Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001358356 | ||
Entity Registrant Name | LIMESTONE BANCORP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-33033 | ||
Entity Incorporation, State or Country Code | KY | ||
Entity Tax Identification Number | 61-1142247 | ||
Entity Address, Address Line One | 2500 Eastpoint Parkway | ||
Entity Address, City or Town | Louisville | ||
Entity Address, State or Province | KY | ||
Entity Address, Postal Zip Code | 40223 | ||
City Area Code | 502 | ||
Local Phone Number | 499-4800 | ||
Title of 12(b) Security | Common shares | ||
Trading Symbol | LMST | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 68,641,698 | ||
Nonvoting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,000,000 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 6,594,499 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 10,830,000 | $ 8,241,000 |
Interest bearing deposits in banks | 56,863,000 | 21,962,000 |
Cash and cash equivalents | 67,693,000 | 30,203,000 |
Securities available for sale | 203,862,000 | 209,000,000 |
Loans, net of allowance of $12,443 and $8,376, respectively | 949,638,000 | 917,895,000 |
Premises and equipment, net | 18,533,000 | 19,658,000 |
Premises held for sale | 1,060,000 | 900,000 |
Other real estate owned | 1,765,000 | 3,225,000 |
Federal Home Loan Bank stock | 5,887,000 | 6,237,000 |
Bank owned life insurance | 23,441,000 | 16,037,000 |
Deferred taxes, net | 25,714,000 | 27,765,000 |
Goodwill | 6,252,000 | 6,252,000 |
Other intangible assets, net | 2,244,000 | 2,500,000 |
Accrued interest receivable and other assets | 6,213,000 | 6,107,000 |
Total assets | 1,312,302,000 | 1,245,779,000 |
Deposits | ||
Non-interest bearing | 243,022,000 | 187,551,000 |
Interest bearing | 876,585,000 | 839,424,000 |
Total deposits | 1,119,607,000 | 1,026,975,000 |
Federal Home Loan Bank advances | 20,623,000 | 61,389,000 |
Accrued interest payable and other liabilities | 10,048,000 | 8,665,000 |
Junior subordinated debentures | 21,000,000 | 21,000,000 |
Subordinated capital notes | 25,000,000 | 17,000,000 |
Senior debt | 0 | 5,000,000 |
Total liabilities | 1,196,278,000 | 1,140,029,000 |
Commitments and contingent liabilities (Note 15) | 0 | 0 |
Stockholders’ equity | ||
Common stock, no par, 39,000,000 shares authorized, 6,498,865 and 6,251,975 voting, and 1,000,000 and 1,220,000 non-voting shares issued and outstanding, respectively | 140,639,000 | 140,639,000 |
Additional paid-in capital | 25,013,000 | 24,508,000 |
Retained deficit | (46,678,000) | (55,683,000) |
Accumulated other comprehensive loss | (2,950,000) | (3,714,000) |
Total common stockholders’ equity | 116,024,000 | 105,750,000 |
Total liabilities and stockholders’ equity | $ 1,312,302,000 | $ 1,245,779,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans, allowance | $ 12,443 | $ 8,376 |
Common stock, no par (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) | 6,498,865 | 6,251,975 |
Common stock, shares outstanding (in shares) | 6,498,865 | 6,251,975 |
Nonvoting Common Stock [Member] | ||
Common stock, shares issued (in shares) | 1,000,000 | 1,220,000 |
Common stock, shares outstanding (in shares) | 1,000,000 | 1,220,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | |||
Loans, including fees | $ 45,093,000 | $ 42,153,000 | $ 37,342,000 |
Taxable securities | 5,042,000 | 6,269,000 | 4,880,000 |
Tax exempt securities | 370,000 | 326,000 | 383,000 |
Interest-bearing deposits and other | 248,000 | 836,000 | 856,000 |
Interest and Dividend Income, Operating, Total | 50,753,000 | 49,584,000 | 43,461,000 |
Interest expense | |||
Deposits | 7,796,000 | 11,657,000 | 7,549,000 |
Federal Home Loan Bank advances | 371,000 | 810,000 | 867,000 |
Junior subordinated debentures | 660,000 | 1,005,000 | 946,000 |
Subordinated capital notes | 1,206,000 | 433,000 | 39,000 |
Senior debt | 119,000 | 329,000 | 389,000 |
Interest Expense, Total | 10,152,000 | 14,234,000 | 9,790,000 |
Net interest income | 40,601,000 | 35,350,000 | 33,671,000 |
Provision (negative provision) for loan losses | 4,400,000 | 0 | (500,000) |
Net interest income after provision for loan losses | 36,201,000 | 35,350,000 | 34,171,000 |
Non-interest income | |||
Non-interest income revenue | 558,000 | 501,000 | 660,000 |
Income from bank owned life insurance | 424,000 | 410,000 | 437,000 |
Net gain (loss) on sales and calls of investment securities | (5,000) | (5,000) | (6,000) |
Other | 781,000 | 694,000 | 1,162,000 |
Noninterest Income, Total | 6,844,000 | 5,918,000 | 5,779,000 |
Non-interest expense | |||
Salaries and employee benefits | 17,751,000 | 16,233,000 | 15,489,000 |
Occupancy and equipment | 4,001,000 | 3,522,000 | 3,586,000 |
Professional fees | 937,000 | 769,000 | 814,000 |
Marketing expense | 629,000 | 908,000 | 1,114,000 |
FDIC insurance | 229,000 | 211,000 | 557,000 |
Data processing expense | 1,502,000 | 1,259,000 | 1,192,000 |
State franchise and deposit tax | 1,475,000 | 1,210,000 | 1,118,000 |
Deposit account related expense | 1,890,000 | 1,224,000 | 823,000 |
Other real estate owned expense | 63,000 | 368,000 | 868,000 |
Litigation and loan collection expense | 200,000 | 189,000 | 245,000 |
Communications expense | 856,000 | 772,000 | 701,000 |
Insurance expense | 428,000 | 444,000 | 478,000 |
Postage and delivery | 627,000 | 544,000 | 364,000 |
Acquisition costs | 0 | 775,000 | 0 |
Other | 1,828,000 | 1,842,000 | 1,777,000 |
Noninterest Expense, Total | 32,416,000 | 30,270,000 | 29,126,000 |
Income before income taxes | 10,629,000 | 10,998,000 | 10,824,000 |
Income tax expense | 1,624,000 | 480,000 | 2,030,000 |
Net income | $ 9,005,000 | $ 10,518,000 | $ 8,794,000 |
Basic and diluted income per common share (in dollars per share) | $ 1.20 | $ 1.41 | $ 1.23 |
Deposit Account [Member] | |||
Non-interest income | |||
Non-interest income revenue | $ 2,268,000 | $ 2,381,000 | $ 2,355,000 |
Debit Card [Member] | |||
Non-interest income | |||
Non-interest income revenue | $ 3,376,000 | $ 2,438,000 | $ 1,831,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 9,005 | $ 10,518 | $ 8,794 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) arising during the period | 1,012 | 3,773 | (1,652) |
Less reclassification adjustment for losses included in net income | (5) | (5) | (6) |
Net unrealized gain (loss) recognized in comprehensive income | 1,017 | 3,778 | (1,646) |
Tax effect | (253) | (864) | 347 |
Other comprehensive income (loss) | 764 | 2,914 | (1,299) |
Comprehensive income | $ 9,769 | $ 13,432 | $ 7,495 |
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, 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) | 0 | 0 | 52,856 | 0 | 52,856 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||
Issuance of stock (in shares) | 0 | 0 | 150,000 | 1,000,000 | 1,150,000 | ||||
Issuance of stock | $ 0 | $ 0 | $ 14,910 | 0 | 0 | 0 | 14,910 | ||
Redemption and retirement of preferred shares (in shares) | (6,198) | (4,304) | 0 | 0 | 0 | ||||
Redemption and retirement of preferred shares | $ (1,644) | $ (1,127) | $ 0 | (734) | 0 | 0 | (3,505) | ||
Stock-based compensation expense | 0 | 0 | 0 | 524 | 0 | 0 | 524 | ||
Net income | 0 | 0 | 0 | 0 | 8,794 | 0 | 8,794 | ||
Reclassification of disproportionate tax effect due to change in federal tax rate | 0 | 0 | 0 | 0 | 113 | (113) | 0 | ||
Net change in accumulated other comprehensive loss, net of taxes | $ 0 | $ 0 | $ 0 | 0 | 0 | (1,299) | (1,299) | ||
Balances (in shares) at Dec. 31, 2018 | 0 | 0 | 6,242,720 | 1,220,000 | 7,462,720 | ||||
Balances at Dec. 31, 2018 | $ 0 | $ 0 | $ 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) | 0 | 0 | 13,503 | 0 | 13,503 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 0 | $ 0 | $ 0 | (314) | 0 | 0 | (314) | ||
Stock-based compensation expense | 0 | 0 | 0 | 535 | 0 | 0 | 535 | ||
Net income | 0 | 0 | 0 | 0 | 10,518 | 0 | 10,518 | ||
Net change in accumulated other comprehensive loss, net of taxes | $ 0 | $ 0 | $ 0 | 0 | 0 | 2,914 | 2,914 | ||
Forfeited unvested stock (in shares) | 0 | 0 | (4,248) | 0 | (4,248) | ||||
Forfeited unvested stock | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||
Balances (in shares) at Dec. 31, 2019 | 0 | 0 | 6,251,975 | 1,220,000 | 7,471,975 | ||||
Balances at Dec. 31, 2019 | $ 0 | $ 0 | $ 140,639 | 24,508 | (55,683) | (3,714) | 105,750 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 0 | 0 | 28,248 | 0 | 28,248 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award | $ 0 | $ 0 | $ 0 | (75) | 0 | 0 | (75) | ||
Stock-based compensation expense | 0 | 0 | 0 | 580 | 0 | 0 | 580 | ||
Net income | 0 | 0 | 0 | 0 | 9,005 | 0 | 9,005 | ||
Net change in accumulated other comprehensive loss, net of taxes | $ 0 | $ 0 | $ 0 | 0 | 0 | 764 | 764 | ||
Forfeited unvested stock (in shares) | 0 | 0 | (1,358) | 0 | (1,358) | ||||
Forfeited unvested stock | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||
Non-voting shares converted to voting (in shares) | 0 | 0 | 220,000 | (220,000) | 0 | ||||
Balances (in shares) at Dec. 31, 2020 | 0 | 0 | 6,498,865 | 1,000,000 | 7,498,865 | ||||
Balances at Dec. 31, 2020 | $ 0 | $ 0 | $ 140,639 | $ 25,013 | $ (46,678) | $ (2,950) | $ 116,024 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income | $ 9,005,000 | $ 10,518,000 | $ 8,794,000 |
Adjustments to reconcile net income (loss) to net cash from operating activities | |||
Depreciation and amortization | 2,986,000 | 1,669,000 | 1,080,000 |
Provision (negative provision) for loan losses | 4,400,000 | 0 | (500,000) |
Net amortization on securities | 655,000 | 700,000 | 865,000 |
Stock-based compensation expense | 580,000 | 535,000 | 524,000 |
Deferred taxes, net | 1,798,000 | 653,000 | 2,376,000 |
Net gain on sales of loans held for sale | 0 | 0 | (1,000) |
Proceeds from sales of loans held for sale | 0 | 0 | 71,000 |
Net gain on sales of other real estate owned | 0 | 0 | (72,000) |
Net write-down of other real estate owned | 0 | 260,000 | 850,000 |
Net realized (gain) loss on sales and calls of investment securities | 5,000 | 5,000 | 6,000 |
Net (gain) loss on sale of premises and equipment | 0 | (1,000) | (692,000) |
Net write-down of premises held for sale | 150,000 | 150,000 | 392,000 |
Increase in cash surrender value of life insurance, net of premium expense | (404,000) | (391,000) | (417,000) |
Amortization of operating lease right-of-use assets | 593,000 | 185,000 | 0 |
Net change in accrued interest receivable and other assets | (106,000) | (302,000) | (491,000) |
Net change in accrued interest payable and other liabilities | 1,383,000 | (763,000) | (155,000) |
Net cash from operating activities | 21,045,000 | 13,218,000 | 12,630,000 |
Cash flows from investing activities | |||
Purchases of available for sale securities | (38,416,000) | (29,169,000) | (77,159,000) |
Proceeds from sales and calls of available for sale securities | 9,030,000 | 5,351,000 | 6,054,000 |
Proceeds from maturities and prepayments of available for sale securities | 34,881,000 | 19,083,000 | 20,116,000 |
Proceeds from sale of other real estate owned | 1,600,000 | 0 | 876,000 |
Improvements to other real estate owned | (140,000) | 0 | 0 |
Purchases of Federal Home Loan Bank stock | (600,000) | 0 | 0 |
Proceeds from mandatory redemption of Federal Home Loan Bank stock | 950,000 | 996,000 | 90,000 |
Net changes in loans | (37,772,000) | (35,538,000) | (52,885,000) |
Proceeds from sale of premises and equipment | 0 | 1,000 | 1,590,000 |
Purchases of premises and equipment | (879,000) | (1,321,000) | (1,168,000) |
Net cash paid for acquisition | 0 | (5,280,000) | 0 |
Purchase of bank owned life insurance | (7,000,000) | 0 | 0 |
Net cash from investing activities | (38,346,000) | (45,877,000) | (102,486,000) |
Cash flows from financing activities | |||
Net change in deposits | 92,632,000 | 975,000 | 47,207,000 |
Repayment of Federal Home Loan Bank advances | (145,766,000) | (160,160,000) | (120,248,000) |
Advances from Federal Home Loan Bank | 105,000,000 | 175,000,000 | 155,000,000 |
Repayment of subordinated capital note | 0 | 0 | (2,250,000) |
Proceeds from issuance of subordinated capital notes | 8,000,000 | 17,000,000 | 0 |
Repayment of senior debt | (5,000,000) | (5,000,000) | 0 |
Proceeds from issuance of common stock, net | 0 | 0 | 14,910,000 |
Common shares withheld for taxes | (75,000) | (314,000) | 0 |
Redemption of preferred stock | 0 | 0 | (3,505,000) |
Net cash from financing activities | 54,791,000 | 27,501,000 | 91,114,000 |
Net change in cash and cash equivalents | 37,490,000 | (5,158,000) | 1,258,000 |
Beginning cash and cash equivalents | 30,203,000 | 35,361,000 | 34,103,000 |
Ending cash and cash equivalents | 67,693,000 | 30,203,000 | 35,361,000 |
Supplemental cash flow information: | |||
Interest paid | 10,422,000 | 13,763,000 | 10,607,000 |
Income taxes paid (refunded) | (346,000) | (346,000) | 0 |
Supplemental non-cash disclosure: | |||
Transfer from loans to other real estate | 0 | 0 | 730,000 |
Transfer from premises and equipment to premises held for sale | 310,000 | 0 | 1,050,000 |
Financed sales of other real estate owned | 1,360,000 | 0 | 0 |
Initial recognition of right-of-use lease assets | $ 0 | $ 507,000 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Nature of Operations The Bank, established in 1902, Use of Estimates In March 2020, 2019 19” 19 The extent to which the COVID- 19 third 19 may Cash and Cash Equivalents one December 31, 2020 December 31, 2019. 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. In evaluating securities for other-than-temporary impairment (“OTTI”), management considers the length of time and extent to which fair value has been less than cost, 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 The Bank participated in the SBA Paycheck Protection Program (“PPP”) as a lender to provide loans to small businesses for payroll and other basic expenses during the COVID- 19 first six No 2020, Loans purchased in a business acquisition are accounted for using one 1 310 20, not one 2 310 30, 310 30, 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 may Premises and Equipment 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 core deposit intangible assets arising from a branch acquisition, which were initially measured at fair value and then amortized on an accelerated method over the estimated useful life. 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 Restrictions may Fair Value of Financial Instruments Derivatives 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 The risk participation agreements are not 815, not 820, To date, the Company has not New Accounting Standards June 2016, No. 2016 13, 326 first one first December 2018, three one may October 2019, not December 15, 2022. In December 2019, 2019 12, 740, 2019 12 2019 12 December 15, 2020, not |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 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, 2020 (in thousands) Available for sale U.S. Government and federal agency $ 18,811 $ 806 $ — $ 19,617 Agency mortgage-backed: residential 71,582 2,777 (26 ) 74,333 Collateralized loan obligations 44,730 — (1,578 ) 43,152 State and municipal 34,759 1,296 — 36,055 Corporate bonds 31,635 472 (1,402 ) 30,705 Total available for sale $ 201,517 $ 5,351 $ (3,006 ) $ 203,862 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 (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 Sales and calls of securities were as follows: 2020 2019 2018 (in thousands) Proceeds $ 9,030 $ 5,351 $ 6,054 Gross gains — 1 — Gross losses 5 6 6 The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may not December 31, 2020 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ 19,141 $ 18,217 One to five years 44,757 46,185 Five to ten years 44,902 45,148 Beyond ten years 21,135 19,979 Agency mortgage-backed: residential 71,582 74,333 Total $ 201,517 $ 203,862 Securities pledged at year-end 2020 2019 At December 31, 2020 2019, 2020, no one 10% The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis. 