Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001431567 | |
Entity Registrant Name | Oak Valley Bancorp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34142 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 26-2326676 | |
Entity Address, Address Line One | 125 N. Third Ave. | |
Entity Address, City or Town | Oakdale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95361 | |
City Area Code | 209 | |
Local Phone Number | 848-2265 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | OVLY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,234,739 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 303,665,000 | $ 193,571,000 |
Federal funds sold | 63,095,000 | 33,085,000 |
Cash and cash equivalents | 366,760,000 | 226,656,000 |
Securities - available for sale | 215,480,000 | 217,164,000 |
Securities - equity investments | 3,397,000 | 3,425,000 |
Loans, net of allowance for loan losses of $11,312 and $11,297 at March 31, 2021 and December 31, 2020, respectively | 1,011,423,000 | 997,246,000 |
Cash surrender value of life insurance | 25,489,000 | 25,325,000 |
Bank premises and equipment, net | 15,744,000 | 15,770,000 |
Goodwill and other intangible assets, net | 3,717,000 | 3,740,000 |
Interest receivable and other assets | 23,384,000 | 22,152,000 |
Assets, Total | 1,665,394,000 | 1,511,478,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 1,517,785,000 | 1,367,809,000 |
Interest payable and other liabilities | 15,667,000 | 13,975,000 |
Total liabilities | 1,533,452,000 | 1,381,784,000 |
Shareholders’ equity | ||
Common stock, no par value; 50,000,000 shares authorized, 8,235,939 and 8,218,873 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 25,435,000 | 25,435,000 |
Additional paid-in capital | 4,279,000 | 4,216,000 |
Retained earnings | 95,514,000 | 92,349,000 |
Accumulated other comprehensive income, net of tax | 6,714,000 | 7,694,000 |
Total shareholders’ equity | 131,942,000 | 129,694,000 |
Liabilities and Equity, Total | $ 1,665,394,000 | $ 1,511,478,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Net of allowance for loan loss | $ 11,312 | $ 11,297 |
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) | 8,235,939 | 8,218,873 |
Common stock, shares outstanding (in shares) | 8,235,939 | 8,218,873 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 11,184 | $ 8,791 |
Interest on securities | 1,238 | 1,359 |
Interest on federal funds sold | 6 | 42 |
Interest on deposits with banks | 49 | 367 |
Total interest income | 12,477 | 10,559 |
INTEREST EXPENSE | ||
Deposits | 235 | 331 |
Total interest expense | 235 | 331 |
Net interest income | 12,242 | 10,228 |
Provision for loan losses | 0 | 450 |
Net interest income after provision for loan losses | 12,242 | 9,778 |
NON-INTEREST INCOME | ||
Earnings on cash surrender value of life insurance | 164 | 174 |
Other | 305 | 383 |
Total non-interest income | 1,176 | 1,284 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 4,742 | 4,601 |
Occupancy expenses | 966 | 868 |
Data processing fees | 494 | 494 |
Regulatory assessments (FDIC & DFPI) | 117 | 30 |
Other operating expenses | 1,401 | 1,456 |
Total non-interest expense | 7,720 | 7,449 |
Net income before provision for income taxes | 5,698 | 3,613 |
Total provision for income taxes | 1,341 | 904 |
Net Income | $ 4,357 | $ 2,709 |
Net income per share (in dollars per share) | $ 0.54 | $ 0.33 |
Net income per diluted share (in dollars per share) | $ 0.53 | $ 0.33 |
Deposit Account [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 295 | $ 387 |
Debit Card [Member] | ||
NON-INTEREST INCOME | ||
Other income | 381 | 295 |
Mortgage Banking [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 31 | $ 45 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 4,357 | $ 2,709 |
Other comprehensive income: | ||
Unrealized holding (losses)/gains arising during the period | (1,392) | 278 |
Less: reclassification for net gains included in net income | 0 | 0 |
Other comprehensive (loss)/income, before tax | (1,392) | 278 |
Tax benefit/(expense) related to items of other comprehensive income | 412 | (81) |
Total other comprehensive (loss)/income | (980) | 197 |
Comprehensive income | $ 3,377 | $ 2,907 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 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, 2019 | 8,210,147 | ||||
Balances at Dec. 31, 2019 | $ 25,435 | $ 3,777 | $ 80,961 | $ 2,397 | $ 112,570 |
Restricted stock issued (in shares) | 14,006 | ||||
Restricted stock issued | 0 | ||||
Restricted stock forfeited (in shares) | (1,500) | ||||
Restricted stock forfeited | 0 | ||||
Restricted stock surrendered for tax withholding (in shares) | (5,939) | ||||
Restricted stock surrendered for tax withholding | (100) | (100) | |||
Cash dividends declared | (1,149) | (1,149) | |||
Stock based compensation | 160 | 160 | |||
Other comprehensive income (loss) | 197 | 197 | |||
Net income | 2,709 | 2,709 | |||
Balances (in shares) at Mar. 31, 2020 | 8,216,714 | ||||
Balances at Mar. 31, 2020 | $ 25,435 | 3,837 | 82,521 | 2,594 | 114,387 |
Balances (in shares) at Dec. 31, 2020 | 8,218,873 | ||||
Balances at Dec. 31, 2020 | $ 25,435 | 4,216 | 92,349 | 7,694 | 129,694 |
Restricted stock issued (in shares) | 22,207 | ||||
Restricted stock issued | 0 | ||||
Restricted stock surrendered for tax withholding (in shares) | (5,141) | ||||
Restricted stock surrendered for tax withholding | (84) | (84) | |||
Cash dividends declared | (1,192) | (1,192) | |||
Stock based compensation | 147 | 147 | |||
Other comprehensive income (loss) | (980) | (980) | |||
Net income | 4,357 | 4,357 | |||
Balances (in shares) at Mar. 31, 2021 | 8,235,939 | ||||
Balances at Mar. 31, 2021 | $ 25,435 | $ 4,279 | $ 95,514 | $ 6,714 | $ 131,942 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividends declared, per share (in dollars per share) | $ 0.145 | $ 1.40 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 4,357 | $ 2,709 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 0 | 450 |
Increase in deferred fees/costs, net | 1,469 | 6 |
Depreciation | 334 | 265 |
Amortization of investment securities, net | 91 | 134 |
Stock based compensation | 147 | 160 |
Earnings on cash surrender value of life insurance | (164) | (174) |
Increase in interest payable and other liabilities | 1,839 | 278 |
Decrease (increase) in interest receivable | 608 | (259) |
(Increase) decrease in other assets | (1,405) | 487 |
Net cash from operating activities | 7,276 | 4,056 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (5,792) | (67,627) |
Purchases of equity securities | (16) | (21) |
Proceeds from maturities, calls, and principal paydowns of securities available for sale | 6,037 | 12,651 |
Investment in LIHTC | (147) | (241) |
Net increase in loans | (15,646) | (9,135) |
Purchases of premises and equipment | (308) | (210) |
Net cash used in investing activities | (15,872) | (64,583) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shareholder cash dividends paid | (1,192) | (1,149) |
Net increase in demand deposits and savings accounts | 149,169 | 8,757 |
Net increase (decrease) in time deposits | 807 | (1,761) |
Tax withholding payments on vested restricted shares surrendered | (84) | (100) |
Net cash from financing activities | 148,700 | 5,747 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 140,104 | (54,780) |
