Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 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 | FY | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 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 North Third Avenue | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Entity Public Float | $ 122,000,000 | |
Entity Common Stock, Shares Outstanding | 8,239,099 | |
Auditor Name | RSM US LLP | |
Auditor Location | San Francisco, CA | |
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 735,332,000 | $ 193,571,000 |
Federal funds sold | 42,935,000 | 33,085,000 |
Cash and cash equivalents | 778,267,000 | 226,656,000 |
Securities - available for sale | 262,889,000 | 217,164,000 |
Securities - equity investments | 3,391,000 | 3,425,000 |
Loans, net of deferred loan fees and costs, less allowance for loan losses of $10,738 and $11,297 at December 31, 2021 and 2020, respectively | 847,847,000 | 997,246,000 |
Cash surrender value of life insurance | 29,469,000 | 25,325,000 |
Bank premises and equipment, net | 15,422,000 | 15,770,000 |
Goodwill and other intangible assets, net | 3,647,000 | 3,740,000 |
Interest receivable and other assets | 23,546,000 | 22,152,000 |
Assets, Total | 1,964,478,000 | 1,511,478,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 1,806,966,000 | 1,367,809,000 |
Interest payable and other liabilities | 14,900,000 | 13,975,000 |
Total liabilities | 1,821,866,000 | 1,381,784,000 |
Commitments and contingent liabilities (Note 13) | ||
Shareholders’ equity | ||
Common stock, no par value; 50,000,000 shares authorized, 8,239,099 and 8,218,873 shares issued and outstanding at December 31, 2021 and 2020, respectively | 25,435,000 | 25,435,000 |
Additional paid-in capital | 4,689,000 | 4,216,000 |
Retained earnings | 106,300,000 | 92,349,000 |
Accumulated other comprehensive income, net of tax | 6,188,000 | 7,694,000 |
Total shareholders’ equity | 142,612,000 | 129,694,000 |
Liabilities and Equity, Total | $ 1,964,478,000 | $ 1,511,478,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net of allowance for loan loss | $ 10,738 | $ 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) | 8,239,099 | 8,218,873 |
Common stock, shares outstanding (in shares) | 8,239,099 | 8,218,873 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 43,766 | $ 39,952 |
Interest on securities | 5,403 | 5,640 |
Interest on federal funds sold | 36 | 57 |
Interest on deposits with banks | 601 | 461 |
Total interest income | 49,806 | 46,110 |
INTEREST EXPENSE | ||
Deposits | 971 | 1,119 |
FHLB advances | 0 | 34 |
Total interest expense | 971 | 1,153 |
Net interest income | 48,835 | 44,957 |
(Reversal of) provision for loan losses | (635) | 2,165 |
Net interest income after (reversal of) provision for loan losses | 49,470 | 42,792 |
NON-INTEREST INCOME | ||
Earnings on cash surrender value of life insurance | 719 | 694 |
Gains on calls and sales of available-for-sale securities | 154 | 2 |
Gain on sale of other real estate owned | 0 | 34 |
Other | 1,421 | 1,328 |
Total non-interest income | 5,426 | 4,815 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 20,210 | 17,972 |
Occupancy expenses | 3,972 | 3,642 |
Data processing fees | 2,117 | 2,062 |
Regulatory assessments (FDIC & DFPI) | 649 | 324 |
Other operating expenses | 6,271 | 5,864 |
Total non-interest expense | 33,219 | 29,864 |
Net income before provision for income taxes | 21,677 | 17,743 |
Total provision for income taxes | 5,340 | 4,056 |
Net Income | $ 16,337 | $ 13,687 |
Net income per share (in dollars per share) | $ 2.01 | $ 1.68 |
Net income per diluted share (in dollars per share) | $ 2 | $ 1.68 |
Deposit Account [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 1,287 | $ 1,272 |
Debit Card [Member] | ||
NON-INTEREST INCOME | ||
Other income | 1,693 | 1,355 |
Mortgage Banking [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 152 | $ 130 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 16,337 | $ 13,687 |
Other comprehensive (loss) income: | ||
Unrealized holding (losses)/Gains arising during the period | (1,984) | 7,521 |
Less: reclassification for net gains included in net income | (154) | (2) |
Other comprehensive (loss)/Income, before tax | (2,138) | 7,519 |
Tax benefit/(expense) related to items of other comprehensive income | 632 | (2,222) |
Total other comprehensive (loss)/Income | (1,506) | 5,297 |
Comprehensive income | $ 14,831 | $ 18,984 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 8,210,147 | ||||
Balances at Dec. 31, 2019 | $ 25,435 | $ 3,777 | $ 80,961 | $ 2,397 | $ 112,570 |
Restricted stock issued (in shares) | 17,756 | 17,756 | |||
Restricted stock issued | $ 0 | ||||
Restricted stock forfeited (in shares) | (2,400) | ||||
Restricted stock surrendered for tax withholding (in shares) | (6,630) | ||||
Restricted stock surrendered for tax withholding | (110) | (110) | |||
Cash dividends declared | (2,299) | (2,299) | |||
Stock based compensation | 549 | 549 | |||
Other comprehensive income (loss) | 5,297 | 5,297 | |||
Net income | 13,687 | 13,687 | |||
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) | 31,207 | 31,207 | |||
Restricted stock issued | $ 0 | ||||
Restricted stock forfeited (in shares) | (4,500) | ||||
Restricted stock surrendered for tax withholding (in shares) | (6,481) | ||||
Restricted stock surrendered for tax withholding | (108) | (108) | |||
Cash dividends declared | (2,386) | (2,386) | |||
Stock based compensation | 581 | 581 | |||
Other comprehensive income (loss) | (1,506) | (1,506) | |||
Net income | 16,337 | 16,337 | |||
Restricted stock forfeited | 0 | ||||
Balances (in shares) at Dec. 31, 2021 | 8,239,099 | ||||
Balances at Dec. 31, 2021 | $ 25,435 | $ 4,689 | $ 106,300 | $ 6,188 | $ 142,612 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividends declared, per share (in dollars per share) | $ 0.145 | $ 0.140 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 16,337,000 | $ 13,687,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
(Reversal of) provision for loan losses | (635,000) | 2,165,000 |
(Decrease) increase in deferred fees/costs, net | (3,120,000) | 3,780,000 |
Depreciation | 1,326,000 | 1,199,000 |
Amortization of investment securities, net | 410,000 | 545,000 |
Stock based compensation | 581,000 | 549,000 |
Gain on sale of OREO property | 0 | (34,000) |
Gain on calls and sales of available for sale securities | (154,000) | (2,000) |
Earnings on cash surrender value of life insurance | (719,000) | (694,000) |
Increase (decrease) in deferred tax asset | 134,000 | (479,000) |
Increase in interest payable and other liabilities | 1,455,000 | 262,000 |
Decrease in interest receivable | 1,631,000 | 494,000 |
Increase in other assets | (5,975,000) | (2,232,000) |
Net cash from operating activities | 11,271,000 | 19,240,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (79,865,000) | (68,677,000) |
Purchases of equity securities | (64,000) | (80,000) |
Proceeds from maturities, calls, and principal paydowns of securities available for sale | 36,120,000 | 48,531,000 |
Investment in LIHTC | (530,000) | (1,573,000) |
Net decrease (increase) in loans | 153,154,000 | (262,281,000) |
Purchase of FHLB Stock | (735,000) | 0 |
Purchase of BOLI policies | (3,425,000) | 0 |
Proceeds from sale of OREO | 0 | 171,000 |
Purchases of premises and equipment | (978,000) | (1,740,000) |
Net cash from (used in) investing activities | 103,677,000 | (285,649,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
FHLB advanced funds | 0 | 50,000,000 |
FHLB payments | 0 | (50,000,000) |
Shareholder cash dividends paid | (2,386,000) | (2,299,000) |
Net increase in demand deposits and savings accounts | 436,485,000 | 348,969,000 |
Net increase (decrease) in time deposits | 2,672,000 | (1,089,000) |
Tax withholding payments on vested restricted shares surrendered | (108,000) | (110,000) |
Net cash from financing activities | 436,663,000 | 345,471,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 551,611,000 | 79,062,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 226,656,000 | 147,594,000 |
CASH AND CASH EQUIVALENTS, end of period | 778,267,000 | 226,656,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 971,000 | 1,149,000 |
Income taxes | 5,724,000 | 4,338,000 |
NON-CASH INVESTING ACTIVITIES: | ||
Real estate acquired through foreclosure | 0 | 137,000 |
Change in unrealized gain on securities | 2,138,000 | 7,521,000 |
Lease right-of-use assets | 1,949,000 | 273,000 |
NON-CASH FINANCING ACTIVITIES: | ||
Present value of lease obligations | $ 1,913,000 | $ (210,000) |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF ACCOUNTING POLICIES Nature of Operations On July 3, 2008 one The Company is authorized to issue 50,000,000 December 31, 2021 The consolidated financial statements include the accounts of the Company and its wholly-owned bank subsidiary. All material intercompany transactions have been eliminated. In the opinion of Management, the consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations, changes in shareholders’ equity and cash flows. All adjustments are of a normal, recurring nature. Oak Valley Community Bank is a California State chartered bank. The Company was incorporated under the laws of the state of California on May 31, 1990 May 28, 1991. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowance for loan losses, accounting for income taxes, fair value measurements and goodwill impairment. Actual results could differ from these estimates due to the uncertainty around the magnitude and duration of the COVID- 19 A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. Subsequent events December 31, 2021 Cash and cash equivalents three one Securities available for sale not Consistent with ASU 2016 01, Investments with fair values that are less than amortized cost are considered impaired. Impairment may not not not not Other real estate owned not Loans originated Loan fees net of certain direct costs of origination are deferred and amortized, as an adjustment to interest yield, over the estimated life of the loan. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by ninety not Allowance for loan losses The allowance for loan losses is evaluated on a regular basis by management and is based on management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may The Company’s allowance for loan losses consists of three 310 450 450 The Company considers a loan impaired when it is probable that all amounts of principal and interest due, according to the contractual terms of the loan agreement, will not not The method for calculating the allowance for unfunded loan commitments is based on an allowance percentage which is less than other outstanding loan types because they are at a lower risk level. This allowance percentage is evaluated by management periodically and is applied to the total undisbursed loan commitment balance to calculate the allowance for unfunded loan commitments which is recorded included in interest payable and other liabilities on the consolidated balance sheet. The Company considers a loan to be a troubled debt restructure (“TDR”) when the Company has granted a concession and the borrower is experiencing financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. A TDR loan is kept on non-accrual status until the borrower has paid for six no Premises and equipment years Building 31.5 Equipment 3 – 12 Furniture and fixtures 3 – 7 Leasehold improvements 5 – 15 The Company adopted ASU No. 2016 02, Leases (Topic 842 January 1, 2019. January 1, 2019, January 1, 2019 January 1, 2019 Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes. Deferred income taxes have been provided for the resulting temporary differences. Income taxes The Company files income tax returns in the U.S. federal jurisdiction, and the state of California. With few exceptions, the Company is no 2018 2017. Transfers of financial assets 1 2 3 not Advertising costs December 31, 2021 2020, Comprehensive income December 31, 2021 2020, Federal Reserve Bank Stock no 1 2 3 4 Federal Home Loan Bank Stock no 1 2 3 4 Earnings per common share ( EPS ) 12 1 2 3 two two not Stock based compensation 2021 2020, Fair values of financial instruments December 31, 2021 2020. not Fair value measurements may The Company has established and documented a process for determining fair value. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. Whenever there is no Reclassifications no Goodwill and other intangible assets December 31, 2021 December 31, 2020. may not not The core deposit intangible represents the estimated future benefits of acquired deposits and is booked separately from the related deposits. The value of the core deposit intangible asset was determined using a discounted cash flow approach to arrive at the cost differential between the core deposits (non-maturity deposits such as transaction, savings and money market accounts) and alternative funding sources. The core deposit intangible is amortized on an accelerated basis over an estimated ten No December 31, 2021. December 31, 2021, (in thousands) 2022 2023 2024 2025 Total Core deposit intangible amortization $ 89 $ 86 $ 82 $ 77 $ 334 The Company applies a qualitative analysis of conditions in order to determine if it is more likely than not may not no December 31, 2021. Recently Issued Accounting Standards In June 2016, No. 2016 13, 326 December 15, 2019, October 2019, three January 1, 2023. not In April 2019, 2019 04, 326, 815, 825, January 1, 2020. not In May 2019, 2019 05, 326 not 2016 13, 2016 13 In March 2020, 2020 04 848 March 12, 2020 December 31, 2022. In August 2021, 2021 06 205 942, 946 No. 33 10786, August 2021. not |
