Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001358356 | ||
Entity Registrant Name | LIMESTONE BANCORP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-33033 | ||
Entity Incorporation, State or Country Code | KY | ||
Entity Tax Identification Number | 61-1142247 | ||
Entity Address, Address Line One | 2500 Eastpoint Parkway | ||
Entity Address, City or Town | Louisville | ||
Entity Address, State or Province | KY | ||
Entity Address, Postal Zip Code | 40223 | ||
City Area Code | 502 | ||
Local Phone Number | 499-4800 | ||
Title of 12(b) Security | Common shares | ||
Trading Symbol | LMST | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 96,526,944 | ||
Entity Common Stock, Shares Outstanding | 6,629,402 | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Louisville, Kentucky |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 7,159,000 | $ 10,493,000 |
Interest bearing deposits in banks | 37,476,000 | 67,110,000 |
Cash and cash equivalents | 44,635,000 | 77,603,000 |
Securities available for sale | 180,173,000 | 214,213,000 |
Securities held to maturity (fair value of $34,896 and $46,280, respectively) | 43,282,000 | 46,460,000 |
Loans, net of allowance of $13,030 and $11,531, respectively | 1,098,824,000 | 990,309,000 |
Premises and equipment, net | 22,103,000 | 21,575,000 |
Premises held for sale | 0 | 310,000 |
Federal Home Loan Bank stock | 5,176,000 | 5,116,000 |
Bank owned life insurance | 31,132,000 | 23,946,000 |
Deferred taxes, net | 21,283,000 | 21,583,000 |
Goodwill | 6,252,000 | 6,252,000 |
Other intangible assets, net | 1,733,000 | 1,989,000 |
Accrued interest receivable and other assets | 7,862,000 | 6,336,000 |
Total assets | 1,462,455,000 | 1,415,692,000 |
Deposits | ||
Non-interest bearing | 268,954,000 | 274,083,000 |
Interest bearing | 931,830,000 | 934,585,000 |
Total deposits | 1,200,784,000 | 1,208,668,000 |
Federal Home Loan Bank advances | 70,000,000 | 20,000,000 |
Accrued interest payable and other liabilities | 11,813,000 | 10,065,000 |
Junior subordinated debentures | 21,000,000 | 21,000,000 |
Subordinated capital notes | 25,000,000 | 25,000,000 |
Total liabilities | 1,328,597,000 | 1,284,733,000 |
Commitments and contingent liabilities (Note 15) | 0 | 0 |
Stockholders’ equity | ||
Common stock, no par, 39,000,000 shares authorized, 6,638,633 and 6,594,749 voting, and 1,000,000 and 1,000,000 non-voting shares issued and outstanding, respectively | 140,639,000 | 140,639,000 |
Additional paid-in capital | 26,312,000 | 25,625,000 |
Retained deficit | (14,954,000) | (31,769,000) |
Accumulated other comprehensive loss | (18,139,000) | (3,536,000) |
Total common stockholders’ equity | 133,858,000 | 130,959,000 |
Total liabilities and stockholders’ equity | $ 1,462,455,000 | $ 1,415,692,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities held to maturity, fair value | $ 34,896 | $ 46,280 |
Loans, allowance | $ 13,030 | $ 11,531 |
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) | 6,638,633 | 6,594,749 |
Common stock, shares outstanding (in shares) | 6,638,633 | 6,594,749 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | |||
Loans, including fees | $ 50,332 | $ 44,445 | $ 45,093 |
Taxable securities | 6,165 | 4,612 | 5,042 |
Tax exempt securities | 660 | 643 | 370 |
Federal funds sold and other | 653 | 215 | 248 |
Interest and Dividend Income, Operating, Total | 57,810 | 49,915 | 50,753 |
Interest expense | |||
Deposits | 5,202 | 3,518 | 7,796 |
Federal Home Loan Bank advances | 1,162 | 154 | 371 |
Senior debt | 0 | 0 | 119 |
Junior subordinated debentures | 867 | 521 | 660 |
Subordinated capital notes | 1,501 | 1,500 | 1,206 |
Interest Expense, Total | 8,732 | 5,693 | 10,152 |
Net interest income | 49,078 | 44,222 | 40,601 |
Provision for loan losses | 80 | 1,150 | 4,400 |
Net interest income after provision for loan losses | 48,998 | 43,072 | 36,201 |
Non-interest income | |||
Income from bank owned life insurance | 706 | 526 | 424 |
Gain on sale of other real estate owned | 0 | 191 | 0 |
Gain (loss) on sales and calls of securities, net | (3) | 460 | (5) |
Gain on sale of premises held for sale | 163 | 0 | 0 |
Other | 958 | 890 | 781 |
Noninterest Income, Total | 8,877 | 8,439 | 6,844 |
Non-interest expense | |||
Salaries and employee benefits | 19,021 | 18,132 | 17,751 |
Occupancy and equipment | 4,201 | 4,041 | 4,001 |
Deposit account related expense | 2,249 | 2,158 | 1,890 |
Data processing expense | 1,591 | 1,512 | 1,502 |
Professional fees | 818 | 952 | 937 |
Marketing expense | 605 | 727 | 629 |
FDIC insurance | 360 | 405 | 229 |
Deposit and state franchise tax | 396 | 375 | 1,475 |
Communications expense | 419 | 681 | 856 |
Insurance expense | 420 | 415 | 428 |
Postage and delivery | 622 | 605 | 627 |
Merger expenses | 691 | 0 | 0 |
Other | 2,364 | 1,968 | 2,091 |
Noninterest Expense, Total | 33,757 | 31,971 | 32,416 |
Income before income taxes | 24,118 | 19,540 | 10,629 |
Income tax expense | 5,776 | 4,631 | 1,624 |
Net income | $ 18,342 | $ 14,909 | $ 9,005 |
Basic and diluted income per common share (in dollars per share) | $ 2.40 | $ 1.96 | $ 1.20 |
Deposit Account [Member] | |||
Non-interest income | |||
Non-interest income revenue | $ 2,775 | $ 2,256 | $ 2,268 |
Debit Card [Member] | |||
Non-interest income | |||
Non-interest income revenue | $ 4,278 | $ 4,116 | $ 3,376 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 18,342 | $ 14,909 | $ 9,005 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) arising during the period | (19,197) | 25 | 1,012 |
Amortization during period of net unrealized gain transferred to held to maturity | (264) | (346) | 0 |
Less reclassification adjustment for gains (losses) included in net income | (3) | 460 | (5) |
Net unrealized gain (loss) recognized in comprehensive income | (19,458) | (781) | 1,017 |
Tax effect | 4,855 | 195 | (253) |
Other comprehensive income (loss) | (14,603) | (586) | 764 |
Comprehensive income | $ 3,739 | $ 14,323 | $ 9,769 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | 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 | $ 140,639,000 | $ 24,508,000 | $ (55,683,000) | $ (3,714,000) | $ 105,750,000 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 28,248 | 0 | 28,248 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (75,000) | 0 | 0 | (75,000) | ||
Forfeited unvested stock (in shares) | (1,358) | 0 | (1,358) | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 580,000 | 0 | 0 | 580,000 | ||
Non-voting shares converted to voting | $ 220,000 | $ (220,000) | 0 | ||||
Net income | 0 | 0 | 9,005,000 | 0 | 9,005,000 | ||
Net change in accumulated other comprehensive income, net of taxes | $ 0 | 0 | 0 | 764,000 | 764,000 | ||
Balances (in shares) at Dec. 31, 2020 | 6,498,865 | 1,000,000 | 7,498,865 | ||||
Balances at Dec. 31, 2020 | $ 140,639,000 | 25,013,000 | (46,678,000) | (2,950,000) | 116,024,000 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 104,220 | 0 | 104,220 | ||||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (87,000) | 0 | 0 | (87,000) | ||
Forfeited unvested stock (in shares) | (8,336) | 0 | (8,336) | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 699,000 | 0 | 0 | 699,000 | ||
Net income | 0 | 0 | 14,909,000 | 0 | 14,909,000 | ||
Net change in accumulated other comprehensive income, net of taxes | $ 0 | 0 | 0 | (586,000) | (586,000) | ||
Balances (in shares) at Dec. 31, 2021 | 6,594,749 | 1,000,000 | 7,594,749 | ||||
Balances at Dec. 31, 2021 | $ 140,639,000 | 25,625,000 | (31,769,000) | (3,536,000) | 130,959,000 | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting | $ 0 | (197,000) | 0 | 0 | (197,000) | ||
Forfeited unvested stock (in shares) | (10,509) | 0 | (10,509) | ||||
Forfeited unvested stock | $ 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation expense | 0 | 884,000 | 0 | 0 | 884,000 | ||
Net income | 0 | 0 | 18,342,000 | 0 | 18,342,000 | ||
Net change in accumulated other comprehensive income, net of taxes | $ 0 | 0 | 0 | (14,603,000) | (14,603,000) | ||
Stock issued for share-based awards, net of withholdings to satisfy employee tax obligations upon vesting (in shares) | 54,393 | 0 | 54,393 | ||||
Dividends declared on common stock ($0.20 per share) | $ 0 | 0 | (1,527,000) | 0 | (1,527,000) | ||
Balances (in shares) at Dec. 31, 2022 | 6,638,633 | 1,000,000 | 7,638,633 | ||||
Balances at Dec. 31, 2022 | $ 140,639,000 | $ 26,312,000 | $ (14,954,000) | $ (18,139,000) | $ 133,858,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 18,342 | $ 14,909 | $ 9,005 |
Adjustments to reconcile net income (loss) to net cash from operating activities | |||
Depreciation, amortization and accretion, net | 1,873 | 4,677 | 2,986 |
Provision for loan losses | 80 | 1,150 | 4,400 |
Net amortization on securities | 338 | 594 | 655 |
Stock-based compensation expense | 884 | 699 | 580 |
Deferred taxes, net | 5,155 | 4,326 | 1,798 |
Net realized gain on sales of other real estate owned | 0 | (191) | 0 |
Net realized (gain) loss on sales and calls of investment securities | 3 | (460) | 5 |
Net realized (gain) loss on disposal of premises and equipment | 37 | 1 | 0 |
Net write-down on premises held for sale | 0 | 45 | 150 |
Net gain on sale of premises held for sale | (163) | 0 | 0 |
Increase in cash surrender value of life insurance, net of premium expense | (686) | (505) | (404) |
Amortization of operating lease right-of-use assets | 406 | 374 | 593 |
Net change in accrued interest receivable and other assets | (2,923) | (3,346) | (106) |
Net change in accrued interest payable and other liabilities | 1,748 | 17 | 1,383 |
Net cash from operating activities | 25,094 | 22,290 | 21,045 |
Cash flows from investing activities | |||
Purchases of available for sale securities | (9,924) | (91,189) | (38,416) |
Proceeds from sales and calls of available for sale securities | 0 | 7,500 | 9,030 |
Proceeds from maturities and prepayments of available for sale securities | 24,492 | 37,038 | 34,881 |
Purchases of held to maturity securities | (658) | (16,444) | 0 |
Proceeds from calls of held to maturity securities | 1,314 | 1,704 | 0 |
Proceeds from maturities and prepayments of held to maturity securities | 2,195 | 3,665 | 0 |
Proceeds from sale of other real estate owned | 0 | 1,956 | 1,600 |
Improvements to other real estate owned | 0 | 0 | (140) |
Purchases of Federal Home Loan Bank stock | (727) | 0 | (600) |
Proceeds from mandatory redemption of Federal Home Loan Bank stock | 667 | 771 | 950 |
Net changes in loans | (109,099) | (45,164) | (37,772) |
Proceeds from sale of premises and equipment | 0 | 1 | 0 |
Proceeds from sale of premises held for sale | 473 | 705 | 0 |
Purchases of premises and equipment | (687) | (1,274) | (879) |
Purchase of bank owned life insurance | (6,500) | 0 | (7,000) |
Net cash from investing activities | (98,454) | (100,731) | (38,346) |
Cash flows from financing activities | |||
Net change in deposits | (7,884) | 89,061 | 92,632 |
Repayment of Federal Home Loan Bank advances | (120,000) | (623) | (145,766) |
Advances from Federal Home Loan Bank | 170,000 | 0 | 105,000 |
Proceeds from issuance of subordinated capital notes | 0 | 0 | 8,000 |
Repayment of senior debt | 0 | 0 | (5,000) |
Common shares withheld for taxes | (197) | (87) | (75) |
Cash dividends paid on common stock | (1,527) | 0 | 0 |
Net cash from financing activities | 40,392 | 88,351 | 54,791 |
Net change in cash and cash equivalents | (32,968) | 9,910 | 37,490 |
Beginning cash and cash equivalents | 77,603 | 67,693 | 30,203 |
Ending cash and cash equivalents | 44,635 | 77,603 | 67,693 |
Supplemental cash flow information: | |||
Interest paid | 7,925 | 5,788 | 10,422 |
Income taxes paid (refunded) | 530 | 370 | (346) |
Supplemental non-cash disclosure: | |||
Transfer from premises and equipment to premises held for sale | 0 | 0 | 310 |
Transfer of available for sale to held to maturity securities | 0 | 34,741 | 0 |
AOCI component of transfer from available for sale to held to maturity | 0 | 1,081 | 0 |
Financed sales of other real estate owned | $ 0 | $ 0 | $ 1,360 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Nature of Operations The Bank, established in 1902, Use of Estimates Cash and Cash Equivalents one Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method anticipating prepayments on mortgage backed securities. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. In evaluating securities for other-than-temporary impairment (“OTTI”), management considers the length of time and extent to which fair value has been less than cost, the financial condition, and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not not 1 2 Loans Interest income recognition on mortgage and commercial loans is discontinued at the time the loan is 90 no 90 not All interest accrued but not Allowance for Loan Losses may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is deemed impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and are also treated as impaired. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment and are not The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on actual loss history experienced over the most recent five A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for loan losses. Management identified the following portfolio segments: commercial, commercial real estate, residential real estate, consumer, agricultural, and other. ● Commercial loans are made to businesses and depend on the strength of the industries, related borrowers, and cash flow from the businesses. Commercial loans are advances for equipment purchases, or to provide working capital, or to meet other financing needs of business enterprises. These loans may ● Commercial real estate loans are affected by the local commercial real estate market and the local economy. Commercial real estate loans include loans on commercial properties occupied by borrowers and/or tenants. Construction and development loans are a component of this segment. These loans are generally secured by land under development or homes and commercial buildings under construction. Loans secured by farmland are also a component of this segment. Appraisals are obtained to support the loan amount. Financial information is obtained from the borrowers and/or the individual project to evaluate cash flow sufficiency to service the debt. ● Residential real estate loans are affected by the local residential real estate market, local economy, and, for variable rate mortgages, movement in indices tied to these loans. For owner occupied residential loans, the borrowers’ repayment ability is evaluated through a review of credit scores and debt to income ratios. For non-owner occupied residential loans, such as rental real estate, financial information is obtained from the borrowers and/or the individual project to evaluate cash flow sufficiency to service the debt. Appraisals are obtained to support the determination of collateral value. ● Consumer loans depend on local economies. Consumer loans are generally unsecured, but may may ● Agriculture loans depend on the industries tied to these loans and are generally secured by livestock, crops, and/or equipment, but may ● Other loans include loans to municipalities, loans secured by stock, and overdrafts. For municipal loans, management evaluates the borrowers’ revenue streams as well as ability to repay form general funds. For loans secured by stock, management evaluates the market value of the stock securing the loan in relation to the loan amount. Overdrafts are funded based on pre-established criteria related to the deposit account relationship. Management analyzes key relevant risk characteristics for each portfolio segment having determined that loans in each segment possess similar general risk characteristics that are analyzed in connection with loan underwriting processes and procedures. In determining the allocated allowance, the weighted average loss rates over the most recent five Transfers of Financial Assets not Other Real Estate Owned may December 31, 2022 2021. 1 4 December 31, 2022 December 31, 2021, Premises and Equipment Premises and equipment held for sale are recorded at fair value less estimated cost to sell at the time of transfer based upon independent third Premises and equipment are reviewed for impairment when events indicate their carrying amount may not Federal Home Loan Bank (FHLB) Stock may Bank Owned Life Insurance Goodwill and Other Intangible Assets not November 30 Other intangible assets consist of core deposit intangible assets arising from a branch acquisition, which were initially measured at fair value and then amortized on an accelerated method over the estimated useful life. Benefit Plans 401 Stock-Based Compensation Income Taxes A tax position is recognized as a benefit only if it is "more likely than not" 50% not not" no Loan Commitments and Related Financial Instruments Comprehensive Income (Loss) Earnings Per Common Share Earnings Allocated to Participating Securities Loss Contingencies Dividend Restrictions may Fair Value of Financial Instruments Derivatives As part of the asset/liability management program, the Company utilizes, from time to time, risk participation agreements to reduce its sensitivity to changing interest rates. These are derivative instruments, which are recorded as assets or liabilities in the consolidated balance sheets at fair value. Changes in the fair values of derivatives are reported in the consolidated statements of operations or other comprehensive income (“OCI”) depending on the use of the derivative and whether the instrument qualifies for hedge accounting. The key criterion for the hedge accounting is that the hedged relationship must be found to be effective as determined by FASB ASC 815 The risk participation agreements are not 815, not 820, New Accounting Standards June 2016, No. 2016 13, 326 first December 2018, three one may Management continues to refine assumptions, analyze forecast scenarios, and stress test the volatility of the model. Additionally, management is finalizing various accounting processes, and related controls. This estimate and the ongoing impact of adopting CECL are dependent on various factors, including credit quality, macroeconomic forecasts and conditions, composition of the loan and securities portfolios, and other management judgments, all of which remain subject to further review and analysis by the Company’s management team. In March 2022, 2022 02, 326 2016 13 310 40, 2022 02 December 15, 2022. In March 2020, 2020 04, 848 December 2022, 848 December 31, 2024 not |
