Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 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 | |
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 | 6,602,204 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 13,579,000 | $ 10,830,000 |
Interest bearing deposits in banks | 44,909,000 | 56,863,000 |
Cash and cash equivalents | 58,488,000 | 67,693,000 |
Securities available for sale | 203,548,000 | 203,862,000 |
Securities held to maturity (fair value of $47,407) | 47,539,000 | 0 |
Loans, net of allowance of $12,973 and $12,443, respectively | 955,115,000 | 949,638,000 |
Premises and equipment, net | 21,623,000 | 18,533,000 |
Premises held for sale | 980,000 | 1,060,000 |
Other real estate owned | 0 | 1,765,000 |
Federal Home Loan Bank stock | 5,116,000 | 5,887,000 |
Bank owned life insurance | 23,845,000 | 23,441,000 |
Deferred taxes, net | 22,161,000 | 25,714,000 |
Goodwill | 6,252,000 | 6,252,000 |
Other intangible assets, net | 2,053,000 | 2,244,000 |
Accrued interest receivable and other assets | 6,128,000 | 6,213,000 |
Total assets | 1,352,848,000 | 1,312,302,000 |
Deposits | ||
Non-interest bearing | 266,035,000 | 243,022,000 |
Interest bearing | 881,956,000 | 876,585,000 |
Total deposits | 1,147,991,000 | 1,119,607,000 |
Federal Home Loan Bank advances | 20,000,000 | 20,623,000 |
Accrued interest payable and other liabilities | 10,193,000 | 10,048,000 |
Junior subordinated debentures | 21,000,000 | 21,000,000 |
Subordinated capital notes | 25,000,000 | 25,000,000 |
Total liabilities | 1,224,184,000 | 1,196,278,000 |
Commitments and contingent liabilities (Note 15) | 0 | 0 |
Stockholders’ equity | ||
Common stock, no par, 39,000,000 shares authorized, 6,602,686 and 6,498,865 voting, and 1,000,000 and 1,000,000 non-voting issued and outstanding, respectively | 140,639,000 | 140,639,000 |
Additional paid-in capital | 25,441,000 | 25,013,000 |
Retained deficit | (35,214,000) | (46,678,000) |
Accumulated other comprehensive loss | (2,202,000) | (2,950,000) |
Total stockholders' equity | 128,664,000 | 116,024,000 |
Total liabilities and stockholders’ equity | $ 1,352,848,000 | $ 1,312,302,000 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities held to maturity, fair value | $ 47,407 | |
Loans, allowance | $ 12,973 | $ 12,443 |
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) | 6,602,686 | 6,498,865 |
Common stock, shares outstanding (in shares) | 6,602,686 | 6,498,865 |
Nonvoting Common Stock [Member] | ||
Common stock, shares issued (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Loans, including fees | $ 11,565 | $ 10,805 | $ 33,573 | $ 33,772 |
Taxable securities | 1,183 | 1,139 | 3,402 | 3,913 |
Tax exempt securities | 168 | 108 | 476 | 255 |
Federal funds sold and other | 59 | 42 | 150 | 207 |
Interest and Dividend Income, Operating, Total | 12,975 | 12,094 | 37,601 | 38,147 |
Interest expense | ||||
Deposits | 812 | 1,627 | 2,755 | 6,526 |
Federal Home Loan Bank advances | 39 | 39 | 115 | 332 |
Senior debt | 0 | 12 | 0 | 119 |
Junior subordinated debentures | 128 | 138 | 390 | 525 |
Subordinated capital notes | 375 | 335 | 1,126 | 830 |
Interest Expense, Total | 1,354 | 2,151 | 4,386 | 8,332 |
Net interest income | 11,621 | 9,943 | 33,215 | 29,815 |
Provision for loan losses | 300 | 1,350 | 650 | 3,500 |
Net interest income after provision for loan losses | 11,321 | 8,593 | 32,565 | 26,315 |
Non-interest income | ||||
Income from bank owned life insurance | 112 | 113 | 420 | 325 |
Gain on sale of other real estate owned | 0 | 0 | 191 | 0 |
Gain (loss) on sales and calls of securities, net | 465 | 0 | 460 | (5) |
Other | 232 | 183 | 656 | 579 |
Noninterest Income, Total | 2,436 | 1,742 | 6,455 | 5,067 |
Non-interest expense | ||||
Salaries and employee benefits | 4,582 | 4,413 | 13,531 | 13,584 |
Occupancy and equipment | 1,024 | 1,008 | 3,063 | 2,990 |
Professional fees | 219 | 261 | 701 | 704 |
Marketing expense | 200 | 134 | 561 | 452 |
FDIC Insurance | 90 | 81 | 315 | 148 |
Data processing expense | 378 | 382 | 1,133 | 1,121 |
Deposit and state franchise tax | 90 | 360 | 270 | 1,080 |
Deposit account related expense | 545 | 487 | 1,592 | 1,398 |
Communications expense | 153 | 201 | 520 | 666 |
Insurance expense | 105 | 102 | 324 | 316 |
Postage and delivery | 169 | 156 | 460 | 476 |
Other | 495 | 494 | 1,518 | 1,615 |
Noninterest Expense, Total | 8,050 | 8,079 | 23,988 | 24,550 |
Income before income taxes | 5,707 | 2,256 | 15,032 | 6,832 |
Income tax expense | 1,366 | 190 | 3,568 | 944 |
Net income | $ 4,341 | $ 2,066 | $ 11,464 | $ 5,888 |
Basic and diluted income per common share (in dollars per share) | $ 0.57 | $ 0.28 | $ 1.51 | $ 0.79 |
Deposit Account [Member] | ||||
Non-interest income | ||||
Non-interest income revenue | $ 583 | $ 565 | $ 1,651 | $ 1,674 |
Debit Card [Member] | ||||
Non-interest income | ||||
Non-interest income revenue | $ 1,044 | $ 881 | $ 3,077 | $ 2,494 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 4,341 | $ 2,066 | $ 11,464 | $ 5,888 |
Other comprehensive income: | ||||
Unrealized gain (loss) arising during the period | 756 | 1,300 | 1,718 | 428 |
Amortization during period of net unrealized gain transferred to held to maturity | (91) | 0 | (261) | 0 |
Less reclassification adjustment for gains (losses)included in net income | 465 | 0 | 460 | (5) |
Net unrealized gain (loss) recognized in comprehensive income | 200 | 1,300 | 997 | 433 |
Tax effect | (50) | (324) | (249) | (108) |
Other comprehensive income | 150 | 976 | 748 | 325 |
Comprehensive income | $ 4,491 | $ 3,042 | $ 12,212 | $ 6,213 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | 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, 2019 | 6,251,975 | 1,220,000 | 7,471,975 | ||||
Balances at Dec. 31, 2019 | $ 140,639 | $ 24,508 | $ (55,683) | $ (3,714) | $ 105,750 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 17,330 | 0 | 17,330 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (37) | 0 | 0 | (37) | ||
Forfeited unvested stock (in shares) | 0 | 0 | 0 | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 106 | 0 | 0 | 106 | ||
Net income | 0 | 0 | 1,840 | 0 | 1,840 | ||
Net change in accumulated other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | (3,148) | (3,148) | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 17,330 | 0 | 17,330 | ||||
Balances (in shares) at Mar. 31, 2020 | 6,269,305 | 1,220,000 | 7,489,305 | ||||
Balances at Mar. 31, 2020 | $ 140,639 | 24,577 | (53,843) | (6,862) | 104,511 | ||
Balances (in shares) at Dec. 31, 2019 | 6,251,975 | 1,220,000 | 7,471,975 | ||||
Balances at Dec. 31, 2019 | $ 140,639 | 24,508 | (55,683) | (3,714) | 105,750 | ||
Net income | 5,888 | ||||||
Net change in accumulated other comprehensive income (loss), net of taxes | 325 | ||||||
Balances (in shares) at Sep. 30, 2020 | 6,499,183 | 1,000,000 | 7,499,183 | ||||
Balances at Sep. 30, 2020 | $ 140,639 | 24,831 | (49,795) | (3,389) | 112,286 | ||
Balances (in shares) at Mar. 31, 2020 | 6,269,305 | 1,220,000 | 7,489,305 | ||||
Balances at Mar. 31, 2020 | $ 140,639 | 24,577 | (53,843) | (6,862) | 104,511 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | (3,433) | 0 | (3,433) | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (38) | 0 | 0 | (38) | ||
Forfeited unvested stock | 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 104 | 0 | 0 | 104 | ||
Net income | 0 | 0 | 1,982 | 0 | 1,982 | ||
Net change in accumulated other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 2,497 | 2,497 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | (3,433) | 0 | (3,433) | ||||
Balances (in shares) at Jun. 30, 2020 | 6,265,872 | 1,220,000 | 7,485,872 | ||||
Balances at Jun. 30, 2020 | $ 140,639 | 24,643 | (51,861) | (4,365) | 109,056 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 13,377 | 0 | 13,377 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | 0 | 0 | 0 | 0 | ||
Forfeited unvested stock (in shares) | (66) | 0 | (66) | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 188 | 0 | 0 | 188 | ||
Net income | 0 | 0 | 2,066 | 0 | 2,066 | ||
Net change in accumulated other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 976 | 976 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 13,377 | 0 | 13,377 | ||||
Non-voting shares converted to voting (in shares) | 220,000 | (220,000) | 0 | ||||
Balances (in shares) at Sep. 30, 2020 | 6,499,183 | 1,000,000 | 7,499,183 | ||||
Balances at Sep. 30, 2020 | $ 140,639 | 24,831 | (49,795) | (3,389) | 112,286 | ||
Balances (in shares) at Dec. 31, 2020 | 6,498,865 | 1,000,000 | 7,498,865 | ||||
Balances at Dec. 31, 2020 | $ 140,639 | 25,013 | (46,678) | (2,950) | 116,024 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 95,634 | 0 | 95,634 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (48) | 0 | 0 | (48) | ||
Forfeited unvested stock (in shares) | 0 | 0 | 0 | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 149 | 0 | 0 | 149 | ||
Net income | 0 | 0 | 3,222 | 0 | 3,222 | ||
Net change in accumulated other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 173 | 173 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 95,634 | 0 | 95,634 | ||||
Balances (in shares) at Mar. 31, 2021 | 6,594,499 | 1,000,000 | 7,594,499 | ||||
Balances at Mar. 31, 2021 | $ 140,639 | 25,114 | (43,456) | (2,777) | 119,520 | ||
Balances (in shares) at Dec. 31, 2020 | 6,498,865 | 1,000,000 | 7,498,865 | ||||
Balances at Dec. 31, 2020 | $ 140,639 | 25,013 | (46,678) | (2,950) | 116,024 | ||
Net income | 11,464 | ||||||
Net change in accumulated other comprehensive income (loss), net of taxes | 748 | ||||||
Balances (in shares) at Sep. 30, 2021 | 6,602,686 | 1,000,000 | 7,602,686 | ||||
Balances at Sep. 30, 2021 | $ 140,639 | 25,441 | (35,214) | (2,202) | 128,664 | ||
Balances (in shares) at Mar. 31, 2021 | 6,594,499 | 1,000,000 | 7,594,499 | ||||
Balances at Mar. 31, 2021 | $ 140,639 | 25,114 | (43,456) | (2,777) | 119,520 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 8,586 | 0 | 8,586 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (39) | 0 | 0 | (39) | ||
Forfeited unvested stock (in shares) | (399) | 0 | (399) | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 152 | 0 | 0 | 152 | ||
Net income | 0 | 0 | 3,901 | 0 | 3,901 | ||
Net change in accumulated other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 425 | 425 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 8,586 | 0 | 8,586 | ||||
Balances (in shares) at Jun. 30, 2021 | 6,602,686 | 1,000,000 | 7,602,686 | ||||
Balances at Jun. 30, 2021 | $ 140,639 | 25,227 | (39,555) | (2,352) | 123,959 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 0 | 0 | 0 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | 0 | 0 | 0 | 0 | ||
Forfeited unvested stock (in shares) | 0 | 0 | 0 | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 214 | 0 | 0 | 214 | ||
Net income | 0 | 0 | 4,341 | 0 | 4,341 | ||
Net change in accumulated other comprehensive income (loss), net of taxes | $ 0 | 0 | 0 | 150 | 150 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon award (in shares) | 0 | 0 | 0 | ||||
Balances (in shares) at Sep. 30, 2021 | 6,602,686 | 1,000,000 | 7,602,686 | ||||
Balances at Sep. 30, 2021 | $ 140,639 | $ 25,441 | $ (35,214) | $ (2,202) | $ 128,664 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 11,464 | $ 5,888 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation, amortization and accretion, net | 3,878 | 1,760 |
Provision for loan losses | 650 | 3,500 |
Net amortization on securities | 422 | 500 |
Stock-based compensation expense | 515 | 398 |
Deferred taxes, net | 3,304 | 1,117 |
Net realized (gain) loss on sales and calls of investment securities | (460) | 5 |
Net realized gain on sales of other real estate owned | (191) | 0 |
Net realized loss on sales of premises and equipment | 1 | 0 |
Net write-down on premises held for sale | 80 | 100 |
Increase in cash surrender value of life insurance, net of premium | (404) | (310) |
Amortization of operating lease right-of-use assets | 269 | 562 |
Net change in accrued interest receivable and other assets | (3,138) | (1,319) |
Net change in accrued interest payable and other liabilities | 145 | (350) |
Net cash from operating activities | 16,535 | 11,851 |
Cash flows from investing activities | ||
Purchases of available for sale securities | (68,827) | (28,931) |
Proceeds from sales and calls of available for sale securities | 6,500 | 8,530 |
Proceeds from maturities and prepayments of available for sale securities | 28,182 | 25,785 |
Purchases of held to maturity securities | (15,414) | 0 |
Proceeds from calls of held to maturity securities | 704 | 0 |
Proceeds from maturities and prepayments of held to maturity securities | 2,665 | 0 |
Purchases of Federal Home Loan Bank stock | 0 | (600) |
Proceeds from mandatory redemptions of Federal Home Loan Bank stock | 771 | 875 |
Proceeds from sale of other real estate owned | 1,956 | 1,600 |
Net change in loans | (8,998) | (49,362) |
Purchases of premises and equipment | (953) | (584) |
Purchases of bank owned life insurance | 0 | (7,000) |
Net cash from investing activities | (53,414) | (49,687) |
Cash flows from financing activities | ||
Net change in deposits | 28,384 | 67,414 |
Repayment of Federal Home Loan Bank advances | (623) | (135,755) |
Advances from Federal Home Loan Bank | 0 | 105,000 |
Proceeds from issuance of subordinated capital note | 0 | 8,000 |
Repayment of senior debt | 0 | (5,000) |
Common shares withheld for taxes | (87) | (75) |
Net cash from financing activities | 27,674 | 39,584 |
Net change in cash and cash equivalents | (9,205) | 1,748 |