Note 2 - Cash and Due From Bank
Note 2 - Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 2 CASH AND DUE FROM BANKS Cash and due from banks includes balances with the Federal Reserve Bank and other correspondent banks. Prior to March 2020, March 26, 2020, zero December 31, 2021 2020, December 31, 2021. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 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 $3,391,000 and $3,425,000 at December 31, 2021 December 31, 2020, December 31, 2021 2020. 2016 01, December 31, 2021, December 31, 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 December 31, 2021 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 21,776 $ 450 $ (56 ) $ 22,170 Collateralized mortgage obligations 916 5 (22 ) 899 Municipalities 168,033 8,308 (99 ) 176,242 SBA pools 3,703 16 (11 ) 3,708 Corporate debt 19,524 127 (165 ) 19,486 Asset backed securities 40,151 278 (45 ) 40,384 $ 254,103 $ 9,184 $ (398 ) $ 262,889 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, 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 $ 4,978 $ (55 ) $ 79 $ (1 ) $ 5,057 $ (56 ) Collateralized mortgage obligations 0 0 482 (22 ) 482 (22 ) Municipalities 12,805 (99 ) 0 0 12,805 (99 ) SBA pools 0 0 1,777 (11 ) 1,777 (11 ) Corporate debt 7,863 (137 ) 2,472 (28 ) 10,335 (165 ) Asset backed securities 11,393 (26 ) 4,511 (19 ) 15,904 (45 ) Total temporarily impaired securities $ 37,039 $ (317 ) $ 9,321 $ (81 ) $ 46,360 $ (398 ) At December 31, 2021, three four one three one 12 December 31, 2021, eight seven three three 12 third no not not The amortized cost and estimated fair value of debt securities at December 31, 2021, may (dollars in thousands) Amortized Fair Cost Value Available-for-sale securities: Due in one year or less 19,649 19,826 Due after one year through five years 83,502 87,716 Due after five years through ten years 103,090 106,166 Due after ten years 47,862 49,181 $ 254,103 $ 262,889 Debt securities have been classified in the financial statements as available for sale. The amortized cost and estimated fair values of debt securities as of December 31, 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 ) The Company recognized gross realized gains of $94,000 and $2,000 during 2021 2020, one 2021 2020. Securities carried at $202,610,000 and $147,795,000 at December 31, 2021 2020, |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 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 December 31, 2021, December 31, 2021 2020, Loan totals were as follows: (in thousands) December 31, 2021 December 31, 2020 Commercial real estate: Commercial real estate- construction $ 25,737 $ 32,459 Commercial real estate- mortgages 583,620 540,556 Land 3,101 5,318 Farmland 76,670 82,998 Commercial and industrial 109,554 292,006 Consumer 416 636 Consumer residential 28,439 30,887 Agriculture 32,500 28,255 Total loans 860,037 1,013,115 Less: Deferred loan fees and costs, net (1,452 ) (4,572 ) Allowance for loan losses (10,738 ) (11,297 ) Net loans $ 847,847 $ 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%. 2020 2021. December 31, 2020, December 31, 2020. 2021, December 31, 2021. no COVID- 19 19 second 2020 six December 31, 2020, second 2020. December 31, 2021, one 19 2021 2022. 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 on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not may may may may Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may third December 31, 2021, With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may may may The Company originates consumer loans utilizing a computer-based credit scoring analysis to supplement the underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by line and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans follow bank policy, which include, but are not The Company maintains an independent loan review function that validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Non-Accrual and Past Due Loans. not may may not As of December 31, 2021 2020, The following table analyzes past due loans, segregated by class of loans, as of December 31, 2021 December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 25,737 $ 25,737 $ 0 Commercial R.E. - mortgages 0 0 0 0 583,620 583,620 0 Land 0 0 0 0 3,101 3,101 0 Farmland 0 0 0 0 76,670 76,670 0 Commercial and industrial 0 0 0 0 109,554 109,554 0 Consumer 0 0 0 0 416 416 0 Consumer residential 0 0 0 0 28,439 28,439 0 Agriculture 0 0 0 0 32,500 32,500 0 Total $ 0 $ 0 $ 0 $ 0 $ 860,037 $ 860,037 $ 0 The following table analyzes past due loans, segregated by class of loans, as of December 31, 2020 December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More 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. Impaired loans by class as of December 31, 2021 2020 2021 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, 2021 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 0 166 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 0 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 166 (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 At December 31, 2021 2020, no no twelve twelve December 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 December 31, 2021 2020, 8 The following table presents weighted average risk grades of our loan portfolio. December 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 3.08 3.11 Land 3.00 3.94 Farmland 3.09 3.06 Commercial and industrial 3.01 3.02 Consumer 1.81 1.74 Consumer residential 3.00 3.00 Agriculture 3.23 3.05 Total gross loans 3.07 3.08 The following table presents risk grade totals by class of loans as of December 31, 2021 2020. 1 4 (in thousands) Commercial R.E. Commercial R.E. Land Farmland Commercial and Industrial Consumer Consumer Residential Agriculture Total December 31, 2021 Pass $ 25,737 $ 574,774 $ 3,101 $ 75,889 $ 107,154 $ 395 $ 28,404 $ 32,500 $ 847,954 Special mention - 8,846 - - 1,647 - - - 10,493 Substandard - - - 781 753 21 35 - 1,590 Total loans $ 25,737 $ 583,620 $ 3,101 $ 76,670 $ 109,554 $ 416 $ 28,439 $ 32,500 $ 860,037 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 real estate loans and consumer and other loans. General valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such valuation allowances are determined by evaluating, among other things: (i) the experience, ability and effectiveness of the Company’s lending management and staff; (ii) the effectiveness of the Company’s loan policies, procedures and internal controls; (iii) changes in asset quality; (iv) changes in loan portfolio volume; (v) the composition and concentrations of credit; (vi) the impact of competition on loan structuring and pricing; (vii) the effectiveness of the internal loan review function; (viii) the impact of environmental risks on portfolio risks; and (ix) the impact of rising interest rates on portfolio risk. Management evaluates the degree of risk that each one Included in the general valuation allowances are allocations for groups of similar loans with risk characteristics that exceed certain concentration limits established by management. Concentration risk limits have been established, among other things, for certain industry concentrations, large balance and highly leveraged credit relationships that exceed specified risk grades, and loans originated with policy exceptions that exceed specified risk grades. Loans identified as losses by management, internal loan review and/or bank examiners are charged-off. Furthermore, consumer loan accounts are charged-off automatically based on regulatory requirements. The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2021 2020. one not Allowance for Loan Losses For the Years Ended December 31, 2021 2020 (in thousands) Year Ended December 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 (25 ) 0 0 (25 ) Recoveries 93 0 7 1 0 101 Provision for (reversal of) loan losses 1 (368 ) 2 1 (271 ) (635 ) Ending balance $ 9,404 $ 711 $ 6 $ 327 $ 290 $ 10,738 Year Ended December 31, 2020 Beginning balance $ 7,250 $ 1,002 $ 38 $ 331 $ 525 $ 9,146 Charge-offs 0 0 (29 ) (2 ) 0 (31 ) Recoveries 6 0 10 1 0 17 Provision for (reversal of) loan losses 2,054 77 3 (5 ) 36 2,165 Ending balance $ 9,310 $ 1,079 $ 22 $ 325 $ 561 $ 11,297 The following table details the allowance for loan losses and ending gross loan balances as of December 31, 2021 2020, (in thousands) December 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 9,404 711 6 327 290 10,738 $ 9,404 $ 711 $ 6 $ 327 $ 290 $ 10,738 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 689,128 109,554 416 28,439 32,500 860,037 $ 689,128 $ 109,554 $ 416 $ 28,439 $ 32,500 $ 860,037 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 allowance for undisbursed loan commitments were as follows: (in thousands) YEARS ENDED DECEMBER 31, 2021 2020 Balance, beginning of year $ 379 $ 427 Provision (reversed) charged to operations for off balance sheet 90 (48 ) Balance, end of year $ 469 $ 379 The method for calculating the reserve for undisbursed 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 undisbursed loan commitments. Reserves for undisbursed loan commitments are recorded in interest payable and other liabilities on the consolidated balance sheets. At December 31, 2021 2020, |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 PREMISES AND EQUIPMENT Major classifications of premises and equipment are summarized as follows: ( DECEMBER 31, 2021 2020 Land $ 5,195 $ 5,195 Building 10,557 10,601 Leasehold improvements 5,224 5,190 Furniture, fixtures, and equipment 3,949 9,007 Branch construction work-in-process 209 518 25,134 30,511 Less accumulated depreciation (9,712 ) (14,741 ) $ 15,422 $ 15,770 Depreciation expense was $1,326,000 and $1,199,000 for the years ended December 31, 2021 2020, |
Note 6 - Interest Receivable an
Note 6 - Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE 6 INTEREST RECEIVABLE AND OTHER ASSETS Interest receivable and other assets are summarized as follows: ( DECEMBER 31, 2021 2020 Net deferred tax asset $ 2,129 $ 1,363 Restricted equity securities 5,493 4,757 Interest income receivable on loans 2,326 4,308 Interest income receivable on investments 1,732 1,381 Investments in limited partnerships 4,359 4,688 Lease right of use asset 6,534 4,585 Prepaid expenses and other 973 1,070 $ 23,546 $ 22,152 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 DEPOSITS Deposit totals were as follows: DECEMBER 31, (in thousands) 2021 2020 Demand $ 1,210,153 $ 907,913 Money market deposit accounts 401,072 301,506 Savings 155,231 120,552 Time deposits $250,000 and under 21,948 21,704 Time deposits over $250,000 18,562 16,134 Total deposits $ 1,806,966 $ 1,367,809 Time deposits issued and their remaining maturities at December 31, 2021, Year ending December 31, 2022 $ 27,461 2023 7,790 2024 3,704 2025 1,549 2026 6 $ 40,510 |
Note 8 - FHLB Advances
Note 8 - FHLB Advances | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 FHLB ADVANCES At December 31, 2021, December 31, 2021. December 31, 2021, At December 31, 2020, December 31, 2020. December 31, 2020, |
Note 9 - Interest on Deposits