CASH AND CASH EQUIVALENTS, beginning of period | 226,656 | 147,594 |
CASH AND CASH EQUIVALENTS, end of period | 366,760 | 92,814 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 236 | 317 |
NON-CASH INVESTING ACTIVITIES: | ||
Change in unrealized gain on securities | (1,392) | 278 |
Lease right-of-use assets | 1,030 | (241) |
NON-CASH FINANCING ACTIVITIES: | ||
Present value of lease obligations | $ (1,015) | $ (255) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 BASIS OF PRESENTATION On July 3, 2008 one The consolidated financial statements include the accounts of the parent company and its wholly-owned bank subsidiary. Unless otherwise stated, the “Company” refers to the consolidated entity, Oak Valley Bancorp, while the “Bank” refers to Oak Valley Community Bank. All material intercompany transactions have been eliminated. The interim consolidated financial statements included in this report are unaudited but reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three March 31, 2021 not no 10 December 31, 2020. 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 (“GAAP”) 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 and fair value measurements. The estimates and assumptions may may 19 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 RECENT ACCOUNTING PRONOUNCEMENTS 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. January 1, 2020 19 September 30, 2020. no not 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 first March 31, 2020, 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 In March 2020, 2020 04 Reference Rate Reform (Subtopic 848 March 12, 2020 December 31, 2022. |
Note 3 - Securities
Note 3 - Securities | 3 Months Ended |
Mar. 31, 2021 | |
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 $3,397,000 and $3,425,000 as of March 31, 2021 December 31, 2020, three March 31, 2021 2020. 2016 01, three March 31, 2021, 2020. 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 March 31, 2021 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies 20,983 757 (1 ) $ 21,739 Collateralized mortgage obligations 1,179 18 (30 ) 1,167 Municipalities 118,784 8,244 (153 ) 126,875 SBA pools 4,738 7 (20 ) 4,725 Corporate debt 13,729 312 (33 ) 14,008 Asset backed securities 46,536 555 (125 ) 46,966 $ 205,949 $ 9,893 $ (362 ) $ 215,480 The following tables detail the gross unrealized losses and fair values of debt securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021. (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 $ 35 0 57 (1 ) $ 92 $ (1 ) Collateralized mortgage obligations 0 0 557 (30 ) 557 (30 ) Municipalities 2,414 (153 ) 0 0 2,414 (153 ) SBA pools 0 0 3,606 (20 ) 3,606 (20 ) Corporate debt 0 0 2,467 (33 ) 2,467 (33 ) Asset backed securities 8,348 (34 ) 9,980 (91 ) 18,328 (125 ) Total temporarily impaired securities $ 10,797 $ (187 ) $ 16,667 $ (175 ) $ 27,464 $ (362 ) As of March 31, 2021, one two seven one six 12 March 31, 2021, five one two 12 third no not not The amortized cost and estimated fair value of debt securities as of March 31, 2021, may (dollars in thousands) Amortized Fair Cost Value Available-for-sale securities: Due in one year or less $ 10,227 10,428 Due after one year through five years 81,228 85,948 Due after five years through ten years 60,016 63,125 Due after ten years 54,478 55,979 $ 205,949 $ 215,480 The amortized cost and estimated fair values of debt securities as of December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 22,802 $ 892 $ (2 ) $ 23,692 Collateralized mortgage obligations 1,250 18 (45 ) 1,223 Municipalities 115,706 9,896 0 125,602 SBA pools 5,027 6 (25 ) 5,008 Corporate debt 14,229 308 (185 ) 14,352 Asset backed securities 47,226 392 (331 ) 47,287 $ 206,240 $ 11,512 $ (588 ) $ 217,164 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, 2020. (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 $ 94 (1 ) $ 251 $ (1 ) $ 345 $ (2 ) Collateralized mortgage obligations 0 0 565 (45 ) 565 (45 ) Municipalities 0 0 0 0 0 0 SBA pools 0 0 3,847 (25 ) 3,847 (25 ) Corporate debt 0 0 6,315 (185 ) 6,315 (185 ) Asset backed securities 11,268 (58 ) 25,104 (273 ) 36,372 (331 ) Total temporarily impaired securities $ 11,362 $ (59 ) $ 36,082 $ (529 ) $ 47,444 $ (588 ) At December 31, 2020, fourteen seven three one one 12 December 31, 2020, seven three 12 The Company recognized no gains or losses on called securities during the three March 31, 2021 2020. three March 31, 2021 2020. Debt securities carried at $164,045,000 and $147,795,000 as of March 31, 2021 December 31, 2020, |
Note 4 - Loans
Note 4 - Loans | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, (in thousands) March 31, 2021 December 31, 2020 Commercial real estate: Commercial real estate- construction $ 22,505 $ 32,459 Commercial real estate- mortgages 553,098 540,556 Land 5,232 5,318 Farmland 80,848 82,998 Commercial and industrial 314,506 292,006 Consumer 589 636 Consumer residential 30,208 30,887 Agriculture 21,790 28,255 Total loans 1,028,776 1,013,115 Less: Deferred loan fees and costs, net (6,041 ) (4,572 ) Allowance for loan losses (11,312 ) (11,297 ) Net loans $ 1,011,423 $ 997,246 Paycheck Protection Program. April 16, 2020, $350 $310 second April 27, 2020 August 8, 2020. December 31, 2020, not January 2021. January 2021 second two June 5, 2020, five 1%. fourth 2020 first 2021. December 31, 2020, December 31, 2020. first 2021, March 31, 2021. no COVID- 19 19 second 2020 six March 31, 2021 December 31, 2020, second 2020. no 19 not 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 made based 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 March 31, 2021 December 31, 2020, With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may may may Agricultural production, real estate and development lending is susceptible to credit risks including adverse weather conditions, pest and disease, as well as market price fluctuations and foreign competition. Agricultural loan underwriting standards are maintained by following Company policies and procedures in place to minimize risk in this lending segment. These standards consist of limiting credit to experienced farmers who have demonstrated farm management capabilities, requiring cash flow projections displaying margins sufficient for repayment from normal farm operations along with equity injected as required by policy, as well as providing adequate secondary repayment and sponsorship including satisfactory collateral support. Credit enhancement obtained through government guarantee programs may The Company originates consumer loans utilizing common underwriting criteria specified in policy. 