Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34142 | |
Entity Registrant Name | OAK VALLEY BANCORP | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 26-2326676 | |
Entity Address, Address Line One | 125 N. Third Ave. | |
Entity Address, City or Town | Oakdale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95361 | |
City Area Code | 209 | |
Local Phone Number | 848-2265 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | OVLY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 8,359,556 | |
Entity Central Index Key | 0001431567 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 144,049,000 | $ 180,068,000 |
Federal funds sold | 25,680,000 | 36,500,000 |
Cash and cash equivalents | 169,729,000 | 216,568,000 |
Securities - available for sale | 505,091,000 | 518,078,000 |
Securities - equity investments | 3,102,000 | 3,132,000 |
Loans, net of allowance for credit losses of $10,922 and $10,896 at March 31, 2024 and December 31, 2023, respectively | 1,027,323,000 | 1,004,277,000 |
Cash surrender value of life insurance | 31,728,000 | 31,506,000 |
Bank premises and equipment, net | 15,673,000 | 15,865,000 |
Goodwill and other intangible assets, net | 3,452,000 | 3,473,000 |
Deferred tax asset | 14,579,000 | 13,247,000 |
Interest receivable and other assets | 35,062,000 | 36,276,000 |
Assets | 1,805,739,000 | 1,842,422,000 |
Deposits | 1,612,400,000 | 1,650,534,000 |
Interest payable and other liabilities | 26,423,000 | 25,796,000 |
Total liabilities | 1,638,823,000 | 1,676,330,000 |
Common stock, no par value; 50,000,000 shares authorized, 8,359,556 and 8,293,168 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 25,435,000 | 25,435,000 |
Additional paid-in capital | 5,647,000 | 5,512,000 |
Retained earnings | 158,162,000 | 154,301,000 |
Accumulated other comprehensive loss, net of tax | (22,328,000) | (19,156,000) |
Total shareholders’ equity | 166,916,000 | 166,092,000 |
Liabilities and Equity | $ 1,805,739,000 | $ 1,842,422,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Loss | $ 10,922 | $ 10,896 |
Common Stock, No 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) | 8,359,556 | 8,293,168 |
Common Stock, Shares, Outstanding (in shares) | 8,359,556 | 8,293,168 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 12,600,000 | $ 10,471,000 |
Interest on securities | 5,082,000 | 5,125,000 |
Interest on federal funds sold | 331,000 | 288,000 |
Interest on deposits with banks | 1,979,000 | 4,112,000 |
Total interest income | 19,992,000 | 19,996,000 |
INTEREST EXPENSE | ||
Deposits | 2,751,000 | 452,000 |
Federal funds purchased | 0 | 1,000 |
Total interest expense | 2,751,000 | 453,000 |
Net interest income | 17,241,000 | 19,543,000 |
Reversal of provision for credit losses | 0 | (460,000) |
Net interest income after provision for (reversal of) credit losses | 17,241,000 | 20,003,000 |
NON-INTEREST INCOME | ||
Earnings on cash surrender value of life insurance | 222,000 | 189,000 |
Gains on sales and calls of available-for-sale securities | 80,000 | 143,000 |
Other | 379,000 | 493,000 |
Total non-interest income | 1,519,000 | 1,655,000 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 7,322,000 | 6,439,000 |
Occupancy expenses | 1,164,000 | 1,187,000 |
Data processing fees | 700,000 | 612,000 |
Regulatory assessments (FDIC & DFPI) | 290,000 | 195,000 |
Other operating expenses | 2,053,000 | 1,324,000 |
Total non-interest expense | 11,529,000 | 9,757,000 |
Net income before provision for income taxes | 7,231,000 | 11,901,000 |
Total provision for income taxes | 1,504,000 | 2,676,000 |
Net Income | $ 5,727,000 | $ 9,225,000 |
Net income per share (in dollars per share) | $ 0.7 | $ 1.13 |
Net income per diluted share (in dollars per share) | $ 0.69 | $ 1.12 |
Deposit Account [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 406,000 | $ 416,000 |
Debit Card [Member] | ||
NON-INTEREST INCOME | ||
Other income | 423,000 | 405,000 |
Mortgage Banking [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 9,000 | $ 9,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 5,727 | $ 9,225 |
Other comprehensive income (loss): | ||
Unrealized holding (losses) gains arising during the period | (4,423) | 10,933 |
Less: reclassification for net gains included in net income | (80) | (143) |
Other comprehensive (loss) income, before tax | (4,503) | 10,790 |
Tax benefit (expense) related to items of other comprehensive (loss) income | 1,331 | (3,190) |
Total other comprehensive (loss) income | (3,172) | 7,600 |
Comprehensive income (loss) | $ 2,555 | $ 16,825 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balances (in shares) at Dec. 31, 2022 | 0 | 8,257,894 | 0 | |||||||
Balances at Dec. 31, 2022 | $ 0 | $ 25,435 | $ 5,190 | $ (629) | $ 126,728 | $ 0 | $ (30,727) | $ (629) | $ 126,626 | |
Restricted stock surrendered for tax withholding (in shares) | (6,429) | |||||||||
Restricted stock surrendered for tax withholding | $ 0 | (176) | 0 | 0 | (176) | |||||
Cash dividends declared $0.225 per share of common stock | 0 | (1,321) | 0 | (1,321) | ||||||
Stock based compensation | 0 | 145 | 0 | 0 | 145 | |||||
Other comprehensive loss | 0 | 0 | 0 | 7,600 | 7,600 | |||||
Net income | $ 0 | 0 | 9,225 | 0 | 9,225 | |||||
Restricted stock forfeited (in shares) | 30,196 | |||||||||
Restricted stock forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Balances (in shares) at Mar. 31, 2023 | 8,281,661 | |||||||||
Balances at Mar. 31, 2023 | $ 25,435 | 5,159 | 134,003 | (23,127) | 141,470 | |||||
Balances (in shares) at Dec. 31, 2023 | 8,293,168 | |||||||||
Balances at Dec. 31, 2023 | $ 25,435 | $ 5,512 | 154,301 | (19,156) | 166,092 | |||||
Restricted stock issued (in shares) | 70,769 | 0 | ||||||||
Restricted stock issued | $ 0 | 0 | 0 | 0 | ||||||
Restricted stock surrendered for tax withholding (in shares) | (4,381) | (107) | ||||||||
Restricted stock surrendered for tax withholding | $ 0 | 0 | 0 | (107) | ||||||
Cash dividends declared $0.225 per share of common stock | 0 | (1,866) | 0 | (1,866) | ||||||
Stock based compensation | 0 | $ 242 | 0 | 0 | 242 | |||||
Other comprehensive loss | 0 | 0 | 0 | (3,172) | (3,172) | |||||
Net income | $ 0 | 0 | 5,727 | 0 | 5,727 | |||||
Balances (in shares) at Mar. 31, 2024 | 8,359,556 | |||||||||
Balances at Mar. 31, 2024 | $ 25,435 | $ 5,647 | $ 158,162 | $ (22,328) | $ 166,916 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.225 | $ 0.16 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 5,727,000 | $ 9,225,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for (reversal of) credit losses | 0 | (460,000) |
Increase (decrease) in deferred fees/costs, net | 143,000 | (26,000) |
Depreciation | 330,000 | 340,000 |
