020 $ 256 2021 256 2022 256 2023 256 2024 256 Thereafter 1,220 $ 2,500 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | December 31, 201 9 December 31, 201 8 (in thousands) Non-interest bearing $ 187,551 $ 142,618 Interest checking 146,038 94,269 Money market 160,837 171,924 Savings 56,015 34,534 Certificates of deposit 476,534 450,886 Total $ 1,026,975 $ 894,231 |
Schedule of Maturities of Time Deposits [Table Text Block] | Total 2020 $ 389,349 2021 49,858 2022 9,610 2023 16,017 2024 11,405 Thereafter 295 $ 476,534 |
Note 9 - Advances From the Fe_2
Note 9 - Advances From the Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | December 31, December 31 , 201 9 201 8 (in thousands) Short term advances (fixed rates 1.66% to 1.76%) maturing January 2020 $ 60,000 $ 45,000 Long term advances (fixed rates 0.00% to 5.24%) maturing April 2020 to August 2033 1,389 1,549 Total advances from the Federal Home Loan Bank $ 61,389 $ 46,549 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Advances 2020 $ 60,484 2021 718 2022 100 2023 59 2024 21 Thereafter 7 $ 61,389 |
Note 10 - Junior Subordinated_2
Note 10 - Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | Description Issuance Date Interest Rate (1) Junior Subordinated Debt Owed To Trust Maturity Date (2) Statutory Trust I 2/13/2004 3-month LIBOR + 2.85% $ 3,000,000 2/13/2034 Statutory Trust II 2/13/2004 3-month LIBOR + 2.85% 5,000,000 2/13/2034 Statutory Trust III 4/15/2004 3-month LIBOR + 2.79% 3,000,000 4/15/2034 Statutory Trust IV 12/14/2006 3-month LIBOR + 1.67% 10,000,000 3/01/2037 $ 21,000,000 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 9 201 8 20 17 (in thousands) Current $ (173 ) $ (346 ) $ — Deferred 505 121 2,523 Net operating loss 1,725 2,255 (647 ) Establish state deferred tax asset (1,577 ) — — Change in federal statutory rate — — 20,274 Change in valuation allowance — — (54,049 ) $ 480 $ 2,030 $ (31,899 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 9 201 8 20 1 7 (in thousands) Federal statutory rate 21 % 21 % 35 % Federal statutory rate times financial statement income (loss) $ 2,310 $ 2,273 $ 2,294 Effect of: Valuation allowance — — (54,049 ) Tax-exempt income (66 ) (80 ) (196 ) Establish state deferred tax asset (1,577 ) — — Non-taxable life insurance income (86 ) (92 ) (144 ) Restricted stock vesting (137 ) (115 ) (121 ) Change in federal statutory rate — — 20,274 Other, net 36 44 43 Total $ 480 $ 2,030 $ (31,899 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 9 201 8 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 22,915 $ 24,507 Allowance for loan losses 2,090 1,865 OREO write-down 2,665 2,611 Alternative minimum tax credit carry-forward 173 346 Net assets from acquisitions 228 290 Net unrealized loss on securities — 515 New market tax credit carry-forward 208 208 Nonaccrual loan interest 303 235 Accrued expenses 102 239 Deferred compensation — 267 Lease liability 766 — Other 309 241 29,759 31,324 Deferred tax liabilities: FHLB stock dividends 563 557 Fixed assets 57 94 Deferred loan costs 170 136 Net unrealized gain on securities 331 — Lease right-of-use assets 766 — Other 107 138 1,994 925 Net deferred tax assets before valuation allowance 27,765 30,399 Valuation allowance — (1,117 ) Net deferred tax assets before valuation allowance $ 27,765 $ 29,282 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Beginning balance $ 14,191 New loans and advances 6,247 Repayments (8,046 ) Ending balance $ 12,392 |
Note 17 - Regulatory Capital _2
Note 17 - Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Requirement for Capital Adequacy Purposes Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 201 9 : Total risk-based capital (to risk- weighted assets) $ 121,335 12.08 % $ 80,341 8.00 % $ 100,426 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 112,959 11.25 45,192 4.50 65,277 6.50 Tier 1 capital (to risk-weighted assets) 112,959 11.25 60,256 6.00 80,341 8.00 Tier 1 capital (to average assets) 112,959 9.99 45,208 4.00 56,510 5.00 Actual Minimum Requirement for Capital Adequacy Purposes Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 201 8 : Total risk-based capital (to risk- weighted assets) $ 109,309 12.88 % $ 67,920 8.00 % $ 84,900 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 100,429 11.83 38,205 4.50 55,185 6.50 Tier 1 capital (to risk-weighted assets) 100,429 11.83 50,940 6.00 67,920 8.00 Tier 1 capital (to average assets) 100,429 9.60 41,837 4.00 52,297 5.00 |
Note 18 - Off Balance Sheet R_2
Note 18 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 201 9 201 8 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 11,577 $ 20,415 $ 5,317 $ 11,236 Unused lines of credit 7,916 111,230 7,410 73,024 Standby letters of credit 531 3,164 541 1,752 |
Note 19 - Fair Values (Tables)
Note 19 - Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements at December 31, 201 9 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government and federal agency $ 22,330 $ — $ 22,330 $ — Agency mortgage-backed: residential 92,200 — 92,200 — Collateralized loan obligations 49,419 — 49,419 — State and municipal 28,366 — 28,366 — Corporate bonds 16,685 — 16,685 — Total $ 209,000 $ — $ 209,000 $ — Fair Value Measurements at December 31, 201 8 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale securities U.S. Government and federal agency $ 22,560 $ — $ 22,560 $ — Agency mortgage-backed: residential 85,990 — 85,990 — Collateralized loan obligations 49,839 — 49,839 — State and municipal 32,812 — 32,812 — Corporate bonds 9,991 — 9,991 — Total $ 201,192 $ — $ 201,192 $ — Fair Value Measurements at December 31, 201 9 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired lo ans : Commercial $ 21 $ — $ — $ 21 Commercial real estate: Farmland 245 — — 245 Residential real estate: 1-4 Family 145 — — 145 Fair Value Measurements at December 31, 2018 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial real estate: Nonfarm nonresidential $ 124 $ — $ — $ 124 Residential real estate: 1-4 Family 552 — — 552 Other real estate owned, net: Commercial real estate: Construction 3,485 — — 3,485 |
Fair Value Assets Measured on Nonrecurring Basis Unobservable Input Reconciliation [Table Text Block] | Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Impaired loans – Residential real estate $ 552 Sales comparison approach Adjustment for differences between the comparable sales 0% - 26% (11%) Other real estate owned – Commercial real estate $ 3,485 Sales comparison approach Adjustment for differences between the comparable sales 0% - 35% (18%) Income approach Discount or capitalization rate 25% (25%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 201 9 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 30,203 $ 30,203 $ — $ — $ 30,203 Securities available for sale 209,000 — 209,000 — 209,000 Federal Home Loan Bank stock 6,237 N/A N/A N/A N/A Loans, net 917,895 — — 925,388 925,388 Accrued interest receivable 4,257 — 1,118 3,139 4,257 Financial liabilities Deposits $ 1,026,975 $ 187,551 $ 839,882 $ — $ 1,027,433 Federal Home Loan Bank advances 61,389 — 61,395 — 61,395 Junior subordinated debentures 21,000 — — 17,466 17,466 Subordinated capital note 17,000 — — 17,003 17,003 Senior debt 5,000 — — 5,022 5,022 Accrued interest payable 1,129 — 647 482 1,129 Fair Value Measurements at December 31, 201 8 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 35,361 $ 35,361 $ — $ — $ 35,361 Securities available for sale 201,192 — 201,192 — 201,192 Federal Home Loan Bank stock 7,233 N/A N/A N/A N/A Loans, net 756,364 — — 744,076 744,076 Accrued interest receivable 3,665 — 1,222 2,443 3,665 Financial liabilities Deposits $ 894,231 $ 142,618 $ 750,015 $ — $ 892,633 Federal Home Loan Bank advances 46,549 — 46,519 — 46,519 Junior subordinated debentures 21,000 — — 16,226 16,226 Senior debt 10,000 — — 9,585 9,585 Accrued interest payable 658 — 598 60 658 |
Note 20 - Stock Plans and Sto_2
Note 20 - Stock Plans and Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Twelve Months Ended Twelve Months Ended December 31 , 201 9 December 31, 201 8 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 116,909 $ 8.69 142,334 $ 5.67 Granted 34,501 14.81 52,856 13.94 Vested (89,388 ) 7.83 (78,281 ) 6.75 Forfeited (4,248 ) 13.07 — — Outstanding, ending 57,774 $ 13.35 116,909 $ 8.69 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | 2020 $ 309 2021 194 2022 20 2023 & thereafter — |
Note 21 - Earnings Per Share (T
Note 21 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 201 9 201 8 201 7 (in thousands, except share and per share data) Net income $ 10,518 $ 8,794 $ 38,453 Less: Earnings allocated to unvested shares 106 144 967 Net income attributable to common shareholders, basic and diluted $ 10,412 $ 8,650 $ 37,486 Basic Weighted average common shares including unvested common shares and participating preferred shares outstanding 7,468,215 7,159,723 6,249,059 Less: Weighted average unvested common shares 75,084 117,030 157,127 Weighted average common shares outstanding 7,393,131 7,042,693 6,091,932 Basic income per common share $ 1.41 $ 1.23 $ 6.15 Diluted Add: Dilutive effects of assumed exercises of common stock warrants — — — Weighted average common shares and potential common shares 7,393,131 7,042,693 6,091,932 Diluted income per common share $ 1.41 $ 1.23 $ 6.15 |
Note 23 - Acquisitions (Tables)
Note 23 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration: Cash $ 6,286 Fair value of total consideration transferred 6,286 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 1,006 Loans 126,823 Premises and equipment 1,451 Leased right-of-use asset 1,892 Core deposit intangibles 2,500 Accrued interest receivable and other assets 380 Total assets acquired 134,052 Deposits 131,769 Lease liability 1,892 Accrued interest payable and other liabilities 357 Total liabilities assumed 134,018 Net identifiable assets 34 Goodwill 6,252 $ 6,286 |
Note 24 - Parent Company Only_2
Note 24 - Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 201 9 201 8 (in thousands) ASSETS Cash and cash equivalents (1) $ 4,769 $ 5,369 Investment in banking subsidiary 138,321 114,042 Investment in and advances to other subsidiaries 776 776 Deferred taxes, net 5,138 3,142 Other assets 1,083 682 Total assets $ 150,087 $ 124,011 LIABILITIES AND SHAREHOLDERS’ EQUITY Debt $ 43,775 $ 31,775 Accrued expenses and other liabilities 562 139 Shareholders’ equity 105,750 92,097 Total liabilities and shareholders’ equity $ 150,087 $ 124,011 |
