Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 02, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Oak Valley Bancorp | ||
Entity Central Index Key | 0001431567 | ||
Trading Symbol | ovly | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,216,344 | ||
Entity Public Float | $ 132 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 133,809,000 | $ 116,425,000 |
Federal funds sold | 13,785,000 | 9,720,000 |
Cash and cash equivalents | 147,594,000 | 126,145,000 |
Securities - available for sale | 190,088,000 | 206,712,000 |
Securities - equity investments | 3,297,000 | 3,106,000 |
Loans, net of allowance for loan loss of $9,146 and $8,685 at December 31, 2019 and 2018, respectively | 741,047,000 | 702,220,000 |
Cash surrender value of life insurance | 24,631,000 | 19,028,000 |
Bank premises and equipment, net | 15,229,000 | 14,937,000 |
Goodwill and other intangible assets, net | 3,837,000 | 3,942,000 |
Interest receivable and other assets | 22,062,000 | 18,797,000 |
1,147,785,000 | 1,094,887,000 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 1,019,929,000 | 986,495,000 |
Interest payable and other liabilities | 15,286,000 | 9,354,000 |
Total liabilities | 1,035,215,000 | 995,849,000 |
Shareholders’ equity | ||
Common stock, no par value; 50,000,000 shares authorized, 8,210,147 and 8,194,805 shares issued and outstanding at December 31, 2019 and 2018, respectively | 25,435,000 | 25,429,000 |
Additional paid-in capital | 3,777,000 | 3,358,000 |
Retained earnings | 80,961,000 | 70,686,000 |
Accumulated other comprehensive income (loss), net of tax | 2,397,000 | (435,000) |
Total shareholders’ equity | 112,570,000 | 99,038,000 |
$ 1,147,785,000 | $ 1,094,887,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net of allowance for loan loss | $ 9,146 | $ 8,685 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,210,147 | 8,194,805 |
Common stock, shares outstanding (in shares) | 8,210,147 | 8,194,805 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 34,813 | $ 31,700 |
Interest on securities | 5,872 | 5,637 |
Interest on federal funds sold | 242 | 191 |
Interest on deposits with banks | 1,675 | 2,646 |
Total interest income | 42,602 | 40,174 |
INTEREST EXPENSE | ||
Deposits | 1,568 | 1,606 |
Total interest expense | 1,568 | 1,606 |
Net interest income | 41,034 | 38,568 |
Provision for loan losses | 545 | 555 |
Net interest income after provision for loan losses | 40,489 | 38,013 |
NON-INTEREST INCOME | ||
Earnings on cash surrender value of life insurance | 602 | 511 |
Gains on sales and calls of securities | 138 | 81 |
Gain on sale of other real estate owned | 0 | 193 |
Other | 1,303 | 1,083 |
Total non-interest income | 5,047 | 4,712 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 17,400 | 16,287 |
Occupancy expenses | 3,493 | 3,631 |
Data processing fees | 1,907 | 1,707 |
Regulatory assessments (FDIC & DBO) | 270 | 440 |
Other operating expenses | 5,777 | 5,313 |
Total non-interest expense | 28,847 | 27,378 |
Net income before provision for income taxes | 16,689 | 15,347 |
Total provision for income taxes | 4,200 | 3,810 |
Net Income | $ 12,489 | $ 11,537 |
Net income per share (in dollars per share) | $ 1.54 | $ 1.43 |
Net income per diluted share (in dollars per share) | $ 1.54 | $ 1.42 |
Deposit Account [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 1,619 | $ 1,549 |
Debit Card [Member] | ||
NON-INTEREST INCOME | ||
Other income | 1,297 | 1,185 |
Mortgage Banking [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 88 | $ 110 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 12,489 | $ 11,537 |
Other comprehensive income: | ||
Unrealized holding gains (losses) arising during the period | 4,160 | (2,173) |
Less: reclassification for net gains included in net income | (138) | (81) |
Other comprehensive income (loss), before tax | 4,022 | (2,254) |
Tax (expense) benefit related to items of other comprehensive income | (1,190) | 667 |
Total other comprehensive income (loss) | 2,832 | (1,587) |
Comprehensive income | $ 15,321 | $ 9,950 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2017 | 8,098,605 | ||||
Balances at Dec. 31, 2017 | $ 24,773 | $ 3,576 | $ 61,429 | $ 989 | $ 90,767 |
Stock options exercised (in shares) | 1,500 | 1,500 | |||
Stock options exercised | $ 7 | $ 7 | |||
Restricted stock issued (in shares) | 96,650 | 96,650 | |||
Restricted stock issued | $ 0 | ||||
Restricted stock forfeited (in shares) | (1,950) | ||||
Restricted stock forfeited | 0 | ||||
Cash dividends declared | (2,117) | (2,117) | |||
Stock based compensation | 431 | 431 | |||
Additonal paid-in capital reclassification | 649 | (649) | 0 | ||
Other comprehensive income (loss) | (1,587) | (1,587) | |||
Reclassification from adoption of ASU 2016-01 | (163) | 163 | 0 | ||
Net income | 11,537 | 11,537 | |||
Balances (in shares) at Dec. 31, 2018 | 8,194,805 | ||||
Balances at Dec. 31, 2018 | $ 25,429 | 3,358 | 70,686 | (435) | $ 99,038 |
Stock options exercised (in shares) | 1,000 | 1,000 | |||
Stock options exercised | $ 6 | $ 6 | |||
Restricted stock issued (in shares) | 26,095 | 26,095 | |||
Restricted stock issued | $ 0 | ||||
Restricted stock forfeited (in shares) | (4,500) | ||||
Restricted stock forfeited | 0 | ||||
Cash dividends declared | (2,214) | (2,214) | |||
Stock based compensation | 549 | 549 | |||
Other comprehensive income (loss) | 2,832 | 2,832 | |||
Net income | 12,489 | 12,489 | |||
Restricted stock surrendered for tax withholding (in shares) | (7,253) | ||||
Restricted stock surrendered for tax withholding | (130) | (130) | |||
Balances (in shares) at Dec. 31, 2019 | 8,210,147 | ||||
Balances at Dec. 31, 2019 | $ 25,435 | $ 3,777 | $ 80,961 | $ 2,397 | $ 112,570 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends declared, per share (in dollars per share) | $ 0.27 | $ 0.26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 12,489,000 | $ 11,537,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 545,000 | 555,000 |
Decrease in deferred fees/costs, net | (205,000) | (393,000) |
Depreciation | 1,091,000 | 1,187,000 |
Amortization of investment securities, net | 899,000 | 1,121,000 |
Stock based compensation | 549,000 | 431,000 |
Gain on sale of premises and equipment | 0 | (2,000) |
Gain on sale of OREO property | 0 | (193,000) |
Gain on sales and calls of available for sale securities | (138,000) | (81,000) |
Earnings on cash surrender value of life insurance | (602,000) | (511,000) |
Increase in deferred tax asset | (229,000) | (828,000) |
Increase in interest payable and other liabilities | 6,527,000 | 558,000 |
Decrease (increase) in interest receivable | 298,000 | (584,000) |
(Increase) decrease in other assets | (4,016,000) | 1,643,000 |
Net cash from operating activities | 17,209,000 | 14,440,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (26,181,000) | (51,700,000) |
Purchases of equity securities | (90,000) | (85,000) |
Proceeds from maturities, calls, and principal paydowns of securities available for sale | 45,965,000 | 21,033,000 |
Investment in LIHTC | (595,000) | (1,407,000) |
Net increase in loans | (39,168,000) | (49,393,000) |
Purchase of FHLB Stock | (404,000) | (222,000) |
Purchase of BOLI policies | (5,000,000) | 0 |
Proceeds from sale of OREO | 0 | 447,000 |
Proceeds from sales of premises and equipment | 0 | 2,000 |
Purchases of premises and equipment | (1,383,000) | (1,646,000) |
Net cash used in investing activities | (26,856,000) | (82,971,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shareholder cash dividends paid | (2,214,000) | (2,117,000) |
Net increase in demand deposits and savings accounts | 36,819,000 | 54,828,000 |
Net decrease in time deposits | (3,385,000) | (7,215,000) |
Proceeds from exercise of stock options | 6,000 | 7,000 |
Tax withholding payments on vested restricted shares surrendered | (130,000) | 0 |
Net cash from financing activities | 31,096,000 | 45,503,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,449,000 | (23,028,000) |
CASH AND CASH EQUIVALENTS, beginning of period | 126,145,000 | 149,173,000 |
CASH AND CASH EQUIVALENTS, end of period | 147,594,000 | 126,145,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 1,558,000 | 1,611,000 |
Income taxes | 3,870,000 | 4,145,000 |
NON-CASH INVESTING ACTIVITIES: | ||
Change in unrealized gain (loss) on securities | 4,021,000 | (2,254,000) |
Change in contributions payable to LIHTC limited partner investment | 0 | 3,593,000 |
Lease right-of-use assets | 4,312,000 | 0 |
NON-CASH FINANCING ACTIVITIES: | ||
Present value of lease obligations | $ 4,698,000 | $ 0 |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Nature of Operations On July 3, 2008 one The Company is authorized to issue 50,000,000 without 8,210,147 December 31, 2019 10,000,000 without no The consolidated financial statements include the accounts of Bancorp and its wholly-owned bank subsidiary. All material intercompany transactions have been eliminated. In the opinion of Management, the consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations, changes in shareholders’ equity and cash flows. All adjustments are of a normal, recurring nature. Oak Valley Community Bank is a California State chartered bank. The Company was incorporated under the laws of the state of California on May 31, 1990 May 28, 1991. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowance for loan losses, accounting for income taxes, fair value measurements, and the determination, recognition and measurement of impaired loans. Actual results could differ from these estimates. A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. Subsequent events — December 31, 2019 Cash and cash equivalents — three one Securities available for sale — not Investments with fair values that are less than amortized cost are considered impaired. Impairment may not not not not Other real estate owned — not Loa ns originated Loan fees net of certain direct costs of origination are deferred and amortized, as an adjustment to interest yield, over the estimated life of the loan. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by ninety not Allowance for loan losses The allowance for loan losses is evaluated on a regular basis by management and is based on management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as impaired. Impaired loans, as defined, are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. The general component relates to non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The Company considers a loan impaired when it is probable that all amounts of principal and interest due, according to the contractual terms of the loan agreement, will not not The method for calculating the allowance for unfunded loan commitments is based on an allowance percentage which is less than other outstanding loan types because they are at a lower risk level. This allowance percentage is evaluated by management periodically and is applied to the total undisbursed loan commitment balance to calculate the allowance for off-balance-sheet commitments. The Company considers a loan to be a troubled debt restructure (“TDR”) when the Company has granted a concession and the borrower is experiencing financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. A TDR loan is kept on non-accrual status until the borrower has paid for six no Premises and equipment — Building 31.5 years Equipment 3 – 12 years Furniture and fixtures 3 – 7 years Leasehold improvements 5 – 15 years Automobiles 3 – 5 years The Company adopted ASU No. 2016 02, Leases (Topic 842 January 1, 2019. January 1, 2019, January 1, 2019 $5,246,000, January 1, 2019 $4,817,000, Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes. Deferred income taxes have been provided for the resulting temporary differences. Income taxes — The Company files income tax returns in the U.S. federal jurisdiction, and the state of California. With few exceptions, the Company is no 2016 2015. Transfers of financial assets — 1 2 3 not Advertising costs — $304,000 $237,000 December 31, 2019 2018, Comprehensive income — December 31, 2019 2018, $97,000 $57,000 Federal Reserve Bank Stock no 1 2 3 4 Federal Home Loan Bank Stock no 1 2 3 4 Earnings per common share (“EPS”) 12 1 2 3 two two not Stock based compensation — 26,095 96,650 2019 2018, The fair value of each option grant is estimated as of the grant date using a binomial option-pricing model for all grants. Expected volatility is based on the historical volatility of the price of the Company’s stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted for the binomial model is derived from applying a historical suboptimal exercise factor to the contractual term of the grant. For binomial pricing, the risk-free rate for periods is equal to the U.S. Treasury yield at the time of grant and commensurate with the contractual term of the grant. There were no 2019 2018. Fair values of financial instruments — December 31, 2019 2018. not Fair v alue m easurements — may The Company has established and documented a process for determining fair value. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. Whenever there is no Reclassifications no Goodwill and o ther i ntangible a ssets — may not not The core deposit intangible represents the estimated future benefits of acquired deposits and is booked separately from the related deposits. The value of the core deposit intangible asset was determined using a discounted cash flow approach to arrive at the cost differential between the core deposits (non-maturity deposits such as transaction, savings and money market accounts) and alternative funding sources. The core deposit intangible is amortized on an accelerated basis over an estimated ten No December 31, 2019. December 31, 2019, (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Core deposit intangible amortization $ 96 $ 93 $ 89 $ 86 $ 82 $ 78 $ 524 The Company applies a qualitative analysis of conditions in order to determine if it is more likely than not may third not no December 31, 2019. Recently Issued Accounting S tandards — In May 2014, No. 2014 09, 606 606 ● August 2015 No. 2015 14 one December 15, 2017. ● March 2016 No. 2016 08 ● April 2016 No. 2016 10 ● May 2016 No. 2016 12 Topic 606 January 1, 2018 not No no In January 2016, No. 2016 01, Financial Instruments - Overall (Subtopic 825 10 ● Equity investments, except for those accounted for under the equity method of accounting or those that result in consolidation of the investee, are required to be measured at fair value with changes in fair value recognized in net income. However, an entity may not ● Simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment - if impairment exists, this requires measuring the investment at fair value. ● Eliminates the requirement for public companies to disclose the method(s) and significant assumptions used to estimate the fair value that is currently required to be disclosed for financial instruments measured at amortized cost on the balance sheet. ● Public companies will be required to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ● Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. ● The reporting entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. ASU 2016 01 December 15, 2017, January 1, 2018 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 December 15, 2018 January 1, 2019 not 13 In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 December 15, 2019, October 2019, three January 1, 2023. not In January 2017, 2017 04 , Intangibles Goodwill and Other (Subtopic 350 Simplifying the Test for Goodwill Impairment second December 15, 2019. not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income (Topic 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017. December 15, 2018, not January 1, 2018, $163,000 In August 2018, 2018 13, Fair Value Measurement (Subtopic 820 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . 2018 13 2018 13 December 15, 2019. 2018 13 may not In March 2019, 2019 01 , Leases (Topic 842 two 2016 02. December 15, 2019, 2019 01 not In April 2019, 2019 04, Codification Improvements to Topic 326, 815, 825, January 1, 2020 not In May 2019, 2019 05, Financial Instruments - Credit Losses (Topic 326 not 2016 13, 2016 13 |