Amortization of investment securities, net | 226,000 | 288,000 |
Unrealized loss (gain) loss on equity securities | 57,000 | (51,000) |
Amortization of operating lease right-of-use asset | (56,000) | (59,000) |
Stock based compensation | 242,000 | 145,000 |
Gain on sales and calls of available-for-sale securities | (80,000) | (143,000) |
Earnings on cash surrender value of life insurance | (222,000) | (189,000) |
Decrease in deferred tax asset | (1,332,000) | (2,926,000) |
Increase in interest payable and other liabilities | 627,000 | 1,614,000 |
Decrease in interest receivable | 691,000 | 702,000 |
Decrease in other assets | 1,931,000 | 3,562,000 |
Net cash from operating activities | 8,284,000 | 12,022,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available-for-sale securities | (4,980,000) | (40,660,000) |
Purchases of equity securities | (27,000) | (24,000) |
Proceeds from the sale of available-for-sale securities | 8,149,000 | 42,934,000 |
Proceeds from maturities, calls, and principal paydowns of available-for-sale securities | 5,169,000 | 3,259,000 |
Net increase in loans | (23,189,000) | (10,981,000) |
Purchases of premises and equipment | (138,000) | (162,000) |
Net cash used in investing activities | (15,016,000) | (5,634,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shareholder cash dividends paid | (1,866,000) | (1,321,000) |
Net decrease in demand deposits and savings accounts | (50,464,000) | (41,154,000) |
Net increase (decrease) in time deposits | 12,330,000 | (3,967,000) |
Tax withholding payments on vested restricted shares surrendered | (107,000) | (176,000) |
Net cash used in financing activities | (40,107,000) | (46,618,000) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (46,839,000) | (40,230,000) |
CASH AND CASH EQUIVALENTS, beginning of period | 216,568,000 | 429,633,000 |
CASH AND CASH EQUIVALENTS, end of period | 169,729,000 | 389,403,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 2,708,000 | 448,000 |
Operating leases | 342,000 | 386,000 |
Income taxes | 11,000 | 0 |
NON-CASH INVESTING ACTIVITIES: | ||
Change in unrealized (loss) gain on securities | (4,503,000) | 10,790,000 |
Right-of-use asset obtained in exchange for new operating lease liability | $ 0 | $ (444,000) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 BASIS OF PRESENTATION Oak Valley Bancorp (“the Company”, “us”, “our”) is the parent holding company for Oak Valley Community Bank (the “Bank”), a California state-chartered bank. The consolidated financial statements include the accounts of the parent company and its wholly-owned bank subsidiary. Unless otherwise stated, the “Company” refers to the consolidated entity, Oak Valley Bancorp, while the “Bank” refers to Oak Valley Community Bank. All material intercompany transactions have been eliminated. The interim consolidated financial statements included in this Quarterly Report on Form 10-Q are unaudited but reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results of a full year’s operations. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no effect on net income or shareholders’ equity as previously reported as a result of reclassifications. For further information, refer to the audited consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2023. The Company was incorporated under the laws of the State of California on May 31, 1990, and began operations in Oakdale, California on May 28, 1991. The Company operates branches in Oakdale, Sonora, Bridgeport, Bishop, Mammoth Lakes, Modesto, Manteca, Patterson, Turlock, Ripon, Stockton, Escalon, and Sacramento, California. The Bridgeport, Mammoth Lakes, and Bishop branches operate as a separate division, Eastern Sierra Community Bank. The Company’s primary source of revenue is providing loans to customers who are predominantly middle-market businesses. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowance for credit losses and fair value measurements. The estimates and assumptions may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates due to the uncertainty of various qualitative factors. Descriptions of our significant accounting policies are included in Note 1. Summary of Accounting Policies in the Notes to Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments Credit Losses (Topic 326). Results for reporting periods beginning after January 1, 2023 are presented under CECL. The transition adjustment of the CECL adoption included an increase in the allowance for credit losses of $346,000, an increase of $547,000 to the reserve for unfunded commitments, a $629,000 decrease to retained earnings, and a $264,000 tax benefit recorded as part of the deferred tax asset in the Company’s Consolidated Balance Sheet. In March 2020, FASB issued ASU 2020-04 - Reference Rate Reform (Subtopic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2023, the FASB issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Note 3 - Securities
Note 3 - Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 $3,102,000 and $3,132,000 as of March 31, 2024 and December 31, 2023, respectively. There were no Equity Securities, Debt Securities Debt securities have been classified in the financial statements as available for sale. The amortized cost and estimated fair values of debt securities as of March 31, 2024 are as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 89,333 $ 9 $ (5,199 ) $ 84,143 Collateralized mortgage obligations 8,866 0 (516 ) 8,350 Municipalities 341,587 1,550 (23,351 ) 319,786 SBA pools 1,172 2 (2 ) 1,172 Corporate debt 45,500 21 (3,382 ) 42,139 Asset backed securities 50,332 153 (984 ) 49,501 $ 536,790 $ 1,735 $ (33,434 ) $ 505,091 The following table details the gross unrealized losses and fair values of debt securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024. (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 52 $ 4,954 $ (101 ) $ 77,663 $ (5,098 ) $ 82,617 $ (5,199 ) Collateralized mortgage obligations 6 4,630 (71 ) 3,719 (445 ) 8,349 (516 ) Municipalities 119 51,064 (661 ) 208,604 (22,690 ) 259,668 (23,351 ) SBA pools 3 113 0 314 (2 ) 427 (2 ) Corporate debt 11 0 0 38,118 (3,382 ) 38,118 (3,382 ) Asset backed securities 17 688 (3 ) 30,348 (981 ) 31,036 (984 ) Total temporarily impaired securities 208 $ 61,449 $ (836 ) $ 358,766 $ (32,598 ) $ 420,215 $ (33,434 ) For available-for-sale debt securities in an unrealized loss position, management evaluates whether the decline in fair value is a reflection of credit deterioration or other factors. In performing this evaluation, management considers the extent which fair value has fallen below amortized cost, changes in ratings by rating agencies, and other information indicating a deterioration