Condensed Income Statement [Table Text Block] | Years ended December 31, 201 9 201 8 201 7 (in thousands) Interest income $ 83 $ 45 $ 4 Dividends from subsidiaries 36 35 26 Other income 19 38 — Interest expense (1,803 ) (1,370 ) (973 ) Other expense (1,179 ) (1,290 ) (1,137 ) Loss before income tax and undistributed subsidiary income (2,844 ) (2,542 ) (2,080 ) Income tax expense (benefit) (1,997 ) (645 ) (2,497 ) Equity in undistributed subsidiary income 11,365 10,691 38,036 Net income $ 10,518 $ 8,794 $ 38,453 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31, 201 9 201 8 20 1 7 (in thousands) Cash flows from operating activities Net income $ 10,518 $ 8,794 $ 38,453 Adjustments: Equity in undistributed subsidiary (income) loss (11,365 ) (10,691 ) (38,036 ) Deferred taxes, net (1,996 ) (645 ) (2,497 ) Stock-based compensation expense 535 524 400 Net change in other assets (401 ) 30 805 Net change in other liabilities 423 (1,093 ) (128 ) Net cash used in operating activities (2,286 ) (3,081 ) (1,003 ) Cash flows from investing activities Investments in subsidiaries (10,000 ) (5,000 ) (9,000 ) Net cash used in investing activities (10,000 ) (5,000 ) (9,000 ) Cash flows from financing activities Proceeds from issuance of common stock — 14,910 — Redemption of preferred stock — (3,505 ) — Proceeds from issuance of subordinated capital note 17,000 — — Proceeds from senior debt — — 10,000 Repayment of senior debt (5,000 ) — — Common shares withheld for taxes (314 ) — — Net cash provided by financing activities 11,686 11,405 10,000 Net change in cash and cash equivalents (600 ) 3,324 (3 ) Beginning cash and cash equivalents 5,369 2,045 2,048 Ending cash and cash equivalents $ 4,769 $ 5,369 $ 2,045 |
Note 25 - Quarterly Financial_2
Note 25 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Earnings Per Common Share Interest Income Net Interest Income Negative Provision For Loan Losses Income Before Income Taxes Net Income (Loss) Basic (1) Diluted (1) (in thousands, except per share data) 201 9 First quarter (2) $ 12,186 $ 8,959 $ — $ 2,962 $ 2,839 $ 0.38 $ 0.38 Second quarter (2) 12,376 8,800 — 3,022 3,633 0.49 0.49 Third quarter 12,485 $ 8,730 $ — $ 2,813 $ 2,282 $ 0.31 $ 0.31 Fourth quarter (3) 12,537 8,861 — 2,201 1,764 0.24 0.24 201 8 First quarter $ 10,015 $ 8,181 $ — $ 2,263 $ 1,934 $ 0.31 $ 0.31 Second quarter 10,585 8,374 (150 ) 2,466 1,983 0.27 0.27 Third quarter 11,120 $ 8,412 $ (350 ) $ 3,041 $ 2,437 $ 0.33 $ 0.33 Fourth quarter 11,741 8,704 — 3,054 2,440 0.33 0.33 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank, Regulatory Capital, Required | $ 10,100,000 | $ 7,400,000 | |
Premises and Equipment [Member] | |||
Operating Lease, Right-of-Use Asset | $ 3,100,000 | ||
Accounting Standards Update 2016-02 [Member] | Premises and Equipment [Member] | |||
Operating Lease, Right-of-Use Asset | $ 507,000 | ||
Operating Lease, Liability, Total | $ 507,000 | ||
Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Limestone Bank [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) xbrli-pure in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Available for Sale Securities, Realized Gain (Loss), Income Tax Expense (Benefit) | $ (1,000) | $ (1,000) | $ 101,000 |
Security Owned and Pledged as Collateral, Fair Value, Total | 75,800,000 | 64,400,000 | |
Debt Securities, Available-for-sale, Total | $ 209,000,000 | 201,192,000 | |
Concentration Risk Number | 0 | ||
Risk Level, AA Rated [Member] | |||
Collateralized Agreements, Total | $ 32,900,000 | ||
Risk Level, A Rated [Member] | |||
Collateralized Agreements, Total | 16,500,000 | ||
Risk Level, Below A Rated [Member] | |||
Collateralized Agreements, Total | 0 | ||
Risk Level, Subject to Downgrade [Member] | |||
Collateralized Agreements, Total | 0 | ||
Kentucky Municipalities [Member] | |||
Debt Securities, Available-for-sale, Total | $ 14,500,000 | $ 15,300,000 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains or Losses, and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available for sale securities, amortized cost | $ 207,672 | $ 203,642 |
Available for sale securities, gross unrealized gains | 2,145 | 551 |
Available for sale securities, gross unrealized losses | (817) | (3,001) |
Securities available for sale | 209,000 | 201,192 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 22,281 | 23,280 |
Available for sale securities, gross unrealized gains | 196 | 2 |
Available for sale securities, gross unrealized losses | (147) | (722) |
Securities available for sale | 22,330 | 22,560 |
Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, amortized cost | 91,269 | 87,689 |
Available for sale securities, gross unrealized gains | 1,186 | 192 |
Available for sale securities, gross unrealized losses | (255) | (1,891) |
Securities available for sale | 92,200 | 85,990 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, amortized cost | 49,831 | 49,942 |
Available for sale securities, gross unrealized gains | ||
Available for sale securities, gross unrealized losses | (412) | (103) |
Securities available for sale | 49,419 | 49,839 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, amortized cost | 27,819 | 32,841 |
Available for sale securities, gross unrealized gains | 550 | 230 |
Available for sale securities, gross unrealized losses | (3) | (259) |
Securities available for sale | 28,366 | 32,812 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 16,472 | 9,890 |
Available for sale securities, gross unrealized gains | 213 | 127 |
Available for sale securities, gross unrealized losses | (26) | |
Securities available for sale | $ 16,685 | $ 9,991 |
Note 2 - Securities - Sales and
Note 2 - Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds | $ 5,351 | $ 6,054 | $ 41,733 |
Gross gains | 1 | 449 | |
Gross losses | $ 6 | $ 6 | $ 161 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost and Fair Value of Debt Investment Securities Portfolio by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Within one year, amortized cost | $ 49,398 | |
Within one year, fair value | 49,152 | |
One to five years, amortized cost | 38,081 | |
One to five years, fair value | 38,524 | |
Five to ten years, amortized cost | 26,085 | |
Five to ten years, fair value | 26,285 | |
Beyond ten years, amortized cost | 2,839 | |
Beyond ten years, fair value | 2,839 | |
Agency mortgage-backed: residential, amortized cost | 91,269 | |
Agency mortgage-backed: residential, fair value | 92,200 | |
Total, amortized cost | 207,672 | $ 203,642 |
Total, fair value | $ 209,000 | $ 201,192 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available for sale, fair value, less than 12 months | $ 41,474 | $ 91,656 |
Available for sale, unrealized loss, less than 12 months | (293) | (558) |
Available for sale, fair value, 12 months or more | 46,001 | 65,396 |
Available for sale, unrealized loss, 12 months or more | (524) | (2,443) |
Available for sale, fair value | 87,475 | 157,052 |
Available for sale, unrealized loss | (817) | (3,001) |
US Treasury and Government [Member] | ||
Available for sale, fair value, less than 12 months | 12,567 | 3,431 |
Available for sale, unrealized loss, less than 12 months | (147) | (57) |
Available for sale, fair value, 12 months or more | 17,212 | |
Available for sale, unrealized loss, 12 months or more | (665) | |
Available for sale, fair value | 12,567 | 20,643 |
Available for sale, unrealized loss | (147) | (722) |
Residential Mortgage Backed Securities [Member] | ||
Available for sale, fair value, less than 12 months | 18,457 | 30,229 |
Available for sale, unrealized loss, less than 12 months | (97) | (343) |
Available for sale, fair value, 12 months or more | 10,665 | 40,932 |
Available for sale, unrealized loss, 12 months or more | (158) | (1,548) |
Available for sale, fair value | 29,122 | 71,161 |
Available for sale, unrealized loss | (255) | (1,891) |
Collateralized Loan Obligations [Member] | ||
Available for sale, fair value, less than 12 months | 9,539 | 48,294 |
Available for sale, unrealized loss, less than 12 months | (46) | (103) |
Available for sale, fair value, 12 months or more | 35,336 | |
Available for sale, unrealized loss, 12 months or more | (366) | |
Available for sale, fair value | 44,875 | 48,294 |
Available for sale, unrealized loss | (412) | (103) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 911 | 6,133 |
Available for sale, unrealized loss, less than 12 months | (3) | (29) |
Available for sale, fair value, 12 months or more | 7,252 | |
Available for sale, unrealized loss, 12 months or more | (230) | |
Available for sale, fair value | 911 | 13,385 |
Available for sale, unrealized loss | (3) | (259) |
Corporate Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 3,569 | |
Available for sale, unrealized loss, less than 12 months | (26) | |
Available for sale, fair value, 12 months or more | ||
Available for sale, unrealized loss, 12 months or more | ||
Available for sale, fair value | 3,569 | |
Available for sale, unrealized loss | $ (26) |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Financing Receivable Modifications Percentage of Performing TDRs to Total TDRs | 100.00% | 100.00% | |
Troubled Debt Restructuring Reserve | $ 1,000 | $ 168,000 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Minimum Outstanding Balance for Loans to be Qualified for Credit Risk Analysis | $ 500,000 |
Note 3 - Loans - Loans (Details
Note 3 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross loans | $ 926,271 | $ 765,244 |
Less: Allowance for loan losses | (8,376) | (8,880) |
Loans, net | 917,895 | 756,364 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 145,551 | 129,368 |
Less: Allowance for loan losses | (1,710) | (1,299) |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 399,488 | 336,981 |
Less: Allowance for loan losses | (4,080) | (4,676) |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 64,911 | 86,867 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Gross loans | 79,118 | 77,937 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 255,459 | 172,177 |
Residential Portfolio Segment [Member] | ||
Gross loans | 297,579 | 225,518 |
Less: Allowance for loan losses | (1,743) | (2,452) |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Gross loans | 70,950 | 49,757 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 226,629 | 175,761 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 47,790 | 39,104 |
Less: Allowance for loan losses | (485) | (130) |
Agriculture Portfolio Segment [Member] | ||
Gross loans | 35,064 | 33,737 |
Less: Allowance for loan losses | (355) | (321) |
Other Portfolio Segment [Member] | ||
Gross loans | 799 | 536 |
Less: Allowance for loan losses | $ (3) | $ (2) |
Note 3 - Loans - Activity in Al
Note 3 - Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 8,880 | $ 8,202 | $ 8,880 | $ 8,202 | $ 8,967 | ||||||
Negative provision for loan losses | $ (350) | $ (150) | (500) | (800) | |||||||
Loans charged off | (1,288) | (616) | (901) | ||||||||
Recoveries | 784 | 1,794 | 936 | ||||||||
Balance | 8,376 | 8,880 | 8,376 | 8,880 | 8,202 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance | 1,299 | 892 | 1,299 | 892 | 475 | ||||||
Negative provision for loan losses | 342 | 196 | 363 | ||||||||
Loans charged off | (37) | (50) | (5) | ||||||||
Recoveries | 106 | 261 | 59 | ||||||||