Note 2 - Cash and Due From Bank
Note 2 - Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 2 — CASH AND DUE FROM BANKS Cash and due from banks includes balances with the Federal Reserve Bank and other correspondent banks. The Company is required to maintain specified reserves by the Federal Reserve Bank. The average reserve requirements are based on a percentage of the Company’s deposit liabilities. In addition, the Federal Reserve Bank requires the Company to maintain a certain minimum balance at all times. As of December 31, 2019 2018, $82,296,000 $64,076,000, |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 — SECURITIES Equity Securities The Company held equity securities with fair values of $3,297,000 $3,106,000 December 31, 2019 December 31, 2018, no December 31, 2019 2018. 2016 01, $101,000 $90,000 December 31, 2019 2018, Debt Securities Debt securities have been classified in the financial statements as available for sale. The amortized cost and estimated fair values of debt securities as of December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 31,180 $ 566 $ (17 ) $ 31,729 Collateralized mortgage obligations 1,618 5 (9 ) 1,614 Municipalities 86,826 3,746 (1 ) 90,571 SBA pools 6,419 9 (33 ) 6,395 Corporate debt 19,253 173 (458 ) 18,968 Asset backed securities 41,389 76 (654 ) 40,811 $ 186,685 $ 4,575 $ (1,172 ) $ 190,088 The following tables detail the gross unrealized losses and fair values aggregated of debt securities by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019. (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies $ 3,934 (11 ) $ 1,535 $ (6 ) $ 5,469 $ (17 ) Collateralized mortgage obligations 0 0 650 (9 ) 650 (9 ) Municipalities 0 0 411 (1 ) 411 (1 ) SBA pools 1,423 (7 ) 3,545 (26 ) 4,968 (33 ) Corporate debt 2,994 (6 ) 8,859 (452 ) 11,853 (458 ) Asset backed securities 12,891 (233 ) 21,313 (421 ) 34,204 (654 ) Total temporarily impaired securities $ 21,242 $ (257 ) $ 36,313 $ (915 ) $ 57,555 $ (1,172 ) At December 31, 2019, one three six five one eleven 12 December 31, 2019, three eight two two 12 third no not not The amortized cost and estimated fair value of debt securities at December 31, 2019, may (dollars in thousands) Amortized Fair Cost Value Available-for-sale securities: Due in one year or less $ 32,879 $ 33,102 Due after one year through five years 46,349 47,974 Due after five years through ten years 44,643 45,595 Due after ten years 62,814 63,417 $ 186,685 $ 190,088 Debt securities have been classified in the financial statements as available for sale. The amortized cost and estimated fair values of debt securities as of December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 44,474 $ 135 $ (503 ) $ 44,106 Collateralized mortgage obligations 2,071 0 (59 ) 2,012 Municipalities 92,257 1,404 (424 ) 93,237 SBA pools 8,707 13 (47 ) 8,673 Corporate debt 21,426 62 (901 ) 20,587 Asset backed securities 38,395 119 (417 ) 38,097 $ 207,330 $ 1,733 $ (2,351 ) $ 206,712 The following tables detail the gross unrealized losses and fair values aggregated of debt securities by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018. (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies $ 22,007 $ (230 ) $ 11,972 $ (273 ) $ 33,979 $ (503 ) Collateralized mortgage obligations 93 (1 ) 1,917 (58 ) 2,010 (59 ) Municipalities 9,630 (55 ) 26,559 (369 ) 36,189 (424 ) SBA pools 3,284 (8 ) 3,726 (39 ) 7,010 (47 ) Corporate debt 3,999 (59 ) 11,645 (842 ) 15,644 (901 ) Asset backed securities 23,604 (412 ) 1,853 (5 ) 25,457 (417 ) Total temporarily impaired securities $ 62,617 $ (765 ) $ 57,672 $ (1,586 ) $ 120,289 $ (2,351 ) The Company recognized gross realized gains of $138,000 $11,000 2019 2018, 2018, one $70,000 no 2019. Securities carried at $123,381,000 $118,771,000 December 31, 2019 2018, |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 — LOANS The Company’s customers are primarily located in Stanislaus, San Joaquin, Tuolumne, Inyo, and Mono Counties. As of December 31, 2019, 81% 10% 5% 4% Loan totals were as follows: (in thousands) December 31, 2019 December 31, 2018 Commercial real estate: Commercial real estate- construction $ 53,169 $ 20,263 Commercial real estate- mortgages 475,146 460,701 Land 8,367 10,951 Farmland 70,320 62,604 Commercial and industrial 77,704 82,252 Consumer 1,274 1,314 Consumer residential 36,647 35,741 Agriculture 28,358 38,076 Total loans 750,985 711,902 Less: Deferred loan fees and costs, net (792 ) (997 ) Allowance for loan losses (9,146 ) (8,685 ) Net loans $ 741,047 $ 702,220 Loan Origination/Risk Management. Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. Once it is determined that the borrower’s management possesses sound ethics and solid business acumen, the Company’s management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not may may may may Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may third December 31, 2019, 39% With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may may may The Company originates consumer loans utilizing a computer-based credit scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by line and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans follow bank policy, which include, but are not 80%, 36% 42%, The Company maintains an independent loan review function that validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Non-Accrual and Past Due Loans. not may may not Year-end non-accrual loans, segregated by class of loans, were as follows: (in thousands) December 31, 2019 December 31, 2018 Commercial real estate: Land $ 855 $ 906 Commercial and industrial 0 0 Consumer residential 248 14 Total non-accrual loans $ 1,103 $ 920 Had non-accrual loans performed in accordance with their original contract terms, the Company would have recognized additional interest income of approximately $62,000 2019 $68,000 2018. The following table analyzes past due loans including the non-accrual loans in the above table, segregated by class of loans, as of December 31, 2019 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Greater Than 90 Days Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 53,169 $ 53,169 $ 0 Commercial R.E. - mortgages 0 0 0 0 475,146 475,146 0 Land 0 0 0 0 8,367 8,367 0 Farmland 0 0 111 111 70,209 70,320 0 Commercial and industrial 0 0 0 0 77,704 77,704 0 Consumer 2 0 0 2 1,272 1,274 0 Consumer residential 0 0 137 137 36,510 36,647 0 Agriculture 0 0 0 0 28,358 28,358 0 Total $ 2 $ 0 $ 248 $ 250 $ 750,735 $ 750,985 $ 0 The following table analyzes past due loans including the non-accrual loans in the above table, segregated by class of loans, as of December 31, 2018 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Greater Than 90 Days Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 20,263 $ 20,263 $ 0 Commercial R.E. - mortgages 0 0 0 0 460,701 460,701 0 Land 0 0 906 906 10,045 10,951 0 Farmland 0 0 0 0 62,604 62,604 0 Commercial and industrial 0 2,100 0 2,100 80,152 82,252 0 Consumer 0 0 0 0 1,314 1,314 0 Consumer residential 0 62 0 62 35,679 35,741 0 Agriculture 0 0 0 0 38,076 38,076 0 Total $ 0 $ 2,162 $ 906 $ 3,068 $ 708,834 $ 711,902 $ 0 Impaired Loans. Impaired loans by class as of December 31, 2019 2018 No 2019 2018. (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2019 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 873 0 855 855 680 892 Farmland 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Consumer residential 312 248 0 248 0 113 Agriculture 0 0 0 0 0 0 Total $ 1,185 $ 248 $ 855 $ 1,103 $ 680 $ 1,005 (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2018 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 1,222 0 906 906 680 958 Farmland 0 0 0 0 0 0 Commercial and Industrial 32 0 0 0 0 176 Consumer 0 0 0 0 0 0 Consumer residential 15 14 0 14 0 14 Agriculture 0 0 0 0 0 0 Total $ 1,269 $ 14 $ 906 $ 920 $ 680 $ 1,148 Troubled Debt Restructurings – At December 31, 2019, one $855,000. December 31, 2018, 4 $920,000. no December 31, 2019 2018. $680,000 December 31, 2019 2018. During the year ended December 31, 2019, $906,000 no 2018. one 2019 not not no There were no twelve twelve December 31, 2019 2018. ninety Loan Risk Grades– The Company grades loans using the following letter system: 1 2 3A 3B 3C 4 5 6 7 8 1. Exceptional Loan 1 ● A high level of liquidity and whose debt-servicing capacity exceeds expected obligations by a substantial margin. ● Where leverage is below average for the industry and earnings are consistent or growing without severe vulnerability to economic cycles. ● Also included in this rating (but not one 110% 2. Quality Loan No 2 ● Unquestionable debt-servicing capacity to cover all obligations in the ordinary course of business from well-defined primary and secondary sources. ● Consistent strong earnings. ● A solid equity base. 3A. Better than Acceptable Loan 3 three three 3 3A ● Strong earnings with no three ● Long term experienced management with depth and defined management succession. ● The loan has no ● Loan-to-value on real estate secured transactions is 10% 20% ● Very liquid balance sheet that may ● Little to no 3B. Acceptable Loan 3B 3A 3C not ● Are those where the borrower has average financial strengths, a history of profitable operations and experienced management. ● Are those where the borrower can be expected to handle normal credit needs in a satisfactory manner. 3C. Marginally Acceptable Loan 3C 3Bs ● Requires collateral. ● A credit facility where the borrower has average financial strengths, but usually lacks reliable secondary sources of repayment other than the subject collateral. ● Other common characteristics can include some or all of the following: minimal background experience of management, lacking continuity of management, a start-up operation, erratic historical profitability (acceptable reasons-well identified), lack of or marginal sponsorship of guarantor, and government guaranteed loans. 4 ( W ) . Watch Acceptable Loan may ● Any unexpected short-term adverse financial performance from budgeted projections or a prior period’s results (i.e., declining profits, sales, margins, cash flow, or increased reliance on leverage, including adverse balance sheet ratios, trade debt issues, etc.). ● Any managerial or personal problems of company management, decline in the entire industry or local economic conditions, or failure to provide financial information or other documentation as requested. ● Issues regarding delinquency, overdrafts, or renewals. ● Any other issues that cause concern for the company. ● Loans to individuals or loans supported by guarantors with marginal net worth and/or marginal collateral. ● Weaknesses that are identified are short-term in nature. ● Loans in this category are usually accounts the Bank would want to retain providing a positive turnaround can be expected within a reasonable time frame. Grade 4 5 . Special Mention Loan may, ● The lending officer may ● Questions exist regarding the condition of and/or control over collateral. ● Economic or market conditions may ● A declining trend in the obligor’s operations or an imbalanced position in the balance sheet exists, but not 6 . Substandard Loan not not 7 . Doubtful Loan one may may may not 40 65 25 40 65 A proper classification of such a credit would show 40 25 35 may 8 . Loss not not no not may not As of December 31, 2019 2018, no 7 8 The following table presents weighted average risk grades of our loan portfolio. December 31, 2019 December 31, 2018 Weighted Average Risk Grade Weighted Average Risk Grade Commercial real estate: Commercial real estate - construction 3.00 3.00 Commercial real estate - mortgages 3.02 3.02 Land 3.72 3.58 Farmland 3.04 3.00 Commercial and industrial 3.05 3.08 Consumer 2.29 2.31 Consumer residential 3.02 3.01 Agriculture 3.17 3.12 Total gross loans 3.03 3.04 The following table presents risk grade totals by class of loans as of December 31, 2019 2018. 1 4 (in thousands) Commercial R.E. Commercial R.E. Land Farmland Commercial and Industrial Consumer Consumer Residential Agriculture Total December 31, 2019 Pass $ 53,169 $ 471,594 $ 7,512 $ 69,002 $ 74,960 $ 1,249 $ 36,470 $ 26,512 $ 740,468 Special mention - 3,552 - 1,207 550 - - 1,846 7,155 Substandard - - 855 111 2,194 25 177 - 3,362 Total loans $ 53,169 $ 475,146 $ 8,367 $ 70,320 $ 77,704 $ 1,274 $ 36,647 $ 28,358 $ 750,985 December 31, 2018 Pass $ 20,263 $ 457,150 $ 10,045 $ 62,604 $ 77,254 $ 1,273 $ 35,698 $ 35,813 $ 700,100 Special mention - 2,868 - - 2,898 - - 2,263 8,029 Substandard - 683 906 - 2,100 41 43 - 3,773 Total loans $ 20,263 $ 460,701 $ 10,951 $ 62,604 $ 82,252 $ 1,314 $ 35,741 $ 38,076 $ 711,902 Allowance for Loan Losses. 310, 450, not The level of the allowance reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss experience, current loan portfolio quality, present economic, political and regulatory conditions and unidentified losses inherent in the current loan portfolio. Portions of the allowance may The Company’s allowance for loan losses consists of three 310 450 450 The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the obligor’s ability to repay; (ii) the underlying collateral, if any; and (iii) the economic environment and industry in which the borrower operates. This analysis is performed at the relationship manager level for all commercial loans. When a loan has a calculated grade of 5 Historical valuation allowances are calculated based on the historical loss experience of specific types of loans and the internal risk grade of such loans at the time they were charged-off. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are periodically updated based on actual charge-off experience. A historical valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio and the total dollar amount of the loans in the pool. The Company’s pools of similar loans include similarly risk-graded groups of commercial and industrial loans, commercial real estate loans, consumer real estate loans and consumer and other loans. General valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such valuation allowances are determined by evaluating, among other things: (i) the experience, ability and effectiveness of the Company’s lending management and staff; (ii) the effectiveness of the Company’s loan policies, procedures and internal controls; (iii) changes in asset quality; (iv) changes in loan portfolio volume; (v) the composition and concentrations of credit; (vi) the impact of competition on loan structuring and pricing; (vii) the effectiveness of the internal loan review function; (viii) the impact of environmental risks on portfolio risks; and (ix) the impact of rising interest rates on portfolio risk. Management evaluates the degree of risk that each one Included in the general valuation allowances are allocations for groups of similar loans with risk characteristics that exceed certain concentration limits established by management. Concentration risk limits have been established, among other things, for certain industry concentrations, large balance and highly leveraged credit relationships that exceed specified risk grades, and loans originated with policy exceptions that exceed specified risk grades. Loans identified as losses by management, internal loan review and/or bank examiners are charged-off. Furthermore, consumer loan accounts are charged-off automatically based on regulatory requirements. The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 2018. one not Allowance for Loan Losses For the Years Ended December 31, 2019 and 2018 (in thousands) Commercial Commercial Consumer Year Ended December 31, 2019 Real Estate and Industrial Consumer Residential Agriculture Unallocated Total Beginning balance $ 6,580 $ 1,065 $ 39 $ 304 $ 693 $ 4 $ 8,685 Charge-offs 0 0 (28 ) (64 ) 0 0 (92 ) Recoveries 0 0 6 2 0 0 8 Provision for (reversal of) loan losses 590 (65 ) 21 64 (168 ) 103 545 Ending balance $ 7,170 $ 1,000 $ 38 $ 306 $ 525 $ 107 $ 9,146 Commercial Commercial Consumer Year Ended December 31, 2018 Real Estate and Industrial Consumer Residential Agriculture Unallocated Total Beginning balance $ 6,331 $ 813 $ 27 $ 300 $ 693 $ 2 $ 8,166 Charge-offs 0 0 (29 ) (17 ) 0 0 (46 ) Recoveries 0 0 8 2 0 0 10 Provision for (reversal of) loan losses 249 252 33 19 0 2 555 Ending balance $ 6,580 $ 1,065 $ 39 $ 304 $ 693 $ 4 $ 8,685 The following table details the allowance for loan losses and ending gross loan balances as of December 31, 2019 2018, (in thousands) Commercial Commercial Consumer December 31, 2019 Real Estate and Industrial Consumer Residential Agriculture Unallocated Total Allowance for loan losses for loans: Individually evaluated for impairment $ 680 $ 0 $ 0 $ 0 $ 0 $ 0 $ 680 Collectively evaluated for impairment 6,490 1,000 38 306 525 107 8,466 $ 7,170 $ 1,000 $ 38 $ 306 $ 525 $ 107 $ 9,146 Ending gross loan balances: Individually evaluated for impairment $ 855 $ 0 $ 0 $ 248 $ 0 $ 0 $ 1,103 Collectively evaluated for impairment 606,147 77,704 1,274 36,399 28,358 0 749,882 $ 607,002 $ 77,704 $ 1,274 $ 36,647 $ 28,358 $ 0 $ 750,985 December 31, 2018 Allowance for loan losses for loans: Individually evaluated for impairment $ 680 $ 0 $ 0 $ 0 $ 0 $ 0 $ 680 Collectively evaluated for impairment 5,900 1,065 39 304 693 4 8,005 $ 6,580 $ 1,065 $ 39 $ 304 $ 693 $ 4 $ 8,685 Ending gross loan balances: Individually evaluated for impairment $ 906 $ 0 $ 0 $ 14 $ 0 $ 0 $ 920 Collectively evaluated for impairment 553,613 82,252 1,314 35,727 38,076 0 710,982 $ 554,519 $ 82,252 $ 1,314 $ 35,741 $ 38,076 $ 0 $ 711,902 Changes in the allowance off-balance-sheet commitments were as follows: (in thousands) YEARS ENDED DECEMBER 31, 201 9 201 8 Balance, beginning of year $ 396 $ 305 Provision charged to operations for off balance sheet 31 91 Balance, end of year $ 427 $ 396 The method for calculating the reserve for off-balance-sheet loan commitments is based on a reserve percentage which is less than other outstanding loan types because they are at a lower risk level. This reserve percentage, based on many factors including historical losses and existing economic conditions, is evaluated by management periodically and is applied to the total undisbursed loan commitment balance to calculate the reserve for off-balance-sheet commitments. Reserves for off-balance-sheet commitments are recorded in interest payable and other liabilities on the consolidated balance sheets. At December 31, 2019 2018, $750,985,000 $711,902,000, |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 — PREMISES AND EQUIPMENT Major classifications of premises and equipment are summarized as follows: ( DECEMBER 31, 201 9 201 8 Land $ 5,195 $ 5,195 Building 10,013 9,962 Leasehold improvements 5,064 5,039 Furniture, fixtures, and equipment 8,707 8,279 Branch construction work-in-process 928 47 29,907 28,522 Less accumulated depreciation (14,678 ) (13,585 ) $ 15,229 $ 14,937 Depreciation expense was $1,091,000 $1,187,000 December 31, 2019 2018, |
Note 6 - Interest Receivable an
Note 6 - Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE 6 — INTEREST RECEIVABLE AND OTHER ASSETS Interest receivable and other assets are summarized as follows: ( DECEMBER 31, 201 9 201 8 Net deferred tax asset $ 3,107 $ 4,067 Federal Home Loan Bank stock 4,003 3,599 Interest income receivable on loans 2,089 2,054 Interest income receivable on investments 1,368 1,701 Federal Reserve Bank stock 758 758 Investments in limited partnerships 5,120 5,476 Lease right of use asset 4,312 0 Prepaid expenses and other 1,305 1,142 $ 22,062 $ 18,797 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 — DEPOSITS Deposit totals were as follows: DECEMBER 31, (in thousands) 201 9 201 8 Demand $ 664,687 $ 594,502 Money market 233,526 272,766 Savings 82,789 76,915 Time deposits $250,000 and under 20,785 23,816 Time deposits over $250,000 18,142 18,496 Total deposits $ 1,019,929 $ 986,495 Certificates of deposit issued and their remaining maturities at December 31, 2019, Year ending December 31, 2020 $ 29,267 2021 7,039 2022 2,546 2023 47 2024 28 $ 38,927 |
Note 8 - FHLB Advances
Note 8 - FHLB Advances | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 — FHLB ADVANCES At December 31, 2019, no $275,191,000 December 31, 2019. $750,985,000 December 31, 2019, At December 31, 2018, no $268,936,000 December 31, 2018. $711,902,000 December 31, 2018, |
Note 9 - Interest on Deposits
Note 9 - Interest on Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 — DEPOSITS Deposit totals were as follows: DECEMBER 31, (in thousands) 201 9 201 8 Demand $ 664,687 $ 594,502 Money market 233,526 272,766 Savings 82,789 76,915 Time deposits $250,000 and under 20,785 23,816 Time deposits over $250,000 18,142 18,496 Total deposits $ 1,019,929 $ 986,495 Certificates of deposit issued and their remaining maturities at December 31, 2019, Year ending December 31, 2020 $ 29,267 2021 7,039 2022 2,546 2023 47 2024 28 $ 38,927 |
Interest Expense [Member] | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 — INTEREST ON DEPOSITS Interest on deposits was comprised of the following: YEARS ENDED DECEMBER 31, (in thousands) 201 9 201 8 Savings and other deposits $ 1,427 $ 1,465 Time deposits over $250,000 81 68 Other time deposits 60 73 $ 1,568 $ 1,606 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 0 — INCOME TAXES The provision for income taxes consists of the following: (in thousands) 2019 2018 Current Federal $ 2,675 $ 2,711 State 1,754 1,927 4,429 4,638 Deferred Federal (109 ) (494 ) State (120 ) (334 ) (229 ) (828 ) $ 4,200 $ 3,810 The components of the Company’s deferred tax assets and liabilities (included in accrued interest and other assets on the consolidated balance sheets, is shown below: (in thousands) DECEMBER 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 2,705 $ 2,568 Restricted stock expense 105 95 Accrued vacation 100 80 Accrued salary continuation liability 1,176 1,035 Deferred compensation 75 76 Core deposit intangible 69 58 Merger Costs 87 95 Reserve for undisbursed commitments 149 117 OREO expenses 173 173 State income tax 386 405 Holding company organization fees 10 12 Unrealized loss on securities available for sale 0 183 5,035 4,897 Deferred tax liabilities: Prepaid expenses (87 ) (117 ) FHLB dividends (144 ) (144 ) Accumulated depreciation (12 ) (9 ) Accrued bonus (2 ) (2 ) Deferred loan costs (378 ) (353 ) Goodwill Amortization (261 ) (196 ) Limited partner investment in small business equity fund (38 ) (9 ) Unrealized gain on securities available for sale (1,006 ) 0 (1,928 ) (830 ) Net deferred income tax asset $ 3,107 $ 4,067 Management has assessed the realizability of deferred tax assets and believes it is more likely than not not The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions. The Company had no December 31, 2019 2018. The effective tax rate for 2019 2018 YEARS ENDED DECEMBER 31, 201 9 201 8 Federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 8.6 % 8.6 % Tax exempt interest on municipal securities and loans -3.2 % -3.5 % Other -1.2 % -1.3 % Effective tax rate 25.2 % 24.8 % Oak Valley Bancorp files a consolidated return in the U.S. Federal tax jurisdiction and a combined report in the State of California tax jurisdiction. None 2016 2015 |
Note 11 - Stock Option Plan
Note 11 - Stock Option Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 1 — STOCK OPTION PLAN The Company currently has two 2008 2018 2018 2018 607,500 five no ten not 2008 2018 December 31, 2019, 573,655 2018 A summary of the status of the Company’s stock option plan and changes during the years end December 31, 2019 2018 DECEMBER 31, 201 9 DECEMBER 31, 201 8 Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Outstanding at beginning of year 1,000 $ 5.74 3,500 $ 5.94 Granted 0 $ 0.00 0 $ 0.00 Exercised (1,000 ) $ 5.74 (1,500 ) $ 4.58 Forfeited 0 $ 0.00 (1,000 ) $ 8.25 Outstanding at end of year 0 $ 0.00 1,000 $ 5.74 (dollars in thousands) December 31, 201 9 201 8 Weighted-average fair value of options granted during the year N/A N/A Intrinsic value of options exercised $ 12 $ 20 Options outstanding and exercisable at year end: 0 1,000 Weighted average exercise price N/A $ 5.74 Intrinsic value N/A $ 13 Weighted average remaining contractual life N/A 1 month For the years ended December 31, 2019 2018, no 2014 no A summary of the status of the Company’s restricted stock and changes during the years ended December 31, 2019 2018 DECEMBER 31, 201 9 DECEMBER 31, 201 8 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 107,600 $ 20.09 24,800 $ 11.07 Granted 26,095 $ 17.59 96,650 $ 21.40 Vested (27,640 ) $ 18.97 (11,900 ) $ 11.93 Cancelled (4,500 ) $ 20.11 (1,950 ) $ 20.21 Unvested at end of year 101,555 $ 19.75 107,600 $ 20.09 The Company granted 26,095 2019 $17.59 December 31, 2019, $549,000, $162,000, $12,000 December 31, 2019, $1,633,000 3.41 2019, 27,640 $482,000, The Company granted 96,650 2018 $21.40 December 31, 2018, $431,000, $128,000, $22,000 December 31, 2018, $1,813,000 4.14 2018, 11,900 $252,000, |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 2 — EARNINGS PER SHARE Earnings per share (“EPS”) are based upon the weighted average number of common shares outstanding during each year. The following table shows: ( 1 2 3 two two not The Company’s calculation of earnings per share (“EPS”) including basic EPS, which does not YEAR ENDED DECEMBER 31, 2019 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 12,489 8,102,442 $ 1.54 Effect of dilutive securities: Stock options — 54 Non-vested restricted stock — 14,131 Total dilutive shares 14,185 Diluted EPS: Net income per diluted share $ 12,489 8,116,627 $ 1.54 YEAR ENDED DECEMBER 31, 2018 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 11,537 8,081,482 $ 1.43 Effect of dilutive securities: Stock options — 1,791 Non-vested restricted stock — 16,825 Total dilutive shares 18,616 Diluted EPS: Net income per diluted share $ 11,537 8,100,098 $ 1.42 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 3 — COMMITMENTS AND CONTINGENCIES The Company is obligated for rental payments under certain operating lease agreements, some of which contain renewal options and escalation clauses that provide for increased rentals. Total rental expense for the years ended December 31, 2019 2018, $1,096,000 $1,171,000, We have historically entered into a number of lease arrangements under which we are the lessee. We have elected the practical expedient to rely on our original lease classification at the commencement of each lease contract, and not No. 2016 02, Leases (Topic 842 January 1, 2019. 1 2 $5,000 not not not twelve no January 1, 2019. Most of our office leases include one not not The Company determined the operating lease liability as of January 1, 2019, January 1, 2019, 7.9 3.12%. January 1, 2019, January 1, 2019 $5,246,000, January 1, 2019 $4,817,000, At December 31, 2019, Year ending December 31, 2020 $ 1,185 2021 944 2022 898 2023 605 2024 480 Thereafter 2,081 $ 6,193 The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of loans or through standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments at December 31, 2019 Contract (in thousands) Amount Undisbursed loan commitments $ 144,401 Checking reserve 1,302 Equity lines 15,826 Standby letters of credit 3,143 $ 164,672 Commitments to extend credit, including undisbursed loan commitments and equity lines, are agreements to lend to a customer as long as there is no may not may Checking reserves are lines of credit associated consumer deposit accounts that meet qualification standards for extension of credit if the deposit account were to become overdraft. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third |
Note 14 - Financial Instruments
Note 14 - Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 1 4 — FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair values of financial instruments — December 31, 2019 2018. not We determine the fair values of our financial instruments based on the fair value hierarchy established under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value: Level 1: Level 2: Level 3: In certain cases, the inputs used to measure fair value may no December 31, 2019 2018. Following is a description of valuation methodologies used for assets and liabilities in the tables below: Cash and cash equivalents – 1 Restricted Equity Securities- 2 Loans receivable 2016 01 first 2018 not 3 Deposit liabilities 3 Interest receivable and payable - 2 Off-balance-sheet instruments 3 The estimated fair values of the Company’s financial instruments not December 31, 2019 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 147,594 $ 147,594 1 Restricted equity securities 4,761 4,761 2 Loans, net 741,047 742,484 3 Interest receivable 3,457 3,457 2 Financial liabilities: Deposits (1,019,929 ) (1,019,654 ) 3 Interest payable (50 ) (50 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,647 ) 3 The estimated fair values of the Company’s financial instruments not December 31, 2018 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 126,145 $ 126,145 1 Restricted equity securities 4,357 4,357 2 Loans, net 702,220 697,369 3 Interest receivable 3,755 3,755 2 Financial liabilities: Deposits (986,495 ) (986,096 ) 3 Interest payable (40 ) (40 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,539 ) 3 The following table presents the carrying value of recurring and nonrecurring financial instruments that were measured at fair value and that were still held in the condensed consolidated balance sheets at each respective period end, by level within the fair value hierarchy as of December 31, 2019 2018. Fair Value Measurements at Dec ember 3 1 , 201 9 Using (in thousands) Dec ember 3 1 , 201 9 Quoted Prices Significant Significant Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 31,729 $ 0 $ 31,729 $ 0 Collateralized mortgage obligations 1,614 0 1,614 0 Municipalities 90,571 0 90,571 0 SBA pools 6,395 0 6,395 0 Corporate debt 18,968 0 18,968 0 Asset backed securities 40,811 0 40,811 0 Equity Securities:* Mutual fund $ 3,297 $ 3,297 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: Impaired loans: Land $ 175 $ 0 $ 0 $ 175 Consumer residential 248 0 0 248 Fair Value Measurements at Dec ember 3 1 , 2018 Using (in thousands) Dec ember 3 1 , 2018 Quoted Prices Significant Significant Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 44,106 $ 0 $ 44,106 $ 0 Collateralized mortgage obligations 2,012 0 2,012 0 Municipalities 93,237 0 93,237 0 SBA pools 8,673 0 8,673 0 Corporate debt 20,587 0 20,587 0 Asset backed securities 38,097 0 38,097 0 Equity Securities:* Mutual fund $ 3,106 $ 3,106 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: Impaired loans: Land $ 226 $ 0 $ 0 $ 226 Consumer residential 14 0 0 14 * Effective January 1, 2018, 2016 01, 1 Available-for-sale and equity securities - not 1 2 3 Impaired loans 820 310, Accounting by Creditors for Impairment of a Loan not not 3. not no 3. There have been no December 31, 2019. |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 5 — RELATED PARTY TRANSACTIONS The Company, in the normal course of business, makes loans and receives deposits from its directors, officers, principal shareholders, and their associates. In management’s opinion, these transactions are on substantially the same terms as comparable transactions with other customers of the Company. Loans to directors, officers, shareholders, and affiliates are summarized below: YEARS ENDED DECEMBER 31, (in thousands) 201 9 201 8 Aggregate amount outstanding, beginning of year $ 5,895 $ 5,350 New loans or advances during year 1,096 2,454 Repayments during year (1,257 ) (1,909 ) Aggregate amount outstanding, end of year $ 5,734 $ 5,895 Related party deposits totaled $10,900,000 $52,479,000 December 31, 2019 2018, From time to time, some of the Company’s Directors, directly or through affiliates, may 2019, $235,000 120, 2018, $430,000 120 2018. no 404 |