in repayment capacity of either the underlying issuer or the borrowers providing repayment capacity in a securitization. If management’s evaluation indicates that a credit loss exists then a present value of the expected cash flows is calculated and compared to the amortized cost basis of the security in question and to the degree that the amortized cost basis exceeds the present value an allowance for credit loss (“ACL”) is established, with the caveat that the maximum amount of the reserve on any individual security is the difference between the fair value and amortized cost balance of the security in question. Any unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. As of March 31, 2024, accrued interest receivable on available-for-sale securities was $4,478,000 and is not included in the tables within this footnote. The unrealized losses are due primarily to rising market yields and not due to credit deterioration. As such, no ACL on available-for-sale securities has been established as of March 31, 2024. The Company does not intend to sell the securities and it is not likely that the Company will be required to sell the securities before the earlier of the forecasted recovery or the maturity of the underlying investment security. The amortized cost and estimated fair value of debt securities as of March 31, 2024, segregated by contractual maturity or call date, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (dollars in thousands) Amortized Fair Cost Value Available-for-sale securities: Due in one year or less $ 99,324 $ 94,652 Due after one year through five years 145,025 141,716 Due after five years through ten years 218,432 199,851 Due after ten years 74,009 68,872 $ 536,790 $ 505,091 The amortized cost and estimated fair values of debt securities as of December 31, 2023 are as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 84,678 $ 11 $ (4,430 ) $ 80,259 Collateralized mortgage obligations 9,108 0 (444 ) 8,664 Municipalities 345,981 2,792 (19,865 ) 328,908 SBA pools 1,394 3 (2 ) 1,395 Corporate debt 47,500 9 (3,992 ) 43,517 Asset backed securities 56,613 133 (1,411 ) 55,335 $ 545,274 $ 2,948 $ (30,144 ) $ 518,078 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, 2023. (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 51 $ 190 $ (3 ) $ 79,556 $ (4,427 ) $ 79,746 $ (4,430 ) Collateralized mortgage obligations 6 4,791 (1 ) 3,873 (443 ) 8,664 (444 ) Municipalities 106 44,859 (453 ) 178,812 (19,412 ) 223,671 (19,865 ) SBA pools 4 116 0 472 (2 ) 588 (2 ) Corporate debt 13 0 0 41,508 (3,992 ) 41,508 (3,992 ) Asset backed securities 19 2,123 (8 ) 32,535 (1,403 ) 34,658 (1,411 ) Total temporarily impaired securities 199 $ 52,079 $ (465 ) $ 336,756 $ (29,679 ) $ 388,835 $ (30,144 ) The Company recognized losses of $1,000 on called securities during the three-month period ended March 31, 2024, as compared to no Debt securities carried at $292,234,000 and $288,199,000 as of March 31, 2024 and December 31, 2023, respectively, were pledged to secure deposits of public funds. |
Note 4 - Loans
Note 4 - Loans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 LOANS The Company’s customers are primarily located in Stanislaus, San Joaquin, Tuolumne, Inyo, and Mono Counties. As of March 31, 2024, approximately 87% of the Company’s loans are commercial real estate loans, which include construction loans. Approximately 7% of the Company’s loans are for general commercial uses including professional, retail, and small business. Additionally, 3% of the Company’s loans are for residential real estate and other consumer loans. The remaining 3% are agriculture loans. As of March 31, 2024, accrued interest receivable on loans was $2,987,000 and is not included in the tables within this footnote. Loan totals were as follows: (in thousands) March 31, 2024 December 31, 2023 Commercial real estate: Construction & land $ 69,098 $ 63,060 Multi-family 53,707 54,045 Owner occupied 215,789 210,407 Non-owner occupied 475,328 470,052 Farmland 95,491 96,188 Commercial and industrial 69,151 65,218 Consumer 31,857 31,687 Agriculture 29,088 25,922 Total loans 1,039,509 1,016,579 Less: Deferred loan fees and costs, net (1,264 ) (1,406 ) Allowance for credit losses (10,922 ) (10,896 ) Net loans $ 1,027,323 $ 1,004,277 Loan Origination/Risk Management. Commercial and industrial loans Commercial real estate loans With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction loans Consumer loans Agricultural loans 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. No The following table analyzes past due loans including any past due non-accrual loans, segregated by class of loans, as of March 31, 2024 (in thousands): March 31, 2024 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: Construction & land $ 0 $ 0 $ 0 $ 0 $ 69,098 $ 69,098 $ 0 Multi-family 0 0 0 0 53,707 53,707 0 Owner occupied 0 0 0 0 215,789 215,789 0 Non-owner occupied 0 0 0 0 475,328 475,328 0 Farmland 0 0 0 0 95,491 95,491 0 Commercial and industrial 0 0 0 0 69,151 69,151 0 Consumer 11 0 0 11 31,846 31,857 0 Agriculture 0 0 0 0 29,088 29,088 0 Total $ 11 $ 0 $ 0 $ 11 $ 1,039,498 $ 1,039,509 $ 0 The following table analyzes past due loans including any past due non-accrual loans, segregated by class of loans, as of December 31, 2023 (in thousands): December 31, 2023 30-59 60-89 90 Days Total Current Total 90 Days Commercial real estate: Construction & land $ 0 $ 0 $ 0 $ 0 $ 63,060 $ 63,060 $ 0 Multi-family 0 0 0 0 54,045 54,045 0 Owner occupied 0 0 0 0 210,407 210,407 0 Non-owner occupied 0 0 0 0 470,052 470,052 0 Farmland 0 0 0 0 96,188 96,188 0 Commercial and industrial 0 0 0 0 65,218 65,218 0 Consumer 0 0 0 0 31,687 31,687 0 Agriculture 0 0 0 0 25,922 25,922 0 Total $ 0 $ 0 $ 0 $ 0 $ 1,016,579 $ 1,016,579 $ 0 Collateral Dependent Loans. no Loan Modification Disclosures Pursuant to ASU 2022-02 Loan Risk Grades The Company grades loans using the following letter system: 1 Exceptional Loan 2 Quality Loan 3A Better Than Acceptable Loan 3B Acceptable Loan 3C Marginally Acceptable Loan 4 (W) Watch Acceptable Loan 5 Special Mention Loan 6 Substandard Loan 7 Doubtful Loan 8 Loss 1. Exceptional Loan ● 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 mandatory unless one or more of the preceding characteristics are missing) are loans that are fully secured and properly margined by our own time instruments or U.S. blue chip securities. To be properly margined, cash collateral must be equal to, or greater than, 110% of the loan amount. 