Balance | 1,710 | 1,299 | 1,710 | 1,299 | 892 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Balance | 4,676 | 4,032 | 4,676 | 4,032 | 4,894 | ||||||
Negative provision for loan losses | (622) | (192) | (1,223) | ||||||||
Loans charged off | (47) | (198) | (58) | ||||||||
Recoveries | 73 | 1,034 | 419 | ||||||||
Balance | 4,080 | 4,676 | 4,080 | 4,676 | 4,032 | ||||||
Residential Portfolio Segment [Member] | |||||||||||
Balance | 2,452 | 2,900 | 2,452 | 2,900 | 3,426 | ||||||
Negative provision for loan losses | (958) | (599) | (129) | ||||||||
Loans charged off | (275) | (252) | (692) | ||||||||
Recoveries | 524 | 403 | 295 | ||||||||
Balance | 1,743 | 2,452 | 1,743 | 2,452 | 2,900 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Balance | 130 | 64 | 130 | 64 | 8 | ||||||
Negative provision for loan losses | 943 | 92 | (8) | ||||||||
Loans charged off | (663) | (95) | (51) | ||||||||
Recoveries | 75 | 69 | 115 | ||||||||
Balance | 485 | 130 | 485 | 130 | 64 | ||||||
Agriculture Portfolio Segment [Member] | |||||||||||
Balance | 321 | 313 | 321 | 313 | 162 | ||||||
Negative provision for loan losses | 297 | 6 | 213 | ||||||||
Loans charged off | (266) | (13) | (95) | ||||||||
Recoveries | 3 | 15 | 33 | ||||||||
Balance | 355 | 321 | 355 | 321 | 313 | ||||||
Other Portfolio Segment [Member] | |||||||||||
Balance | $ 2 | $ 1 | 2 | 1 | 2 | ||||||
Negative provision for loan losses | (2) | (3) | (16) | ||||||||
Loans charged off | (8) | ||||||||||
Recoveries | 3 | 12 | 15 | ||||||||
Balance | $ 3 | $ 2 | $ 3 | $ 2 | $ 1 |
Note 3 - Loans - Balance in All
Note 3 - Loans - Balance in Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Bases on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Individually evaluated for impairment | $ 42 | $ 203 |
Collectively evaluated for impairment | 8,334 | 8,677 |
Total ending allowance balance | 8,376 | 8,880 |
Loans individually evaluated for impairment | 2,170 | 2,911 |
Loans collectively evaluated for impairment | 924,101 | 762,333 |
Total ending loans balance | 926,271 | 765,244 |
Commercial Portfolio Segment [Member] | ||
Individually evaluated for impairment | 3 | |
Collectively evaluated for impairment | 1,707 | 1,299 |
Total ending allowance balance | 1,710 | 1,299 |
Loans individually evaluated for impairment | 74 | 53 |
Loans collectively evaluated for impairment | 145,477 | 129,315 |
Total ending loans balance | 145,551 | 129,368 |
Commercial Real Estate Portfolio Segment [Member] | ||
Individually evaluated for impairment | 37 | 35 |
Collectively evaluated for impairment | 4,043 | 4,641 |
Total ending allowance balance | 4,080 | 4,676 |
Loans individually evaluated for impairment | 1,064 | 510 |
Loans collectively evaluated for impairment | 398,424 | 336,471 |
Total ending loans balance | 399,488 | 336,981 |
Residential Portfolio Segment [Member] | ||
Individually evaluated for impairment | 2 | 168 |
Collectively evaluated for impairment | 1,741 | 2,284 |
Total ending allowance balance | 1,743 | 2,452 |
Loans individually evaluated for impairment | 892 | 2,348 |
Loans collectively evaluated for impairment | 296,687 | 223,170 |
Total ending loans balance | 297,579 | 225,518 |
Consumer Portfolio Segment [Member] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 485 | 130 |
Total ending allowance balance | 485 | 130 |
Loans individually evaluated for impairment | 98 | |
Loans collectively evaluated for impairment | 47,692 | 39,104 |
Total ending loans balance | 47,790 | 39,104 |
Agriculture Portfolio Segment [Member] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 355 | 321 |
Total ending allowance balance | 355 | 321 |
Loans individually evaluated for impairment | 42 | |
Loans collectively evaluated for impairment | 35,022 | 33,737 |
Total ending loans balance | 35,064 | 33,737 |
Other Portfolio Segment [Member] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3 | 2 |
Total ending allowance balance | 3 | 2 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 799 | 536 |
Total ending loans balance | $ 799 | $ 536 |
Note 3 - Loans - Loans Individu
Note 3 - Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unpaid principal balance, with no related allowance recorded | $ 3,867 | $ 5,072 | $ 9,739 |
Recorded investment, with no related allowance recorded | 1,717 | 2,032 | 5,910 |
Average recorded investment, with no related allowance recorded | 2,036 | 3,573 | 7,592 |
Interest income recognized, with no related allowance recorded | 288 | 379 | 422 |
Cash basis interest income recognized, with no related allowance recorded | 229 | 360 | 410 |
Unpaid principal balance, with an allowance recorded | 489 | 879 | 1,263 |
Recorded investment, with an allowance recorded | 453 | 879 | 1,263 |
Allowance for loan losses allocated, with an allowance recorded | 42 | 203 | 219 |
Average recorded investment, with an allowance recorded | 710 | 1,271 | 2,001 |
Interest income recognized, with an allowance recorded | 17 | 3 | 89 |
Cash basis interest income recognized, with an allowance recorded | |||
Unpaid principal balance, total | 4,356 | 5,951 | 11,002 |
Recorded investment, total | 2,170 | 2,911 | 7,173 |
Average recorded investment, total | 2,746 | 4,844 | 9,593 |
Interest income recognized, total | 305 | 382 | 511 |
Cash basis interest income recognized | 229 | 360 | 410 |
Commercial Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 138 | 120 | 703 |
Recorded investment, with no related allowance recorded | 50 | 53 | 487 |
Average recorded investment, with no related allowance recorded | 57 | 125 | 495 |
Interest income recognized, with no related allowance recorded | 3 | 7 | |
Cash basis interest income recognized, with no related allowance recorded | 3 | 7 | |
Unpaid principal balance, with an allowance recorded | 24 | 100 | |
Recorded investment, with an allowance recorded | 24 | 100 | |
Allowance for loan losses allocated, with an allowance recorded | 3 | 13 | |
Average recorded investment, with an allowance recorded | 15 | 60 | 100 |
Interest income recognized, with an allowance recorded | 2 | 3 | 7 |
Cash basis interest income recognized, with an allowance recorded | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Unpaid principal balance, with no related allowance recorded | |||
Recorded investment, with no related allowance recorded | |||
Average recorded investment, with no related allowance recorded | |||
Interest income recognized, with no related allowance recorded | |||
Cash basis interest income recognized, with no related allowance recorded | |||
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Unpaid principal balance, with no related allowance recorded | 380 | 1,860 | 3,687 |
Recorded investment, with no related allowance recorded | 293 | 89 | 2,059 |
Average recorded investment, with no related allowance recorded | 179 | 1,156 | 2,651 |
Interest income recognized, with no related allowance recorded | 23 | 360 | 210 |
Cash basis interest income recognized, with no related allowance recorded | 23 | 360 | 210 |
Unpaid principal balance, with an allowance recorded | 282 | ||
Recorded investment, with an allowance recorded | 282 | ||
Allowance for loan losses allocated, with an allowance recorded | 37 | ||
Average recorded investment, with an allowance recorded | 236 | 235 | |
Interest income recognized, with an allowance recorded | 9 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | |||
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,057 | 402 | 1,047 |
Recorded investment, with no related allowance recorded | 489 | 262 | 576 |
Average recorded investment, with no related allowance recorded | 295 | 327 | 716 |
Interest income recognized, with no related allowance recorded | 34 | 19 | 59 |
Cash basis interest income recognized, with no related allowance recorded | 3 | 47 | |
Unpaid principal balance, with an allowance recorded | 159 | ||
Recorded investment, with an allowance recorded | 159 | ||
Allowance for loan losses allocated, with an allowance recorded | 35 | ||
Average recorded investment, with an allowance recorded | 100 | 238 | |
Interest income recognized, with an allowance recorded | 14 | ||
Cash basis interest income recognized, with an allowance recorded | |||
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Unpaid principal balance, with no related allowance recorded | |||
Recorded investment, with no related allowance recorded | |||
Average recorded investment, with no related allowance recorded | 820 | ||
Interest income recognized, with no related allowance recorded | |||
Cash basis interest income recognized, with no related allowance recorded | |||
Unpaid principal balance, with an allowance recorded | |||
Recorded investment, with an allowance recorded | |||
Allowance for loan losses allocated, with an allowance recorded | |||
Average recorded investment, with an allowance recorded | |||
Interest income recognized, with an allowance recorded | |||
Cash basis interest income recognized, with an allowance recorded | |||
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,679 | 2,678 | 4,293 |
Recorded investment, with no related allowance recorded | 745 | 1,628 | 2,787 |
Average recorded investment, with no related allowance recorded | 1,402 | 1,964 | 2,884 |
Interest income recognized, with no related allowance recorded | 219 | 143 | |
Cash basis interest income recognized, with no related allowance recorded | 191 | 143 | |
Unpaid principal balance, with an allowance recorded | 183 | 720 | 1,163 |
Recorded investment, with an allowance recorded | 147 | 720 | 1,163 |
Allowance for loan losses allocated, with an allowance recorded | 2 | 168 | 206 |
Average recorded investment, with an allowance recorded | 459 | 1,111 | 1,404 |
Interest income recognized, with an allowance recorded | 6 | 68 | |
Cash basis interest income recognized, with an allowance recorded | |||
Consumer Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 309 | 12 | 9 |
Recorded investment, with no related allowance recorded | 98 | 1 | |
Average recorded investment, with no related allowance recorded | 56 | 1 | 2 |
Interest income recognized, with no related allowance recorded | 6 | 2 | |
Cash basis interest income recognized, with no related allowance recorded | 6 | 2 | |
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | |||
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Agriculture Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 304 | ||
Recorded investment, with no related allowance recorded | 42 | ||
Average recorded investment, with no related allowance recorded | 47 | 24 | |
Interest income recognized, with no related allowance recorded | 3 | 1 | |
Cash basis interest income recognized, with no related allowance recorded | 3 | 1 | |
Unpaid principal balance, with an allowance recorded | |||
Recorded investment, with an allowance recorded | |||
Allowance for loan losses allocated, with an allowance recorded | |||
Average recorded investment, with an allowance recorded | 24 | ||