Note 16 - Profit Sharing Plan
Note 16 - Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Profit Sharing Plan [Text Block] | NOTE 1 6 — PROFIT SHARING PLAN The profit sharing plan to which both the Company and eligible employees contribute was established in 1995. $665,000 $621,000 December 31, 2019 2018, |
Note 17 - Restrictions on Divid
Note 17 - Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | NOTE 1 7 — RESTRICTIONS ON DIVIDENDS Under current California State banking laws, the Bank may not three not may not |
Note 18 - Other Post-retirement
Note 18 - Other Post-retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 1 8 — OTHER POST-RETIREMENT BENEFIT PLANS Certain officers have entered into salary continuation agreements with the Company (the “Salary Continuation Agreements”). Under the Salary Continuation Agreements, the participants will be provided with a fixed annual retirement benefit for ten twenty During December 2001, ten Future compensation under both types of arrangements is earned for services rendered through retirement. The Company accrues for the salary continuation liability based on anticipated years of service and vesting schedules provided under the arrangements. The Company’s current benefit liability is determined based on vesting and the present value of the benefits at a corresponding discount rate. The discount rate used is an equivalent rate for investment-grade bonds with lives matching those of the service periods remaining for the salary continuation contracts, which average approximately ten December 31, 2019 2018, $3,978,000 $3,501,000, The Company entered into split-dollar life insurance agreements with certain officers. In connection with the implementation of the split-dollar agreements, the Company purchased single premium life insurance policies on the life of each of the officers covered by the split-dollar life insurance agreements. The Company is the owner of the policies and the partial beneficiary in an amount equal to the cash surrender value of the policies. The combined cash surrender value of all Bank-owned life insurance policies was $24,631,000 $19,028,000 December 31, 2019 2018, |
Note 19 - Regulatory Matters
Note 19 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 19 — REGULATORY MATTERS The Company is regulated by the FRB and is subject to the securities registration and public reporting regulations of the Securities and Exchange Commission. As a California state-chartered bank, the Company’s banking subsidiary is subject to primary supervision, examination and regulation by the California Department of Business Oversight (DBO) and the Federal Reserve Board. The Federal Reserve Board is the primary federal regulator of state member banks. The Bank is also subject to regulation by the FDIC, which insures the Bank’s deposits as permitted by law. Management is not In July 2013, 1 1 1 4.5%, 1 6%, 8% 1 4.0%. 1 2.5% 1 1 not January 1, 2019. On September 17, 2019, community banking organizations (i.e., the community bank leverage ratio (CBLR) framework), as required by the Economic Growth, Regulatory Relief and Consumer Protection Act. The CBLR framework is designed to reduce burden by removing the requirements for calculating and reporting risk-based capital ratios for qualifying community banking organizations that opt into the framework. In order to qualify for the CBLR framework, a community banking organization must have a tier 1 9.0%, $10 not March 31, 2020, not Failure to meet minimum capital requirements can trigger regulatory actions that could have a material adverse effect on the Company’s financial statements and operations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that rely on quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Company and Bank’s actual capital amounts and ratios at December 31, 2019 2018, (in thousands) Regulatory Actual Minimum (1) Capital ratios for Bank: Amount Ratio Amount Ratio As of December 31, 2019 Total capital (to Risk- Weighted Assets) $ 115,713 12.3 % $ 98,423 >10.5% Tier I capital (to Risk- Weighted Assets) $ 106,140 11.3 % $ 79,676 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 106,140 11.3 % $ 65,615 >7.0% Tier I capital (to Average Assets) $ 106,140 9.5 % $ 44,948 >4.0% As of December 31, 2018 Total capital (to Risk- Weighted Assets) $ 104,253 11.7 % $ 87,691 > Tier I capital (to Risk- Weighted Assets) $ 95,172 10.7 % $ 69,931 > Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 95,172 10.7 % $ 56,611 > Tier I capital (to Average Assets) $ 95,172 8.7 % $ 43,665 > Capital ratios for the Company: As of December 31, 2019 Total capital (to Risk- Weighted Assets) $ 115,910 12.4 % $ 98,428 >10.5% Tier I capital (to Risk- Weighted Assets) $ 106,337 11.3 % $ 79,680 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 106,337 11.3 % $ 65,619 >7.0% Tier I capital (to Average Assets) $ 106,337 9.5 % $ 44,951 >4.0% As of December 31, 2018 Total capital (to Risk- Weighted Assets) $ 104,613 11.8 % $ 87,699 > Tier I capital (to Risk- Weighted Assets) $ 95,532 10.8 % $ 69,937 > Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 95,532 10.8 % $ 56,616 > Tier I capital (to Average Assets) $ 95,532 8.8 % $ 43,667 > ( 1 The adequately capitalized thresholds in the table above are reflected on a fully phased-in basis, which occurred in January 2019. |
Note 20 - Parent Only Condensed
Note 20 - Parent Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 0 . PARENT ONLY CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS (dollars in thousands) December 31, December 31, 2019 2018 ASSETS Cash $ 149 $ 281 Investment in bank subsidiary 112,373 98,678 Other assets 48 107 Total assets $ 112,570 $ 99,066 LIABILITIES AND SHAREHOLDERS’ EQUITY Other liabilities $ - $ 28 Total liabilities $ - $ 28 Shareholders’ equity Common stock, no par value; 50,000,000 shares authorized, 8,210,147 and 8,194,805 shares issued and outstanding at December 31, 2019 and 2018, respectively 25,435 25,429 Additional paid-in capital 3,777 3,358 Retained earnings 80,961 70,686 Accumulated other comprehensive income (loss), net of tax 2,397 (435 ) Total shareholders’ equity 112,570 99,038 Total liabilities and shareholders' equity $ 112,570 $ 99,066 CONDENSED STATEMENTS OF INCOME (dollars in thousands) Year Ended December 31, 2019 2018 INCOME Dividends declared by subsidiary $ 2,214 $ 2,117 Total income 2,214 2,117 EXPENSES Salary expense 113 110 Employee benefit expense 549 431 Legal expense 53 90 Other operating expenses 102 108 Total non-interest expense 817 739 Income before equity in undistributed income of subsidiary 1,397 1,378 Equity in undistributed net income of subsidiary 10,863 9,919 Income before income tax benefit 12,260 11,297 Income tax benefit 229 240 Net income $ 12,489 $ 11,537 CONDENSED STATEMENTS OF CASHFLOWS YEAR ENDED DECEMBER 31, (dollars in thousands) 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 12,489 $ 11,537 Adjustments to reconcile net income to net cash from operating activities: Undistributed net income of subsidiary (10,863 ) (9,919 ) Stock based compensation 549 431 Decrease in other liabilities (28 ) (6 ) Decrease in other assets 59 79 Net cash from operating activities 2,206 2,122 CASH FLOWS FROM FINANCING ACTIVITIES: Shareholder cash dividends paid (2,214 ) (2,117 ) Proceeds from sale of common stock and exercise of stock options 6 7 Tax withholding payments on vested restricted shares surrendered (130 ) 0 Net cash used in financing activities (2,338 ) (2,110 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (132 ) 12 CASH AND CASH EQUIVALENTS, beginning of period 281 269 CASH AND CASH EQUIVALENTS, end of period $ 149 $ 281 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 3,870 $ 4,145 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | Subsequent events — December 31, 2019 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents — three one |
Marketable Securities, Policy [Policy Text Block] | Securities available for sale — not Investments with fair values that are less than amortized cost are considered impaired. Impairment may not not not not |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other real estate owned — not |
Financing Receivable [Policy Text Block] | Loa ns originated Loan fees net of certain direct costs of origination are deferred and amortized, as an adjustment to interest yield, over the estimated life of the loan. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by ninety not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses The allowance for loan losses is evaluated on a regular basis by management and is based on management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as impaired. Impaired loans, as defined, are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. The general component relates to non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The Company considers a loan impaired when it is probable that all amounts of principal and interest due, according to the contractual terms of the loan agreement, will not not The method for calculating the allowance for unfunded loan commitments is based on an allowance percentage which is less than other outstanding loan types because they are at a lower risk level. This allowance percentage is evaluated by management periodically and is applied to the total undisbursed loan commitment balance to calculate the allowance for off-balance-sheet commitments. The Company considers a loan to be a troubled debt restructure (“TDR”) when the Company has granted a concession and the borrower is experiencing financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. A TDR loan is kept on non-accrual status until the borrower has paid for six no |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment — Building 31.5 years Equipment 3 – 12 years Furniture and fixtures 3 – 7 years Leasehold improvements 5 – 15 years Automobiles 3 – 5 years The Company adopted ASU No. 2016 02, Leases (Topic 842 January 1, 2019. January 1, 2019, January 1, 2019 $5,246,000, January 1, 2019 $4,817,000, Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes. Deferred income taxes have been provided for the resulting temporary differences. |
Income Tax, Policy [Policy Text Block] | Income taxes — The Company files income tax returns in the U.S. federal jurisdiction, and the state of California. With few exceptions, the Company is no 2016 2015. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets — 1 2 3 not |
Advertising Cost [Policy Text Block] | Advertising costs — $304,000 $237,000 December 31, 2019 2018, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income — December 31, 2019 2018, $97,000 $57,000 |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Reserve Bank Stock no 1 2 3 4 |
Federal Reserve Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock no 1 2 3 4 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share (“EPS”) 12 1 2 3 two two not |
Share-based Payment Arrangement [Policy Text Block] | Stock based compensation — 26,095 96,650 2019 2018, The fair value of each option grant is estimated as of the grant date using a binomial option-pricing model for all grants. Expected volatility is based on the historical volatility of the price of the Company’s stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted for the binomial model is derived from applying a historical suboptimal exercise factor to the contractual term of the grant. For binomial pricing, the risk-free rate for periods is equal to the U.S. Treasury yield at the time of grant and commensurate with the contractual term of the grant. There were no 2019 2018. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair values of financial instruments — December 31, 2019 2018. not |
Fair Value Measurement, Policy [Policy Text Block] | Fair v alue m easurements — may The Company has established and documented a process for determining fair value. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. Whenever there is no |
Reclassification, Policy [Policy Text Block] | Reclassifications no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and o ther i ntangible a ssets — may not not The core deposit intangible represents the estimated future benefits of acquired deposits and is booked separately from the related deposits. The value of the core deposit intangible asset was determined using a discounted cash flow approach to arrive at the cost differential between the core deposits (non-maturity deposits such as transaction, savings and money market accounts) and alternative funding sources. The core deposit intangible is amortized on an accelerated basis over an estimated ten No December 31, 2019. December 31, 2019, (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Core deposit intangible amortization $ 96 $ 93 $ 89 $ 86 $ 82 $ 78 $ 524 The Company applies a qualitative analysis of conditions in order to determine if it is more likely than not may third not no December 31, 2019. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting S tandards — In May 2014, No. 2014 09, 606 606 ● August 2015 No. 2015 14 one December 15, 2017. ● March 2016 No. 2016 08 ● April 2016 No. 2016 10 ● May 2016 No. 2016 12 Topic 606 January 1, 2018 not No no In January 2016, No. 2016 01, Financial Instruments - Overall (Subtopic 825 10 ● Equity investments, except for those accounted for under the equity method of accounting or those that result in consolidation of the investee, are required to be measured at fair value with changes in fair value recognized in net income. However, an entity may not ● Simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment - if impairment exists, this requires measuring the investment at fair value. ● Eliminates the requirement for public companies to disclose the method(s) and significant assumptions used to estimate the fair value that is currently required to be disclosed for financial instruments measured at amortized cost on the balance sheet. ● Public companies will be required to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ● Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. ● The reporting entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. ASU 2016 01 December 15, 2017, January 1, 2018 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 December 15, 2018 January 1, 2019 not 13 In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 December 15, 2019, October 2019, three January 1, 2023. not In January 2017, 2017 04 , Intangibles Goodwill and Other (Subtopic 350 Simplifying the Test for Goodwill Impairment second December 15, 2019. not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income (Topic 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2017. December 15, 2018, not January 1, 2018, $163,000 In August 2018, 2018 13, Fair Value Measurement (Subtopic 820 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . 2018 13 2018 13 December 15, 2019. 2018 13 may not In March 2019, 2019 01 , Leases (Topic 842 two 2016 02. December 15, 2019, 2019 01 not In April 2019, 2019 04, Codification Improvements to Topic 326, 815, 825, January 1, 2020 not In May 2019, 2019 05, Financial Instruments - Credit Losses (Topic 326 not 2016 13, 2016 13 |
Note 1 - Summary of Accountin_2