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 1 4 not The Company maintains an independent loan review program that reviews and 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 Bank’s policies and procedures. Non-Accrual and Past Due Loans. not may may not Non-accrual loans, segregated by class of loans, were as follows: (in thousands) March 31, 2021 December 31, 2020 Commercial real estate: Commercial real estate- construction $ 0 $ 0 Commercial real estate- mortgages 362 0 Land 0 0 Farmland 0 0 Commercial and industrial 0 0 Consumer 0 0 Consumer residential 0 0 Agriculture 0 0 Total non-accrual loans $ 362 $ 0 Had non-accrual loans performed in accordance with their original contract terms, the Company would have recognized additional interest income of approximately $3,000 in the three March 31, 2021, 2020. The following table analyzes past due loans including the past due non-accrual loans in the above table, segregated by class of loans, as of March 31, 2021 ( March 31, 2021 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 $ 22,505 $ 22,505 $ 0 Commercial R.E. - mortgages 0 0 362 362 552,736 553,098 0 Land 0 0 0 0 5,232 5,232 0 Farmland 0 0 0 0 80,848 80,848 0 Commercial and industrial 0 0 0 0 314,506 314,506 0 Consumer 0 0 0 0 589 589 0 Consumer residential 0 0 0 0 30,208 30,208 0 Agriculture 0 0 0 0 21,790 21,790 0 Total $ 0 $ 0 $ 362 $ 362 $ 1,028,414 $ 1,028,776 $ 0 The following table analyzes past due loans including the past due non-accrual loans in the above table, segregated by class of loans, as of December 31, 2020 December 31, 2020 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 $ 32,459 $ 32,459 $ 0 Commercial R.E. - mortgages 362 0 0 362 540,194 540,556 0 Land 0 0 0 0 5,318 5,318 0 Farmland 0 0 0 0 82,998 82,998 0 Commercial and industrial 0 0 0 0 292,006 292,006 0 Consumer 0 0 0 0 636 636 0 Consumer residential 0 0 0 0 30,887 30,887 0 Agriculture 0 0 0 0 28,255 28,255 0 Total $ 362 $ 0 $ 0 362 $ 1,012,753 $ 1,013,115 $ 0 Impaired Loans. three March 31, 2021 2020. Impaired loans as of March 31, 2021 (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance March 31, 2021 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 362 362 0 362 0 Land 0 0 0 0 0 Farmland 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 Consumer 0 0 0 0 0 Consumer residential 0 0 0 0 0 Agriculture 0 0 0 0 0 Total $ 362 $ 362 $ 0 $ 362 $ 0 Average recorded investment in impaired loans outstanding as of March 31, 2021 2020 (in thousands) Average Recorded Investment for the 2021 2020 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 Commercial R.E. - mortgages 0 0 Land 133 835 Farmland 0 0 Commercial and Industrial 0 0 Consumer 0 0 Consumer residential 0 192 Agriculture 0 0 Total $ 133 $ 1,027 Impaired loans as of December 31, 2020 (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, 2020 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 0 0 0 0 0 724 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 0 0 0 0 0 87 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 811 Troubled Debt Restructurings one As of March 31, 2021 December 31, 2020, no three March 31, 2021 2020, no twelve three March 31, 2021 2020. ninety Loan Risk Grades The Company grades loans using the following letter system: 1 2 3A 3B 3C 4 5 6 7 8 1. 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 2. 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. 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. 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. 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 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 with 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. 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. not not 7. one may may may not 25 40 65 A proper classification of such a credit would show 40 percent substandard, 25 percent doubtful, and 35 percent loss. A credit classified as doubtful should be resolved within a ‘reasonable’ period of time. Reasonable is generally defined as the period between examinations. In other words, a credit classified as doubtful at an examination should be cleared up before the next exam. However, there may 8. not not no not may not As of March 31, 2021 December 31, 2020, 8 The following table presents weighted average risk grades of the Company’s loan portfolio: March 31, 2021 December 31, 2020 Weighted Average Risk Grade Weighted Average Risk Grade Commercial real estate: Commercial real estate - construction 3.00 3.16 Commercial real estate - mortgages 3.10 3.11 Land 3.94 3.94 Farmland 3.08 3.06 Commercial and industrial 3.00 3.02 Consumer 1.74 1.74 Consumer residential 3.00 3.00 Agriculture 3.02 3.05 Total gross loans 3.06 3.08 The following table presents risk grade totals by class of loans as of March 31, 2021 December 31, 2020. 1 4 (in thousands) Commercial R.E. Commercial R.E. Land Farmland Commercial and Industrial Consumer Consumer Residential Agriculture Total March 31, 2021 Pass $ 22,505 $ 543,596 $ 4,395 $ 78,818 $ 313,064 $ 567 $ 30,171 $ 21,790 $ 1,014,906 Special mention - 9,140 837 - - - - - 9,977 Substandard - 362 - 2,030 1,442 22 37 - 3,893 Total loans $ 22,505 $ 553,098 $ 5,232 $ 80,848 $ 314,506 $ 589 $ 30,208 $ 21,790 $ 1,028,776 December 31, 2020 Pass $ 32,459 $ 531,507 $ 4,469 $ 81,972 $ 290,504 $ 613 $ 30,849 $ 28,007 $ 1,000,380 Special mention - 9,049 849 - - - - - 9,898 Substandard - - - 1,026 1,502 23 38 248 2,837 Total loans $ 32,459 $ 540,556 $ 5,318 $ 82,998 $ 292,006 $ 636 $ 30,887 $ 28,255 $ 1,013,115 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 residential, consumer and agriculture. General valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Bank and the Company. In general, such valuation allowances are determined by evaluating, among other things: (i) the experience, ability and effectiveness of the Bank’s lending management and staff; (ii) the effectiveness of the Bank’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 three March 31, 2021 2020. one not Allowance for Loan Losses For the Three Months Ended March 31, 2021 2020 (in thousands) Three Months Ended March 31, 2021 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Beginning balance $ 9,310 $ 1,079 $ 22 $ 325 $ 561 $ 11,297 Charge-offs 0 0 (5 ) 0 0 (5 ) Recoveries 16 0 4 0 0 20 Provision for (reversal of) loan losses 194 (64 ) (2 ) 11 (139 ) 0 Ending balance $ 9,520 $ 1,015 $ 19 $ 336 $ 422 $ 11,312 Three Months Ended March 31, 2020 Beginning balance $ 7,277 $ 1,000 $ 38 $ 306 $ 525 $ 9,146 Charge-offs 0 0 (12 ) (2 ) 0 (14 ) Recoveries 0 0 3 1 0 4 Provision for (reversal of) loan losses 414 68 4 23 (59 ) 450 Ending balance $ 7,691 $ 1,068 $ 33 $ 328 $ 466 $ 9,586 The following table details the allowance for loan losses and ending gross loan balances as of March 31, 2021 December 31, 2020, (in thousands) March 31, 2021 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Allowance for loan losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 9,520 1,015 19 336 422 11,312 $ 9,520 $ 1,015 $ 19 $ 336 $ 422 $ 11,312 Ending gross loan balances: Individually evaluated for impairment $ 362 $ 0 $ 0 $ 0 $ 0 $ 362 Collectively evaluated for impairment 661,321 314,506 589 30,208 21,790 1,028,414 $ 661,683 $ 314,506 $ 589 $ 30,208 $ 21,790 $ 1,028,776 December 31, 2020 Allowance for loan losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 9,310 1,079 22 325 561 11,297 $ 9,310 $ 1,079 $ 22 $ 325 $ 561 $ 11,297 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 661,331 292,006 636 30,887 28,255 1,013,115 $ 661,331 $ 292,006 $ 636 $ 30,887 $ 28,255 $ 1,013,115 Changes in the reserve for off-balance-sheet commitments were as follows: THREE MONTHS ENDED MARCH 31, (in thousands) 2021 2020 Balance, beginning of period $ 379 $ 427 Provision to (reversal of) Operations for Off Balance Sheet Commitments 49 (31 ) Balance, end of period $ 428 $ 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 condensed consolidated balance sheets. At March 31, 2021 December 31, 2020, |