2. Quality Loan ● Unquestionable debt-servicing capacity to cover all obligations in the ordinary course of business from well-defined primary and secondary sources. ● Consistent strong earnings. ● A solid equity base. 3A. Better than Acceptable Loan ● Strong earnings with no loss in last three years and ample cash flow to service all debt well above policy guidelines. ● Long term experienced management with depth and defined management succession. ● The loan has no exceptions to policy. ● Loan-to-value on real estate secured transactions is 10% to 20% less than policy guidelines. ● Very liquid balance sheet that may have cash available to pay off our loan completely. ● Little to no debt on balance sheet. 3B. Acceptable Loan ● Are those where the borrower has average financial strengths, a history of profitable operations and experienced management. ● Are those where the borrower can be expected to handle normal credit needs in a satisfactory manner. 3C. Marginally Acceptable Loan ● Requires collateral. ● A credit facility where the borrower has average financial strengths, but usually lacks reliable secondary sources of repayment other than the subject collateral. ● Other common characteristics can include some or all of the following: minimal background experience of management, lacking continuity of management, a start-up operation, erratic historical profitability (acceptable reasons-well identified), lack of or marginal sponsorship of guarantor, and government guaranteed loans. 4(W). Watch Acceptable Loan ● 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(W) loans are considered Pass. 5. Special Mention Loan ● The lending officer may be unable to properly supervise the credit because of an inadequate loan or credit agreement. ● Questions exist regarding the condition of and/or control over collateral. ● Economic or market conditions may unfavorably affect the obligor in the future. ● A declining trend in the obligor’s operations or an imbalanced position in the balance sheet exists, but not to the point that repayment is jeopardized. 6. Substandard Loan 7. Doubtful Loan 8. Loss As of March 31, 2024 and December 31, 2023, there are no 8- Loss. The risk grades are reviewed every month, at a minimum and on an as-needed basis depending on the specific circumstances of the loan. The following table summarizes loan risk grade totals by class and year of origination as of March 31, 2024. Risk grades 1 through 4(W) have been aggregated in the “Pass” line. As of March 31, 2024 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate - construction & land Pass $ 1,200 $ 23,456 $ 40,667 $ 923 $ 0 $ 2,852 $ 0 $ 69,098 Total commercial real estate - construction & land 1,200 23,456 40,667 923 0 2,852 0 69,098 Commercial real estate - multi-family Pass 0 3,782 6,943 8,676 3,443 30,863 0 53,707 Total commercial real estate - multi-family 0 3,782 6,943 8,676 3,443 30,863 0 53,707 Commercial real estate - owner occupied Pass 10,129 9,966 40,421 47,824 25,161 69,133 62 202,696 Special mention 0 0 0 7,612 0 287 605 8,504 Substandard 0 0 0 0 0 4,589 0 4,589 Total commercial real estate - owner occupied 10,129 9,966 40,421 55,436 25,161 74,009 667 215,789 Commercial real estate - non-owner occupied Pass 1,718 77,849 78,603 80,476 43,124 187,546 1,931 471,247 Special mention 0 0 0 0 0 4,081 0 4,081 Total commercial real estate - non-owner occupied 1,718 77,849 78,603 80,476 43,124 191,627 1,931 475,328 Commercial real estate - Farmland Pass 4,307 13,271 10,291 16,756 15,042 29,655 0 89,322 Special mention 0 0 0 0 0 6,169 0 6,169 Total commercial real estate - farmland 4,307 13,271 10,291 16,756 15,042 35,824 0 95,491 Commercial and Industrial Pass 6,889 11,905 11,306 8,752 5,292 5,780 19,144 69,068 Special mention 0 0 0 0 0 5 0 5 Substandard 0 0 0 0 0 78 0 78 Total commercial and industrial 6,889 11,905 11,306 8,752 5,292 5,863 19,144 69,151 Consumer Pass 1,759 1,142 4,960 3,727 2,181 9,217 8,823 31,809 Substandard 3 0 0 0 0 45 0 48 Total consumer 1,762 1,142 4,960 3,727 2,181 9,262 8,823 31,857 Agriculture Pass 0 1,929 1,310 1,300 0 636 16,923 22,098 Special mention 0 1,592 0 0 0 0 5,398 6,990 Total agriculture 0 3,521 1,310 1,300 0 636 22,321 29,088 Total by Risk Category Pass 26,002 143,300 194,501 168,434 94,243 335,682 46,883 1,009,045 Special mention 0 1,592 0 7,612 0 10,542 6,003 25,749 Substandard 3 0 0 0 0 4,712 0 4,715 Total $ 26,005 $ 144,892 $ 194,501 $ 176,046 $ 94,243 $ 350,936 $ 52,886 $ 1,039,509 The following table summarizes loan risk grade totals by class and year of origination as of December 31, 2023. Risk grades 1 through 4(W) have been aggregated in the “Pass” line. As of December 31, 2023 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - Construction & land Pass $ 16,237 $ 42,670 $ 1,259 $ 0 $ 1,244 $ 1,650 $ 0 $ 63,060 Total commercial real estate - construction & land 16,237 42,670 1,259 0 1,244 1,650 0 63,060 Commercial real estate - Multi-family Pass 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Total commercial real estate - multi-family 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Commercial real estate - Owner occupied Pass 10,031 40,666 48,377 25,642 14,341 57,971 251 197,279 Special mention 0 0 7,683 0 0 289 530 8,502 Substandard 0 0 0 0 4,626 0 0 4,626 Total commercial real estate - owner occupied 10,031 40,666 56,060 25,642 18,967 58,260 781 210,407 Commercial real estate - Non-owner occupied Pass 78,417 71,236 81,386 43,531 44,413 145,073 1,879 465,935 Special mention 0 0 0 0 0 4,117 0 4,117 Total commercial real estate - non-owner occupied 78,417 71,236 81,386 43,531 44,413 149,190 1,879 470,052 Commercial real estate - Farmland Pass 14,377 10,393 1,667 15,392 6,551 31,610 15,717 95,707 Special mention 0 0 0 0 0 481 0 481 Total commercial real estate - farmland 14,377 10,393 1,667 15,392 6,551 32,091 15,717 96,188 Commercial and Industrial Pass 10,967 11,268 9,608 6,018 4,384 2,239 20,502 64,986 Special mention 0 0 0 139 0 6 0 145 Substandard 0 0 0 0 0 87 0 87 Total commercial and industrial 10,967 11,268 9,608 6,157 4,384 2,332 20,502 65,218 Consumer Pass 1,234 5,042 4,104 2,213 2,074 7,555 8,529 30,751 Special mention 0 0 0 0 0 0 890 890 Substandard 0 0 0 0 0 46 0 46 Total consumer 1,234 5,042 4,104 2,213 2,074 7,601 9,419 31,687 Agriculture Pass 3,032 1,707 1,309 0 214 488 18,984 25,734 Special mention 0 0 0 0 0 0 188 188 Total agriculture 3,032 1,707 1,309 0 214 488 19,172 25,922 Total by Risk Category Pass 138,098 189,958 156,421 96,269 80,001 270,888 65,862 997,497 Special mention 0 0 7,683 139 0 4,893 1,608 14,323 Substandard 0 0 0 0 4,626 133 0 4,759 Total $ 138,098 $ 189,958 $ 164,104 $ 96,408 $ 84,627 $ 275,914 $ 67,470 $ 1,016,579 Allowance for Credit Losses ( “ ACL ” ). The DCF quantitative reserve methodology incorporates the consideration of probability of default (“PD”) and loss given default (“LGD”) estimates to