Note 9 - Interest on Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 DEPOSITS Deposit totals were as follows: DECEMBER 31, (in thousands) 2021 2020 Demand $ 1,210,153 $ 907,913 Money market deposit accounts 401,072 301,506 Savings 155,231 120,552 Time deposits $250,000 and under 21,948 21,704 Time deposits over $250,000 18,562 16,134 Total deposits $ 1,806,966 $ 1,367,809 Time deposits issued and their remaining maturities at December 31, 2021, Year ending December 31, 2022 $ 27,461 2023 7,790 2024 3,704 2025 1,549 2026 6 $ 40,510 |
Interest Expense [Member] | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 INTEREST ON DEPOSITS Interest on deposits was comprised of the following: YEARS ENDED DECEMBER 31, (in thousands) 2021 2020 Savings and other deposits $ 857 $ 978 Time deposits over $250,000 53 85 Time deposits $250,000 and under 61 56 $ 971 $ 1,119 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES The provision for income taxes consists of the following: (in thousands) YEARS ENDED DECEMBER 31, 2021 2020 Current Federal $ 3,152 $ 2,526 State 2,322 2,009 5,474 4,535 Deferred Federal (119 ) (255 ) State (15 ) (224 ) (134 ) (479 ) $ 5,340 $ 4,056 The components of the Company’s deferred tax assets and liabilities (included in accrued interest and other assets on the consolidated balance sheets), is shown below: (in thousands) DECEMBER 31, 2021 2020 Deferred tax assets: Allowance for loan losses $ 3,175 $ 3,340 Restricted stock expense 120 111 Accrued vacation 192 155 Accrued salary continuation liability 1,499 1,328 Deferred compensation 78 77 Core deposit intangible 84 77 Merger Costs 71 79 Reserve for undisbursed commitments 139 112 OREO expenses 173 173 State income tax 488 422 Holding company organization fees 4 7 6,023 5,881 Deferred tax liabilities: Prepaid expenses (102 ) (73 ) FHLB dividends (144 ) (144 ) Accumulated depreciation (97 ) (118 ) Accrued bonus (3 ) 0 Deferred loan costs (406 ) (595 ) Goodwill Amortization (392 ) (326 ) Limited partner investment in small business equity fund (153 ) (33 ) Unrealized gain on securities available for sale (2,597 ) (3,229 ) (3,894 ) (4,518 ) Net deferred income tax asset $ 2,129 $ 1,363 Management has assessed the realizability of deferred tax assets and believes it is more likely than not not The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions. The Company had no liabilities for unrecognized tax benefits as of December 31, 2021 2020. The effective tax rate for 2021 2020 YEARS ENDED DECEMBER 31, 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 8.6 % 8.6 % Tax exempt interest on municipal securities and loans -3.8 % -4.1 % Other -1.1 % -2.6 % Effective tax rate 24.6 % 22.9 % Oak Valley Bancorp files a consolidated return in the U.S. Federal tax jurisdiction and a combined report in the State of California tax jurisdiction. None 2018 2017 |
Note 11 - Stock Option Plan
Note 11 - Stock Option Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 11 STOCK OPTION PLAN The Company currently has two 2008 2018 2018 2018 five no ten not 2008 2018 December 31, 2021, 2018 For the years ended December 31, 2021 2020, 2014 A summary of the status of the Company’s restricted stock and changes during the years ended December 31, 2021 2020 DECEMBER 31, 2021 DECEMBER 31, 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 89,828 $ 19.32 101,555 $ 19.75 Issued 31,207 $ 16.60 17,756 $ 16.08 Vested (28,685 ) $ 19.12 (27,083 ) $ 19.53 Forfeited (4,500 ) $ 17.74 (2,400 ) $ 19.19 Unvested at end of year 87,850 $ 18.50 89,828 $ 19.32 The Company issued 31,207 shares of restricted stock in 2021 December 31, 2021, December 31, 2021, 2021, The Company issued 17,756 shares of restricted stock in 2020 December 31, 2020, December 31, 2020, 2020, |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12 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 EPS including basic EPS, which does not YEAR ENDED DECEMBER 31, 2021 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 16,337 8,145,028 $ 2.01 Effect of dilutive securities: Non-vested restricted stock — 33,712 Total dilutive shares 33,712 Diluted EPS: Net income per diluted share $ 16,337 8,178,740 $ 2.00 YEAR ENDED DECEMBER 31, 2020 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 13,687 8,123,386 $ 1.68 Effect of dilutive securities: Non-vested restricted stock — 15,142 Total dilutive shares 15,142 Diluted EPS: Net income per diluted share $ 13,687 8,138,528 $ 1.68 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 COMMITMENTS AND CONTINGENCIES The Company is obligated for rental payments under certain operating lease agreements, some of which contain renewal options and escalation clauses that provide for increased rentals. Total rental expense for the years ended December 31, 2021 2020, We have historically entered into a number of lease arrangements under which we are the lessee. We have elected the practical expedient to rely on our original lease classification at the commencement of each lease contract, and not No. 2016 02, Leases (Topic 842 January 1, 2019. 1 2 $5,000 not not not twelve no January 1, 2019. Most of our office leases include one not not The Company determined the operating lease liability as of January 1, 2019, January 1, 2019, January 1, 2019, January 1, 2019 January 1, 2019 At December 31, 2021, Year ending December 31, 2022 $ 1,372 2023 1,187 2024 1,052 2025 770 2026 604 Thereafter 2,479 $ 7,464 The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of loans or through standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments at December 31, 2021 Contract (in thousands) Amount Undisbursed loan commitments $ 160,467 Checking reserve 1,439 Equity lines 15,835 Standby letters of credit 3,345 $ 181,086 Commitments to extend credit, including undisbursed loan commitments and equity lines, are agreements to lend to a customer as long as there is no may not may Checking reserves are lines of credit associated consumer deposit accounts that meet qualification standards for extension of credit if the deposit account were to become overdraft. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third |
Note 14 - Financial Instruments
Note 14 - Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 14 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair values of financial instruments December 31, 2021 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 December 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 2016 01 not 3 Deposit liabilities 3 Interest receivable and payable - 2 Off-balance-sheet instruments 3 The estimated fair values of the Company’s financial instruments not December 31, 2021 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 778,267 $ 778,267 1 Restricted equity securities 5,493 5,493 2 Loans, net 847,847 852,975 3 Interest receivable 4,058 4,058 2 Financial liabilities: Deposits (1,806,966 ) (1,807,032 ) 3 Interest payable (20 ) (20 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,811 ) 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 assets (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 consolidated balance sheets at each respective period end, by level within the fair value hierarchy as of December 31, 2021 2020. Fair Value Measurements at December 31, 2021 Using (in thousands) December 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 $ 22,170 $ 0 $ 22,170 $ 0 Collateralized mortgage obligations 899 0 899 0 Municipalities 176,242 0 176,242 0 SBA pools 3,708 0 3,708 0 Corporate debt 19,486 0 19,486 0 Asset backed securities 40,384 0 40,384 0 Equity Securities: Mutual fund $ 3,391 $ 3,391 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A 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. no December 31, 2021 2020. There have been no December 31, 2021. |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 15 RELATED PARTY TRANSACTIONS The Company, in the normal course of business, makes loans and receives deposits from its directors, officers, principal shareholders, and their associates. In management’s opinion, these transactions are on substantially the same terms as comparable transactions with other customers of the Company. Loans to directors, officers, shareholders, and affiliates are summarized below: YEARS ENDED DECEMBER 31, (in thousands) 2021 2020 Aggregate amount outstanding, beginning of year $ 5,543 $ 5,734 New loans or advances during year 6,020 12,152 Repayments during year (5,941 ) (11,943 ) Loans outstanding to retired director removed from related party status 0 (400 ) Aggregate amount outstanding, end of year $ 5,622 $ 5,543 Related party deposits totaled $11,577,000 and $15,914,000 at December 31, 2021 2020, From time to time, some of the Company’s Directors, directly or through affiliates, may 2021, 120, 2020, no 404 |
Note 16 - Profit Sharing Plan
Note 16 - Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Profit Sharing Plan [Text Block] | NOTE 16 PROFIT SHARING PLAN The profit sharing plan to which both the Company and eligible employees contribute was established in 1995. 1,000 one December 31, 2021 2020, |
Note 17 - Restrictions on Divid
Note 17 - Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | NOTE 17 RESTRICTIONS ON DIVIDENDS Under current California State banking laws, the Bank may not three not may not |
Note 18 - Other Post-retirement
Note 18 - Other Post-retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 18 OTHER POST-RETIREMENT BENEFIT PLANS Certain officers have entered into salary continuation agreements with the Company (the “Salary Continuation Agreements”). Under the Salary Continuation Agreements, the participants will be provided with a fixed annual retirement benefit for ten twenty During December 2001, ten Future compensation under both types of arrangements is earned for services rendered through retirement. The Company accrues for the salary continuation liability based on anticipated years of service and vesting schedules provided under the arrangements. The Company’s current benefit liability is determined based on vesting and the present value of the benefits at a corresponding discount rate. The discount rate used is an equivalent rate for investment-grade bonds with lives matching those of the service periods remaining for the salary continuation contracts, which average approximately ten December 31, 2021 2020, The Company entered into split-dollar life insurance agreements with certain officers. In connection with the implementation of the split-dollar agreements, the Company purchased single premium life insurance policies on the life of each of the officers covered by the split-dollar life insurance agreements. The Company is the owner of the policies and the partial beneficiary in an amount equal to the cash surrender value of the policies. The combined cash surrender value of all Bank-owned life insurance policies was $29,469,000 and $25,325,000 at December 31, 2021 2020, |
Note 19 - Regulatory Matters
Note 19 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 19 REGULATORY MATTERS The Company is regulated by the FRB and is subject to the securities registration and public reporting regulations of the Securities and Exchange Commission. As a California state-chartered bank, the Company’s banking subsidiary is subject to primary supervision, examination and regulation by the California Department of Financial Protection and Innovation (DFPI) and the Federal Reserve Board. The Federal Reserve Board is the primary federal regulator of state member banks. The Bank is also subject to regulation by the FDIC, which insures the Bank’s deposits as permitted by law. Management is not The U.S. Basel III rules contain capital standards regarding the composition of capital, minimum capital ratios and counter-party credit risk capital requirements. The Basel III rules also include a definition of common equity Tier 1 1 1 1 1 1 1 1 not January 1, 2019. On September 17, 2019, 1 not first March 31, 2020 not Failure to meet minimum capital requirements can trigger regulatory actions that could have a material adverse effect on the Company’s financial statements and operations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that rely on quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Company and Bank’s actual capital amounts and ratios at December 31, 2021 2020, (in thousands) Regulatory Actual Minimum Capital ratios for Bank: Amount Ratio Amount Ratio As of December 31, 2021 Total capital (to Risk- Weighted Assets) $ 143,871 13.6% $ 110,780 >10.5% Tier I capital (to Risk- Weighted Assets) $ 132,664 12.6% $ 89,679 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 132,664 12.6% $ 73,853 >7.0% Tier I capital (to Average Assets) $ 132,664 7.00% $ 76,310 >4.0% As of December 31, 2020 Total capital (to Risk- Weighted Assets) $ 129,654 13.1% $ 103,632 >10.5% Tier I capital (to Risk- Weighted Assets) $ 117,978 12.0% $ 83,893 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 117,978 12.0% $ 69,088 >7.0% Tier I capital (to Average Assets) $ 117,978 8.0% $ 59,306 >4.0% Capital ratios for the Company: As of December 31, 2021 Total capital (to Risk- Weighted Assets) $ 143,984 13.7% $ 110,784 >10.5% Tier I capital (to Risk- Weighted Assets) $ 132,777 12.6% $ 89,683 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 132,777 12.6% $ 73,856 >7.0% Tier I capital (to Average Assets) $ 132,777 7.0% $ 76,313 >4.0% As of December 31, 2020 Total capital (to Risk- Weighted Assets) $ 129,936 13.2% $ 103,637 >10.5% Tier I capital (to Risk- Weighted Assets) $ 118,260 12.0% $ 83,896 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 118,260 12.0% $ 69,091 >7.0% Tier I capital (to Average Assets) $ 118,260 8.0% $ 59,309 >4.0% |