Note 5 - Financial Instruments
Note 5 - Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 5 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair values of financial instruments March 31, 2021 December 31, 2020. 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 three March 31, 2021 2020. 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 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 March 31, 2021 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents 366,760 366,760 1 Restricted equity securities 4,758 4,758 2 Loans, net 1,011,423 1,023,476 3 Interest receivable 5,081 5,081 2 Financial liabilities: Deposits (1,517,785 ) (1,517,814 ) 3 Interest payable (21 ) (21 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit 1,641 3 The estimated fair values of the Company’s financial instruments not December 31, 2020 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 226,656 $ 226,656 1 Restricted equity securities 4,757 4,757 2 Loans, net 997,246 1,006,335 3 Interest receivable 5,689 5,689 2 Financial liabilities: Deposits (1,367,809 ) (1,367,874 ) 3 Interest payable (20 ) (20 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit 1,457 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 March 31, 2021 December 31, 2020. Fair Value Measurements as of March 31, 2021 Using (in thousands) March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 21,739 $ 0 $ 21,739 $ 0 Collateralized mortgage obligations 1,167 0 1,167 0 Municipalities 126,875 0 126,875 0 SBA pools 4,725 0 4,725 0 Corporate debt 14,008 0 14,008 0 Asset backed securities 46,966 0 46,966 0 Equity Securities: Mutual fund $ 3,397 $ 3,397 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: Impaired loans: Commercial real estate - mortgages $ 362 $ 0 $ 0 $ 362 Fair Value Measurements at December 31, 2020 Using (in thousands) December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 23,692 $ 0 $ 23,692 $ 0 Collateralized mortgage obligations 1,223 0 1,223 0 Municipalities 125,602 0 125,602 0 SBA pools 5,008 0 5,008 0 Corporate debt 14,352 0 14,352 0 Asset backed securities 47,287 0 47,287 0 Equity Securities: Mutual fund $ 3,425 $ 3,425 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A 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 three March 31, 2021. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6 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 basic and diluted EPS for the three March 31, 2021 2020 THREE MONTHS ENDED (In thousands) MARCH 31, 2021 2020 BASIC EARNINGS PER SHARE Net income $ 4,357 $ 2,709 Weighted average shares outstanding 8,135 8,115 Net income per common share $ 0.54 $ 0.33 DILUTED EARNINGS PER SHARE Net income $ 4,357 $ 2,709 Weighted average shares outstanding 8,135 8,115 Effect of dilutive non-vested restricted shares 31 20 Weighted average shares of common stock and common stock equivalents 8,166 8,135 Net income per diluted common share $ 0.53 $ 0.33 |
Note 7 - Risks and Uncertaintie
Note 7 - Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | NOTE 7 RISKS AND UNCERTAINTIES The coronavirus (“COVID- 19” March 31, 2020. March 31, 2021. not not The most significant impact of COVID- 19 19 no March 31, 2021 19 19 may not Increased demand for liquidity by clients is another impact that could occur should the COVID- 19 March 31, 2021, 19, The extent to which the COVID- 19 may 1A, 19. |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 20,983 757 (1 ) $ 21,739 Collateralized mortgage obligations 1,179 18 (30 ) 1,167 Municipalities 118,784 8,244 (153 ) 126,875 SBA pools 4,738 7 (20 ) 4,725 Corporate debt 13,729 312 (33 ) 14,008 Asset backed securities 46,536 555 (125 ) 46,966 $ 205,949 $ 9,893 $ (362 ) $ 215,480 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 22,802 $ 892 $ (2 ) $ 23,692 Collateralized mortgage obligations 1,250 18 (45 ) 1,223 Municipalities 115,706 9,896 0 125,602 SBA pools 5,027 6 (25 ) 5,008 Corporate debt 14,229 308 (185 ) 14,352 Asset backed securities 47,226 392 (331 ) 47,287 $ 206,240 $ 11,512 $ (588 ) $ 217,164 |
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 $ 35 0 57 (1 ) $ 92 $ (1 ) Collateralized mortgage obligations 0 0 557 (30 ) 557 (30 ) Municipalities 2,414 (153 ) 0 0 2,414 (153 ) SBA pools 0 0 3,606 (20 ) 3,606 (20 ) Corporate debt 0 0 2,467 (33 ) 2,467 (33 ) Asset backed securities 8,348 (34 ) 9,980 (91 ) 18,328 (125 ) Total temporarily impaired securities $ 10,797 $ (187 ) $ 16,667 $ (175 ) $ 27,464 $ (362 ) (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 $ 94 (1 ) $ 251 $ (1 ) $ 345 $ (2 ) Collateralized mortgage obligations 0 0 565 (45 ) 565 (45 ) Municipalities 0 0 0 0 0 0 SBA pools 0 0 3,847 (25 ) 3,847 (25 ) Corporate debt 0 0 6,315 (185 ) 6,315 (185 ) Asset backed securities 11,268 (58 ) 25,104 (273 ) 36,372 (331 ) Total temporarily impaired securities $ 11,362 $ (59 ) $ 36,082 $ (529 ) $ 47,444 $ (588 ) |
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 $ 10,227 10,428 Due after one year through five years 81,228 85,948 Due after five years through ten years 60,016 63,125 Due after ten years 54,478 55,979 $ 205,949 $ 215,480 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 Commercial real estate: Commercial real estate- construction $ 22,505 $ 32,459 Commercial real estate- mortgages 553,098 540,556 Land 5,232 5,318 Farmland 80,848 82,998 Commercial and industrial 314,506 292,006 Consumer 589 636 Consumer residential 30,208 30,887 Agriculture 21,790 28,255 Total loans 1,028,776 1,013,115 Less: Deferred loan fees and costs, net (6,041 ) (4,572 ) Allowance for loan losses (11,312 ) (11,297 ) Net loans $ 1,011,423 $ 997,246 |
Financing Receivable, Nonaccrual [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 Commercial real estate: Commercial real estate- construction $ 0 $ 0 Commercial real estate- mortgages 362 0 Land 0 0 Farmland 0 0 Commercial and industrial 0 0 Consumer 0 0 Consumer residential 0 0 Agriculture 0 0 Total non-accrual loans $ 362 $ 0 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2021 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 $ 22,505 $ 22,505 $ 0 Commercial R.E. - mortgages 0 0 362 362 552,736 553,098 0 Land 0 0 0 0 5,232 5,232 0 Farmland 0 0 0 0 80,848 80,848 0 Commercial and industrial 0 0 0 0 314,506 314,506 0 Consumer 0 0 0 0 589 589 0 Consumer residential 0 0 0 0 30,208 30,208 0 Agriculture 0 0 0 0 21,790 21,790 0 Total $ 0 $ 0 $ 362 $ 362 $ 1,028,414 $ 1,028,776 $ 0 December 31, 2020 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 $ 32,459 $ 32,459 $ 0 Commercial R.E. - mortgages 362 0 0 362 540,194 540,556 0 Land 0 0 0 0 5,318 5,318 0 Farmland 0 0 0 0 82,998 82,998 0 Commercial and industrial 0 0 0 0 292,006 292,006 0 Consumer 0 0 0 0 636 636 0 Consumer residential 0 0 0 0 30,887 30,887 0 Agriculture 0 0 0 0 28,255 28,255 0 Total $ 362 $ 0 $ 0 362 $ 1,012,753 $ 1,013,115 $ 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 March 31, 2021 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 362 362 0 362 0 Land 0 0 0 0 0 Farmland 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 Consumer 0 0 0 0 0 Consumer residential 0 0 0 0 0 Agriculture 0 0 0 0 0 Total $ 362 $ 362 $ 0 $ 362 $ 0 (in thousands) Average Recorded Investment for the 2021 2020 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 Commercial R.E. - mortgages 0 0 Land 133 835 Farmland 0 0 Commercial and Industrial 0 0 Consumer 0 0 Consumer residential 0 192 Agriculture 0 0 Total $ 133 $ 1,027 (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, 2020 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 0 0 0 0 0 724 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 0 0 0 0 0 87 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 811 |