Beginning cash and cash equivalents | 67,693 | 30,203 |
Ending cash and cash equivalents | 58,488 | 31,951 |
Supplemental cash flow information: | ||
Interest paid | 4,837 | 8,924 |
Income tax paid (refund) | 220 | (346) |
Supplemental non-cash disclosure: | ||
Transfer from loans to other real estate | 0 | 0 |
Transfer from premises and equipment to premises held for sale | 0 | 310 |
Transfer from available for sale to held to maturity securities | 34,741 | 0 |
AOCI component of transfer from available for sale to held to maturity | 1,081 | 0 |
Financed sales of other real estate owned | $ 0 | $ 1,360 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10 10 01 X. not nine September 30, 2021 not may December 31, 2020 10 Use of Estimates In March 2020, 2019 19” 19 As a result, the demand for the Company’s products and services has been, and will continue to be, significantly impacted. Furthermore, the pandemic could influence the recognition of credit losses in the Company’s loan portfolio and increase its allowance for loan losses as both businesses and consumers are negatively impacted by the economic downturn. In addition, governmental actions are meaningfully influencing the interest-rate environment, which could adversely affect the Company’s results of operations and financial condition. The business operations of the Bank may may third In response to the pandemic, the Bank made certain accommodations to customers, which may not 19 may The extent to which the COVID- 19 third 19 may Reclassifications 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 | 9 Months Ended |
Sep. 30, 2021 | |
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”) or held to maturity (“HTM”). AFS securities may The following table summarizes the amortized cost and fair value of AFS securities and HTM securities at September 30, 2021 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2021 Available for sale U.S. Government and federal agency $ 26,443 $ 641 $ — $ 27,084 Agency mortgage-backed: residential 84,938 1,925 (493 ) 86,370 Collateralized loan obligations 50,233 1 (104 ) 50,130 Corporate bonds 39,412 656 (104 ) 39,964 Total available for sale $ 201,026 $ 3,223 $ (701 ) $ 203,548 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held to maturity State and municipal $ 47,539 $ 201 $ (333 ) $ 47,407 Total held to maturity $ 47,539 $ 201 $ (333 ) $ 47,407 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 During March 2021, No Sales and calls of securities were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Proceeds $ 6,500 $ — $ 7,204 $ 8,530 Gross gains 465 — 465 — Gross losses — — 5 5 The amortized cost and fair value of the debt securities are shown by contractual maturity. Expected maturities may not September 30, 2021 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ — $ — One to five years 5,255 5,435 Five to ten years 78,686 79,214 Beyond ten years 32,147 32,529 Agency mortgage-backed: residential 84,938 86,370 Total $ 201,026 $ 203,548 Held to maturity Within one year $ 4,703 4,706 One to five years 9,397 $ 9,387 Five to ten years 3,829 3,820 Beyond ten years 29,610 29,494 Total $ 47,539 $ 47,407 Securities pledged at September 30, 2021 December 31, 2020 At September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020, no one 10% The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, underlying credit quality of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may September 30, 2021, 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 managed by large non-bank financial institutions or banks and are typically $300 $1 one hundred five six first first may may The market value of CLOs may September 30, 2021, None nine September 30, 2021. The corporate bond portfolio consists of 14 two 2024 2037. five Securities with unrealized and unrecognized losses at September 30, 2021 December 31, 2020, Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss September 30, 2021 Available for sale U.S. Government and federal agency $ — $ — $ — $ — $ — $ — Agency mortgage-backed: residential 33,008 (488 ) 754 (5 ) 33,762 (493 ) Collateralized loan obligations — — 25,681 (104 ) 25,681 (104 ) Corporate bonds 16,706 (44 ) 2,798 (60 ) 19,504 (104 ) Total temporarily impaired $ 49,714 $ (532 ) $ 29,233 $ (169 ) $ 78,947 $ (701 ) Less than 12 Months 12 Months or More Total Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Held to maturity State and municipal 26,676 (333 ) — — 26,676 (333 ) Total temporarily impaired $ 26,676 $ (333 ) $ — $ — $ 26,676 $ (333 ) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2020 Available for sale Agency mortgage-backed: residential $ 4,772 $ (26 ) $ — $ — $ 4,772 $ (26 ) Collateralized loan obligations 8,794 (251 ) 34,358 (1,327 ) 43,152 (1,578 ) 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 ) |
Note 3 - Loans
Note 3 - Loans | 9 Months Ended |
Sep. 30, 2021 | |
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: September 30, December 31, 2021 2020 (in thousands) Commercial (1) $ 217,189 $ 208,244 Commercial Real Estate: Construction 75,432 92,916 Farmland 69,531 70,272 Nonfarm nonresidential 307,637 266,394 Residential Real Estate: Multi-family 57,346 61,180 1-4 Family 164,944 188,955 Consumer 38,464 31,429 Agriculture 36,980 42,044 Other 565 647 Subtotal 968,088 962,081 Less: Allowance for loan losses (12,973 ) (12,443 ) Loans, net $ 955,115 $ 949,638 ( 1 Includes SBA Paycheck Protection Program (“PPP”) loans of $5.7 million and $20.3 million at September 30, 2021 December 31, 2020, The following table presents the activity in the allowance for loan losses by portfolio segment for the three September 30, 2021 2020: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) September 30, 2021: Beginning balance $ 2,304 $ 7,799 $ 1,646 $ 385 $ 500 $ 3 $ 12,637 Provision (negative provision) 371 (80 ) (124 ) 146 (13 ) – 300 Loans charged off – – (18 ) (7 ) – – (25 ) Recoveries 10 3 34 7 7 – 61 Ending balance $ 2,685 $ 7,722 $ 1,538 $ 531 $ 494 $ 3 $ 12,973 September 30, 2020: Beginning balance $ 2,532 $ 4,494 $ 2,146 $ 581 $ 472 $ 3 $ 10,228 Provision (negative provision) 494 665 13 104 76 (2 ) 1,350 Loans charged off – – (17 ) (131 ) (2 ) – (150 ) Recoveries 5 6 13 13 14 2 53 Ending balance $ 3,031 $ 5,165 $ 2,155 $ 567 $ 560 $ 3 $ 11,481 The following table presents the activity in the allowance for loan losses by portfolio segment for the nine September 30, 2021 2020: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) September 30, 2021: Beginning balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Provision (negative provision) 155 788 (403 ) 187 (76 ) (1 ) 650 Loans charged off (19 ) (129 ) (30 ) (58 ) (44 ) – (280 ) Recoveries 20 13 72 41 14 – 160 Ending balance $ 2,685 $ 7,722 $ 1,538 $ 531 $ 494 $ 3 $ 12,973 September 30, 2020: Beginning balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Provision (negative provision) 1,337 1,016 422 503 228 (6 ) 3,500 Loans charged off (32 ) (57 ) (99 ) (444 ) (46 ) – (678 ) Recoveries 16 126 89 23 23 6 283 Ending balance $ 3,031 $ 5,165 $ 2,155 $ 567 $ 560 $ 3 $ 11,481 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 September 30, 2021: 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 $ 2 $ – $ – $ – $ 2,178 Collectively evaluated for impairment 2,685 5,546 1,536 531 494 3 10,795 Total ending allowance balance $ 2,685 $ 7,722 $ 1,538 $ 531 $ 494 $ 3 $ 12,973 Loans: Loans individually evaluated for impairment $ – $ 5,492 $ 912 $ 38 $ 101 $ – $ 6,543 Loans collectively evaluated for impairment 217,189 447,108 221,378 38,426 36,879 565 961,545 Total ending loans balance $ 217,189 $ 452,600 $ 222,290 $ 38,464 $ 36,980 $ 565 $ 968,088 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 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 has been provided. The following tables present information related to loans individually evaluated for impairment by class of loans as of September 30, 2021 December 31, 2020 three nine September 30, 2021 2020: As of September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 298 $ — $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — — — — Farmland 821 640 — 616 26 596 26 Nonfarm nonresidential 1,306 496 — 492 12 517 39 Residential real estate: Multi-family — — — — — — — 1-4 Family 1,733 813 — 716 74 829 112 Consumer 298 38 — 28 — 21 1 Agriculture 459 101 — 101 — 99 — Other — — — — — — — Subtotal 4,915 2,088 — 1,953 112 2,062 178 With An Allowance Recorded: Commercial — — — — — — — Commercial real estate: Construction — — — — — — — Farmland — — — — — — — Nonfarm nonresidential 6,464 4,356 2,176 4,356 66 4,356 196 Residential real estate: Multi-family — — — — — — — 1-4 Family 99 99 2 100 1 102 2 Consumer — — — — — — — Agriculture — — — — — — — Other — — — — — — — Subtotal 6,563 4,455 2,178 4,456 67 4,458 198 Total $ 11,478 $ 6,543 $ 2,178 $ 6,409 $ 179 $ 6,520 $ 376 As of December 31, 2020 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 308 $ — $ — $ 101 $ — $ 103 $ — Commercial real estate: Construction — — — — — — — Farmland 555 456 — 292 1 294 14 Nonfarm nonresidential 1,323 549 — 494 13 489 31 Residential real estate: Multi-family — — — — — — — 1-4 Family 1,883 954 — 963 10 879 64 Consumer 259 — — 16 2 68 3 Agriculture 393 91 — — — 11 — Other — — — — — — — Subtotal 4,721 2,050 — 1,866 26 1,844 112 With An Allowance Recorded: Commercial — — — — — 6 — Commercial real estate: Construction — — — — — — — Farmland — — — 282 — 247 4 Nonfarm nonresidential 6,465 4,356 2,176 75 — 38 — Residential real estate: Multi-family — — — — — — — 1-4 Family 106 106 1 91 4 100 7 Consumer — — — — — — — Agriculture — — — — — — — Other — — — — — — — Subtotal 6,571 4,462 2,177 448 4 391 11 Total $ 11,292 $ 6,512 $ 2,177 $ 2,314 $ 30 $ 2,235 $ 123 Cash basis income recognized on impaired loans for the three nine September 30, 2021 three nine September 30, 2020, Troubled Debt Restructuring A troubled debt restructuring (TDR) occurs when the Bank has agreed to an other than short-term loan modification in the form of a concession for a borrower who is experiencing financial difficulty. The Bank’s TDRs may The following table presents the types of TDR loan modifications by portfolio segment outstanding as of September 30, 2021 December 31, 2020: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) September 30, 2021 Commercial Real Estate: Nonfarm nonresidential $ 349 $ — $ 349 Residential Real Estate: 1-4 Family 212 67 279 Total TDRs $ 561 $ 67 $ 628 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 At September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020. September 30, 2021 December 31, 2020 three nine September 30, 2021 September 30, 2020, 12 90 The following table presents a summary of the TDR loan modification by portfolio segment that occurred during the three nine September 30, 2021: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) September 30, 2021 Residential Real Estate: 1-4 Family $ 180 $ — $ 180 Total TDRs $ 180 $ — $ 180 As of September 30, 2021, three nine September 30, 2021 no September 30, 2021. three nine September 30, 2020. 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 December 31, 2020. December 27, 2020, 4013 December 31, 2020 January 1, 2022. not not Loans subject to CARES Act modifications that had not September 30, 2021 December 31, 2020. one 19 310 10, September 30, 2021 December 31, 2020. Past Due Loans The following table presents the aging of the recorded investment in past due loans as of September 30, 2021 December 31, 2020: 30 59 Days Past Due 60 89 Days Past Due 90 Days And Over Past Due Nonaccrual Total Past Due And Nonaccrual (in thousands) September 30, 2021 Commercial $ 68 $ 11 $ — $ — $ 79 Commercial Real Estate: Construction — — — — — Farmland 93 — — 640 733 Nonfarm nonresidential 107 — — 147 254 Residential Real Estate: Multi-family — — — — — 1-4 Family 311 100 — 700 1,111 Consumer 51 26 — 39 116 Agriculture — 5 — 101 106 Other — — — — — Total $ 630 $ 142 $ — $ 1,627 $ 2,399 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 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 As of September 30, 2021, December 31, 2020, Pass Watch Special Mention Substandard Doubtful Total (in thousands) September 30, 2021 Commercial $ 209,155 $ 144 $ — $ 7,890 $ — $ 217,189 Commercial Real Estate: Construction 75,432 — — — — 75,432 Farmland 66,499 193 — 2,839 — 69,531 Nonfarm nonresidential 300,733 906 — 5,998 — 307,637 Residential Real Estate: Multi-family 57,346 — — — — 57,346 1-4 Family 160,443 2,133 — 2,368 — 164,944 Consumer 38,403 1 — 60 — 38,464 Agriculture 36,820 30 — 130 — 36,980 Other 565 — — — — 565 Total $ 945,396 $ 3,407 $ — $ 19,285 $ — $ 968,088 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 |
Note 4 - Leases