Note 20 - Risks and Uncertainti
Note 20 - Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | NOTE 20 RISKS AND UNCERTAINTIES The coronavirus (“COVID- 19” December 31, 2021. not not The most significant impact of COVID- 19 19 no December 31, 2021 19 19 may not Increased demand for liquidity by clients is another impact that could occur should the COVID- 19 December 31, 2021, 19, The extent to which the COVID- 19 may 1A, 19. |
Note 21 - Parent Only Condensed
Note 21 - Parent Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 21. CONDENSED BALANCE SHEETS (dollars in thousands) December 31, December 31, 2021 2020 ASSETS Cash $ 70 $ 250 Investment in bank subsidiary 142,499 129,412 Other assets 45 43 Total assets $ 142,614 $ 129,705 LIABILITIES AND SHAREHOLDERS EQUITY Other liabilities $ 2 $ 11 Total liabilities $ 2 $ 11 Shareholders’ equity Common stock, no 50,000,000 8,239,099 8,210,147 25,435 25,435 Additional paid-in capital 4,689 4,216 Retained earnings 106,300 92,349 Accumulated other comprehensive income, net of tax 6,188 7,694 Total shareholders’ equity 142,612 129,694 Total liabilities and shareholders' equity $ 142,614 $ 129,705 CONDENSED STATEMENTS OF INCOME (dollars in thousands) Year Ended December 31, 2021 2020 INCOME Dividends declared by subsidiary $ 2,385 $ 2,549 Total income 2,385 2,549 EXPENSES Salary expense 128 116 Employee benefit expense 580 549 Legal expense 51 40 Other operating expenses 114 108 Total expenses 873 813 Income before equity in undistributed income of subsidiary 1,512 1,736 Equity in undistributed net income of subsidiary 14,593 11,742 Income before income tax benefit 16,105 13,478 Income tax benefit 232 209 Net income $ 16,337 $ 13,687 CONDENSED STATEMENTS OF CASHFLOWS YEAR ENDED DECEMBER 31, (dollars in thousands) 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 16,337 $ 13,687 Adjustments to reconcile net income to net cash from operating activities: Undistributed net income of subsidiary (14,593 ) (11,742 ) Stock based compensation 580 549 (Decrease) increase in other liabilities (9 ) 11 (Increase) decrease in other assets (2 ) 5 Net cash from operating activities 2,313 2,510 CASH FLOWS FROM FINANCING ACTIVITIES: Shareholder cash dividends paid (2,385 ) (2,299 ) Tax withholding payments on vested restricted shares surrendered (108 ) (110 ) Net cash used in financing activities (2,493 ) (2,409 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (180 ) 101 CASH AND CASH EQUIVALENTS, beginning of period 250 149 CASH AND CASH EQUIVALENTS, end of period $ 70 $ 250 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 5,724 $ 4,338 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | Subsequent events December 31, 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three one |
Marketable Securities, Policy [Policy Text Block] | Securities available for sale not Consistent with ASU 2016 01, Investments with fair values that are less than amortized cost are considered impaired. Impairment may not not not not |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other real estate owned not |
Financing Receivable [Policy Text Block] | Loans originated Loan fees net of certain direct costs of origination are deferred and amortized, as an adjustment to interest yield, over the estimated life of the loan. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by ninety not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses The allowance for loan losses is evaluated on a regular basis by management and is based on management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may The Company’s allowance for loan losses consists of three 310 450 450 The Company considers a loan impaired when it is probable that all amounts of principal and interest due, according to the contractual terms of the loan agreement, will not not The method for calculating the allowance for unfunded loan commitments is based on an allowance percentage which is less than other outstanding loan types because they are at a lower risk level. This allowance percentage is evaluated by management periodically and is applied to the total undisbursed loan commitment balance to calculate the allowance for unfunded loan commitments which is recorded included in interest payable and other liabilities on the consolidated balance sheet. The Company considers a loan to be a troubled debt restructure (“TDR”) when the Company has granted a concession and the borrower is experiencing financial difficulty. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. A TDR loan is kept on non-accrual status until the borrower has paid for six no |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment years Building 31.5 Equipment 3 – 12 Furniture and fixtures 3 – 7 Leasehold improvements 5 – 15 The Company adopted ASU No. 2016 02, Leases (Topic 842 January 1, 2019. January 1, 2019, January 1, 2019 January 1, 2019 Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes. Deferred income taxes have been provided for the resulting temporary differences. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company files income tax returns in the U.S. federal jurisdiction, and the state of California. With few exceptions, the Company is no 2018 2017. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets 1 2 3 not |
Advertising Cost [Policy Text Block] | Advertising costs December 31, 2021 2020, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income December 31, 2021 2020, |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Reserve Bank Stock no 1 2 3 4 |
Federal Reserve Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock no 1 2 3 4 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share ( EPS ) 12 1 2 3 two two not |
Share-based Payment Arrangement [Policy Text Block] | Stock based compensation 2021 2020, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair values of financial instruments December 31, 2021 2020. not |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements may The Company has established and documented a process for determining fair value. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. Whenever there is no |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets December 31, 2021 December 31, 2020. may not not The core deposit intangible represents the estimated future benefits of acquired deposits and is booked separately from the related deposits. The value of the core deposit intangible asset was determined using a discounted cash flow approach to arrive at the cost differential between the core deposits (non-maturity deposits such as transaction, savings and money market accounts) and alternative funding sources. The core deposit intangible is amortized on an accelerated basis over an estimated ten No December 31, 2021. December 31, 2021, (in thousands) 2022 2023 2024 2025 Total Core deposit intangible amortization $ 89 $ 86 $ 82 $ 77 $ 334 The Company applies a qualitative analysis of conditions in order to determine if it is more likely than not may not no December 31, 2021. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In June 2016, No. 2016 13, 326 December 15, 2019, October 2019, three January 1, 2023. not In April 2019, 2019 04, 326, 815, 825, January 1, 2020. not In May 2019, 2019 05, 326 not 2016 13, 2016 13 In March 2020, 2020 04 848 March 12, 2020 December 31, 2022. In August 2021, 2021 06 205 942, 946 No. 33 10786, August 2021. not |
Note 1 - Summary of Accountin_2
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | years Building 31.5 Equipment 3 – 12 Furniture and fixtures 3 – 7 Leasehold improvements 5 – 15 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2022 2023 2024 2025 Total Core deposit intangible amortization $ 89 $ 86 $ 82 $ 77 $ 334 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 21,776 $ 450 $ (56 ) $ 22,170 Collateralized mortgage obligations 916 5 (22 ) 899 Municipalities 168,033 8,308 (99 ) 176,242 SBA pools 3,703 16 (11 ) 3,708 Corporate debt 19,524 127 (165 ) 19,486 Asset backed securities 40,151 278 (45 ) 40,384 $ 254,103 $ 9,184 $ (398 ) $ 262,889 (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 $ 4,978 $ (55 ) $ 79 $ (1 ) $ 5,057 $ (56 ) Collateralized mortgage obligations 0 0 482 (22 ) 482 (22 ) Municipalities 12,805 (99 ) 0 0 12,805 (99 ) SBA pools 0 0 1,777 (11 ) 1,777 (11 ) Corporate debt 7,863 (137 ) 2,472 (28 ) 10,335 (165 ) Asset backed securities 11,393 (26 ) 4,511 (19 ) 15,904 (45 ) Total temporarily impaired securities $ 37,039 $ (317 ) $ 9,321 $ (81 ) $ 46,360 $ (398 ) (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 19,649 19,826 Due after one year through five years 83,502 87,716 Due after five years through ten years 103,090 106,166 Due after ten years 47,862 49,181 $ 254,103 $ 262,889 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) December 31, 2021 December 31, 2020 Commercial real estate: Commercial real estate- construction $ 25,737 $ 32,459 Commercial real estate- mortgages 583,620 540,556 Land 3,101 5,318 Farmland 76,670 82,998 Commercial and industrial 109,554 292,006 Consumer 416 636 Consumer residential 28,439 30,887 Agriculture 32,500 28,255 Total loans 860,037 1,013,115 Less: Deferred loan fees and costs, net (1,452 ) (4,572 ) Allowance for loan losses (10,738 ) (11,297 ) Net loans $ 847,847 $ 997,246 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 25,737 $ 25,737 $ 0 Commercial R.E. - mortgages 0 0 0 0 583,620 583,620 0 Land 0 0 0 0 3,101 3,101 0 Farmland 0 0 0 0 76,670 76,670 0 Commercial and industrial 0 0 0 0 109,554 109,554 0 Consumer 0 0 0 0 416 416 0 Consumer residential 0 0 0 0 28,439 28,439 0 Agriculture 0 0 0 0 32,500 32,500 0 Total $ 0 $ 0 $ 0 $ 0 $ 860,037 $ 860,037 $ 0 December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More 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 Average Recorded Investment December 31, 2021 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 0 166 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 0 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 166 (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 December 31, 2021 Pass $ 25,737 $ 574,774 $ 3,101 $ 75,889 $ 107,154 $ 395 $ 28,404 $ 32,500 $ 847,954 Special mention - 8,846 - - 1,647 - - - 10,493 Substandard - - - 781 753 21 35 - 1,590 Total loans $ 25,737 $ 583,620 $ 3,101 $ 76,670 $ 109,554 $ 416 $ 28,439 $ 32,500 $ 860,037 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) Year Ended December 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 (25 ) 0 0 (25 ) Recoveries 93 0 7 1 0 101 Provision for (reversal of) loan losses 1 (368 ) 2 1 (271 ) (635 ) Ending balance $ 9,404 $ 711 $ 6 $ 327 $ 290 $ 10,738 Year Ended December 31, 2020 Beginning balance $ 7,250 $ 1,002 $ 38 $ 331 $ 525 $ 9,146 Charge-offs 0 0 (29 ) (2 ) 0 (31 ) Recoveries 6 0 10 1 0 17 Provision for (reversal of) loan losses 2,054 77 3 (5 ) 36 2,165 Ending balance $ 9,310 $ 1,079 $ 22 $ 325 $ 561 $ 11,297 (in thousands) December 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 9,404 711 6 327 290 10,738 $ 9,404 $ 711 $ 6 $ 327 $ 290 $ 10,738 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 689,128 109,554 416 28,439 32,500 860,037 $ 689,128 $ 109,554 $ 416 $ 28,439 $ 32,500 $ 860,037 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] | (in thousands) YEARS ENDED DECEMBER 31, 2021 2020 Balance, beginning of year $ 379 $ 427 Provision (reversed) charged to operations for off balance sheet 90 (48 ) Balance, end of year $ 469 $ 379 |