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | |||
Other Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 0 | 0 | 0 |
Recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Average recorded investment, with no related allowance recorded | |||
Interest income recognized, with no related allowance recorded | |||
Cash basis interest income recognized, with no related allowance recorded | |||
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | $ 0 | $ 0 | $ 0 |
Note 3 - Loans - Types of Troub
Note 3 - Loans - Types of Troubled Debt Restructuring Loan Modification by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Troubled debt restructuring | $ 475 | $ 910 |
Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 475 | 910 |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | ||
Commercial Real Estate Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 400 | 190 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Troubled debt restructuring | 400 | 190 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | ||
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 75 | 720 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 75 | 720 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring |
Note 3 - Loans - Troubled Debt
Note 3 - Loans - Troubled Debt Restructuring Postmodification (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Troubled debt restructuring, Postmodification | $ 290 |
Commercial Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |
Troubled debt restructuring, Postmodification | 215 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |
Troubled debt restructuring, Postmodification | 75 |
Performing Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 290 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |
Troubled debt restructuring, Postmodification | 215 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |
Troubled debt restructuring, Postmodification | 75 |
Nonperforming Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |
Troubled debt restructuring, Postmodification | |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |
Troubled debt restructuring, Postmodification |
Note 3 - Loans - Recorded Inves
Note 3 - Loans - Recorded Investment in Nonaccrual and Loans Past Due 90 Days and Still on Accrual by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Nonaccrual | $ 1,528 | $ 1,991 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual | 50 | 53 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Nonaccrual | 431 | 249 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Nonaccrual | 90 | 61 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Nonaccrual | 817 | 1,628 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual | 98 | 0 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Agriculture Portfolio Segment [Member] | ||
Nonaccrual | 42 | 0 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Other Portfolio Segment [Member] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Over Still Accruing | $ 0 | $ 0 |
Note 3 - Loans - Aging of Recor
Note 3 - Loans - Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Nonaccrual | $ 1,528 | $ 1,991 |
Total past due and nonaccrual | 3,945 | 3,915 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 1,747 | 1,593 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 670 | 331 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual | 50 | 53 |
Total past due and nonaccrual | 67 | 92 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 14 | 39 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 3 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Nonaccrual | 431 | 249 |
Total past due and nonaccrual | 705 | 600 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Nonaccrual | 90 | 61 |
Total past due and nonaccrual | 296 | 113 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Farmland Loans [Member] | ||
Past due | 274 | 244 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Past due | 206 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Farmland Loans [Member] | ||
Past due | 0 | 107 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Past due | 0 | 52 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Farmland Loans [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Nonaccrual | 817 | 1,628 |
Total past due and nonaccrual | 2,482 | 3,064 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Multifamily Loans [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | One- to Four-family Residential Properties [Member] | ||
Past due | 1,162 | 1,299 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Multifamily Loans [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | One- to Four-family Residential Properties [Member] | ||
Past due | 503 | 137 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Multifamily Loans [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | One- to Four-family Residential Properties [Member] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual | 98 | 0 |
Total past due and nonaccrual | 353 | 43 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 91 | 8 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 164 | 35 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Agriculture Portfolio Segment [Member] | ||
Nonaccrual | 42 | 0 |
Total past due and nonaccrual | 42 | 3 |
Agriculture Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 3 |
Agriculture Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | |
Agriculture Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Other Portfolio Segment [Member] | ||
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 0 | 0 |
Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | $ 0 | $ 0 |
Note 3 - Loans - Risk Category
Note 3 - Loans - Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross loans | $ 926,271 | $ 765,244 |
Pass [Member] | ||
Gross loans | 888,707 | 745,604 |
Watch [Member] | ||
Gross loans | 27,522 | 13,164 |
Special Mention [Member] | ||
Gross loans | 0 | 113 |
Substandard [Member] | ||
Gross loans | 10,042 | 6,363 |
Doubtful [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 145,551 | 129,368 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 130,312 | 129,106 |
Commercial Portfolio Segment [Member] | Watch [Member] | ||
Gross loans | 11,280 | 141 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 3,959 | 121 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 399,488 | 336,981 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 64,911 | 86,867 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Gross loans | 79,118 | 77,937 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 255,459 | 172,177 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Gross loans | 64,911 | 86,867 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Farmland Loans [Member] | ||
Gross loans | 71,503 | 74,054 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 245,995 | 169,551 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Construction Loans [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Farmland Loans [Member] | ||
Gross loans | 6,663 | 2,741 |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 6,986 | 1,983 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Farmland Loans [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Farmland Loans [Member] | ||
Gross loans | 952 | 1,142 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 2,478 | 643 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction Loans [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Farmland Loans [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Nonfarm Nonresidential [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Gross loans | 297,579 | 225,518 |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Gross loans | 70,950 | 49,757 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 226,629 | 175,761 |
Residential Portfolio Segment [Member] | Pass [Member] | Multifamily Loans [Member] | ||
Gross loans | 70,950 | 44,697 |
Residential Portfolio Segment [Member] | Pass [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 221,727 | 169,342 |
Residential Portfolio Segment [Member] | Watch [Member] | Multifamily Loans [Member] | ||
Gross loans | 0 | 5,060 |
Residential Portfolio Segment [Member] | Watch [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 2,420 | 2,209 |
Residential Portfolio Segment [Member] | Special Mention [Member] | Multifamily Loans [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Special Mention [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 0 | 113 |
Residential Portfolio Segment [Member] | Substandard [Member] | Multifamily Loans [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 2,482 | 4,097 |
Residential Portfolio Segment [Member] | Doubtful [Member] | Multifamily Loans [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Doubtful [Member] | One- to Four-family Residential Properties [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 47,790 | 39,104 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 47,657 | 38,768 |
Consumer Portfolio Segment [Member] | Watch [Member] | ||
Gross loans | 5 | 11 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 128 | 325 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Agriculture Portfolio Segment [Member] | ||
Gross loans | 35,064 | 33,737 |
Agriculture Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 34,853 | 32,683 |
Agriculture Portfolio Segment [Member] | Watch [Member] | ||
Gross loans | 168 | 1,019 |
Agriculture Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Agriculture Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 43 | 35 |
Agriculture Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | 0 | 0 |
Other Portfolio Segment [Member] | ||
Gross loans | 799 | 536 |
Other Portfolio Segment [Member] | Pass [Member] | ||
Gross loans | 799 | 536 |
Other Portfolio Segment [Member] | Watch [Member] | ||
Gross loans | 0 | 0 |
Other Portfolio Segment [Member] | Special Mention [Member] | ||
Gross loans | 0 | 0 |
Other Portfolio Segment [Member] | Substandard [Member] | ||
Gross loans | 0 | 0 |
Other Portfolio Segment [Member] | Doubtful [Member] | ||
Gross loans | $ 0 | $ 0 |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 801,000 | $ 833,000 | $ 955,000 |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 33,182 | $ 27,394 |
Accumulated depreciation | (13,524) | (12,739) |
19,658 | 14,655 | |
Land and Building [Member] | ||
Property, plant and equipment, gross | 21,228 | 19,974 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 8,884 | 7,420 |
Leased Right-of-use Asset [Member] | ||
Property, plant and equipment, gross | $ 3,070 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Lease, Weighted Average Remaining Lease Term | 22 years |
Operating Lease, Weighted Average Discount Rate, Percent | 5.46% |
Operating Leases, Rent Expense, Net, Total | $ 294,000 |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | 3,070,000 |