Note 4 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 4 Leases As of September 30, 2021, seven 2024 2046, September 30, 2021. 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 September 30, 2021. Total rental expense was $78,000 and $326,000, respectively, for the three nine September 30, 2021, three nine September 30, 2020. September 30, 2021 December 31, 2020. Total estimated rental commitments for the operating leases were as follows as of September 30, 2021 ( September 30, 2021 October – December 2021 $ 110 2022 363 2023 366 2024 365 2025 342 Thereafter 7,471 Total minimum lease payments 9,017 Discount effect of cash flows (3,586 ) Present value of lease liabilities $ 5,431 At September 30, 2021, one first 2022. |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 5 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: September 30, 2021 December 31, 2020 (in thousands) Commercial Real Estate: Construction, land development, and other land $ — $ 1,765 $ — $ 1,765 Residential loans secured by 1 4 September 30, 2021 December 31, 2020, Activity relating to OREO during the nine September 30, 2021 2020 For the Nine Months Ended September 30, 2021 2020 (in thousands) OREO Activity OREO as of January 1 $ 1,765 $ 3,225 Real estate acquired — — Valuation adjustment write-downs — — Net gain on sale 191 — Proceeds from sales of properties (1,956 ) (1,600 ) OREO as of September 30 $ — $ 1,625 Expenses related to OREO include: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Valuation adjustment write-downs $ — $ — $ — $ — Operating expense — 20 13 58 Total $ — $ 20 $ 13 $ 58 OREO expenses are reported in other non-interest expense. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 Goodwill and Intangible Assets The following table summarizes the Company’s acquired goodwill and intangible assets as of September 30, 2021 December 31, 2020 ( September 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Goodwill $ 6,252 $ — $ 6,252 $ — Core deposit intangibles 2,500 447 2,500 256 Outstanding, ending $ 8,752 $ 447 $ 8,752 $ 256 The Company has $6.3 million of goodwill related to a 2019 not may may not The Company also has a core deposit intangible asset, which is amortized over the weighted average estimated life of the related deposits and is not three nine September 30, 2021, three nine September 30, 2020, Amortization expense related to the core deposit intangible is estimated as follows (in thousands): September 30, 2021 October 2021 – December 2021 $ 64 2022 256 2023 256 2024 256 2025 256 Thereafter 965 $ 2,053 |
Note 7 - Deposits
Note 7 - Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7 Deposits The following table details deposits by category: September 30, 2021 December 31, 2020 (in thousands) Non-interest bearing $ 266,035 $ 243,022 Interest checking 239,923 190,625 Money market 198,470 175,785 Savings 163,018 142,623 Certificates of deposit 280,545 367,552 Total $ 1,147,991 $ 1,119,607 Time deposits of $250,000 September 30, 2021 December 31, 2020, Scheduled maturities of total time deposits at September 30, 2021 five Year 1 $ 167,083 Year 2 59,085 Year 3 22,854 Year 4 23,371 Year 5 7,585 Thereafter 567 $ 280,545 |
Note 8 - Advances From the Fede
Note 8 - Advances From the Federal Home Loan Bank | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 8 Advances from the Federal Home Loan Bank Advances from the Federal Home Loan Bank were as follows: September 30, December 31, 2021 2020 (in thousands) Short term advances $ — $ 623 Long term advances (fixed rate 0.77% 20,000 20,000 Total advances from the Federal Home Loan Bank $ 20,000 $ 20,623 FHLB advances had a weighted-average rate of 0.77% at September 30, 2021 December 31, 2020. 2021 2020. first September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020, September 30, 2021, Scheduled principal payments on the above during the next five Advances Year 1 $ — Year 2 — Year 3 — Year 4 — Year 5 — Thereafter 20,000 $ 20,000 |
Note 9 - Borrowings
Note 9 - Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 9 Borrowings Junior Subordinated Debentures not may September 30, 2021, 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 September 30, 2021, 3 ( 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 |
Note 10 - Fair Values Measureme
Note 10 - Fair Values Measurement | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 Fair Values Measurement 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 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 appraisal date predates a likely change in market conditions. These deductions range from 10% for routine real estate collateral to 40% 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 ten 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 impairment evaluations when applicable. Impaired loans are evaluated quarterly for additional impairment. Management obtains updated appraisals on properties securing 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. Financial assets measured at fair value on a recurring basis at September 30, 2021 December 31, 2020 Fair Value Measurements at September 30, 2021 Using (in thousands) Carrying Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Description Value (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government and federal agency $ 27,084 $ — $ 27,084 $ — Agency mortgage-backed: residential 86,370 — 86,370 — Collateralized loan obligations 50,130 — 47,636 2,494 Corporate bonds 39,964 — 31,104 8,860 Total $ 203,548 $ — $ 192,194 $ 11,354 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 There were no 1 2 2021 2020. The Company’s policy is to transfer assets or liabilities from one no 2 3 2021. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 nine September 30, 2021: September 30, 2021 Collateralized Loan Obligations Corporate Bonds (in thousands) Balance of recurring Level 3 assets at January 1, 2021 $ 2,388 $ 11,916 Total gains or losses for the year: Included in earnings — 465 Included in other comprehensive income 106 1,479 Calls — (5,000 ) Transfers into Level 3 — — Balance of recurring Level 3 assets at September 30, 2021 $ 2,494 $ 8,860 These securities were transferred to Level 3 fourth 2020. The following table presents quantitative information about recurring level 3 September 30, 2021: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Collateralized loan obligations $ 2,494 Discounted cash flow Constant prepayment rate 0% Additional asset defaults 1% (1%) Expected asset recoveries 49% (49%) Corporate bonds $ 8,860 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 280% - 450% (327% ) Indicative broker bid 80% - 105% (88% ) 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 September 30, 2021 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial real estate: Nonfarm nonresidential $ 2,180 $ — $ — $ 2,180 Residential real estate: 1-4 Family 97 — — 97 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) Impaired loans: Commercial real estate: Nonfarm nonresidential $ 2,180 $ — $ — $ 2,180 Residential real estate: 1-4 Family 105 — — 105 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 at September 30, 2021 three September 30, 2021 nine September 30, 2021, September 30, 2020 three nine September 30, 2020, December 31, 2020, Carrying amount and estimated fair values of financial instruments were as follows for the periods indicated: Fair Value Measurements at September 30, 2021 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 58,488 $ 58,488 $ — $ — $ 58,488 Securities available for sale 203,548 — 192,194 11,354 203,548 Securities held to maturity 47,539 — 47,407 — 47,407 Federal Home Loan Bank stock 5,116 N/A N/A N/A N/A Loans, net 955,115 — — 949,609 949,609 Accrued interest receivable 3,920 — 987 2,933 3,920 Financial liabilities Deposits $ 1,147,991 $ 266,035 $ 883,408 $ — $ 1,149,443 Federal Home Loan Bank advances 20,000 — 20,094 — 20,094 Junior subordinated debentures 21,000 — — 19,297 19,297 Subordinated capital notes 25,000 — — 26,505 26,505 Accrued interest payable 408 — 142 266 408 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 In accordance with ASU 2016 01, may |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11 Income Taxes Deferred tax assets and liabilities were due to the following as of: September 30, December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 19,552 $ 22,012 Allowance for loan losses 3,237 3,104 OREO write-down — 914 Net assets from acquisitions — 72 New market tax credit carry-forward 208 208 Nonaccrual loan interest 316 315 Accrued expenses 140 131 Lease liability 1,355 618 Other 402 332 25,210 27,706 Deferred tax liabilities: FHLB stock dividends 415 478 Fixed assets 73 71 Deferred loan costs 169 172 Net unrealized gain on securities 834 585 Lease right-of-use assets 1,355 618 Net assets from acquisitions 63 — Other 140 68 3,049 1,992 Net deferred tax asset $ 22,161 $ 25,714 At September 30, 2021, 2032, 2026. The Company does not not twelve three nine September 30, 2021 September 30, 2020 Under Section 382 382” 382. In 2015, two one July 10, 2015. 5% not 5% not November 25, 2019, not May 2021 June 30, 2024, ( no may 382 no On September 23, 2015, 382. May 2021 May 19, 2024, ( 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 2018. |
Note 12 - Stock Plans and Stock
Note 12 - Stock Plans and Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 12 Stock Plans and Stock Based Compensation Shares available for issuance under the 2018 “2018 three seven December 31 The fair value of the 2021 three nine September 30, 2021, three nine September 30, 2020, three nine September 30, 2021, three nine September 30, 2020, The following table summarizes unvested share activity as of and for the periods indicated for the Stock Compensation Plan: Nine Months Ended Twelve Months Ended September 30, 2021 December 31, 2020 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 47,438 $ 15.34 57,774 $ 13.35 Granted 110,024 13.52 34,858 15.33 Vested (24,251 ) 14.96 (43,836 ) 12.69 Forfeited (399 ) 14.14 (1,358 ) 15.95 Outstanding, ending 132,812 $ 13.90 47,438 $ 15.34 Unrecognized stock-based compensation expense related to unvested shares is estimated as follows (in thousands): October 2021 – December 2021 $ 213 2022 396 2023 279 2024 137 2025 130 Thereafter 266 |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 13 Earnings per Share The factors used in the basic and diluted earnings per share computations follow: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except share and per share data) Net income $ 4,341 $ 2,066 $ 11,464 $ 5,888 Less: Earnings allocated to unvested shares 76 16 169 47 Net income available to common shareholders, basic and diluted $ 4,265 $ 2,050 $ 11,295 $ 5,841 Basic Weighted average common shares including unvested common shares outstanding 7,602,686 7,499,223 7,591,800 7,489,795 Less: Weighted average unvested common shares 133,073 56,938 111,790 59,151 Weighted average common shares outstanding 7,469,613 7,442,285 7,480,010 7,430,644 Basic and diluted income per common share $ 0.57 $ 0.28 $ 1.51 $ 0.79 The Company had no outstanding stock options or warrants at September 30, 2021 2020. |
Note 14 - Regulatory Capital Ma
Note 14 - Regulatory Capital Matters | 9 Months Ended |
Sep. 30, 2021 | |
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 in accordance with Basel III, as 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% 1 7.0%, 1 8.5%, 10.5%. As of September 30, 2021, September 30, 2021, 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 September 30, 2021: Total risk-based capital (to risk- weighted assets) $ 159,757 13.80 % $ 92,636 8.00 % $ 115,796 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 146,784 12.68 52,108 4.50 75,267 6.50 Tier 1 capital (to risk-weighted assets) 146,784 12.68 69,477 6.00 92,636 8.00 Tier 1 capital (to average assets) 146,784 10.96 53,561 4.00 66,952 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, 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 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 | 9 Months Ended |
Sep. 30, 2021 | |
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 period ended: September 30, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 88,655 $ 48,604 $ 20,990 $ 17,466 Unused lines of credit 11,470 108,260 5,964 144,790 Standby letters of credit 785 345 175 1,342 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 September 30, 2021 December 31, 2020. not 815, not 820, September 30, 2021 December 31, 2020, 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 not |
Note 16 - Revenue From Contract
Note 16 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 16 Revenue from Contracts with Customers All of the Company’s revenue from customers within the scope of ASC 606 606 Service Charges on Deposit Accounts: Bank Card Interchange Income: third 606, 606, Gains/Losses on Sales of OREO: Other Non-interest Income 606, three nine September 30, 2021, 606. three nine September 30, 2020, 606. three nine 606. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10 10 01 X. not nine September 30, 2021 not may December 31, 2020 10 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In March 2020, 2019 19” 19 As a result, the demand for the Company’s products and services has been, and will continue to be, significantly impacted. Furthermore, the pandemic could influence the recognition of credit losses in the Company’s loan portfolio and increase its allowance for loan losses as both businesses and consumers are negatively impacted by the economic downturn. In addition, governmental actions are meaningfully influencing the interest-rate environment, which could adversely affect the Company’s results of operations and financial condition. The business operations of the Bank may may third In response to the pandemic, the Bank made certain accommodations to customers, which may not 19 may The extent to which the COVID- 19 third 19 may |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications 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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2021 Available for sale U.S. Government and federal agency $ 26,443 $ 641 $ — $ 27,084 Agency mortgage-backed: residential 84,938 1,925 (493 ) 86,370 Collateralized loan obligations 50,233 1 (104 ) 50,130 Corporate bonds 39,412 656 (104 ) 39,964 Total available for sale $ 201,026 $ 3,223 $ (701 ) $ 203,548 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 |