Weighted Average [Member] | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 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 3.08 3.11 Land 3.00 3.94 Farmland 3.09 3.06 Commercial and industrial 3.01 3.02 Consumer 1.81 1.74 Consumer residential 3.00 3.00 Agriculture 3.23 3.05 Total gross loans 3.07 3.08 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | ( DECEMBER 31, 2021 2020 Land $ 5,195 $ 5,195 Building 10,557 10,601 Leasehold improvements 5,224 5,190 Furniture, fixtures, and equipment 3,949 9,007 Branch construction work-in-process 209 518 25,134 30,511 Less accumulated depreciation (9,712 ) (14,741 ) $ 15,422 $ 15,770 |
Note 6 - Interest Receivable _2
Note 6 - Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | ( DECEMBER 31, 2021 2020 Net deferred tax asset $ 2,129 $ 1,363 Restricted equity securities 5,493 4,757 Interest income receivable on loans 2,326 4,308 Interest income receivable on investments 1,732 1,381 Investments in limited partnerships 4,359 4,688 Lease right of use asset 6,534 4,585 Prepaid expenses and other 973 1,070 $ 23,546 $ 22,152 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deposit Account Balances [Table Text Block] | DECEMBER 31, (in thousands) 2021 2020 Demand $ 1,210,153 $ 907,913 Money market deposit accounts 401,072 301,506 Savings 155,231 120,552 Time deposits $250,000 and under 21,948 21,704 Time deposits over $250,000 18,562 16,134 Total deposits $ 1,806,966 $ 1,367,809 |
Schedule of Maturities of Deposit [Table Text Block] | Year ending December 31, 2022 $ 27,461 2023 7,790 2024 3,704 2025 1,549 2026 6 $ 40,510 |
Note 9 - Interest on Deposits (
Note 9 - Interest on Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Interest Income and Interest Expense Disclosure [Table Text Block] | YEARS ENDED DECEMBER 31, (in thousands) 2021 2020 Savings and other deposits $ 857 $ 978 Time deposits over $250,000 53 85 Time deposits $250,000 and under 61 56 $ 971 $ 1,119 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) YEARS ENDED DECEMBER 31, 2021 2020 Current Federal $ 3,152 $ 2,526 State 2,322 2,009 5,474 4,535 Deferred Federal (119 ) (255 ) State (15 ) (224 ) (134 ) (479 ) $ 5,340 $ 4,056 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) DECEMBER 31, 2021 2020 Deferred tax assets: Allowance for loan losses $ 3,175 $ 3,340 Restricted stock expense 120 111 Accrued vacation 192 155 Accrued salary continuation liability 1,499 1,328 Deferred compensation 78 77 Core deposit intangible 84 77 Merger Costs 71 79 Reserve for undisbursed commitments 139 112 OREO expenses 173 173 State income tax 488 422 Holding company organization fees 4 7 6,023 5,881 Deferred tax liabilities: Prepaid expenses (102 ) (73 ) FHLB dividends (144 ) (144 ) Accumulated depreciation (97 ) (118 ) Accrued bonus (3 ) 0 Deferred loan costs (406 ) (595 ) Goodwill Amortization (392 ) (326 ) Limited partner investment in small business equity fund (153 ) (33 ) Unrealized gain on securities available for sale (2,597 ) (3,229 ) (3,894 ) (4,518 ) Net deferred income tax asset $ 2,129 $ 1,363 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | YEARS ENDED DECEMBER 31, 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 8.6 % 8.6 % Tax exempt interest on municipal securities and loans -3.8 % -4.1 % Other -1.1 % -2.6 % Effective tax rate 24.6 % 22.9 % |
Note 11 - Stock Option Plan (Ta
Note 11 - Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | DECEMBER 31, 2021 DECEMBER 31, 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 89,828 $ 19.32 101,555 $ 19.75 Issued 31,207 $ 16.60 17,756 $ 16.08 Vested (28,685 ) $ 19.12 (27,083 ) $ 19.53 Forfeited (4,500 ) $ 17.74 (2,400 ) $ 19.19 Unvested at end of year 87,850 $ 18.50 89,828 $ 19.32 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | YEAR ENDED DECEMBER 31, 2021 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 16,337 8,145,028 $ 2.01 Effect of dilutive securities: Non-vested restricted stock — 33,712 Total dilutive shares 33,712 Diluted EPS: Net income per diluted share $ 16,337 8,178,740 $ 2.00 YEAR ENDED DECEMBER 31, 2020 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 13,687 8,123,386 $ 1.68 Effect of dilutive securities: Non-vested restricted stock — 15,142 Total dilutive shares 15,142 Diluted EPS: Net income per diluted share $ 13,687 8,138,528 $ 1.68 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, 2022 $ 1,372 2023 1,187 2024 1,052 2025 770 2026 604 Thereafter 2,479 $ 7,464 |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | Contract (in thousands) Amount Undisbursed loan commitments $ 160,467 Checking reserve 1,439 Equity lines 15,835 Standby letters of credit 3,345 $ 181,086 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 $ 778,267 $ 778,267 1 Restricted equity securities 5,493 5,493 2 Loans, net 847,847 852,975 3 Interest receivable 4,058 4,058 2 Financial liabilities: Deposits (1,806,966 ) (1,807,032 ) 3 Interest payable (20 ) (20 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,811 ) 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 assets (liabilities): Commitments and standby letters of credit (1,457 ) 3 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 2021 Using (in thousands) December 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 $ 22,170 $ 0 $ 22,170 $ 0 Collateralized mortgage obligations 899 0 899 0 Municipalities 176,242 0 176,242 0 SBA pools 3,708 0 3,708 0 Corporate debt 19,486 0 19,486 0 Asset backed securities 40,384 0 40,384 0 Equity Securities: Mutual fund $ 3,391 $ 3,391 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A 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 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | YEARS ENDED DECEMBER 31, (in thousands) 2021 2020 Aggregate amount outstanding, beginning of year $ 5,543 $ 5,734 New loans or advances during year 6,020 12,152 Repayments during year (5,941 ) (11,943 ) Loans outstanding to retired director removed from related party status 0 (400 ) Aggregate amount outstanding, end of year $ 5,622 $ 5,543 |
Note 19 - Regulatory Matters (T
Note 19 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (in thousands) Regulatory Actual Minimum Capital ratios for Bank: Amount Ratio Amount Ratio As of December 31, 2021 Total capital (to Risk- Weighted Assets) $ 143,871 13.6% $ 110,780 >10.5% Tier I capital (to Risk- Weighted Assets) $ 132,664 12.6% $ 89,679 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 132,664 12.6% $ 73,853 >7.0% Tier I capital (to Average Assets) $ 132,664 7.00% $ 76,310 >4.0% As of December 31, 2020 Total capital (to Risk- Weighted Assets) $ 129,654 13.1% $ 103,632 >10.5% Tier I capital (to Risk- Weighted Assets) $ 117,978 12.0% $ 83,893 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 117,978 12.0% $ 69,088 >7.0% Tier I capital (to Average Assets) $ 117,978 8.0% $ 59,306 >4.0% Capital ratios for the Company: As of December 31, 2021 Total capital (to Risk- Weighted Assets) $ 143,984 13.7% $ 110,784 >10.5% Tier I capital (to Risk- Weighted Assets) $ 132,777 12.6% $ 89,683 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 132,777 12.6% $ 73,856 >7.0% Tier I capital (to Average Assets) $ 132,777 7.0% $ 76,313 >4.0% As of December 31, 2020 Total capital (to Risk- Weighted Assets) $ 129,936 13.2% $ 103,637 >10.5% Tier I capital (to Risk- Weighted Assets) $ 118,260 12.0% $ 83,896 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 118,260 12.0% $ 69,091 >7.0% Tier I capital (to Average Assets) $ 118,260 8.0% $ 59,309 >4.0% |
Note 21 - Parent Only Condens_2
Note 21 - Parent Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) December 31, December 31, 2021 2020 ASSETS Cash $ 70 $ 250 Investment in bank subsidiary 142,499 129,412 Other assets 45 43 Total assets $ 142,614 $ 129,705 LIABILITIES AND SHAREHOLDERS EQUITY Other liabilities $ 2 $ 11 Total liabilities $ 2 $ 11 Shareholders’ equity Common stock, no 50,000,000 8,239,099 8,210,147 25,435 25,435 Additional paid-in capital 4,689 4,216 Retained earnings 106,300 92,349 Accumulated other comprehensive income, net of tax 6,188 7,694 Total shareholders’ equity 142,612 129,694 Total liabilities and shareholders' equity $ 142,614 $ 129,705 |
Condensed Income Statement [Table Text Block] | (dollars in thousands) Year Ended December 31, 2021 2020 INCOME Dividends declared by subsidiary $ 2,385 $ 2,549 Total income 2,385 2,549 EXPENSES Salary expense 128 116 Employee benefit expense 580 549 Legal expense 51 40 Other operating expenses 114 108 Total expenses 873 813 Income before equity in undistributed income of subsidiary 1,512 1,736 Equity in undistributed net income of subsidiary 14,593 11,742 Income before income tax benefit 16,105 13,478 Income tax benefit 232 209 Net income $ 16,337 $ 13,687 |
Condensed Cash Flow Statement [Table Text Block] | YEAR ENDED DECEMBER 31, (dollars in thousands) 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 16,337 $ 13,687 Adjustments to reconcile net income to net cash from operating activities: Undistributed net income of subsidiary (14,593 ) (11,742 ) Stock based compensation 580 549 (Decrease) increase in other liabilities (9 ) 11 (Increase) decrease in other assets (2 ) 5 Net cash from operating activities 2,313 2,510 CASH FLOWS FROM FINANCING ACTIVITIES: Shareholder cash dividends paid (2,385 ) (2,299 ) Tax withholding payments on vested restricted shares surrendered (108 ) (110 ) Net cash used in financing activities (2,493 ) (2,409 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (180 ) 101 CASH AND CASH EQUIVALENTS, beginning of period 250 149 CASH AND CASH EQUIVALENTS, end of period $ 70 $ 250 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 5,724 $ 4,338 |
Note 1 - Summary of Accountin_3
Note 1 - Summary of Accounting Policies (Details Textual) | Jul. 03, 2008shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Jan. 01, 2019USD ($) |
Conversion of Stock Shares Converted for Each Outstanding Share of Wholly Owned Subsidiary (in shares) | shares | 1 | |||
Common Stock, Shares Authorized (in shares) | shares | 50,000,000 | 50,000,000 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares | 8,239,099 | 8,218,873 | ||
Common Stock, Shares, Issued, Total (in shares) | shares | 8,239,099 | 8,218,873 | ||
Preferred Stock, Shares Authorized (in shares) | shares | 10,000,000 | |||
Preferred Stock, Shares Issued, Total (in shares) | shares | 0 | |||
Advertising Expense | $ | $ 405,000 | $ 401,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax, Total | $ | $ 108,000 | $ 1,000 | ||
Number of Forms of Outstanding Stock Awards | 2 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | shares | 31,207 | 17,756 | ||
Goodwill, Ending Balance | $ | $ 3,313,000 | $ 3,313,000 | ||
Core Deposits [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ | $ 334,000 | 427,000 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ | $ 0 | |||
Interest Payable and Other Liabilities [Member] | ||||
Operating Lease, Liability, Total | $ | 5,246,000 | $ 5,246,000 | ||
Interest Receivable and Other Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | $ | $ 6,534,000 | $ 4,585,000 | $ 4,817,000 |
Note 1 - Summary of Accountin_4
Note 1 - Summary of Accounting Policies - Premises and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building [Member] | |
Property, plant, and equipment, useful life (Year) | 31 years 6 months |
Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 12 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 15 years |
Note 1 - Summary of Accountin_5
Note 1 - Summary of Accounting Policies - Future Estimated Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Dec. 31, 2021USD ($) |
2020 | $ 89 |
2021 | 86 |
2022 | 82 |
2023 | 77 |
2024 | $ 334 |
Note 2 - Cash and Due From Ba_2
Note 2 - Cash and Due From Banks (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Reserve Deposit Required and Made | $ 690,404,000 | $ 153,856,000 |
Cash, Uninsured Amount | $ 38,487,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Equity Securities, FV-NI, Current | $ 3,391,000 | $ 3,425,000 |
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (99,000) | 48,000 |