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, 2020, not The Bank owns Collateralized Loan Obligations (CLOs), which are debt securities secured by professionally managed portfolios of senior-secured loans to corporations. CLOs are typically $300 $1 one hundred five six first first may may The market value of CLOs may At December 31, 2020, one third 2020. first ten twelve four four forty-five one The corporate bond portfolio consists of 13 one 2024 2037. five Securities with unrealized losses at December 31, 2020 December 31, 2019, 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) 2020 Available for sale U.S. Government and federal agency $ — $ — $ — $ — $ — $ — Agency mortgage-backed: residential 4,772 (26 ) — — 4,772 (26 ) Collateralized loan obligations 8,794 (251 ) 34,358 (1,327 ) 43,152 (1,578 ) State and municipal — — — — — — Corporate bonds 10,849 (1,402 ) — — 10,849 (1,402 ) Total temporarily impaired $ 24,415 $ (1,679 ) $ 34,358 $ (1,327 ) $ 58,773 $ (3,006 ) 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) 2019 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 ) |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 (in thousands) Commercial (1) $ 208,244 $ 145,551 Commercial Real Estate: Construction 92,916 64,911 Farmland 70,272 79,118 Nonfarm nonresidential 266,394 255,459 Residential Real Estate: Multi-family 61,180 70,950 1-4 Family 188,955 226,629 Consumer 31,429 47,790 Agriculture 42,044 35,064 Other 647 799 Subtotal 962,081 926,271 Less: Allowance for loan losses (12,443 ) (8,376 ) Loans, net $ 949,638 $ 917,895 ( 1 Includes PPP loans of $20.3 million at December 31, 2020. The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2020, 2019, 2018: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) December 31, 2020: Beginning balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Provision (negative provision) 822 2,870 135 324 261 (12 ) 4,400 Loans charged off (32 ) (101 ) (130 ) (493 ) (46 ) – (802 ) Recoveries 29 201 151 45 30 13 469 Ending balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) December 31, 2019: 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 (in thousands) December 31, 2018: 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 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, 2020: 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 $ – $ 2,176 $ 1 $ – $ – $ – $ 2,177 Collectively evaluated for impairment 2,529 4,874 1,898 361 600 4 10,266 Total ending allowance balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Loans: Loans individually evaluated for impairment $ – $ 5,361 $ 1,060 $ – $ 91 $ – $ 6,512 Loans collectively evaluated for impairment 208,244 424,221 249,075 31,429 41,953 647 955,569 Total ending loans balance $ 208,244 $ 429,582 $ 250,135 $ 31,429 $ 42,044 $ 647 $ 962,081 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 Impaired 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, 2020: 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 $ 308 $ — $ — $ 82 $ 16 $ 16 Commercial real estate: Construction — — — — — — Farmland 555 456 — 326 45 45 Nonfarm nonresidential 1,323 549 — 501 44 15 Residential real estate: Multi-family — — — — — — 1-4 Family 1,883 954 — 894 86 83 Consumer 259 — — 55 3 3 Agriculture 393 91 — 27 — — Other — — — — — — Subtotal 4,721 2,050 — 1,885 194 162 With An Allowance Recorded: Commercial — — — 5 — — Commercial real estate: Construction — — — — — — Farmland — — — 198 4 — Nonfarm nonresidential 6,465 4,356 2,176 901 263 — Residential real estate: Multi-family — — — — — — 1-4 Family 106 106 1 102 9 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 6,571 4,462 2,177 1,206 276 — Total $ 11,292 $ 6,512 $ 2,177 $ 3,091 $ 470 $ 162 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 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, 2020 2019: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2020 Commercial Real Estate: Nonfarm nonresidential $ 374 $ — $ 374 Residential Real Estate: 1-4 Family 106 — 106 Total TDRs $ 480 $ — $ 480 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2019 Commercial Real Estate: Nonfarm nonresidential $ 400 $ — $ 400 Residential Real Estate: 1-4 Family 75 — 75 Total TDRs $ 475 $ — $ 475 At December 31, 2020 2019, December 31, 2020 2019, December 31, 2020 December 31, 2019 During the years ended December 31, 2020, 2019, 2018, twelve 90 The following table presents a summary of the TDR loan modifications by portfolio segment that occurred during the year ended December 31, 2020: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2020 Residential Real Estate: 1-4 Family 33 — 33 Total TDRs $ 33 $ — $ 33 The Company has not 2020. twelve December 31, 2020, no December 31, 2019. Non-TDR Loan Modifications due to COVID- 19 The Company has elected to account for eligible loan modifications under Section 4013 4013 1 19 2 not 30 December 31, 2019; 3 March 1, 2020 60 March 13, 2020 19 January 1, 2022. not not December 31, 2020. 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, 2020 2019: Nonaccrual Loans Past Due 90 Days And Over Still Accruing 2020 2019 2020 2019 (in thousands) Commercial $ — $ 50 $ — $ — Commercial Real Estate: Construction — — — — Farmland 456 431 — — Nonfarm nonresidential 175 90 — — Residential Real Estate: Multi-family — — — — 1-4 Family 954 817 — — Consumer — 98 — — Agriculture 91 42 — — Other — — — — Total $ 1,676 $ 1,528 $ — $ — The following table presents the aging of the recorded investment in past due loans by class as of December 31, 2020 2019: 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, 2020 Commercial $ 20 $ — $ — $ — $ 20 Commercial Real Estate: Construction — — — — — Farmland 325 53 — 456 834 Nonfarm nonresidential — 26 — 175 201 Residential Real Estate: Multi-family — — — — — 1-4 Family 1,110 217 — 954 2,281 Consumer 59 49 — — 108 Agriculture 23 27 — 91 141 Other — — — — — Total $ 1,537 $ 372 $ — $ 1,676 $ 3,585 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, 2019 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 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 and are routinely analyzed through credit administration processes which classify the loans as to credit risk. The following definitions are used for risk ratings: Watch may Special Mention not one may Substandard may not Doubtful Loans not December 31, 2020 2019, Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2020 Commercial $ 201,240 $ 192 $ — $ 6,812 $ — $ 208,244 Commercial Real Estate: Construction 92,916 — — — — 92,916 Farmland 65,556 3,714 — 1,002 — 70,272 Nonfarm nonresidential 258,665 1,605 — 6,124 — 266,394 Residential Real Estate: Multi-family 50,732 10,448 — — — 61,180 1-4 Family 183,379 2,831 — 2,745 — 188,955 Consumer 31,387 3 — 39 — 31,429 Agriculture 41,503 86 — 455 — 42,044 Other 647 — — — — 647 Total $ 926,025 $ 18,879 $ — $ 17,177 $ — $ 962,081 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2019 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 |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 PREMISES AND EQUIPMENT Year-end premises and equipment were as follows: 2020 2019 (in thousands) Land and buildings $ 21,214 $ 21,228 Furniture and equipment 9,323 8,884 Leased right-of-use asset 2,477 3,070 33,014 33,182 Accumulated depreciation (14,481 ) (13,524 ) $ 18,533 $ 19,658 See ‘Note 5 Depreciation expense was $1.1 million, $801,000 and $833,000 for 2020, 2019 2018, |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 5 LEASES As of December 31, 2020, six 2021 2045, December 31, 2020. 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 December 31, 2020. Total rental expense was $551,000 and $294,000 for the years ended December 31, 2020 December 31, 2019, 2019, three December 31, 2020 December 31, 2019. Total estimated rental commitments for the operating leases were as follows as of December 31, 2020 ( 2020 2021 279 2022 183 2023 186 2024 185 2025 162 Thereafter 3,503 Total minimum lease payments 4,498 Discount effect of cash flows (2,021 ) Present value of lease liabilities $ 2,477 At December 31, 2020, two first 2021. |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 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: 2020 2019 (in thousands) Commercial Real Estate: Construction, land development, and other land 1,765 3,225 $ 1,765 $ 3,225 Residential loans secured by 1 4 December 31, 2020 December 31, 2019, Activity relating to OREO during the years indicated is as follows: 2020 2019 2018 (in thousands) OREO Activity OREO as of January 1 $ 3,225 $ 3,485 $ 4,409 Real estate acquired — — 730 Valuation adjustment write-downs — (260 ) (850 ) Net gain on sale — — 72 Proceeds from sale of properties (1,600 ) — (876 ) Improvements 140 — — OREO as of December 31 $ 1,765 $ 3,225 $ 3,485 Expenses related to OREO include: 2020 2019 2018 (in thousands) Net gain on sale $ — $ — $ (72 ) Valuation adjustment write-downs — 260 850 Operating expense 63 108 90 Total $ 63 $ 368 $ 868 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 GOODWILL AND INTANGIBLE ASSETS The following table summarizes the Company’s acquired goodwill and intangible assets as of December 31, 2020 December 31, 2019: 2020 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (in thousands) Goodwill $ 6,252 $ — $ 6,252 $ — Core deposit intangibles 2,500 256 2,500 — Outstanding, ending $ 8,752 $ 256 $ 8,752 $ — During 2019, not may not third November 30, 2020 not no The Company recorded $256,000 intangible amortization expense during 2020. 2019, not The estimated amortization expense of the core deposit intangible for the years ending December 31 Amortization Expense 2021 $ 256 2022 256 2023 256 2024 256 2025 256 Thereafter 964 $ 2,244 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 DEPOSITS The following table details deposits by category: December 31, 2020 December 31, 2019 (in thousands) Non-interest bearing $ 243,022 $ 187,551 Interest checking 190,625 146,038 Money market 175,785 160,837 Savings 142,623 56,015 Certificates of deposit 367,552 476,534 Total $ 1,119,607 $ 1,026,975 Time deposits of $250,000 2020 2019, Scheduled maturities of total time deposits for each of the next five Total 2021 $ 272,031 2022 39,876 2023 17,419 2024 11,092 2025 26,657 Thereafter 477 $ 367,552 |
Note 9 - Advances from Federal
Note 9 - Advances from Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 (in thousands) Short term advance (fixed rate 0.00%) maturing April 2021 $ 623 $ 60,000 Long term advance (fixed rate 0.77%) maturing February 2030 20,000 1,389 Total advances from the Federal Home Loan Bank $ 20,623 $ 61,389 FHLB advances had a weighted-average rate of 0.75% at December 31, 2020 December 31, 2019. No 2020 2019. first December 31, 2020 December 31, 2019, December 31, 2020. December 31, 2020, Scheduled principal payments during the next five Advances 2021 $ 623 2022 — 2023 — 2024 — 2025 — Thereafter 20,000 $ 20,623 At year-end 2020, |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 10 BORROWINGS Junior Subordinated Debentures - not may December 31, 2020, 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, 2020, 3 0.24% ( 2 The debentures are callable at the Company’s option at their principal amount plus accrued interest. Subordinated Capital Notes - July 31, 2029. July 30, 2024 three 2 July 31, 2020, July 23, 2019 July 31, 2025 2 2 |
Note 11 - Other Benefit Plans
Note 11 - Other Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | NOTE 11 OTHER BENEFIT PLANS 401 401 first 1% 5% may 2020, 2019 2018, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 INCOME TAXES Income tax expense was as follows: 2020 2019 2018 (in thousands) Current $ (173 ) $ (173 ) $ (346 ) Deferred 1,372 505 121 Net operating loss 903 1,725 2,255 Establish state deferred tax asset (478 ) (1,577 ) — $ 1,624 $ 480 $ 2,030 For 2020 2019, 2019. December 31, 2020 2019, January 1, 2021. Effective tax rates differ from federal statutory rate applied to income before income taxes due to the following: 2020 2019 2018 (in thousands) Federal statutory rate 21 % 21 % 21 % Federal statutory rate times financial statement income $ 2,232 $ 2,310 $ 2,273 Effect of: Tax-exempt income (73 ) (66 ) (80 ) Establish state deferred tax asset (478 ) (1,577 ) — Non-taxable life insurance income (89 ) (86 ) (92 ) Restricted stock vesting 7 (137 ) (115 ) Other, net 25 36 44 Total $ 1,624 $ 480 $ 2,030 Year-end deferred tax assets and liabilities were due to the following: 2020 2019 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 22,012 $ 22,915 Allowance for loan losses 3,104 2,090 OREO write-down 914 2,665 Alternative minimum tax credit carry-forward — 173 Net assets from acquisitions 72 228 New market tax credit carry-forward 208 208 Nonaccrual loan interest 315 303 Accrued expenses 131 102 Lease liability 618 766 Other 332 309 27,706 29,759 Deferred tax liabilities: FHLB stock dividends 478 563 Fixed assets 71 57 Deferred loan costs 172 170 Net unrealized gain on securities 585 331 Lease right-of-use assets 618 766 Other 68 107 1,992 1,994 Net deferred tax assets $ 25,714 $ 27,765 At December 31, 2020, 2032, 2025. 2020, The Company does not not twelve December 31, 2020 December 31, 2019 Under Section 382 382” 382. 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 2017. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 RELATED PARTY TRANSACTIONS Loans to principal officers, directors, significant shareholders, and their affiliates in 2020 Beginning balance $ 13,045 New loans and advances 4,750 Repayments (3,500 ) Ending balance $ 14,295 Deposits from principal officers, directors, significant shareholders, and their affiliates at year-end 2020 2019 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 $26,000 in 2020 2019. no 2020 2019. |
Note 14 - Regulatory Capital Ma
Note 14 - Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 14 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 Basel III rules established a “capital conservation buffer” of 2.5% above the regulatory minimum risk-based capital ratios. Including the capital conservation buffer, the minimum ratios are a common equity Tier 1 1 The Company’s capital ratios were positively impacted by the additional $8.0 million of subordinated notes issued on July 21, 2020, 2 As of December 31, 2020, 2020 2019, 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, 2020: Total risk-based capital (to risk-weighted assets) $ 142,449 13.20 % $ 86,302 8.00 % $ 107,878 10.00 % Total common equity Tier 1 risk-based capital (to risk-weighted assets) 130,006 12.05 48,545 4.50 70,120 6.50 Tier 1 capital (to risk-weighted assets) 130,006 12.05 64,727 6.00 86,302 8.00 Tier 1 capital (to average assets) 130,006 10.21 50,908 4.00 63,636 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, 2019: 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 Kentucky banking laws limit the amount of dividends that may may two |
Note 15 - Off Balance Sheet Ris
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15 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 The following table presents the contractual amounts of financial instruments with off-balance sheet risk for each year ended: 2020 2019 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 20,990 $ 17,466 $ 11,577 $ 20,415 Unused lines of credit 5,964 144,790 7,916 111,230 Standby letters of credit 175 1,342 531 3,164 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 million at December 31, 2020 December 31, 2019. not 815, not 820, December 31, 2020 December 31, 2019, 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 16 - Fair Values