Debt Securities, Held-to-maturity [Table Text Block] | Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held to maturity State and municipal $ 47,539 $ 201 $ (333 ) $ 47,407 Total held to maturity $ 47,539 $ 201 $ (333 ) $ 47,407 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Proceeds $ 6,500 $ — $ 7,204 $ 8,530 Gross gains 465 — 465 — Gross losses — — 5 5 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2021 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ — $ — One to five years 5,255 5,435 Five to ten years 78,686 79,214 Beyond ten years 32,147 32,529 Agency mortgage-backed: residential 84,938 86,370 Total $ 201,026 $ 203,548 Held to maturity Within one year $ 4,703 4,706 One to five years 9,397 $ 9,387 Five to ten years 3,829 3,820 Beyond ten years 29,610 29,494 Total $ 47,539 $ 47,407 |
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 September 30, 2021 Available for sale U.S. Government and federal agency $ — $ — $ — $ — $ — $ — Agency mortgage-backed: residential 33,008 (488 ) 754 (5 ) 33,762 (493 ) Collateralized loan obligations — — 25,681 (104 ) 25,681 (104 ) Corporate bonds 16,706 (44 ) 2,798 (60 ) 19,504 (104 ) Total temporarily impaired $ 49,714 $ (532 ) $ 29,233 $ (169 ) $ 78,947 $ (701 ) Less than 12 Months 12 Months or More Total Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Held to maturity State and municipal 26,676 (333 ) — — 26,676 (333 ) Total temporarily impaired $ 26,676 $ (333 ) $ — $ — $ 26,676 $ (333 ) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2020 Available for sale Agency mortgage-backed: residential $ 4,772 $ (26 ) $ — $ — $ 4,772 $ (26 ) Collateralized loan obligations 8,794 (251 ) 34,358 (1,327 ) 43,152 (1,578 ) 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 ) |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2021 2020 (in thousands) Commercial (1) $ 217,189 $ 208,244 Commercial Real Estate: Construction 75,432 92,916 Farmland 69,531 70,272 Nonfarm nonresidential 307,637 266,394 Residential Real Estate: Multi-family 57,346 61,180 1-4 Family 164,944 188,955 Consumer 38,464 31,429 Agriculture 36,980 42,044 Other 565 647 Subtotal 968,088 962,081 Less: Allowance for loan losses (12,973 ) (12,443 ) Loans, net $ 955,115 $ 949,638 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) September 30, 2021: Beginning balance $ 2,304 $ 7,799 $ 1,646 $ 385 $ 500 $ 3 $ 12,637 Provision (negative provision) 371 (80 ) (124 ) 146 (13 ) – 300 Loans charged off – – (18 ) (7 ) – – (25 ) Recoveries 10 3 34 7 7 – 61 Ending balance $ 2,685 $ 7,722 $ 1,538 $ 531 $ 494 $ 3 $ 12,973 September 30, 2020: Beginning balance $ 2,532 $ 4,494 $ 2,146 $ 581 $ 472 $ 3 $ 10,228 Provision (negative provision) 494 665 13 104 76 (2 ) 1,350 Loans charged off – – (17 ) (131 ) (2 ) – (150 ) Recoveries 5 6 13 13 14 2 53 Ending balance $ 3,031 $ 5,165 $ 2,155 $ 567 $ 560 $ 3 $ 11,481 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total (in thousands) September 30, 2021: Beginning balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Provision (negative provision) 155 788 (403 ) 187 (76 ) (1 ) 650 Loans charged off (19 ) (129 ) (30 ) (58 ) (44 ) – (280 ) Recoveries 20 13 72 41 14 – 160 Ending balance $ 2,685 $ 7,722 $ 1,538 $ 531 $ 494 $ 3 $ 12,973 September 30, 2020: Beginning balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Provision (negative provision) 1,337 1,016 422 503 228 (6 ) 3,500 Loans charged off (32 ) (57 ) (99 ) (444 ) (46 ) – (678 ) Recoveries 16 126 89 23 23 6 283 Ending balance $ 3,031 $ 5,165 $ 2,155 $ 567 $ 560 $ 3 $ 11,481 |
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 $ 2 $ – $ – $ – $ 2,178 Collectively evaluated for impairment 2,685 5,546 1,536 531 494 3 10,795 Total ending allowance balance $ 2,685 $ 7,722 $ 1,538 $ 531 $ 494 $ 3 $ 12,973 Loans: Loans individually evaluated for impairment $ – $ 5,492 $ 912 $ 38 $ 101 $ – $ 6,543 Loans collectively evaluated for impairment 217,189 447,108 221,378 38,426 36,879 565 961,545 Total ending loans balance $ 217,189 $ 452,600 $ 222,290 $ 38,464 $ 36,980 $ 565 $ 968,088 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 |
Impaired Financing Receivables [Table Text Block] | As of September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 298 $ — $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — — — — Farmland 821 640 — 616 26 596 26 Nonfarm nonresidential 1,306 496 — 492 12 517 39 Residential real estate: Multi-family — — — — — — — 1-4 Family 1,733 813 — 716 74 829 112 Consumer 298 38 — 28 — 21 1 Agriculture 459 101 — 101 — 99 — Other — — — — — — — Subtotal 4,915 2,088 — 1,953 112 2,062 178 With An Allowance Recorded: Commercial — — — — — — — Commercial real estate: Construction — — — — — — — Farmland — — — — — — — Nonfarm nonresidential 6,464 4,356 2,176 4,356 66 4,356 196 Residential real estate: Multi-family — — — — — — — 1-4 Family 99 99 2 100 1 102 2 Consumer — — — — — — — Agriculture — — — — — — — Other — — — — — — — Subtotal 6,563 4,455 2,178 4,456 67 4,458 198 Total $ 11,478 $ 6,543 $ 2,178 $ 6,409 $ 179 $ 6,520 $ 376 As of December 31, 2020 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 308 $ — $ — $ 101 $ — $ 103 $ — Commercial real estate: Construction — — — — — — — Farmland 555 456 — 292 1 294 14 Nonfarm nonresidential 1,323 549 — 494 13 489 31 Residential real estate: Multi-family — — — — — — — 1-4 Family 1,883 954 — 963 10 879 64 Consumer 259 — — 16 2 68 3 Agriculture 393 91 — — — 11 — Other — — — — — — — Subtotal 4,721 2,050 — 1,866 26 1,844 112 With An Allowance Recorded: Commercial — — — — — 6 — Commercial real estate: Construction — — — — — — — Farmland — — — 282 — 247 4 Nonfarm nonresidential 6,465 4,356 2,176 75 — 38 — Residential real estate: Multi-family — — — — — — — 1-4 Family 106 106 1 91 4 100 7 Consumer — — — — — — — Agriculture — — — — — — — Other — — — — — — — Subtotal 6,571 4,462 2,177 448 4 391 11 Total $ 11,292 $ 6,512 $ 2,177 $ 2,314 $ 30 $ 2,235 $ 123 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) September 30, 2021 Commercial Real Estate: Nonfarm nonresidential $ 349 $ — $ 349 Residential Real Estate: 1-4 Family 212 67 279 Total TDRs $ 561 $ 67 $ 628 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 |
Schedule of Troubled Debt Restructurings Postmodification[Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) September 30, 2021 Residential Real Estate: 1-4 Family $ 180 $ — $ 180 Total TDRs $ 180 $ — $ 180 |
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) September 30, 2021 Commercial $ 68 $ 11 $ — $ — $ 79 Commercial Real Estate: Construction — — — — — Farmland 93 — — 640 733 Nonfarm nonresidential 107 — — 147 254 Residential Real Estate: Multi-family — — — — — 1-4 Family 311 100 — 700 1,111 Consumer 51 26 — 39 116 Agriculture — 5 — 101 106 Other — — — — — Total $ 630 $ 142 $ — $ 1,627 $ 2,399 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Doubtful Total (in thousands) September 30, 2021 Commercial $ 209,155 $ 144 $ — $ 7,890 $ — $ 217,189 Commercial Real Estate: Construction 75,432 — — — — 75,432 Farmland 66,499 193 — 2,839 — 69,531 Nonfarm nonresidential 300,733 906 — 5,998 — 307,637 Residential Real Estate: Multi-family 57,346 — — — — 57,346 1-4 Family 160,443 2,133 — 2,368 — 164,944 Consumer 38,403 1 — 60 — 38,464 Agriculture 36,820 30 — 130 — 36,980 Other 565 — — — — 565 Total $ 945,396 $ 3,407 $ — $ 19,285 $ — $ 968,088 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 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2021 October – December 2021 $ 110 2022 363 2023 366 2024 365 2025 342 Thereafter 7,471 Total minimum lease payments 9,017 Discount effect of cash flows (3,586 ) Present value of lease liabilities $ 5,431 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | September 30, 2021 December 31, 2020 (in thousands) Commercial Real Estate: Construction, land development, and other land $ — $ 1,765 $ — $ 1,765 |
Schedule of Expenses Related to Foreclosed Real Estate [Table Text Block] | For the Nine Months Ended September 30, 2021 2020 (in thousands) OREO Activity OREO as of January 1 $ 1,765 $ 3,225 Real estate acquired — — Valuation adjustment write-downs — — Net gain on sale 191 — Proceeds from sales of properties (1,956 ) (1,600 ) OREO as of September 30 $ — $ 1,625 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Valuation adjustment write-downs $ — $ — $ — $ — Operating expense — 20 13 58 Total $ — $ 20 $ 13 $ 58 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Goodwill $ 6,252 $ — $ 6,252 $ — Core deposit intangibles 2,500 447 2,500 256 Outstanding, ending $ 8,752 $ 447 $ 8,752 $ 256 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | September 30, 2021 October 2021 – December 2021 $ 64 2022 256 2023 256 2024 256 2025 256 Thereafter 965 $ 2,053 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | September 30, 2021 December 31, 2020 (in thousands) Non-interest bearing $ 266,035 $ 243,022 Interest checking 239,923 190,625 Money market 198,470 175,785 Savings 163,018 142,623 Certificates of deposit 280,545 367,552 Total $ 1,147,991 $ 1,119,607 |
Schedule of Maturities of Time Deposits [Table Text Block] | Year 1 $ 167,083 Year 2 59,085 Year 3 22,854 Year 4 23,371 Year 5 7,585 Thereafter 567 $ 280,545 |
Note 8 - Advances From the Fe_2
Note 8 - Advances From the Federal Home Loan Bank (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | September 30, December 31, 2021 2020 (in thousands) Short term advances $ — $ 623 Long term advances (fixed rate 0.77% 20,000 20,000 Total advances from the Federal Home Loan Bank $ 20,000 $ 20,623 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Advances Year 1 $ — Year 2 — Year 3 — Year 4 — Year 5 — Thereafter 20,000 $ 20,000 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 10 - Fair Values Measure_2
Note 10 - Fair Values Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2021 Using (in thousands) Carrying Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Description Value (Level 1) (Level 2) (Level 3) Available for sale securities U.S. Government and federal agency $ 27,084 $ — $ 27,084 $ — Agency mortgage-backed: residential 86,370 — 86,370 — Collateralized loan obligations 50,130 — 47,636 2,494 Corporate bonds 39,964 — 31,104 8,860 Total $ 203,548 $ — $ 192,194 $ 11,354 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 September 30, 2021 Using (in thousands) Description Carrying Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans: Commercial real estate: Nonfarm nonresidential $ 2,180 $ — $ — $ 2,180 Residential real estate: 1-4 Family 97 — — 97 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) Impaired loans: Commercial real estate: Nonfarm nonresidential $ 2,180 $ — $ — $ 2,180 Residential real estate: 1-4 Family 105 — — 105 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | September 30, 2021 Collateralized Loan Obligations Corporate Bonds (in thousands) Balance of recurring Level 3 assets at January 1, 2021 $ 2,388 $ 11,916 Total gains or losses for the year: Included in earnings — 465 Included in other comprehensive income 106 1,479 Calls — (5,000 ) Transfers into Level 3 — — Balance of recurring Level 3 assets at September 30, 2021 $ 2,494 $ 8,860 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at September 30, 2021 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 58,488 $ 58,488 $ — $ — $ 58,488 Securities available for sale 203,548 — 192,194 11,354 203,548 Securities held to maturity 47,539 — 47,407 — 47,407 Federal Home Loan Bank stock 5,116 N/A N/A N/A N/A Loans, net 955,115 — — 949,609 949,609 Accrued interest receivable 3,920 — 987 2,933 3,920 Financial liabilities Deposits $ 1,147,991 $ 266,035 $ 883,408 $ — $ 1,149,443 Federal Home Loan Bank advances 20,000 — 20,094 — 20,094 Junior subordinated debentures 21,000 — — 19,297 19,297 Subordinated capital notes 25,000 — — 26,505 26,505 Accrued interest payable 408 — 142 266 408 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, 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 $ 2,494 Discounted cash flow Constant prepayment rate 0% Additional asset defaults 1% (1%) Expected asset recoveries 49% (49%) Corporate bonds $ 8,860 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 280% - 450% (327% ) Indicative broker bid 80% - 105% (88% ) 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 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 19,552 $ 22,012 Allowance for loan losses 3,237 3,104 OREO write-down — 914 Net assets from acquisitions — 72 New market tax credit carry-forward 208 208 Nonaccrual loan interest 316 315 Accrued expenses 140 131 Lease liability 1,355 618 Other 402 332 25,210 27,706 Deferred tax liabilities: FHLB stock dividends 415 478 Fixed assets 73 71 Deferred loan costs 169 172 Net unrealized gain on securities 834 585 Lease right-of-use assets 1,355 618 Net assets from acquisitions 63 — Other 140 68 3,049 1,992 Net deferred tax asset $ 22,161 $ 25,714 |
Note 12 - Stock Plans and Sto_2
Note 12 - Stock Plans and Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Nine Months Ended Twelve Months Ended September 30, 2021 December 31, 2020 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 47,438 $ 15.34 57,774 $ 13.35 Granted 110,024 13.52 34,858 15.33 Vested (24,251 ) 14.96 (43,836 ) 12.69 Forfeited (399 ) 14.14 (1,358 ) 15.95 Outstanding, ending 132,812 $ 13.90 47,438 $ 15.34 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | October 2021 – December 2021 $ 213 2022 396 2023 279 2024 137 2025 130 Thereafter 266 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except share and per share data) Net income $ 4,341 $ 2,066 $ 11,464 $ 5,888 Less: Earnings allocated to unvested shares 76 16 169 47 Net income available to common shareholders, basic and diluted $ 4,265 $ 2,050 $ 11,295 $ 5,841 Basic Weighted average common shares including unvested common shares outstanding 7,602,686 7,499,223 7,591,800 7,489,795 Less: Weighted average unvested common shares 133,073 56,938 111,790 59,151 Weighted average common shares outstanding 7,469,613 7,442,285 7,480,010 7,430,644 Basic and diluted income per common share $ 0.57 $ 0.28 $ 1.51 $ 0.79 |