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | Building 31.5 years Equipment 3 – 12 years Furniture and fixtures 3 – 7 years Leasehold improvements 5 – 15 years Automobiles 3 – 5 years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Core deposit intangible amortization $ 96 $ 93 $ 89 $ 86 $ 82 $ 78 $ 524 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 31,180 $ 566 $ (17 ) $ 31,729 Collateralized mortgage obligations 1,618 5 (9 ) 1,614 Municipalities 86,826 3,746 (1 ) 90,571 SBA pools 6,419 9 (33 ) 6,395 Corporate debt 19,253 173 (458 ) 18,968 Asset backed securities 41,389 76 (654 ) 40,811 $ 186,685 $ 4,575 $ (1,172 ) $ 190,088 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 44,474 $ 135 $ (503 ) $ 44,106 Collateralized mortgage obligations 2,071 0 (59 ) 2,012 Municipalities 92,257 1,404 (424 ) 93,237 SBA pools 8,707 13 (47 ) 8,673 Corporate debt 21,426 62 (901 ) 20,587 Asset backed securities 38,395 119 (417 ) 38,097 $ 207,330 $ 1,733 $ (2,351 ) $ 206,712 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies $ 3,934 (11 ) $ 1,535 $ (6 ) $ 5,469 $ (17 ) Collateralized mortgage obligations 0 0 650 (9 ) 650 (9 ) Municipalities 0 0 411 (1 ) 411 (1 ) SBA pools 1,423 (7 ) 3,545 (26 ) 4,968 (33 ) Corporate debt 2,994 (6 ) 8,859 (452 ) 11,853 (458 ) Asset backed securities 12,891 (233 ) 21,313 (421 ) 34,204 (654 ) Total temporarily impaired securities $ 21,242 $ (257 ) $ 36,313 $ (915 ) $ 57,555 $ (1,172 ) (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies $ 22,007 $ (230 ) $ 11,972 $ (273 ) $ 33,979 $ (503 ) Collateralized mortgage obligations 93 (1 ) 1,917 (58 ) 2,010 (59 ) Municipalities 9,630 (55 ) 26,559 (369 ) 36,189 (424 ) SBA pools 3,284 (8 ) 3,726 (39 ) 7,010 (47 ) Corporate debt 3,999 (59 ) 11,645 (842 ) 15,644 (901 ) Asset backed securities 23,604 (412 ) 1,853 (5 ) 25,457 (417 ) Total temporarily impaired securities $ 62,617 $ (765 ) $ 57,672 $ (1,586 ) $ 120,289 $ (2,351 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) Amortized Fair Cost Value Available-for-sale securities: Due in one year or less $ 32,879 $ 33,102 Due after one year through five years 46,349 47,974 Due after five years through ten years 44,643 45,595 Due after ten years 62,814 63,417 $ 186,685 $ 190,088 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) December 31, 2019 December 31, 2018 Commercial real estate: Commercial real estate- construction $ 53,169 $ 20,263 Commercial real estate- mortgages 475,146 460,701 Land 8,367 10,951 Farmland 70,320 62,604 Commercial and industrial 77,704 82,252 Consumer 1,274 1,314 Consumer residential 36,647 35,741 Agriculture 28,358 38,076 Total loans 750,985 711,902 Less: Deferred loan fees and costs, net (792 ) (997 ) Allowance for loan losses (9,146 ) (8,685 ) Net loans $ 741,047 $ 702,220 |
Financing Receivable, Nonaccrual [Table Text Block] | (in thousands) December 31, 2019 December 31, 2018 Commercial real estate: Land $ 855 $ 906 Commercial and industrial 0 0 Consumer residential 248 14 Total non-accrual loans $ 1,103 $ 920 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2019 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Greater Than 90 Days Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 53,169 $ 53,169 $ 0 Commercial R.E. - mortgages 0 0 0 0 475,146 475,146 0 Land 0 0 0 0 8,367 8,367 0 Farmland 0 0 111 111 70,209 70,320 0 Commercial and industrial 0 0 0 0 77,704 77,704 0 Consumer 2 0 0 2 1,272 1,274 0 Consumer residential 0 0 137 137 36,510 36,647 0 Agriculture 0 0 0 0 28,358 28,358 0 Total $ 2 $ 0 $ 248 $ 250 $ 750,735 $ 750,985 $ 0 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Greater Than 90 Days Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 20,263 $ 20,263 $ 0 Commercial R.E. - mortgages 0 0 0 0 460,701 460,701 0 Land 0 0 906 906 10,045 10,951 0 Farmland 0 0 0 0 62,604 62,604 0 Commercial and industrial 0 2,100 0 2,100 80,152 82,252 0 Consumer 0 0 0 0 1,314 1,314 0 Consumer residential 0 62 0 62 35,679 35,741 0 Agriculture 0 0 0 0 38,076 38,076 0 Total $ 0 $ 2,162 $ 906 $ 3,068 $ 708,834 $ 711,902 $ 0 |
Impaired Financing Receivables [Table Text Block] | (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2019 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 873 0 855 855 680 892 Farmland 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Consumer residential 312 248 0 248 0 113 Agriculture 0 0 0 0 0 0 Total $ 1,185 $ 248 $ 855 $ 1,103 $ 680 $ 1,005 (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2018 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 1,222 0 906 906 680 958 Farmland 0 0 0 0 0 0 Commercial and Industrial 32 0 0 0 0 176 Consumer 0 0 0 0 0 0 Consumer residential 15 14 0 14 0 14 Agriculture 0 0 0 0 0 0 Total $ 1,269 $ 14 $ 906 $ 920 $ 680 $ 1,148 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (in thousands) Commercial R.E. Commercial R.E. Land Farmland Commercial and Industrial Consumer Consumer Residential Agriculture Total December 31, 2019 Pass $ 53,169 $ 471,594 $ 7,512 $ 69,002 $ 74,960 $ 1,249 $ 36,470 $ 26,512 $ 740,468 Special mention - 3,552 - 1,207 550 - - 1,846 7,155 Substandard - - 855 111 2,194 25 177 - 3,362 Total loans $ 53,169 $ 475,146 $ 8,367 $ 70,320 $ 77,704 $ 1,274 $ 36,647 $ 28,358 $ 750,985 December 31, 2018 Pass $ 20,263 $ 457,150 $ 10,045 $ 62,604 $ 77,254 $ 1,273 $ 35,698 $ 35,813 $ 700,100 Special mention - 2,868 - - 2,898 - - 2,263 8,029 Substandard - 683 906 - 2,100 41 43 - 3,773 Total loans $ 20,263 $ 460,701 $ 10,951 $ 62,604 $ 82,252 $ 1,314 $ 35,741 $ 38,076 $ 711,902 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Loan Losses For the Years Ended December 31, 2019 and 2018 (in thousands) Commercial Commercial Consumer Year Ended December 31, 2019 Real Estate and Industrial Consumer Residential Agriculture Unallocated Total Beginning balance $ 6,580 $ 1,065 $ 39 $ 304 $ 693 $ 4 $ 8,685 Charge-offs 0 0 (28 ) (64 ) 0 0 (92 ) Recoveries 0 0 6 2 0 0 8 Provision for (reversal of) loan losses 590 (65 ) 21 64 (168 ) 103 545 Ending balance $ 7,170 $ 1,000 $ 38 $ 306 $ 525 $ 107 $ 9,146 Commercial Commercial Consumer Year Ended December 31, 2018 Real Estate and Industrial Consumer Residential Agriculture Unallocated Total Beginning balance $ 6,331 $ 813 $ 27 $ 300 $ 693 $ 2 $ 8,166 Charge-offs 0 0 (29 ) (17 ) 0 0 (46 ) Recoveries 0 0 8 2 0 0 10 Provision for (reversal of) loan losses 249 252 33 19 0 2 555 Ending balance $ 6,580 $ 1,065 $ 39 $ 304 $ 693 $ 4 $ 8,685 (in thousands) Commercial Commercial Consumer December 31, 2019 Real Estate and Industrial Consumer Residential Agriculture Unallocated Total Allowance for loan losses for loans: Individually evaluated for impairment $ 680 $ 0 $ 0 $ 0 $ 0 $ 0 $ 680 Collectively evaluated for impairment 6,490 1,000 38 306 525 107 8,466 $ 7,170 $ 1,000 $ 38 $ 306 $ 525 $ 107 $ 9,146 Ending gross loan balances: Individually evaluated for impairment $ 855 $ 0 $ 0 $ 248 $ 0 $ 0 $ 1,103 Collectively evaluated for impairment 606,147 77,704 1,274 36,399 28,358 0 749,882 $ 607,002 $ 77,704 $ 1,274 $ 36,647 $ 28,358 $ 0 $ 750,985 December 31, 2018 Allowance for loan losses for loans: Individually evaluated for impairment $ 680 $ 0 $ 0 $ 0 $ 0 $ 0 $ 680 Collectively evaluated for impairment 5,900 1,065 39 304 693 4 8,005 $ 6,580 $ 1,065 $ 39 $ 304 $ 693 $ 4 $ 8,685 Ending gross loan balances: Individually evaluated for impairment $ 906 $ 0 $ 0 $ 14 $ 0 $ 0 $ 920 Collectively evaluated for impairment 553,613 82,252 1,314 35,727 38,076 0 710,982 $ 554,519 $ 82,252 $ 1,314 $ 35,741 $ 38,076 $ 0 $ 711,902 |
Change in Allowance for Loan Losses [Table Text Block] | (in thousands) YEARS ENDED DECEMBER 31, 201 9 201 8 Balance, beginning of year $ 396 $ 305 Provision charged to operations for off balance sheet 31 91 Balance, end of year $ 427 $ 396 |
Weighted Average [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2019 December 31, 2018 Weighted Average Risk Grade Weighted Average Risk Grade Commercial real estate: Commercial real estate - construction 3.00 3.00 Commercial real estate - mortgages 3.02 3.02 Land 3.72 3.58 Farmland 3.04 3.00 Commercial and industrial 3.05 3.08 Consumer 2.29 2.31 Consumer residential 3.02 3.01 Agriculture 3.17 3.12 Total gross loans 3.03 3.04 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | ( DECEMBER 31, 201 9 201 8 Land $ 5,195 $ 5,195 Building 10,013 9,962 Leasehold improvements 5,064 5,039 Furniture, fixtures, and equipment 8,707 8,279 Branch construction work-in-process 928 47 29,907 28,522 Less accumulated depreciation (14,678 ) (13,585 ) $ 15,229 $ 14,937 |
Note 6 - Interest Receivable _2
Note 6 - Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | ( DECEMBER 31, 201 9 201 8 Net deferred tax asset $ 3,107 $ 4,067 Federal Home Loan Bank stock 4,003 3,599 Interest income receivable on loans 2,089 2,054 Interest income receivable on investments 1,368 1,701 Federal Reserve Bank stock 758 758 Investments in limited partnerships 5,120 5,476 Lease right of use asset 4,312 0 Prepaid expenses and other 1,305 1,142 $ 22,062 $ 18,797 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deposit Account Balances [Table Text Block] | DECEMBER 31, (in thousands) 201 9 201 8 Demand $ 664,687 $ 594,502 Money market 233,526 272,766 Savings 82,789 76,915 Time deposits $250,000 and under 20,785 23,816 Time deposits over $250,000 18,142 18,496 Total deposits $ 1,019,929 $ 986,495 |
Schedule of Maturities of Deposit [Table Text Block] | Year ending December 31, 2020 $ 29,267 2021 7,039 2022 2,546 2023 47 2024 28 $ 38,927 |
Note 9 - Interest on Deposits (
Note 9 - Interest on Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Interest Income and Interest Expense Disclosure [Table Text Block] | YEARS ENDED DECEMBER 31, (in thousands) 201 9 201 8 Savings and other deposits $ 1,427 $ 1,465 Time deposits over $250,000 81 68 Other time deposits 60 73 $ 1,568 $ 1,606 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2019 2018 Current Federal $ 2,675 $ 2,711 State 1,754 1,927 4,429 4,638 Deferred Federal (109 ) (494 ) State (120 ) (334 ) (229 ) (828 ) $ 4,200 $ 3,810 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) DECEMBER 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 2,705 $ 2,568 Restricted stock expense 105 95 Accrued vacation 100 80 Accrued salary continuation liability 1,176 1,035 Deferred compensation 75 76 Core deposit intangible 69 58 Merger Costs 87 95 Reserve for undisbursed commitments 149 117 OREO expenses 173 173 State income tax 386 405 Holding company organization fees 10 12 Unrealized loss on securities available for sale 0 183 5,035 4,897 Deferred tax liabilities: Prepaid expenses (87 ) (117 ) FHLB dividends (144 ) (144 ) Accumulated depreciation (12 ) (9 ) Accrued bonus (2 ) (2 ) Deferred loan costs (378 ) (353 ) Goodwill Amortization (261 ) (196 ) Limited partner investment in small business equity fund (38 ) (9 ) Unrealized gain on securities available for sale (1,006 ) 0 (1,928 ) (830 ) Net deferred income tax asset $ 3,107 $ 4,067 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | YEARS ENDED DECEMBER 31, 201 9 201 8 Federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 8.6 % 8.6 % Tax exempt interest on municipal securities and loans -3.2 % -3.5 % Other -1.2 % -1.3 % Effective tax rate 25.2 % 24.8 % |
Note 11 - Stock Option Plan (Ta
Note 11 - Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | DECEMBER 31, 201 9 DECEMBER 31, 201 8 Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Outstanding at beginning of year 1,000 $ 5.74 3,500 $ 5.94 Granted 0 $ 0.00 0 $ 0.00 Exercised (1,000 ) $ 5.74 (1,500 ) $ 4.58 Forfeited 0 $ 0.00 (1,000 ) $ 8.25 Outstanding at end of year 0 $ 0.00 1,000 $ 5.74 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | DECEMBER 31, 201 9 DECEMBER 31, 201 8 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 107,600 $ 20.09 24,800 $ 11.07 Granted 26,095 $ 17.59 96,650 $ 21.40 Vested (27,640 ) $ 18.97 (11,900 ) $ 11.93 Cancelled (4,500 ) $ 20.11 (1,950 ) $ 20.21 Unvested at end of year 101,555 $ 19.75 107,600 $ 20.09 |
Weighted Average [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | (dollars in thousands) December 31, 201 9 201 8 Weighted-average fair value of options granted during the year N/A N/A Intrinsic value of options exercised $ 12 $ 20 Options outstanding and exercisable at year end: 0 1,000 Weighted average exercise price N/A $ 5.74 Intrinsic value N/A $ 13 Weighted average remaining contractual life N/A 1 month |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | YEAR ENDED DECEMBER 31, 2019 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 12,489 8,102,442 $ 1.54 Effect of dilutive securities: Stock options — 54 Non-vested restricted stock — 14,131 Total dilutive shares 14,185 Diluted EPS: Net income per diluted share $ 12,489 8,116,627 $ 1.54 YEAR ENDED DECEMBER 31, 2018 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 11,537 8,081,482 $ 1.43 Effect of dilutive securities: Stock options — 1,791 Non-vested restricted stock — 16,825 Total dilutive shares 18,616 Diluted EPS: Net income per diluted share $ 11,537 8,100,098 $ 1.42 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, 2020 $ 1,185 2021 944 2022 898 2023 605 2024 480 Thereafter 2,081 $ 6,193 |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Contract (in thousands) Amount Undisbursed loan commitments $ 144,401 Checking reserve 1,302 Equity lines 15,826 Standby letters of credit 3,143 $ 164,672 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 147,594 $ 147,594 1 Restricted equity securities 4,761 4,761 2 Loans, net 741,047 742,484 3 Interest receivable 3,457 3,457 2 Financial liabilities: Deposits (1,019,929 ) (1,019,654 ) 3 Interest payable (50 ) (50 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,647 ) 3 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 126,145 $ 126,145 1 Restricted equity securities 4,357 4,357 2 Loans, net 702,220 697,369 3 Interest receivable 3,755 3,755 2 Financial liabilities: Deposits (986,495 ) (986,096 ) 3 Interest payable (40 ) (40 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,539 ) 3 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at Dec ember 3 1 , 201 9 Using (in thousands) Dec ember 3 1 , 201 9 Quoted Prices Significant Significant Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 31,729 $ 0 $ 31,729 $ 0 Collateralized mortgage obligations 1,614 0 1,614 0 Municipalities 90,571 0 90,571 0 SBA pools 6,395 0 6,395 0 Corporate debt 18,968 0 18,968 0 Asset backed securities 40,811 0 40,811 0 Equity Securities:* Mutual fund $ 3,297 $ 3,297 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: Impaired loans: Land $ 175 $ 0 $ 0 $ 175 Consumer residential 248 0 0 248 Fair Value Measurements at Dec ember 3 1 , 2018 Using (in thousands) Dec ember 3 1 , 2018 Quoted Prices Significant Significant Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 44,106 $ 0 $ 44,106 $ 0 Collateralized mortgage obligations 2,012 0 2,012 0 Municipalities 93,237 0 93,237 0 SBA pools 8,673 0 8,673 0 Corporate debt 20,587 0 20,587 0 Asset backed securities 38,097 0 38,097 0 Equity Securities:* Mutual fund $ 3,106 $ 3,106 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: Impaired loans: Land $ 226 $ 0 $ 0 $ 226 Consumer residential 14 0 0 14 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | YEARS ENDED DECEMBER 31, (in thousands) 201 9 201 8 Aggregate amount outstanding, beginning of year $ 5,895 $ 5,350 New loans or advances during year 1,096 2,454 Repayments during year (1,257 ) (1,909 ) Aggregate amount outstanding, end of year $ 5,734 $ 5,895 |
Note 19 - Regulatory Matters (T
Note 19 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (in thousands) Regulatory Actual Minimum (1) Capital ratios for Bank: Amount Ratio Amount Ratio As of December 31, 2019 Total capital (to Risk- Weighted Assets) $ 115,713 12.3 % $ 98,423 >10.5% Tier I capital (to Risk- Weighted Assets) $ 106,140 11.3 % $ 79,676 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 106,140 11.3 % $ 65,615 >7.0% Tier I capital (to Average Assets) $ 106,140 9.5 % $ 44,948 >4.0% As of December 31, 2018 Total capital (to Risk- Weighted Assets) $ 104,253 11.7 % $ 87,691 > Tier I capital (to Risk- Weighted Assets) $ 95,172 10.7 % $ 69,931 > Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 95,172 10.7 % $ 56,611 > Tier I capital (to Average Assets) $ 95,172 8.7 % $ 43,665 > Capital ratios for the Company: As of December 31, 2019 Total capital (to Risk- Weighted Assets) $ 115,910 12.4 % $ 98,428 >10.5% Tier I capital (to Risk- Weighted Assets) $ 106,337 11.3 % $ 79,680 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 106,337 11.3 % $ 65,619 >7.0% Tier I capital (to Average Assets) $ 106,337 9.5 % $ 44,951 >4.0% As of December 31, 2018 Total capital (to Risk- Weighted Assets) $ 104,613 11.8 % $ 87,699 > Tier I capital (to Risk- Weighted Assets) $ 95,532 10.8 % $ 69,937 > Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 95,532 10.8 % $ 56,616 > Tier I capital (to Average Assets) $ 95,532 8.8 % $ 43,667 > |