estimate periodic losses. The PD estimates are derived through the application of reasonable and supportable economic forecasts to call code specific regression models, derived from the consideration of historical bank-specific and peer loss-rate data. The loss rate data has been regressed against benchmark economic indicators, for which reasonable and supportable forecasts exist, in the development of the call-code specific regression models. Regression models are generally refreshed on an annual basis, in order to pull in more recent loss rate data. Reasonable and supportable forecasts of the selected economic metric are then input into the regression model to calculate an expected default rate. The expected default rates are then applied to expected monthly loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The Company utilizes a four-quarter forecast period, after which the expected default rates revert to the historical average for each call code, over a four-quarter reversion period, on a straight-line basis. The prepayment assumptions applied to expected cash flow over the contractual life of the loans are estimated based on historical, bank-specific experience, peer data and the consideration of current and expected conditions and circumstances including the level of interest rates. The prepayment assumptions may be updated by Management in the event that changing conditions impact Management’s estimate or additional historical data gathered has resulted in the need for a reevaluation. LGD utilized in the DCF is derived from the application of the Frye-Jacobs theory which relates LGD to PD based on historical peer data, as calculated by a third-party. The call code regression models utilized upon implementation of CECL on January 1, 2023, and as of March 31, 2024, were identical, and relied upon reasonable and supportable forecasts of the National Unemployment Rate. Some of the call code regression models also use the Real Gross Domestic Product. Management selected the National Unemployment Rate and the Real Gross Domestic Product as the drivers of quantitative portion of collectively reserves on loan classes reliant upon the DCF methodology, primarily as a result of high correlation coefficients identified in regression modeling, the availability of forecasts including the quarterly FOMC forecast, and given the widespread familiarity of stakeholders with this economic metric. Management recognizes that there are additional factors impacting risk of loss in the loan portfolio beyond what is captured in the quantitative portion of reserves on collectively evaluated loans. As current and expected conditions, may vary compared with conditions over the historical lookback period, which is utilized in the calculation of quantitative reserves, management considers whether additional or reduced reserve levels on collectively evaluated loans may be warranted given the consideration of a variety of qualitative factors. Several of the following qualitative factors (“Q-factors”) considered by management reflect the legacy regulatory guidance on Q-factors, whereas several others represent factors unique to the Company or unique to the current time period. ● Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices ● Changes in international, regional and local economic and business conditions, and developments that affect the collectability of the portfolio, as reflected in forecasts of the California unemployment rate ● Changes in the nature and volume of the loan portfolio ● Changes in the experience, ability, and depth of lending management and other relevant staff ● Changes in the volume and severity of past due, watch loans and classified loans ● Changes in the quality of the Bank’s loan review processes ● Changes in the value of underlying collateral for loans not identified as collateral dependent ● Changes in loan categorization concentrations ● Other external factors, which include, the regulatory risk ratings. The qualitative portion of the Company’s reserves on collectively evaluated loans are calculated using a combination of numeric frameworks and management judgement, to determine risk categorizations in each of the Q-factors presented above. The amount of qualitative reserves is also contingent upon the relative weighting of Q-factors according to management’s judgement. 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. Accrued interest receivable for loans is included in the “Interest receivable and other assets” line item on the Company’s Consolidated Balance Sheet. The Company elected not to measure an allowance for accrued interest receivable and instead elected to reverse accrued interest income on loans that are placed on nonaccrual status. The Company believes this policy results in the timely reversal of uncollectible interest. The following table details activity in the ACL by portfolio segment for the three-month periods ended March 31, 2024 and 2023. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for Credit Losses For the Three Months Ended March 31, 2024 and 2023 (in thousands) Three Months Ended March 31, 2024 CRE Construction & Land CRE Multi- family CRE Owner occupied CRE Non- owner occupied CRE Farmland Commercial and Industrial Consumer Agriculture Total Beginning balance $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Charge-offs 0 0 0 0 0 0 (14 ) 0 (14 ) Recoveries 0 0 0 0 0 36 4 0 40 Provision for (reversal of) credit losses (168 ) (33 ) 4 (185 ) (6 ) 336 18 34 0 Ending balance $ 1,059 $ 634 $ 1,809 $ 4,620 $ 1,462 $ 1,022 $ 235 $ 81 $ 10,922 Three Months Ended March 31, 2023 Beginning balance $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 CECL day-one adjustments 338 23 103 25 12 102 (120 ) (137 ) 346 Charge-offs 0 0 0 0 0 (12 ) (8 ) 0 (20 ) Recoveries 34 0 0 0 0 12 3 0 49 Provision for (reversal of) credit losses (670 ) 7 54 108 60 (35 ) 17 (1 ) (460 ) Ending balance $ 757 $ 509 $ 1,955 $ 4,344 $ 902 $ 679 $ 203 $ 34 $ 9,383 The following table details the ACL and ending gross loan balances as of March 31, 2024 and December 31, 2023, summarized by collective and individual evaluation methods of impairment. (in thousands) March 31, 2024 CRE Construction & Land CRE Multi- family CRE Owner occupied CRE Non- owner occupied CRE Farmland Commercial and Industrial Consumer Agriculture Total Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,059 634 1,809 4,620 1,462 1,022 235 81 10,922 $ 1,059 $ 634 $ 1,809 $ 4,620 $ 1,462 $ 1,022 $ 235 $ 81 $ 10,922 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 69,098 53,707 215,789 475,328 95,491 69,151 31,857 29,088 1,039,509 $ 69,098 $ 53,707 $ 215,789 $ 475,328 $ 95,491 $ 69,151 $ 