Note 14 - Regulatory Capital _2
Note 14 - Regulatory Capital Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021: Total risk-based capital (to risk- weighted assets) $ 159,757 13.80 % $ 92,636 8.00 % $ 115,796 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 146,784 12.68 52,108 4.50 75,267 6.50 Tier 1 capital (to risk-weighted assets) 146,784 12.68 69,477 6.00 92,636 8.00 Tier 1 capital (to average assets) 146,784 10.96 53,561 4.00 66,952 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, 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 |
Note 15 - Off Balance Sheet R_2
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | September 30, 2021 December 31, 2020 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 88,655 $ 48,604 $ 20,990 $ 17,466 Unused lines of credit 11,470 108,260 5,964 144,790 Standby letters of credit 785 345 175 1,342 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Transfer to Held-to-maturity, Amount | $ 34,700 | $ 34,741 | $ 0 | |
Debt Securities, Available-for-sale, Transfer to Held-to-maturity, Market Value | 35,800 | |||
Debt Securities, Available-for-sale, Transfer to Held-to-maturity, Unrealized Gain (Loss) | $ 1,100 | 1,081 | $ 0 | |
Security Owned and Pledged as Collateral, Fair Value, Total | 118,200 | $ 81,400 | ||
Debt Securities, Available-for-sale, Total | 203,548 | 203,862 | ||
Risk Level, AA Rated [Member] | ||||
Collateralized Agreements, Total | 28,000 | |||
Risk Level, A Rated [Member] | ||||
Collateralized Agreements, Total | 22,100 | |||
Kentucky Municipalities [Member] | ||||
Debt Securities, Available-for-sale, Total | $ 35,700 | $ 23,000 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains or Losses, and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available for sale securities, amortized cost | $ 201,026 | $ 201,517 |
Available for sale securities, gross unrealized gains | 3,223 | 5,351 |
Available for sale securities, gross unrealized losses | (701) | (3,006) |
Securities available for sale | 203,548 | 203,862 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 26,443 | 18,811 |
Available for sale securities, gross unrealized gains | 641 | 806 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Securities available for sale | 27,084 | 19,617 |
Residential Mortgage Backed Securities [Member] | ||
Available for sale securities, amortized cost | 84,938 | 71,582 |
Available for sale securities, gross unrealized gains | 1,925 | 2,777 |
Available for sale securities, gross unrealized losses | (493) | (26) |
Securities available for sale | 86,370 | 74,333 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, amortized cost | 50,233 | 44,730 |
Available for sale securities, gross unrealized gains | 1 | 0 |
Available for sale securities, gross unrealized losses | (104) | (1,578) |
Securities available for sale | 50,130 | 43,152 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, amortized cost | 34,759 | |
Available for sale securities, gross unrealized gains | 1,296 | |
Available for sale securities, gross unrealized losses | 0 | |
Securities available for sale | 36,055 | |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 39,412 | 31,635 |
Available for sale securities, gross unrealized gains | 656 | 472 |
Available for sale securities, gross unrealized losses | (104) | (1,402) |
Securities available for sale | $ 39,964 | $ 30,705 |
Note 2 - Securities - Amortiz_2
Note 2 - Securities - Amortized Cost, Gross Unrealized Gains or Losses, and Fair Value of Held to Maturities Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities held to maturity (fair value of $47,407) | $ 47,539 | $ 0 |
Held to maturity, gross unrecognized gains | 201 | |
Held to maturity, gross unrecognized losses | (333) | |
Securities held to maturity, fair value | 47,407 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity (fair value of $47,407) | 47,539 | |
Held to maturity, gross unrecognized gains | 201 | |
Held to maturity, gross unrecognized losses | (333) | |
Securities held to maturity, fair value | $ 47,407 |
Note 2 - Securities - Sales and
Note 2 - Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds | $ 6,500 | $ 0 | $ 7,204 | $ 8,530 |
Gross gains | 465 | 0 | 465 | 0 |
Gross losses | $ 0 | $ 0 | $ 5 | $ 5 |
Note 2 - Securities - Amortiz_3
Note 2 - Securities - Amortized Cost and Fair Value of Debt Investment Securities Portfolio by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Within one year, amortized cost, available for sale | $ 0 | |
Within one year, fair value, available for sale | 0 | |
One to five years, amortized cost, available for sale | 5,255 | |
One to five years, fair value, available for sale | 5,435 | |
Five to ten years, amortized cost, available for sale | 78,686 | |
Five to ten years, fair value, available for sale | 79,214 | |
Beyond ten years, amortized cost, available for sale | 32,147 | |
Beyond ten years, fair value, available for sale | 32,529 | |
Agency mortgage-backed: residential, amortized cost, available for sale | 84,938 | |
Agency mortgage-backed: residential, fair value, available for sale | 86,370 | |
Total, amortized cost, available for sale | 201,026 | $ 201,517 |
Total, fair value, available for sale | 203,548 | $ 203,862 |
Within one year, amortized cost, held to maturity | 4,703 | |
Within one year, fair value, held to maturity | 4,706 | |
One to five years, amortized cost, held to maturity | 9,397 | |
One to five years, fair value, held to maturity | 9,387 | |
Five to ten years, amortized cost, held to maturity | 3,829 | |
Five to ten years, fair value, held to maturity | 3,820 | |
Beyond ten years, amortized cost, held to maturity | 29,610 | |
Beyond ten years, fair value, held to maturity | 29,494 | |
Total, amortized cost, held to maturity | 47,539 | |
Total, fair value, held to maturity | $ 47,407 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available for sale, fair value, less than 12 months | $ 49,714 | $ 24,415 |
Available for sale, unrealized loss, less than 12 months | (532) | (1,679) |
Available for sale, fair value, 12 months or more | 29,233 | 34,358 |
Available for sale, unrealized loss, 12 months or more | (169) | (1,327) |
Available for sale, fair value | 78,947 | 58,773 |
Available for sale, unrealized loss | (701) | (3,006) |
Held to maturity, fair value, less than 12 months | 26,676 | |
Held to maturity, unrecognized loss, less than 12 months | (333) | |
Held to maturity, fair value, 12 months or more | 0 | |
Held to maturity, unrecognized loss, 12 months or more | 0 | |
Held to maturity, fair value | 26,676 | |
Held to maturity, unrecognized loss | (333) | |
US Treasury and Government [Member] | ||
Available for sale, fair value, less than 12 months | 0 | |
Available for sale, unrealized loss, less than 12 months | 0 | |
Available for sale, fair value, 12 months or more | 0 | |
Available for sale, unrealized loss, 12 months or more | 0 | |
Available for sale, fair value | 0 | |
Available for sale, unrealized loss | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 26,676 | |
Held to maturity, unrecognized loss, less than 12 months | (333) | |
Held to maturity, fair value, 12 months or more | 0 | |
Held to maturity, unrecognized loss, 12 months or more | 0 | |
Held to maturity, fair value | 26,676 | |
Held to maturity, unrecognized loss | (333) | |
Residential Mortgage Backed Securities [Member] | ||
Available for sale, fair value, less than 12 months | 33,008 | 4,772 |
Available for sale, unrealized loss, less than 12 months | (488) | (26) |
Available for sale, fair value, 12 months or more | 754 | 0 |
Available for sale, unrealized loss, 12 months or more | (5) | 0 |
Available for sale, fair value | 33,762 | 4,772 |
Available for sale, unrealized loss | (493) | (26) |
Collateralized Loan Obligations [Member] | ||
Available for sale, fair value, less than 12 months | 0 | 8,794 |
Available for sale, unrealized loss, less than 12 months | 0 | (251) |
Available for sale, fair value, 12 months or more | 25,681 | 34,358 |
Available for sale, unrealized loss, 12 months or more | (104) | (1,327) |
Available for sale, fair value | 25,681 | 43,152 |
Available for sale, unrealized loss | (104) | (1,578) |
Corporate Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 16,706 | 10,849 |
Available for sale, unrealized loss, less than 12 months | (44) | (1,402) |
Available for sale, fair value, 12 months or more | 2,798 | 0 |
Available for sale, unrealized loss, 12 months or more | (60) | 0 |
Available for sale, fair value | 19,504 | 10,849 |
Available for sale, unrealized loss | $ (104) | $ (1,402) |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Loans and Leases Receivable, Gross, Total | $ 968,088,000 | $ 968,088,000 | $ 962,081,000 | ||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 96,000 | $ 19,000 | $ 148,000 | $ 87,000 | |||||
Financing Receivable Modifications Percentage of Performing TDRs to Total TDRs | 89.00% | 89.00% | 100.00% | ||||||
Troubled Debt Restructuring Reserve | $ 2,000 | $ 2,000 | $ 2,000 | ||||||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | 0 | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 12,973,000 | $ 11,481,000 | $ 12,973,000 | $ 11,481,000 | $ 12,637,000 | 12,443,000 | $ 10,228,000 | $ 8,376,000 | |
SBA CARES Act Paycheck Protection Program [Member] | |||||||||
Financing Receivable, Deferred Payments | 4,500,000 | 4,500,000 | 15,300,000 | ||||||
Commercial Portfolio Segment [Member] | |||||||||
Loans and Leases Receivable, Gross, Total | [1] | 217,189,000 | 217,189,000 | 208,244,000 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 2,685,000 | 3,031,000 | 2,685,000 | 3,031,000 | 2,304,000 | 2,529,000 | 2,532,000 | 1,710,000 | |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||||||||
Loans and Leases Receivable, Gross, Total | 5,700,000 | 5,700,000 | 20,300,000 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Loans and Leases Receivable, Gross, Total | 452,600,000 | 452,600,000 | 429,582,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,722,000 | $ 5,165,000 | 7,722,000 | $ 5,165,000 | 7,799,000 | 7,050,000 | $ 4,494,000 | $ 4,080,000 | |
Commercial Real Estate Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||||||||
Financing Receivable, Deferred Payments | 4,500,000 | 4,500,000 | $ 4,400,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 2,200,000 | $ 2,200,000 | $ 2,200,000 | ||||||
[1] | Includes SBA Paycheck Protection Program ("PPP") loans of $5.7 million and $20.3 million at September 30, 2021 and December 31, 2020, respectively. |
Note 3 - Loans - Loans (Details
Note 3 - Loans - Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Gross loans | $ 968,088 | $ 962,081 | |
Less: Allowance for loan losses | (12,973) | (12,443) | |
Loans, net | 955,115 | 949,638 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 217,189 | 208,244 |
Less: Allowance for loan losses | (2,685) | (2,529) | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 452,600 | 429,582 | |
Less: Allowance for loan losses | (7,722) | (7,050) | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 75,432 | 92,916 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 69,531 | 70,272 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 307,637 | 266,394 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 222,290 | 250,135 | |
Less: Allowance for loan losses | (1,538) | (1,899) | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 57,346 | 61,180 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 164,944 | 188,955 | |
Consumer Portfolio Segment [Member] | |||
Gross loans | 38,464 | 31,429 | |
Less: Allowance for loan losses | (531) | (361) | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 36,980 | 42,044 | |
Less: Allowance for loan losses | (494) | (600) | |
Other Portfolio Segment [Member] | |||
Gross loans | 565 | 647 | |
Less: Allowance for loan losses | $ (3) | $ (4) | |
[1] | Includes SBA Paycheck Protection Program ("PPP") loans of $5.7 million and $20.3 million at September 30, 2021 and December 31, 2020, respectively. |
Note 3 - Loans - Activity in Al
Note 3 - Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 12,637 | $ 10,228 | $ 12,443 | $ 8,376 |
Provision for loan losses | 300 | 1,350 | 650 | 3,500 |
Loans charged off | (25) | (150) | (280) | (678) |
Recoveries | 61 | 53 | 160 | 283 |
Balance | 12,973 | 11,481 | 12,973 | 11,481 |
Commercial Portfolio Segment [Member] | ||||
Balance | 2,304 | 2,532 | 2,529 | 1,710 |
Provision for loan losses | 371 | 494 | 155 | 1,337 |
Loans charged off | 0 | 0 | (19) | (32) |
Recoveries | 10 | 5 | 20 | 16 |
Balance | 2,685 | 3,031 | 2,685 | 3,031 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 7,799 | 4,494 | 7,050 | 4,080 |
Provision for loan losses | (80) | 665 | 788 | 1,016 |
Loans charged off | 0 | 0 | (129) | (57) |
Recoveries | 3 | 6 | 13 | 126 |
Balance | 7,722 | 5,165 | 7,722 | 5,165 |
Residential Portfolio Segment [Member] | ||||
Balance | 1,646 | 2,146 | 1,899 | 1,743 |
Provision for loan losses | (124) | 13 | (403) | 422 |
Loans charged off | (18) | (17) | (30) | (99) |
Recoveries | 34 | 13 | 72 | 89 |
Balance | 1,538 | 2,155 | 1,538 | 2,155 |