Note 16 - Fair Values | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 16 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 applies internal discounts to the value of appraisals used in the fair value evaluation of the Bank’s 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 the Bank’s appraisal date predates a likely change in market conditions. These deductions range from 10% for routine real estate collateral to 25% for real estate that is determined to have a thin trading market or to be specialized collateral. This is in addition to estimated discounts for cost to sell of six to ten percent. Management also applies 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% to 33% have been utilized in the Bank’s impairment evaluations when applicable. Impaired loans are evaluated quarterly for additional impairment. Management obtains updated appraisals on properties securing the Bank’s 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, 2020 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 $ 19,617 $ — $ 19,617 $ — Agency mortgage-backed: residential 74,333 — 74,333 — Collateralized loan obligations 43,152 — 40,764 2,388 State and municipal 36,055 — 36,055 — Corporate bonds 30,705 — 18,789 11,916 Total $ 203,862 $ — $ 189,558 $ 14,304 Fair Value Measurements at December 31, 2019 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 $ — There were no 1 2 2020 2019. The Company’s policy is to transfer assets or liabilities from one December 31, 2020, one six 2 3. third The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 December 31, 2020: Collateralized Loan Obligations Corporate Bonds (in thousands) Balance of recurring Level 3 assets at January 1, 2020 $ — $ — Total gains or losses for the year: Included in other comprehensive income — — Transfers into Level 3 2,388 11,916 Balance of recurring Level 3 assets at December 31, 2020 $ 2,388 $ 11,916 The following table presents quantitative information about recurring level 3 December 31, 2020: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Collateralized loan obligations $ 2,388 Discounted cash flow Constant prepayment rate 0% Additional asset defaults 2% (2%) Expected asset recoveries 49% (49%) Corporate bonds $ 11,916 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 322% - 497% (381%) Indicative broker bid 72% - 107% (80%) Financial assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2020 Using (in thousands) Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Impaired loans: Commercial real estate: Nonfarm nonresidential $ 2,180 $ — $ — $ 2,180 Residential real estate: 1-4 Family 105 — — 105 Fair Value Measurements at December 31, 2019 Using (in thousands) Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Impaired loans: Commercial $ 21 $ — $ — $ 21 Commercial real estate: Farmland 245 — — 245 Residential real estate: 1-4 Family 145 — — 145 Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $4.5 million, with a valuation allowance of $2.2 million, at December 31, 2020, December 31, 2020. December 31, 2019, December 31, 2019, no December 31, 2019. The following table presents qualitative information about level 3 December 31, 2020: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands Impaired loans - Commercial real estate $ 2,180 Sales comparison approach Adjustment for differences between the comparable sales 0% - 65% (33%) Income approach Discount or capitalization rate 12% (12%) Carrying amount and estimated fair values of financial instruments were as follows at year-end 2020: Fair Value Measurements at December 31, 2020 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 67,693 $ 67,693 $ — $ — $ 67,693 Securities available for sale 203,862 — 189,558 14,304 203,862 Federal Home Loan Bank stock 5,887 N/A N/A N/A N/A Loans, net 949,638 — — 941,330 941,330 Accrued interest receivable 4,444 — 925 3,519 4,444 Financial liabilities Deposits $ 1,119,607 $ 243,022 $ 878,309 $ — $ 1,121,331 Federal Home Loan Bank advances 20,623 — 20,665 — 20,665 Junior subordinated debentures 21,000 — — 16,194 16,194 Subordinated capital notes 25,000 — — 25,207 25,207 Accrued interest payable 859 — 231 628 859 Carrying amount and estimated fair values of financial instruments were as follows at year-end 2019: Fair Value Measurements at December 31, 2019 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 notes 17,000 — — 17,003 17,003 Senior debt 5,000 — — 5,022 5,022 Accrued interest payable 1,129 — 647 482 1,129 |
Note 17 - Stock Plans and Stock
Note 17 - Stock Plans and Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 17 STOCK PLANS AND STOCK BASED COMPENSATION Shares available for issuance under the 2018 “2018 three December 31 The fair value of the 2020 2020, 2019, 2018, 2020, 2019, 2018, The following table summarizes unvested share activity as of and for the periods indicated for the Company’s equity compensation plan: Twelve Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 57,774 $ 13.35 116,909 $ 8.69 Granted 34,858 15.33 34,501 14.81 Vested (43,836 ) 12.69 (89,388 ) 7.83 Forfeited (1,358 ) 15.95 (4,248 ) 13.07 Outstanding, ending 47,438 $ 15.34 57,774 $ 13.35 Unrecognized stock based compensation expense related to unvested shares for 2021 2021 $ 305 2022 134 2023 16 2024 & thereafter — |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 18 EARNINGS PER SHARE The factors used in the basic and diluted earnings per share computation follow: 2020 2019 2018 (in thousands, except share and per share data) Net income $ 9,005 $ 10,518 $ 8,794 Less: Earnings allocated to unvested shares 68 106 144 Net income attributable to common shareholders, basic and diluted $ 8,937 $ 10,412 $ 8,650 Basic Weighted average common shares including unvested common shares and participating preferred shares outstanding 7,492,190 7,468,215 7,159,723 Less: Weighted average unvested common shares 56,809 75,084 117,030 Weighted average common shares outstanding 7,435,381 7,393,131 7,042,693 Basic income per common share $ 1.20 $ 1.41 $ 1.23 Diluted Add: Dilutive effects of assumed exercises of common stock warrants — — — Weighted average common shares and potential common shares 7,435,381 7,393,131 7,042,693 Diluted income per common share $ 1.20 $ 1.41 $ 1.23 The Company had no outstanding stock options at December 31, 2020, 2019 2018. |
Note 19 - Revenue From Contract
Note 19 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 19 REVENUE FROM CONTRACTS WITH CUSTOMERS 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 Gains/Losses on Sales of OREO: Other Non-interest Income 606, December 31, 2020, 2019, 2018, 606. 606. |
Note 20 - Parent Company Only C
Note 20 - Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 20 PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of Limestone Bancorp Inc. is presented as follows: CONDENSED BALANCE SHEETS December 31, 2020 2019 (in thousands) ASSETS Cash and cash equivalents $ 5,037 $ 4,769 Investment in banking subsidiary 150,560 138,321 Investment in and advances to other subsidiaries 776 776 Deferred taxes, net 5,953 5,138 Other assets 1,180 1,083 Total assets $ 163,506 $ 150,087 LIABILITIES AND SHAREHOLDERS EQUITY Debt $ 46,775 $ 43,775 Accrued expenses and other liabilities 707 562 Shareholders’ equity 116,024 105,750 Total liabilities and shareholders equity $ 163,506 $ 150,087 CONDENSED STATEMENTS OF OPERATIONS Years ended December 31, 2020 2019 2018 (in thousands) Interest income $ 37 $ 83 $ 45 Dividends from subsidiaries 23 36 35 Other income 20 19 38 Interest expense (2,008 ) (1,803 ) (1,370 ) Other expense (1,357 ) (1,179 ) (1,290 ) Loss before income tax and undistributed subsidiary income (3,285 ) (2,844 ) (2,542 ) Income tax expense (benefit) (815 ) (1,997 ) (645 ) Equity in undistributed subsidiary income 11,475 11,365 10,691 Net income $ 9,005 $ 10,518 $ 8,794 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2020 2019 2018 (in thousands) Cash flows from operating activities Net income $ 9,005 $ 10,518 $ 8,794 Adjustments: Equity in undistributed subsidiary income (11,475 ) (11,365 ) (10,691 ) Deferred taxes, net (815 ) (1,996 ) (645 ) Stock-based compensation expense 580 535 524 Net change in other assets (97 ) (401 ) 30 Net change in other liabilities 145 423 (1,093 ) Net cash used in operating activities (2,657 ) (2,286 ) (3,081 ) Cash flows from investing activities Investments in subsidiaries — (10,000 ) (5,000 ) Net cash used in investing activities — (10,000 ) (5,000 ) 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 notes 8,000 17,000 — Repayment of senior debt (5,000 ) (5,000 ) — Common shares withheld for taxes (75 ) (314 ) — Net cash provided by financing activities 2,925 11,686 11,405 Net change in cash and cash equivalents 268 (600 ) 3,324 Beginning cash and cash equivalents 4,769 5,369 2,045 Ending cash and cash equivalents $ 5,037 $ 4,769 $ 5,369 |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 21 QUARTERLY FINANCIAL DATA (UNAUDITED) Earnings Per Common Share Interest Income Net Interest Income Provision For Loan Losses Income Before Income Taxes Net Income Basic (1) Diluted (1) (in thousands, except per share data) 2020 First quarter (2) $ 13,267 $ 9,762 $ 1,050 $ 2,201 $ 1,840 $ 0.25 $ 0.25 Second quarter (2)(3) 12,786 10,110 1,100 2,375 1,982 0.26 0.26 Third quarter (2)(3) 12,094 9,943 1,350 2,256 2,066 0.28 0.28 Fourth quarter (2)(3) 12,606 10,786 900 3,797 3,117 0.42 0.42 2019 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 (2) 12,485 8,730 — 2,813 2,282 0.31 0.31 Fourth quarter (2)(4) 12,537 8,861 — 2,201 1,764 0.24 0.24 ( 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 2020 2019 2019 Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM ( 3 Interest income benefitted $179,000, or $0.02 per basic and diluted share, in the second 2020, third 2020, fourth 2020 ( 4 On November 15, 2019, four |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Nature of Operations The Bank, established in 1902, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In March 2020, 2019 19” 19 The extent to which the COVID- 19 third 19 may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents one December 31, 2020 December 31, 2019. |
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. In evaluating securities for other-than-temporary impairment (“OTTI”), management considers the length of time and extent to which fair value has been less than cost, 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 and Leases Receivable, Allowance for Loan Losses Policy [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 The Bank participated in the SBA Paycheck Protection Program (“PPP”) as a lender to provide loans to small businesses for payroll and other basic expenses during the COVID- 19 first six No 2020, Loans purchased in a business acquisition are accounted for using one 1 310 20, not one 2 310 30, 310 30, |
Financing Receivable, Held-for-investment [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 may |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment 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 core deposit intangible assets arising from a branch acquisition, which were initially measured at fair value and then amortized on an accelerated method over the estimated useful life. |
Pension and Other Postretirement Plans, 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 Restrictions may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Derivatives, Policy [Policy Text Block] | Derivatives 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 The risk participation agreements are not 815, not 820, To date, the Company has not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards June 2016, No. 2016 13, 326 first one first December 2018, three one may October 2019, not December 15, 2022. In December 2019, 2019 12, 740, 2019 12 2019 12 December 15, 2020, not |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 (in thousands) Available for sale U.S. Government and federal agency $ 18,811 $ 806 $ — $ 19,617 Agency mortgage-backed: residential 71,582 2,777 (26 ) 74,333 Collateralized loan obligations 44,730 — (1,578 ) 43,152 State and municipal 34,759 1,296 — 36,055 Corporate bonds 31,635 472 (1,402 ) 30,705 Total available for sale $ 201,517 $ 5,351 $ (3,006 ) $ 203,862 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 (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 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2020 2019 2018 (in thousands) Proceeds $ 9,030 $ 5,351 $ 6,054 Gross gains — 1 — Gross losses 5 6 6 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2020 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ 19,141 $ 18,217 One to five years 44,757 46,185 Five to ten years 44,902 45,148 Beyond ten years 21,135 19,979 Agency mortgage-backed: residential 71,582 74,333 Total $ 201,517 $ 203,862 |
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) 2020 Available for sale U.S. Government and federal agency $ — $ — $ — $ — $ — $ — Agency mortgage-backed: residential 4,772 (26 ) — — 4,772 (26 ) Collateralized loan obligations 8,794 (251 ) 34,358 (1,327 ) 43,152 (1,578 ) State and municipal — — — — — — Corporate bonds 10,849 (1,402 ) — — 10,849 (1,402 ) Total temporarily impaired $ 24,415 $ (1,679 ) $ 34,358 $ (1,327 ) $ 58,773 $ (3,006 ) 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) 2019 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 ) |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2020 2019 (in thousands) Commercial (1) $ 208,244 $ 145,551 Commercial Real Estate: Construction 92,916 64,911 Farmland 70,272 79,118 Nonfarm nonresidential 266,394 255,459 Residential Real Estate: Multi-family 61,180 70,950 1-4 Family 188,955 226,629 Consumer 31,429 47,790 Agriculture 42,044 35,064 Other 647 799 Subtotal 962,081 926,271 Less: Allowance for loan losses (12,443 ) (8,376 ) Loans, net $ 949,638 $ 917,895 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) December 31, 2020: Beginning balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Provision (negative provision) 822 2,870 135 324 261 (12 ) 4,400 Loans charged off (32 ) (101 ) (130 ) (493 ) (46 ) – (802 ) Recoveries 29 201 151 45 30 13 469 Ending balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) December 31, 2019: 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 (in thousands) December 31, 2018: 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 |
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 $ – $ 2,176 $ 1 $ – $ – $ – $ 2,177 Collectively evaluated for impairment 2,529 4,874 1,898 361 600 4 10,266 Total ending allowance balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Loans: Loans individually evaluated for impairment $ – $ 5,361 $ 1,060 $ – $ 91 $ – $ 6,512 Loans collectively evaluated for impairment 208,244 424,221 249,075 31,429 41,953 647 955,569 Total ending loans balance $ 208,244 $ 429,582 $ 250,135 $ 31,429 $ 42,044 $ 647 $ 962,081 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 |
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 $ 308 $ — $ — $ 82 $ 16 $ 16 Commercial real estate: Construction — — — — — — Farmland 555 456 — 326 45 45 Nonfarm nonresidential 1,323 549 — 501 44 15 Residential real estate: Multi-family — — — — — — 1-4 Family 1,883 954 — 894 86 83 Consumer 259 — — 55 3 3 Agriculture 393 91 — 27 — — Other — — — — — — Subtotal 4,721 2,050 — 1,885 194 162 With An Allowance Recorded: Commercial — — — 5 — — Commercial real estate: Construction — — — — — — Farmland — — — 198 4 — Nonfarm nonresidential 6,465 4,356 2,176 901 263 — Residential real estate: Multi-family — — — — — — 1-4 Family 106 106 1 102 9 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 6,571 4,462 2,177 1,206 276 — Total $ 11,292 $ 6,512 $ 2,177 $ 3,091 $ 470 $ 162 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 |