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 March 31, 2021 Pass $ 22,505 $ 543,596 $ 4,395 $ 78,818 $ 313,064 $ 567 $ 30,171 $ 21,790 $ 1,014,906 Special mention - 9,140 837 - - - - - 9,977 Substandard - 362 - 2,030 1,442 22 37 - 3,893 Total loans $ 22,505 $ 553,098 $ 5,232 $ 80,848 $ 314,506 $ 589 $ 30,208 $ 21,790 $ 1,028,776 December 31, 2020 Pass $ 32,459 $ 531,507 $ 4,469 $ 81,972 $ 290,504 $ 613 $ 30,849 $ 28,007 $ 1,000,380 Special mention - 9,049 849 - - - - - 9,898 Substandard - - - 1,026 1,502 23 38 248 2,837 Total loans $ 32,459 $ 540,556 $ 5,318 $ 82,998 $ 292,006 $ 636 $ 30,887 $ 28,255 $ 1,013,115 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (in thousands) Three Months Ended March 31, 2021 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Beginning balance $ 9,310 $ 1,079 $ 22 $ 325 $ 561 $ 11,297 Charge-offs 0 0 (5 ) 0 0 (5 ) Recoveries 16 0 4 0 0 20 Provision for (reversal of) loan losses 194 (64 ) (2 ) 11 (139 ) 0 Ending balance $ 9,520 $ 1,015 $ 19 $ 336 $ 422 $ 11,312 Three Months Ended March 31, 2020 Beginning balance $ 7,277 $ 1,000 $ 38 $ 306 $ 525 $ 9,146 Charge-offs 0 0 (12 ) (2 ) 0 (14 ) Recoveries 0 0 3 1 0 4 Provision for (reversal of) loan losses 414 68 4 23 (59 ) 450 Ending balance $ 7,691 $ 1,068 $ 33 $ 328 $ 466 $ 9,586 (in thousands) March 31, 2021 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Allowance for loan losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 9,520 1,015 19 336 422 11,312 $ 9,520 $ 1,015 $ 19 $ 336 $ 422 $ 11,312 Ending gross loan balances: Individually evaluated for impairment $ 362 $ 0 $ 0 $ 0 $ 0 $ 362 Collectively evaluated for impairment 661,321 314,506 589 30,208 21,790 1,028,414 $ 661,683 $ 314,506 $ 589 $ 30,208 $ 21,790 $ 1,028,776 December 31, 2020 Allowance for loan losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 9,310 1,079 22 325 561 11,297 $ 9,310 $ 1,079 $ 22 $ 325 $ 561 $ 11,297 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 661,331 292,006 636 30,887 28,255 1,013,115 $ 661,331 $ 292,006 $ 636 $ 30,887 $ 28,255 $ 1,013,115 |
Change in Allowance for Loan Losses [Table Text Block] | THREE MONTHS ENDED MARCH 31, (in thousands) 2021 2020 Balance, beginning of period $ 379 $ 427 Provision to (reversal of) Operations for Off Balance Sheet Commitments 49 (31 ) Balance, end of period $ 428 $ 396 |
Weighted Average [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2021 December 31, 2020 Weighted Average Risk Grade Weighted Average Risk Grade Commercial real estate: Commercial real estate - construction 3.00 3.16 Commercial real estate - mortgages 3.10 3.11 Land 3.94 3.94 Farmland 3.08 3.06 Commercial and industrial 3.00 3.02 Consumer 1.74 1.74 Consumer residential 3.00 3.00 Agriculture 3.02 3.05 Total gross loans 3.06 3.08 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 366,760 366,760 1 Restricted equity securities 4,758 4,758 2 Loans, net 1,011,423 1,023,476 3 Interest receivable 5,081 5,081 2 Financial liabilities: Deposits (1,517,785 ) (1,517,814 ) 3 Interest payable (21 ) (21 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit 1,641 3 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 226,656 $ 226,656 1 Restricted equity securities 4,757 4,757 2 Loans, net 997,246 1,006,335 3 Interest receivable 5,689 5,689 2 Financial liabilities: Deposits (1,367,809 ) (1,367,874 ) 3 Interest payable (20 ) (20 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit 1,457 3 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements as of March 31, 2021 Using (in thousands) March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 21,739 $ 0 $ 21,739 $ 0 Collateralized mortgage obligations 1,167 0 1,167 0 Municipalities 126,875 0 126,875 0 SBA pools 4,725 0 4,725 0 Corporate debt 14,008 0 14,008 0 Asset backed securities 46,966 0 46,966 0 Equity Securities: Mutual fund $ 3,397 $ 3,397 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: Impaired loans: Commercial real estate - mortgages $ 362 $ 0 $ 0 $ 362 Fair Value Measurements at December 31, 2020 Using (in thousands) December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 23,692 $ 0 $ 23,692 $ 0 Collateralized mortgage obligations 1,223 0 1,223 0 Municipalities 125,602 0 125,602 0 SBA pools 5,008 0 5,008 0 Corporate debt 14,352 0 14,352 0 Asset backed securities 47,287 0 47,287 0 Equity Securities: Mutual fund $ 3,425 $ 3,425 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | THREE MONTHS ENDED (In thousands) MARCH 31, 2021 2020 BASIC EARNINGS PER SHARE Net income $ 4,357 $ 2,709 Weighted average shares outstanding 8,135 8,115 Net income per common share $ 0.54 $ 0.33 DILUTED EARNINGS PER SHARE Net income $ 4,357 $ 2,709 Weighted average shares outstanding 8,135 8,115 Effect of dilutive non-vested restricted shares 31 20 Weighted average shares of common stock and common stock equivalents 8,166 8,135 Net income per diluted common share $ 0.53 $ 0.33 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Jul. 03, 2008shares |
Conversion of Stock Shares Converted for Each Outstanding Share of Wholly Owned Subsidiary (in shares) | 1 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Equity Securities, FV-NI | $ 3,397,000 | $ 3,425,000 | |
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | ||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (45,000) | $ 52,000 | |
Debt Securities, Available-for-sale, Realized Gain | $ 0 | $ 0 | |
Number of Debt Securities, Available-for-sale, Sold | 0 | 0 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 164,045,000 | $ 147,795,000 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | 3 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 2 | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1 | 3 | |
SBA Pool [Member] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 7 | 7 | |
Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | 1 | |
Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 6 | 14 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 5 | 7 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 2 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities, amortized cost | $ 205,949 | $ 206,240 |
Available-for-sale securities, gross unrealized gains | 9,893 | 11,512 |
Available-for-sale securities, gross unrealized losses | (362) | (588) |
Available-for-sale securities, fair market value | 215,480 | 217,164 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 20,983 | 22,802 |
Available-for-sale securities, gross unrealized gains | 757 | 892 |
Available-for-sale securities, gross unrealized losses | (1) | (2) |
Available-for-sale securities, fair market value | 21,739 | 23,692 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 1,179 | 1,250 |