Note 20 - Parent Only Condens_2
Note 20 - Parent Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) December 31, December 31, 2019 2018 ASSETS Cash $ 149 $ 281 Investment in bank subsidiary 112,373 98,678 Other assets 48 107 Total assets $ 112,570 $ 99,066 LIABILITIES AND SHAREHOLDERS’ EQUITY Other liabilities $ - $ 28 Total liabilities $ - $ 28 Shareholders’ equity Common stock, no par value; 50,000,000 shares authorized, 8,210,147 and 8,194,805 shares issued and outstanding at December 31, 2019 and 2018, respectively 25,435 25,429 Additional paid-in capital 3,777 3,358 Retained earnings 80,961 70,686 Accumulated other comprehensive income (loss), net of tax 2,397 (435 ) Total shareholders’ equity 112,570 99,038 Total liabilities and shareholders' equity $ 112,570 $ 99,066 |
Condensed Income Statement [Table Text Block] | (dollars in thousands) Year Ended December 31, 2019 2018 INCOME Dividends declared by subsidiary $ 2,214 $ 2,117 Total income 2,214 2,117 EXPENSES Salary expense 113 110 Employee benefit expense 549 431 Legal expense 53 90 Other operating expenses 102 108 Total non-interest expense 817 739 Income before equity in undistributed income of subsidiary 1,397 1,378 Equity in undistributed net income of subsidiary 10,863 9,919 Income before income tax benefit 12,260 11,297 Income tax benefit 229 240 Net income $ 12,489 $ 11,537 |
Condensed Cash Flow Statement [Table Text Block] | YEAR ENDED DECEMBER 31, (dollars in thousands) 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 12,489 $ 11,537 Adjustments to reconcile net income to net cash from operating activities: Undistributed net income of subsidiary (10,863 ) (9,919 ) Stock based compensation 549 431 Decrease in other liabilities (28 ) (6 ) Decrease in other assets 59 79 Net cash from operating activities 2,206 2,122 CASH FLOWS FROM FINANCING ACTIVITIES: Shareholder cash dividends paid (2,214 ) (2,117 ) Proceeds from sale of common stock and exercise of stock options 6 7 Tax withholding payments on vested restricted shares surrendered (130 ) 0 Net cash used in financing activities (2,338 ) (2,110 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (132 ) 12 CASH AND CASH EQUIVALENTS, beginning of period 281 269 CASH AND CASH EQUIVALENTS, end of period $ 149 $ 281 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 3,870 $ 4,145 |
Note 1 - Summary of Accountin_3
Note 1 - Summary of Accounting Policies (Details Textual) $ / shares in Thousands | Jan. 01, 2018USD ($) | Jul. 03, 2008shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Jan. 01, 2019USD ($) |
Conversion of Stock Shares Converted for Each Outstanding Share of Wholly Owned Subsidiary | 1 | ||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||
Common Stock, Shares, Issued, Total | 8,210,147 | 8,194,805 | |||
Preferred Stock, Shares Authorized | 10,000,000 | ||||
Preferred Stock, Shares Issued, Total | 0 | ||||
Operating Lease, Right-of-Use Asset | $ | $ 4,312,000 | $ 0 | |||
Advertising Expense | $ | 304,000 | 237,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax, Total | $ | $ 97,000 | $ 57,000 | |||
Number of Forms of Outstanding Stock Awards | 2 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 26,095 | 96,650 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||
Common Stock, No Par Value | $ / shares | $ 0 | $ 0 | |||
Common Stock, Shares, Outstanding, Ending Balance | 8,210,147 | 8,194,805 | |||
Preferred Stock, No Par Value | $ / shares | $ 0 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | ||||
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | |||||
Reclassification from AOCI to Retained Earnings Tax Effect | $ | $ (163,000) | ||||
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | |||||
Reclassification from AOCI to Retained Earnings Tax Effect | $ | $ 163,000 | ||||
Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ | $ 0 | ||||
Interest Payable and Other Liabilities [Member] | |||||
Operating Lease, Liability, Total | $ | $ 5,246,000 | ||||
Interest Receivable and Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | $ | $ 4,817,000 |
Note 1 - Summary of Accountin_4
Note 1 - Summary of Accounting Policies - Premises and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building [Member] | |
Property, plant, and equipment, useful life (Year) | 31 years 182 days |
Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 12 years |
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) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 15 years |
Automobiles [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Automobiles [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Note 1 - Summary of Accountin_5
Note 1 - Summary of Accounting Policies - Future Estimated Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 96 |
2021 | 93 |
2022 | 89 |
2023 | 86 |
2024 | 82 |
Thereafter | 78 |
Total | $ 524 |
Note 2 - Cash and Due From Ba_2
Note 2 - Cash and Due From Banks (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Reserve Deposit Required and Made | $ 82,296,000 | $ 64,076,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Equity Securities, FV-NI | $ 3,297,000 | $ 3,106,000 |
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | 101,000 | (90,000) |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | 0 | |
Debt Securities, Available-for-sale, Realized Gain | $ 138,000 | 11,000 |
Number of Debt Securities, Available-for-sale, Sold | 0 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 123,381,000 | 118,771,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | |
Debt Securities, Available-for-sale, Realized Gain | $ 70,000 | |
Number of Debt Securities, Available-for-sale, Sold | 1 | |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 3 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 6 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 2 | |
SBA Pool [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 5 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 2 | |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 11 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 8 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities, amortized cost | $ 186,685 | $ 207,330 |
Available-for-sale securities, gross unrealized gains | 4,575 | 1,733 |
Available-for-sale securities, gross unrealized losses | (1,172) | (2,351) |
Available-for-sale securities, fair market value | 190,088 | 206,712 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 31,180 | 44,474 |
Available-for-sale securities, gross unrealized gains | 566 | 135 |
Available-for-sale securities, gross unrealized losses | (17) | (503) |
Available-for-sale securities, fair market value | 31,729 | 44,106 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 1,618 | 2,071 |
Available-for-sale securities, gross unrealized gains | 5 | 0 |
Available-for-sale securities, gross unrealized losses | (9) | (59) |
Available-for-sale securities, fair market value | 1,614 | 2,012 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 86,826 | 92,257 |
Available-for-sale securities, gross unrealized gains | 3,746 | 1,404 |
Available-for-sale securities, gross unrealized losses | (1) | (424) |
Available-for-sale securities, fair market value | 90,571 | 93,237 |
SBA Pool [Member] | ||
Available-for-sale securities, amortized cost | 6,419 | 8,707 |
Available-for-sale securities, gross unrealized gains | 9 | 13 |
Available-for-sale securities, gross unrealized losses | (33) | (47) |
Available-for-sale securities, fair market value | 6,395 | 8,673 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 19,253 | 21,426 |
Available-for-sale securities, gross unrealized gains | 173 | 62 |
Available-for-sale securities, gross unrealized losses | (458) | (901) |
Available-for-sale securities, fair market value | 18,968 | 20,587 |
Asset-backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 41,389 | 38,395 |
Available-for-sale securities, gross unrealized gains | 76 | 119 |
Available-for-sale securities, gross unrealized losses | (654) | (417) |
Available-for-sale securities, fair market value | $ 40,811 | $ 38,097 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Less than 12 months, fair value | $ 21,242 | $ 62,617 |
Less than 12 months, unrealized loss | (257) | (765) |
12 months or more, fair value | 36,313 | 57,672 |
12 months or more, unrealized loss | (915) | (1,586) |
Fair value | 57,555 | 120,289 |
Unrealized loss | (1,172) | (2,351) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 3,934 | 22,007 |
Less than 12 months, unrealized loss | (11) | (230) |
12 months or more, fair value | 1,535 | 11,972 |
12 months or more, unrealized loss | (6) | (273) |
Fair value | 5,469 | 33,979 |
Unrealized loss | (17) | (503) |
Collateralized Mortgage Obligations [Member] | ||
Less than 12 months, fair value | 0 | 93 |
Less than 12 months, unrealized loss | 0 | (1) |
12 months or more, fair value | 650 | 1,917 |
12 months or more, unrealized loss | (9) | (58) |
Fair value | 650 | 2,010 |
Unrealized loss | (9) | (59) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 0 | 9,630 |
Less than 12 months, unrealized loss | 0 | (55) |
12 months or more, fair value | 411 | 26,559 |
12 months or more, unrealized loss | (1) | (369) |
Fair value | 411 | 36,189 |
Unrealized loss | (1) | (424) |
SBA Pool [Member] | ||
Less than 12 months, fair value | 1,423 | 3,284 |
Less than 12 months, unrealized loss | (7) | (8) |
12 months or more, fair value | 3,545 | 3,726 |
12 months or more, unrealized loss | (26) | (39) |
Fair value | 4,968 | 7,010 |
Unrealized loss | (33) | (47) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 2,994 | 3,999 |
Less than 12 months, unrealized loss | (6) | (59) |
12 months or more, fair value | 8,859 | 11,645 |
12 months or more, unrealized loss | (452) | (842) |
Fair value | 11,853 | 15,644 |
Unrealized loss | (458) | (901) |
Asset-backed Securities [Member] | ||
Less than 12 months, fair value | 12,891 | 23,604 |
Less than 12 months, unrealized loss | (233) | (412) |
12 months or more, fair value | 21,313 | 1,853 |
12 months or more, unrealized loss | (421) | (5) |
Fair value | 34,204 | 25,457 |
Unrealized loss | $ (654) | $ (417) |
Note 3 - Securities - Contractu
Note 3 - Securities - Contractual Maturity or Call Date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, amortized cost | $ 32,879 | |
Due in one year or less, fair value | 33,102 | |
Due after one year through five years, amortized cost | 46,349 | |
Due after one year through five years, fair value | 47,974 | |
Due after five years through ten years, amortized cost | 44,643 | |
Due after five years through ten years, fair value | 45,595 | |
Due after ten years, amortized cost | 62,814 | |
Due after ten years, fair value | 63,417 | |
Amortized cost | 186,685 | $ 207,330 |
Fair Value | $ 190,088 | $ 206,712 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loans and Leases Receivable, Percentage of Outstanding Principal Balance Secured by Owner Occupied Properties | 39.00% | |
Underwriting Standards, Loan to Value Percentage | 80.00% | |
Underwriting Standards, Housing Percentage | 36.00% | |
Underwriting Standards, Total Debt Ratio | 42.00% | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 62,000 | $ 68,000 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 0 | $ 0 |
Financing Receivable, Modifications, Number of Contracts Held | 1 | 4 |
Financing Receivable, Troubled Debt Restructuring | $ 855,000 | $ 920,000 |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | |
Allowance for Credit Losses, Trouble Debt Restructurings | 680,000 | 680,000 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 906,000 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Financing Receivable Modifications, Period Contractually Past Due for Loan to Be Considered in Payment Default | 90 days | |
Loans and Leases Receivable, Minimum Cash Collateral Percent | 110.00% | |
Loans and Leases Receivable, Gross, Total | $ 750,985,000 | $ 711,902,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 750,985,000 | $ 711,902,000 |
Substandard [Member] | ||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 40.00% | |
Loans and Leases Receivable, Gross, Total | 3,362,000 | $ 3,773,000 |
Doubtful [Member] | ||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 25.00% | |
Unlikely to be Collected Financing Receivable [Member] | ||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 35.00% | |
Loans and Leases Receivable, Gross, Total | $ 0 | $ 0 |
Minimum [Member] | ||
Financing Receivable, Rating Example Disbursement to Unsecured Creditors by Illusory Company in Liquidation, Percentage | 40.00% | |
Maximum [Member] | ||
Financing Receivable, Rating Example Disbursement to Unsecured Creditors by Illusory Company in Liquidation, Percentage | 65.00% | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 81.00% | |
Loans and Leases Receivable, Gross, Total | $ 607,002,000 | $ 554,519,000 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 10.00% | |
Loans and Leases Receivable, Gross, Total | $ 77,704,000 | 82,252,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 2,194,000 | 2,100,000 |
Residential Real Estate and Other Consumer Loans [Member] | ||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 5.00% | |
Agriculture [Member] | ||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 4.00% | |
Loans and Leases Receivable, Gross, Total | $ 28,358,000 | 38,076,000 |
Agriculture [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Gross, Total |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | $ 750,985 | $ 711,902 | |
Deferred loan fees and costs, net | (792) | (997) | |
Allowance for loan losses | (9,146) | (8,685) | $ (8,166) |
Net loans | 741,047 | 702,220 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 607,002 | 554,519 | |
Allowance for loan losses | (7,170) | (6,580) | (6,331) |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 53,169 | 20,263 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | |||
Loans | 475,146 | 460,701 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | |||
Loans | 8,367 | 10,951 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Loans | 70,320 | 62,604 | |
Commercial Portfolio Segment [Member] | |||
Loans | 77,704 | 82,252 | |
Allowance for loan losses | (1,000) | (1,065) | (813) |
Consumer Portfolio Segment [Member] | |||
Loans | 1,274 | 1,314 | |
Allowance for loan losses | (38) | (39) | (27) |
Residential Portfolio Segment [Member] | |||
Loans | 36,647 | 35,741 | |
Allowance for loan losses | (306) | (304) | (300) |
Agriculture [Member] | |||
Loans | 28,358 | 38,076 | |
Allowance for loan losses | $ (525) | $ (693) | $ (693) |
Note 4 - Loans - Non Accrual Lo
Note 4 - Loans - Non Accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-accrual loans | $ 1,103 | $ 920 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Non-accrual loans | 855 | 906 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | $ 248 | $ 14 |
Note 4 - Loans - Aging of Past
Note 4 - Loans - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Past due | $ 250 | $ 3,068 |
Current | 750,735 | 708,834 |
Loans | 750,985 | 711,902 |
Greater than 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 2 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 2,162 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 248 | 906 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 607,002 | 554,519 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Past due | 0 | 0 |
Current | 53,169 | 20,263 |
Loans | 53,169 | 20,263 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Past due | 0 | 0 |
Current | 475,146 | 460,701 |
Loans | 475,146 | 460,701 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Past due | 0 | 906 |
Current | 8,367 | 10,045 |
Loans | 8,367 | 10,951 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 906 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Past due | 111 | 0 |