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, 2020 Commercial Real Estate: Nonfarm nonresidential $ 374 $ — $ 374 Residential Real Estate: 1-4 Family 106 — 106 Total TDRs $ 480 $ — $ 480 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2019 Commercial Real Estate: Nonfarm nonresidential $ 400 $ — $ 400 Residential Real Estate: 1-4 Family 75 — 75 Total TDRs $ 475 $ — $ 475 |
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, 2020 Residential Real Estate: 1-4 Family 33 — 33 Total TDRs $ 33 $ — $ 33 |
Financing Receivable, Nonaccrual [Table Text Block] | Nonaccrual Loans Past Due 90 Days And Over Still Accruing 2020 2019 2020 2019 (in thousands) Commercial $ — $ 50 $ — $ — Commercial Real Estate: Construction — — — — Farmland 456 431 — — Nonfarm nonresidential 175 90 — — Residential Real Estate: Multi-family — — — — 1-4 Family 954 817 — — Consumer — 98 — — Agriculture 91 42 — — Other — — — — Total $ 1,676 $ 1,528 $ — $ — |
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, 2020 Commercial $ 20 $ — $ — $ — $ 20 Commercial Real Estate: Construction — — — — — Farmland 325 53 — 456 834 Nonfarm nonresidential — 26 — 175 201 Residential Real Estate: Multi-family — — — — — 1-4 Family 1,110 217 — 954 2,281 Consumer 59 49 — — 108 Agriculture 23 27 — 91 141 Other — — — — — Total $ 1,537 $ 372 $ — $ 1,676 $ 3,585 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, 2019 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2020 Commercial $ 201,240 $ 192 $ — $ 6,812 $ — $ 208,244 Commercial Real Estate: Construction 92,916 — — — — 92,916 Farmland 65,556 3,714 — 1,002 — 70,272 Nonfarm nonresidential 258,665 1,605 — 6,124 — 266,394 Residential Real Estate: Multi-family 50,732 10,448 — — — 61,180 1-4 Family 183,379 2,831 — 2,745 — 188,955 Consumer 31,387 3 — 39 — 31,429 Agriculture 41,503 86 — 455 — 42,044 Other 647 — — — — 647 Total $ 926,025 $ 18,879 $ — $ 17,177 $ — $ 962,081 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2019 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 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 (in thousands) Land and buildings $ 21,214 $ 21,228 Furniture and equipment 9,323 8,884 Leased right-of-use asset 2,477 3,070 33,014 33,182 Accumulated depreciation (14,481 ) (13,524 ) $ 18,533 $ 19,658 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 2021 279 2022 183 2023 186 2024 185 2025 162 Thereafter 3,503 Total minimum lease payments 4,498 Discount effect of cash flows (2,021 ) Present value of lease liabilities $ 2,477 |
Note 6 - Other Real Estate Ow_2
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | 2020 2019 (in thousands) Commercial Real Estate: Construction, land development, and other land 1,765 3,225 $ 1,765 $ 3,225 |
Schedule of Expenses Related to Foreclosed Real Estate [Table Text Block] | 2020 2019 2018 (in thousands) OREO Activity OREO as of January 1 $ 3,225 $ 3,485 $ 4,409 Real estate acquired — — 730 Valuation adjustment write-downs — (260 ) (850 ) Net gain on sale — — 72 Proceeds from sale of properties (1,600 ) — (876 ) Improvements 140 — — OREO as of December 31 $ 1,765 $ 3,225 $ 3,485 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 2020 2019 2018 (in thousands) Net gain on sale $ — $ — $ (72 ) Valuation adjustment write-downs — 260 850 Operating expense 63 108 90 Total $ 63 $ 368 $ 868 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | 2020 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (in thousands) Goodwill $ 6,252 $ — $ 6,252 $ — Core deposit intangibles 2,500 256 2,500 — Outstanding, ending $ 8,752 $ 256 $ 8,752 $ — |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense 2021 $ 256 2022 256 2023 256 2024 256 2025 256 Thereafter 964 $ 2,244 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | December 31, 2020 December 31, 2019 (in thousands) Non-interest bearing $ 243,022 $ 187,551 Interest checking 190,625 146,038 Money market 175,785 160,837 Savings 142,623 56,015 Certificates of deposit 367,552 476,534 Total $ 1,119,607 $ 1,026,975 |
Schedule of Maturities of Time Deposits [Table Text Block] | Total 2021 $ 272,031 2022 39,876 2023 17,419 2024 11,092 2025 26,657 Thereafter 477 $ 367,552 |
Note 9 - Advances from Federa_2
Note 9 - Advances from Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | December 31, December 31, 2020 2019 (in thousands) Short term advance (fixed rate 0.00%) maturing April 2021 $ 623 $ 60,000 Long term advance (fixed rate 0.77%) maturing February 2030 20,000 1,389 Total advances from the Federal Home Loan Bank $ 20,623 $ 61,389 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Advances 2021 $ 623 2022 — 2023 — 2024 — 2025 — Thereafter 20,000 $ 20,623 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 (in thousands) Current $ (173 ) $ (173 ) $ (346 ) Deferred 1,372 505 121 Net operating loss 903 1,725 2,255 Establish state deferred tax asset (478 ) (1,577 ) — $ 1,624 $ 480 $ 2,030 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 (in thousands) Federal statutory rate 21 % 21 % 21 % Federal statutory rate times financial statement income $ 2,232 $ 2,310 $ 2,273 Effect of: Tax-exempt income (73 ) (66 ) (80 ) Establish state deferred tax asset (478 ) (1,577 ) — Non-taxable life insurance income (89 ) (86 ) (92 ) Restricted stock vesting 7 (137 ) (115 ) Other, net 25 36 44 Total $ 1,624 $ 480 $ 2,030 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 22,012 $ 22,915 Allowance for loan losses 3,104 2,090 OREO write-down 914 2,665 Alternative minimum tax credit carry-forward — 173 Net assets from acquisitions 72 228 New market tax credit carry-forward 208 208 Nonaccrual loan interest 315 303 Accrued expenses 131 102 Lease liability 618 766 Other 332 309 27,706 29,759 Deferred tax liabilities: FHLB stock dividends 478 563 Fixed assets 71 57 Deferred loan costs 172 170 Net unrealized gain on securities 585 331 Lease right-of-use assets 618 766 Other 68 107 1,992 1,994 Net deferred tax assets $ 25,714 $ 27,765 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Beginning balance $ 13,045 New loans and advances 4,750 Repayments (3,500 ) Ending balance $ 14,295 |
Note 14 - Regulatory Capital _2
Note 14 - Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020: Total risk-based capital (to risk-weighted assets) $ 142,449 13.20 % $ 86,302 8.00 % $ 107,878 10.00 % Total common equity Tier 1 risk-based capital (to risk-weighted assets) 130,006 12.05 48,545 4.50 70,120 6.50 Tier 1 capital (to risk-weighted assets) 130,006 12.05 64,727 6.00 86,302 8.00 Tier 1 capital (to average assets) 130,006 10.21 50,908 4.00 63,636 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, 2019: 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 |
Note 15 - Off Balance Sheet R_2
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | 2020 2019 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 20,990 $ 17,466 $ 11,577 $ 20,415 Unused lines of credit 5,964 144,790 7,916 111,230 Standby letters of credit 175 1,342 531 3,164 |
Note 16 - Fair Values (Tables)
Note 16 - Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2020 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 $ 19,617 $ — $ 19,617 $ — Agency mortgage-backed: residential 74,333 — 74,333 — Collateralized loan obligations 43,152 — 40,764 2,388 State and municipal 36,055 — 36,055 — Corporate bonds 30,705 — 18,789 11,916 Total $ 203,862 $ — $ 189,558 $ 14,304 Fair Value Measurements at December 31, 2019 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, 2020 Using (in thousands) Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Impaired loans: Commercial real estate: Nonfarm nonresidential $ 2,180 $ — $ — $ 2,180 Residential real estate: 1-4 Family 105 — — 105 Fair Value Measurements at December 31, 2019 Using (in thousands) Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Impaired loans: Commercial $ 21 $ — $ — $ 21 Commercial real estate: Farmland 245 — — 245 Residential real estate: 1-4 Family 145 — — 145 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Collateralized Loan Obligations Corporate Bonds (in thousands) Balance of recurring Level 3 assets at January 1, 2020 $ — $ — Total gains or losses for the year: Included in other comprehensive income — — Transfers into Level 3 2,388 11,916 Balance of recurring Level 3 assets at December 31, 2020 $ 2,388 $ 11,916 |
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 - Commercial real estate $ 2,180 Sales comparison approach Adjustment for differences between the comparable sales 0% - 65% (33%) Income approach Discount or capitalization rate 12% (12%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2020 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 67,693 $ 67,693 $ — $ — $ 67,693 Securities available for sale 203,862 — 189,558 14,304 203,862 Federal Home Loan Bank stock 5,887 N/A N/A N/A N/A Loans, net 949,638 — — 941,330 941,330 Accrued interest receivable 4,444 — 925 3,519 4,444 Financial liabilities Deposits $ 1,119,607 $ 243,022 $ 878,309 $ — $ 1,121,331 Federal Home Loan Bank advances 20,623 — 20,665 — 20,665 Junior subordinated debentures 21,000 — — 16,194 16,194 Subordinated capital notes 25,000 — — 25,207 25,207 Accrued interest payable 859 — 231 628 859 Fair Value Measurements at December 31, 2019 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 notes 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, Inputs, Level 3 [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Collateralized loan obligations $ 2,388 Discounted cash flow Constant prepayment rate 0% Additional asset defaults 2% (2%) Expected asset recoveries 49% (49%) Corporate bonds $ 11,916 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 322% - 497% (381%) Indicative broker bid 72% - 107% (80%) |
Note 17 - Stock Plans and Sto_2
Note 17 - Stock Plans and Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Twelve Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 57,774 $ 13.35 116,909 $ 8.69 Granted 34,858 15.33 34,501 14.81 Vested (43,836 ) 12.69 (89,388 ) 7.83 Forfeited (1,358 ) 15.95 (4,248 ) 13.07 Outstanding, ending 47,438 $ 15.34 57,774 $ 13.35 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | 2021 $ 305 2022 134 2023 16 2024 & thereafter — |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 2018 (in thousands, except share and per share data) Net income $ 9,005 $ 10,518 $ 8,794 Less: Earnings allocated to unvested shares 68 106 144 Net income attributable to common shareholders, basic and diluted $ 8,937 $ 10,412 $ 8,650 Basic Weighted average common shares including unvested common shares and participating preferred shares outstanding 7,492,190 7,468,215 7,159,723 Less: Weighted average unvested common shares 56,809 75,084 117,030 Weighted average common shares outstanding 7,435,381 7,393,131 7,042,693 Basic income per common share $ 1.20 $ 1.41 $ 1.23 Diluted Add: Dilutive effects of assumed exercises of common stock warrants — — — Weighted average common shares and potential common shares 7,435,381 7,393,131 7,042,693 Diluted income per common share $ 1.20 $ 1.41 $ 1.23 |
Note 20 - Parent Company Only_2
Note 20 - Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2020 2019 (in thousands) ASSETS Cash and cash equivalents $ 5,037 $ 4,769 Investment in banking subsidiary 150,560 138,321 Investment in and advances to other subsidiaries 776 776 Deferred taxes, net 5,953 5,138 Other assets 1,180 1,083 Total assets $ 163,506 $ 150,087 LIABILITIES AND SHAREHOLDERS EQUITY Debt $ 46,775 $ 43,775 Accrued expenses and other liabilities 707 562 Shareholders’ equity 116,024 105,750 Total liabilities and shareholders equity $ 163,506 $ 150,087 |
Condensed Income Statement [Table Text Block] | Years ended December 31, 2020 2019 2018 (in thousands) Interest income $ 37 $ 83 $ 45 Dividends from subsidiaries 23 36 35 Other income 20 19 38 Interest expense (2,008 ) (1,803 ) (1,370 ) Other expense (1,357 ) (1,179 ) (1,290 ) Loss before income tax and undistributed subsidiary income (3,285 ) (2,844 ) (2,542 ) Income tax expense (benefit) (815 ) (1,997 ) (645 ) Equity in undistributed subsidiary income 11,475 11,365 10,691 Net income $ 9,005 $ 10,518 $ 8,794 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31, 2020 2019 2018 (in thousands) Cash flows from operating activities Net income $ 9,005 $ 10,518 $ 8,794 Adjustments: Equity in undistributed subsidiary income (11,475 ) (11,365 ) (10,691 ) Deferred taxes, net (815 ) (1,996 ) (645 ) Stock-based compensation expense 580 535 524 Net change in other assets (97 ) (401 ) 30 Net change in other liabilities 145 423 (1,093 ) Net cash used in operating activities (2,657 ) (2,286 ) (3,081 ) Cash flows from investing activities Investments in subsidiaries — (10,000 ) (5,000 ) Net cash used in investing activities — (10,000 ) (5,000 ) 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 notes 8,000 17,000 — Repayment of senior debt (5,000 ) (5,000 ) — Common shares withheld for taxes (75 ) (314 ) — Net cash provided by financing activities 2,925 11,686 11,405 Net change in cash and cash equivalents 268 (600 ) 3,324 Beginning cash and cash equivalents 4,769 5,369 2,045 Ending cash and cash equivalents $ 5,037 $ 4,769 $ 5,369 |
Note 21 - Quarterly Financial_2
Note 21 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Earnings Per Common Share Interest Income Net Interest Income Provision For Loan Losses Income Before Income Taxes Net Income Basic (1) Diluted (1) (in thousands, except per share data) 2020 First quarter (2) $ 13,267 $ 9,762 $ 1,050 $ 2,201 $ 1,840 $ 0.25 $ 0.25 Second quarter (2)(3) 12,786 10,110 1,100 2,375 1,982 0.26 0.26 Third quarter (2)(3) 12,094 9,943 1,350 2,256 2,066 0.28 0.28 Fourth quarter (2)(3) 12,606 10,786 900 3,797 3,117 0.42 0.42 2019 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 (2) 12,485 8,730 — 2,813 2,282 0.31 0.31 Fourth quarter (2)(4) 12,537 8,861 — 2,201 1,764 0.24 0.24 Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank, Regulatory Capital, Required | $ 0 | $ 10,100 |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 81,400 | $ 75,800 |
Debt Securities, Available-for-sale, Total | 203,862 | 209,000 |
Risk Level, AA Rated [Member] | ||
Collateralized Agreements, Total | 27,100 | |
Risk Level, A Rated [Member] | ||
Collateralized Agreements, Total | 13,600 | |
Risk Level, Below A Rated [Member] | ||
Collateralized Agreements, Total | 2,400 | |
Kentucky Municipalities [Member] | ||
Debt Securities, Available-for-sale, Total | 23,000 | 14,500 |
Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-sale, Total | $ 43,152 | $ 49,419 |
Collateralized Debt Obligations [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.10 | |
Collateralized Debt Obligations [Member] | Measurement Input, Constant Default Rate for First Four Years [Member] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.12 | |
Collateralized Debt Obligations [Member] | Measurement Input, Constant Default Rate for After First Four Years [Member] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | |
Collateralized Debt Obligations [Member] | Measurement Input, Recovery Rate Over One Year Lag [Member] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.45 |
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, 2020 | Dec. 31, 2019 |
Available for sale securities, amortized cost | $ 201,517 | $ 207,672 |
Available for sale securities, gross unrealized gains | 5,351 | 2,145 |
Available for sale securities, gross unrealized losses | (3,006) | (817) |
Securities available for sale | 203,862 | 209,000 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 18,811 | 22,281 |
Available for sale securities, gross unrealized gains | 806 | 196 |
Available for sale securities, gross unrealized losses | 0 | (147) |
Securities available for sale | 19,617 | 22,330 |
Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, amortized cost | 71,582 | 91,269 |
Available for sale securities, gross unrealized gains | 2,777 | 1,186 |
Available for sale securities, gross unrealized losses | (26) | (255) |
Securities available for sale | 74,333 | 92,200 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, amortized cost | 44,730 | 49,831 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (1,578) | (412) |
Securities available for sale | 43,152 | 49,419 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, amortized cost | 34,759 | 27,819 |
Available for sale securities, gross unrealized gains | 1,296 | 550 |
Available for sale securities, gross unrealized losses | 0 | (3) |
Securities available for sale | 36,055 | 28,366 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 31,635 | 16,472 |
Available for sale securities, gross unrealized gains | 472 | 213 |
Available for sale securities, gross unrealized losses | (1,402) | 0 |
Securities available for sale | $ 30,705 | $ 16,685 |
Note 2 - Securities - Sales and
Note 2 - Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds | $ 9,030 | $ 5,351 | $ 6,054 |
Gross gains | 0 | 1 | 0 |
Gross losses | $ 5 | $ 6 | $ 6 |
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, 2020 | Dec. 31, 2019 |
Within one year, amortized cost | $ 19,141 | |
Within one year, fair value | 18,217 | |
One to five years, amortized cost | 44,757 | |
One to five years, fair value | 46,185 | |
Five to ten years, amortized cost | 44,902 | |
Five to ten years, fair value | 45,148 | |
Beyond ten years, amortized cost | 21,135 | |
Beyond ten years, fair value | 19,979 | |
Agency mortgage-backed: residential, amortized cost | 71,582 | |
Agency mortgage-backed: residential, fair value | 74,333 | |
Total, amortized cost | 201,517 | $ 207,672 |
Total, fair value | $ 203,862 | $ 209,000 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale, fair value, less than 12 months | $ 24,415 | $ 41,474 |
Available for sale, unrealized loss, less than 12 months | (1,679) | (293) |
Available for sale, fair value, 12 months or more | 34,358 | 46,001 |
Available for sale, unrealized loss, 12 months or more | (1,327) | (524) |
Available for sale, fair value | 58,773 | 87,475 |
Available for sale, unrealized loss | (3,006) | (817) |
US Treasury and Government [Member] | ||
Available for sale, fair value, less than 12 months | 0 | 12,567 |
Available for sale, unrealized loss, less than 12 months | 0 | (147) |
Available for sale, fair value, 12 months or more | 0 | 0 |
Available for sale, unrealized loss, 12 months or more | 0 | 0 |
Available for sale, fair value | 0 | 12,567 |
Available for sale, unrealized loss | 0 | (147) |
Residential Mortgage Backed Securities [Member] | ||
Available for sale, fair value, less than 12 months | 4,772 | 18,457 |
Available for sale, unrealized loss, less than 12 months | (26) | (97) |
Available for sale, fair value, 12 months or more | 0 | 10,665 |
Available for sale, unrealized loss, 12 months or more | 0 | (158) |
Available for sale, fair value | 4,772 | 29,122 |
Available for sale, unrealized loss | (26) | (255) |
Collateralized Loan Obligations [Member] | ||
Available for sale, fair value, less than 12 months | 8,794 | 9,539 |
Available for sale, unrealized loss, less than 12 months | (251) | (46) |
Available for sale, fair value, 12 months or more | 34,358 | 35,336 |
Available for sale, unrealized loss, 12 months or more | (1,327) | (366) |
Available for sale, fair value | 43,152 | 44,875 |
Available for sale, unrealized loss | (1,578) | (412) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 0 | 911 |
Available for sale, unrealized loss, less than 12 months | 0 | (3) |
Available for sale, fair value, 12 months or more | 0 | 0 |
Available for sale, unrealized loss, 12 months or more | 0 | 0 |
Available for sale, fair value | 0 | 911 |
Available for sale, unrealized loss | 0 | (3) |
Corporate Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 10,849 | 0 |
Available for sale, unrealized loss, less than 12 months | (1,402) | 0 |
Available for sale, fair value, 12 months or more | 0 | 0 |
Available for sale, unrealized loss, 12 months or more | 0 | 0 |
Available for sale, fair value | 10,849 | 0 |
Available for sale, unrealized loss | $ (1,402) | $ 0 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | ||
Loans and Leases Receivable, Gross, Total | $ 962,081,000 | $ 926,271,000 | ||
Financing Receivable Modifications Percentage of Performing TDRs to Total TDRs | 100.00% | 100.00% | ||
Troubled Debt Restructuring Reserve | $ 1,000 | $ 1,000 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | |
Financing Receivable, Modifications, Number of Contracts | 0 | |||
SBA CARES Act Paycheck Protection Program [Member] | ||||
Financing Receivable, Deferred Payments | $ 15,300,000 | |||
Commercial Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross, Total | [1] | 208,244,000 | $ 145,551,000 | |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 20,300,000 | |||
[1] | Includes PPP loans of $20.3 million at December 31, 2020. |
Note 3 - Loans - Loans (Details
Note 3 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross loans | $ 962,081 | $ 926,271 | |
Less: Allowance for loan losses | (12,443) | (8,376) | |
Loans, net | 949,638 | 917,895 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 208,244 | 145,551 |
Less: Allowance for loan losses | (2,529) | (1,710) | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 429,582 | 399,488 | |
Less: Allowance for loan losses | (7,050) | (4,080) | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 92,916 | 64,911 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 70,272 | 79,118 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 266,394 | 255,459 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 250,135 | 297,579 | |
Less: Allowance for loan losses | (1,899) | (1,743) | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 61,180 | 70,950 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 188,955 | 226,629 | |
Consumer Portfolio Segment [Member] | |||
Gross loans | 31,429 | 47,790 | |
Less: Allowance for loan losses | (361) | (485) | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 42,044 | 35,064 | |
Less: Allowance for loan losses | (600) | (355) | |
Other Portfolio Segment [Member] | |||
Gross loans | 647 | 799 | |
Less: Allowance for loan losses | $ (4) | $ (3) | |
[1] | Includes PPP loans of $20.3 million at December 31, 2020. |
Note 3 - Loans - Activity in Al
Note 3 - Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1],[2] | Jun. 30, 2020 | [1],[2] | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Balance | $ 8,376 | $ 8,880 | $ 8,376 | $ 8,880 | $ 8,202 | ||||||||||||||
Provision (negative provision) for loan losses | $ 900 | [1],[2] | $ 1,350 | $ 1,100 | 1,050 | [1] | $ 0 | [1],[3] | $ 0 | $ 0 | 0 | [1] | 4,400 | 0 | (500) | ||||
Loans charged off | (802) | (1,288) | (616) | ||||||||||||||||
Recoveries | 469 | 784 | 1,794 | ||||||||||||||||
Balance | 12,443 | 8,376 | 12,443 | 8,376 | 8,880 | ||||||||||||||
Commercial Portfolio Segment [Member] | |||||||||||||||||||
Balance | 1,710 | 1,299 | 1,710 | 1,299 | 892 | ||||||||||||||
Provision (negative provision) for loan losses | 822 | 342 | 196 | ||||||||||||||||
Loans charged off | (32) | (37) | (50) | ||||||||||||||||
Recoveries | 29 | 106 | 261 | ||||||||||||||||
Balance | 2,529 | 1,710 | 2,529 | 1,710 | 1,299 | ||||||||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||||||||||
Balance | 4,080 | 4,676 | 4,080 | 4,676 | 4,032 | ||||||||||||||
Provision (negative provision) for loan losses | 2,870 | (622) | (192) | ||||||||||||||||
Loans charged off | (101) | (47) | (198) | ||||||||||||||||
Recoveries | 201 | 73 | 1,034 | ||||||||||||||||
Balance | 7,050 | 4,080 | 7,050 | 4,080 | 4,676 | ||||||||||||||
Residential Portfolio Segment [Member] | |||||||||||||||||||
Balance | 1,743 | 2,452 | 1,743 | 2,452 | 2,900 | ||||||||||||||
Provision (negative provision) for loan losses | 135 | (958) | (599) | ||||||||||||||||
Loans charged off | (130) | (275) | (252) | ||||||||||||||||
Recoveries | 151 | 524 | 403 | ||||||||||||||||
Balance | 1,899 | 1,743 | 1,899 | 1,743 | 2,452 | ||||||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||||||||
Balance | 485 | 130 | 485 | 130 | 64 | ||||||||||||||
Provision (negative provision) for loan losses | 324 | 943 | 92 | ||||||||||||||||
Loans charged off | (493) | (663) | (95) | ||||||||||||||||
Recoveries | 45 | 75 | 69 | ||||||||||||||||
Balance | 361 | 485 | 361 | 485 | 130 | ||||||||||||||
Agriculture Portfolio Segment [Member] | |||||||||||||||||||
Balance | 355 | 321 | 355 | 321 | 313 | ||||||||||||||
Provision (negative provision) for loan losses | 261 | 297 | 6 | ||||||||||||||||
Loans charged off | (46) | (266) | (13) | ||||||||||||||||
Recoveries | 30 | 3 | 15 | ||||||||||||||||
Balance | 600 | 355 | 600 | 355 | 321 | ||||||||||||||
Other Portfolio Segment [Member] | |||||||||||||||||||
Balance | $ 3 | $ 2 | 3 | 2 | 1 | ||||||||||||||
Provision (negative provision) for loan losses | (12) | (2) | (3) | ||||||||||||||||
Loans charged off | 0 | 0 | (8) | ||||||||||||||||
Recoveries | 13 | 3 | 12 | ||||||||||||||||
Balance | $ 4 | $ 3 | $ 4 | $ 3 | $ 2 | ||||||||||||||
[1] | Income tax expense for 2020 and 2019 benefitted from the establishment of a state net deferred tax assets related to the 2019 tax law enactments. Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM | ||||||||||||||||||
[2] | Interest income benefitted $179,000, or $0.02 per basic and diluted share, in the second quarter of 2020, $195,000, or $0.02 per basic and diluted share, in the third quarter of 2020, and $767,000, or $0.08 per basic and diluted share, in the fourth quarter of 2020 from fees earned on PPP loans. | ||||||||||||||||||
[3] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. |
Note 3 - Loans - Balance in All
Note 3 - Loans - Balance in Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Bases on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Individually evaluated for impairment | $ 2,177 | $ 42 | |
Collectively evaluated for impairment | 10,266 | 8,334 | |
Total ending allowance balance | 12,443 | 8,376 | |
Loans individually evaluated for impairment | 6,512 | 2,170 | |
Loans collectively evaluated for impairment | 955,569 | 924,101 | |
Total ending loans balance | 962,081 | 926,271 | |
Commercial Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 3 | |
Collectively evaluated for impairment | 2,529 | 1,707 | |
Total ending allowance balance | 2,529 | 1,710 | |
Loans individually evaluated for impairment | 0 | 74 | |
Loans collectively evaluated for impairment | 208,244 | 145,477 | |
Total ending loans balance | [1] | 208,244 | 145,551 |
Commercial Real Estate Portfolio Segment [Member] | |||
Individually evaluated for impairment | 2,176 | 37 | |
Collectively evaluated for impairment | 4,874 | 4,043 | |
Total ending allowance balance | 7,050 | 4,080 | |
Loans individually evaluated for impairment | 5,361 | 1,064 | |
Loans collectively evaluated for impairment | 424,221 | 398,424 | |
Total ending loans balance | 429,582 | 399,488 | |
Residential Portfolio Segment [Member] | |||
Individually evaluated for impairment | 1 | 2 | |
Collectively evaluated for impairment | 1,898 | 1,741 | |
Total ending allowance balance | 1,899 | 1,743 | |
Loans individually evaluated for impairment | 1,060 | 892 | |
Loans collectively evaluated for impairment | 249,075 | 296,687 | |
Total ending loans balance | 250,135 | 297,579 | |
Consumer Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 361 | 485 | |
Total ending allowance balance | 361 | 485 | |
Loans individually evaluated for impairment | 0 | 98 | |
Loans collectively evaluated for impairment | 31,429 | 47,692 | |
Total ending loans balance | 31,429 | 47,790 | |
Agriculture Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 600 | 355 | |
Total ending allowance balance | 600 | 355 | |
Loans individually evaluated for impairment | 91 | 42 | |
Loans collectively evaluated for impairment | 41,953 | 35,022 | |
Total ending loans balance | 42,044 | 35,064 | |
Other Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 4 | 3 | |
Total ending allowance balance | 4 | 3 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 647 | 799 | |
Total ending loans balance | $ 647 | $ 799 | |
[1] | Includes PPP loans of $20.3 million at December 31, 2020. |
Note 3 - Loans - Loans Individu
Note 3 - Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unpaid principal balance, with no related allowance recorded | $ 4,721 | $ 3,867 | $ 5,072 |
Recorded investment, with no related allowance recorded | 2,050 | 1,717 | 2,032 |
Average recorded investment, with no related allowance recorded | 1,885 | 2,036 | 3,573 |
Interest income recognized, with no related allowance recorded | 194 | 288 | 379 |
Cash basis interest income recognized, with no related allowance recorded | 162 | 229 | 360 |
Unpaid principal balance, with an allowance recorded | 6,571 | 489 | 879 |
Recorded investment, with an allowance recorded | 4,462 | 453 | 879 |
Allowance for loan losses allocated, with an allowance recorded | 2,177 | 42 | 203 |
Average recorded investment, with an allowance recorded | 1,206 | 710 | 1,271 |
Interest income recognized, with an allowance recorded | 276 | 17 | 3 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Unpaid principal balance, total | 11,292 | 4,356 | 5,951 |
Recorded investment, total | 6,512 | 2,170 | 2,911 |
Average recorded investment, total | 3,091 | 2,746 | 4,844 |
Interest income recognized, total | 470 | 305 | 382 |
Cash basis interest income recognized | 162 | 229 | 360 |
Commercial Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 308 | 138 | 120 |
Recorded investment, with no related allowance recorded | 0 | 50 | 53 |
Average recorded investment, with no related allowance recorded | 82 | 57 | 125 |
Interest income recognized, with no related allowance recorded | 16 | 3 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 16 | 3 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 24 | 0 |
Recorded investment, with an allowance recorded | 0 | 24 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 3 | 0 |
Average recorded investment, with an allowance recorded | 5 | 15 | 60 |
Interest income recognized, with an allowance recorded | 0 | 2 | 3 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [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 | 0 | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
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 | 555 | 380 | 1,860 |
Recorded investment, with no related allowance recorded | 456 | 293 | 89 |
Average recorded investment, with no related allowance recorded | 326 | 179 | 1,156 |
Interest income recognized, with no related allowance recorded | 45 | 23 | 360 |
Cash basis interest income recognized, with no related allowance recorded | 45 | 23 | 360 |
Unpaid principal balance, with an allowance recorded | 0 | 282 | 0 |
Recorded investment, with an allowance recorded | 0 | 282 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 37 | 0 |
Average recorded investment, with an allowance recorded | 198 | 236 | 0 |
Interest income recognized, with an allowance recorded | 4 | 9 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,323 | 1,057 | 402 |
Recorded investment, with no related allowance recorded | 549 | 489 | 262 |
Average recorded investment, with no related allowance recorded | 501 | 295 | 327 |
Interest income recognized, with no related allowance recorded | 44 | 34 | 19 |
Cash basis interest income recognized, with no related allowance recorded | 15 | 3 | 0 |
Unpaid principal balance, with an allowance recorded | 6,465 | 0 | 159 |