31,857 $ 29,088 $ 1,039,509 December 31, 2023 Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,227 667 1,805 4,805 1,468 650 227 47 10,896 $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 63,060 54,045 210,407 470,052 96,188 65,218 31,687 25,922 1,016,579 $ 63,060 $ 54,045 $ 210,407 $ 470,052 $ 96,188 $ 65,218 $ 31,687 $ 25,922 $ 1,016,579 The following table presents gross charge-offs for the three-months ended March 31, 2024 by portfolio class and origination year: Three Months Ended March 31, 2024 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate: Construction & land $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Multi-family 0 0 0 0 0 0 0 0 Owner occupied 0 0 0 0 0 0 0 0 Non-owner occupied 0 0 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 0 0 Commercial and industrial 0 0 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 14 14 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 14 $ 14 Changes in the reserve for off-balance-sheet commitments were as follows: (in thousands) THREE MONTHS ENDED MARCH 31, 2024 2023 Balance, beginning of period $ 609 $ 546 CECL day-one adjustment 0 547 Reversal to operations for off balance sheet commitments (78 ) (352 ) Balance, end of period $ 531 $ 741 The method for calculating the reserve for off-balance-sheet loan commitments is based on a historical funding rate applied to the undisbursed loan amount to estimate an average outstanding amount during the life of the loan commitment. Then, a historic loss rate as computed by our CECL model is applied to the estimated average outstanding balance to calculate the off-balance-sheet reserve amount. The funding rates, historic loss rates and resulting reserve amount for off-balance-sheet commitments are evaluated by management periodically as part of the CECL procedures. Reserves for off-balance-sheet commitments are recorded in interest payable and other liabilities on the condensed consolidated balance sheets. At March 31, 2024 and December 31, 2023, loans carried at $1,039,509,000 and $1,016,579,000, respectively, were pledged as collateral on advances from the Federal Home Loan Bank. |
Note 5 - Financial Instruments
Note 5 - Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 5 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair values of financial instruments 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: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstance that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were no transfers between levels during the three-month periods ended March 31, 2024 and 2023. The estimated fair values of the Company’s financial instruments not measured at fair value as of March 31, 2024 were as follows: Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 169,729 $ 169,729 1 Restricted equity securities 5,956 5,956 2 Loans, net 1,027,323 946,897 3 Interest receivable 7,695 7,695 2 Financial liabilities: Deposits (1,612,400 ) (1,611,654 ) 3 Interest payable (171 ) (171 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit (1,792 ) 3 The estimated fair values of the Company’s financial instruments not measured at fair value as of December 31, 2023 were as follows: Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 216,568 $ 216,568 1 Restricted equity securities 5,956 5,956 2 Loans, net 1,004,277 917,242 3 Interest receivable 8,386 8,386 2 Financial liabilities: Deposits (1,650,534 ) (1,649,808 ) 3 Interest payable (128 ) (128 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,863 ) 3 The following tables present the carrying value of recurring and nonrecurring financial instruments that were measured at fair value and that were still held in the condensed consolidated balance sheets at each respective period end, by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023. Fair Value Measurements as of March 31, 2024 Using (in thousands) March 31, 2024 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 $ 84,143 $ 0 $ 84,143 $ 0 Collateralized mortgage obligations 8,350 0 8,350 0 Municipalities 319,786 0 319,786 0 SBA pools 1,172 0 1,172 0 Corporate debt 42,139 0 42,139 0 Asset-backed securities 49,501 0 49,501 0 Equity Securities: Mutual fund $ 3,102 $ 3,102 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A Fair Value Measurements at December 31, 2023 Using (in thousands) December 31, 2023 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 $ 80,259 $ 0 $ 80,259 $ 0 Collateralized mortgage obligations 8,664 0 8,664 0 Municipalities 328,908 0 328,908 0 SBA pools 1,395 0 1,395 0 Corporate debt 43,517 0 43,517 0 Asset backed securities 55,335 0 55,335 0 Equity Securities: Mutual fund $ 3,132 $ 3,132 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A Available-for-sale and equity securities - Loans Evaluated Individually There have been no significant changes in the valuation techniques during the three-month period ended March 31, 2024. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6 EARNINGS PER SHARE Earnings per share (“EPS”) are based upon the weighted average number of common shares outstanding during each year. The following table shows: (1) weighted average basic shares, (2) effect of dilutive securities related to non-vested restricted stock, and (3) weighted average shares of common stock and common stock equivalents. Net income available to common stockholders is calculated as net income reduced by dividends accumulated on preferred stock, if any. Basic EPS is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS is calculated using the weighted average diluted shares, which reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive shares included in year-to-date diluted EPS is a weighted average of the dilutive shares included in each quarterly diluted EPS computation under the treasury stock method. The Company has two The Company’s calculation of basic and diluted EPS for the three-month periods ended March 31, 2024 and 2023 are reflected in the tables below. THREE MONTHS ENDED (In thousands) MARCH 31, 2024 2023 BASIC EARNINGS PER SHARE Net income $ 5,727 $ 9,225 Weighted average shares outstanding 8,210 8,183 Net income per common share $ 0.70 $ 1.13 DILUTED EARNINGS PER SHARE Net income $ 5,727 $ 9,225 Weighted average shares outstanding 8,210 8,183 Effect of dilutive non-vested restricted shares 35 44 Weighted average shares of common stock and common stock equivalents 8,245 8,227 Net income per diluted common share $ 0.69 $ 1.12 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information Insider Adoption or Termination of Trading Arrangements During the quarter ended March 31, 2024, no |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 89,333 $ 9 $ (5,199 ) $ 84,143 Collateralized mortgage obligations 8,866 0 (516 ) 8,350 Municipalities 341,587 1,550 (23,351 ) 319,786 SBA pools 1,172 2 (2 ) 1,172 Corporate debt 45,500 21 (3,382 ) 42,139 Asset backed securities 50,332 153 (984 ) 49,501 $ 536,790 $ 1,735 $ (33,434 ) $ 505,091 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 84,678 $ 11 $ (4,430 ) $ 80,259 Collateralized mortgage obligations 9,108 0 (444 ) 8,664 Municipalities 345,981 2,792 (19,865 ) 328,908 SBA pools 1,394 3 (2 ) 1,395 Corporate debt 47,500 9 (3,992 ) 43,517 Asset backed securities 56,613 133 (1,411 ) 55,335 $ 545,274 $ 2,948 $ (30,144 ) $ 518,078 |