Consumer Portfolio Segment [Member] | ||||
Balance | 385 | 581 | 361 | 485 |
Provision for loan losses | 146 | 104 | 187 | 503 |
Loans charged off | (7) | (131) | (58) | (444) |
Recoveries | 7 | 13 | 41 | 23 |
Balance | 531 | 567 | 531 | 567 |
Agriculture Portfolio Segment [Member] | ||||
Balance | 500 | 472 | 600 | 355 |
Provision for loan losses | (13) | 76 | (76) | 228 |
Loans charged off | 0 | (2) | (44) | (46) |
Recoveries | 7 | 14 | 14 | 23 |
Balance | 494 | 560 | 494 | 560 |
Other Portfolio Segment [Member] | ||||
Balance | 3 | 3 | 4 | 3 |
Provision for loan losses | 0 | (2) | (1) | (6) |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 2 | 0 | 6 |
Balance | $ 3 | $ 3 | $ 3 | $ 3 |
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 | Sep. 30, 2021 | Dec. 31, 2020 | |
Individually evaluated for impairment | $ 2,178 | $ 2,177 | |
Collectively evaluated for impairment | 10,795 | 10,266 | |
Total ending allowance balance | 12,973 | 12,443 | |
Loans individually evaluated for impairment | 6,543 | 6,512 | |
Loans collectively evaluated for impairment | 961,545 | 955,569 | |
Total ending loans balance | 968,088 | 962,081 | |
Commercial Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 2,685 | 2,529 | |
Total ending allowance balance | 2,685 | 2,529 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 217,189 | 208,244 | |
Total ending loans balance | [1] | 217,189 | 208,244 |
Commercial Real Estate Portfolio Segment [Member] | |||
Individually evaluated for impairment | 2,176 | 2,176 | |
Collectively evaluated for impairment | 5,546 | 4,874 | |
Total ending allowance balance | 7,722 | 7,050 | |
Loans individually evaluated for impairment | 5,492 | 5,361 | |
Loans collectively evaluated for impairment | 447,108 | 424,221 | |
Total ending loans balance | 452,600 | 429,582 | |
Residential Portfolio Segment [Member] | |||
Individually evaluated for impairment | 2 | 1 | |
Collectively evaluated for impairment | 1,536 | 1,898 | |
Total ending allowance balance | 1,538 | 1,899 | |
Loans individually evaluated for impairment | 912 | 1,060 | |
Loans collectively evaluated for impairment | 221,378 | 249,075 | |
Total ending loans balance | 222,290 | 250,135 | |
Consumer Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 531 | 361 | |
Total ending allowance balance | 531 | 361 | |
Loans individually evaluated for impairment | 38 | 0 | |
Loans collectively evaluated for impairment | 38,426 | 31,429 | |
Total ending loans balance | 38,464 | 31,429 | |
Agriculture Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 494 | 600 | |
Total ending allowance balance | 494 | 600 | |
Loans individually evaluated for impairment | 101 | 91 | |
Loans collectively evaluated for impairment | 36,879 | 41,953 | |
Total ending loans balance | 36,980 | 42,044 | |
Other Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 3 | 4 | |
Total ending allowance balance | 3 | 4 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 565 | 647 | |
Total ending loans balance | $ 565 | $ 647 | |
[1] | Includes SBA Paycheck Protection Program ("PPP") loans of $5.7 million and $20.3 million at September 30, 2021 and December 31, 2020, respectively. |
Note 3 - Loans - Loans Individu
Note 3 - Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Unpaid principal balance, with no related allowance recorded | $ 4,915 | $ 4,915 | $ 4,721 | ||
Recorded investment, with no related allowance recorded | 2,088 | 2,088 | 2,050 | ||
Average recorded investment, with no related allowance recorded | 1,953 | $ 1,866 | 2,062 | $ 1,844 | |
Interest income recognized, with no related allowance recorded | 112 | 26 | 178 | 112 | |
Unpaid principal balance, with an allowance recorded | 6,563 | 6,563 | 6,571 | ||
Recorded investment, with an allowance recorded | 4,455 | 4,455 | 4,462 | ||
Allowance for loan losses allocated, with an allowance recorded | 2,178 | 2,178 | 2,177 | ||
Average recorded investment, with an allowance recorded | 4,456 | 448 | 4,458 | 391 | |
Interest income recognized, with an allowance recorded | 67 | 4 | 198 | 11 | |
Unpaid principal balance, total | 11,478 | 11,478 | 11,292 | ||
Recorded investment, total | 6,543 | 6,543 | 6,512 | ||
Average recorded investment, total | 6,409 | 2,314 | 6,520 | 2,235 | |
Interest income recognized, total | 179 | 30 | 376 | 123 | |
Commercial Portfolio Segment [Member] | |||||
Unpaid principal balance, with no related allowance recorded | 298 | 298 | 308 | ||
Recorded investment, with no related allowance recorded | 0 | 0 | 0 | ||
Average recorded investment, with no related allowance recorded | 0 | 101 | 0 | 103 | |
Interest income recognized, with no related allowance recorded | 0 | 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 | 6 | |
Interest income recognized, with an allowance recorded | 0 | 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 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 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 | 0 | |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||||
Unpaid principal balance, with no related allowance recorded | 821 | 821 | 555 | ||
Recorded investment, with no related allowance recorded | 640 | 640 | 456 | ||
Average recorded investment, with no related allowance recorded | 616 | 292 | 596 | 294 | |
Interest income recognized, with no related allowance recorded | 26 | 1 | 26 | 14 | |
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 | 282 | 0 | 247 | |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 | 4 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||||
Unpaid principal balance, with no related allowance recorded | 1,306 | 1,306 | 1,323 | ||
Recorded investment, with no related allowance recorded | 496 | 496 | 549 | ||
Average recorded investment, with no related allowance recorded | 492 | 494 | 517 | 489 | |
Interest income recognized, with no related allowance recorded | 12 | 13 | 39 | 31 | |
Unpaid principal balance, with an allowance recorded | 6,464 | 6,464 | 6,465 | ||
Recorded investment, with an allowance recorded | 4,356 | 4,356 | 4,356 | ||
Allowance for loan losses allocated, with an allowance recorded | 2,176 | 2,176 | 2,176 | ||
Average recorded investment, with an allowance recorded | 4,356 | 75 | 4,356 | 38 | |
Interest income recognized, with an allowance recorded | 66 | 0 | 196 | 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 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 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 | 0 | |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 | 0 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||||
Unpaid principal balance, with no related allowance recorded | 1,733 | 1,733 | 1,883 | ||
Recorded investment, with no related allowance recorded | 813 | 813 | 954 | ||
Average recorded investment, with no related allowance recorded | 716 | 963 | 829 | 879 | |
Interest income recognized, with no related allowance recorded | 74 | 10 | 112 | 64 | |
Unpaid principal balance, with an allowance recorded | 99 | 99 | 106 | ||
Recorded investment, with an allowance recorded | 99 | 99 | 106 | ||
Allowance for loan losses allocated, with an allowance recorded | 2 | 2 | 1 | ||
Average recorded investment, with an allowance recorded | 100 | 91 | 102 | 100 | |
Interest income recognized, with an allowance recorded | 1 | 4 | 2 | 7 | |
Consumer Portfolio Segment [Member] | |||||
Unpaid principal balance, with no related allowance recorded | 298 | 298 | 259 | ||
Recorded investment, with no related allowance recorded | 38 | 38 | 0 | ||
Average recorded investment, with no related allowance recorded | 28 | 16 | 21 | 68 | |
Interest income recognized, with no related allowance recorded | 0 | 2 | 1 | 3 | |
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 | 0 | |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 | 0 | |
Agriculture Portfolio Segment [Member] | |||||
Unpaid principal balance, with no related allowance recorded | 459 | 459 | 393 | ||
Recorded investment, with no related allowance recorded | 101 | 101 | 91 | ||
Average recorded investment, with no related allowance recorded | 101 | 0 | 99 | 11 | |
Interest income recognized, with no related allowance recorded | 0 | 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 | 0 | |
Interest income recognized, with an allowance recorded | 0 | 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 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 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 | 0 | |
Interest income recognized, with an allowance recorded | $ 0 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Troubled debt restructuring | $ 628 | $ 480 |
Nonfarm Nonresidential [Member] | Commercial Real Estate [Member] | ||
Troubled debt restructuring | 349 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Troubled debt restructuring | 374 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 279 | 106 |
Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 561 | 480 |
Performing Financial Instruments [Member] | Nonfarm Nonresidential [Member] | Commercial Real Estate [Member] | ||
Troubled debt restructuring | 349 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 374 | |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 212 | 106 |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | 67 | 0 |
Nonperforming Financial Instruments [Member] | Nonfarm Nonresidential [Member] | Commercial Real Estate [Member] | ||
Troubled debt restructuring | 0 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Troubled debt restructuring | 0 | |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | $ 67 | $ 0 |
Note 3 - Loans - Troubled Debt
Note 3 - Loans - Troubled Debt Restructuring Postmodification (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Troubled debt restructuring, Postmodification | $ 180 |
Performing Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 180 |
Nonperforming Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |
Troubled debt restructuring, Postmodification | 180 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Performing Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | 180 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | Nonperforming Financial Instruments [Member] | |
Troubled debt restructuring, Postmodification | $ 0 |
Note 3 - Loans - Aging of Recor
Note 3 - Loans - Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Gross loans | $ 968,088 | $ 962,081 | |
Nonaccrual | 1,627 | 1,676 | |
Total past due and nonaccrual | 2,399 | 3,585 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 630 | 1,537 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 142 | 372 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 217,189 | 208,244 |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 79 | 20 | |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 68 | 20 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 11 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 452,600 | 429,582 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 75,432 | 92,916 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 69,531 | 70,272 | |
Nonaccrual | 640 | 456 | |
Total past due and nonaccrual | 733 | 834 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 307,637 | 266,394 | |
Nonaccrual | 147 | 175 | |
Total past due and nonaccrual | 254 | 201 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Farmland Loans [Member] | |||
Gross loans | 93 | 325 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 107 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Farmland Loans [Member] | |||
Gross loans | 0 | 53 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 0 | 26 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Farmland Loans [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 222,290 | 250,135 | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 57,346 | 61,180 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 0 | 0 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 164,944 | 188,955 | |
Nonaccrual | 700 | 954 | |
Total past due and nonaccrual | 1,111 | 2,281 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Multifamily Loans [Member] | |||
Gross loans | 0 | 0 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 311 | 1,110 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Multifamily Loans [Member] | |||
Gross loans | 0 | 0 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 100 | 217 | |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Multifamily Loans [Member] | |||
Gross loans | 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] | |||
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Gross loans | 38,464 | 31,429 | |
Nonaccrual | 39 | 0 | |
Total past due and nonaccrual | 116 | 108 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 51 | 59 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 26 | 49 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 36,980 | 42,044 | |
Nonaccrual | 101 | 91 | |
Total past due and nonaccrual | 106 | 141 | |
Agriculture Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 0 | 23 | |
Agriculture Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 5 | 27 | |
Agriculture Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Other Portfolio Segment [Member] | |||
Gross loans | 565 | 647 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 0 | 0 | |
Other Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Other Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Other Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | $ 0 | $ 0 | |
[1] | Includes SBA Paycheck Protection Program ("PPP") loans of $5.7 million and $20.3 million at September 30, 2021 and December 31, 2020, respectively. |