Debt Securities, Available-for-sale, Realized Gain | 94,000 | $ 2,000 |
Number of Debt Securities, Available-for-sale, Sold | 0 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 202,610,000 | $ 147,795,000 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 8 | |
SBA Pool [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 4 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 3 | |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 3 | |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 7 | |
One Security Sold [Member] | ||
Debt Securities, Available-for-sale, Realized Gain | $ 60,000 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities, amortized cost | $ 254,103 | $ 206,240 |
Available-for-sale securities, gross unrealized gains | 9,184 | 11,512 |
Available-for-sale securities, gross unrealized losses | (398) | (588) |
Available-for-sale securities, fair market value | 262,889 | 217,164 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 21,776 | 22,802 |
Available-for-sale securities, gross unrealized gains | 450 | 892 |
Available-for-sale securities, gross unrealized losses | (56) | (2) |
Available-for-sale securities, fair market value | 22,170 | 23,692 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 916 | 1,250 |
Available-for-sale securities, gross unrealized gains | 5 | 18 |
Available-for-sale securities, gross unrealized losses | (22) | (45) |
Available-for-sale securities, fair market value | 899 | 1,223 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 168,033 | 115,706 |
Available-for-sale securities, gross unrealized gains | 8,308 | 9,896 |
Available-for-sale securities, gross unrealized losses | (99) | 0 |
Available-for-sale securities, fair market value | 176,242 | 125,602 |
SBA Pool [Member] | ||
Available-for-sale securities, amortized cost | 3,703 | 5,027 |
Available-for-sale securities, gross unrealized gains | 16 | 6 |
Available-for-sale securities, gross unrealized losses | (11) | (25) |
Available-for-sale securities, fair market value | 3,708 | 5,008 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 19,524 | 14,229 |
Available-for-sale securities, gross unrealized gains | 127 | 308 |
Available-for-sale securities, gross unrealized losses | (165) | (185) |
Available-for-sale securities, fair market value | 19,486 | 14,352 |
Asset-backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 40,151 | 47,226 |
Available-for-sale securities, gross unrealized gains | 278 | 392 |
Available-for-sale securities, gross unrealized losses | (45) | (331) |
Available-for-sale securities, fair market value | $ 40,384 | $ 47,287 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Less than 12 months, fair value | $ 37,039 | $ 11,362 |
Less than 12 months, unrealized loss | (317) | (59) |
12 months or more, fair value | 9,321 | 36,082 |
12 months or more, unrealized loss | (81) | (529) |
Fair value | 46,360 | 47,444 |
Unrealized loss | (398) | (588) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 4,978 | 94 |
Less than 12 months, unrealized loss | (55) | (1) |
12 months or more, fair value | 79 | 251 |
12 months or more, unrealized loss | (1) | (1) |
Fair value | 5,057 | 345 |
Unrealized loss | (56) | (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 | 482 | 565 |
12 months or more, unrealized loss | (22) | (45) |
Fair value | 482 | 565 |
Unrealized loss | (22) | (45) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 12,805 | 0 |
Less than 12 months, unrealized loss | (99) | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized loss | 0 | 0 |
Fair value | 12,805 | 0 |
Unrealized loss | (99) | 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 | 1,777 | 3,847 |
12 months or more, unrealized loss | (11) | (25) |
Fair value | 1,777 | 3,847 |
Unrealized loss | (11) | (25) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 7,863 | 0 |
Less than 12 months, unrealized loss | (137) | 0 |
12 months or more, fair value | 2,472 | 6,315 |
12 months or more, unrealized loss | (28) | (185) |
Fair value | 10,335 | 6,315 |
Unrealized loss | (165) | (185) |
Asset-backed Securities [Member] | ||
Less than 12 months, fair value | 11,393 | 11,268 |
Less than 12 months, unrealized loss | (26) | (58) |
12 months or more, fair value | 4,511 | 25,104 |
12 months or more, unrealized loss | (19) | (273) |
Fair value | 15,904 | 36,372 |
Unrealized loss | $ (45) | $ (331) |
Note 3 - Securities - Contractu
Note 3 - Securities - Contractual Maturity or Call Date (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due in one year or less, amortized cost | $ 19,649 | |
Due in one year or less, fair value | 19,826 | |
Due after one year through five years, amortized cost | 83,502 | |
Due after one year through five years, fair value | 87,716 | |
Due after five years through ten years, amortized cost | 103,090 | |
Due after five years through ten years, fair value | 106,166 | |
Due after ten years, amortized cost | 47,862 | |
Due after ten years, fair value | 49,181 | |
Amortized cost | 254,103 | $ 206,240 |
Fair Value | $ 262,889 | $ 217,164 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021 | |
Loans and Leases Receivable, Gross, Total | $ 1,013,115,000 | $ 860,037,000 | $ 1,013,115,000 | ||
Financing Receivable, Number of Paycheck Protection Program Loans Originated | 1,671 | 1,671 | |||
Financing Receivable, Paycheck Protection Program Loans Originated | $ 244,197,000 | $ 244,197,000 | |||
Financing Receivable, Number of Payment Deferrals | 1 | ||||
Loan Balance for Which Payments Were Deferred Due to the Borrowers Economic Hardship | $ 8,092,745 | ||||
Loans and Leases Receivable, Percentage of Outstanding Principal Balance Secured by Owner Occupied Properties | 39.00% | ||||
Underwriting Standards, Loan to Value Percentage | 80.00% | ||||
Underwriting Standards, Housing Percentage | 36.00% | ||||
Underwriting Standards, Total Debt Ratio | 42.00% | ||||
Financing Receivable, Nonaccrual | $ 0 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 0 | $ 0 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||||
Financing Receivable Modifications, Period Contractually Past Due for Loan to Be Considered in Payment Default (Day) | 90 days | ||||
Loans and Leases Receivable, Minimum Cash Collateral Percent | 110.00% | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 1,013,115,000 | $ 860,037,000 | $ 1,013,115,000 | ||
Substandard [Member] | |||||
Loans and Leases Receivable, Gross, Total | 2,837,000 | $ 1,590,000 | 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 | 210,822,000 | $ 30,503,000 | 210,822,000 | ||
Loans and Leases Receivable, Paid-off Through Forgiveness | $ 33,000,000 | 282,000,000 | $ 33,375,000 | ||
Financing Receivable, Number of Paycheck Protection Program Loans Originated | 924 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated | $ 100,698,000 | ||||
Financing Receivable, Number of Payment Deferrals | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 80.00% | ||||
Loans and Leases Receivable, Gross, Total | $ 661,331,000 | $ 689,128,000 | $ 661,331,000 | ||
Commercial Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross Carrying Amount As Percentage of Total Loans | 13.00% | ||||
Loans and Leases Receivable, Gross, Total | 292,006,000 | $ 109,554,000 | 292,006,000 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Loans and Leases Receivable, Gross, Total | 1,502,000 | 753,000 | 1,502,000 | ||
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||||
Loans and Leases Receivable, Gross, Total | 210,822,000 | $ 30,503,000 | 210,822,000 | ||
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 | 4.00% | ||||
Loans and Leases Receivable, Gross, Total | 28,255,000 | $ 32,500,000 | 28,255,000 | ||
Agriculture [Member] | Substandard [Member] | |||||
Loans and Leases Receivable, Gross, Total | $ 248,000 | $ 0 | $ 248,000 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 860,037 | $ 1,013,115 | |
Deferred loan fees and costs, net | (1,452) | (4,572) | |
Allowance for loan losses | (10,738) | (11,297) | $ (9,146) |
Net loans | 847,847 | 997,246 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 689,128 | 661,331 | |
Allowance for loan losses | (9,404) | (9,310) | (7,250) |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 25,737 | 32,459 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | |||
Loans | 583,620 | 540,556 | |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | |||
Loans | 3,101 | 5,318 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Loans | 76,670 | 82,998 | |
Commercial Portfolio Segment [Member] | |||
Loans | 109,554 | 292,006 | |
Allowance for loan losses | (711) | (1,079) | (1,002) |
Consumer Portfolio Segment [Member] | |||
Loans | 416 | 636 | |
Allowance for loan losses | (6) | (22) | (38) |
Residential Portfolio Segment [Member] | |||
Loans | 28,439 | 30,887 | |
Allowance for loan losses | (327) | (325) | (331) |
Agriculture [Member] | |||
Loans | 32,500 | 28,255 | |
Allowance for loan losses | $ (290) | $ (561) | $ (525) |
Note 4 - Loans - Aging of Past
Note 4 - Loans - Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 860,037 | $ 1,013,115 |
Greater than 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 362 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans | 0 | 362 |
Financial Asset, Not Past Due [Member] | ||
Loans | 860,037 | 1,012,753 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 689,128 | 661,331 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 25,737 | 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] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 25,737 | 32,459 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 583,620 | 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] | ||
Loans | 0 | 362 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 362 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 583,620 | 540,194 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 3,101 | 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] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 3,101 | 5,318 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 76,670 | 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] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 76,670 | 82,998 |
Commercial Portfolio Segment [Member] | ||
Loans | 109,554 | 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] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 109,554 | 292,006 |
Consumer Portfolio Segment [Member] | ||
Loans | 416 | 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] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 416 | 636 |
Residential Portfolio Segment [Member] | ||
Loans | 28,439 | 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] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 28,439 | 30,887 |
Agriculture [Member] | ||
Loans | 32,500 | 28,255 |
Greater than 90 days past due and still accruing | 0 | 0 |
Agriculture [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 32,500 | $ 28,255 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unpaid contractual principal (USD) | $ 0 | $ 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 166 | 811 |
Commercial Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 87 |
Agriculture [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Mortgage Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Land Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 166 | 724 |
Farmland Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | $ 0 | $ 0 |
Note 4 - Loans - Weighted Avera
Note 4 - Loans - Weighted Average Risk Grades of Loan Portfolio (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average risk grade of loans | 3.07 | 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 | 3.08 | 3.11 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Weighted average risk grade of loans | 3 | 3.94 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Weighted average risk grade of loans | 3.09 | 3.06 |
Commercial Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 3.01 | 3.02 |
Consumer Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 1.81 | 1.74 |
Residential Portfolio Segment [Member] | ||
Weighted average risk grade of loans | 3 | 3 |
Agriculture [Member] | ||
Weighted average risk grade of loans | 3.23 | 3.05 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 860,037 | $ 1,013,115 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 689,128 | 661,331 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 25,737 | 32,459 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 583,620 | 540,556 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 3,101 | 5,318 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 76,670 | 82,998 |