Gain (Loss) on Securities [Table Text Block] | (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 52 $ 4,954 $ (101 ) $ 77,663 $ (5,098 ) $ 82,617 $ (5,199 ) Collateralized mortgage obligations 6 4,630 (71 ) 3,719 (445 ) 8,349 (516 ) Municipalities 119 51,064 (661 ) 208,604 (22,690 ) 259,668 (23,351 ) SBA pools 3 113 0 314 (2 ) 427 (2 ) Corporate debt 11 0 0 38,118 (3,382 ) 38,118 (3,382 ) Asset backed securities 17 688 (3 ) 30,348 (981 ) 31,036 (984 ) Total temporarily impaired securities 208 $ 61,449 $ (836 ) $ 358,766 $ (32,598 ) $ 420,215 $ (33,434 ) (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 51 $ 190 $ (3 ) $ 79,556 $ (4,427 ) $ 79,746 $ (4,430 ) Collateralized mortgage obligations 6 4,791 (1 ) 3,873 (443 ) 8,664 (444 ) Municipalities 106 44,859 (453 ) 178,812 (19,412 ) 223,671 (19,865 ) SBA pools 4 116 0 472 (2 ) 588 (2 ) Corporate debt 13 0 0 41,508 (3,992 ) 41,508 (3,992 ) Asset backed securities 19 2,123 (8 ) 32,535 (1,403 ) 34,658 (1,411 ) Total temporarily impaired securities 199 $ 52,079 $ (465 ) $ 336,756 $ (29,679 ) $ 388,835 $ (30,144 ) |
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 $ 99,324 $ 94,652 Due after one year through five years 145,025 141,716 Due after five years through ten years 218,432 199,851 Due after ten years 74,009 68,872 $ 536,790 $ 505,091 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) March 31, 2024 December 31, 2023 Commercial real estate: Construction & land $ 69,098 $ 63,060 Multi-family 53,707 54,045 Owner occupied 215,789 210,407 Non-owner occupied 475,328 470,052 Farmland 95,491 96,188 Commercial and industrial 69,151 65,218 Consumer 31,857 31,687 Agriculture 29,088 25,922 Total loans 1,039,509 1,016,579 Less: Deferred loan fees and costs, net (1,264 ) (1,406 ) Allowance for credit losses (10,922 ) (10,896 ) Net loans $ 1,027,323 $ 1,004,277 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2024 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: Construction & land $ 0 $ 0 $ 0 $ 0 $ 69,098 $ 69,098 $ 0 Multi-family 0 0 0 0 53,707 53,707 0 Owner occupied 0 0 0 0 215,789 215,789 0 Non-owner occupied 0 0 0 0 475,328 475,328 0 Farmland 0 0 0 0 95,491 95,491 0 Commercial and industrial 0 0 0 0 69,151 69,151 0 Consumer 11 0 0 11 31,846 31,857 0 Agriculture 0 0 0 0 29,088 29,088 0 Total $ 11 $ 0 $ 0 $ 11 $ 1,039,498 $ 1,039,509 $ 0 December 31, 2023 30-59 60-89 90 Days Total Current Total 90 Days Commercial real estate: Construction & land $ 0 $ 0 $ 0 $ 0 $ 63,060 $ 63,060 $ 0 Multi-family 0 0 0 0 54,045 54,045 0 Owner occupied 0 0 0 0 210,407 210,407 0 Non-owner occupied 0 0 0 0 470,052 470,052 0 Farmland 0 0 0 0 96,188 96,188 0 Commercial and industrial 0 0 0 0 65,218 65,218 0 Consumer 0 0 0 0 31,687 31,687 0 Agriculture 0 0 0 0 25,922 25,922 0 Total $ 0 $ 0 $ 0 $ 0 $ 1,016,579 $ 1,016,579 $ 0 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of March 31, 2024 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate - construction & land Pass $ 1,200 $ 23,456 $ 40,667 $ 923 $ 0 $ 2,852 $ 0 $ 69,098 Total commercial real estate - construction & land 1,200 23,456 40,667 923 0 2,852 0 69,098 Commercial real estate - multi-family Pass 0 3,782 6,943 8,676 3,443 30,863 0 53,707 Total commercial real estate - multi-family 0 3,782 6,943 8,676 3,443 30,863 0 53,707 Commercial real estate - owner occupied Pass 10,129 9,966 40,421 47,824 25,161 69,133 62 202,696 Special mention 0 0 0 7,612 0 287 605 8,504 Substandard 0 0 0 0 0 4,589 0 4,589 Total commercial real estate - owner occupied 10,129 9,966 40,421 55,436 25,161 74,009 667 215,789 Commercial real estate - non-owner occupied Pass 1,718 77,849 78,603 80,476 43,124 187,546 1,931 471,247 Special mention 0 0 0 0 0 4,081 0 4,081 Total commercial real estate - non-owner occupied 1,718 77,849 78,603 80,476 43,124 191,627 1,931 475,328 Commercial real estate - Farmland Pass 4,307 13,271 10,291 16,756 15,042 29,655 0 89,322 Special mention 0 0 0 0 0 6,169 0 6,169 Total commercial real estate - farmland 4,307 13,271 10,291 16,756 15,042 35,824 0 95,491 Commercial and Industrial Pass 6,889 11,905 11,306 8,752 5,292 5,780 19,144 69,068 Special mention 0 0 0 0 0 5 0 5 Substandard 0 0 0 0 0 78 0 78 Total commercial and industrial 6,889 11,905 11,306 8,752 5,292 5,863 19,144 69,151 Consumer Pass 1,759 1,142 4,960 3,727 2,181 9,217 8,823 31,809 Substandard 3 0 0 0 0 45 0 48 Total consumer 1,762 1,142 4,960 3,727 2,181 9,262 8,823 31,857 Agriculture Pass 0 1,929 1,310 1,300 0 636 16,923 22,098 Special mention 0 1,592 0 0 0 0 5,398 6,990 Total agriculture 0 3,521 1,310 1,300 0 636 22,321 29,088 Total by Risk Category Pass 26,002 143,300 194,501 168,434 94,243 335,682 46,883 1,009,045 Special mention 0 1,592 0 7,612 0 10,542 6,003 25,749 Substandard 3 0 0 0 0 4,712 0 4,715 Total $ 26,005 $ 144,892 $ 194,501 $ 176,046 $ 94,243 $ 350,936 $ 52,886 $ 1,039,509 As of December 31, 2023 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - Construction & land Pass $ 16,237 $ 42,670 $ 1,259 $ 0 $ 1,244 $ 1,650 $ 0 $ 63,060 Total commercial real estate - construction & land 16,237 42,670 1,259 0 1,244 1,650 0 63,060 Commercial real estate - Multi-family Pass 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Total commercial real estate - multi-family 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Commercial real estate - Owner occupied Pass 10,031 40,666 48,377 25,642 14,341 57,971 251 197,279 Special mention 0 0 7,683 0 0 289 530 8,502 Substandard 0 0 0 0 4,626 0 0 4,626 Total commercial real estate - owner occupied 10,031 40,666 56,060 25,642 18,967 58,260 781 210,407 Commercial real estate - Non-owner occupied Pass 78,417 71,236 81,386 43,531 44,413 145,073 1,879 465,935 Special mention 0 0 0 0 0 4,117 0 4,117 Total commercial real estate - non-owner occupied 78,417 71,236 81,386 43,531 44,413 149,190 1,879 470,052 Commercial real estate - Farmland Pass 14,377 10,393 1,667 15,392 6,551 31,610 15,717 95,707 Special mention 0 0 0 0 0 481 0 481 Total commercial real estate - farmland 14,377 10,393 1,667 15,392 6,551 32,091 15,717 96,188 Commercial and Industrial Pass 10,967 