Note 3 - Loans - Risk Category
Note 3 - Loans - Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Gross loans | $ 968,088 | $ 962,081 | |
Pass [Member] | |||
Gross loans | 945,396 | 926,025 | |
Watch [Member] | |||
Gross loans | 3,407 | 18,879 | |
Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Substandard [Member] | |||
Gross loans | 19,285 | 17,177 | |
Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 217,189 | 208,244 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 209,155 | 201,240 | |
Commercial Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 144 | 192 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 7,890 | 6,812 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 452,600 | 429,582 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 75,432 | 92,916 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 69,531 | 70,272 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 307,637 | 266,394 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | |||
Gross loans | 75,432 | 92,916 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Farmland Loans [Member] | |||
Gross loans | 66,499 | 65,556 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 300,733 | 258,665 | |
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 | 193 | 3,714 | |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 906 | 1,605 | |
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 | 2,839 | 1,002 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 5,998 | 6,124 | |
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 | 222,290 | 250,135 | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 57,346 | 61,180 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 164,944 | 188,955 | |
Residential Portfolio Segment [Member] | Pass [Member] | Multifamily Loans [Member] | |||
Gross loans | 57,346 | 50,732 | |
Residential Portfolio Segment [Member] | Pass [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 160,443 | 183,379 | |
Residential Portfolio Segment [Member] | Watch [Member] | Multifamily Loans [Member] | |||
Gross loans | 0 | 10,448 | |
Residential Portfolio Segment [Member] | Watch [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 2,133 | 2,831 | |
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 | 2,368 | 2,745 | |
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 | 38,464 | 31,429 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 38,403 | 31,387 | |
Consumer Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 1 | 3 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 60 | 39 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 36,980 | 42,044 | |
Agriculture Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 36,820 | 41,503 | |
Agriculture Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 30 | 86 | |
Agriculture Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 130 | 455 | |
Agriculture Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Other Portfolio Segment [Member] | |||
Gross loans | 565 | 647 | |
Other Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 565 | 647 | |
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 SBA Paycheck Protection Program ("PPP") loans of $5.7 million and $20.3 million at September 30, 2021 and December 31, 2020, respectively. |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 22 years | 22 years | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.18% | 4.18% | ||||
Operating Lease, Expense | $ 78,000 | $ 133,000 | $ 326,000 | $ 389,000 | ||
Forecast [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 2,300,000 | |||||
Operating Lease, Liability, Total | $ 2,300,000 | |||||
Premises and Equipment [Member] | ||||||
Operating Lease, Right-of-Use Asset | 5,400,000 | 5,400,000 | $ 2,500,000 | |||
Other Liabilities [Member] | ||||||
Operating Lease, Liability, Total | $ 5,431,000 | $ 5,431,000 | $ 2,500,000 |
Note 4 - Leases - Future Minimu
Note 4 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
October – December 2021 | $ 110 | |
2022 | 363 | |
2023 | 366 | |
2024 | 365 | |
2025 | 342 | |
Thereafter | 7,471 | |
Total minimum lease payments | 9,017 | |
Discount effect of cash flows | (3,586) | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 5,431 | $ 2,500 |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
One- to Four-family Residential Properties [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 110,000 | $ 35,000 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned - Major Categories of OREO (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other real estate owned, gross | $ 0 | $ 1,765 |
Commercial Real Estate Portfolio Segment [Member] | Construction, Land Development, and Other Land Loans [Member] | ||
Other real estate owned, gross | $ 0 | $ 1,765 |
Note 5 - Other Real Estate Ow_5
Note 5 - Other Real Estate Owned - Activity Relating to Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
OREO | $ 1,765 | $ 3,225 | ||
Real estate acquired | 0 | 0 | ||
Valuation adjustment write-downs | $ 0 | $ 0 | 0 | 0 |
Gain on sale of other real estate owned | 0 | 0 | 191 | 0 |
Proceeds from sales of properties | (1,956) | (1,600) | ||
OREO | $ 0 | $ 1,625 | $ 0 | $ 1,625 |
Note 5 - Other Real Estate Ow_6
Note 5 - Other Real Estate Owned - Expenses Related to Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Valuation adjustment write-downs | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expense | 0 | 20 | 13 | 58 |
Total | $ 0 | $ 20 | $ 13 | $ 58 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 6,252,000 | $ 6,252,000 | $ 6,252,000 | ||
Amortization of Intangible Assets, Total | $ 64,000 | $ 64,000 | $ 192,000 | $ 192,000 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill, Gross | $ 6,252 | $ 6,252 |
Accumulated Amortization | 447 | 256 |
Total, Gross | 8,752 | 8,752 |
Core Deposits [Member] | ||
Core deposit intangibles, Gross | 2,500 | 2,500 |
Accumulated Amortization | $ 447 | $ 256 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Expected Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Sep. 30, 2021USD ($) |
October 2021 – December 2021 | $ 64 |
2022 | 256 |
2023 | 256 |
2024 | 256 |
2025 | 256 |
Thereafter | 965 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,053 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 38.1 | $ 50.7 |
Note 7 - Deposits - Deposit Bal
Note 7 - Deposits - Deposit Balances by Category (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Non-interest bearing | $ 266,035 | $ 243,022 |
Interest checking | 239,923 | 190,625 |
Money market | 198,470 | 175,785 |
Savings | 163,018 | 142,623 |
Certificates of deposit | 280,545 | 367,552 |
Total | $ 1,147,991 | $ 1,119,607 |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Year 1 | $ 167,083 |
Year 2 | 59,085 |
Year 3 | 22,854 |
Year 4 | 23,371 |
Year 5 | 7,585 |
Thereafter | 567 |
Time Deposits, Total | $ 280,545 |
Note 8 - Advances From the Fe_3
Note 8 - Advances From the Federal Home Loan Bank (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 0.77% | 0.75% |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 0 | $ 0 |
Long-term Federal Home Loan Bank Advances, Total | 20,000 | 20,000 |
Correspondent Financial Institutions Advances General Debt Obligations Disclosures Amount Of Available Unused Funds | 68,600 | |
First Mortgage Loans [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 115,700 | 133,700 |
SBA CARES Act Paycheck Protection Program [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 5,700 | $ 20,300 |
Note 8 - Advances From the Fe_4
Note 8 - Advances From the Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Short term advances | $ 0 | $ 623 |
Long term advances (fixed rate 0.77%) maturing February 2030 | 20,000 | 20,000 |
Total advances from the Federal Home Loan Bank | $ 20,000 | $ 20,623 |
Note 8 - Advances From the Fe_5
Note 8 - Advances From the Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) (Parentheticals) | Sep. 30, 2021 | Dec. 31, 2020 |
Long term advances from the FHLB, fixed rate | 0.77% | 0.77% |
Note 8 - Advances From the Fe_6
Note 8 - Advances From the Federal Home Loan Bank - Principal Payments on Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Year 1 | $ 0 | |
Year 2 | 0 | |
Year 3 | 0 | |
Year 4 | 0 | |
Year 5 | 0 | |
Thereafter | 20,000 | |
Advances from Federal Home Loan Banks, Total | $ 20,000 | $ 20,623 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) | 60 Months Ended | ||
Jul. 31, 2029 | Sep. 30, 2021 | Jul. 23, 2019 | |
Number of Consecutive Quarterly Periods to Defer Interest Payments Without Default or Penalty | 20 | ||
Subordinated Capital Note [Member] | |||
Debt Instrument, Fixed Rate for First Five Years | 5.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Effective Interest Rate of Index Subordinated Borrowing Is Tied To | 0.13% | ||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Capital Note [Member] | Forecast [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.95% |
Note 9 - Borrowings - Junior Su
Note 9 - Borrowings - Junior Subordinated Debentures (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Junior subordinated debentures | $ 21,000,000 | $ 21,000,000 | |
Payable to Ascencia Statutory Trust I [Member] | |||
Issuance Date | Feb. 13, 2004 | ||
Junior subordinated debentures | $ 3,000,000 | ||
Maturity Date | [1] | Feb. 13, 2034 | |
Payable to Ascencia Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 2.85% | |
Payable to Porter Statutory Trust II [Member] | |||
Issuance Date | Feb. 13, 2004 | ||
Junior subordinated debentures | $ 5,000,000 | ||
Maturity Date | [1] | Feb. 13, 2034 | |
Payable to Porter Statutory Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 2.85% | |
Payable to Porter Statutory Trust III [Member] | |||
Issuance Date | Apr. 15, 2004 | ||
Junior subordinated debentures | $ 3,000,000 | ||
Maturity Date | [1] | Apr. 15, 2034 | |
Payable to Porter Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 2.79% | |
Payable to Porter Statutory Trust IV [Member] | |||
Issuance Date | Dec. 14, 2006 | ||
Junior subordinated debentures | $ 10,000,000 | ||
Maturity Date | [1] | Mar. 1, 2037 | |
Payable to Porter Statutory Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest Rate | [2] | 1.67% | |
[1] | The debentures are callable at the Company’s option at their principal amount plus accrued interest. | ||
[2] | As of September 30, 2021, the 3-month LIBOR was 0.13%. |
Note 10 - Fair Values Measure_3
Note 10 - Fair Values Measurement (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 4,455,000 | $ 4,455,000 | $ 4,462,000 | ||
Impaired Financing Receivable, Related Allowance | 2,178,000 | 2,178,000 | 2,177,000 | ||
Impaired Loans [Member] | |||||
Impaired Financing Receivable, Related Allowance | 2,200,000 | $ 171,000 | 2,200,000 | $ 171,000 | 2,200,000 |
Impaired Financing Receivable Provision for Loan Losses | 0 | 147,000 | 1,000 | 129,000 | |
Impaired Loans [Member] | Measured for Impairment Using Fair Value of Collateral [Member] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 4,500,000 | $ 527,000 | $ 4,500,000 | $ 527,000 | $ 4,500,000 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Impaired Loans, Measurement Input | 0.10 | 0.10 | |||
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Impaired Loans, Measurement Input | 0.33 | 0.33 | |||
Measurement Input, Estimated Discount for Cost to Sell [Member] | Minimum [Member] | |||||
Impaired Loans, Measurement Input | 0.06 | 0.06 | |||
Measurement Input, Estimated Discount for Cost to Sell [Member] | Maximum [Member] | |||||
Impaired Loans, Measurement Input | 0.10 | 0.10 | |||
Routine Real Estate Collateral [Member] | Measurement Input, Discount Rate [Member] | |||||
Impaired Loans, Measurement Input | 0.10 | 0.10 | |||
Thin Trading Market or Specialized Collateral [Member] | Measurement Input, Discount Rate [Member] | |||||
Impaired Loans, Measurement Input | 0.40 | 0.40 |
Note 10 - Fair Values Measure_4
Note 10 - Fair Values Measurement - Financial Assets Measured at the Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities available for sale | $ 203,548 | $ 203,862 |
Recorded investment, total | 6,543 | 6,512 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 203,548 | 203,862 |
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 | 192,194 | 189,558 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 11,354 | 14,304 |
US Treasury and Government [Member] | ||
Securities available for sale | 27,084 | 19,617 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 27,084 | 19,617 |
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 | 27,084 | 19,617 |
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] | Residential Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Recorded investment, total | 2,180 | 2,180 |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Recorded investment, total | 97 | 105 |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Recorded investment, total | 0 | 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] | Residential Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Recorded investment, total | 0 | 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] | Residential Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | ||
Recorded investment, total | 2,180 | 2,180 |
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 | 97 | 105 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale | 86,370 | 74,333 |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 86,370 | 74,333 |
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 | 86,370 | 74,333 |