Premises and Equipment [Member] | |
Operating Lease, Right-of-Use Asset | $ 3,100,000 |
Note 5 - Leases - Future Minimu
Note 5 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 510 |
2021 | 279 |
2022 | 262 |
2023 | 266 |
2024 | 266 |
Thereafter | 3,721 |
Total minimum lease payments | 5,304 |
Discount effect of cash flows | (2,234) |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 3,070 |
Note 6 - Other Real Estate Ow_3
Note 6 - Other Real Estate Owned (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
One- to Four-family Residential Properties [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 172,000 | $ 771,000 |
Note 6 - Other Real Estate Ow_4
Note 6 - Other Real Estate Owned - Major Categories of OREO (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other real estate owned, gross | $ 3,225 | $ 3,485 |
Commercial Real Estate Portfolio Segment [Member] | Construction, Land Development, and Other Land Loans [Member] | ||
Other real estate owned, gross | $ 3,225 | $ 3,485 |
Note 6 - Other Real Estate Ow_5
Note 6 - Other Real Estate Owned - Activity Relating to Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OREO | $ 3,485 | $ 4,409 | $ 6,821 |
Real estate acquired | 730 | 270 | |
Valuation adjustment write-downs | (260) | (850) | (1,963) |
Net gain on sale | 72 | 74 | |
Proceeds from sale of properties | (876) | (793) | |
OREO | $ 3,225 | $ 3,485 | $ 4,409 |
Note 6 - Other Real Estate Ow_6
Note 6 - Other Real Estate Owned - Expenses Related to Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net gain on sales of other real estate owned | $ (72) | $ (74) | |
Valuation adjustment write-downs | 260 | 850 | 1,963 |
Operating expense | 108 | 90 | 84 |
Total | $ 368 | $ 868 | $ 1,973 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Nov. 15, 2019 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 6,252 | ||
Goodwill, Impairment Loss | 0 | ||
Amortization of Intangible Assets, Total | $ 0 | ||
Branch Acquisition from Republic Bank and Trust [Member] | |||
Goodwill, Ending Balance | $ 6,300 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill, Gross | $ 6,252 |
Accumulated Amortization | |
Total, Gross | 8,752 |
Core Deposits [Member] | |
Core deposit intangibles, Gross | 2,500 |
Accumulated Amortization |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Expected Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 256 |
2021 | 256 |
2022 | 256 |
2023 | 256 |
2024 | 256 |
Thereafter | 1,220 |
$ 2,500 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 13, 2018 |
Time Deposits, at or Above FDIC Insurance Limit | $ 51.2 | $ 38.9 |
Note 8 - Deposits - Deposit Bal
Note 8 - Deposits - Deposit Balances by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-interest bearing | $ 187,551 | $ 142,618 |
Interest checking | 146,038 | 94,269 |
Money market | 160,837 | 171,924 |
Savings | 56,015 | 34,534 |
Certificates of deposit | 476,534 | 450,886 |
Total | $ 1,026,975 | $ 894,231 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 389,349 |
2021 | 49,858 |
2022 | 9,610 |
2023 | 16,017 |
2024 | 11,405 |
Thereafter | 295 |
$ 476,534 |
Note 9 - Advances From the Fe_3
Note 9 - Advances From the Federal Home Loan Bank (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.70% | 2.45% |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 166,000 | $ 130,400 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 24,400 | |
Correspondent Financial Institutions Advances General Debt Obligations Disclosures Amount Of Available Unused Funds | $ 5,000 |
Note 9 - Advances From the Fe_4
Note 9 - Advances From the Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Short term advances (fixed rates 1.66% to 1.76%) maturing January 2020 | $ 60,000 | $ 45,000 |
Long term advances (fixed rates 0.00% to 5.24%) maturing April 2020 to August 2033 | 1,389 | 1,549 |
Total advances from the Federal Home Loan Bank | $ 61,389 | $ 46,549 |
Note 9 - Advances From the Fe_5
Note 9 - Advances From the Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) (Parentheticals) | Dec. 31, 2019 | Dec. 31, 2018 |
Minimum [Member] | ||
Short-term advances from the FHLB, fixed rate | 1.66% | 1.66% |
Long term advances from the FHLB, fixed rate | 0.00% | 0.00% |
Maximum [Member] | ||
Short-term advances from the FHLB, fixed rate | 1.76% | 1.76% |
Long term advances from the FHLB, fixed rate | 5.24% | 5.24% |
Note 9 - Advances From the Fe_6
Note 9 - Advances From the Federal Home Loan Bank - Principal Payments on Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 60,484 | |
2021 | 718 | |
2022 | 100 | |
2023 | 59 | |
2024 | 21 | |
Thereafter | 7 | |
$ 61,389 | $ 46,549 |
Note 10 - Junior Subordinated_3
Note 10 - Junior Subordinated Debentures (Details Textual) | Dec. 31, 2019 |
Number of Consecutive Quarterly Periods to Defer Interest Payments Without Default or Penalty | 20 |
London Interbank Offered Rate (LIBOR) [Member] | |
Effective Interest Rate of Index Subordinated Borrowing Is Tied To | 1.91% |
Note 10 - Junior Subordinated_4
Note 10 - Junior Subordinated Debentures - Junior Subordinated Debentures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Junior subordinated debentures | $ 21,000,000 | $ 21,000,000 | |
Payable to Ascencia Statutory Trust I [Member] | |||
Issuance Date | Feb. 13, 2004 | ||
Junior subordinated debentures | $ 3,000,000 | ||
Maturity Date | [1] | Feb. 13, 2034 | |
Payable to Ascencia Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 2.85% | |
Payable to Porter Statutory Trust II [Member] | |||
Issuance Date | Feb. 13, 2004 | ||
Junior subordinated debentures | $ 5,000,000 | ||
Maturity Date | [1] | Feb. 13, 2034 | |
Payable to Porter Statutory Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 2.85% | |
Payable to Porter Statutory Trust III [Member] | |||
Issuance Date | Apr. 15, 2004 | ||
Junior subordinated debentures | $ 3,000,000 | ||
Maturity Date | [1] | Apr. 15, 2034 | |
Payable to Porter Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 2.79% | |
Payable to Porter Statutory Trust IV [Member] | |||
Issuance Date | Dec. 14, 2006 | ||
Junior subordinated debentures | $ 10,000,000 | ||
Maturity Date | [1] | Mar. 1, 2037 | |
Payable to Porter Statutory Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 1.67% | |
[1] | The debentures are callable at the Company's option at their principal amount plus accrued interest. | ||
[2] | As of December 31, 2019, the 3-month LIBOR was 1.91% |
Note 11 - Subordinated Capita_2
Note 11 - Subordinated Capital Note (Details Textual) - USD ($) | Jul. 23, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Proceeds from Issuance of Subordinated Long-term Debt | $ 17,000,000 | |||
Contribution to Tier One Capital | $ 10,000,000 | 10,000,000 | ||
Senior Notes [Member] | ||||
Early Repayment of Senior Debt | 5,000,000 | $ 5,000,000 | ||
Ten Year Subordinated Debt Note, Issued July 23, 2019 [Member] | ||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 17,000,000 | |||
Debt Instrument, Term | 10 years | |||
Debt Instrument, Fixed Rate for First Five Years | 5.75% |
Note 12 - Senior Debt (Details
Note 12 - Senior Debt (Details Textual) - Senior Notes [Member] - USD ($) | Jul. 23, 2019 | Dec. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2017 |
Debt Instrument, Face Amount | $ 10,000,000 | |||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | |||
First Priority Pledge, Percent of Issued and Outstanding Stock | 100.00% | |||
Early Repayment of Senior Debt | $ 5,000,000 | $ 5,000,000 | ||
Subsidiaries [Member] | ||||
Debt Instrument, Financial Covenants, Non-performing Assets to Total Assets, Percentage, Minimum | 2.50% | |||
Forecast [Member] | ||||
Debt Instrument, Financial Convenants, Minimum Cash on Hand | $ 2,500,000 | |||
Debt Instrument, Financial Convenants, Minimum Risk Based Capital to Risk Weighted Assets | 10.00% | |||
Forecast [Member] | Subsidiaries [Member] | ||||
Debt Instrument, Financial Convenants, Minimum Risk Based Capital to Risk Weighted Assets | 11.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Note 13 - Other Benefit Plans (
Note 13 - Other Benefit Plans (Details Textual) - USD ($) | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Contribution Plan, Cost | $ 362,000 | $ 347,000 | $ 200,000 | |
Defined Benefit Plan Vesting Period | 10 years | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 6,000 | 77,000 | 121,000 | |
Defined Benefit Plan, Termination Expense | $ 0 | |||
Liability, Other Postretirement Defined Benefit Plan | 1,300,000 | |||
Bank Owned Life Insurance | 16,037,000 | 15,646,000 | ||
Earning on Bank Owned Life Insurance | $ 410,000 | $ 437,000 | $ 412,000 | |
Matched Contribution Equal to 100 of First 1% [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | 100.00% | ||
Matched Contribution Equal to 50 of Next 5% [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | 50.00% | ||
Matched Contribution Equal to 50% of First 4% [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 10, 2015 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (54,049,000) | |||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 20,300,000 | |||||
Income Tax Expense (Benefit), Total | 480,000 | 2,030,000 | $ (31,899,000) | |||
Deferred Tax Assets, State Taxes | $ 1,200,000 | $ 341,000 | ||||
Earnings Per Share, Basic and Diluted, Establishment of Net Deferred Tax Asset | $ 0.16 | $ 0.05 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 173,000 | 346,000 | ||||
Unrecognized Tax Benefits, Ending Balance | 0 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 | ||||
Common Stock Ownership Percentage by Individual | 5.00% | |||||
Common Stock Ownership Percentage | 50.00% | |||||
Dividend Declared Preferred Stock Purchase Right Per Each Share of Common Stock | 1 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Total | $ 31,800,000 | |||||
Income Tax Expense (Benefit) From NOL | $ 1,200,000 | |||||
Income Tax Expense (Benefit) From NOL, Per Share | $ 0.16 | |||||
State and Local Jurisdiction [Member] | Kentucky Department of Revenue [Member] | ||||||
Deferred Tax Assets, State Taxes | $ 341,000 | |||||
Earnings Per Share, Basic and Diluted, Establishment of Net Deferred Tax Asset | $ 0.05 | |||||
State Franchise Tax, Percent | 1.10% | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.00% | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards, Total | 103,100,000 | |||||
Domestic Tax Authority [Member] | Other Assets [Member] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 173,000 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | $ (173) | $ (346) | |
Deferred | 505 | 121 | 2,523 |
Net operating loss | 1,725 | 2,255 | (647) |
Establish state deferred tax asset | (1,577) | ||
Change in federal statutory rate | 20,274 | ||
Change in valuation allowance | (54,049) | ||
$ 480 | $ 2,030 | $ (31,899) |
Note 14 - Income Taxes - Schedu