Available-for-sale securities, gross unrealized gains | 18 | 18 |
Available-for-sale securities, gross unrealized losses | (30) | (45) |
Available-for-sale securities, fair market value | 1,167 | 1,223 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 118,784 | 115,706 |
Available-for-sale securities, gross unrealized gains | 8,244 | 9,896 |
Available-for-sale securities, gross unrealized losses | (153) | 0 |
Available-for-sale securities, fair market value | 126,875 | 125,602 |
SBA Pool [Member] | ||
Available-for-sale securities, amortized cost | 4,738 | 5,027 |
Available-for-sale securities, gross unrealized gains | 7 | 6 |
Available-for-sale securities, gross unrealized losses | (20) | (25) |
Available-for-sale securities, fair market value | 4,725 | 5,008 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 13,729 | 14,229 |
Available-for-sale securities, gross unrealized gains | 312 | 308 |
Available-for-sale securities, gross unrealized losses | (33) | (185) |
Available-for-sale securities, fair market value | 14,008 | 14,352 |
Asset-backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 46,536 | 47,226 |
Available-for-sale securities, gross unrealized gains | 555 | 392 |
Available-for-sale securities, gross unrealized losses | (125) | (331) |
Available-for-sale securities, fair market value | $ 46,966 | $ 47,287 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Less than 12 months, fair value | $ 10,797 | $ 11,362 |
Less than 12 months, unrealized loss | (187) | (59) |
12 months or more, fair value | 16,667 | 36,082 |
12 months or more, unrealized loss | (175) | (529) |
Fair value | 27,464 | 47,444 |
Unrealized loss | (362) | (588) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 35 | 94 |
Less than 12 months, unrealized loss | 0 | (1) |
12 months or more, fair value | 57 | 251 |
12 months or more, unrealized loss | (1) | (1) |
Fair value | 92 | 345 |
Unrealized loss | (1) | (2) |
Collateralized Mortgage Obligations [Member] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | 557 | 565 |
12 months or more, unrealized loss | (30) | (45) |
Fair value | 557 | 565 |
Unrealized loss | (30) | (45) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 2,414 | 0 |
Less than 12 months, unrealized loss | (153) | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
Fair value | 2,414 | 0 |
Unrealized loss | (153) | 0 |
SBA Pool [Member] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | 3,606 | 3,847 |
12 months or more, unrealized loss | (20) | (25) |
Fair value | 3,606 | 3,847 |
Unrealized loss | (20) | (25) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | 2,467 | 6,315 |
12 months or more, unrealized loss | (33) | (185) |
Fair value | 2,467 | 6,315 |
Unrealized loss | (33) | (185) |
Asset-backed Securities [Member] | ||
Less than 12 months, fair value | 8,348 | 11,268 |
Less than 12 months, unrealized loss | (34) | (58) |
12 months or more, fair value | 9,980 | 25,104 |
12 months or more, unrealized loss | (91) | (273) |
Fair value | 18,328 | 36,372 |
Unrealized loss | $ (125) | $ (331) |
Note 3 - Securities - Contractu
Note 3 - Securities - Contractual Maturity or Call Date (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Due in one year or less, amortized cost | $ 10,227 | |
Due in one year or less, fair value | 10,428 | |
Due after one year through five years, amortized cost | 81,228 | |
Due after one year through five years, fair value | 85,948 | |
Due after five years through ten years, amortized cost | 60,016 | |
Due after five years through ten years, fair value | 63,125 | |
Due after ten years, amortized cost | 54,478 | |
Due after ten years, fair value | 55,979 | |
Amortized cost | 205,949 | $ 206,240 |
Fair Value | $ 215,480 | $ 217,164 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 1,028,776,000 | $ 1,013,115,000 | $ 1,013,115,000 | |
Financing Receivable, Number of Paycheck Protection Program Loans Originated | 693 | 1,671 | 1,671 | |
Financing Receivable, Paycheck Protection Program Loans Originated | $ 244,197,000 | $ 244,197,000 | ||
Financing Receivable, Number of Payment Deferrals | 0 | 0 | ||
Loans and Leases Receivable, Percentage of Outstanding Principal Balance Secured by Owner Occupied Properties | 36.00% | 36.00% | 36.00% | |
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 | $ 3,000 | $ 11,000 | ||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 0 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||
Financing Receivable Modifications, Period Contractually Past Due for Loan to Be Considered in Payment Default (Day) | 90 days | |||
Loans and Leases Receivable, Minimum Cash Collateral Percent | 110.00% | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,028,776,000 | $ 1,013,115,000 | $ 1,013,115,000 | |
Substandard [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 3,893,000 | 2,837,000 | 2,837,000 | |
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 40.00% | |||
Doubtful [Member] | ||||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 25.00% | |||
Unlikely to be Collected Financing Receivable [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 0 | 0 | 0 | |
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 35.00% | |||
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% | |||
SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 234,944,000 | 210,822,000 | 210,822,000 | |
Loans and Leases Receivable, Paid-off Through Forgiveness | 62,000,000 | 33,375,000 | ||
Financing Receivable, Paycheck Protection Program Loans Originated | $ 86,880,000 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 64.00% | |||
Loans and Leases Receivable, Gross, Total | $ 661,683,000 | 661,331,000 | 661,331,000 | |
Commercial Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 31.00% | |||
Loans and Leases Receivable, Gross, Total | $ 314,506,000 | 292,006,000 | 292,006,000 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Loans and Leases Receivable, Gross, Total | 1,442,000 | 1,502,000 | 1,502,000 | |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 234,944,000 | |||
Residential Real Estate and Other Consumer Loans [Member] | ||||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 3.00% | |||
Agriculture [Member] | ||||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 2.00% | |||
Loans and Leases Receivable, Gross, Total | $ 21,790,000 | 28,255,000 | 28,255,000 | |
Agriculture [Member] | Substandard [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 0 | $ 248,000 | $ 248,000 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans | $ 1,028,776 | $ 1,013,115 | ||
Deferred loan fees and costs, net | (6,041) | (4,572) | ||
Allowance for loan losses | (11,312) | (11,297) | $ (9,586) | $ (9,146) |
Net loans | 1,011,423 | 997,246 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 661,683 | 661,331 | ||
Allowance for loan losses | (9,520) | (9,310) | (7,691) | (7,277) |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans | 22,505 | 32,459 | ||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||||
Loans | 553,098 | 540,556 | ||
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||||
Loans | 5,232 | 5,318 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||||
Loans | 80,848 | 82,998 | ||
Commercial Portfolio Segment [Member] | ||||
Loans | 314,506 | 292,006 | ||