Commercial Portfolio Segment [Member] | ||
Loans | 109,554 | 292,006 |
Consumer Portfolio Segment [Member] | ||
Loans | 416 | 636 |
Residential Portfolio Segment [Member] | ||
Loans | 28,439 | 30,887 |
Agriculture [Member] | ||
Loans | 32,500 | 28,255 |
Pass [Member] | ||
Loans | 847,954 | 1,000,380 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 25,737 | 32,459 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 574,774 | 531,507 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 3,101 | 4,469 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 75,889 | 81,972 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 107,154 | 290,504 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 395 | 613 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | 28,404 | 30,849 |
Pass [Member] | Agriculture [Member] | ||
Loans | 32,500 | 28,007 |
Special Mention [Member] | ||
Loans | 10,493 | 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 | 8,846 | 9,049 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 0 | 849 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 1,647 | 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 | 1,590 | 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 | 0 | 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 | 781 | 1,026 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 753 | 1,502 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 21 | 23 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 35 | 38 |
Substandard [Member] | Agriculture [Member] | ||
Loans | $ 0 | $ 248 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 11,297 | $ 9,146 |
Charge-offs | (25) | (31) |
Recoveries | 101 | 17 |
(Reversal of) provision for loan losses | (635) | 2,165 |
Loans and Leases Receivable, Allowance, Ending Balance | 10,738 | 11,297 |
Loans and Leases Receivable, Gross, Total | 860,037 | 1,013,115 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 9,310 | 7,250 |
Charge-offs | 0 | 0 |
Recoveries | 93 | 6 |
(Reversal of) provision for loan losses | 1 | 2,054 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 9,404 | 9,310 |
Loans and Leases Receivable, Allowance, Ending Balance | 9,404 | 9,310 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 689,128 | 661,331 |
Loans and Leases Receivable, Gross, Total | 689,128 | 661,331 |
Commercial Portfolio Segment [Member] | ||
Beginning balance | 1,079 | 1,002 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Reversal of) provision for loan losses | (368) | 77 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 711 | 1,079 |
Loans and Leases Receivable, Allowance, Ending Balance | 711 | 1,079 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 109,554 | 292,006 |
Loans and Leases Receivable, Gross, Total | 109,554 | 292,006 |
Consumer Portfolio Segment [Member] | ||
Beginning balance | 22 | 38 |
Charge-offs | (25) | (29) |
Recoveries | 7 | 10 |
(Reversal of) provision for loan losses | 2 | 3 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 6 | 22 |
Loans and Leases Receivable, Allowance, Ending Balance | 6 | 22 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 416 | 636 |
Loans and Leases Receivable, Gross, Total | 416 | 636 |
Residential Portfolio Segment [Member] | ||
Beginning balance | 325 | 331 |
Charge-offs | 0 | (2) |
Recoveries | 1 | 1 |
(Reversal of) provision for loan losses | 1 | (5) |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 327 | 325 |
Loans and Leases Receivable, Allowance, Ending Balance | 327 | 325 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 28,439 | 30,887 |
Loans and Leases Receivable, Gross, Total | 28,439 | 30,887 |
Agriculture [Member] | ||
Beginning balance | 561 | 525 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Reversal of) provision for loan losses | (271) | 36 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 290 | 561 |
Loans and Leases Receivable, Allowance, Ending Balance | 290 | 561 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 32,500 | 28,255 |
Loans and Leases Receivable, Gross, Total | 32,500 | 28,255 |
Unallocated Financing Receivables [Member] | ||
Beginning balance | 11,297 | |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 10,738 | 11,297 |
Loans and Leases Receivable, Allowance, Ending Balance | 10,738 | 11,297 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 860,037 | 1,013,115 |
Loans and Leases Receivable, Gross, Total | $ 860,037 | $ 1,013,115 |
Note 4 - Loans - Changes in the
Note 4 - Loans - Changes in the Allowance, Off-balance-sheet Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of year | $ 379 | $ 427 |
Provision (reversed) charged to operations for off balance sheet | 90 | (48) |
Balance, end of year | $ 469 | $ 379 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 1,326,000 | $ 1,199,000 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant, and equipment | $ 25,134 | $ 30,511 |
Less accumulated depreciation | (9,712) | (14,741) |
Property, Plant and Equipment, Net, Ending Balance | 15,422 | 15,770 |
Land [Member] | ||
Property, plant, and equipment | 5,195 | 5,195 |
Building [Member] | ||
Property, plant, and equipment | 10,557 | 10,601 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 5,224 | 5,190 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment | 3,949 | 9,007 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 209 | $ 518 |
Note 6 - Interest Receivable _3
Note 6 - Interest Receivable and Other Assets - Other Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Net deferred tax asset | $ 2,129,000 | $ 1,363,000 | |
Restricted equity securities | 5,493,000 | 4,757,000 | |
Interest income receivable on loans | 2,326,000 | 4,308,000 | |
Interest income receivable on investments | 1,732,000 | 1,381,000 | |
Investments in limited partnerships | 4,359,000 | 4,688,000 | |
Prepaid expenses and other | 973,000 | 1,070,000 | |
Other Assets, Total | 23,546,000 | 22,152,000 | |
Interest Receivable and Other Assets [Member] | |||
Lease right of use asset | $ 6,534,000 | $ 4,585,000 | $ 4,817,000 |
Note 7 - Deposits - Summary of
Note 7 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Demand | $ 1,210,153 | $ 907,913 |
Money market deposit accounts | 401,072 | 301,506 |
Savings | 155,231 | 120,552 |
Time deposits $250,000 and under | 21,948 | 21,704 |
Time deposits over $250,000 | 18,562 | 16,134 |
Total deposits | $ 1,806,966 | $ 1,367,809 |
Note 7 - Deposits - Certificate
Note 7 - Deposits - Certificates of Deposit Issued and Remaining Maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 27,461 |
2023 | 7,790 |
2024 | 3,704 |
2025 | 1,549 |
2026 | 6 |
Time Deposits, Total | $ 40,510 |
Note 8 - FHLB Advances (Details
Note 8 - FHLB Advances (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Advances from Federal Home Loan Banks, Total | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 368,455,000 | 317,630,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 860,037,000 | $ 1,013,115,000 |
Note 9 - Interest on Deposits -
Note 9 - Interest on Deposits - Interest on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Savings and other deposits | $ 857 | $ 978 |
Time deposits over $250,000 | 53 | 85 |
Time deposits $250,000 and under | 61 | 56 |
Interest Expense, Deposits, Total | $ 971 | $ 1,119 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2018 2019 2020 2021 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||
Open Tax Year | 2017 2018 2019 2020 2021 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal, Current | $ 3,152 | $ 2,526 |
State, Current | 2,322 | 2,009 |
Current | 5,474 | 4,535 |
Federal, Deferred | (119) | (255) |
State, Deferred | (15) | (224) |
Deferred Federal, State and Local, Tax Expense (Benefit), Total | (134) | (479) |
Income Tax Expense (Benefit), Total | $ 5,340 | $ 4,056 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 3,175 | $ 3,340 |
Restricted stock expense | 120 | 111 |
Accrued vacation | 192 | 155 |
Accrued salary continuation liability | 1,499 | 1,328 |
Deferred compensation | 78 | 77 |
Core deposit intangible | 84 | 77 |
Merger Costs | (71) | (79) |
Reserve for undisbursed commitments | 139 | 112 |
OREO expenses | 173 | 173 |
State income tax | 488 | 422 |
Holding company organization fees | 4 | 7 |
Deferred Tax Assets, Gross, Total | 6,023 | 5,881 |
Prepaid expenses | (102) | (73) |
FHLB dividends | (144) | (144) |
Accumulated depreciation | (97) | (118) |
Accrued bonus | (3) | 0 |
Deferred loan costs | (406) | (595) |
Goodwill Amortization | (392) | (326) |
Limited partner investment in small business equity fund | (153) | (33) |
Unrealized gain on securities available for sale | (2,597) | (3,229) |
Deferred Tax Liabilities, Gross, Total | (3,894) | (4,518) |
Net deferred income tax asset | $ 2,129 | $ 1,363 |
Note 10 - Income Taxes - Effect
Note 10 - Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal statutory income tax rate | 21.00% | 21.00% |
State taxes, net of federal tax benefit | 8.60% | 8.60% |
Tax exempt interest on municipal securities and loans | (3.80%) | (4.10%) |
Other | (1.10%) | (2.60%) |
Effective tax rate | 24.60% | 22.90% |
Note 11 - Stock Option Plan (De
Note 11 - Stock Option Plan (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares | |
Share-based Compensation Arrangements by Share-based Payment Award, Number of Plans | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | shares | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | shares | 0 | 0 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 162,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 31,207 | 17,756 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 16.60 | $ 16.08 | |
Share-based Payment Arrangement, Expense | $ 581,000 | $ 549,000 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 171,000 | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 26,000 | 31,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,182,000 | $ 1,324,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 21 days | 2 years 9 months 10 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | shares | 28,685 | 27,083 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 470,000 | $ 423,000 | |
2018 Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 607,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 531,592 |
Note 11 - Stock Option Plan - R
Note 11 - Stock Option Plan - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested, Shares (in shares) | 89,828 | 101,555 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 19.32 | $ 19.75 |
Issued, shares (in shares) | 31,207 | 17,756 |
Issued, Weighted average grant date fair value (in dollars per share) | $ 16.60 | $ 16.08 |
Vested, Shares (in shares) | (28,685) | (27,083) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 19.12 | $ 19.53 |
Forfeited, shares (in shares) | (4,500) | (2,400) |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 17.74 | $ 19.19 |
Unvested, Shares (in shares) | 87,850 | 89,828 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 18.50 | $ 19.32 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number Of Forms Of Outstanding Common Stock | 2 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income, Amount | $ 16,337 | $ 13,687 |
Net income, Weighted avg shares (in shares) | 8,145,028 | 8,123,386 |
Net income, Per share amount (in dollars per share) | $ 2.01 | $ 1.68 |
Non-vested restricted stock, Weighted avg shares (in shares) | 33,712 | 15,142 |
Total dilutive shares, Weighted avg shares (in shares) | 33,712 | 15,142 |
Net income per diluted share, Weighted avg shares (in shares) | 8,178,740 | 8,138,528 |
Net income per diluted share (in dollars per share) | $ 2 | $ 1.68 |
Net income | $ 16,337 | $ 13,687 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | |
Operating Lease, Expense | $ 1,228,000 | $ 1,135,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years 10 months 24 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.12% | ||
Interest Payable and Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 5,246,000 | $ 5,246,000 | |
Interest Receivable and Other Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 6,534,000 | $ 4,585,000 | $ 4,817,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Future Minimum Commitments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 1,372 |