Note 2 - Pending Merger
Note 2 - Pending Merger | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 PENDING MERGER On October 24, 2022, may The Merger Agreement was approved by the shareholders of both the Company and Peoples at Special Shareholders’ Meetings held on February 23, 2023. 4 January 10, 2023. The Merger is expected to close in the second 2023, not 1 2 3 Merger expenses totaling $691,000 have been expensed by the Company through December 31, 2022. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 SECURITIES Securities are classified as available for sale (“AFS”) or held to maturity (“HTM”). AFS securities are reported at fair value, with unrealized gains or losses included as a separate component of equity, net of tax. HTM securities are reported at amortized cost. The following table summarizes the amortized cost and fair value of AFS and HTM securities at December 31, 2022 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Available for sale U.S. Government and federal agency $ 24,541 $ — $ (2,784 ) $ 21,757 Agency mortgage-backed: residential 80,283 9 (10,387 ) 69,905 Collateralized loan obligations 48,202 — (2,161 ) 46,041 Corporate bonds 45,512 — (3,042 ) 42,470 Total available for sale $ 198,538 $ 9 $ (18,374 ) $ 180,173 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held to maturity State and municipal $ 43,282 $ — $ (8,386 ) $ 34,896 Total held to maturity $ 43,282 $ — $ (8,386 ) $ 34,896 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Government and federal agency $ 26,075 $ 301 $ (133 ) $ 26,243 Agency mortgage-backed: residential 93,650 1,339 (970 ) 94,019 Collateralized loan obligations 50,227 — (78 ) 50,149 Corporate bonds 43,432 572 (202 ) 43,802 Total available for sale $ 213,384 $ 2,212 $ (1,383 ) $ 214,213 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held to maturity State and municipal $ 46,460 $ 158 $ (338 ) $ 46,280 Total held to maturity $ 46,460 $ 158 $ (338 ) $ 46,280 Sales and calls of securities were as follows: 2022 2021 2020 (in thousands) Proceeds $ 1,314 $ 9,204 $ 9,030 Gross gains — 465 — Gross losses 3 5 5 The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may not December 31, 2022 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ — $ — One to five years 4,661 4,483 Five to ten years 84,946 79,679 Beyond ten years 28,648 26,106 Agency mortgage-backed: residential 80,283 69,905 Total $ 198,538 $ 180,173 Held to maturity Within one year $ 3,265 3,204 One to five years 5,571 $ 5,324 Five to ten years 4,713 4,100 Beyond ten years 29,733 22,268 Total $ 43,282 $ 34,896 Securities pledged at year-end 2022 2021 At December 31, 2022 2021, 2022, no one 10% The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, underlying credit quality of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may December 31, 2022, not The Bank owns Collateralized Loan Obligations (CLOs), which are debt securities secured by professionally managed portfolios of senior-secured loans to corporations. CLOs are typically $300 $1 one hundred five six first first may may The market value of CLOs may December 31, 2022, None December 31, 2022. Stress testing was completed on each security in the CLO portfolio as of December 31, 2022. ten twelve four four forty-five one The corporate bond portfolio consists of 16 two 2024 2037. five Securities with unrealized and unrecognized losses at December 31, 2022 December 31, 2021, Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2022 Available for sale U.S. Government and federal agency $ 12,234 $ (1,022 ) $ 9,523 $ (1,762 ) $ 21,757 $ (2,784 ) Agency mortgage-backed: residential 26,917 (1,916 ) 41,992 (8,471 ) 68,909 (10,387 ) Collateralized loan obligations 20,816 (784 ) 25,225 (1,377 ) 46,041 (2,161 ) Corporate bonds 22,537 (1,352 ) 19,934 (1,690 ) 42,471 (3,042 ) Total temporarily impaired $ 82,504 $ (5,074 ) $ 96,674 $ (13,300 ) $ 179,178 $ (18,374 ) 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 $ 13,897 $ (3,328 ) $ 19,179 $ (5,058 ) $ 33,076 $ (8,386 ) Total temporarily impaired $ 13,897 $ (3,328 ) $ 19,179 $ (5,058 ) $ 33,076 $ (8,386 ) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2021 Available for sale U.S. Government and federal agency $ 11,645 $ (133 ) $ — $ — $ 11,645 $ (133 ) Agency mortgage-backed: residential 53,733 (960 ) 642 (10 ) 54,375 (970 ) Collateralized loan obligations 10,036 (7 ) 16,514 (71 ) 26,550 (78 ) Corporate bonds 22,548 (202 ) — — 22,548 (202 ) Total temporarily impaired $ 97,962 $ (1,302 ) $ 17,156 $ (81 ) $ 115,118 $ (1,383 ) 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 $ 26,829 $ (338 ) $ — $ — $ 26,829 $ (338 ) Total temporarily impaired $ 26,829 $ (338 ) $ — $ — $ 26,829 $ (338 ) |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 LOANS Loans net of unearned income, deferred loan origination costs, and net premiums on acquired loans by class were as follows: 2022 2021 (in thousands) Commercial (1) $ 230,262 $ 220,826 Commercial Real Estate: Construction 135,159 74,806 Farmland 65,256 68,388 Nonfarm nonresidential 391,701 345,893 Residential Real Estate: Multi-family 45,222 50,224 1-4 Family 166,988 168,873 Consumer 35,277 36,440 Agriculture 41,498 35,924 Other 491 466 Subtotal 1,111,854 1,001,840 Less: Allowance for loan losses (13,030 ) (11,531 ) Loans, net $ 1,098,824 $ 990,309 ( 1 December 31, 2022 2021, The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2022, 2021, 2020: Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 2022: (in thousands) Beginning balance $ 2,888 $ 6,179 $ 1,443 $ 538 $ 480 $ 3 $ 11,531 Provision (negative provision) (68 ) (131 ) (27 ) 227 79 – 80 Loans charged off (31 ) (158 ) (400 ) (249 ) – – (838 ) Recoveries 38 1,716 383 75 45 – 2,257 Ending balance $ 2,827 $ 7,606 $ 1,399 $ 591 $ 604 $ 3 $ 13,030 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 2021: (in thousands) Beginning balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Provision (negative provision) 206 1,314 (537 ) 259 (91 ) (1 ) 1,150 Loans charged off (19 ) (2,302 ) (30 ) (131 ) (44 ) – (2,526 ) Recoveries 172 117 111 49 15 – 464 Ending balance $ 2,888 $ 6,179 $ 1,443 $ 538 $ 480 $ 3 $ 11,531 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 2020: (in thousands) Beginning balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Provision (negative provision) 822 2,870 135 324 261 (12 ) 4,400 Loans charged off (32 ) (101 ) (130 ) (493 ) (46 ) – (802 ) Recoveries 29 201 151 45 30 13 469 Ending balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 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, 2022: 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 $ – $ – $ 1 $ – $ – $ – $ 1 Collectively evaluated for impairment 2,827 7,606 1,398 591 604 3 13,029 Total ending allowance balance $ 2,827 $ 7,606 $ 1,399 $ 591 $ 604 $ 3 $ 13,030 Loans: Loans individually evaluated for impairment $ – $ 429 $ 441 $ 119 $ – $ – $ 989 Loans collectively evaluated for impairment 230,262 591,687 211,769 35,158 41,498 491 1,110,865 Total ending loans balance $ 230,262 $ 592,116 $ 212,210 $ 35,277 $ 41,498 $ 491 $ 1,111,854 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, 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 $ – $ – $ – $ 2 Collectively evaluated for impairment 2,888 6,179 1,441 538 480 3 11,529 Total ending allowance balance $ 2,888 $ 6,179 $ 1,443 $ 538 $ 480 $ 3 $ 11,531 Loans: Loans individually evaluated for impairment $ – $ 2,878 $ 566 $ 12 $ 9 $ – $ 3,465 Loans collectively evaluated for impairment 220,826 486,209 218,531 36,428 35,915 466 998,375 Total ending loans balance $ 220,826 $ 489,087 $ 219,097 $ 36,440 $ 35,924 $ 466 $ 1,001,840 Impaired Loans Impaired loans include restructured loans and loans on nonaccrual or classified as doubtful, whereby collection of the total amount is improbable, or loss, whereby all or a portion of the loan has been written off or a specific allowance for loss had been provided. The following table presents information related to loans individually evaluated for impairment by class of loan as of and for the year ended December 31, 2022: Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 257 $ — $ — $ — $ 1 $ 1 Commercial real estate: Construction — — — — — — Farmland 80 29 — 95 53 53 Nonfarm nonresidential 1,001 400 — 1,783 202 189 Residential real estate: Multi-family — — — — — — 1-4 Family 1,181 388 — 479 161 161 Consumer 350 119 — 80 2 2 Agriculture 315 — — 3 23 23 Other — — — — — — Subtotal 3,184 936 — 2,440 442 429 With An Allowance Recorded: Commercial — — — — — — Commercial real estate: Construction — — — — — — Farmland — — — — — — Nonfarm nonresidential — — — — — — Residential real estate: Multi-family — — — — — — 1-4 Family 53 53 1 78 — — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 53 53 1 78 — — Total $ 3,237 $ 989 $ 1 $ 2,518 $ 442 $ 429 The following table presents information related to loans individually evaluated for impairment by class of loan as of and for the year ended December 31, 2021: Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 290 $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — — — Farmland 302 215 — 520 55 55 Nonfarm nonresidential 7,755 2,663 — 4,430 302 25 Residential real estate: Multi-family — — — — 1 1 1-4 Family 1,408 501 — 764 135 126 Consumer 272 12 — 19 1 1 Agriculture 366 9 — 81 7 7 Other — — — — — — Subtotal 10,393 3,400 — 5,814 501 215 With An Allowance Recorded: Commercial — — — — — — Commercial real estate: Construction — — — — — — Farmland — — — — — — Nonfarm nonresidential — — — — — — Residential real estate: Multi-family — — — — — — 1-4 Family 65 65 2 95 2 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 65 65 2 95 2 — Total $ 10,458 $ 3,465 $ 2 $ 5,909 $ 503 $ 215 The following table presents information related to loans individually evaluated for impairment by class of loan as of and for the year ended December 31, 2020: Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 308 $ — $ — $ 82 $ 16 $ 16 Commercial real estate: Construction — — — — — — Farmland 555 456 — 326 45 45 Nonfarm nonresidential 1,323 549 — 501 44 15 Residential real estate: Multi-family — — — — — — 1-4 Family 1,883 954 — 894 86 83 Consumer 259 — — 55 3 3 Agriculture 393 91 — 27 — — Other — — — — — — Subtotal 4,721 2,050 — 1,885 194 162 With An Allowance Recorded: Commercial — — — 5 — — Commercial real estate: Construction — — — — — — Farmland — — — 198 4 — Nonfarm nonresidential 6,465 4,356 2,176 901 263 — Residential real estate: Multi-family — — — — — — 1-4 Family 106 106 1 102 9 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 6,571 4,462 2,177 1,206 276 — Total $ 11,292 $ 6,512 $ 2,177 $ 3,091 $ 470 $ 162 Troubled Debt Restructuring A troubled debt restructuring (TDR) occurs when the Bank has agreed to a loan modification in the form of a concession for a borrower who is experiencing financial difficulty. The Bank’s TDRs typically involve a reduction in interest rate, a deferral of principal for a stated period of time, or an interest only period. All TDRs are considered impaired and the Bank has allocated reserves for these loans to reflect the present value of the concessionary terms granted to the borrower. The following table presents the TDR loan modifications by portfolio segment outstanding as of December 31, 2022 2021: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2022 Commercial Real Estate: Nonfarm nonresidential $ 133 $ — $ 133 Residential Real Estate: 1-4 Family — 53 53 Total TDRs $ 133 $ 53 $ 186 December 31, 2021 Commercial Real Estate: Nonfarm nonresidential $ 340 $ — $ 340 Residential Real Estate: 1-4 Family — 65 65 Total TDRs $ 340 $ 65 $ 405 At December 31, 2022 2021, December 31, 2022 2021, December 31, 2022 December 31, 2021 During the years ended December 31, 2022, 2021, 2020, twelve 90 No TDR modifications occurred during the year ended December 31, 2022. December 31, 2021: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2021 Residential Real Estate: 1-4 Family $ 180 $ — $ 180 Total TDRs $ 180 $ — $ 180 The Company did not 2021. December 31, 2021, The following table presents the aging of the recorded investment in past due loans by class as of December 31, 2022 2021: 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, 2022 Commercial $ 32 $ — $ — $ — $ 32 Commercial Real Estate: Construction — — — — — Farmland 219 29 — 28 276 Nonfarm nonresidential 577 — — 268 845 Residential Real Estate: Multi-family — — — — — 1-4 Family 913 239 — 441 1,593 Consumer 178 — — 119 297 Agriculture — — — — — Other — — — — — Total $ 1,919 $ 268 $ — $ 856 $ 3,043 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, 2021 Commercial $ 6 $ — $ — $ — $ 6 Commercial Real Estate: Construction — — — — — Farmland — — — 215 215 Nonfarm nonresidential — 34 — 2,323 2,357 Residential Real Estate: Multi-family — — — — — 1-4 Family 513 148 — 566 1,227 Consumer 37 28 — 12 77 Agriculture — — — 8 8 Other — — — — — Total $ 556 $ 210 $ — $ 3,124 $ 3,890 Credit Quality Indicators Management categorizes all loans into risk categories at origination based upon original underwriting. Thereafter, management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends. Additionally, loans are analyzed through internal and external loan review processes and are routinely analyzed through credit administration processes which classify the loans as to credit risk. The following definitions are used for risk ratings: Watch may Special Mention not one may Substandard may not Doubtful Loans not December 31, 2022 2021, Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2022 Commercial $ 222,420 $ 3,503 $ — $ 4,339 $ — $ 230,262 Commercial Real Estate: Construction 132,618 2,541 — — — 135,159 Farmland 63,303 1,594 — 359 — 65,256 Nonfarm nonresidential 385,434 5,981 — 286 — 391,701 Residential Real Estate: Multi-family 45,222 — — — — 45,222 1-4 Family 164,150 1,525 — 1,313 — 166,988 Consumer 35,032 20 — 225 — 35,277 Agriculture 40,660 25 — 813 — 41,498 Other 491 — — — — 491 Total $ 1,089,330 $ 15,189 $ — $ 7,335 $ — $ 1,111,854 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2021 Commercial $ 207,729 $ 5,207 $ — $ 7,890 $ — $ 220,826 Commercial Real Estate: Construction 74,806 — — — — 74,806 Farmland 65,836 170 — 2,382 — 68,388 Nonfarm nonresidential 341,780 413 — 3,700 — 345,893 Residential Real Estate: Multi-family 50,224 — — — — 50,224 1-4 Family 164,850 2,038 — 1,985 — 168,873 Consumer 36,408 5 — 27 — 36,440 Agriculture 35,863 23 — 38 — 35,924 Other 466 — — — — 466 Total $ 977,962 $ 7,856 $ — $ 16,022 $ — $ 1,001,840 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 PREMISES AND EQUIPMENT Year-end premises and equipment were as follows: 2022 2021 (in thousands) Land and buildings $ 22,033 $ 21,590 Furniture and equipment 8,439 9,395 Leased right-of-use asset 6,317 5,326 36,789 36,311 Accumulated depreciation (14,686 ) (14,736 ) $ 22,103 $ 21,575 Depreciation expense was $1.1 million, $1.0 million and $1.1 million for 2022, 2021 2020, |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6 LEASES As of December 31, 2022, seven 2024 2046, December 31, 2022. In determining the present value of lease payments, the Bank uses the implicit lease rate when readily determinable. As most of the Bank’s leases do not December 31, 2022. Total rental expense was $499,000 and $503,000 for the years ended December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021. Total estimated rental commitments for the operating leases were as follows as of December 31, 2022 ( 2022 2023 457 2024 458 2025 438 2026 408 2027 465 Thereafter 8,434 Total minimum lease payments 10,660 Discount effect of cash flows (4,343 ) Present value of lease liabilities $ 6,317 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 GOODWILL AND INTANGIBLE ASSETS The following table summarizes the Company’s acquired goodwill and intangible assets as of December 31, 2022 December 31, 2021: 2022 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (in thousands) Goodwill $ 6,252 $ — $ 6,252 $ — Core deposit intangibles 2,500 767 2,500 511 Outstanding, ending $ 8,752 $ 767 $ 8,752 $ 511 During 2019, not may not November 30, 2022, not no November 30, 2022, no 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 December 31, 2022 2021. The estimated amortization expense of the core deposit intangible for the next five Amortization Expense 2023 $ 256 2024 256 2025 256 2026 256 2027 256 Thereafter 453 $ 1,733 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 DEPOSITS The following table details deposits by category at year end: 2022 2021 (in thousands) Non-interest bearing $ 268,954 $ 274,083 Interest checking 314,082 287,208 Money market 179,035 217,943 Savings 148,552 163,423 Certificates of deposit (1) 290,161 266,011 Total $ 1,200,784 $ 1,208,668 ( 1 December 31, 2022. December 31, 2021. Time deposits of $250,000 2022 2021, Scheduled maturities of time deposits for each of the next five Total 2023 $ 233,016 2024 35,759 2025 15,373 2026 2,277 2027 3,034 Thereafter 702 $ 290,161 |