Allowance for loan losses | (1,015) | (1,079) | (1,068) | (1,000) |
Consumer Portfolio Segment [Member] | ||||
Loans | 589 | 636 | ||
Allowance for loan losses | (19) | (22) | (33) | (38) |
Residential Portfolio Segment [Member] | ||||
Loans | 30,208 | 30,887 | ||
Allowance for loan losses | (336) | (325) | (328) | (306) |
Agriculture [Member] | ||||
Loans | 21,790 | 28,255 | ||
Allowance for loan losses | $ (422) | $ (561) | $ (466) | $ (525) |
Note 4 - Loans - Non Accrual Lo
Note 4 - Loans - Non Accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2019 |
Non-accrual loans | $ 362 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Non-accrual loans | 362 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Agriculture [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 4 - Loans - Aging of Past
Note 4 - Loans - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Past due | $ 362 | $ 362 |
Current | 1,028,414 | 1,012,753 |
Loans | 1,028,776 | 1,013,115 |
Greater than 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 0 | 362 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 362 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 661,683 | 661,331 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Past due | 0 | 0 |
Current | 22,505 | 32,459 |
Loans | 22,505 | 32,459 |
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 | 362 | 362 |
Current | 552,736 | 540,194 |
Loans | 553,098 | 540,556 |
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 | 362 |
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 | 362 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Past due | 0 | 0 |
Current | 5,232 | 5,318 |
Loans | 5,232 | 5,318 |
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 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Past due | 0 | 0 |
Current | 80,848 | 82,998 |
Loans | 80,848 | 82,998 |
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 | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Past due | 0 | 0 |
Current | 314,506 | 292,006 |
Loans | 314,506 | 292,006 |
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 | 0 |
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 | 0 | 0 |
Current | 589 | 636 |
Loans | 589 | 636 |
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 | 0 | 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 | 0 | 0 |
Current | 30,208 | 30,887 |
Loans | 30,208 | 30,887 |
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 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 0 | 0 |
Agriculture [Member] | ||
Past due | 0 | 0 |
Current | 21,790 | 28,255 |
Loans | 21,790 | 28,255 |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Unpaid contractual principal | $ 362 | $ 0 | |
Recorded investment with no allowance | 362 | 0 | |
Recorded investment with allowance | 0 | 0 | |
Total recorded investment | 362 | 0 | |
Related allowance | 0 | 0 | |
Average recorded investment | 133 | $ 1,027 | 811 |
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 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | |||
Unpaid contractual principal | 362 | 0 | |
Recorded investment with no allowance | 362 | 0 | |
Recorded investment with allowance | 0 | 0 | |
Total recorded investment | 362 | 0 | |
Related allowance | 0 | 0 | |
Average recorded investment | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land 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 | 133 | 835 | 724 |
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 | 0 |
Commercial 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 | 0 |
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 | 0 |
Residential 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 | 192 | 87 |
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 | $ 0 |
Note 4 - Loans - Weighted Avera
Note 4 - Loans - Weighted Average Risk Grades of Loan Portfolio (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Weighted average risk grade of loans | 3.06 | 3.08 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Weighted average risk grade of loans | 3 | 3.16 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Weighted average risk grade of loans | 3.10 | 3.11 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Weighted average risk grade of loans | 3.94 | 3.94 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Weighted average risk grade of loans | 3.08 | 3.06 |
Commercial Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 3 | 3.02 |
Consumer Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 1.74 | 1.74 |
Residential Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 3 | 3 |
Agriculture [Member] | ||
Weighted average risk grade of loans | 3.02 | 3.05 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,028,776 | $ 1,013,115 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 661,683 | 661,331 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 22,505 | 32,459 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 553,098 | 540,556 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 5,232 | 5,318 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 80,848 | 82,998 |
Commercial Portfolio Segment [Member] | ||
Loans | 314,506 | 292,006 |
Consumer Portfolio Segment [Member] | ||
Loans | 589 | 636 |
Residential Portfolio Segment [Member] | ||
Loans | 30,208 | 30,887 |
Agriculture [Member] | ||
Loans | 21,790 | 28,255 |
Pass [Member] | ||
Loans | 1,014,906 | 1,000,380 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 22,505 | 32,459 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 543,596 | 531,507 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 4,395 | 4,469 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 78,818 | 81,972 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 313,064 | 290,504 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 567 | 613 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | 30,171 | 30,849 |
Pass [Member] | Agriculture [Member] | ||
Loans | 21,790 | 28,007 |
Special Mention [Member] | ||
Loans | 9,977 | 9,898 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 9,140 | 9,049 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 837 | 849 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Agriculture [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | ||
Loans | 3,893 | 2,837 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 362 | 0 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 2,030 | 1,026 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 1,442 | 1,502 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 22 | 23 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 37 | 38 |
Substandard [Member] | Agriculture [Member] | ||
Loans | $ 0 | $ 248 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 11,297 | $ 9,146 | ||
Charge-offs | (5) | (14) | ||
Recoveries | 20 | 4 | ||
Provision for loan losses | 0 | 450 | ||
Ending balance | 11,312 | 9,586 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 11,297 | 9,586 | $ 11,312 | $ 11,297 |
Loans and Leases Receivable, Gross, Total | 1,028,776 | 1,013,115 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning balance | 9,310 | 7,277 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 16 | 0 | ||
Provision for loan losses | 194 | 414 | ||