Note 14 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal statutory rate | 21.00% | 21.00% | 35.00% |
Federal statutory rate times financial statement income (loss) | $ 2,310 | $ 2,273 | $ 2,294 |
Change in valuation allowance | (54,049) | ||
Tax-exempt income | (66) | (80) | (196) |
Establish state deferred tax asset | (1,577) | ||
Non-taxable life insurance income | (86) | (92) | (144) |
Restricted stock vesting | (137) | (115) | (121) |
Change in federal statutory rate | 20,274 | ||
Other, net | 36 | 44 | 43 |
$ 480 | $ 2,030 | $ (31,899) |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carry-forward | $ 22,915 | $ 24,507 |
Allowance for loan losses | 2,090 | 1,865 |
OREO write-down | 2,665 | 2,611 |
Alternative minimum tax credit carry-forward | 173 | 346 |
Net assets from acquisitions | 228 | 290 |
Net unrealized loss on securities | 515 | |
New market tax credit carry-forward | 208 | 208 |
Nonaccrual loan interest | 303 | 235 |
Accrued expenses | 102 | 239 |
Deferred compensation | 267 | |
Lease liability | 766 | |
Other | 309 | 241 |
29,759 | 31,324 | |
Deferred tax liabilities: | ||
FHLB stock dividends | 563 | 557 |
Fixed assets | 57 | 94 |
Deferred loan costs | 170 | 136 |
Net unrealized gain on securities | 331 | |
Lease right-of-use assets | 766 | |
Other | 107 | 138 |
1,994 | 925 | |
Net deferred tax assets before valuation allowance | 27,765 | 30,399 |
Valuation allowance | (1,117) | |
Net deferred tax assets | $ 27,765 | $ 29,282 |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) | Jun. 26, 2018 | Mar. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Deposit Liabilities | $ 505,000 | $ 178,000 | ||
Series E and Series F Preferred Stock [Member] | ||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 3,500,000 | |||
Preferred Stock, Liquidation Preference, Value | $ 10,500,000 | |||
Private Placement [Member] | ||||
Shares Issued, Price Per Share | $ 13 | |||
Sale of Stock, Consideration Received on Transaction | $ 14,900,000 | |||
Private Placement [Member] | Voting Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 150,000 | |||
Private Placement [Member] | Nonvoting Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||
Real Estate Management Fees [Member] | Hogan Development [Member] | ||||
Related Party Transaction, Amounts of Transaction | 20,000 | 20,000 | ||
Real Estate Sales Commissions [Member] | Hogan Development [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Loans to Related Parties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Beginning balance | $ 14,191 |
New loans and advances | 6,247 |
Repayments | (8,046) |
Ending balance | $ 12,392 |
Note 16 - Preferred Stock (Deta
Note 16 - Preferred Stock (Details Textual) - USD ($) | Jun. 26, 2018 | Dec. 13, 2017 |
Non-voting Noncumulative Non-convertible Series E Perpetual Preferred stock [Member] | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 6,198 | |
Non-voting Noncumulative Non-convertible Series F Perpetual Preferred Stock [Member] | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 4,304 | |
Preferred Stock, Redemption Price Per Share | $ 1,000 | |
Preferred Stock, Dividend Rate, Percentage | 2.00% | |
Series E and Series F Preferred Stock [Member] | ||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 3,500,000 | |
Preferred Stock, Liquidation Preference, Value | $ 10,500,000 |
Note 17 - Regulatory Capital _3
Note 17 - Regulatory Capital Matters (Details Textual) - USD ($) $ in Thousands | Jul. 23, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 |
Maximum Asset for Opt Out Requirement in Capital Calculation | $ 250,000,000 | ||||
Capital Conservation Buffer | 2.50% | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 8.50% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | 10.50% | ||
Capital Conservation Buffer, Annual Phase-In | 2.50% | 1.875% | |||
Proceeds from Issuance of Subordinated Long-term Debt | $ 17,000 | ||||
Contribution to Tier One Capital | $ 10,000 | $ 10,000 | |||
Ten Year Subordinated Debt Note, Issued July 23, 2019 [Member] | |||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 17,000 |
Note 17 - Regulatory Capital _4
Note 17 - Regulatory Capital Matters - Ratios and Amounts of Common Equity, Capital, and Total Capital to Risk-adjusted Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Total risk-based capital to risk-weighted assets, actual amount | $ 121,335 | $ 109,309 | |
Total risk-based capital to risk-weighted assets, actual ratio | 12.08% | 12.88% | |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 80,341 | $ 67,920 | |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 8.00% | 10.50% | 8.00% |
Total risk-based capital to risk-weighted assets, for minimum requirements to be well capitalized, amount | $ 100,426 | $ 84,900 | |
Total risk-based capital to risk-weighted assets, for minimum requirements to be well capitalized, ratio | 10.00% | 10.00% | |
Tier I capital to risk-weighted assets, actual amount | $ 112,959 | $ 100,429 | |
Tier I capital to risk-weighted assets, actual ratio | 11.25% | 11.83% | |
Tier I capital to risk-weighted assets, for capital adequacy purposes, amount | $ 60,256 | $ 50,940 | |
Tier I capital to risk-weighted assets, for capital adequacy purposes, ratio | 6.00% | 8.50% | 6.00% |
Tier I capital to risk-weighted assets, for minimum requirements to be well capitalized, amount | $ 80,341 | $ 67,920 | |
Tier I capital to risk-weighted assets, for minimum requirements to be well capitalized, ratio | 8.00% | 8.00% | |
Tier 1 capital (to average assets), actual amount | $ 112,959 | $ 100,429 | |
Tier 1 capital (to average assets), actual ratio | 9.99% | 9.60% | |
Tier 1 capital (to average assets), for capital adequacy purposes, amount | $ 45,208 | $ 41,837 | |
Tier 1 capital (to average assets), for capital adequacy purposes, ratio | 4.00% | 4.00% | |
Tier 1 capital (to average assets), for minimum requirements to be well capitalized, amount | $ 56,510 | $ 52,297 | |
Tier 1 capital (to average assets), for minimum requirements to be well capitalized, ratio | 5.00% | 5.00% | |
PBI Bank [Member] | |||
Total risk-based capital to risk-weighted assets, actual amount | $ 112,959 | $ 100,429 | |
Total risk-based capital to risk-weighted assets, actual ratio | 11.25% | 11.83% | |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 45,192 | $ 38,205 | |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 4.50% | 4.50% | |
Total risk-based capital to risk-weighted assets, for minimum requirements to be well capitalized, amount | $ 65,277 | $ 55,185 | |
Total risk-based capital to risk-weighted assets, for minimum requirements to be well capitalized, ratio | 6.50% | 6.50% |
Note 18 - Off Balance Sheet R_3
Note 18 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments Period | 1 year | |
Risk Participation Agreement [Member] | ||
Derivative, Notional Amount | $ 26,600,000 | $ 26,600,000 |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 87,000 | $ 12,000 |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit, Total | $ 0 |
Note 18 - Off Balance Sheet R_4
Note 18 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities - Contractual Amounts of Financial Instruments With Off Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fixed Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 11,577 | $ 5,317 |
Fixed Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 7,916 | 7,410 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 531 | 541 |
Variable Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 20,415 | 11,236 |
Variable Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 111,230 | 73,024 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 3,164 | $ 1,752 |
Note 19 - Fair Values (Details
Note 19 - Fair Values (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 453,000 | $ 879,000 | $ 1,263,000 |
Impaired Financing Receivable, Related Allowance | 42,000 | 203,000 | $ 219,000 |
Other Repossessed Assets | 3,500,000 | ||
Real Estate Owned, Valuation Allowance, Amounts Applied | 850,000 | ||
Impaired Loans [Member] | |||
Impaired Financing Receivable, Related Allowance | 42,000 | 203,000 | |
Impaired Financing Receivable Provision for Loan Losses | 0 | 0 | |
Measured for Impairment Using Fair Value of Collateral [Member] | Impaired Loans [Member] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 453,000 | $ 879,000 | |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Impaired Loans, Measurement Input | 0.1 | ||
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Impaired Loans, Measurement Input | 0.33 | ||
Measurement Input, Estimated Discount for Cost to Sell [Member] | Minimum [Member] | |||
Impaired Loans, Measurement Input | 0.06 | ||
Measurement Input, Estimated Discount for Cost to Sell [Member] | Maximum [Member] | |||
Impaired Loans, Measurement Input | 0.1 | ||
Routine Real Estate Collateral [Member] | Measurement Input, Discount Rate [Member] | |||
Impaired Loans, Measurement Input | 0.1 | ||
Thin Trading Market or Specialized Collateral [Member] | Measurement Input, Discount Rate [Member] | |||
Impaired Loans, Measurement Input | 0.25 |
Note 19 - Fair Values - Financi
Note 19 - Fair Values - Financial Assets Measured at the Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale | $ 209,000 | $ 201,192 | |
Recorded investment, total | 2,170 | 2,911 | $ 7,173 |
Fair Value, Recurring [Member] | |||
Securities available for sale | 209,000 | 201,192 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 209,000 | 201,192 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
US Treasury and Government [Member] | |||
Securities available for sale | 22,330 | 22,560 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 22,330 | 22,560 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 22,330 | 22,560 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Portfolio Segment [Member] | |||
Recorded investment, total | 21 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Recorded investment, total | 21 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | 124 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Recorded investment, total | 245 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, total | 3,485 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Farmland Loans [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Construction Loans [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Farmland Loans [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Construction Loans [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | 124 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Farmland Loans [Member] | |||
Recorded investment, total | 245 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Construction Loans [Member] | |||
Recorded investment, total | 3,485 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | 145 | 552 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | |||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | 145 | 552 | |