Recorded investment, with an allowance recorded | 4,356 | 0 | 159 |
Allowance for loan losses allocated, with an allowance recorded | 2,176 | 0 | 35 |
Average recorded investment, with an allowance recorded | 901 | 0 | 100 |
Interest income recognized, with an allowance recorded | 263 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily Loans [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 | 0 | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
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 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,883 | 1,679 | 2,678 |
Recorded investment, with no related allowance recorded | 954 | 745 | 1,628 |
Average recorded investment, with no related allowance recorded | 894 | 1,402 | 1,964 |
Interest income recognized, with no related allowance recorded | 86 | 219 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 83 | 191 | 0 |
Unpaid principal balance, with an allowance recorded | 106 | 183 | 720 |
Recorded investment, with an allowance recorded | 106 | 147 | 720 |
Allowance for loan losses allocated, with an allowance recorded | 1 | 2 | 168 |
Average recorded investment, with an allowance recorded | 102 | 459 | 1,111 |
Interest income recognized, with an allowance recorded | 9 | 6 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 259 | 309 | 12 |
Recorded investment, with no related allowance recorded | 0 | 98 | 0 |
Average recorded investment, with no related allowance recorded | 55 | 56 | 1 |
Interest income recognized, with no related allowance recorded | 3 | 6 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 3 | 6 | 0 |
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 |
Agriculture Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 393 | 304 | 0 |
Recorded investment, with no related allowance recorded | 91 | 42 | 0 |
Average recorded investment, with no related allowance recorded | 27 | 47 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 3 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 3 | 0 |
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 |
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 | 0 | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
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, 2020 | Dec. 31, 2019 |
Troubled debt restructuring | $ 480 | $ 475 |
Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 480 | 475 |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 374 | 400 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Troubled debt restructuring | 374 | 400 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 106 | 75 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 106 | 75 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | $ 0 | $ 0 |
Note 3 - Loans - Troubled Debt
Note 3 - Loans - Troubled Debt Restructuring Postmodification (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Troubled debt restructuring, Postmodification | $ 33 |
Performing Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 33 |
Nonperforming Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |
Troubled debt restructuring, Postmodification | 33 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Performing Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 33 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Nonperforming Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | $ 0 |
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, 2020 | Dec. 31, 2019 |
Nonaccrual | $ 1,676 | $ 1,528 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual | 0 | 50 |
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 | 456 | 431 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Nonaccrual | 175 | 90 |
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 | 954 | 817 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual | 0 | 98 |
Loans Past Due 90 Days and Over Still Accruing | 0 | 0 |
Agriculture Portfolio Segment [Member] | ||
Nonaccrual | 91 | 42 |
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, 2020 | Dec. 31, 2019 |
Nonaccrual | $ 1,676 | $ 1,528 |
Total past due and nonaccrual | 3,585 | 3,945 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 1,537 | 1,747 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 372 | 670 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual | 0 | 50 |
Total past due and nonaccrual | 20 | 67 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 20 | 14 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 3 |
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 | 456 | 431 |
Total past due and nonaccrual | 834 | 705 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Nonaccrual | 175 | 90 |
Total past due and nonaccrual | 201 | 296 |
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 | 325 | 274 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Past due | 0 | 206 |
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 | 53 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | ||
Past due | 26 | 0 |
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 | 954 | 817 |
Total past due and nonaccrual | 2,281 | 2,482 |
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 | 1,110 | 1,162 |
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 | 217 | 503 |
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 | 0 | 98 |
Total past due and nonaccrual | 108 | 353 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 59 | 91 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 49 | 164 |
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 | 91 | 42 |
Total past due and nonaccrual | 141 | 42 |
Agriculture Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 23 | 0 |
Agriculture Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 27 | 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, 2020 | Dec. 31, 2019 | |
Gross loans | $ 962,081 | $ 926,271 | |
Pass [Member] | |||
Gross loans | 926,025 | 888,707 | |
Watch [Member] | |||
Gross loans | 18,879 | 27,522 | |
Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Substandard [Member] | |||
Gross loans | 17,177 | 10,042 | |
Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 208,244 | 145,551 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 201,240 | 130,312 | |
Commercial Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 192 | 11,280 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 6,812 | 3,959 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 429,582 | 399,488 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 92,916 | 64,911 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 70,272 | 79,118 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 266,394 | 255,459 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | |||
Gross loans | 92,916 | 64,911 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Farmland Loans [Member] | |||
Gross loans | 65,556 | 71,503 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 258,665 | 245,995 | |
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 | 3,714 | 6,663 | |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 1,605 | 6,986 | |
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 | 1,002 | 952 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 6,124 | 2,478 | |
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 | 250,135 | 297,579 | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 61,180 | 70,950 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 188,955 | 226,629 | |
Residential Portfolio Segment [Member] | Pass [Member] | Multifamily Loans [Member] | |||
Gross loans | 50,732 | 70,950 | |
Residential Portfolio Segment [Member] | Pass [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 183,379 | 221,727 | |
Residential Portfolio Segment [Member] | Watch [Member] | Multifamily Loans [Member] | |||
Gross loans | 10,448 | 0 | |
Residential Portfolio Segment [Member] | Watch [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 2,831 | 2,420 | |
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 | 0 | |
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 | 2,745 | 2,482 | |
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 | 31,429 | 47,790 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 31,387 | 47,657 | |
Consumer Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 3 | 5 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 39 | 128 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 42,044 | 35,064 | |
Agriculture Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 41,503 | 34,853 | |
Agriculture Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 86 | 168 | |
Agriculture Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 455 | 43 | |
Agriculture Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Other Portfolio Segment [Member] | |||
Gross loans | 647 | 799 | |
Other Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 647 | 799 | |
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 | |
[1] | Includes PPP loans of $20.3 million at December 31, 2020. |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 1,100,000 | $ 801,000 | $ 833,000 |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 33,014 | $ 33,182 |
Accumulated depreciation | (14,481) | (13,524) |
Property, Plant and Equipment, Net, Ending Balance | 18,533 | 19,658 |
Land and Building [Member] | ||
Property, plant and equipment, gross | 21,214 | 21,228 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 9,323 | 8,884 |
Leased Right-of-use Asset [Member] | ||
Property, plant and equipment, gross | $ 2,477 | $ 3,070 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.47% | ||
Operating Lease, Expense | $ 551,000 | $ 294,000 | |
Forecast [Member] | |||
Operating Lease, Liability, Total | $ 3,300,000 | ||
Premises and Equipment [Member] | |||
Operating Lease, Right-of-Use Asset | $ 2,500,000 | $ 3,100,000 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 21 years |
Note 5 - Leases - Future Minimu
Note 5 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 279 |
2022 | 183 |
2023 | 186 |
2024 | 185 |
2025 | 162 |
Thereafter | 3,503 |
Total minimum lease payments | 4,498 |
Discount effect of cash flows | (2,021) |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 2,477 |
Note 6 - Other Real Estate Ow_3
Note 6 - Other Real Estate Owned (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
One- to Four-family Residential Properties [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 35,000 | $ 172,000 |
Note 6 - Other Real Estate Ow_4
Note 6 - Other Real Estate Owned - Major Categories of OREO (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other real estate owned, gross | $ 1,765 | $ 3,225 |
Commercial Real Estate Portfolio Segment [Member] | Construction, Land Development, and Other Land Loans [Member] | ||
Other real estate owned, gross | $ 1,765 | $ 3,225 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OREO | $ 3,225 | $ 3,485 | $ 4,409 |
Real estate acquired | 0 | 0 | 730 |
Valuation adjustment write-downs | 0 | (260) | (850) |
Net gain on sale | 0 | 0 | 72 |
Proceeds from sale of properties | (1,600) | 0 | (876) |
Improvements | 140 | 0 | 0 |
OREO | $ 1,765 | $ 3,225 | $ 3,485 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net gain on sales of other real estate owned | $ 0 | $ 0 | $ (72) |
Valuation adjustment write-downs | 0 | 260 | 850 |
Operating expense | 63 | 108 | 90 |
Total | $ 63 | $ 368 | $ 868 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 6,252,000 | $ 6,252,000 |
Goodwill, Impairment Loss | 0 | |
Amortization of Intangible Assets, Total | $ 256,000 | $ 0 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Gross | $ 6,252 | $ 6,252 |
Accumulated Amortization | 256 | 0 |
Total, Gross | 8,752 | 8,752 |
Core Deposits [Member] | ||
Core deposit intangibles, Gross | 2,500 | 2,500 |
Accumulated Amortization | $ 256 | $ 0 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Expected Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 256 |
2022 | 256 |
2023 | 256 |
2024 | 256 |
2025 | 256 |
Thereafter | 964 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,244 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 50.7 | $ 51.2 |
Note 8 - Deposits - Deposit Bal
Note 8 - Deposits - Deposit Balances by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-interest bearing | $ 243,022 | $ 187,551 |
Interest checking | 190,625 | 146,038 |
Money market | 175,785 | 160,837 |
Savings | 142,623 | 56,015 |
Certificates of deposit | 367,552 | 476,534 |
Total | $ 1,119,607 | $ 1,026,975 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 272,031 |
2022 | 39,876 |
2023 | 17,419 |
2024 | 11,092 |
2025 | 26,657 |
Thereafter | 477 |
Time Deposits, Total | $ 367,552 |
Note 9 - Advances from Federa_3
Note 9 - Advances from Federal Home Loan Bank (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 0.75% | 1.70% |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 0 | $ 0 |
Long-term Federal Home Loan Bank Advances, Total | 20,000 | 1,389 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 93,900 | |
Correspondent Financial Institutions Advances General Debt Obligations Disclosures Amount Of Available Unused Funds | 5,000 | |
First Mortgage Loans [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 133,700 | $ 166,000 |
SBA CARES Act Paycheck Protection Program [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 20,300 |
Note 9 - Advances from Federa_4
Note 9 - Advances from Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short term advance (fixed rate 0.00%) maturing April 2021 | $ 623 | $ 60,000 |
Long term advance (fixed rate 0.77%) maturing February 2030 | 20,000 | 1,389 |
Total advances from the Federal Home Loan Bank | $ 20,623 | $ 61,389 |
Note 9 - Advances from Federa_5
Note 9 - Advances from Federal Home Loan Bank - Principal Payments on Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 623 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 20,000 | |
Advances from Federal Home Loan Banks, Total | $ 20,623 | $ 61,389 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Thousands | Jul. 21, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2029 | Jul. 23, 2019 |
Number of Consecutive Quarterly Periods to Defer Interest Payments Without Default or Penalty | 20 | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 8,000 | $ 17,000 | $ 0 | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Effective Interest Rate of Index Subordinated Borrowing Is Tied To | 0.24% | ||||||
Subordinated Capital Note [Member] | |||||||
Debt Instrument, Fixed Rate for First Five Years | 5.75% | ||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 8,000 | $ 8,000 | |||||
Subordinated Capital Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.95% |
Note 10 - Borrowings - Junior S
Note 10 - Borrowings - Junior Subordinated Debentures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
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, 2004 | ||
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, 2020, the 3-month LIBOR was 0.24%. |
Note 11 - Other Benefit Plans (
Note 11 - Other Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Cost | $ 399,000 | $ 362,000 | $ 347,000 |
Matched Contribution Equal to 100 of First 1% [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Matched Contribution Equal to 50 of Next 5% [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 10, 2015 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 478,000 | $ 1,600,000 | ||||
Earnings Per Share, Basic and Diluted, Establishment of Net Deferred Tax Asset (in dollars per share) | $ 0.08 | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.21 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.00% | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 0 | $ 0 | $ 173,000 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 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 (in shares) | 1 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Total | 35,000,000 | $ 35,000,000 | ||||