2023 | 1,187 |
2024 | 1,052 |
2025 | 770 |
2026 | 604 |
Thereafter | 2,479 |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 7,464 |
Note 13 - Commitments and Con_5
Note 13 - Commitments and Contingencies - Financial Instruments Whose Contract Amounts Represent Credit Risk (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Fair value of off-balance sheet risks | $ 181,086 |
Undisbursed Loan Commitments [Member] | |
Fair value of off-balance sheet risks | 160,467 |
Checking Reserve [Member] | |
Fair value of off-balance sheet risks | 1,439 |
Equity Line [Member] | |
Fair value of off-balance sheet risks | 15,835 |
Standby Letters of Credit [Member] | |
Fair value of off-balance sheet risks | $ 3,345 |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments and Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 778,267 | $ 226,656 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 778,267 | 226,656 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted equity securities | 5,493 | 4,757 |
Interest receivable | 4,058 | 5,689 |
Interest payable | (20) | (20) |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted equity securities | 5,493 | 4,757 |
Interest receivable | 4,058 | 5,689 |
Interest payable | (20) | (20) |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 847,847 | 997,246 |
Deposits | (1,806,966) | (1,367,809) |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 852,975 | 1,006,335 |
Deposits | (1,807,032) | (1,367,874) |
Commitments and standby letters of credit | $ (1,811) | $ (1,457) |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring and Non Recurring Basis (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities, fair market value | $ 262,889,000 | $ 217,164,000 |
Equity Securities | 3,391,000 | 3,425,000 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 22,170,000 | 23,692,000 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 22,170,000 | 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 | 22,170,000 | 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 | 899,000 | 1,223,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 899,000 | 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 | 899,000 | 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 | 176,242,000 | 125,602,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 176,242,000 | 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 | 176,242,000 | 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 | 3,708,000 | 5,008,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 3,708,000 | 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 | 3,708,000 | 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 | 19,486,000 | 14,352,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 19,486,000 | 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 | 19,486,000 | 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 | 40,384,000 | 47,287,000 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 40,384,000 | 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 | 40,384,000 | 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 | 3,391,000 | 3,425,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 3,391,000 | 3,425,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity Securities | 0 | 0 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity Securities | $ 0 | $ 0 |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Deposit Liabilities | $ 11,577,000 | $ 15,914,000 |
Design Studio 120 [Member] | Construction, Renovation and Design Work [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 601,000 | $ 924,000 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Aggregate amount outstanding | $ 5,543 | $ 5,734 |
New loans or advances during year | 6,020 | 12,152 |
Repayments during year | (5,941) | (11,943) |
Loans outstanding to retired director removed from related party status | 0 | (400) |
Aggregate amount outstanding | $ 5,622 | $ 5,543 |
Note 16 - Profit Sharing Plan (
Note 16 - Profit Sharing Plan (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
The 401k, Profit Sharing Plan, Number of Working Hours Required | 1,000 | |
The 401k, Profit Sharing Plan, Number of Years to Complete Working 1,000 Hours (Year) | 1 year | |
The 401k, Profit Sharing Plan, Minimum Age Requirement | 21 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 833,000 | $ 737,000 |
Note 18 - Other Post-retireme_2
Note 18 - Other Post-retirement Benefit Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2001 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability, Other Postretirement Defined Benefit Plan | $ 5,070,000 | $ 4,491,000 | ||
Bank Owned Life Insurance | $ 29,469,000 | $ 25,325,000 | ||
Director Retirement Plan [Member] | ||||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period (Year) | 10 years | |||
Minimum [Member] | ||||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period (Year) | 10 years | |||
Maximum [Member] | ||||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period (Year) | 20 years |
Note 19 - Regulatory Matters (D
Note 19 - Regulatory Matters (Details Textual) $ in Billions | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 17, 2019USD ($) | Jan. 01, 2019 | Jul. 31, 2013 |
Common Equity Tier 1 Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 7.00% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | 0.085 | 0.06 | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | 0.105 | 0.08 | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.040 | 0.040 | 0.040 | ||
Capital Conservation Buffer | 2.50% | ||||
Community Bank Leverage Ratio Framework, Minimum Tier 1 Leverage Ratio | 9.00% | ||||
Community Bank Leverage Ratio Framework, Maximum Total Consolidated Assets | $ 10 |
Note 19 - Regulatory Matters -
Note 19 - Regulatory Matters - Company and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 31, 2013 |
Total capital (to Risk- Weighted Assets), Amount | $ 143,984 | $ 129,936 | |
Total capital (to Risk- Weighted Assets), Ratio | 0.137 | 0.132 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 110,784 | $ 103,637 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.105 | 0.105 | 0.08 |
Tier I capital (to Risk- Weighted Assets), Amount | $ 132,777 | $ 118,260 | |
Tier I capital (to Risk- Weighted Assets), Ratio | 0.126 | 0.120 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 89,683 | $ 83,896 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.085 | 0.085 | 0.06 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount | $ 132,777 | $ 118,260 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio | 12.60% | 12.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Amount | $ 73,856 | $ 69,091 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Ratio | 7.00% | 7.00% | 4.50% |
Tier I capital (to Average Assets), Amount | $ 132,777 | $ 118,260 | |
Tier I capital (to Average Assets), Ratio | 0.070 | 0.080 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Amount | $ 76,313 | $ 59,309 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Ratio | 0.040 | 0.040 | 0.040 |
Bank [Member] | |||
Total capital (to Risk- Weighted Assets), Amount | $ 143,871 | $ 129,654 | |
Total capital (to Risk- Weighted Assets), Ratio | 0.136 | 0.131 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 110,780 | $ 103,632 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.105 | 0.105 | |
Tier I capital (to Risk- Weighted Assets), Amount | $ 132,664 | $ 117,978 | |
Tier I capital (to Risk- Weighted Assets), Ratio | 0.126 | 0.120 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 89,679 | $ 83,893 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.085 | 0.085 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount | $ 132,664 | $ 117,978 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio | 12.60% | 12.00% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Amount | $ 73,853 | $ 69,088 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Ratio | 7.00% | 7.00% | |
Tier I capital (to Average Assets), Amount | $ 132,664 | $ 117,978 | |
Tier I capital (to Average Assets), Ratio | 0.0700 | 0.080 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Amount | $ 76,310 | $ 59,306 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Ratio | 0.040 | 0.040 |
Note 21 - Parent Only Condens_3
Note 21 - Parent Only Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other assets | $ 23,546 | $ 22,152 | |
Total assets | 1,964,478 | 1,511,478 | |
Other liabilities | 14,900 | 13,975 | |
Total liabilities | 1,821,866 | 1,381,784 | |
Common stock, no par value; 50,000,000 shares authorized, 8,239,099 and 8,210,147 shares issued and outstanding at December 31, 2021 and 2020, respectively | 25,435 | 25,435 | |
Retained earnings | 106,300 | 92,349 | |
Accumulated other comprehensive income, net of tax | 6,188 | 7,694 | |
Total shareholders’ equity | 142,612 | 129,694 | $ 112,570 |
Total liabilities and shareholders' equity | 1,964,478 | 1,511,478 | |
Parent Company [Member] | |||
Cash | 70 | 250 | |
Investment in bank subsidiary | 142,499 | 129,412 | |
Other assets | 45 | 43 | |
Total assets | 142,614 | 129,705 | |
Other liabilities | 2 | 11 | |
Total liabilities | 2 | 11 | |
Common stock, no par value; 50,000,000 shares authorized, 8,239,099 and 8,210,147 shares issued and outstanding at December 31, 2021 and 2020, respectively | 25,435 | 25,435 | |
Additional paid-in capital | 4,689 | 4,216 | |
Retained earnings | 106,300 | 92,349 | |
Accumulated other comprehensive income, net of tax | 6,188 | 7,694 | |
Total shareholders’ equity | 142,612 | 129,694 | |
Total liabilities and shareholders' equity | $ 142,614 | $ 129,705 |
Note 21 - Parent Only Condens_4
Note 21 - Parent Only Condensed Financial Statements - Condensed Balance Sheets (Details) (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 8,239,099 | 8,218,873 |
Common stock, shares outstanding (in shares) | 8,239,099 | 8,218,873 |
Parent Company [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,239,099 | 8,210,147 |
Common stock, shares outstanding (in shares) | 8,239,099 | 8,210,147 |
Note 21 - Parent Only Condens_5
Note 21 - Parent Only Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total income | $ 49,806 | $ 46,110 |
Salary expense | 20,210 | 17,972 |
Other operating expenses | 6,271 | 5,864 |
Total expenses | 33,219 | 29,864 |
Income before income tax benefit | 21,677 | 17,743 |
Income tax benefit | (5,340) | (4,056) |
Net income | 16,337 | 13,687 |
Parent Company [Member] | ||
Dividends declared by subsidiary | 2,385 | 2,549 |
Total income | 2,385 | 2,549 |
Salary expense | 128 | 116 |
Employee benefit expense | 580 | 549 |
Legal expense | 51 | 40 |
Other operating expenses | 114 | 108 |
Total expenses | 873 | 813 |
Income before equity in undistributed income of subsidiary | 1,512 | 1,736 |
Equity in undistributed net income of subsidiary | 14,593 | 11,742 |
Income before income tax benefit | 16,105 | 13,478 |
Income tax benefit | 232 | 209 |
Net income | $ 16,337 | $ 13,687 |
Note 21 - Parent Only Condens_6
Note 21 - Parent Only Condensed Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 16,337 | $ 13,687 |
Stock based compensation | 581 | 549 |
Increase in other assets | (5,975) | (2,232) |
Net cash from operating activities | 11,271 | 19,240 |
Tax withholding payments on vested restricted shares surrendered | (108) | (110) |
Net cash used in financing activities | 436,663 | 345,471 |
CASH AND CASH EQUIVALENTS, beginning of period | 226,656 | |
CASH AND CASH EQUIVALENTS, end of period | 778,267 | 226,656 |
Cash paid during the year for income taxes | 5,724 | 4,338 |
Parent Company [Member] | ||
Net income | 16,337 | 13,687 |
Undistributed net income of subsidiary | (14,593) | (11,742) |
Stock based compensation | 580 | 549 |
(Decrease) increase in other liabilities | (9) | 11 |
Increase in other assets | (2) | 5 |
Net cash from operating activities | 2,313 | 2,510 |
Shareholder cash dividends paid | (2,385) | (2,299) |
Tax withholding payments on vested restricted shares surrendered | (108) | (110) |
Net cash used in financing activities | (2,493) | (2,409) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (180) | 101 |
CASH AND CASH EQUIVALENTS, beginning of period | 250 | 149 |
CASH AND CASH EQUIVALENTS, end of period | 70 | 250 |
Cash paid during the year for income taxes | $ 5,724 | $ 4,338 |