Residential Mortgage Backed Securities [Member] | |||
Securities available for sale | 92,200 | 85,990 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 92,200 | 85,990 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 92,200 | 85,990 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
Collateralized Debt Obligations [Member] | |||
Securities available for sale | 49,419 | 49,839 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 49,419 | 49,839 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 49,419 | 49,839 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | |||
Securities available for sale | 28,366 | 32,812 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 28,366 | 32,812 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 28,366 | 32,812 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
Corporate Debt Securities [Member] | |||
Securities available for sale | 16,685 | 9,991 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 16,685 | 9,991 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 16,685 | 9,991 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale |
Note 19 - Fair Values - Qualita
Note 19 - Fair Values - Qualitative Information About Level Three Fair Value Measurements for Financial Instruments Measured at Fair Value on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Valuation, Cost Approach [Member] | Commercial Real Estate Property [Member | |
Other real estate owned, fair value | $ 3,485 |
Valuation, Cost Approach [Member] | Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Property [Member | |
Other real estate owned, measurement input | 0 |
Valuation, Cost Approach [Member] | Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Property [Member | |
Other real estate owned, measurement input | 0.35 |
Valuation, Cost Approach [Member] | Weighted Average [Member] | Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Property [Member | |
Other real estate owned, measurement input | 0.18 |
Valuation, Income Approach [Member] | Measurement Input, Discount Rate or Cap Rate [Member] | Commercial Real Estate Property [Member | |
Other real estate owned, measurement input | 0.25 |
Valuation, Income Approach [Member] | Weighted Average [Member] | Measurement Input, Discount Rate or Cap Rate [Member] | Commercial Real Estate Property [Member | |
Other real estate owned, measurement input | 0.25 |
Residential Portfolio Segment [Member] | Valuation, Cost Approach [Member] | |
Impaired loans, fair value | $ 552 |
Residential Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | |
Impaired loans, measurement input | 0 |
Residential Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | |
Impaired loans, measurement input | 0.26 |
Residential Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Weighted Average [Member] | Measurement Input, Comparability Adjustment [Member] | |
Impaired loans, measurement input | 0.11 |
Note 19 - Fair Values - Carryin
Note 19 - Fair Values - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale | $ 209,000 | $ 201,192 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 30,203 | 35,361 |
Securities available for sale | 209,000 | 201,192 |
Federal Home Loan Bank stock | 6,237 | 7,233 |
Loans, net | 917,895 | 756,364 |
Accrued interest receivable | 4,257 | 3,665 |
Deposits | 1,026,975 | 894,231 |
Federal Home Loan Bank advances | 61,389 | 46,549 |
Junior subordinated debentures | 21,000 | 21,000 |
Subordinated capital note | 17,000 | |
Senior debt | 5,000 | 10,000 |
Accrued interest payable | 1,129 | 658 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 30,203 | 35,361 |
Securities available for sale | 209,000 | 201,192 |
Federal Home Loan Bank stock | ||
Loans, net | 925,388 | 744,076 |
Accrued interest receivable | 4,257 | 3,665 |
Deposits | 1,027,433 | 892,633 |
Federal Home Loan Bank advances | 61,395 | 46,519 |
Junior subordinated debentures | 17,466 | 16,226 |
Subordinated capital note | 17,003 | |
Senior debt | 5,022 | 9,585 |
Accrued interest payable | 1,129 | 658 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 30,203 | 35,361 |
Securities available for sale | ||
Federal Home Loan Bank stock | ||
Loans, net | ||
Accrued interest receivable | ||
Deposits | 187,551 | 142,618 |
Federal Home Loan Bank advances | ||
Junior subordinated debentures | ||
Subordinated capital note | ||
Senior debt | ||
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Securities available for sale | 209,000 | 201,192 |
Federal Home Loan Bank stock | ||
Loans, net | ||
Accrued interest receivable | 1,118 | 1,222 |
Deposits | 839,882 | 750,015 |
Federal Home Loan Bank advances | 61,395 | 46,519 |
Junior subordinated debentures | ||
Subordinated capital note | ||
Senior debt | ||
Accrued interest payable | 647 | 598 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Securities available for sale | ||
Federal Home Loan Bank stock | ||
Loans, net | 925,388 | 744,076 |
Accrued interest receivable | 3,139 | 2,443 |
Deposits | ||
Federal Home Loan Bank advances | ||
Junior subordinated debentures | 17,466 | 16,226 |
Subordinated capital note | 17,003 | |
Senior debt | 5,022 | 9,585 |
Accrued interest payable | $ 482 | $ 60 |
Note 20 - Stock Plans and Sto_3
Note 20 - Stock Plans and Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Nonvested Intrinsic Value1 | $ 511,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.81 | ||
Share-based Payment Arrangement, Noncash Expense, Total | $ 535,000 | $ 524,000 | $ 400,000 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 112,000 | $ 110,000 | $ 140,000 |
2018 Omnibus Equity Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 292,497 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.81 | $ 13.94 | |
Non-Employee Directors Stock Incentive Plan 2006 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Award to Non Employee Directors, Value | $ 25,000 |
Note 20 - Stock Plans and Sto_4
Note 20 - Stock Plans and Stock Based Compensation - Unvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Granted, weighted average grant price (in dollars per share) | $ 14.81 | |
2018 Omnibus Equity Compensation Plan [Member] | ||
Outstanding, beginning (in shares) | 116,909 | 142,334 |
Outstanding, weighted average grant price (in dollars per share) | $ 8.69 | $ 5.67 |
Granted (in shares) | 34,501 | 52,856 |
Granted, weighted average grant price (in dollars per share) | $ 14.81 | $ 13.94 |
Vested (in shares) | (89,388) | (78,281) |
Vested, weighted average grant price (in dollars per share) | $ 7.83 | $ 6.75 |
Forfeited (in shares) | (4,248) | |
Forfeited, weighted average grant price (in dollars per share) | $ 13.07 | |
Outstanding, ending (in shares) | 57,774 | 116,909 |
Outstanding, weighted average grant price (in dollars per share) | $ 13.35 | $ 8.69 |
Note 20 - Stock Plans and Sto_5
Note 20 - Stock Plans and Stock Based Compensation - Unrecognized Stock Based Compensation Expense Related to Unvested Shares (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 309 |
2021 | 194 |
2022 | 20 |
2023 & thereafter |
Note 21 - Earnings Per Share (D
Note 21 - Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 | 0 |
Common Stock [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 79.41 | ||
Common Stock [Member] | Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 66,113 |
Note 21 - Earnings Per Share -
Note 21 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | [2] | Mar. 31, 2019 | [2] | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Net income | $ 1,764 | $ 2,282 | $ 3,633 | $ 2,839 | $ 2,440 | [2] | $ 2,437 | $ 1,983 | $ 1,934 | $ 10,518 | $ 8,794 | $ 38,453 | |||||||
Earnings allocated to unvested shares | 106 | 144 | 967 | ||||||||||||||||
Net income attributable to common shareholders, basic and diluted | $ 10,412 | $ 8,650 | $ 37,486 | ||||||||||||||||
Weighted average common shares including unvested common shares and participating preferred shares outstanding (in shares) | 7,468,215 | 7,159,723 | 6,249,059 | ||||||||||||||||
Weighted average shares outstanding (in shares) | 7,393,131 | 7,042,693 | 6,091,932 | ||||||||||||||||
Basic income per common share (in dollars per share) | $ 0.24 | [3] | $ 0.31 | [3] | $ 0.49 | [3] | $ 0.38 | [3] | $ 0.33 | [3] | $ 0.33 | [3] | $ 0.27 | [3] | $ 0.31 | [3] | $ 1.41 | $ 1.23 | $ 6.15 |
Add: Dilutive effects of assumed exercises of common stock warrants (in shares) | |||||||||||||||||||
Weighted average common shares and potential common shares (in shares) | 7,393,131 | 7,042,693 | 6,091,932 | ||||||||||||||||
Diluted income per common share (in dollars per share) | $ 0.24 | [3] | $ 0.31 | [3] | $ 0.49 | [3] | $ 0.38 | [3] | $ 0.33 | [3] | $ 0.33 | [3] | $ 0.27 | [3] | $ 0.31 | [3] | $ 1.41 | $ 1.23 | $ 6.15 |
Unvested Shares [Member] | |||||||||||||||||||
Weighted average shares outstanding (in shares) | 75,084 | 117,030 | 157,127 | ||||||||||||||||
[1] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. | ||||||||||||||||||
[2] | Income tax expense for 2019 benefited $341,000, or $0.05 per basic and diluted share, in the first quarter of 2019 and $1.2 million, or $0.16 per basic and diluted share, from the establishment of a state net deferred tax asset related to the 2019 tax law enactments. | ||||||||||||||||||
[3] | The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding. |
Note 22 - Revenue From Contra_2
Note 22 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest Income, Total | $ 5,918,000 | $ 5,779,000 | $ 5,404,000 |
Noninterest Expense, Deposits | 1,224,000 | 823,000 | 896,000 |
Revenue from Contract with Customer, Including Assessed Tax | $ 501,000 | $ 660,000 | 666,000 |
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | |||
Noninterest Income, Total | 549,000 | ||
Noninterest Expense, Deposits | $ 549,000 |
Note 23 - Acquisitions (Details
Note 23 - Acquisitions (Details Textual) - USD ($) | Nov. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 6,252,000 | ||
Amortization of Intangible Assets, Total | $ 0 | ||
Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,220,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 256,000 | ||
Certain Banking Centers, Performing Loans, and Customer Deposits from Republic Bank and Trust [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | $ 126,823,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,451,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 131,769,000 | ||
Goodwill, Ending Balance | 6,252,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Book Balance Value | 127,300,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Credit Adjustment | 1,400,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Other Adjustments | 924,000 | ||
Business Combination, Acquisition Related Costs | 775,000 | ||
Certain Banking Centers, Performing Loans, and Customer Deposits from Republic Bank and Trust [Member] | Core Deposits [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 2,500,000 | ||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||