State and Local Jurisdiction [Member] | Kentucky Department of Revenue [Member] | ||||||
State Franchise Tax, Percent | 1.10% | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards, Total | 98,200,000 | $ 98,200,000 | ||||
Domestic Tax Authority [Member] | Other Assets [Member] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 173,000 | $ 173,000 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | $ (173) | $ (173) | $ (346) |
Deferred | 1,372 | 505 | 121 |
Net operating loss | 903 | 1,725 | 2,255 |
Establish state deferred tax asset | (478) | (1,577) | 0 |
Income Tax Expense (Benefit), Total | $ 1,624 | $ 480 | $ 2,030 |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Federal statutory rate times financial statement income | $ 2,232 | $ 2,310 | $ 2,273 |
Tax-exempt income | (73) | (66) | (80) |
Establish state deferred tax asset | (478) | (1,577) | 0 |
Non-taxable life insurance income | (89) | (86) | (92) |
Restricted stock vesting | 7 | (137) | (115) |
Other, net | 25 | 36 | 44 |
Income Tax Expense (Benefit), Total | $ 1,624 | $ 480 | $ 2,030 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carry-forward | $ 22,012 | $ 22,915 |
Allowance for loan losses | 3,104 | 2,090 |
OREO write-down | 914 | 2,665 |
Alternative minimum tax credit carry-forward | 0 | 173 |
Net assets from acquisitions | 72 | 228 |
New market tax credit carry-forward | 208 | 208 |
Nonaccrual loan interest | 315 | 303 |
Accrued expenses | 131 | 102 |
Lease liability | 618 | 766 |
Other | 332 | 309 |
Deferred Tax Assets, Gross, Total | 27,706 | 29,759 |
Deferred tax liabilities: | ||
FHLB stock dividends | 478 | 563 |
Fixed assets | 71 | 57 |
Deferred loan costs | 172 | 170 |
Net unrealized gain on securities | 585 | 331 |
Lease right-of-use assets | 618 | 766 |
Other | 68 | 107 |
Deferred Tax Liabilities, Gross, Total | 1,992 | 1,994 |
Net deferred tax assets | $ 25,714 | $ 27,765 |
Note 13 - Related Party Trans_3
Note 13 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Deposit Liabilities | $ 1,300,000 | $ 505,000 |
Real Estate Management Fees [Member] | Hogan Development [Member] | ||
Related Party Transaction, Amounts of Transaction | 26,000 | $ 20,000 |
Real Estate Sales Commissions [Member] | Hogan Development [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 0 |
Note 13 - Related Party Trans_4
Note 13 - Related Party Transactions - Loans to Related Parties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Beginning balance | $ 13,045 |
New loans and advances | 4,750 |
Repayments | (3,500) |
Ending balance | $ 14,295 |
Note 14 - Regulatory Capital _3
Note 14 - Regulatory Capital Matters (Details Textual) $ in Thousands | Jul. 21, 2020USD ($) | Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 2.5 | ||||
Banking Regulation, Capital Conservation Buffer, Common Equity Tier One Risk-Based Capital, Actual | 7 | ||||
Banking Regulation, Capital Conservation Buffer, Tier One Risk-Based Capital, Actual | 8.5 | ||||
Banking Regulation, Capital Conservation Buffer, Tier One Risk-Based Capital, Actual | 10.5 | ||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 8,000 | $ 17,000 | $ 0 | ||
Subordinated Capital Note [Member] | |||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 8,000 | $ 8,000 |
Note 14 - Regulatory Capital _4
Note 14 - Regulatory Capital Matters - Ratios and Amounts of Common Equity, Capital, and Total Capital to Risk-adjusted Assets (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Total risk-based capital to risk-weighted assets, actual amount | $ 142,449 | $ 121,335 |
Total risk-based capital to risk-weighted assets, actual ratio | 0.1320 | 0.1208 |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 86,302 | $ 80,341 |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital to risk-weighted assets, for minimum requirements to be well capitalized, amount | $ 107,878 | $ 100,426 |
Total risk-based capital to risk-weighted assets, for minimum requirements to be well capitalized, ratio | 0.1000 | 0.1000 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), actual amount | $ 130,006 | $ 112,959 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), actual ratio | 0.1205 | 0.1125 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), for capital adequacy purposes, amount | $ 48,545 | $ 45,192 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), for capital adequacy purposes, ratio | 0.0450 | 0.0450 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), for minimum requirements to be well capitalized, amount | $ 70,120 | $ 65,277 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), for minimum requirements to be well capitalized, ratio | 0.0650 | 0.0650 |
Tier I capital to risk-weighted assets, actual amount | $ 130,006 | $ 112,959 |
Tier I capital to risk-weighted assets, actual ratio | 0.1205 | 0.1125 |
Tier I capital to risk-weighted assets, for capital adequacy purposes, amount | $ 64,727 | $ 60,256 |
Tier I capital to risk-weighted assets, for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier I capital to risk-weighted assets, for minimum requirements to be well capitalized, amount | $ 86,302 | $ 80,341 |
Tier I capital to risk-weighted assets, for minimum requirements to be well capitalized, ratio | 0.0800 | 0.0800 |
Tier 1 capital (to average assets), actual amount | $ 130,006 | $ 112,959 |
Tier 1 capital (to average assets), actual ratio | 0.1021 | 0.0999 |
Tier 1 capital (to average assets), for capital adequacy purposes, amount | $ 50,908 | $ 45,208 |
Tier 1 capital (to average assets), for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 capital (to average assets), for minimum requirements to be well capitalized, amount | $ 63,636 | $ 56,510 |
Tier 1 capital (to average assets), for minimum requirements to be well capitalized, ratio | 0.0500 | 0.0500 |
Note 15 - Off Balance Sheet R_3
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments Period (Year) | 1 year | |
Risk Participation Agreement [Member] | ||
Derivative, Notional Amount | $ 26,600,000 | $ 26,600,000 |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 188,000 | $ 87,000 |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit, Total | $ 0 |
Note 15 - Off Balance Sheet R_4
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities - Contractual Amounts of Financial Instruments With Off Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 20,990 | $ 11,577 |
Fixed Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 5,964 | 7,916 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 175 | 531 |
Variable Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 17,466 | 20,415 |
Variable Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 144,790 | 111,230 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 1,342 | $ 3,164 |
Note 16 - Fair Values (Details
Note 16 - Fair Values (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 4,462,000 | $ 453,000 | $ 879,000 |
Impaired Financing Receivable, Related Allowance | 2,177,000 | 42,000 | $ 203,000 |
Impaired Loans [Member] | |||
Impaired Financing Receivable, Related Allowance | 2,200,000 | 42,000 | |
Impaired Financing Receivable Provision for Loan Losses | 2,100,000 | 0 | |
Impaired Loans [Member] | Measured for Impairment Using Fair Value of Collateral [Member] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 4,500,000 | $ 453,000 | |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Impaired Loans, Measurement Input | 0.10 | ||
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 | 0.10 | ||
Routine Real Estate Collateral [Member] | Measurement Input, Discount Rate [Member] | |||
Impaired Loans, Measurement Input | 0.10 | ||
Thin Trading Market or Specialized Collateral [Member] | Measurement Input, Discount Rate [Member] | |||
Impaired Loans, Measurement Input | 0.25 |
Note 16 - Fair Values - Financi
Note 16 - Fair Values - Financial Assets Measured at the Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale | $ 203,862 | $ 209,000 | |
Recorded investment, total | 6,512 | 2,170 | $ 2,911 |
Fair Value, Recurring [Member] | |||
Securities available for sale | 203,862 | 209,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 189,558 | 209,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 14,304 | 0 | |
US Treasury and Government [Member] | |||
Securities available for sale | 19,617 | 22,330 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 19,617 | 22,330 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 19,617 | 22,330 | |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Portfolio Segment [Member] | |||
Recorded investment, total | 21 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | 2,180 | ||
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] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | 105 | 145 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member] | |||
Recorded investment, total | 0 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | 0 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Recorded investment, total | 0 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | 0 | 0 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member] | |||
Recorded investment, total | 0 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | 0 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Recorded investment, total | 0 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | 0 | 0 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | |||
Recorded investment, total | 21 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Recorded investment, total | 2,180 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Recorded investment, total | 245 | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Recorded investment, total | 105 | 145 | |
Residential Mortgage Backed Securities [Member] | |||
Securities available for sale | 74,333 | 92,200 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 74,333 | 92,200 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 74,333 | 92,200 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Collateralized Debt Obligations [Member] | |||
Securities available for sale | 43,152 | 49,419 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 43,152 | 49,419 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 40,764 | 49,419 | |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 2,388 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Securities available for sale | 36,055 | 28,366 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 36,055 | 28,366 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 36,055 | 28,366 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Securities available for sale | 30,705 | 16,685 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 30,705 | 16,685 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 18,789 | 16,685 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | $ 11,916 | $ 0 |
Note 16 - Fair Values - Reconci
Note 16 - Fair Values - Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Collateralized Debt Obligations [Member] | |
Balance of recurring Level 3 assets at January 1, 2020 | $ 0 |
Included in other comprehensive income | 0 |
Transfers into Level 3 | 2,388 |
Balance of recurring Level 3 assets at December 31, 2020 | 2,388 |
Corporate Debt Securities [Member] | |
Balance of recurring Level 3 assets at January 1, 2020 | 0 |
Included in other comprehensive income | 0 |
Transfers into Level 3 | 11,916 |
Balance of recurring Level 3 assets at December 31, 2020 | $ 11,916 |
Note 16 - Fair Values - Recurri
Note 16 - Fair Values - Recurring Level 3 Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | 3.81 | |
Debt securities, measurement input | (3.81) | |
Collateralized Debt Obligations [Member] | ||
Fair value | $ 2,388 | $ 0 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair value | $ 2,388 | |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Recurring [Member] | ||
Debt securities, measurement input | 0 | |
Debt securities, measurement input | 0 | |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Additional Asset Defaults [Member] | Fair Value, Recurring [Member] | ||
Debt securities, measurement input | 0.02 | |
Debt securities, measurement input | (0.02) | |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Additional Asset Defaults [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | 0.02 | |
Debt securities, measurement input | (0.02) | |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Expected Asset Recoveries [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | 0.49 | |
Debt securities, measurement input | (0.49) | |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Expected Asset Recoveries [Member] | Fair Value, Recurring [Member] | ||
Debt securities, measurement input | 0.49 | |
Debt securities, measurement input | (0.49) | |
Corporate Debt Securities [Member] | ||
Fair value | $ 11,916 | $ 0 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair value | $ 11,916 | |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | Fair Value, Recurring [Member] | ||
Debt securities, measurement input | 0 | |
Debt securities, measurement input | 0 | |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Fair Value, Recurring [Member] | Minimum [Member] | ||
Debt securities, measurement input | 3.22 | |
Debt securities, measurement input | (3.22) | |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Fair Value, Recurring [Member] | Maximum [Member] | ||
Debt securities, measurement input | 4.97 | |
Debt securities, measurement input | (4.97) | |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Indicative Broker Bid [Member] | Fair Value, Recurring [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | 0.80 | |
Debt securities, measurement input | (0.80) | |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Indicative Broker Bid [Member] | Fair Value, Recurring [Member] | Minimum [Member] | ||
Debt securities, measurement input | 0.72 | |
Debt securities, measurement input | (0.72) | |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Indicative Broker Bid [Member] | Fair Value, Recurring [Member] | Maximum [Member] | ||
Debt securities, measurement input | 1.07 | |
Debt securities, measurement input | (1.07) |
Note 16 - Fair Values - Qualita
Note 16 - 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] - Commercial Real Estate Portfolio Segment [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Valuation, Cost Approach [Member] | |
Impaired loans, fair value | $ 2,180 |
Valuation, Cost Approach [Member] | Minimum [Member] | |
Impaired loans, measurement input | 0 |
Valuation, Cost Approach [Member] | Maximum [Member] | |
Impaired loans, measurement input | 0.65 |
Valuation, Cost Approach [Member] | Weighted Average [Member] | |
Impaired loans, measurement input | (0.33) |
Valuation, Income Approach [Member] | |
Impaired loans, measurement input | 0.12 |
Valuation, Income Approach [Member] | Weighted Average [Member] | |
Impaired loans, measurement input | (0.12) |
Note 16 - Fair Values - Carryin
Note 16 - Fair Values - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 203,862 | $ 209,000 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 67,693 | 30,203 |
Securities available for sale | 203,862 | 209,000 |
Federal Home Loan Bank stock | 5,887 | 6,237 |
Loans, net | 949,638 | 917,895 |
Accrued interest receivable | 4,444 | 4,257 |
Deposits | 1,119,607 | 1,026,975 |
Federal Home Loan Bank advances | 20,623 | 61,389 |
Junior subordinated debentures | 21,000 | 21,000 |
Subordinated capital notes | 25,000 | 17,000 |
Accrued interest payable | 859 | 1,129 |
Senior debt | 5,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 67,693 | 30,203 |