Note 9 - Advances From the Fede
Note 9 - Advances From the Federal Home Loan Bank | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 9 ADVANCES FROM FEDERAL HOME LOAN BANK At year-end, advances from the Federal Home Loan Bank were as follows: 2022 2021 (in thousands) Short term advance (fixed rates 4.02 4.38 $ 70,000 $ — Long term advance — 20,000 Total advances from the Federal Home Loan Bank $ 70,000 $ 20,000 FHLB advances had a weighted-average rate of 4.25% at December 31, 2022 December 31, 2021. December 31, 2021 May 2022. 2022 2021. first December 31, 2022. December 31, 2021, first December 31, 2022, |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 10 BORROWINGS Junior Subordinated Debentures - December 31, 2022, 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 December 31, 2022, 3 ( 2 Subordinated Capital Notes - July 31, 2029 July 31, 2025. July 30, 2024 three 2 Federal Funds Line 2022, |
Note 11 - Other Benefit Plans
Note 11 - Other Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | NOTE 11 OTHER BENEFIT PLANS 401 401 first 1% 5% may 2022, 2021 2020, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 INCOME TAXES Income tax expense was as follows: 2022 2021 2020 (in thousands) Current $ 621 $ 305 $ (173 ) Deferred (354 ) 1,649 1,372 Net operating loss 5,509 2,677 903 Establish state deferred tax asset — — (478 ) $ 5,776 $ 4,631 $ 1,624 The Company recognized state income tax expense of $1.0 million for the year ended December 31, 2022 December 31, 2021. December 31, 2020, January 1, 2021, Effective tax rates differ from the federal statutory rate applied to income before income taxes due to the following: 2022 2021 2020 (in thousands) Federal statutory tax rate 21 % 21 % 21 % Federal statutory rate times financial statement income $ 5,065 $ 4,103 $ 2,232 Effect of: State income taxes 907 741 — Tax-exempt interest income (107 ) (123 ) (73 ) Establish state deferred tax asset — — (478 ) Non-taxable life insurance income (148 ) (111 ) (89 ) Restricted stock vesting (30 ) (10 ) 7 Other, net 89 31 25 Total $ 5,776 $ 4,631 $ 1,624 Year-end deferred tax assets and liabilities were due to the following: 2022 2021 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 13,826 $ 19,335 Allowance for loan losses 3,250 2,877 Net unrealized loss on securities 4,465 — New market tax credit carry-forward 208 208 Nonaccrual loan interest 317 321 Accrued expenses 97 138 Lease liability 1,577 1,328 Other 240 202 23,980 24,409 Deferred tax liabilities: FHLB stock dividends 361 415 Fixed assets 117 133 Deferred loan costs 158 176 Net unrealized gain on securities — 390 Lease right-of-use assets 1,577 1,328 Net assets from acquisitions 304 108 Other 180 276 2,697 2,826 Net deferred tax assets $ 21,283 $ 21,583 At December 31, 2022, 2033, 2031. The Company does not not twelve December 31, 2022 December 31, 2021 Under Section 382 382” 382. In 2015, two 5% not 5% not November 25, 2019, not May 2021 June 30, 2024, ( no may 382 no October 24, 2022, October 24, 2022, Also in 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 2019. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 RELATED PARTY TRANSACTIONS Loans to principal officers, directors, significant shareholders, and their affiliates in 2022 Beginning balance $ 13,542 New loans and advances 12,851 Repayments (8,880 ) Ending balance $ 17,513 Deposits from principal officers, directors, significant shareholders, and their affiliates at year-end 2022 2021 During 2021 2020, December 31, 2021, 2020, 2022. |
Note 14 - Regulatory Capital Ma
Note 14 - Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 14 REGULATORY CAPITAL MATTERS Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. The Basel III rules established a “capital conservation buffer” of 2.5% above the regulatory minimum risk-based capital ratios. Including the capital conservation buffer, the minimum ratios are a common equity Tier 1 1 As of December 31, 2022, 2022 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 December 31, 2022: Total risk-based capital (to risk-weighted assets) $ 182,113 14.01 % $ 104,007 8.00 % $ 130,008 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 169,083 13.01 58,504 4.50 84,505 6.50 Tier 1 capital (to risk-weighted assets) 169,083 13.01 78,005 6.00 104,007 8.00 Tier 1 capital (to average assets) 169,083 11.59 58,379 4.00 72,974 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, 2021: Total risk-based capital (to risk-weighted assets) $ 160,700 13.31 % $ 96,591 8.00 % $ 120,738 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 149,169 12.35 54,332 4.50 78,480 6.50 Tier 1 capital (to risk-weighted assets) 149,169 12.35 72,443 6.00 96,591 8.00 Tier 1 capital (to average assets) 149,169 10.84 55,057 4.00 68,822 5.00 Kentucky banking laws limit the amount of dividends that may may two December 31, 2022. 2022. |
Note 15 - Off Balance Sheet Ris
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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 client(s) may may may not one Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third not The following table presents the contractual amounts of financial instruments with off-balance sheet risk for each year ended: 2022 2021 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 35,773 $ 35,781 $ 85,294 $ 60,683 Unused lines of credit 12,383 117,761 12,828 108,635 Standby letters of credit 444 647 566 326 In connection with the purchase of loan participations, the Bank entered into risk participation agreements, which had notional amounts totaling $12.1 million at December 31, 2022 2021. not 815, not 820, December 31, 2022 December 31, 2021, In the normal course of business, the Company and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may The Company contests liability and/or the amount of damages as appropriate in each pending matter. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot predict with certainty the loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, or other relief, if any, might be. Subject to the foregoing, the Company believes, based on current knowledge and after consultation with counsel, that the outcome of such pending matters will not 1 2 not |
Note 16 - Fair Values
Note 16 - Fair Values | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 16 FAIR VALUES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Various valuation techniques are used to determine fair value, including market, income and cost approaches. There are three may Level 1: Level 2: 1 not Level 3: In certain cases, the inputs used to measure fair value may Securities: 1 not two 2 not 3 Impaired Loans: 3 may Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualities such as location, size, and income production capacity relative to the subject property of the appraisal. Such adjustments are typically significant and result in a Level 3 Management routinely applies internal discounts to the value of appraisals used in the fair value evaluation of the Bank’s impaired loans. The deductions to the appraisal take into account changing business factors and market conditions, as well as potential value impairment in cases where the Bank’s appraisal date predates a likely change in market conditions. 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. Impaired loans are evaluated quarterly for additional impairment. Management obtains updated appraisals on properties securing the Bank’s loans when circumstances are warranted such as at the time of renewal or when market conditions have significantly changed. This determination is made on a property-by-property basis in light of circumstances in the broader economic climate and the assessment of deterioration of real estate values in the market in which the property is located. Financial assets measured at fair value on a recurring basis at December 31, 2022 December 31, 2021 Fair Value Measurements at December 31, 2022 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 $ 21,757 $ — $ 21,757 $ — Agency mortgage-backed: residential 69,905 — 69,905 — Collateralized loan obligations 46,041 — 46,041 — Corporate bonds 42,470 — 20,223 22,247 Total $ 180,173 $ — $ 157,926 $ 22,247 Fair Value Measurements at December 31, 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) Available for sale securities U.S. Government and federal agency $ 26,243 $ — $ 26,243 $ — Agency mortgage-backed: residential 94,019 — 94,019 — Collateralized loan obligations 50,149 — 50,149 — Corporate bonds 43,802 — 29,761 14,041 Total $ 214,213 $ — $ 200,172 $ 14,041 There were no 1 2 2022 2021. The Company’s policy is to transfer assets or liabilities from one December 31, 2022, five 2 3. third The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3 December 31, 2022 2021: December 31, 2022 Corporate Bonds (in thousands) Balance of recurring Level 3 assets at January 1, 2022 $ 14,041 Total gains or losses for the year: Included in other comprehensive income (1,009 ) Transfers into Level 2 (6,524 ) Transfers into Level 3 15,739 Balance of recurring Level 3 assets at December 31, 2022 $ 22,247 December 31, 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 108 1,532 Calls — (6,000 ) Transfers into Level 2 (2,496 ) (1,042 ) Transfers into Level 3 — 7,170 Balance of recurring Level 3 assets at December 31, 2021 $ — $ 14,041 The following table presents quantitative information about recurring level 3 Fair Value Measurements at December 31, 2022 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Corporate bonds $ 22,247 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 198% - 421% (299%) Indicative broker bid 78% - 97% (90%) Fair Value Measurements at December 31, 2021 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Corporate bonds $ 14,041 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 200% - 298% (235%) Indicative broker bid 99% - 106% (103%) Carrying amount and estimated fair values of financial instruments were as follows for the periods indicated: Fair Value Measurements at December 31, 2022 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 44,635 $ 44,635 $ — $ — $ 44,635 Securities available for sale 180,173 — 157,926 22,247 180,173 Securities held to maturity 43,282 — 34,896 — 34,896 Federal Home Loan Bank stock 5,176 N/A N/A N/A N/A Loans, net 1,098,824 — — 1,046,734 1,046,734 Accrued interest receivable 5,004 — 1,306 3,698 5,004 Financial liabilities Deposits $ 1,200,784 $ 268,954 $ 926,725 $ — $ 1,195,679 Federal Home Loan Bank advances 70,000 — 69,993 — 69,993 Junior subordinated debentures 21,000 — — 19,084 19,084 Subordinated capital notes 25,000 — — 24,212 24,212 Accrued interest payable 1,571 — 889 682 1,571 Fair Value Measurements at December 31, 2021 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 77,603 $ 77,603 $ — $ — $ 77,603 Securities available for sale 214,213 — 200,172 14,041 214,213 Securities held to maturity 46,460 — 46,280 — 46,280 Federal Home Loan Bank stock 5,116 N/A N/A N/A N/A Loans, net 990,309 — — 981,995 981,995 Accrued interest receivable 3,870 — 1,022 2,848 3,870 Financial liabilities Deposits $ 1,208,668 $ 274,083 $ 935,768 $ — $ 1,209,851 Federal Home Loan Bank advances 20,000 — 20,046 — 20,046 Junior subordinated debentures 21,000 — — 19,500 19,500 Subordinated capital notes 25,000 — — 26,149 26,149 Accrued interest payable 764 — 136 628 764 In accordance with ASU 2016 01, may Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. Because no may not |
Note 17 - Stock Plans and Stock
Note 17 - Stock Plans and Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 17 STOCK PLANS AND STOCK BASED COMPENSATION Shares available for issuance under the 2018 122,603; seven first December 31 The fair value of the 2022 2022, 2021, 2020, 2022, 2021, 2020, The following table summarizes stock plan share activity as of and for the periods indicated for the Company’s equity compensation plan: Year Ended Year Ended December 31, 2022 December 31, 2021 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 111,536 $ 13.73 47,438 $ 15.34 Granted 64,600 19.61 110,024 13.52 Vested (40,137 ) 16.86 (37,590 ) 15.13 Forfeited (10,509 ) 15.35 (8,336 ) 13.66 Outstanding, ending 125,490 $ 15.62 111,536 $ 13.73 Unrecognized stock based compensation expense related to unvested shares for 2023 2023 $ 466 2024 337 2025 195 2026 188 2027 149 Thereafter 25 |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 18 EARNINGS PER SHARE The factors used in the basic and diluted earnings per share computation follow: 2022 2021 2020 (in thousands, except share and per share data) Net income $ 18,342 $ 14,909 $ 9,005 Less: Earnings allocated to unvested shares 302 219 68 Net income attributable to common shareholders, basic and diluted $ 18,040 $ 14,690 $ 8,937 Basic and Diluted Weighted average common shares including unvested common shares outstanding 7,631,243 7,593,176 7,492,190 Less: Weighted average unvested common shares 125,687 111,740 56,809 Weighted average common shares outstanding 7,505,556 7,481,436 7,435,381 Basic and diluted income per common share $ 2.40 $ 1.96 $ 1.20 The Company had no outstanding stock options at December 31, 2022, 2021 2020. |
Note 19 - Revenue From Contract
Note 19 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 19 REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from customers in the scope of ASC 606 606 Service Charges on Deposit Accounts: Bank Card Interchange Income: third Gains/Losses on Sales of OREO: Other Non-interest Income 606, December 31, 2022, 2021, 2020, 606. 606. |
Note 20 - Parent Company Only C
Note 20 - Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 20 PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of Limestone Bancorp Inc. is presented as follows: CONDENSED BALANCE SHEETS December 31, 2022 2021 (in thousands) ASSETS Cash and cash equivalents $ 7,337 $ 4,759 Investment in banking subsidiary 164,811 165,481 Investment in and advances to other subsidiaries 776 776 Deferred taxes, net 6,921 6,532 Other assets 1,982 1,282 Total assets $ 181,827 $ 178,830 LIABILITIES AND SHAREHOLDERS EQUITY Debt $ 46,775 $ 46,775 Accrued expenses and other liabilities 1,194 1,096 Shareholders’ equity 133,858 130,959 Total liabilities and shareholders equity $ 181,827 $ 178,830 CONDENSED STATEMENTS OF OPERATIONS Years ended December 31, 2022 2021 2020 (in thousands) Interest income $ 37 $ 18 $ 37 Dividends from subsidiaries 7,530 2,019 23 Other income 21 20 20 Interest expense (2,398 ) (2,040 ) (2,008 ) Other expense (1,827 ) (1,501 ) (1,357 ) Income (loss) before income tax and undistributed subsidiary income 3,363 (1,484 ) (3,285 ) Income tax benefit (1,047 ) (885 ) (815 ) Equity in undistributed subsidiary income 13,932 15,508 11,475 Net income $ 18,342 $ 14,909 $ 9,005 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2022 2021 2020 (in thousands) Cash flows from operating activities Net income $ 18,342 $ 14,909 $ 9,005 Adjustments: Equity in undistributed subsidiary income (13,932 ) (15,508 ) (11,475 ) Deferred taxes, net (389 ) (579 ) (815 ) Stock-based compensation expense 884 699 580 Net change in other assets (700 ) (102 ) (97 ) Net change in other liabilities 97 390 145 Net cash from operating activities 4,302 (191 ) (2,657 ) Cash flows from investing activities Investments in subsidiaries — — — Net cash from investing activities — — — Cash flows from financing activities Proceeds from issuance of subordinated capital notes — — 8,000 Repayment of senior debt — — (5,000 ) Common shares withheld for taxes (197 ) (87 ) (75 ) Cash dividends paid on common stock (1,527 ) — — Net cash from by financing activities (1,724 ) (87 ) 2,925 Net change in cash and cash equivalents 2,578 (278 ) 268 Beginning cash and cash equivalents 4,759 5,037 4,769 Ending cash and cash equivalents $ 7,337 $ 4,759 $ 5,037 |
Note 21 - Quarterly Financial D
Note 21 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 21 QUARTERLY FINANCIAL DATA (UNAUDITED) Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2022 2021. 2022 Fourth Third Second First Quarter Quarter Quarter Quarter (in thousands) Interest income (1) $ 17,140 $ 15,121 $ 13,122 $ 12,427 Interest expense 3,768 2,209 1,442 1,313 Net interest income 13,372 12,912 11,680 11,114 Provision (negative provision) for loan losses 130 (1,250 ) 450 750 Net interest income after provision 13,242 14,162 11,230 10,364 Non-interest income 2,155 2,228 2,256 2,238 Non-interest expense (2) 8,862 8,697 8,227 7,971 Income before income taxes 6,535 7,693 5,259 4,631 Income tax expense (3) 1,621 1,880 1,223 1,052 Net income $ 4,914 $ 5,813 $ 4,036 $ 3,579 Basic and diluted earnings per common share (4) $ 0.64 $ 0.76 $ 0.53 $ 0.47 Cash dividends declared per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 2021 Fourth Third Second First Quarter Quarter Quarter Quarter (in thousands) Interest income (1) $ 12,314 $ 12,975 $ 12,376 $ 12,250 Interest expense 1,307 1,354 1,462 1,570 Net interest income 11,007 11,621 10,914 10,680 Provision for loan losses 500 300 — 350 Net interest income after provision 10,507 11,321 10,914 10,330 Non-interest income 1,984 2,436 2,135 1,884 Non-interest expense 7,983 8,050 7,954 7,984 Income before income taxes 4,508 5,707 5,095 4,230 Income tax expense (3) 1,063 1,366 1,194 1,008 Net income $ 3,445 $ 4,341 $ 3,901 $ 3,222 Basic and diluted earnings per common share (4) $ 0.45 $ 0.57 $ 0.51 $ 0.43 Cash dividends declared per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 ( 1 Interest income included PPP loan origination fees as detailed below: 2022 2021 (in thousands) First quarter $ 45 $ 436 Second quarter — 692 Third quarter — 1,368 Fourth quarter — 261 ( 2 Non-interest expense for the fourth 2022 ( 3 See Footnote 12 2022 2021. ( 4 The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Nature of Operations The Bank, established in 1902, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents one |