Ending balance | 9,520 | 7,691 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 9,520 | 9,310 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 9,520 | 7,691 | 9,520 | 9,310 |
Individually evaluated for impairment | 362 | 0 | ||
Collectively evaluated for impairment | 661,321 | 661,331 | ||
Loans and Leases Receivable, Gross, Total | 661,683 | 661,331 | ||
Commercial Portfolio Segment [Member] | ||||
Beginning balance | 1,079 | 1,000 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses | (64) | 68 | ||
Ending balance | 1,015 | 1,068 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,015 | 1,079 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 1,015 | 1,068 | 1,015 | 1,079 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 314,506 | 292,006 | ||
Loans and Leases Receivable, Gross, Total | 314,506 | 292,006 | ||
Consumer Portfolio Segment [Member] | ||||
Beginning balance | 22 | 38 | ||
Charge-offs | (5) | (12) | ||
Recoveries | 4 | 3 | ||
Provision for loan losses | (2) | 4 | ||
Ending balance | 19 | 33 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 19 | 22 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 19 | 33 | 19 | 22 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 589 | 636 | ||
Loans and Leases Receivable, Gross, Total | 589 | 636 | ||
Residential Portfolio Segment [Member] | ||||
Beginning balance | 325 | 306 | ||
Charge-offs | 0 | (2) | ||
Recoveries | 0 | 1 | ||
Provision for loan losses | 11 | 23 | ||
Ending balance | 336 | 328 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 336 | 325 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 336 | 328 | 336 | 325 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 30,208 | 30,887 | ||
Loans and Leases Receivable, Gross, Total | 30,208 | 30,887 | ||
Agriculture [Member] | ||||
Beginning balance | 561 | 525 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for loan losses | (139) | (59) | ||
Ending balance | 422 | 466 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 422 | 561 | ||
Loans and Leases Receivable, Allowance, Ending Balance | 422 | $ 466 | 422 | 561 |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 21,790 | 28,255 | ||
Loans and Leases Receivable, Gross, Total | 21,790 | 28,255 | ||
Unallocated Financing Receivables [Member] | ||||
Beginning balance | 11,297 | |||
Ending balance | 11,312 | |||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 11,312 | 11,297 | ||
Loans and Leases Receivable, Allowance, Ending Balance | $ 11,297 | 11,312 | 11,297 | |
Individually evaluated for impairment | 362 | 0 | ||
Collectively evaluated for impairment | 1,028,414 | 1,013,115 | ||
Loans and Leases Receivable, Gross, Total | $ 1,028,776 | $ 1,013,115 |
Note 4 - Loans - Changes in the
Note 4 - Loans - Changes in the Allowance, Off-balance-sheet Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance, beginning of period | $ 379 | $ 427 |
Provision to (reversal of) Operations for Off Balance Sheet Commitments | 49 | (31) |
Balance, end of period | $ 428 | $ 396 |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments and Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 366,760 | $ 226,656 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 366,760 | 226,656 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted equity securities | 4,758 | 4,757 |
Interest receivable | 5,081 | 5,689 |
Interest payable | (21) | (20) |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted equity securities | 4,758 | 4,757 |
Interest receivable | 5,081 | 5,689 |
Interest payable | (21) | (20) |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 1,011,423 | 997,246 |
Deposits | (1,517,785) | (1,367,809) |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 1,023,476 | 1,006,335 |
Deposits | (1,517,814) | (1,367,874) |
(in thousands) | $ 1,641 | $ 1,457 |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring and Non Recurring Basis (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Available-for-sale securities, fair market value | $ 215,480,000 | $ 217,164,000 | |
Equity Securities | 3,397,000 | 3,425,000 | |
Fair Value, Recurring [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Commercial real estate - mortgages | 362,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Commercial real estate - mortgages | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Commercial real estate - mortgages | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Commercial real estate - mortgages | 362,000 | ||
US Government Agencies Debt Securities [Member] | |||
Available-for-sale securities, fair market value | 21,739,000 | 23,692,000 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 21,739,000 | 23,692,000 | |
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 | 21,739,000 | 23,692,000 | |
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 | 1,167,000 | 1,223,000 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 1,167,000 | 1,223,000 | |
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 | 1,167,000 | 1,223,000 | |
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 | 126,875,000 | 125,602,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 126,875,000 | 125,602,000 | |
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 | 126,875,000 | 125,602,000 | |
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 | 4,725,000 | 5,008,000 | |
SBA Pool [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 4,725,000 | 5,008,000 | |
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 | 4,725,000 | 5,008,000 | |
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 | 14,008,000 | 14,352,000 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 14,008,000 | 14,352,000 | |
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 | 14,008,000 | 14,352,000 | |
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 | 46,966,000 | 47,287,000 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Available-for-sale securities, fair market value | 46,966,000 | 47,287,000 | |
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 | 46,966,000 | 47,287,000 | |
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 | 3,397,000 | [1] | 3,425,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Equity Securities | 3,397,000 | [1] | 3,425,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Equity Securities | 0 | [1] | 0 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Equity Securities | $ 0 | [1] | $ 0 |
[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 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number Of Forms Of Outstanding Common Stock | 2 |
Note 6 - Earnings Per Share - E
Note 6 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 4,357 | $ 2,709 |
Weighted average shares outstanding (in shares) | 8,135 | 8,115 |
Net income per common share (in dollars per share) | $ 0.54 | $ 0.33 |
Effect of dilutive non-vested restricted shares (in shares) | 31 | 20 |
Weighted average shares of common stock and common stock equivalents (in shares) | 8,166 | 8,135 |
Net income per diluted common share (in dollars per share) | $ 0.53 | $ 0.33 |
Note 7 - Risks and Uncertaint_2
Note 7 - Risks and Uncertainties (Details Textual) | Mar. 31, 2020 |
Administrative Staff [Member] | |
Effect of COVID-19, Percent of Staff Working Remotely | 81.00% |
Branch Staff [Member] | |
Effect of COVID-19, Percent of Staff Working Remotely | 17.00% |