Securities available for sale | 203,862 | 209,000 |
Loans, net | 941,330 | 925,388 |
Accrued interest receivable | 4,444 | 4,257 |
Deposits | 1,121,331 | 1,027,433 |
Federal Home Loan Bank advances | 20,665 | 61,395 |
Junior subordinated debentures | 16,194 | 17,466 |
Subordinated capital notes | 25,207 | 17,003 |
Accrued interest payable | 859 | 1,129 |
Senior debt | 5,022 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 67,693 | 30,203 |
Securities available for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 243,022 | 187,551 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Senior debt | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 189,558 | 209,000 |
Loans, net | 0 | 0 |
Accrued interest receivable | 925 | 1,118 |
Deposits | 878,309 | 839,882 |
Federal Home Loan Bank advances | 20,665 | 61,395 |
Junior subordinated debentures | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Accrued interest payable | 231 | 647 |
Senior debt | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 14,304 | 0 |
Loans, net | 941,330 | 925,388 |
Accrued interest receivable | 3,519 | 3,139 |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 16,194 | 17,466 |
Subordinated capital notes | 25,207 | 17,003 |
Accrued interest payable | $ 628 | 482 |
Senior debt | $ 5,022 |
Note 17 - Stock Plans and Sto_3
Note 17 - Stock Plans and Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Nonvested Intrinsic Value1 | $ 534,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 15.33 | ||
Share-based Payment Arrangement, Noncash Expense, Total | $ 580,000 | $ 535,000 | $ 524,000 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 122,000 | $ 112,000 | $ 110,000 |
2018 Omnibus Equity Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 262,374 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 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 (in dollars per share) | $ 15.33 | $ 14.81 | |
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 17 - Stock Plans and Sto_4
Note 17 - Stock Plans and Stock Based Compensation - Unvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Granted, weighted average grant price (in dollars per share) | $ 15.33 | |
2018 Omnibus Equity Compensation Plan [Member] | ||
Outstanding, beginning (in shares) | 57,774 | 116,909 |
Outstanding, weighted average grant price (in dollars per share) | $ 13.35 | $ 8.69 |
Granted (in shares) | 34,858 | 34,501 |
Granted, weighted average grant price (in dollars per share) | $ 15.33 | $ 14.81 |
Vested (in shares) | (43,836) | (89,388) |
Vested, weighted average grant price (in dollars per share) | $ 12.69 | $ 7.83 |
Forfeited (in shares) | (1,358) | (4,248) |
Forfeited, weighted average grant price (in dollars per share) | $ 15.95 | $ 13.07 |
Outstanding, ending (in shares) | 47,438 | 57,774 |
Outstanding, weighted average grant price (in dollars per share) | $ 15.34 | $ 13.35 |
Note 17 - Stock Plans and Sto_5
Note 17 - Stock Plans and Stock Based Compensation - Unrecognized Stock Based Compensation Expense Related to Unvested Shares (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 305 |
2022 | 134 |
2023 | 16 |
2024 & thereafter | $ 0 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details Textual) - shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | 0 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | [1],[2] | Sep. 30, 2020 | [1],[2] | Jun. 30, 2020 | [1],[2] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | [1],[3] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 3,117 | $ 2,066 | $ 1,982 | $ 1,840 | $ 1,764 | $ 2,282 | $ 3,633 | $ 2,839 | $ 9,005 | $ 10,518 | $ 8,794 | ||||||||
Earnings allocated to unvested shares | 68 | 106 | 144 | ||||||||||||||||
Net income attributable to common shareholders, basic and diluted | $ 8,937 | $ 10,412 | $ 8,650 | ||||||||||||||||
Weighted average common shares including unvested common shares and participating preferred shares outstanding (in shares) | 7,492,190 | 7,468,215 | 7,159,723 | ||||||||||||||||
Weighted average shares outstanding (in shares) | 7,435,381 | 7,393,131 | 7,042,693 | ||||||||||||||||
Basic income per common share (in dollars per share) | $ 0.42 | [4] | $ 0.28 | [4] | $ 0.26 | [4] | $ 0.25 | [4] | $ 0.24 | [4] | $ 0.31 | [4] | $ 0.49 | [4] | $ 0.38 | [4] | $ 1.20 | $ 1.41 | $ 1.23 |
Add: Dilutive effects of assumed exercises of common stock warrants (in shares) | 0 | 0 | 0 | ||||||||||||||||
Weighted average common shares and potential common shares (in shares) | 7,435,381 | 7,393,131 | 7,042,693 | ||||||||||||||||
Diluted income per common share (in dollars per share) | $ 0.42 | [4] | $ 0.28 | [4] | $ 0.26 | [4] | $ 0.25 | [4] | $ 0.24 | [4] | $ 0.31 | [4] | $ 0.49 | [4] | $ 0.38 | [4] | $ 1.20 | $ 1.41 | $ 1.23 |
Unvested Shares [Member] | |||||||||||||||||||
Weighted average shares outstanding (in shares) | 56,809 | 75,084 | 117,030 | ||||||||||||||||
[1] | Income tax expense for 2020 and 2019 benefitted from the establishment of a state net deferred tax assets related to the 2019 tax law enactments. Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM | ||||||||||||||||||
[2] | Interest income benefitted $179,000, or $0.02 per basic and diluted share, in the second quarter of 2020, $195,000, or $0.02 per basic and diluted share, in the third quarter of 2020, and $767,000, or $0.08 per basic and diluted share, in the fourth quarter of 2020 from fees earned on PPP loans. | ||||||||||||||||||
[3] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. | ||||||||||||||||||
[4] | The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding. |
Note 19 - Revenue From Contra_2
Note 19 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 558,000 | $ 501,000 | $ 660,000 |
Note 20 - Parent Company Only_3
Note 20 - Parent Company Only Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Deferred taxes, net | $ 25,714 | $ 27,765 | ||
Total assets | 1,312,302 | 1,245,779 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accrued expenses and other liabilities | 10,048 | 8,665 | ||
Shareholders’ equity | 116,024 | 105,750 | $ 92,097 | $ 72,673 |
Total liabilities and stockholders’ equity | 1,312,302 | 1,245,779 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 5,037 | 4,769 | $ 5,369 | $ 2,045 |
Deferred taxes, net | 5,953 | 5,138 | ||
Other assets | 1,180 | 1,083 | ||
Total assets | 163,506 | 150,087 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Debt | 46,775 | 43,775 | ||
Accrued expenses and other liabilities | 707 | 562 | ||
Shareholders’ equity | 116,024 | 105,750 | ||
Total liabilities and stockholders’ equity | 163,506 | 150,087 | ||
Parent Company [Member] | Banking Subsidiary [Member] | ||||
Assets | ||||
Investment in subsidiary | 150,560 | 138,321 | ||
Parent Company [Member] | All Other Subsidiaries [Member] | ||||
Assets | ||||
Investment in subsidiary | $ 776 | $ 776 |
Note 20 - Parent Company Only_4
Note 20 - Parent Company Only Condensed Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | [1],[2] | Sep. 30, 2020 | [1],[2] | Jun. 30, 2020 | [1],[2] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | [1],[3] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 12,606 | $ 12,094 | $ 12,786 | $ 13,267 | $ 12,537 | $ 12,485 | $ 12,376 | $ 12,186 | $ 50,753 | $ 49,584 | $ 43,461 | ||||||||
Other income | 781 | 694 | 1,162 | ||||||||||||||||
Interest expense | (10,152) | (14,234) | (9,790) | ||||||||||||||||
Other expense | (1,828) | (1,842) | (1,777) | ||||||||||||||||
Income before income taxes | 3,797 | 2,256 | 2,375 | 2,201 | 2,201 | 2,813 | 3,022 | 2,962 | 10,629 | 10,998 | 10,824 | ||||||||
Income tax expense (benefit) | 1,624 | 480 | 2,030 | ||||||||||||||||
Net income | $ 3,117 | $ 2,066 | $ 1,982 | $ 1,840 | $ 1,764 | $ 2,282 | $ 3,633 | $ 2,839 | 9,005 | 10,518 | 8,794 | ||||||||
Parent Company [Member] | |||||||||||||||||||
Interest income | 37 | 83 | 45 | ||||||||||||||||
Dividends from subsidiaries | 23 | 36 | 35 | ||||||||||||||||
Other income | 20 | 19 | 38 | ||||||||||||||||
Interest expense | (2,008) | (1,803) | (1,370) | ||||||||||||||||
Other expense | (1,357) | (1,179) | (1,290) | ||||||||||||||||
Income before income taxes | (3,285) | (2,844) | (2,542) | ||||||||||||||||
Income tax expense (benefit) | (815) | (1,997) | (645) | ||||||||||||||||
Equity in undistributed subsidiary income | 11,475 | 11,365 | 10,691 | ||||||||||||||||
Net income | $ 9,005 | $ 10,518 | $ 8,794 | ||||||||||||||||
[1] | Income tax expense for 2020 and 2019 benefitted from the establishment of a state net deferred tax assets related to the 2019 tax law enactments. Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM | ||||||||||||||||||
[2] | Interest income benefitted $179,000, or $0.02 per basic and diluted share, in the second quarter of 2020, $195,000, or $0.02 per basic and diluted share, in the third quarter of 2020, and $767,000, or $0.08 per basic and diluted share, in the fourth quarter of 2020 from fees earned on PPP loans. | ||||||||||||||||||
[3] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. |
Note 20 - Parent Company Only_5
Note 20 - Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1],[2] | Jun. 30, 2020 | [1],[2] | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Net income | $ 3,117,000 | [1],[2] | $ 2,066,000 | $ 1,982,000 | $ 1,840,000 | [1] | $ 1,764,000 | [1],[3] | $ 2,282,000 | $ 3,633,000 | $ 2,839,000 | [1] | $ 9,005,000 | $ 10,518,000 | $ 8,794,000 | ||||
Deferred taxes, net | 1,798,000 | 653,000 | 2,376,000 | ||||||||||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 580,000 | 535,000 | 524,000 | ||||||||||||||||
Net cash from operating activities | 21,045,000 | 13,218,000 | 12,630,000 | ||||||||||||||||
Redemption of preferred stock | 0 | 0 | (3,505,000) | ||||||||||||||||
Proceeds from Issuance of Subordinated Long-term Debt | 8,000,000 | 17,000,000 | 0 | ||||||||||||||||
Repayment of senior debt | (5,000,000) | (5,000,000) | 0 | ||||||||||||||||
Common shares withheld for taxes | (75,000) | (314,000) | 0 | ||||||||||||||||
Net cash from financing activities | 54,791,000 | 27,501,000 | 91,114,000 | ||||||||||||||||
Parent Company [Member] | |||||||||||||||||||
Net income | 9,005,000 | 10,518,000 | 8,794,000 | ||||||||||||||||
Equity in undistributed subsidiary income | (11,475,000) | (11,365,000) | (10,691,000) | ||||||||||||||||
Deferred taxes, net | (815,000) | (1,996,000) | (645,000) | ||||||||||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 580,000 | 535,000 | 524,000 | ||||||||||||||||
Net change in other assets | (97,000) | (401,000) | 30,000 | ||||||||||||||||
Net change in other liabilities | 145,000 | 423,000 | (1,093,000) | ||||||||||||||||
Net cash from operating activities | (2,657,000) | (2,286,000) | (3,081,000) | ||||||||||||||||
Investments in subsidiaries | 0 | (10,000,000) | (5,000,000) | ||||||||||||||||
Net cash used in investing activities | 0 | (10,000,000) | (5,000,000) | ||||||||||||||||
Proceeds from issuance of common stock | 0 | 0 | 14,910,000 | ||||||||||||||||
Redemption of preferred stock | 0 | 0 | (3,505,000) | ||||||||||||||||
Proceeds from Issuance of Subordinated Long-term Debt | 8,000,000 | 17,000,000 | 0 | ||||||||||||||||
Repayment of senior debt | (5,000,000) | (5,000,000) | 0 | ||||||||||||||||
Common shares withheld for taxes | (75,000) | (314,000) | 0 | ||||||||||||||||
Net cash from financing activities | 2,925,000 | 11,686,000 | 11,405,000 | ||||||||||||||||
Net change in cash and cash equivalents | 268,000 | (600,000) | 3,324,000 | ||||||||||||||||
Beginning cash and cash equivalents | $ 4,769,000 | $ 5,369,000 | 4,769,000 | 5,369,000 | 2,045,000 | ||||||||||||||
Ending cash and cash equivalents | $ 5,037,000 | $ 4,769,000 | $ 5,037,000 | $ 4,769,000 | $ 5,369,000 | ||||||||||||||
[1] | Income tax expense for 2020 and 2019 benefitted from the establishment of a state net deferred tax assets related to the 2019 tax law enactments. Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM | ||||||||||||||||||
[2] | Interest income benefitted $179,000, or $0.02 per basic and diluted share, in the second quarter of 2020, $195,000, or $0.02 per basic and diluted share, in the third quarter of 2020, and $767,000, or $0.08 per basic and diluted share, in the fourth quarter of 2020 from fees earned on PPP loans. | ||||||||||||||||||
[3] | On November 15, 2019, the Company completed a four branch acquisition. Acquisition related costs totaled $775,000, or $0.08 per common share after taxes. |
Note 21 - Quarterly Financial_3
Note 21 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) | Nov. 15, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets, State Taxes | $ 767,000 | $ 195,000 | $ 179,000 | $ 767,000 | ||
Earnings Per Share, Basic and Diluted, Establishment of Net Deferred Tax Asset (in dollars per share) | $ 0.08 | $ 0.02 | $ 0.02 | $ 0.06 | $ 0.21 | |
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 (in dollars per share) | $ 0.08 |
Note 21 - Quarterly Financial_4
Note 21 - Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Interest income | $ 12,606 | [1],[2] | $ 12,094 | [1],[2] | $ 12,786 | [1],[2] | $ 13,267 | [1] | $ 12,537 | [1],[3] | $ 12,485 | [1] | $ 12,376 | [1] | $ 12,186 | [1] | $ 50,753 | $ 49,584 | $ 43,461 |
Net Interest Income | 10,786 | [1],[2] | 9,943 | [1],[2] | 10,110 | [1],[2] | 9,762 | [1] | 8,861 | [1],[3] | 8,730 | [1] | 8,800 | [1] | 8,959 | [1] | 40,601 | 35,350 | 33,671 |
Provision For Loan Losses | 900 | [1],[2] | 1,350 | [1],[2] | 1,100 | [1],[2] | 1,050 | [1] | 0 | [1],[3] | 0 | [1] | 0 | [1] | 0 | [1] | 4,400 | 0 | (500) |
Income Before Income Taxes | 3,797 | [1],[2] | 2,256 | [1],[2] | 2,375 | [1],[2] | 2,201 | [1] | 2,201 | [1],[3] | 2,813 | [1] | 3,022 | [1] | 2,962 | [1] | 10,629 | 10,998 | 10,824 |
Net income | $ 3,117 | [1],[2] | $ 2,066 | [1],[2] | $ 1,982 | [1],[2] | $ 1,840 | [1] | $ 1,764 | [1],[3] | $ 2,282 | [1] | $ 3,633 | [1] | $ 2,839 | [1] | $ 9,005 | $ 10,518 | $ 8,794 |
Earnings Per Common Share Basic (in dollars per share) | $ 0.42 | [1],[2],[4] | $ 0.28 | [1],[2],[4] | $ 0.26 | [1],[2],[4] | $ 0.25 | [1],[4] | $ 0.24 | [1],[3],[4] | $ 0.31 | [1],[4] | $ 0.49 | [1],[4] | $ 0.38 | [1],[4] | $ 1.20 | $ 1.41 | $ 1.23 |
Earnings Per Common Share Diluted (in dollars per share) | 0.42 | [1],[2],[4] | 0.28 | [1],[2],[4] | 0.26 | [1],[2],[4] | 0.25 | [1],[4] | $ 0.24 | [1],[3],[4] | $ 0.31 | [1],[4] | 0.49 | [1],[4] | 0.38 | [1],[4] | $ 1.20 | $ 1.41 | $ 1.23 |
Income tax benefit (expense) | $ (1,624) | $ (480) | $ (2,030) | ||||||||||||||||
Basic and diluted per share impact (in dollars per share) | $ 0.01 | $ 0.03 | $ 0.01 | $ 0.01 | $ 0.16 | $ 0.05 | $ 1.20 | $ 1.41 | $ 1.23 | ||||||||||
State and Local Jurisdiction [Member] | |||||||||||||||||||
Income tax benefit (expense) | $ 82,000 | $ 245,000 | $ 79,000 | $ 72,000 | $ (7,000) | $ 34,000 | $ 1,209,000 | $ 341,000 | |||||||||||
[1] | Income tax expense for 2020 and 2019 benefitted from the establishment of a state net deferred tax assets related to the 2019 tax law enactments. Income Tax Benefit (Expense) Basic and Diluted per Share Impact 2020: First quarter $ 72,000 $ 0.01 Second quarter 79,000 0.01 Third quarter 245,000 0.03 Fourth quarter 82,000 0.01 2019: First quarter $ 341,000 $ 0.05 Second quarter 1,209,000 0.16 Third quarter 34,000 NM Fourth quarter (7,000 ) NM | ||||||||||||||||||
[2] | Interest income benefitted $179,000, or $0.02 per basic and diluted share, in the second quarter of 2020, $195,000, or $0.02 per basic and diluted share, in the third quarter of 2020, and $767,000, or $0.08 per basic and diluted share, in the fourth quarter of 2020 from fees earned on PPP loans. | ||||||||||||||||||
[3] | 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. | ||||||||||||||||||
[4] | 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. |