Investment, Policy [Policy Text Block] | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method anticipating prepayments on mortgage backed securities. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. In evaluating securities for other-than-temporary impairment (“OTTI”), management considers the length of time and extent to which fair value has been less than cost, the financial condition, and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not not 1 2 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans Interest income recognition on mortgage and commercial loans is discontinued at the time the loan is 90 no 90 not All interest accrued but not |
Financing Receivable, Held-for-investment [Policy Text Block] | Allowance for Loan Losses may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is deemed impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and are also treated as impaired. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment and are not The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on actual loss history experienced over the most recent five A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for loan losses. Management identified the following portfolio segments: commercial, commercial real estate, residential real estate, consumer, agricultural, and other. ● Commercial loans are made to businesses and depend on the strength of the industries, related borrowers, and cash flow from the businesses. Commercial loans are advances for equipment purchases, or to provide working capital, or to meet other financing needs of business enterprises. These loans may ● Commercial real estate loans are affected by the local commercial real estate market and the local economy. Commercial real estate loans include loans on commercial properties occupied by borrowers and/or tenants. Construction and development loans are a component of this segment. These loans are generally secured by land under development or homes and commercial buildings under construction. Loans secured by farmland are also a component of this segment. Appraisals are obtained to support the loan amount. Financial information is obtained from the borrowers and/or the individual project to evaluate cash flow sufficiency to service the debt. ● Residential real estate loans are affected by the local residential real estate market, local economy, and, for variable rate mortgages, movement in indices tied to these loans. For owner occupied residential loans, the borrowers’ repayment ability is evaluated through a review of credit scores and debt to income ratios. For non-owner occupied residential loans, such as rental real estate, financial information is obtained from the borrowers and/or the individual project to evaluate cash flow sufficiency to service the debt. Appraisals are obtained to support the determination of collateral value. ● Consumer loans depend on local economies. Consumer loans are generally unsecured, but may may ● Agriculture loans depend on the industries tied to these loans and are generally secured by livestock, crops, and/or equipment, but may ● Other loans include loans to municipalities, loans secured by stock, and overdrafts. For municipal loans, management evaluates the borrowers’ revenue streams as well as ability to repay form general funds. For loans secured by stock, management evaluates the market value of the stock securing the loan in relation to the loan amount. Overdrafts are funded based on pre-established criteria related to the deposit account relationship. Management analyzes key relevant risk characteristics for each portfolio segment having determined that loans in each segment possess similar general risk characteristics that are analyzed in connection with loan underwriting processes and procedures. In determining the allocated allowance, the weighted average loss rates over the most recent five |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets not |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned may December 31, 2022 2021. 1 4 December 31, 2022 December 31, 2021, |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment held for sale are recorded at fair value less estimated cost to sell at the time of transfer based upon independent third Premises and equipment are reviewed for impairment when events indicate their carrying amount may not |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank (FHLB) Stock may |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not November 30 Other intangible assets consist of core deposit intangible assets arising from a branch acquisition, which were initially measured at fair value and then amortized on an accelerated method over the estimated useful life. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Benefit Plans 401 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes A tax position is recognized as a benefit only if it is "more likely than not" 50% not not" no |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Earnings Allocated to Participating Securities |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies |
Dividend Policy, [Policy Text Block] | Dividend Restrictions may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Derivatives, Policy [Policy Text Block] | Derivatives As part of the asset/liability management program, the Company utilizes, from time to time, risk participation agreements to reduce its sensitivity to changing interest rates. These are derivative instruments, which are recorded as assets or liabilities in the consolidated balance sheets at fair value. Changes in the fair values of derivatives are reported in the consolidated statements of operations or other comprehensive income (“OCI”) depending on the use of the derivative and whether the instrument qualifies for hedge accounting. The key criterion for the hedge accounting is that the hedged relationship must be found to be effective as determined by FASB ASC 815 The risk participation agreements are not 815, not 820, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards June 2016, No. 2016 13, 326 first December 2018, three one may Management continues to refine assumptions, analyze forecast scenarios, and stress test the volatility of the model. Additionally, management is finalizing various accounting processes, and related controls. This estimate and the ongoing impact of adopting CECL are dependent on various factors, including credit quality, macroeconomic forecasts and conditions, composition of the loan and securities portfolios, and other management judgments, all of which remain subject to further review and analysis by the Company’s management team. In March 2022, 2022 02, 326 2016 13 310 40, 2022 02 December 15, 2022. In March 2020, 2020 04, 848 December 2022, 848 December 31, 2024 not |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Available for sale U.S. Government and federal agency $ 24,541 $ — $ (2,784 ) $ 21,757 Agency mortgage-backed: residential 80,283 9 (10,387 ) 69,905 Collateralized loan obligations 48,202 — (2,161 ) 46,041 Corporate bonds 45,512 — (3,042 ) 42,470 Total available for sale $ 198,538 $ 9 $ (18,374 ) $ 180,173 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Government and federal agency $ 26,075 $ 301 $ (133 ) $ 26,243 Agency mortgage-backed: residential 93,650 1,339 (970 ) 94,019 Collateralized loan obligations 50,227 — (78 ) 50,149 Corporate bonds 43,432 572 (202 ) 43,802 Total available for sale $ 213,384 $ 2,212 $ (1,383 ) $ 214,213 |
Debt Securities, Held-to-Maturity [Table Text Block] | Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held to maturity State and municipal $ 43,282 $ — $ (8,386 ) $ 34,896 Total held to maturity $ 43,282 $ — $ (8,386 ) $ 34,896 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held to maturity State and municipal $ 46,460 $ 158 $ (338 ) $ 46,280 Total held to maturity $ 46,460 $ 158 $ (338 ) $ 46,280 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2022 2021 2020 (in thousands) Proceeds $ 1,314 $ 9,204 $ 9,030 Gross gains — 465 — Gross losses 3 5 5 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2022 Amortized Cost Fair Value (in thousands) Maturity Available for sale Within one year $ — $ — One to five years 4,661 4,483 Five to ten years 84,946 79,679 Beyond ten years 28,648 26,106 Agency mortgage-backed: residential 80,283 69,905 Total $ 198,538 $ 180,173 Held to maturity Within one year $ 3,265 3,204 One to five years 5,571 $ 5,324 Five to ten years 4,713 4,100 Beyond ten years 29,733 22,268 Total $ 43,282 $ 34,896 |
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 2022 Available for sale U.S. Government and federal agency $ 12,234 $ (1,022 ) $ 9,523 $ (1,762 ) $ 21,757 $ (2,784 ) Agency mortgage-backed: residential 26,917 (1,916 ) 41,992 (8,471 ) 68,909 (10,387 ) Collateralized loan obligations 20,816 (784 ) 25,225 (1,377 ) 46,041 (2,161 ) Corporate bonds 22,537 (1,352 ) 19,934 (1,690 ) 42,471 (3,042 ) Total temporarily impaired $ 82,504 $ (5,074 ) $ 96,674 $ (13,300 ) $ 179,178 $ (18,374 ) 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 $ 13,897 $ (3,328 ) $ 19,179 $ (5,058 ) $ 33,076 $ (8,386 ) Total temporarily impaired $ 13,897 $ (3,328 ) $ 19,179 $ (5,058 ) $ 33,076 $ (8,386 ) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss 2021 Available for sale U.S. Government and federal agency $ 11,645 $ (133 ) $ — $ — $ 11,645 $ (133 ) Agency mortgage-backed: residential 53,733 (960 ) 642 (10 ) 54,375 (970 ) Collateralized loan obligations 10,036 (7 ) 16,514 (71 ) 26,550 (78 ) Corporate bonds 22,548 (202 ) — — 22,548 (202 ) Total temporarily impaired $ 97,962 $ (1,302 ) $ 17,156 $ (81 ) $ 115,118 $ (1,383 ) 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 $ 26,829 $ (338 ) $ — $ — $ 26,829 $ (338 ) Total temporarily impaired $ 26,829 $ (338 ) $ — $ — $ 26,829 $ (338 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2022 2021 (in thousands) Commercial (1) $ 230,262 $ 220,826 Commercial Real Estate: Construction 135,159 74,806 Farmland 65,256 68,388 Nonfarm nonresidential 391,701 345,893 Residential Real Estate: Multi-family 45,222 50,224 1-4 Family 166,988 168,873 Consumer 35,277 36,440 Agriculture 41,498 35,924 Other 491 466 Subtotal 1,111,854 1,001,840 Less: Allowance for loan losses (13,030 ) (11,531 ) Loans, net $ 1,098,824 $ 990,309 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 2022: (in thousands) Beginning balance $ 2,888 $ 6,179 $ 1,443 $ 538 $ 480 $ 3 $ 11,531 Provision (negative provision) (68 ) (131 ) (27 ) 227 79 – 80 Loans charged off (31 ) (158 ) (400 ) (249 ) – – (838 ) Recoveries 38 1,716 383 75 45 – 2,257 Ending balance $ 2,827 $ 7,606 $ 1,399 $ 591 $ 604 $ 3 $ 13,030 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 2021: (in thousands) Beginning balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 Provision (negative provision) 206 1,314 (537 ) 259 (91 ) (1 ) 1,150 Loans charged off (19 ) (2,302 ) (30 ) (131 ) (44 ) – (2,526 ) Recoveries 172 117 111 49 15 – 464 Ending balance $ 2,888 $ 6,179 $ 1,443 $ 538 $ 480 $ 3 $ 11,531 Commercial Commercial Real Estate Residential Real Estate Consumer Agriculture Other Total December 31, 2020: (in thousands) Beginning balance $ 1,710 $ 4,080 $ 1,743 $ 485 $ 355 $ 3 $ 8,376 Provision (negative provision) 822 2,870 135 324 261 (12 ) 4,400 Loans charged off (32 ) (101 ) (130 ) (493 ) (46 ) – (802 ) Recoveries 29 201 151 45 30 13 469 Ending balance $ 2,529 $ 7,050 $ 1,899 $ 361 $ 600 $ 4 $ 12,443 |
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 $ – $ – $ 1 $ – $ – $ – $ 1 Collectively evaluated for impairment 2,827 7,606 1,398 591 604 3 13,029 Total ending allowance balance $ 2,827 $ 7,606 $ 1,399 $ 591 $ 604 $ 3 $ 13,030 Loans: Loans individually evaluated for impairment $ – $ 429 $ 441 $ 119 $ – $ – $ 989 Loans collectively evaluated for impairment 230,262 591,687 211,769 35,158 41,498 491 1,110,865 Total ending loans balance $ 230,262 $ 592,116 $ 212,210 $ 35,277 $ 41,498 $ 491 $ 1,111,854 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 $ – $ – $ – $ 2 Collectively evaluated for impairment 2,888 6,179 1,441 538 480 3 11,529 Total ending allowance balance $ 2,888 $ 6,179 $ 1,443 $ 538 $ 480 $ 3 $ 11,531 Loans: Loans individually evaluated for impairment $ – $ 2,878 $ 566 $ 12 $ 9 $ – $ 3,465 Loans collectively evaluated for impairment 220,826 486,209 218,531 36,428 35,915 466 998,375 Total ending loans balance $ 220,826 $ 489,087 $ 219,097 $ 36,440 $ 35,924 $ 466 $ 1,001,840 |
Impaired Financing Receivables [Table Text Block] | Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 257 $ — $ — $ — $ 1 $ 1 Commercial real estate: Construction — — — — — — Farmland 80 29 — 95 53 53 Nonfarm nonresidential 1,001 400 — 1,783 202 189 Residential real estate: Multi-family — — — — — — 1-4 Family 1,181 388 — 479 161 161 Consumer 350 119 — 80 2 2 Agriculture 315 — — 3 23 23 Other — — — — — — Subtotal 3,184 936 — 2,440 442 429 With An Allowance Recorded: Commercial — — — — — — Commercial real estate: Construction — — — — — — Farmland — — — — — — Nonfarm nonresidential — — — — — — Residential real estate: Multi-family — — — — — — 1-4 Family 53 53 1 78 — — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 53 53 1 78 — — Total $ 3,237 $ 989 $ 1 $ 2,518 $ 442 $ 429 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 290 $ — $ — $ — $ — $ — Commercial real estate: Construction — — — — — — Farmland 302 215 — 520 55 55 Nonfarm nonresidential 7,755 2,663 — 4,430 302 25 Residential real estate: Multi-family — — — — 1 1 1-4 Family 1,408 501 — 764 135 126 Consumer 272 12 — 19 1 1 Agriculture 366 9 — 81 7 7 Other — — — — — — Subtotal 10,393 3,400 — 5,814 501 215 With An Allowance Recorded: Commercial — — — — — — Commercial real estate: Construction — — — — — — Farmland — — — — — — Nonfarm nonresidential — — — — — — Residential real estate: Multi-family — — — — — — 1-4 Family 65 65 2 95 2 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 65 65 2 95 2 — Total $ 10,458 $ 3,465 $ 2 $ 5,909 $ 503 $ 215 Unpaid Principal Balance Recorded Investment Allowance For Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized (in thousands) With No Related Allowance Recorded: Commercial $ 308 $ — $ — $ 82 $ 16 $ 16 Commercial real estate: Construction — — — — — — Farmland 555 456 — 326 45 45 Nonfarm nonresidential 1,323 549 — 501 44 15 Residential real estate: Multi-family — — — — — — 1-4 Family 1,883 954 — 894 86 83 Consumer 259 — — 55 3 3 Agriculture 393 91 — 27 — — Other — — — — — — Subtotal 4,721 2,050 — 1,885 194 162 With An Allowance Recorded: Commercial — — — 5 — — Commercial real estate: Construction — — — — — — Farmland — — — 198 4 — Nonfarm nonresidential 6,465 4,356 2,176 901 263 — Residential real estate: Multi-family — — — — — — 1-4 Family 106 106 1 102 9 — Consumer — — — — — — Agriculture — — — — — — Other — — — — — — Subtotal 6,571 4,462 2,177 1,206 276 — Total $ 11,292 $ 6,512 $ 2,177 $ 3,091 $ 470 $ 162 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 2022 Commercial Real Estate: Nonfarm nonresidential $ 133 $ — $ 133 Residential Real Estate: 1-4 Family — 53 53 Total TDRs $ 133 $ 53 $ 186 December 31, 2021 Commercial Real Estate: Nonfarm nonresidential $ 340 $ — $ 340 Residential Real Estate: 1-4 Family — 65 65 Total TDRs $ 340 $ 65 $ 405 |
Schedule of Troubled Debt Restructurings Postmodification[Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs (in thousands) December 31, 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) December 31, 2022 Commercial $ 32 $ — $ — $ — $ 32 Commercial Real Estate: Construction — — — — — Farmland 219 29 — 28 276 Nonfarm nonresidential 577 — — 268 845 Residential Real Estate: Multi-family — — — — — 1-4 Family 913 239 — 441 1,593 Consumer 178 — — 119 297 Agriculture — — — — — Other — — — — — Total $ 1,919 $ 268 $ — $ 856 $ 3,043 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, 2021 Commercial $ 6 $ — $ — $ — $ 6 Commercial Real Estate: Construction — — — — — Farmland — — — 215 215 Nonfarm nonresidential — 34 — 2,323 2,357 Residential Real Estate: Multi-family — — — — — 1-4 Family 513 148 — 566 1,227 Consumer 37 28 — 12 77 Agriculture — — — 8 8 Other — — — — — Total $ 556 $ 210 $ — $ 3,124 $ 3,890 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2022 Commercial $ 222,420 $ 3,503 $ — $ 4,339 $ — $ 230,262 Commercial Real Estate: Construction 132,618 2,541 — — — 135,159 Farmland 63,303 1,594 — 359 — 65,256 Nonfarm nonresidential 385,434 5,981 — 286 — 391,701 Residential Real Estate: Multi-family 45,222 — — — — 45,222 1-4 Family 164,150 1,525 — 1,313 — 166,988 Consumer 35,032 20 — 225 — 35,277 Agriculture 40,660 25 — 813 — 41,498 Other 491 — — — — 491 Total $ 1,089,330 $ 15,189 $ — $ 7,335 $ — $ 1,111,854 Pass Watch Special Mention Substandard Doubtful Total (in thousands) December 31, 2021 Commercial $ 207,729 $ 5,207 $ — $ 7,890 $ — $ 220,826 Commercial Real Estate: Construction 74,806 — — — — 74,806 Farmland 65,836 170 — 2,382 — 68,388 Nonfarm nonresidential 341,780 413 — 3,700 — 345,893 Residential Real Estate: Multi-family 50,224 — — — — 50,224 1-4 Family 164,850 2,038 — 1,985 — 168,873 Consumer 36,408 5 — 27 — 36,440 Agriculture 35,863 23 — 38 — 35,924 Other 466 — — — — 466 Total $ 977,962 $ 7,856 $ — $ 16,022 $ — $ 1,001,840 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2022 2021 (in thousands) Land and buildings $ 22,033 $ 21,590 Furniture and equipment 8,439 9,395 Leased right-of-use asset 6,317 5,326 36,789 36,311 Accumulated depreciation (14,686 ) (14,736 ) $ 22,103 $ 21,575 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 2023 457 2024 458 2025 438 2026 408 2027 465 Thereafter 8,434 Total minimum lease payments 10,660 Discount effect of cash flows (4,343 ) Present value of lease liabilities $ 6,317 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | 2022 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (in thousands) Goodwill $ 6,252 $ — $ 6,252 $ — Core deposit intangibles 2,500 767 2,500 511 Outstanding, ending $ 8,752 $ 767 $ 8,752 $ 511 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense 2023 $ 256 2024 256 2025 256 2026 256 2027 256 Thereafter 453 $ 1,733 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deposits [Table Text Block] | 2022 2021 (in thousands) Non-interest bearing $ 268,954 $ 274,083 Interest checking 314,082 287,208 Money market 179,035 217,943 Savings 148,552 163,423 Certificates of deposit (1) 290,161 266,011 Total $ 1,200,784 $ 1,208,668 |