Current | 70,209 | 62,604 |
Loans | 70,320 | 62,604 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 111 | 0 |
Commercial Portfolio Segment [Member] | ||
Past due | 0 | 2,100 |
Current | 77,704 | 80,152 |
Loans | 77,704 | 82,252 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 2,100 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Past due | 2 | 0 |
Current | 1,272 | 1,314 |
Loans | 1,274 | 1,314 |
Greater than 90 days past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 2 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Past due | 137 | 62 |
Current | 36,510 | 35,679 |
Loans | 36,647 | 35,741 |
Greater than 90 days past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 62 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 137 | 0 |
Agriculture [Member] | ||
Past due | 0 | 0 |
Current | 28,358 | 38,076 |
Loans | 28,358 | 38,076 |
Greater than 90 days past due and still accruing | 0 | 0 |
Agriculture [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 0 |
Agriculture [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Agriculture [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | $ 0 | $ 0 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unpaid contractual principal | $ 1,185 | $ 1,269 |
Recorded investment with no allowance | 248 | 14 |
Recorded investment with allowance | 855 | 906 |
Total recorded investment | 1,103 | 920 |
Related allowance | 680 | 680 |
Average recorded investment | 1,005 | 1,148 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Unpaid contractual principal | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Unpaid contractual principal | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Unpaid contractual principal | 873 | 1,222 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 855 | 906 |
Total recorded investment | 855 | 906 |
Related allowance | 680 | 680 |
Average recorded investment | 892 | 958 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Unpaid contractual principal | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Unpaid contractual principal | 0 | 32 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 176 |
Consumer Portfolio Segment [Member] | ||
Unpaid contractual principal | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Unpaid contractual principal | 312 | 15 |
Recorded investment with no allowance | 248 | 14 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 248 | 14 |
Related allowance | 0 | 0 |
Average recorded investment | 113 | 14 |
Agriculture [Member] | ||
Unpaid contractual principal | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | $ 0 | $ 0 |
Note 4 - Loans - Weighted Avera
Note 4 - Loans - Weighted Average Risk Grades of Loan Portfolio (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average risk grade of loans | 3.03 | 3.04 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Weighted average risk grade of loans | 3 | 3 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Weighted average risk grade of loans | 3.02 | 3.02 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Weighted average risk grade of loans | 3.72 | 3.58 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Weighted average risk grade of loans | 3.04 | 3 |
Commercial Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 3.05 | 3.08 |
Consumer Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 2.29 | 2.31 |
Residential Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 3.02 | 3.01 |
Agriculture [Member] | ||
Weighted average risk grade of loans | 3.17 | 3.12 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 750,985 | $ 711,902 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 607,002 | 554,519 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 53,169 | 20,263 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 475,146 | 460,701 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 8,367 | 10,951 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 70,320 | 62,604 |
Commercial Portfolio Segment [Member] | ||
Loans | 77,704 | 82,252 |
Consumer Portfolio Segment [Member] | ||
Loans | 1,274 | 1,314 |
Residential Portfolio Segment [Member] | ||
Loans | 36,647 | 35,741 |
Agriculture [Member] | ||
Loans | 28,358 | 38,076 |
Pass [Member] | ||
Loans | 740,468 | 700,100 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 53,169 | 20,263 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 471,594 | 457,150 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 7,512 | 10,045 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 69,002 | 62,604 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 74,960 | 77,254 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 1,249 | 1,273 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | 36,470 | 35,698 |
Pass [Member] | Agriculture [Member] | ||
Loans | 26,512 | 35,813 |
Special Mention [Member] | ||
Loans | 7,155 | 8,029 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 3,552 | 2,868 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 1,207 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 550 | 2,898 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | Agriculture [Member] | ||
Loans | 1,846 | 2,263 |
Substandard [Member] | ||
Loans | 3,362 | 3,773 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 683 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 855 | 906 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 111 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 2,194 | 2,100 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 25 | 41 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 177 | 43 |
Substandard [Member] | Agriculture [Member] | ||
Loans |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 8,685 | $ 8,166 | ||
Charge-offs | (92) | (46) | ||
Recoveries | 8 | 10 | ||
Provision for loan losses | 545 | 555 | ||
Ending balance | 9,146 | 8,685 | ||
Individually evaluated for impairment | $ 680 | $ 680 | ||
Collectively evaluated for impairment | 8,466 | 8,005 | ||
8,685 | 8,166 | 9,146 | 8,685 | |
Individually evaluated for impairment | 1,103 | 920 | ||
Collectively evaluated for impairment | 749,882 | 710,982 | ||
750,985 | 711,902 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 6,580 | 6,331 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses | 590 | 249 | ||
Ending balance | 7,170 | 6,580 | ||
Individually evaluated for impairment | 680 | 680 | ||
Collectively evaluated for impairment | 6,490 | 5,900 | ||
7,170 | 6,331 | 7,170 | 6,580 | |
Individually evaluated for impairment | 855 | 906 | ||
Collectively evaluated for impairment | 606,147 | 553,613 | ||
607,002 | 554,519 | |||
Commercial Portfolio Segment [Member] | ||||
Beginning balance | 1,065 | 813 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses | (65) | 252 | ||
Ending balance | 1,000 | 1,065 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,000 | 1,065 | ||
1,000 | 813 | 1,000 | 1,065 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 77,704 | 82,252 | ||
77,704 | 82,252 | |||
Consumer Portfolio Segment [Member] | ||||
Beginning balance | 39 | 27 | ||
Charge-offs | (28) | (29) | ||
Recoveries | 6 | 8 | ||
Provision for loan losses | 21 | 33 | ||
Ending balance | 38 | 39 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 38 | 39 | ||
38 | 27 | 38 | 39 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,274 | 1,314 | ||
1,274 | 1,314 | |||
Residential Portfolio Segment [Member] | ||||
Beginning balance | 304 | 300 | ||
Charge-offs | (64) | (17) | ||
Recoveries | 2 | 2 | ||
Provision for loan losses | 64 | 19 | ||
Ending balance | 306 | 304 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 306 | 304 | ||
306 | 300 | 306 | 304 | |
Individually evaluated for impairment | 248 | 14 | ||
Collectively evaluated for impairment | 36,399 | 35,727 | ||
36,647 | 35,741 | |||
Agriculture [Member] | ||||
Beginning balance | 693 | 693 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses | (168) | 0 | ||
Ending balance | 525 | 693 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 525 | 693 | ||
525 | 693 | 525 | 693 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 28,358 | 38,076 | ||
28,358 | 38,076 | |||
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 4 | 2 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses | 103 | 2 | ||
Ending balance | 107 | 4 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 107 | 4 | ||
$ 107 | $ 2 | 107 | 4 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
$ 0 | $ 0 |
Note 4 - Loans - Changes in the
Note 4 - Loans - Changes in the Allowance, Off-balance-sheet Commitments (Details) - SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 396 | $ 305 |
Provision charged to operations for off balance sheet | 31 | 91 |
Balance | $ 427 | $ 396 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 1,091,000 | $ 1,187,000 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant, and equipment | $ 29,907 | $ 28,522 |
Less accumulated depreciation | (14,678) | (13,585) |
15,229 | 14,937 | |
Land [Member] | ||
Property, plant, and equipment | 5,195 | 5,195 |
Building [Member] | ||
Property, plant, and equipment | 10,013 | 9,962 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 5,064 | 5,039 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment | 8,707 | 8,279 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 928 | $ 47 |
Note 6 - Interest Receivable _3
Note 6 - Interest Receivable and Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net deferred tax asset | $ 3,107 | $ 4,067 |
Federal Home Loan Bank stock | 4,003 | 3,599 |
Interest income receivable on loans | 2,089 | 2,054 |
Interest income receivable on investments | 1,368 | 1,701 |
Federal Reserve Bank stock | 758 | 758 |
Investments in limited partnerships | 5,120 | 5,476 |
Lease right of use asset | 4,312 | 0 |
Prepaid expenses and other | 1,305 | 1,142 |
$ 22,062 | $ 18,797 |
Note 7 - Deposits - Summary of
Note 7 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Demand | $ 664,687 | $ 594,502 |
Money market | 233,526 | 272,766 |
Savings | 82,789 | 76,915 |
Time deposits $250,000 and under | 20,785 | 23,816 |
Time deposits over $250,000 | 18,142 | 18,496 |
Total deposits | $ 1,019,929 | $ 986,495 |
Note 7 - Deposits - Certificate
Note 7 - Deposits - Certificates of Deposit Issued and Remaining Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 29,267 |
2021 | 7,039 |
2022 | 2,546 |
2023 | 47 |
2024 | 28 |
$ 38,927 |
Note 8 - FHLB Advances (Details
Note 8 - FHLB Advances (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks, Total | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 275,191,000 | 268,936,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 750,985,000 | $ 711,902,000 |
Note 9 - Interest on Deposits -
Note 9 - Interest on Deposits - Interest on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Savings and other deposits | $ 1,427 | $ 1,465 |
Time deposits over $250,000 | 81 | 68 |
Other time deposits | 60 | 73 |
$ 1,568 | $ 1,606 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal, Current | $ 2,675 | $ 2,711 |
State, Current | 1,754 | 1,927 |
Current | 4,429 | 4,638 |
Federal, Deferred | (109) | (494) |
State, Deferred | (120) | (334) |
Deferred | (229) | (828) |
$ 4,200 | $ 3,810 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 2,705 | $ 2,568 |
Restricted stock expense | 105 | 95 |
Accrued vacation | 100 | 80 |
Accrued salary continuation liability | 1,176 | 1,035 |
Deferred compensation | 75 | 76 |
Core deposit intangible | 69 | 58 |
Merger Costs | (87) | (95) |
Reserve for undisbursed commitments | 149 | 117 |
OREO expenses | 173 | 173 |
State income tax | 386 | 405 |
Holding company organization fees | 10 | 12 |
Unrealized loss on securities available for sale | 0 | 183 |
5,035 | 4,897 | |
Prepaid expenses | (87) | (117) |
FHLB dividends | (144) | (144) |
Accumulated depreciation | (12) | (9) |
Accrued bonus | (2) | (2) |
Deferred loan costs | (378) | (353) |
Goodwill Amortization | (261) | (196) |
Limited partner investment in small business equity fund | (38) | (9) |
Unrealized gain on securities available for sale | (1,006) | 0 |
(1,928) | (830) | |
Net deferred income tax asset | $ 3,107 | $ 4,067 |
Note 10 - Income Taxes - Effect
Note 10 - Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal statutory income tax rate | 21.00% | 21.00% |
State taxes, net of federal tax benefit | 8.60% | 8.60% |
Tax exempt interest on municipal securities and loans | (3.20%) | (3.50%) |
Other | (1.20%) | (1.30%) |
Effective tax rate | 25.20% | 24.80% |
Note 11 - Stock Option Plan (De
Note 11 - Stock Option Plan (Details Textual) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangements by Share-based Payment Award, Number of Plans | 2 | 2 | |
Share-based Compensation, Tax Benefit from Disqualifying Dispositions of Exercise of Stock Options | $ 0 | $ 0 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 26,095 | 96,650 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 17.59 | $ 21.40 | |
Share-based Payment Arrangement, Expense | $ 549,000 | $ 431,000 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 162,000 | 128,000 | |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 12,000 | 22,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,633,000 | $ 1,813,000 | $ 1,633,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 149 days | 4 years 51 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 27,640 | 11,900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 482,000 | $ 252,000 | |
2018 Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 607,500 | 607,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 573,655 | 573,655 |
Note 11 - Stock Option Plan - S
Note 11 - Stock Option Plan - Stock Option Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, Shares (in shares) | 1,000 | 3,500 |
Outstanding, Weighted average exercise price (in dollars per share) | $ 5.74 | $ 5.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Granted, Weighted average exercise price (in dollars per share) | $ 0 | $ 0 |
Exercised, Shares (in shares) | (1,000) | (1,500) |
Exercised, Weighted average exercise price (in dollars per share) | $ 5.74 | $ 4.58 |
Forfeited, Shares (in shares) | 0 | (1,000) |
Forfeited, Weighted average exercise price (in dollars per share) | $ 0 | $ 8.25 |
Outstanding, Shares (in shares) | 0 | 1,000 |
Outstanding, Weighted average exercise price (in dollars per share) | $ 0 | $ 5.74 |
Note 11 - Stock Option Plan - W
Note 11 - Stock Option Plan - Weighted Average Fair Value of Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted-average fair value of options granted during the year (in dollars per share) | ||
Intrinsic value of options exercised | $ 12 | $ 20 |
Options outstanding and exercisable at year end: (in shares) | 0 | 1,000 |
Weighted average exercise price (in dollars per share) | $ 5.74 | |
Intrinsic value | $ 13 | |
Weighted average remaining contractual life (Month) | 30 days |
Note 11 - Stock Option Plan - R
Note 11 - Stock Option Plan - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unvested, Shares (in shares) | 107,600 | 24,800 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 20.09 | $ 11.07 |
Granted, Shares (in shares) | 26,095 | 96,650 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 17.59 | $ 21.40 |
Vested, Shares (in shares) | (27,640) | (11,900) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 18.97 | $ 11.93 |
Cancelled, Shares (in shares) | (4,500) | (1,950) |
Cancelled, Weighted average grant date fair value (in dollars per share) | $ 20.11 | $ 20.21 |
Unvested, Shares (in shares) | 101,555 | 107,600 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 19.75 | $ 20.09 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number Of Forms Of Outstanding Common Stock | 2 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 12,489 | $ 11,537 |
Net income, Weighted avg shares (in shares) | 8,102,442 | 8,081,482 |
Net income, Per share amount (in dollars per share) | $ 1.54 | $ 1.43 |
Stock options, Weighted avg shares (in shares) | 54 | 1,791 |