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 | 50,130 | 43,152 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 50,130 | 43,152 |
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 | 47,636 | 40,764 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 2,494 | 2,388 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 36,055 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 36,055 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 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 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | |
Corporate Debt Securities [Member] | ||
Securities available for sale | 39,964 | 30,705 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 39,964 | 30,705 |
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 | 31,104 | 18,789 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 8,860 | $ 11,916 |
Note 10 - Fair Values Measure_5
Note 10 - Fair Values Measurement - Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Collateralized Debt Obligations [Member] | |
Balance of recurring Level 3 assets at January 1, 2021 | $ 2,388 |
Included in earnings | 0 |
Included in other comprehensive income | 106 |
Calls | 0 |
Transfers into Level 3 | 0 |
Balance of recurring Level 3 assets at September 30, 2021 | 2,494 |
Corporate Debt Securities [Member] | |
Balance of recurring Level 3 assets at January 1, 2021 | 11,916 |
Included in earnings | 465 |
Included in other comprehensive income | 1,479 |
Calls | (5,000) |
Transfers into Level 3 | 0 |
Balance of recurring Level 3 assets at September 30, 2021 | $ 8,860 |
Note 10 - Fair Values Measure_6
Note 10 - Fair Values Measurement - Recurring Level 3 Fair Value Measurements (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | 3.27 | 3.81 |
Collateralized Debt Obligations [Member] | ||
Fair value | $ 2,494 | $ 2,388 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | ||
Fair value | $ 2,494 | $ 2,388 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Debt securities, measurement input | 0 | 0 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Additional Asset Defaults [Member] | ||
Debt securities, measurement input | ||
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Additional Asset Defaults [Member] | Minimum [Member] | ||
Debt securities, measurement input | 0.01 | 0.02 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Additional Asset Defaults [Member] | Maximum [Member] | ||
Debt securities, measurement input | 0.01 | 0.02 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Additional Asset Defaults [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | ||
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Asset Recoveries [Member] | Minimum [Member] | ||
Debt securities, measurement input | 0.49 | 0.49 |
Collateralized Debt Obligations [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Asset Recoveries [Member] | Maximum [Member] | ||
Debt securities, measurement input | 0.49 | 0.49 |
Corporate Debt Securities [Member] | ||
Fair value | $ 8,860 | $ 11,916 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | ||
Fair value | $ 8,860 | $ 11,916 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Debt securities, measurement input | 0 | 0 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Minimum [Member] | ||
Debt securities, measurement input | 2.80 | 3.22 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Maximum [Member] | ||
Debt securities, measurement input | 4.50 | 4.97 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Indicative Broker Bid [Member] | Minimum [Member] | ||
Debt securities, measurement input | 0.80 | 0.72 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Indicative Broker Bid [Member] | Maximum [Member] | ||
Debt securities, measurement input | 1.05 | 1.07 |
Corporate Debt Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Recurring [Member] | Measurement Input, Indicative Broker Bid [Member] | Weighted Average [Member] | ||
Debt securities, measurement input | 0.88 | 0.80 |
Note 10 - Fair Values Measure_7
Note 10 - Fair Values Measurement - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Total | $ 203,548 | $ 203,862 |
Securities held to maturity | 47,407 | |
Subordinated capital notes | 26,505 | 25,207 |
Securities available for sale | 203,548 | 203,862 |
Subordinated capital notes | 26,505 | 25,207 |
Fair Value, Inputs, Level 3 [Member] | ||
Junior subordinated debentures | 16,194 | |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 58,488 | 67,693 |
Debt Securities, Available-for-sale, Total | 203,548 | 203,862 |
Securities held to maturity | 47,539 | |
Federal Home Loan Bank stock | 5,116 | 5,887 |
Loans, net | 955,115 | 949,638 |
Accrued interest receivable | 3,920 | 4,444 |
Deposits | 1,147,991 | 1,119,607 |
Federal Home Loan Bank advances | 20,000 | 20,623 |
Junior subordinated debentures | 21,000 | 21,000 |
Subordinated capital notes | 25,000 | 25,000 |
Accrued interest payable | 408 | 859 |
Securities available for sale | 203,548 | 203,862 |
Subordinated capital notes | 25,000 | 25,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 58,488 | 67,693 |
Debt Securities, Available-for-sale, Total | 203,548 | 203,862 |
Loans, net | 949,609 | 941,330 |
Accrued interest receivable | 3,920 | 4,444 |
Deposits | 1,149,443 | 1,121,331 |
Federal Home Loan Bank advances | 20,094 | 20,665 |
Junior subordinated debentures | 19,297 | |
Accrued interest payable | 408 | 859 |
Securities available for sale | 203,548 | 203,862 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 58,488 | 67,693 |
Debt Securities, Available-for-sale, Total | 0 | 0 |
Securities held to maturity | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 266,035 | 243,022 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Securities available for sale | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Debt Securities, Available-for-sale, Total | 192,194 | 189,558 |
Securities held to maturity | 47,407 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 987 | 925 |
Deposits | 883,408 | 878,309 |
Federal Home Loan Bank advances | 20,094 | 20,665 |
Junior subordinated debentures | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Accrued interest payable | 142 | 231 |
Securities available for sale | 192,194 | 189,558 |
Subordinated capital notes | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Debt Securities, Available-for-sale, Total | 11,354 | 14,304 |
Securities held to maturity | 0 | |
Loans, net | 949,609 | 941,330 |
Accrued interest receivable | 2,933 | 3,519 |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 19,297 | 16,194 |
Subordinated capital notes | 26,505 | 25,207 |
Accrued interest payable | 266 | 628 |
Securities available for sale | 11,354 | 14,304 |
Subordinated capital notes | $ 26,505 | $ 25,207 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 10, 2015 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | $ 0 | $ 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 | ||||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards, Total | 87,300 | $ 87,300 | |||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Total | $ 30,800 | $ 30,800 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carry-forward | $ 19,552 | $ 22,012 |
Allowance for loan losses | 3,237 | 3,104 |
OREO write-down | 0 | 914 |
Net assets from acquisitions | 0 | 72 |
New market tax credit carry-forward | 208 | 208 |
Nonaccrual loan interest | 316 | 315 |
Accrued expenses | 140 | 131 |
Lease liability | 1,355 | 618 |
Other | 402 | 332 |
Deferred Tax Assets, Gross, Total | 25,210 | 27,706 |
Deferred tax liabilities: | ||
FHLB stock dividends | 415 | 478 |
Fixed assets | 73 | 71 |
Deferred loan costs | 169 | 172 |
Net unrealized gain on securities | 834 | 585 |
Lease right-of-use assets | 1,355 | 618 |
Net assets from acquisitions | 63 | 0 |
Other | 140 | 68 |
Deferred Tax Liabilities, Gross, Total | 3,049 | 1,992 |
Net deferred tax asset | $ 22,161 | $ 25,714 |
Note 12 - Stock Plans and Sto_3
Note 12 - Stock Plans and Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Nonvested Intrinsic Value1 | $ 1,500,000 | $ 1,500,000 | ||||
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) | $ 13.52 | |||||
Share-based Payment Arrangement, Expense | 214,000 | $ 188,000 | $ 515,000 | $ 398,000 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 54,000 | $ 39,000 | $ 129,000 | $ 84,000 | ||
2018 Omnibus Equity Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 158,553 | 158,553 | ||||
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) | $ 13.52 | $ 15.33 | ||||
2018 Omnibus Equity Compensation Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
2018 Omnibus Equity Compensation Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 7 years | |||||
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 12 - Stock Plans and Sto_4
Note 12 - Stock Plans and Stock Based Compensation - Unvested Share Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Granted, weighted average grant price (in dollars per share) | $ 13.52 | |
2018 Omnibus Equity Compensation Plan [Member] | ||
Outstanding, beginning (in shares) | 47,438 | 57,774 |
Outstanding, weighted average grant price (in dollars per share) | $ 15.34 | $ 13.35 |
Granted (in shares) | 110,024 | 34,858 |
Granted, weighted average grant price (in dollars per share) | $ 13.52 | $ 15.33 |
Vested (in shares) | (24,251) | (43,836) |
Vested, weighted average grant price (in dollars per share) | $ 14.96 | $ 12.69 |
Forfeited (in shares) | (399) | (1,358) |
Forfeited, weighted average grant price (in dollars per share) | $ 14.14 | $ 15.95 |
Outstanding, ending (in shares) | 132,812 | 47,438 |
Outstanding, weighted average grant price (in dollars per share) | $ 13.90 | $ 15.34 |
Note 12 - Stock Plans and Sto_5
Note 12 - Stock Plans and Stock Based Compensation - Unrecognized Stock Based Compensation Expense Related to Unvested Shares (Details) $ in Thousands | Sep. 30, 2021USD ($) |
October 2021 – December 2021 | $ 213 |
2022 | 396 |
2023 | 279 |
2024 | 137 |
2025 | 130 |
Thereafter | $ 266 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares shares in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 4,341 | $ 3,901 | $ 3,222 | $ 2,066 | $ 1,982 | $ 1,840 | $ 11,464 | $ 5,888 |
Earnings allocated to unvested shares | 76 | 16 | 169 | 47 | ||||
Net income available to common shareholders, basic and diluted | $ 4,265 | $ 2,050 | $ 11,295 | $ 5,841 | ||||
Weighted average common shares including unvested common shares outstanding (in shares) | 7,602,686 | 7,499,223 | 7,591,800 | 7,489,795 | ||||
Weighted average shares outstanding (in shares) | 7,469,613 | 7,442,285 | 7,480,010 | 7,430,644 | ||||
Basic and diluted income per common share (in dollars per share) | $ 0.57 | $ 0.28 | $ 1.51 | $ 0.79 | ||||
Unvested Shares [Member] | ||||||||
Weighted average shares outstanding (in shares) | 133,073 | 56,938 | 111,790 | 59,151 |
Note 14 - Regulatory Capital _3
Note 14 - Regulatory Capital Matters (Details Textual) | Sep. 30, 2021 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier One Risk-Based Capital, Actual | 0.07 |
Banking Regulation, Capital Conservation Buffer, Tier One Risk-Based Capital, Actual | 0.085 |
Banking Regulation, Capital Conservation Buffer, Tier One Risk-Based Capital, Actual | 0.105 |
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 | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Total risk-based capital to risk-weighted assets, actual amount | $ 159,757 | $ 142,449 |
Total risk-based capital to risk-weighted assets, actual ratio | 0.1380 | 0.1320 |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 92,636 | $ 86,302 |
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 | $ 115,796 | $ 107,878 |
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 | $ 146,784 | $ 130,006 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), actual ratio | 0.1268 | 0.1205 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), for capital adequacy purposes, amount | $ 52,108 | $ 48,545 |
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 | $ 75,267 | $ 70,120 |
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 | $ 146,784 | $ 130,006 |
Tier I capital to risk-weighted assets, actual ratio | 0.1268 | 0.1205 |
Tier I capital to risk-weighted assets, for capital adequacy purposes, amount | $ 69,477 | $ 64,727 |
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 | $ 92,636 | $ 86,302 |
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 | $ 146,784 | $ 130,006 |
Tier 1 capital (to average assets), actual ratio | 0.1096 | 0.1021 |
Tier 1 capital (to average assets), for capital adequacy purposes, amount | $ 53,561 | $ 50,908 |
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 | $ 66,952 | $ 63,636 |
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 ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
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 | 108,000 | $ 188,000 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fixed Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 88,655 | $ 20,990 |
Fixed Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 11,470 | 5,964 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 785 | 175 |
Variable Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 48,604 | 17,466 |
Variable Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 108,260 | 144,790 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 345 | $ 1,342 |
Note 16 - Revenue From Contra_2
Note 16 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Transaction Based Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 162,000 | $ 124,000 | $ 460,000 | $ 409,000 |