Schedule of Maturities of Time Deposits [Table Text Block] | Total 2023 $ 233,016 2024 35,759 2025 15,373 2026 2,277 2027 3,034 Thereafter 702 $ 290,161 |
Note 9 - Advances From the Fe_2
Note 9 - Advances From the Federal Home Loan Bank (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | 2022 2021 (in thousands) Short term advance (fixed rates 4.02 4.38 $ 70,000 $ — Long term advance — 20,000 Total advances from the Federal Home Loan Bank $ 70,000 $ 20,000 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | Description Issuance Date Interest Rate (1) Junior Subordinated Debt Owed To Trust Maturity Date (2) Statutory Trust I 2/13/2004 3-month LIBOR + 2.85% $ 3,000,000 2/13/2034 Statutory Trust II 2/13/2004 3-month LIBOR + 2.85% 5,000,000 2/13/2034 Statutory Trust III 4/15/2004 3-month LIBOR + 2.79% 3,000,000 4/15/2034 Statutory Trust IV 12/14/2006 3-month LIBOR + 1.67% 10,000,000 3/01/2037 $ 21,000,000 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 (in thousands) Current $ 621 $ 305 $ (173 ) Deferred (354 ) 1,649 1,372 Net operating loss 5,509 2,677 903 Establish state deferred tax asset — — (478 ) $ 5,776 $ 4,631 $ 1,624 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 (in thousands) Federal statutory tax rate 21 % 21 % 21 % Federal statutory rate times financial statement income $ 5,065 $ 4,103 $ 2,232 Effect of: State income taxes 907 741 — Tax-exempt interest income (107 ) (123 ) (73 ) Establish state deferred tax asset — — (478 ) Non-taxable life insurance income (148 ) (111 ) (89 ) Restricted stock vesting (30 ) (10 ) 7 Other, net 89 31 25 Total $ 5,776 $ 4,631 $ 1,624 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 (in thousands) Deferred tax assets: Net operating loss carry-forward $ 13,826 $ 19,335 Allowance for loan losses 3,250 2,877 Net unrealized loss on securities 4,465 — New market tax credit carry-forward 208 208 Nonaccrual loan interest 317 321 Accrued expenses 97 138 Lease liability 1,577 1,328 Other 240 202 23,980 24,409 Deferred tax liabilities: FHLB stock dividends 361 415 Fixed assets 117 133 Deferred loan costs 158 176 Net unrealized gain on securities — 390 Lease right-of-use assets 1,577 1,328 Net assets from acquisitions 304 108 Other 180 276 2,697 2,826 Net deferred tax assets $ 21,283 $ 21,583 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Beginning balance $ 13,542 New loans and advances 12,851 Repayments (8,880 ) Ending balance $ 17,513 |
Note 14 - Regulatory Capital _2
Note 14 - Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Requirement for Capital Adequacy Purposes Minimum Requirement to be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total risk-based capital (to risk-weighted assets) $ 182,113 14.01 % $ 104,007 8.00 % $ 130,008 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 169,083 13.01 58,504 4.50 84,505 6.50 Tier 1 capital (to risk-weighted assets) 169,083 13.01 78,005 6.00 104,007 8.00 Tier 1 capital (to average assets) 169,083 11.59 58,379 4.00 72,974 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, 2021: Total risk-based capital (to risk-weighted assets) $ 160,700 13.31 % $ 96,591 8.00 % $ 120,738 10.00 % Total common equity Tier 1 risk- based capital (to risk-weighted assets) 149,169 12.35 54,332 4.50 78,480 6.50 Tier 1 capital (to risk-weighted assets) 149,169 12.35 72,443 6.00 96,591 8.00 Tier 1 capital (to average assets) 149,169 10.84 55,057 4.00 68,822 5.00 |
Note 15 - Off Balance Sheet R_2
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2022 2021 Fixed Rate Variable Rate Fixed Rate Variable Rate (in thousands) Commitments to make loans $ 35,773 $ 35,781 $ 85,294 $ 60,683 Unused lines of credit 12,383 117,761 12,828 108,635 Standby letters of credit 444 647 566 326 |
Note 16 - Fair Values (Tables)
Note 16 - Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2022 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 $ 21,757 $ — $ 21,757 $ — Agency mortgage-backed: residential 69,905 — 69,905 — Collateralized loan obligations 46,041 — 46,041 — Corporate bonds 42,470 — 20,223 22,247 Total $ 180,173 $ — $ 157,926 $ 22,247 Fair Value Measurements at December 31, 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) Available for sale securities U.S. Government and federal agency $ 26,243 $ — $ 26,243 $ — Agency mortgage-backed: residential 94,019 — 94,019 — Collateralized loan obligations 50,149 — 50,149 — Corporate bonds 43,802 — 29,761 14,041 Total $ 214,213 $ — $ 200,172 $ 14,041 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | December 31, 2022 Corporate Bonds (in thousands) Balance of recurring Level 3 assets at January 1, 2022 $ 14,041 Total gains or losses for the year: Included in other comprehensive income (1,009 ) Transfers into Level 2 (6,524 ) Transfers into Level 3 15,739 Balance of recurring Level 3 assets at December 31, 2022 $ 22,247 December 31, 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 108 1,532 Calls — (6,000 ) Transfers into Level 2 (2,496 ) (1,042 ) Transfers into Level 3 — 7,170 Balance of recurring Level 3 assets at December 31, 2021 $ — $ 14,041 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2022 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 44,635 $ 44,635 $ — $ — $ 44,635 Securities available for sale 180,173 — 157,926 22,247 180,173 Securities held to maturity 43,282 — 34,896 — 34,896 Federal Home Loan Bank stock 5,176 N/A N/A N/A N/A Loans, net 1,098,824 — — 1,046,734 1,046,734 Accrued interest receivable 5,004 — 1,306 3,698 5,004 Financial liabilities Deposits $ 1,200,784 $ 268,954 $ 926,725 $ — $ 1,195,679 Federal Home Loan Bank advances 70,000 — 69,993 — 69,993 Junior subordinated debentures 21,000 — — 19,084 19,084 Subordinated capital notes 25,000 — — 24,212 24,212 Accrued interest payable 1,571 — 889 682 1,571 Fair Value Measurements at December 31, 2021 Using Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) Financial assets Cash and cash equivalents $ 77,603 $ 77,603 $ — $ — $ 77,603 Securities available for sale 214,213 — 200,172 14,041 214,213 Securities held to maturity 46,460 — 46,280 — 46,280 Federal Home Loan Bank stock 5,116 N/A N/A N/A N/A Loans, net 990,309 — — 981,995 981,995 Accrued interest receivable 3,870 — 1,022 2,848 3,870 Financial liabilities Deposits $ 1,208,668 $ 274,083 $ 935,768 $ — $ 1,209,851 Federal Home Loan Bank advances 20,000 — 20,046 — 20,046 Junior subordinated debentures 21,000 — — 19,500 19,500 Subordinated capital notes 25,000 — — 26,149 26,149 Accrued interest payable 764 — 136 628 764 |
Fair Value, Inputs, Level 3 [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Measurements at December 31, 2022 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Corporate bonds $ 22,247 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 198% - 421% (299%) Indicative broker bid 78% - 97% (90%) Fair Value Measurements at December 31, 2021 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) (in thousands) Corporate bonds $ 14,041 Discounted cash flow Constant prepayment rate 0% Spread to benchmark yield 200% - 298% (235%) Indicative broker bid 99% - 106% (103%) |
Note 17 - Stock Plans and Sto_2
Note 17 - Stock Plans and Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Year Ended Year Ended December 31, 2022 December 31, 2021 Weighted Weighted Average Average Grant Grant Shares Price Shares Price Outstanding, beginning 111,536 $ 13.73 47,438 $ 15.34 Granted 64,600 19.61 110,024 13.52 Vested (40,137 ) 16.86 (37,590 ) 15.13 Forfeited (10,509 ) 15.35 (8,336 ) 13.66 Outstanding, ending 125,490 $ 15.62 111,536 $ 13.73 |
Share-Based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | 2023 $ 466 2024 337 2025 195 2026 188 2027 149 Thereafter 25 |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 2020 (in thousands, except share and per share data) Net income $ 18,342 $ 14,909 $ 9,005 Less: Earnings allocated to unvested shares 302 219 68 Net income attributable to common shareholders, basic and diluted $ 18,040 $ 14,690 $ 8,937 Basic and Diluted Weighted average common shares including unvested common shares outstanding 7,631,243 7,593,176 7,492,190 Less: Weighted average unvested common shares 125,687 111,740 56,809 Weighted average common shares outstanding 7,505,556 7,481,436 7,435,381 Basic and diluted income per common share $ 2.40 $ 1.96 $ 1.20 |
Note 20 - Parent Company Only_2
Note 20 - Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2022 2021 (in thousands) ASSETS Cash and cash equivalents $ 7,337 $ 4,759 Investment in banking subsidiary 164,811 165,481 Investment in and advances to other subsidiaries 776 776 Deferred taxes, net 6,921 6,532 Other assets 1,982 1,282 Total assets $ 181,827 $ 178,830 LIABILITIES AND SHAREHOLDERS EQUITY Debt $ 46,775 $ 46,775 Accrued expenses and other liabilities 1,194 1,096 Shareholders’ equity 133,858 130,959 Total liabilities and shareholders equity $ 181,827 $ 178,830 |
Condensed Income Statement [Table Text Block] | Years ended December 31, 2022 2021 2020 (in thousands) Interest income $ 37 $ 18 $ 37 Dividends from subsidiaries 7,530 2,019 23 Other income 21 20 20 Interest expense (2,398 ) (2,040 ) (2,008 ) Other expense (1,827 ) (1,501 ) (1,357 ) Income (loss) before income tax and undistributed subsidiary income 3,363 (1,484 ) (3,285 ) Income tax benefit (1,047 ) (885 ) (815 ) Equity in undistributed subsidiary income 13,932 15,508 11,475 Net income $ 18,342 $ 14,909 $ 9,005 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31, 2022 2021 2020 (in thousands) Cash flows from operating activities Net income $ 18,342 $ 14,909 $ 9,005 Adjustments: Equity in undistributed subsidiary income (13,932 ) (15,508 ) (11,475 ) Deferred taxes, net (389 ) (579 ) (815 ) Stock-based compensation expense 884 699 580 Net change in other assets (700 ) (102 ) (97 ) Net change in other liabilities 97 390 145 Net cash from operating activities 4,302 (191 ) (2,657 ) Cash flows from investing activities Investments in subsidiaries — — — Net cash from investing activities — — — Cash flows from financing activities Proceeds from issuance of subordinated capital notes — — 8,000 Repayment of senior debt — — (5,000 ) Common shares withheld for taxes (197 ) (87 ) (75 ) Cash dividends paid on common stock (1,527 ) — — Net cash from by financing activities (1,724 ) (87 ) 2,925 Net change in cash and cash equivalents 2,578 (278 ) 268 Beginning cash and cash equivalents 4,759 5,037 4,769 Ending cash and cash equivalents $ 7,337 $ 4,759 $ 5,037 |
Note 21 - Quarterly Financial_2
Note 21 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 Fourth Third Second First Quarter Quarter Quarter Quarter (in thousands) Interest income (1) $ 17,140 $ 15,121 $ 13,122 $ 12,427 Interest expense 3,768 2,209 1,442 1,313 Net interest income 13,372 12,912 11,680 11,114 Provision (negative provision) for loan losses 130 (1,250 ) 450 750 Net interest income after provision 13,242 14,162 11,230 10,364 Non-interest income 2,155 2,228 2,256 2,238 Non-interest expense (2) 8,862 8,697 8,227 7,971 Income before income taxes 6,535 7,693 5,259 4,631 Income tax expense (3) 1,621 1,880 1,223 1,052 Net income $ 4,914 $ 5,813 $ 4,036 $ 3,579 Basic and diluted earnings per common share (4) $ 0.64 $ 0.76 $ 0.53 $ 0.47 Cash dividends declared per common share $ 0.05 $ 0.05 $ 0.05 $ 0.05 2021 Fourth Third Second First Quarter Quarter Quarter Quarter (in thousands) Interest income (1) $ 12,314 $ 12,975 $ 12,376 $ 12,250 Interest expense 1,307 1,354 1,462 1,570 Net interest income 11,007 11,621 10,914 10,680 Provision for loan losses 500 300 — 350 Net interest income after provision 10,507 11,321 10,914 10,330 Non-interest income 1,984 2,436 2,135 1,884 Non-interest expense 7,983 8,050 7,954 7,984 Income before income taxes 4,508 5,707 5,095 4,230 Income tax expense (3) 1,063 1,366 1,194 1,008 Net income $ 3,445 $ 4,341 $ 3,901 $ 3,222 Basic and diluted earnings per common share (4) $ 0.45 $ 0.57 $ 0.51 $ 0.43 Cash dividends declared per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 2022 2021 (in thousands) First quarter $ 45 $ 436 Second quarter — 692 Third quarter — 1,368 Fourth quarter — 261 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Real Estate, Ending Balance | $ 0 | $ 0 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |
One- to Four-family Residential Properties [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 73,000 | $ 47,000 |
Note 2 - Pending Merger (Detail
Note 2 - Pending Merger (Details Textual) $ / shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Oct. 24, 2022 USD ($) $ / shares | |
Common Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | $ 0 | ||
Business Combination, Acquisition Related Costs | $ 691,000 | $ 0 | $ 0 | |
Peoples Bancorp Inc [Member] | ||||
Common Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | |||
Merger Agreement with Peoples Bancorp, Inc. (“Peoples”) [Member] | ||||
Business Combination, Equity Interest Issued or Issuable, Ratio | 0.90 | |||
Business Combination, Termination Fee | $ 8,300,000 | |||
Business Combination, Acquisition Related Costs | $ 691,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Total | $ 180,173 | $ 214,213 |
Risk Level, AA Rated [Member] | ||
Collateralized Agreements, Total | 27,000 | |
Risk Level, A Rated [Member] | ||
Collateralized Agreements, Total | 19,000 | |
Kentucky Municipalities [Member] | ||
Debt Securities, Available-for-Sale, Total | 35,200 | 35,700 |
Asset Pledged as Collateral [Member] | Deposits [Member] | ||
Financial Instruments, Owned, at Fair Value, Total | $ 122,100 | $ 155,400 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost, Gross Unrealized Gains or Losses, and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale securities, amortized cost | $ 198,538 | $ 213,384 |
Available for sale securities, gross unrealized gains | 9 | 2,212 |
Available for sale securities, gross unrealized losses | (18,374) | (1,383) |
Securities available for sale | 180,173 | 214,213 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 24,541 | 26,075 |
Available for sale securities, gross unrealized gains | 0 | 301 |
Available for sale securities, gross unrealized losses | (2,784) | (133) |
Securities available for sale | 21,757 | 26,243 |
Residential Mortgage-Backed Securities [Member] | ||
Available for sale securities, amortized cost | 80,283 | 93,650 |
Available for sale securities, gross unrealized gains | 9 | 1,339 |
Available for sale securities, gross unrealized losses | (10,387) | (970) |
Securities available for sale | 69,905 | 94,019 |
Collateralized Debt Obligations [Member] | ||
Available for sale securities, amortized cost | 48,202 | 50,227 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (2,161) | (78) |
Securities available for sale | 46,041 | 50,149 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 45,512 | 43,432 |
Available for sale securities, gross unrealized gains | 0 | 572 |
Available for sale securities, gross unrealized losses | (3,042) | (202) |
Securities available for sale | $ 42,470 | $ 43,802 |
Note 3 - Securities - Amortiz_2
Note 3 - Securities - Amortized Cost, Gross Unrealized Gains or Losses, and Fair Value of Held to Maturities Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities held to maturity (fair value of $34,896 and $46,280, respectively) | $ 43,282 | $ 46,460 |
Held to maturity, gross unrecognized gains | 0 | 158 |
Held to maturity, gross unrecognized losses | (8,386) | (338) |
Securities held to maturity, fair value | 34,896 | 46,280 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity (fair value of $34,896 and $46,280, respectively) | 43,282 | 46,460 |
Held to maturity, gross unrecognized gains | 0 | 158 |
Held to maturity, gross unrecognized losses | (8,386) | (338) |
Securities held to maturity, fair value | $ 34,896 | $ 46,280 |
Note 3 - Securities - Sales and
Note 3 - Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds | $ 1,314 | $ 9,204 | $ 9,030 |
Gross gains | 0 | 465 | 0 |
Gross losses | $ 3 | $ 5 | $ 5 |
Note 3 - Securities - Amortiz_3
Note 3 - Securities - Amortized Cost and Fair Value of Debt Investment Securities Portfolio by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 4,661 | |
One to five years, fair value, available for sale | 4,483 | |
Five to ten years, amortized cost, available for sale | 84,946 | |