Non-vested restricted stock, Weighted avg shares (in shares) | 14,131 | 16,825 |
Total dilutive shares, Weighted avg shares (in shares) | 14,185 | 18,616 |
Net income per diluted share, Weighted avg shares (in shares) | 8,116,627 | 8,100,098 |
Net income per diluted share (in dollars per share) | $ 1.54 | $ 1.42 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Operating Leases, Rent Expense, Total | $ 1,096,000 | $ 1,171,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 328 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.12% | ||
Operating Lease, Right-of-Use Asset | $ 4,312,000 | $ 0 | |
Interest Payable and Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 5,246,000 | ||
Interest Receivable and Other Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 4,817,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Future Minimum Commitments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 1,185 |
2021 | 944 |
2022 | 898 |
2023 | 605 |
2024 | 480 |
Thereafter | 2,081 |
$ 6,193 |
Note 13 - Commitments and Con_5
Note 13 - Commitments and Contingencies - Financial Instruments Whose Contract Amounts Represent Credit Risk (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Fair value of off-balance sheet risks | $ 164,672 |
Undisbursed Loan Commitments [Member] | |
Fair value of off-balance sheet risks | 144,401 |
Checking Reserve [Member] | |
Fair value of off-balance sheet risks | 1,302 |
Equity Line [Member] | |
Fair value of off-balance sheet risks | 15,826 |
Standby Letters of Credit [Member] | |
Fair value of off-balance sheet risks | $ 3,143 |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments and Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 147,594 | $ 126,145 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 147,594 | 126,145 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted equity securities | 4,761 | 4,357 |
Interest receivable | 3,457 | 3,755 |
Interest payable | (50) | (40) |
Financial liabilities: | ||
Interest payable | (50) | (40) |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted equity securities | 4,761 | 4,357 |
Interest receivable | 3,457 | 3,755 |
Interest payable | (50) | (40) |
Financial liabilities: | ||
Interest payable | (50) | (40) |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 741,047 | 702,220 |
Deposits | (1,019,929) | (986,495) |
Financial liabilities: | ||
Deposits | (1,019,929) | (986,495) |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 742,484 | 697,369 |
Deposits | (1,019,654) | (986,096) |
Commitments and standby letters of credit | (1,647) | (1,539) |
Financial liabilities: | ||
Deposits | (1,019,654) | (986,096) |
Off-balance-sheet assets (liabilities): | ||
Commitments and standby letters of credit | $ (1,647) | $ (1,539) |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring and Non Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Available-for-sale securities, fair market value | $ 190,088,000 | $ 206,712,000 | |
Equity Securities | 3,297,000 | 3,106,000 | |
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | |||
Impaired loans | 248,000 | 14,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Consumer Portfolio Segment [Member] | |||
Impaired loans | 0 | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Consumer Portfolio Segment [Member] | |||
Impaired loans | 0 | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Consumer Portfolio Segment [Member] | |||
Impaired loans | 248,000 | 14,000 | |
US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities, fair market value | 31,729,000 | 44,106,000 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 31,729,000 | 44,106,000 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities, fair market value | 31,729,000 | 44,106,000 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | |||
Available-for-sale securities, fair market value | 1,614,000 | 2,012,000 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 1,614,000 | 2,012,000 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities, fair market value | 1,614,000 | 2,012,000 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale securities, fair market value | 90,571,000 | 93,237,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 90,571,000 | 93,237,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities, fair market value | 90,571,000 | 93,237,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
SBA Pool [Member] | |||
Available-for-sale securities, fair market value | 6,395,000 | 8,673,000 | |
SBA Pool [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 6,395,000 | 8,673,000 | |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities, fair market value | 6,395,000 | 8,673,000 | |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Available-for-sale securities, fair market value | 18,968,000 | 20,587,000 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 18,968,000 | 20,587,000 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities, fair market value | 18,968,000 | 20,587,000 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Asset-backed Securities [Member] | |||
Available-for-sale securities, fair market value | 40,811,000 | 38,097,000 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 40,811,000 | 38,097,000 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities, fair market value | 40,811,000 | 38,097,000 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities, fair market value | 0 | 0 | |
Mutual Fund [Member] | Fair Value, Recurring [Member] | |||
Equity Securities | [1] | 3,297,000 | 3,106,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Equity Securities | [1] | 3,297,000 | 3,106,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Equity Securities | [1] | 0 | 0 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Equity Securities | [1] | 0 | 0 |
Land Loans [Member] | Fair Value, Nonrecurring [Member] | |||
Impaired loans | 175,000 | 226,000 | |
Land Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Impaired loans | 0 | 0 | |
Land Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Impaired loans | 0 | 0 | |
Land Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impaired loans | $ 175,000 | $ 226,000 | |
[1] | Effective January 1, 2018, the Company adopted ASU 2016-01, which requires equity securities with readily determinable fair values to be measured at fair value with changes in the fair value recognized through net income. See Note 1 for additional information on this accounting standard. |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Deposit Liabilities | $ 10,900,000 | $ 52,479,000 |
Design Studio 120 [Member] | Construction, Renovation and Design Work [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 235,000 | $ 430,000 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Aggregate amount outstanding | $ 5,895 | $ 5,350 |
New loans or advances during year | 1,096 | 2,454 |
Repayments during year | (1,257) | (1,909) |
Aggregate amount outstanding | $ 5,734 | $ 5,895 |
Note 16 - Profit Sharing Plan (
Note 16 - Profit Sharing Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 665,000 | $ 621,000 |
Note 18 - Other Post-retireme_2
Note 18 - Other Post-retirement Benefit Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2001 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability, Other Postretirement Defined Benefit Plan | $ 3,978,000 | $ 3,501,000 | |
Bank Owned Life Insurance | $ 24,631,000 | $ 19,028,000 | |
Director Retirement Plan [Member] | |||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period | 10 years | ||
Minimum [Member] | |||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period | 10 years | ||
Maximum [Member] | |||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period | 20 years |
Note 19 - Regulatory Matters (D
Note 19 - Regulatory Matters (Details Textual) - USD ($) $ in Billions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [1] | Jul. 31, 2013 | |
Common Equity Tier 1 Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | [1] | 6.375% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | [1] | 7.875% | 6.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | [1] | 9.875% | 8.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | [1] | 4.00% | 4.00% | ||
Capital Conservation Buffer | 2.50% | |||||
Community Bank Leverage Ratio Framework, Minimum Tier 1 Leverage Ratio | 9.00% | |||||
Community Bank Leverage Ratio Framework, Maximum Total Consolidated Assets | $ 10 | |||||
[1] | The adequately capitalized thresholds in the table above are reflected on a fully phased-in basis, which occurred in January 2019. |
Note 19 - Regulatory Matters -
Note 19 - Regulatory Matters - Company and Bank's Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2013 | |||
Total capital (to Risk- Weighted Assets), Amount | $ 115,910 | $ 104,613 | ||||
Total capital (to Risk- Weighted Assets), Ratio | 12.40% | 11.80% | ||||
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | [1] | $ 98,428 | $ 87,699 | |||
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 10.50% | [1] | 9.875% | [1] | 8.00% | |
Tier I capital (to Risk- Weighted Assets), Amount | $ 106,337 | $ 95,532 | ||||
Tier I capital (to Risk- Weighted Assets), Ratio | 11.30% | 10.80% | ||||
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | [1] | $ 79,680 | $ 69,937 | |||
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 8.50% | [1] | 7.875% | [1] | 6.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount | $ 106,337 | $ 95,532 | ||||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio | 11.30% | 10.80% | ||||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Amount | [1] | $ 65,619 | $ 56,616 | |||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Ratio | 7.00% | [1] | 6.375% | [1] | 4.50% | |
Tier I capital (to Average Assets), Amount | $ 106,337 | $ 95,532 | ||||
Tier I capital (to Average Assets), Ratio | 9.50% | 8.80% | ||||
Tier I capital (to Average Assets), Adequately capitalized threshold, Amount | [1] | $ 44,951 | $ 43,667 | |||
Tier I capital (to Average Assets), Adequately capitalized threshold, Ratio | 4.00% | [1] | 4.00% | [1] | 4.00% | |
Bank [Member] | ||||||
Total capital (to Risk- Weighted Assets), Amount | $ 115,713 | $ 104,253 | ||||
Total capital (to Risk- Weighted Assets), Ratio | 12.30% | 11.70% | ||||
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | [1] | $ 98,423 | $ 87,691 | |||
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | [1] | 10.50% | 9.875% | |||
Tier I capital (to Risk- Weighted Assets), Amount | $ 106,140 | $ 95,172 | ||||
Tier I capital (to Risk- Weighted Assets), Ratio | 11.30% | 10.70% | ||||
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | [1] | $ 79,676 | $ 69,931 | |||
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | [1] | 8.50% | 7.875% | |||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount | $ 106,140 | $ 95,172 | ||||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio | 11.30% | 10.70% | ||||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Amount | [1] | $ 65,615 | $ 56,611 | |||
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Ratio | [1] | 7.00% | 6.375% | |||
Tier I capital (to Average Assets), Amount | $ 106,140 | $ 95,172 | ||||
Tier I capital (to Average Assets), Ratio | 9.50% | 8.70% | ||||
Tier I capital (to Average Assets), Adequately capitalized threshold, Amount | [1] | $ 44,948 | $ 43,665 | |||
Tier I capital (to Average Assets), Adequately capitalized threshold, Ratio | [1] | 4.00% | 4.00% | |||
[1] | The adequately capitalized thresholds in the table above are reflected on a fully phased-in basis, which occurred in January 2019. |
Note 20 - Parent Only Condens_3
Note 20 - Parent Only Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Interest receivable and other assets | $ 22,062 | $ 18,797 | |
Total assets | 1,147,785 | 1,094,887 | |
Interest payable and other liabilities | 15,286 | 9,354 | |
Total liabilities | 1,035,215 | 995,849 | |
Common stock, no par value; 50,000,000 shares authorized, 8,210,147 and 8,194,805 shares issued and outstanding at December 31, 2019 and 2018, respectively | 25,435 | 25,429 | |
Retained earnings | 80,961 | 70,686 | |
Accumulated other comprehensive income (loss), net of tax | 2,397 | (435) | |
Total shareholders’ equity | 112,570 | 99,038 | $ 90,767 |
Total liabilities and shareholders' equity | 1,147,785 | 1,094,887 | |
Parent Company [Member] | |||
Cash | 149 | 281 | |
Investment in bank subsidiary | 112,373 | 98,678 | |
Interest receivable and other assets | 48 | 107 | |
Total assets | 112,570 | 99,066 | |
Interest payable and other liabilities | 28 | ||
Total liabilities | 28 | ||
Common stock, no par value; 50,000,000 shares authorized, 8,210,147 and 8,194,805 shares issued and outstanding at December 31, 2019 and 2018, respectively | 25,435 | 25,429 | |
Additional paid-in capital | 3,777 | 3,358 | |
Retained earnings | 80,961 | 70,686 | |
Accumulated other comprehensive income (loss), net of tax | 2,397 | (435) | |
Total shareholders’ equity | 112,570 | 99,038 | |
Total liabilities and shareholders' equity | $ 112,570 | $ 99,066 |
Note 20 - Parent Only Condens_4
Note 20 - Parent Only Condensed Financial Statements - Condensed Balance Sheets (Details) (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,210,147 | 8,194,805 |
Common stock, shares outstanding (in shares) | 8,210,147 | 8,194,805 |
Parent Company [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,210,147 | 8,194,805 |
Common stock, shares outstanding (in shares) | 8,210,147 | 8,194,805 |
Note 20 - Parent Only Condens_5
Note 20 - Parent Only Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total income | $ 42,602 | $ 40,174 |
Salaries and employee benefits | 17,400 | 16,287 |
Other operating expenses | 5,777 | 5,313 |
Total non-interest expense | 28,847 | 27,378 |
Income before equity in undistributed income of subsidiary | 16,689 | 15,347 |
Income tax benefit | (4,200) | (3,810) |
Net income | 12,489 | 11,537 |
Parent Company [Member] | ||
Dividends declared by subsidiary | 2,214 | 2,117 |
Total income | 2,214 | 2,117 |
Salaries and employee benefits | 113 | 110 |
Employee benefit expense | 549 | 431 |
Legal expense | 53 | 90 |
Other operating expenses | 102 | 108 |
Total non-interest expense | 817 | 739 |
Income before equity in undistributed income of subsidiary | 1,397 | 1,378 |
Equity in undistributed net income of subsidiary | 10,863 | 9,919 |
Income before income tax benefit | 12,260 | 11,297 |
Income tax benefit | 229 | 240 |
Net income | $ 12,489 | $ 11,537 |
Note 20 - Parent Only Condens_6
Note 20 - Parent Only Condensed Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 12,489 | $ 11,537 |
Stock based compensation | 549 | 431 |
(Increase) decrease in other assets | (4,016) | 1,643 |
Net cash from operating activities | 17,209 | 14,440 |
Tax withholding payments on vested restricted shares surrendered | (130) | 0 |
Net cash used in financing activities | 31,096 | 45,503 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 21,449 | (23,028) |
CASH AND CASH EQUIVALENTS, beginning of period | 126,145 | 149,173 |
CASH AND CASH EQUIVALENTS, end of period | 147,594 | 126,145 |
Cash paid during the year for income taxes | 3,870 | 4,145 |
Parent Company [Member] | ||
Net income | 12,489 | 11,537 |
Undistributed net income of subsidiary | (10,863) | (9,919) |
Stock based compensation | 549 | 431 |
Decrease in other liabilities | (28) | (6) |
(Increase) decrease in other assets | 59 | 79 |
Net cash from operating activities | 2,206 | 2,122 |
Shareholder cash dividends paid | (2,214) | (2,117) |
Proceeds from sale of common stock and exercise of stock options | 6 | 7 |
Tax withholding payments on vested restricted shares surrendered | (130) | 0 |
Net cash used in financing activities | (2,338) | (2,110) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (132) | 12 |
CASH AND CASH EQUIVALENTS, beginning of period | 281 | 269 |
CASH AND CASH EQUIVALENTS, end of period | 149 | 281 |
Cash paid during the year for income taxes | $ 3,870 | $ 4,145 |