Amortization of Intangible Assets, Total | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 256,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 256,000 |
Note 23 - Acquisitions - Assets
Note 23 - Acquisitions - Assets Acquired, Liabilities Assumed, and Consideration Transferred (Details) - USD ($) $ in Thousands | Nov. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Consideration: Cash | $ 5,280 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Goodwill, Ending Balance | $ 6,252 | |||
Certain Banking Centers, Performing Loans, and Customer Deposits from Republic Bank and Trust [Member] | ||||
Consideration: Cash | $ 6,286 | |||
Fair value of total consideration transferred | 6,286 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | 1,006 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | 126,823 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,451 | |||
Leased right-of-use asset | 1,892 | |||
Accrued interest receivable and other assets | 380 | |||
Total assets acquired | 134,052 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 131,769 | |||
Lease liability | 1,892 | |||
Accrued interest payable and other liabilities | 357 | |||
Total liabilities assumed | 134,018 | |||
Net identifiable assets | 34 | |||
Goodwill, Ending Balance | 6,252 | |||
6,286 | ||||
Certain Banking Centers, Performing Loans, and Customer Deposits from Republic Bank and Trust [Member] | Core Deposits [Member] | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Core deposit intangibles | $ 2,500 |
Note 24 - Parent Company Only_3
Note 24 - Parent Company Only Condensed Financial Information (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Escrow Deposit | $ 88,000 | $ 88,000 |
Note 24 - Parent Company Only_4
Note 24 - Parent Company Only Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Assets | ||||||
Cash and cash equivalents | $ 30,203 | $ 35,361 | $ 34,103 | $ 66,316 | ||
Deferred taxes, net | 27,765 | 29,282 | ||||
Total assets | 1,245,779 | 1,069,692 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Accrued expenses and other liabilities | 8,665 | 5,815 | ||||
Shareholders’ equity | 105,750 | 92,097 | 72,673 | 32,733 | ||
Total liabilities and stockholders’ equity | 1,245,779 | 1,069,692 | ||||
Parent Company [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 4,769 | [1] | 5,369 | [1] | $ 2,045 | $ 2,048 |
Deferred taxes, net | 5,138 | 3,142 | ||||
Other assets | 1,083 | 682 | ||||
Total assets | 150,087 | 124,011 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Debt | 43,775 | 31,775 | ||||
Accrued expenses and other liabilities | 562 | 139 | ||||
Shareholders’ equity | 105,750 | 92,097 | ||||
Total liabilities and stockholders’ equity | 150,087 | 124,011 | ||||
Parent Company [Member] | Banking Subsidiary [Member] | ||||||
Assets | ||||||
Investment in subsidiary | 138,321 | 114,042 | ||||
Parent Company [Member] | All Other Subsidiaries [Member] | ||||||
Assets | ||||||
Investment in subsidiary | $ 776 | $ 776 | ||||
[1] | $88,000 is held in escrow by the senior note lender to be used exclusively for interest payments on senior debt. |
Note 24 - Parent Company Only_5
Note 24 - Parent Company Only Condensed Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | [2] | Mar. 31, 2019 | [2] | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Interest income | $ 12,537 | $ 12,485 | $ 12,376 | $ 12,186 | $ 11,741 | $ 11,120 | $ 10,585 | $ 10,015 | $ 49,584 | $ 43,461 | $ 37,522 | ||||
Other income | 694 | 1,162 | 930 | ||||||||||||
Interest expense | (14,234) | (9,790) | (6,405) | ||||||||||||
Other expense | (1,842) | (1,777) | (1,852) | ||||||||||||
Income before income taxes | 2,201 | 2,813 | 3,022 | 2,962 | 3,054 | 3,041 | 2,466 | 2,263 | 10,998 | 10,824 | 6,554 | ||||
Income Tax Expense (Benefit), Total | 480 | 2,030 | (31,899) | ||||||||||||
Net income | $ 1,764 | $ 2,282 | $ 3,633 | $ 2,839 | $ 2,440 | [2] | $ 2,437 | $ 1,983 | $ 1,934 | 10,518 | 8,794 | 38,453 | |||
Parent Company [Member] | |||||||||||||||
Interest income | 83 | 45 | 4 | ||||||||||||
Dividends from subsidiaries | 36 | 35 | 26 | ||||||||||||
Other income | 19 | 38 | |||||||||||||
Interest expense | (1,803) | (1,370) | (973) | ||||||||||||
Other expense | (1,179) | (1,290) | (1,137) | ||||||||||||
Income before income taxes | (2,844) | (2,542) | (2,080) | ||||||||||||
Income Tax Expense (Benefit), Total | (1,997) | (645) | (2,497) | ||||||||||||
Equity in undistributed subsidiary income | 11,365 | 10,691 | 38,036 | ||||||||||||
Net income | $ 10,518 | $ 8,794 | $ 38,453 | ||||||||||||
[1] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. | ||||||||||||||
[2] | Income tax expense for 2019 benefited $341,000, or $0.05 per basic and diluted share, in the first quarter of 2019 and $1.2 million, or $0.16 per basic and diluted share, from the establishment of a state net deferred tax asset related to the 2019 tax law enactments. |
Note 24 - Parent Company Only_6
Note 24 - Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | [2] | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Net income | $ 1,764,000 | [1] | $ 2,282,000 | $ 3,633,000 | $ 2,839,000 | [2] | $ 2,440,000 | [2] | $ 2,437,000 | $ 1,983,000 | $ 1,934,000 | $ 10,518,000 | $ 8,794,000 | $ 38,453,000 | |||
Adjustments to reconcile net income (loss) to net cash from operating activities | |||||||||||||||||
Deferred taxes, net | 653,000 | 2,376,000 | (31,899,000) | ||||||||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 535,000 | 524,000 | 400,000 | ||||||||||||||
Net cash from operating activities | 13,218,000 | 12,630,000 | 2,007,000 | ||||||||||||||
Proceeds from issuance of common stock | 14,910,000 | ||||||||||||||||
Redemption of preferred stock | (3,505,000) | ||||||||||||||||
Proceeds from Issuance of Subordinated Long-term Debt | 17,000,000 | ||||||||||||||||
Proceeds from senior debt | 10,000,000 | ||||||||||||||||
Repayment of senior debt | (5,000,000) | ||||||||||||||||
Common shares withheld for taxes | (314,000) | ||||||||||||||||
Net cash from financing activities | 27,501,000 | 91,114,000 | (4,462,000) | ||||||||||||||
Net change in cash and cash equivalents | (5,158,000) | 1,258,000 | (32,213,000) | ||||||||||||||
Beginning cash and cash equivalents | 35,361,000 | 34,103,000 | 35,361,000 | 34,103,000 | 66,316,000 | ||||||||||||
Ending cash and cash equivalents | 30,203,000 | 35,361,000 | 30,203,000 | 35,361,000 | 34,103,000 | ||||||||||||
Parent Company [Member] | |||||||||||||||||
Net income | 10,518,000 | 8,794,000 | 38,453,000 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities | |||||||||||||||||
Equity in undistributed subsidiary (income) loss | (11,365,000) | (10,691,000) | (38,036,000) | ||||||||||||||
Deferred taxes, net | (1,996,000) | (645,000) | (2,497,000) | ||||||||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 535,000 | 524,000 | 400,000 | ||||||||||||||
Net change in other assets | (401,000) | 30,000 | 805,000 | ||||||||||||||
Net change in other liabilities | 423,000 | (1,093,000) | (128,000) | ||||||||||||||
Net cash from operating activities | (2,286,000) | (3,081,000) | (1,003,000) | ||||||||||||||
Investments in subsidiaries | (10,000,000) | (5,000,000) | (9,000,000) | ||||||||||||||
Net cash used in investing activities | (10,000,000) | (5,000,000) | (9,000,000) | ||||||||||||||
Proceeds from issuance of common stock | 14,910,000 | ||||||||||||||||
Redemption of preferred stock | (3,505,000) | ||||||||||||||||
Proceeds from Issuance of Subordinated Long-term Debt | 17,000,000 | ||||||||||||||||
Proceeds from senior debt | 10,000,000 | ||||||||||||||||
Repayment of senior debt | (5,000,000) | ||||||||||||||||
Common shares withheld for taxes | (314,000) | ||||||||||||||||
Net cash from financing activities | 11,686,000 | 11,405,000 | 10,000,000 | ||||||||||||||
Net change in cash and cash equivalents | (600,000) | 3,324,000 | (3,000) | ||||||||||||||
Beginning cash and cash equivalents | $ 5,369,000 | [3] | $ 2,045,000 | 5,369,000 | [3] | 2,045,000 | 2,048,000 | ||||||||||
Ending cash and cash equivalents | $ 4,769,000 | [3] | $ 5,369,000 | [3] | $ 4,769,000 | [3] | $ 5,369,000 | [3] | $ 2,045,000 | ||||||||
[1] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. | ||||||||||||||||
[2] | Income tax expense for 2019 benefited $341,000, or $0.05 per basic and diluted share, in the first quarter of 2019 and $1.2 million, or $0.16 per basic and diluted share, from the establishment of a state net deferred tax asset related to the 2019 tax law enactments. | ||||||||||||||||
[3] | $88,000 is held in escrow by the senior note lender to be used exclusively for interest payments on senior debt. |
Note 25 - Quarterly Financial_3
Note 25 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) | Nov. 15, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Deferred Tax Assets, State Taxes | $ 1,200,000 | $ 341,000 | |
Earnings Per Share, Basic and Diluted, Establishment of Net Deferred Tax Asset | $ 0.16 | $ 0.05 | |
Certain Banking Centers, Performing Loans, and Customer Deposits from Republic Bank and Trust [Member] | |||
Business Combination, Acquisition Related Costs | $ 775,000 | ||
Business Acquisition, Share Price | $ 0.08 |
Note 25 - Quarterly Financial_4
Note 25 - Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Interest income | $ 12,537 | [1] | $ 12,485 | $ 12,376 | [2] | $ 12,186 | [2] | $ 11,741 | $ 11,120 | $ 10,585 | $ 10,015 | $ 49,584 | $ 43,461 | $ 37,522 | |||||
Net Interest Income | 8,861 | [1] | 8,730 | 8,800 | [2] | 8,959 | [2] | 8,704 | 8,412 | 8,374 | 8,181 | 35,350 | 33,671 | 31,117 | |||||
Provision For Loan Losses | (350) | (150) | (500) | (800) | |||||||||||||||
Income Before Income Taxes | 2,201 | [1] | 2,813 | 3,022 | [2] | 2,962 | [2] | 3,054 | 3,041 | 2,466 | 2,263 | 10,998 | 10,824 | 6,554 | |||||
Net income | $ 1,764 | [1] | $ 2,282 | $ 3,633 | [2] | $ 2,839 | [2] | $ 2,440 | [2] | $ 2,437 | $ 1,983 | $ 1,934 | $ 10,518 | $ 8,794 | $ 38,453 | ||||
Earnings Per Common Share Basic (in dollars per share) | $ 0.24 | [1],[3] | $ 0.31 | [3] | $ 0.49 | [2],[3] | $ 0.38 | [2],[3] | $ 0.33 | [3] | $ 0.33 | [3] | $ 0.27 | [3] | $ 0.31 | [3] | $ 1.41 | $ 1.23 | $ 6.15 |
Earnings Per Common Share Diluted (in dollars per share) | $ 0.24 | [1],[3] | $ 0.31 | [3] | $ 0.49 | [2],[3] | $ 0.38 | [2],[3] | $ 0.33 | [3] | $ 0.33 | [3] | $ 0.27 | [3] | $ 0.31 | [3] | $ 1.41 | $ 1.23 | $ 6.15 |
[1] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. | ||||||||||||||||||
[2] | Income tax expense for 2019 benefited $341,000, or $0.05 per basic and diluted share, in the first quarter of 2019 and $1.2 million, or $0.16 per basic and diluted share, from the establishment of a state net deferred tax asset related to the 2019 tax law enactments. | ||||||||||||||||||
[3] | The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding. |