Five to ten years, fair value, available for sale | 79,679 | |
Beyond ten years, amortized cost, available for sale | 28,648 | |
Beyond ten years, fair value, available for sale | 26,106 | |
Agency mortgage-backed: residential, amortized cost, available for sale | 80,283 | |
Agency mortgage-backed: residential, fair value, available for sale | 69,905 | |
Total, amortized cost, available for sale | 198,538 | $ 213,384 |
Total, fair value, available for sale | 180,173 | 214,213 |
Within one year, amortized cost, held to maturity | 3,265 | |
Within one year, fair value, held to maturity | 3,204 | |
One to five years, amortized cost, held to maturity | 5,571 | |
One to five years, fair value, held to maturity | 5,324 | |
Five to ten years, amortized cost, held to maturity | 4,713 | |
Five to ten years, fair value, held to maturity | 4,100 | |
Beyond ten years, amortized cost, held to maturity | 29,733 | |
Beyond ten years, fair value, held to maturity | 22,268 | |
Total, amortized cost, held to maturity | 43,282 | |
Total, fair value, held to maturity | $ 34,896 | $ 46,280 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale, fair value, less than 12 months | $ 82,504 | $ 97,962 |
Available for sale, unrealized loss, less than 12 months | (5,074) | (1,302) |
Available for sale, fair value, 12 months or more | 96,674 | 17,156 |
Available for sale, unrealized loss, 12 months or more | (13,300) | (81) |
Available for sale, fair value | 179,178 | 115,118 |
Available for sale, unrealized loss | (18,374) | (1,383) |
Held to maturity, fair value, less than 12 months | 13,897 | 26,829 |
Held to maturity, unrecognized loss, less than 12 months | (3,328) | (338) |
Held to maturity, fair value, 12 months or more | 19,179 | 0 |
Held to maturity, unrecognized loss, 12 months or more | (5,058) | 0 |
Held to maturity, fair value | 33,076 | 26,829 |
Held to maturity, unrecognized loss | (8,386) | (338) |
Held to maturity, unrecognized loss, 12 months or more | 5,058 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held to maturity, fair value, less than 12 months | 13,897 | 26,829 |
Held to maturity, unrecognized loss, less than 12 months | (3,328) | (338) |
Held to maturity, fair value, 12 months or more | 19,179 | 0 |
Held to maturity, unrecognized loss, 12 months or more | (5,058) | 0 |
Held to maturity, fair value | 33,076 | 26,829 |
Held to maturity, unrecognized loss | (8,386) | (338) |
Held to maturity, unrecognized loss, 12 months or more | 5,058 | 0 |
US Treasury and Government [Member] | ||
Available for sale, fair value, less than 12 months | 12,234 | 11,645 |
Available for sale, unrealized loss, less than 12 months | (1,022) | (133) |
Available for sale, fair value, 12 months or more | 9,523 | 0 |
Available for sale, unrealized loss, 12 months or more | (1,762) | 0 |
Available for sale, fair value | 21,757 | 11,645 |
Available for sale, unrealized loss | (2,784) | (133) |
Residential Mortgage-Backed Securities [Member] | ||
Available for sale, fair value, less than 12 months | 26,917 | 53,733 |
Available for sale, unrealized loss, less than 12 months | (1,916) | (960) |
Available for sale, fair value, 12 months or more | 41,992 | 642 |
Available for sale, unrealized loss, 12 months or more | (8,471) | (10) |
Available for sale, fair value | 68,909 | 54,375 |
Available for sale, unrealized loss | (10,387) | (970) |
Collateralized Loan Obligations [Member] | ||
Available for sale, fair value, less than 12 months | 20,816 | 10,036 |
Available for sale, unrealized loss, less than 12 months | (784) | (7) |
Available for sale, fair value, 12 months or more | 25,225 | 16,514 |
Available for sale, unrealized loss, 12 months or more | (1,377) | (71) |
Available for sale, fair value | 46,041 | 26,550 |
Available for sale, unrealized loss | (2,161) | (78) |
Corporate Debt Securities [Member] | ||
Available for sale, fair value, less than 12 months | 22,537 | 22,548 |
Available for sale, unrealized loss, less than 12 months | (1,352) | (202) |
Available for sale, fair value, 12 months or more | 19,934 | 0 |
Available for sale, unrealized loss, 12 months or more | (1,690) | 0 |
Available for sale, fair value | 42,471 | 22,548 |
Available for sale, unrealized loss | $ (3,042) | $ (202) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Loans and Leases Receivable, Gross | $ 1,111,854,000 | $ 1,001,840,000 | |
Financing Receivable Modifications Percentage of Performing TDRs to Total TDRs | 72% | 84% | |
Troubled Debt Restructuring Reserve | $ 1,000 | $ 2,000 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross | [1] | $ 230,262,000 | $ 220,826,000 |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||
Loans and Leases Receivable, Gross | $ 141,000 | $ 1,200,000 | |
[1]Includes SBA Paycheck Protection Program (“PPP”) loans of $165,000 and $1.2 million at June 30, 2022 and December 31, 2021, respectively. |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross loans | $ 1,111,854 | $ 1,001,840 | |
Less: Allowance for loan losses | (13,030) | (11,531) | |
Loans, net | 1,098,824 | 990,309 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 230,262 | 220,826 |
Less: Allowance for loan losses | (2,827) | (2,888) | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 592,116 | 489,087 | |
Less: Allowance for loan losses | (7,606) | (6,179) | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 135,159 | 74,806 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 65,256 | 68,388 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 391,701 | 345,893 | |
Residential Portfolio Segment [Member] | |||
Gross loans | 212,210 | 219,097 | |
Less: Allowance for loan losses | (1,399) | (1,443) | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 45,222 | 50,224 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 166,988 | 168,873 | |
Consumer Portfolio Segment [Member] | |||
Gross loans | 35,277 | 36,440 | |
Less: Allowance for loan losses | (591) | (538) | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 41,498 | 35,924 | |
Less: Allowance for loan losses | (604) | (480) | |
Other Portfolio Segment [Member] | |||
Gross loans | 491 | 466 | |
Less: Allowance for loan losses | $ (3) | $ (3) | |
[1]Includes SBA Paycheck Protection Program (“PPP”) loans of $165,000 and $1.2 million at June 30, 2022 and December 31, 2021, respectively. |
Note 4 - Loans - Activity in Al
Note 4 - Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 11,531 | $ 12,443 | $ 11,531 | $ 12,443 | $ 8,376 | ||||||
Provision for loan losses | $ 130 | $ (1,250) | $ 450 | 750 | $ 500 | $ 300 | $ 0 | 350 | 80 | 1,150 | 4,400 |
Loans charged off | (838) | (2,526) | (802) | ||||||||
Recoveries | 2,257 | 464 | 469 | ||||||||
Balance | 13,030 | 11,531 | 13,030 | 11,531 | 12,443 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance | 2,888 | 2,529 | 2,888 | 2,529 | 1,710 | ||||||
Provision for loan losses | (68) | 206 | 822 | ||||||||
Loans charged off | (31) | (19) | (32) | ||||||||
Recoveries | 38 | 172 | 29 | ||||||||
Balance | 2,827 | 2,888 | 2,827 | 2,888 | 2,529 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Balance | 6,179 | 7,050 | 6,179 | 7,050 | 4,080 | ||||||
Provision for loan losses | (131) | 1,314 | 2,870 | ||||||||
Loans charged off | (158) | (2,302) | (101) | ||||||||
Recoveries | 1,716 | 117 | 201 | ||||||||
Balance | 7,606 | 6,179 | 7,606 | 6,179 | 7,050 | ||||||
Residential Portfolio Segment [Member] | |||||||||||
Balance | 1,443 | 1,899 | 1,443 | 1,899 | 1,743 | ||||||
Provision for loan losses | (27) | (537) | 135 | ||||||||
Loans charged off | (400) | (30) | (130) | ||||||||
Recoveries | 383 | 111 | 151 | ||||||||
Balance | 1,399 | 1,443 | 1,399 | 1,443 | 1,899 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Balance | 538 | 361 | 538 | 361 | 485 | ||||||
Provision for loan losses | 227 | 259 | 324 | ||||||||
Loans charged off | (249) | (131) | (493) | ||||||||
Recoveries | 75 | 49 | 45 | ||||||||
Balance | 591 | 538 | 591 | 538 | 361 | ||||||
Agriculture Portfolio Segment [Member] | |||||||||||
Balance | 480 | 600 | 480 | 600 | 355 | ||||||
Provision for loan losses | 79 | (91) | 261 | ||||||||
Loans charged off | 0 | (44) | (46) | ||||||||
Recoveries | 45 | 15 | 30 | ||||||||
Balance | 604 | 480 | 604 | 480 | 600 | ||||||
Other Portfolio Segment [Member] | |||||||||||
Balance | $ 3 | $ 4 | 3 | 4 | 3 | ||||||
Provision for loan losses | 0 | (1) | (12) | ||||||||
Loans charged off | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 13 | ||||||||
Balance | $ 3 | $ 3 | $ 3 | $ 3 | $ 4 |
Note 4 - Loans - Balance in All
Note 4 - Loans - Balance in Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Bases on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Individually evaluated for impairment | $ 1 | $ 2 | |
Collectively evaluated for impairment | 13,029 | 11,529 | |
Total ending allowance balance | 13,030 | 11,531 | |
Loans individually evaluated for impairment | 989 | 3,465 | |
Loans collectively evaluated for impairment | 1,110,865 | 998,375 | |
Total ending loans balance | 1,111,854 | 1,001,840 | |
Commercial Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 2,827 | 2,888 | |
Total ending allowance balance | 2,827 | 2,888 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 230,262 | 220,826 | |
Total ending loans balance | [1] | 230,262 | 220,826 |
Commercial Real Estate Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 7,606 | 6,179 | |
Total ending allowance balance | 7,606 | 6,179 | |
Loans individually evaluated for impairment | 429 | 2,878 | |
Loans collectively evaluated for impairment | 591,687 | 486,209 | |
Total ending loans balance | 592,116 | 489,087 | |
Residential Portfolio Segment [Member] | |||
Individually evaluated for impairment | 1 | 2 | |
Collectively evaluated for impairment | 1,398 | 1,441 | |
Total ending allowance balance | 1,399 | 1,443 | |
Loans individually evaluated for impairment | 441 | 566 | |
Loans collectively evaluated for impairment | 211,769 | 218,531 | |
Total ending loans balance | 212,210 | 219,097 | |
Consumer Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 591 | 538 | |
Total ending allowance balance | 591 | 538 | |
Loans individually evaluated for impairment | 119 | 12 | |
Loans collectively evaluated for impairment | 35,158 | 36,428 | |
Total ending loans balance | 35,277 | 36,440 | |
Agriculture Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 604 | 480 | |
Total ending allowance balance | 604 | 480 | |
Loans individually evaluated for impairment | 0 | 9 | |
Loans collectively evaluated for impairment | 41,498 | 35,915 | |
Total ending loans balance | 41,498 | 35,924 | |
Other Portfolio Segment [Member] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 3 | 3 | |
Total ending allowance balance | 3 | 3 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 491 | 466 | |
Total ending loans balance | $ 491 | $ 466 | |
[1]Includes SBA Paycheck Protection Program (“PPP”) loans of $165,000 and $1.2 million at June 30, 2022 and December 31, 2021, respectively. |
Note 4 - Loans - Loans Individu
Note 4 - Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unpaid principal balance, with no related allowance recorded | $ 3,184 | $ 10,393 | $ 4,721 |
Recorded investment, with no related allowance recorded | 936 | 3,400 | 2,050 |
Average recorded investment, with no related allowance recorded | 2,440 | 5,814 | 1,885 |
Interest income recognized, with no related allowance recorded | 442 | 501 | 194 |
Cash basis interest income recognized, with no related allowance recorded | 429 | 215 | 162 |
Unpaid principal balance, with an allowance recorded | 53 | 65 | 6,571 |
Recorded investment, with an allowance recorded | 53 | 65 | 4,462 |
Allowance for loan losses allocated, with an allowance recorded | 1 | 2 | 2,177 |
Average recorded investment, with an allowance recorded | 78 | 95 | 1,206 |
Interest income recognized, with an allowance recorded | 0 | 2 | 276 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Unpaid principal balance, total | 3,237 | 10,458 | 11,292 |
Recorded investment, total | 989 | 3,465 | 6,512 |
Average recorded investment, total | 2,518 | 5,909 | 3,091 |
Interest income recognized, total | 442 | 503 | 470 |
Cash basis interest income recognized | 429 | 215 | 162 |
Commercial Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 257 | 290 | 308 |
Recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 | 82 |
Interest income recognized, with no related allowance recorded | 1 | 0 | 16 |
Cash basis interest income recognized, with no related allowance recorded | 1 | 0 | 16 |
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 | 5 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Unpaid principal balance, with no related allowance recorded | 0 | 0 | 0 |
Recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Unpaid principal balance, with no related allowance recorded | 80 | 302 | 555 |
Recorded investment, with no related allowance recorded | 29 | 215 | 456 |
Average recorded investment, with no related allowance recorded | 95 | 520 | 326 |
Interest income recognized, with no related allowance recorded | 53 | 55 | 45 |
Cash basis interest income recognized, with no related allowance recorded | 53 | 55 | 45 |
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 | 198 |
Interest income recognized, with an allowance recorded | 0 | 0 | 4 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,001 | 7,755 | 1,323 |
Recorded investment, with no related allowance recorded | 400 | 2,663 | 549 |
Average recorded investment, with no related allowance recorded | 1,783 | 4,430 | 501 |
Interest income recognized, with no related allowance recorded | 202 | 302 | 44 |
Cash basis interest income recognized, with no related allowance recorded | 189 | 25 | 15 |
Unpaid principal balance, with an allowance recorded | 0 | 0 | 6,465 |
Recorded investment, with an allowance recorded | 0 | 0 | 4,356 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 2,176 |
Average recorded investment, with an allowance recorded | 0 | 0 | 901 |
Interest income recognized, with an allowance recorded | 0 | 0 | 263 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Unpaid principal balance, with no related allowance recorded | 0 | 0 | 0 |
Recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 1 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 1 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Unpaid principal balance, with no related allowance recorded | 1,181 | 1,408 | 1,883 |
Recorded investment, with no related allowance recorded | 388 | 501 | 954 |
Average recorded investment, with no related allowance recorded | 479 | 764 | 894 |
Interest income recognized, with no related allowance recorded | 161 | 135 | 86 |
Cash basis interest income recognized, with no related allowance recorded | 161 | 126 | 83 |
Unpaid principal balance, with an allowance recorded | 53 | 65 | 106 |
Recorded investment, with an allowance recorded | 53 | 65 | 106 |
Allowance for loan losses allocated, with an allowance recorded | 1 | 2 | 1 |
Average recorded investment, with an allowance recorded | 78 | 95 | 102 |
Interest income recognized, with an allowance recorded | 0 | 2 | 9 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 350 | 272 | 259 |
Recorded investment, with no related allowance recorded | 119 | 12 | 0 |
Average recorded investment, with no related allowance recorded | 80 | 19 | 55 |
Interest income recognized, with no related allowance recorded | 2 | 1 | 3 |
Cash basis interest income recognized, with no related allowance recorded | 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 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Agriculture Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 315 | 366 | 393 |
Recorded investment, with no related allowance recorded | 0 | 9 | 91 |
Average recorded investment, with no related allowance recorded | 3 | 81 | 27 |
Interest income recognized, with no related allowance recorded | 23 | 7 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 23 | 7 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Other Portfolio Segment [Member] | |||
Unpaid principal balance, with no related allowance recorded | 0 | 0 | 0 |
Recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with no related allowance recorded | 0 | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 | 0 |
Allowance for loan losses allocated, with an allowance recorded | 0 | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 | 0 |
Cash basis interest income recognized, with an allowance recorded | $ 0 | $ 0 | $ 0 |
Note 4 - Loans - Types of Troub
Note 4 - Loans - Types of Troubled Debt Restructuring Loan Modification by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Troubled debt restructuring | $ 186 | $ 405 |
Nonfarm Nonresidential [Member] | Commercial Real Estate [Member] | ||
Troubled debt restructuring | 133 | 340 |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 53 | 65 |
Performing Financial Instruments [Member] | ||
Troubled debt restructuring | 133 | 340 |
Performing Financial Instruments [Member] | Nonfarm Nonresidential [Member] | Commercial Real Estate [Member] | ||
Troubled debt restructuring | 133 | 340 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | 0 | 0 |
Nonperforming Financial Instruments [Member] | ||
Troubled debt restructuring | 53 | 65 |
Nonperforming Financial Instruments [Member] | Nonfarm Nonresidential [Member] | Commercial Real Estate [Member] | ||
Troubled debt restructuring | 0 | 0 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | ||
Troubled debt restructuring | $ 53 | $ 65 |
Note 4 - Loans - Troubled Debt
Note 4 - Loans - Troubled Debt Restructuring Postmodification (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
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 4 - Loans - Aging of Recor
Note 4 - Loans - Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross loans | $ 1,111,854 | $ 1,001,840 | |
Nonaccrual | 856 | 3,124 | |
Total past due and nonaccrual | 3,043 | 3,890 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 1,919 | 556 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 268 | 210 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 230,262 | 220,826 |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 32 | 6 | |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 32 | 6 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 0 | 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 | 592,116 | 489,087 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 135,159 | 74,806 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 65,256 | 68,388 | |
Nonaccrual | 28 | 215 | |
Total past due and nonaccrual | 276 | 215 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 391,701 | 345,893 | |
Nonaccrual | 268 | 2,323 | |
Total past due and nonaccrual | 845 | 2,357 | |
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 | 219 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 577 | 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 | 29 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 0 | 34 | |
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 | 212,210 | 219,097 | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 45,222 | 50,224 | |
Nonaccrual | 0 | 0 | |
Total past due and nonaccrual | 0 | 0 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 166,988 | 168,873 | |
Nonaccrual | 441 | 566 | |
Total past due and nonaccrual | 1,593 | 1,227 | |
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 | 913 | 513 | |
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 | 239 | 148 | |
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 | 35,277 | 36,440 | |
Nonaccrual | 119 | 12 | |
Total past due and nonaccrual | 297 | 77 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 178 | 37 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 0 | 28 | |
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 | 41,498 | 35,924 | |
Nonaccrual | 0 | 8 | |
Total past due and nonaccrual | 0 | 8 | |
Agriculture Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Gross loans | 0 | 0 | |
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 | 491 | 466 | |
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 $165,000 and $1.2 million at June 30, 2022 and December 31, 2021, respectively. |
Note 4 - Loans - Risk Category
Note 4 - Loans - Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross loans | $ 1,111,854 | $ 1,001,840 | |
Pass [Member] | |||
Gross loans | 1,089,330 | 977,962 | |
Watch [Member] | |||
Gross loans | 15,189 | 7,856 | |
Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Substandard [Member] | |||
Gross loans | 7,335 | 16,022 | |
Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Gross loans | [1] | 230,262 | 220,826 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 222,420 | 207,729 | |
Commercial Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 3,503 | 5,207 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 4,339 | 7,890 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 592,116 | 489,087 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Gross loans | 135,159 | 74,806 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Gross loans | 65,256 | 68,388 | |
Commercial Real Estate Portfolio Segment [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 391,701 | 345,893 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | |||
Gross loans | 132,618 | 74,806 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Farmland Loans [Member] | |||
Gross loans | 63,303 | 65,836 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 385,434 | 341,780 | |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Construction Loans [Member] | |||
Gross loans | 2,541 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Farmland Loans [Member] | |||
Gross loans | 1,594 | 170 | |
Commercial Real Estate Portfolio Segment [Member] | Watch [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 5,981 | 413 | |
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 | 359 | 2,382 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Nonfarm Nonresidential [Member] | |||
Gross loans | 286 | 3,700 | |
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 | 212,210 | 219,097 | |
Residential Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Gross loans | 45,222 | 50,224 | |
Residential Portfolio Segment [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 166,988 | 168,873 | |
Residential Portfolio Segment [Member] | Pass [Member] | Multifamily Loans [Member] | |||
Gross loans | 45,222 | 50,224 | |
Residential Portfolio Segment [Member] | Pass [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 164,150 | 164,850 | |
Residential Portfolio Segment [Member] | Watch [Member] | Multifamily Loans [Member] | |||
Gross loans | 0 | 0 | |
Residential Portfolio Segment [Member] | Watch [Member] | One- to Four-family Residential Properties [Member] | |||
Gross loans | 1,525 | 2,038 | |
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 | 1,313 | 1,985 | |
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 | 35,277 | 36,440 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 35,032 | 36,408 | |
Consumer Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 20 | 5 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 225 | 27 | |
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | |||
Gross loans | 41,498 | 35,924 | |
Agriculture Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 40,660 | 35,863 | |
Agriculture Portfolio Segment [Member] | Watch [Member] | |||
Gross loans | 25 | 23 | |
Agriculture Portfolio Segment [Member] | Special Mention [Member] | |||
Gross loans | 0 | 0 | |
Agriculture Portfolio Segment [Member] | Substandard [Member] | |||
Gross loans | 813 | 38 | |
Agriculture Portfolio Segment [Member] | Doubtful [Member] | |||
Gross loans | 0 | 0 | |
Other Portfolio Segment [Member] | |||
Gross loans | 491 | 466 | |
Other Portfolio Segment [Member] | Pass [Member] | |||
Gross loans | 491 | 466 | |
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 $165,000 and $1.2 million at June 30, 2022 and December 31, 2021, respectively. |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 1.1 | $ 1 | $ 1.1 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 36,789 | $ 36,311 |
Accumulated depreciation | (14,686) | (14,736) |
Property, Plant and Equipment, Net, Total | 22,103 | 21,575 |
Land and Building [Member] | ||
Property, plant and equipment, gross | 22,033 | 21,590 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 8,439 | 9,395 |
Leased Right-of-use Asset [Member] | ||
Property, plant and equipment, gross | $ 6,317 | $ 5,326 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 20 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% | |
Operating Lease, Expense | $ 499,000 | $ 503,000 |
Premises and Equipment [Member] | ||
Operating Lease, Right-of-Use Asset | $ 6,300,000 | $ 5,300,000 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 457 |
2024 | 458 |
2025 | 438 |
2026 | 408 |
2027 | 465 |
Thereafter | 8,434 |
Total minimum lease payments | 10,660 |
Discount effect of cash flows | (4,343) |
Other Liabilities [Member] | |
Present value of lease liabilities | $ 6,317 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 6,252,000 | $ 6,252,000 | $ 6,300,000 |
Amortization of Intangible Assets | $ 256,000 | $ 256,000 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill, Gross | $ 6,252 | $ 6,252 |
Accumulated Amortization | 767 | 511 |
Total, Gross | 8,752 | 8,752 |
Core Deposits [Member] | ||
Core deposit intangibles, Gross | 2,500 | 2,500 |
Accumulated Amortization | $ 767 | $ 511 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2026 | $ 256 |
2027 | 256 |
Core Deposits [Member] | |
2023 | 256 |
2024 | 256 |
2025 | 256 |
Thereafter | 453 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,733 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest-Bearing Domestic Deposit, Brokered | $ 75,100 | $ 0 |
Time Deposits, at or Above FDIC Insurance Limit | $ 106,500 | $ 33,400 |
Note 8 - Deposits - Deposit Bal
Note 8 - Deposits - Deposit Balances by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-interest bearing | $ 268,954 | $ 274,083 | |
Interest checking | 314,082 | 287,208 | |
Money market | 179,035 | 217,943 | |
Savings | 148,552 | 163,423 | |
Certificates of deposit (1) | [1] | 290,161 | 266,011 |
Total | $ 1,200,784 | $ 1,208,668 | |
[1]Includes brokered deposits of $29.0 million at September 30, 2022. There were no brokered deposits at December 31, 2021. |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 233,016 |
2024 | 35,759 |
2025 | 15,373 |
2026 | 2,277 |
2027 | 3,034 |
Thereafter | 702 |
Time Deposits, Total | $ 290,161 |
Note 9 - Advances From the Fe_3
Note 9 - Advances From the Federal Home Loan Bank (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 4.25% | 0.77% |
Long-Term Federal Home Loan Bank Advances, Total | $ 0 | $ 20,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | 0 | 0 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 91,000 | |
First Mortgage Loans [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 339,500 | |
SBA CARES Act Paycheck Protection Program [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 121,800 |
Note 9 - Advances From the Fe_4
Note 9 - Advances From the Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short term advance (fixed rates 4.02% to 4.38%) maturing January 2023 | $ 70,000 | |
Long term advance | 0 | $ 20,000 |
Total advances from the Federal Home Loan Bank | $ 70,000 | $ 20,000 |
Note 9 - Advances From the Fe_5
Note 9 - Advances From the Federal Home Loan Bank - Advances From the Federal Home Loan Bank (Details) (Parentheticals) | Dec. 31, 2022 |
Minimum [Member] | |
Federal Home Loan Bank, Advances, Interest Rate | 4.02% |
Maximum [Member] | |
Federal Home Loan Bank, Advances, Interest Rate | 4.38% |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Millions | 60 Months Ended | ||
Jul. 31, 2029 | Dec. 31, 2022 | Jul. 23, 2019 | |
Correspondent Financial Institutions Advances General Debt Obligations Disclosures Amount Of Available Unused Funds | $ 5 | ||
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 | 4.77% | ||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Capital Note [Member] | Forecast [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.95% |
Note 10 - Borrowings - Junior S
Note 10 - Borrowings - Junior Subordinated Debentures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
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. 01, 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, 2022, 3-month LIBOR was 3.75%. |
Note 11 - Other Benefit Plans (
Note 11 - Other Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Cost | $ 372,000 | $ 373,000 | $ 399,000 |
Matched Contribution Equal to 100 of First 1% [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | ||
Matched Contribution Equal to 50 of Next 5% [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | [1] | Jun. 30, 2022 | [1] | Mar. 31, 2022 | [1] | Dec. 31, 2021 | [1] | Sep. 30, 2021 | [1] | Jun. 30, 2021 | [1] | Mar. 31, 2021 | [1] | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Tax Expense (Benefit), Total | $ 1,621,000 | [1] | $ 1,880,000 | $ 1,223,000 | $ 1,052,000 | $ 1,063,000 | $ 1,366,000 | $ 1,194,000 | $ 1,008,000 | $ 5,776,000 | $ 4,631,000 | $ 1,624,000 | |||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5% | ||||||||||||||||||
Operating Loss Carryforwards | 62,000,000 | 62,000,000 | |||||||||||||||||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |||||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | 0 | $ 0 | ||||||||||||||||
Common Stock Ownership Percentage by Individual | 5% | ||||||||||||||||||
Common Stock Ownership Percentage | 50% | ||||||||||||||||||
State and Local Jurisdiction [Member] | |||||||||||||||||||
Income Tax Expense (Benefit), Total | $ 1,000,000 | $ 939,000 | $ 478,000 | ||||||||||||||||
Operating Loss Carryforwards | $ 20,500,000 | $ 20,500,000 | |||||||||||||||||
[1]See Footnote 12 for more information on the Company’s income taxes for 2022 and 2021. |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [1] | Jun. 30, 2022 | [1] | Mar. 31, 2022 | [1] | Dec. 31, 2021 | [1] | Sep. 30, 2021 | [1] | Jun. 30, 2021 | [1] | Mar. 31, 2021 | [1] | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | $ 621 | $ 305 | $ (173) | ||||||||||||||||
Deferred | (354) | 1,649 | 1,372 | ||||||||||||||||
Net operating loss | 5,509 | 2,677 | 903 | ||||||||||||||||
Establish state deferred tax asset | 0 | 0 | (478) | ||||||||||||||||
Income Tax Expense (Benefit), Total | $ 1,621 | $ 1,880 | $ 1,223 | $ 1,052 | $ 1,063 | $ 1,366 | $ 1,194 | $ 1,008 | $ 5,776 | $ 4,631 | $ 1,624 | ||||||||
[1]See Footnote 12 for more information on the Company’s income taxes for 2022 and 2021. |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [1] | Jun. 30, 2022 | [1] | Mar. 31, 2022 | [1] | Dec. 31, 2021 | [1] | Sep. 30, 2021 | [1] | Jun. 30, 2021 | [1] | Mar. 31, 2021 | [1] | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal statutory tax rate | 21% | 21% | 21% | ||||||||||||||||
Federal statutory rate times financial statement income | $ 5,065 | $ 4,103 | $ 2,232 | ||||||||||||||||
State income taxes | (907) | (741) | 0 | ||||||||||||||||
Tax-exempt interest income | (107) | (123) | (73) | ||||||||||||||||
Establish state deferred tax asset | 0 | 0 | (478) | ||||||||||||||||
Non-taxable life insurance income | (148) | (111) | (89) | ||||||||||||||||
Restricted stock vesting | (30) | (10) | 7 | ||||||||||||||||
Other, net | 89 | 31 | 25 | ||||||||||||||||
Income Tax Expense (Benefit), Total | $ 1,621 | $ 1,880 | $ 1,223 | $ 1,052 | $ 1,063 | $ 1,366 | $ 1,194 | $ 1,008 | $ 5,776 | $ 4,631 | $ 1,624 | ||||||||
[1]See Footnote 12 for more information on the Company’s income taxes for 2022 and 2021. |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carry-forward | $ 13,826 | $ 19,335 |
Allowance for loan losses | 3,250 | 2,877 |
Net unrealized loss on securities | 4,465 | 0 |
New market tax credit carry-forward | 208 | 208 |
Nonaccrual loan interest | 317 | 321 |
Accrued expenses | 97 | 138 |
Lease liability | 1,577 | 1,328 |
Other | 240 | 202 |
Deferred Tax Assets, Gross, Total | 23,980 | 24,409 |
Deferred tax liabilities: | ||
FHLB stock dividends | 361 | 415 |
Fixed assets | 117 | 133 |
Deferred loan costs | 158 | 176 |
Net unrealized gain on securities | 0 | 390 |
Lease right-of-use assets | 1,577 | 1,328 |
Net assets from acquisitions | 304 | 108 |
Other | 180 | 276 |
Deferred Tax Liabilities, Gross, Total | 2,697 | 2,826 |
Net deferred tax assets | $ 21,283 | $ 21,583 |
Note 13 - Related Party Trans_3
Note 13 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Deposit Liabilities | $ 2,400,000 | $ 876,000 | |
Real Estate Management Fees [Member] | Hogan Development [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 45,000 | $ 26,000 |
Note 13 - Related Party Trans_4
Note 13 - Related Party Transactions - Loans to Related Parties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Beginning balance | $ 13,542 |
New loans and advances | 12,851 |
Repayments | (8,880) |
Ending balance | $ 17,513 |
Note 14 - Regulatory Capital _3
Note 14 - Regulatory Capital Matters (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier One Risk-Based Capital, Actual | 0.070 |
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 |
Dividends, Total | $ 20.4 |
Payments of Dividends, Total | $ 7.5 |
Note 14 - Regulatory Capital _4
Note 14 - Regulatory Capital Matters - Ratios and Amounts of Common Equity, Capital, and Total Capital to Risk-adjusted Assets (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Total risk-based capital to risk-weighted assets, actual amount | $ 182,113 | $ 160,700 |
Total risk-based capital to risk-weighted assets, actual ratio | 0.1401 | 0.1331 |
Total risk-based capital to risk-weighted assets, for capital adequacy purposes, amount | $ 104,007 | $ 96,591 |
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 | $ 130,008 | $ 120,738 |
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 | $ 169,083 | $ 149,169 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), actual ratio | 0.1301 | 0.1235 |
Total common equity Tier 1 risk-based capital (to risk-weighted assets), for capital adequacy purposes, amount | $ 58,504 | $ 54,332 |
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 | $ 84,505 | $ 78,480 |
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 | $ 169,083 | $ 149,169 |
Tier I capital to risk-weighted assets, actual ratio | 0.1301 | 0.1235 |
Tier I capital to risk-weighted assets, for capital adequacy purposes, amount | $ 78,005 | $ 72,443 |
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 | $ 104,007 | $ 96,591 |
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 | $ 169,083 | $ 149,169 |
Tier 1 capital (to average assets), actual ratio | 0.1159 | 0.1084 |
Tier 1 capital (to average assets), for capital adequacy purposes, amount | $ 58,379 | $ 55,057 |
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 | $ 72,974 | $ 68,822 |
Tier 1 capital (to average assets), for minimum requirements to be well capitalized, ratio | 0.0500 | 0.0500 |
Note 15 - Off Balance Sheet R_3
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments Period (Year) | 1 year | |
Risk Participation Agreement [Member] | ||
Derivative, Notional Amount | $ 12,100,000 | $ 12,100,000 |
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability | 1,000 | $ 67,000 |
Standby Letters of Credit [Member] | ||
Long-term Line of Credit, Total | $ 0 | |
Home Equity Loans [Member] | ||
Commitments Period (Year) | 10 years |
Note 15 - Off Balance Sheet R_4
Note 15 - Off Balance Sheet Risks, Commitments, and Contingent Liabilities - Contractual Amounts of Financial Instruments With Off Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 35,773 | $ 85,294 |
Fixed Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 12,383 | 12,828 |
Fixed Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 444 | 566 |
Variable Rate [Member] | Commitments to Make Loans [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 35,781 | 60,683 |
Variable Rate [Member] | Unused lines of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | 117,761 | 108,635 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Financial Instrument off Balance Sheet Risk, Amount | $ 647 | $ 326 |
Note 16 - Fair Values - Financi
Note 16 - Fair Values - Financial Assets Measured at the Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available for sale | $ 180,173 | $ 214,213 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 180,173 | 214,213 |
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 | 157,926 | 200,172 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 22,247 | 14,041 |
US Treasury and Government [Member] | ||
Securities available for sale | 21,757 | 26,243 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 21,757 | 26,243 |
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 | 21,757 | 26,243 |
US Treasury and Government [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available for sale | 69,905 | 94,019 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 69,905 | 94,019 |
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 | 69,905 | 94,019 |
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 | 46,041 | 50,149 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 46,041 | 50,149 |
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 | 46,041 | 50,149 |
Collateralized Debt Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 42,470 | 43,802 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale | 42,470 | 43,802 |
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 | 20,223 | 29,761 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 22,247 | $ 14,041 |
Note 16 - Fair Values - Reconci
Note 16 - Fair Values - Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate Debt Securities [Member] | ||
Balance of recurring Level 3 assets | $ 14,041 | $ 11,916 |
Included in other comprehensive income | (1,009) | 1,532 |
Transfers into Level 2 | (6,524) | (1,042) |
Transfers into Level 3 | 15,739 | 7,170 |
Balance of recurring Level 3 assets | 22,247 | 14,041 |
Included in earnings | 465 | |
Calls | (6,000) | |
Collateralized Debt Obligations [Member] | ||
Balance of recurring Level 3 assets | $ 0 | 2,388 |
Included in other comprehensive income | 108 | |
Transfers into Level 2 | (2,496) | |
Transfers into Level 3 | 0 | |
Balance of recurring Level 3 assets | 0 | |
Included in earnings | 0 | |
Calls | $ 0 |
Note 16 - Fair Values - Recurri
Note 16 - Fair Values - Recurring Level 3 Fair Value Measurements (Details) - Corporate Debt Securities [Member] $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Fair value | $ 22,247 | $ 14,041 | $ 11,916 |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair value | $ 22,247 | $ 14,041 | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Constant Prepayment Rate [Member] | |||
Debt securities, measurement input | 0 | 0 | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Minimum [Member] | |||
Debt securities, measurement input | 1.98 | 2 | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Maximum [Member] | |||
Debt securities, measurement input | 4.21 | 2.98 | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Spread to Benchmark Yield [Member] | Weighted Average [Member] | |||
Debt securities, measurement input | 2.99 | (2.35) | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Indicative Broker Bid [Member] | Minimum [Member] | |||
Debt securities, measurement input | 0.78 | 0.99 | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Indicative Broker Bid [Member] | Maximum [Member] | |||
Debt securities, measurement input | 0.97 | 1.06 | |
Fair Value, Recurring [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Indicative Broker Bid [Member] | Weighted Average [Member] | |||
Debt securities, measurement input | 0.90 | (1.03) |
Note 16 - Fair Values - Carryin
Note 16 - Fair Values - Carrying Amount and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Total | $ 180,173 | $ 214,213 |
Securities held to maturity | 34,896 | 46,280 |
Subordinated capital notes | 24,212 | 26,149 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 44,635 | 77,603 |
Debt Securities, Available-for-Sale, Total | 180,173 | 214,213 |
Securities held to maturity | 43,282 | 46,460 |
Federal Home Loan Bank stock | 5,176 | 5,116 |
Loans, net | 1,098,824 | 990,309 |
Accrued interest receivable | 5,004 | 3,870 |
Deposits | 1,200,784 | 1,208,668 |
Federal Home Loan Bank advances | 70,000 | 20,000 |
Junior subordinated debentures | 21,000 | 21,000 |
Subordinated capital notes | 25,000 | 25,000 |
Accrued interest payable | 1,571 | 764 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 44,635 | 77,603 |
Debt Securities, Available-for-Sale, Total | 180,173 | 214,213 |
Loans, net | 1,046,734 | 981,995 |
Accrued interest receivable | 5,004 | 3,870 |
Deposits | 1,195,679 | 1,209,851 |
Federal Home Loan Bank advances | 69,993 | 20,046 |
Junior subordinated debentures | 19,084 | 19,500 |
Accrued interest payable | 1,571 | 764 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 44,635 | 77,603 |
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 268,954 | 274,083 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Accrued interest payable | 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 | 157,926 | 200,172 |
Securities held to maturity | 34,896 | 46,280 |
Loans, net | 0 | 0 |
Accrued interest receivable | 1,306 | 1,022 |
Deposits | 926,725 | 935,768 |
Federal Home Loan Bank advances | 69,993 | 20,046 |
Junior subordinated debentures | 0 | 0 |
Subordinated capital notes | 0 | 0 |
Accrued interest payable | 889 | 136 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Debt Securities, Available-for-Sale, Total | 22,247 | 14,041 |
Securities held to maturity | 0 | 0 |
Loans, net | 1,046,734 | 981,995 |
Accrued interest receivable | 3,698 | 2,848 |
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 19,084 | 19,500 |
Subordinated capital notes | 24,212 | 26,149 |
Accrued interest payable | $ 682 | $ 628 |
Note 17 - Stock Plans and Sto_3
Note 17 - Stock Plans and Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Nonvested Intrinsic Value1 | $ 1,300,000 | ||
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) | $ 19.61 | ||
Share-Based Payment Arrangement, Expense | $ 884,000 | $ 699,000 | $ 580,000 |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 221,000 | $ 175,000 | $ 122,000 |
2018 Omnibus Equity Compensation Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 122,603 | ||
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) | $ 19.61 | $ 13.52 | |
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 17 - Stock Plans and Sto_4
Note 17 - Stock Plans and Stock Based Compensation - Unvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Granted, weighted average grant price (in dollars per share) | $ 19.61 | |
2018 Omnibus Equity Compensation Plan [Member] | ||
Outstanding, beginning (in shares) | 111,536 | 47,438 |
Outstanding, weighted average grant price (in dollars per share) | $ 13.73 | $ 15.34 |
Granted (in shares) | 64,600 | 110,024 |
Granted, weighted average grant price (in dollars per share) | $ 19.61 | $ 13.52 |
Vested (in shares) | (40,137) | (37,590) |
Vested, weighted average grant price (in dollars per share) | $ 16.86 | $ 15.13 |
Forfeited (in shares) | (10,509) | (8,336) |
Forfeited, weighted average grant price (in dollars per share) | $ 15.35 | $ 13.66 |
Outstanding, ending (in shares) | 125,490 | 111,536 |
Outstanding, weighted average grant price (in dollars per share) | $ 15.62 | $ 13.73 |
Note 17 - Stock Plans and Sto_5
Note 17 - Stock Plans and Stock Based Compensation - Unrecognized Stock Based Compensation Expense Related to Unvested Shares (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 466 |
2024 | 337 |
2025 | 195 |
2026 | 188 |
2027 | 149 |
Thereafter | $ 25 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details Textual) - shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 4,914 | $ 5,813 | $ 4,036 | $ 3,579 | $ 3,445 | $ 4,341 | $ 3,901 | $ 3,222 | $ 18,342 | $ 14,909 | $ 9,005 |
Earnings allocated to unvested shares | 302 | 219 | 68 | ||||||||
Net income attributable to common shareholders, basic and diluted | $ 18,040 | $ 14,690 | $ 8,937 | ||||||||
Weighted average common shares including unvested common shares outstanding (in shares) | 7,631,243 | 7,593,176 | 7,492,190 | ||||||||
Weighted average shares outstanding (in shares) | 7,505,556 | 7,481,436 | 7,435,381 | ||||||||
Basic and diluted income per common share (in dollars per share) | $ 2.40 | $ 1.96 | $ 1.20 | ||||||||
Unvested Shares [Member] | |||||||||||
Weighted average shares outstanding (in shares) | 125,687 | 111,740 | 56,809 |
Note 19 - Revenue From Contra_2
Note 19 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Transaction Based Revenue [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 695,000 | $ 623,000 | $ 558,000 |
Note 20 - Parent Company Only_3
Note 20 - Parent Company Only Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Deferred taxes, net | $ 21,283 | $ 21,583 | ||
Total assets | 1,462,455 | 1,415,692 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accrued expenses and other liabilities | 11,813 | 10,065 | ||
Shareholders’ equity | 133,858 | 130,959 | $ 116,024 | $ 105,750 |
Total liabilities and stockholders’ equity | 1,462,455 | 1,415,692 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 7,337 | 4,759 | ||
Deferred taxes, net | 6,921 | 6,532 | ||
Other assets | 1,982 | 1,282 | ||
Total assets | 181,827 | 178,830 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Debt | 46,775 | 46,775 | ||
Accrued expenses and other liabilities | 1,194 | 1,096 | ||
Shareholders’ equity | 133,858 | 130,959 | ||
Total liabilities and stockholders’ equity | 181,827 | 178,830 | ||
Parent Company [Member] | Banking Subsidiary [Member] | ||||
Assets | ||||
Investment in subsidiary | 164,811 | 165,481 | ||
Parent Company [Member] | All Other Subsidiaries [Member] | ||||
Assets | ||||
Investment in subsidiary | $ 776 | $ 776 |
Note 20 - Parent Company Only_4
Note 20 - Parent Company Only Condensed Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||||||
Interest income | $ 17,140 | [1] | $ 15,121 | [1] | $ 13,122 | [1] | $ 12,427 | [1] | $ 12,314 | [1] | $ 12,975 | [1] | $ 12,376 | [1] | $ 12,250 | [1] | $ 57,810 | $ 49,915 | $ 50,753 |
Other income | 958 | 890 | 781 | ||||||||||||||||
Interest expense | (3,768) | (2,209) | (1,442) | (1,313) | (1,307) | (1,354) | (1,462) | (1,570) | (8,732) | (5,693) | (10,152) | ||||||||
Other expense | (2,364) | (1,968) | (2,091) | ||||||||||||||||
Income (loss) before income tax and undistributed subsidiary income | 6,535 | 7,693 | 5,259 | 4,631 | 4,508 | 5,707 | 5,095 | 4,230 | |||||||||||
Income Tax Expense (Benefit), Total | 1,621 | [2] | 1,880 | [2] | 1,223 | [2] | 1,052 | [2] | 1,063 | [2] | 1,366 | [2] | 1,194 | [2] | 1,008 | [2] | 5,776 | 4,631 | 1,624 |
Net income | $ 4,914 | $ 5,813 | $ 4,036 | $ 3,579 | $ 3,445 | $ 4,341 | $ 3,901 | $ 3,222 | 18,342 | 14,909 | 9,005 | ||||||||
Parent Company [Member] | |||||||||||||||||||
Interest income | 37 | 18 | 37 | ||||||||||||||||
Dividends from subsidiaries | 7,530 | 2,019 | 23 | ||||||||||||||||
Other income | 21 | 20 | 20 | ||||||||||||||||
Interest expense | (2,398) | (2,040) | (2,008) | ||||||||||||||||
Other expense | (1,827) | (1,501) | (1,357) | ||||||||||||||||
Income (loss) before income tax and undistributed subsidiary income | 3,363 | (1,484) | (3,285) | ||||||||||||||||
Income Tax Expense (Benefit), Total | (1,047) | (885) | (815) | ||||||||||||||||
Equity in undistributed subsidiary income | 13,932 | 15,508 | 11,475 | ||||||||||||||||
Net income | $ 18,342 | $ 14,909 | $ 9,005 | ||||||||||||||||
[1]Interest income includes PPP loan origination fees as detailed below.[2]See Footnote 12 for more information on the Company’s income taxes for 2022 and 2021. |
Note 20 - Parent Company Only_5
Note 20 - Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 4,914 | $ 5,813 | $ 4,036 | $ 3,579 | $ 3,445 | $ 4,341 | $ 3,901 | $ 3,222 | $ 18,342 | $ 14,909 | $ 9,005 |
Deferred taxes, net | 5,155 | 4,326 | 1,798 | ||||||||
Stock-based compensation expense | 884 | 699 | 580 | ||||||||
Net cash from operating activities | 25,094 | 22,290 | 21,045 | ||||||||
Investments in subsidiaries | (9,924) | (91,189) | (38,416) | ||||||||
Proceeds from issuance of subordinated capital notes | 0 | 0 | 8,000 | ||||||||
Repayment of senior debt | 0 | 0 | (5,000) | ||||||||
Common shares withheld for taxes | (197) | (87) | (75) | ||||||||
Cash dividends paid on common stock | (1,527) | 0 | 0 | ||||||||
Net cash from financing activities | 40,392 | 88,351 | 54,791 | ||||||||
Net change in cash and cash equivalents | (32,968) | 9,910 | 37,490 | ||||||||
Beginning cash and cash equivalents | 77,603 | 67,693 | 77,603 | 67,693 | 30,203 | ||||||
Ending cash and cash equivalents | 44,635 | 77,603 | 44,635 | 77,603 | 67,693 | ||||||
Parent Company [Member] | |||||||||||
Net income | 18,342 | 14,909 | 9,005 | ||||||||
Equity in undistributed subsidiary income | (13,932) | (15,508) | (11,475) | ||||||||
Deferred taxes, net | (389) | (579) | (815) | ||||||||
Stock-based compensation expense | 884 | 699 | 580 | ||||||||
Net change in other assets | (700) | (102) | (97) | ||||||||
Net change in other liabilities | 97 | 390 | 145 | ||||||||
Net cash from operating activities | 4,302 | (191) | (2,657) | ||||||||
Investments in subsidiaries | 0 | 0 | 0 | ||||||||
Net cash from investing activities | 0 | 0 | 0 | ||||||||
Proceeds from issuance of subordinated capital notes | 0 | 0 | 8,000 | ||||||||
Repayment of senior debt | 0 | 0 | (5,000) | ||||||||
Common shares withheld for taxes | (197) | (87) | (75) | ||||||||
Cash dividends paid on common stock | (1,527) | 0 | 0 | ||||||||
Net cash from financing activities | (1,724) | (87) | 2,925 | ||||||||
Net change in cash and cash equivalents | 2,578 | (278) | 268 | ||||||||
Beginning cash and cash equivalents | $ 4,759 | $ 5,037 | 4,759 | 5,037 | 4,769 | ||||||
Ending cash and cash equivalents | $ 7,337 | $ 4,759 | $ 7,337 | $ 4,759 | $ 5,037 |
Note 21 - Quarterly Financial_3
Note 21 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination, Acquisition Related Costs | $ 691,000 | $ 0 | $ 0 | |
Noninterest Income [Member] | ||||
Business Combination, Acquisition Related Costs | $ 691,000 |
Note 21 - Quarterly Financial_4
Note 21 - Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||
Interest income (1) | $ 17,140 | [1] | $ 15,121 | [1] | $ 13,122 | [1] | $ 12,427 | [1] | $ 12,314 | [1] | $ 12,975 | [1] | $ 12,376 | [1] | $ 12,250 | [1] | $ 57,810 | $ 49,915 | $ 50,753 | |
Interest expense | 3,768 | 2,209 | 1,442 | 1,313 | 1,307 | 1,354 | 1,462 | 1,570 | 8,732 | 5,693 | 10,152 | |||||||||
Net interest income | 13,372 | 12,912 | 11,680 | 11,114 | 11,007 | 11,621 | 10,914 | 10,680 | 49,078 | 44,222 | 40,601 | |||||||||
Provision for loan losses | 130 | (1,250) | 450 | 750 | 500 | 300 | 0 | 350 | 80 | 1,150 | 4,400 | |||||||||
Net interest income after provision | 13,242 | 14,162 | 11,230 | 10,364 | 10,507 | 11,321 | 10,914 | 10,330 | 48,998 | 43,072 | 36,201 | |||||||||
Non-interest income | 2,155 | 2,228 | 2,256 | 2,238 | 1,984 | 2,436 | 2,135 | 1,884 | 8,877 | 8,439 | 6,844 | |||||||||
Non-interest expense (2) | 8,862 | [2] | 8,697 | [2] | 8,227 | [2] | 7,971 | [2] | 7,983 | 8,050 | 7,954 | 7,984 | 33,757 | 31,971 | 32,416 | |||||
Income before income taxes | 6,535 | 7,693 | 5,259 | 4,631 | 4,508 | 5,707 | 5,095 | 4,230 | ||||||||||||
Income tax expense | 1,621 | [3] | 1,880 | [3] | 1,223 | [3] | 1,052 | [3] | 1,063 | [3] | 1,366 | [3] | 1,194 | [3] | 1,008 | [3] | 5,776 | 4,631 | 1,624 | |
Net income | $ 4,914 | $ 5,813 | $ 4,036 | $ 3,579 | $ 3,445 | $ 4,341 | $ 3,901 | $ 3,222 | $ 18,342 | $ 14,909 | $ 9,005 | |||||||||
Basic and diluted earnings per common share (4) (in dollars per share) | [4] | $ 0.64 | $ 0.76 | $ 0.53 | $ 0.47 | $ 0.45 | $ 0.57 | $ 0.51 | $ 0.43 | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.20 | |||||||||||
PPP Loan Origination Fees | $ 0 | $ 0 | $ 0 | $ 45 | $ 261 | $ 1,368 | $ 692 | $ 436 | ||||||||||||
[1]Interest income includes PPP loan origination fees as detailed below.[2]Non-interest expense for the fourth quarter of 2022 included $691,000 in merger expenses.[3]See Footnote 12 for more information on the Company’s income taxes for 2022 and 2021.[4]The sum of the quarterly net income per share (basic and diluted) differs from the annual net income per share (basic and diluted) because of the differences in the weighted average number of common shares outstanding and the common shares used in the quarterly and annual computations as well as differences in rounding. |