11,268 9,608 6,018 4,384 2,239 20,502 64,986 Special mention 0 0 0 139 0 6 0 145 Substandard 0 0 0 0 0 87 0 87 Total commercial and industrial 10,967 11,268 9,608 6,157 4,384 2,332 20,502 65,218 Consumer Pass 1,234 5,042 4,104 2,213 2,074 7,555 8,529 30,751 Special mention 0 0 0 0 0 0 890 890 Substandard 0 0 0 0 0 46 0 46 Total consumer 1,234 5,042 4,104 2,213 2,074 7,601 9,419 31,687 Agriculture Pass 3,032 1,707 1,309 0 214 488 18,984 25,734 Special mention 0 0 0 0 0 0 188 188 Total agriculture 3,032 1,707 1,309 0 214 488 19,172 25,922 Total by Risk Category Pass 138,098 189,958 156,421 96,269 80,001 270,888 65,862 997,497 Special mention 0 0 7,683 139 0 4,893 1,608 14,323 Substandard 0 0 0 0 4,626 133 0 4,759 Total $ 138,098 $ 189,958 $ 164,104 $ 96,408 $ 84,627 $ 275,914 $ 67,470 $ 1,016,579 Three Months Ended March 31, 2024 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial real estate: Construction & land $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Multi-family 0 0 0 0 0 0 0 0 Owner occupied 0 0 0 0 0 0 0 0 Non-owner occupied 0 0 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 0 0 Commercial and industrial 0 0 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 14 14 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 14 $ 14 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses For the Three Months Ended March 31, 2024 and 2023 (in thousands) Three Months Ended March 31, 2024 CRE Construction & Land CRE Multi- family CRE Owner occupied CRE Non- owner occupied CRE Farmland Commercial and Industrial Consumer Agriculture Total Beginning balance $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Charge-offs 0 0 0 0 0 0 (14 ) 0 (14 ) Recoveries 0 0 0 0 0 36 4 0 40 Provision for (reversal of) credit losses (168 ) (33 ) 4 (185 ) (6 ) 336 18 34 0 Ending balance $ 1,059 $ 634 $ 1,809 $ 4,620 $ 1,462 $ 1,022 $ 235 $ 81 $ 10,922 Three Months Ended March 31, 2023 Beginning balance $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 CECL day-one adjustments 338 23 103 25 12 102 (120 ) (137 ) 346 Charge-offs 0 0 0 0 0 (12 ) (8 ) 0 (20 ) Recoveries 34 0 0 0 0 12 3 0 49 Provision for (reversal of) credit losses (670 ) 7 54 108 60 (35 ) 17 (1 ) (460 ) Ending balance $ 757 $ 509 $ 1,955 $ 4,344 $ 902 $ 679 $ 203 $ 34 $ 9,383 (in thousands) March 31, 2024 CRE Construction & Land CRE Multi- family CRE Owner occupied CRE Non- owner occupied CRE Farmland Commercial and Industrial Consumer Agriculture Total Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,059 634 1,809 4,620 1,462 1,022 235 81 10,922 $ 1,059 $ 634 $ 1,809 $ 4,620 $ 1,462 $ 1,022 $ 235 $ 81 $ 10,922 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 69,098 53,707 215,789 475,328 95,491 69,151 31,857 29,088 1,039,509 $ 69,098 $ 53,707 $ 215,789 $ 475,328 $ 95,491 $ 69,151 $ 31,857 $ 29,088 $ 1,039,509 December 31, 2023 Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,227 667 1,805 4,805 1,468 650 227 47 10,896 $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 63,060 54,045 210,407 470,052 96,188 65,218 31,687 25,922 1,016,579 $ 63,060 $ 54,045 $ 210,407 $ 470,052 $ 96,188 $ 65,218 $ 31,687 $ 25,922 $ 1,016,579 |
Change in Allowance for Loan Losses [Table Text Block] | (in thousands) THREE MONTHS ENDED MARCH 31, 2024 2023 Balance, beginning of period $ 609 $ 546 CECL day-one adjustment 0 547 Reversal to operations for off balance sheet commitments (78 ) (352 ) Balance, end of period $ 531 $ 741 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 169,729 $ 169,729 1 Restricted equity securities 5,956 5,956 2 Loans, net 1,027,323 946,897 3 Interest receivable 7,695 7,695 2 Financial liabilities: Deposits (1,612,400 ) (1,611,654 ) 3 Interest payable (171 ) (171 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit (1,792 ) 3 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 216,568 $ 216,568 1 Restricted equity securities 5,956 5,956 2 Loans, net 1,004,277 917,242 3 Interest receivable 8,386 8,386 2 Financial liabilities: Deposits (1,650,534 ) (1,649,808 ) 3 Interest payable (128 ) (128 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,863 ) 3 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements as of March 31, 2024 Using (in thousands) March 31, 2024 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 $ 84,143 $ 0 $ 84,143 $ 0 Collateralized mortgage obligations 8,350 0 8,350 0 Municipalities 319,786 0 319,786 0 SBA pools 1,172 0 1,172 0 Corporate debt 42,139 0 42,139 0 Asset-backed securities 49,501 0 49,501 0 Equity Securities: Mutual fund $ 3,102 $ 3,102 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A Fair Value Measurements at December 31, 2023 Using (in thousands) December 31, 2023 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 $ 80,259 $ 0 $ 80,259 $ 0 Collateralized mortgage obligations 8,664 0 8,664 0 Municipalities 328,908 0 328,908 0 SBA pools 1,395 0 1,395 0 Corporate debt 43,517 0 43,517 0 Asset backed securities 55,335 0 55,335 0 Equity Securities: Mutual fund $ 3,132 $ 3,132 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | THREE MONTHS ENDED (In thousands) MARCH 31, 2024 2023 BASIC EARNINGS PER SHARE Net income $ 5,727 $ 9,225 Weighted average shares outstanding 8,210 8,183 Net income per common share $ 0.70 $ 1.13 DILUTED EARNINGS PER SHARE Net income $ 5,727 $ 9,225 Weighted average shares outstanding 8,210 8,183 Effect of dilutive non-vested restricted shares 35 44 Weighted average shares of common stock and common stock equivalents 8,245 8,227 Net income per diluted common share $ 0.69 $ 1.12 |
Note 2 - Recent Accounting Pr_2
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss | $ 10,922,000 | $ 10,896,000 | $ 9,383,000 | $ 9,468,000 | |
Off-Balance-Sheet, Credit Loss, Liability | 531,000 | 609,000 | $ 741,000 | 546,000 | |
Retained Earnings (Accumulated Deficit) | $ 158,162,000 | 154,301,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | 346,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ 346,000 | ||||
Off-Balance-Sheet, Credit Loss, Liability | $ 0 | 547,000 | $ 547,000 | ||
Retained Earnings (Accumulated Deficit) | (629,000) | ||||
Deferred Tax Assets, Net of Valuation Allowance | $ 264,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Equity Securities, FV-NI, Current | $ 3,102,000 | $ 3,132,000 | |
Equity Securities, FV-NI, Realized Gain (Loss) | 0 | $ 0 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (57,000) | 51,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 4,478,000,000 | ||
Debt Securities, Available-for-Sale, Book Value of Securities Sold | 1,958,000 | 42,791,000 | |
Debt Securities, Available-for-Sale, Realized Gain | 81,000 | $ 215,000 | |
Number of Debt Securities, Available-for-sale, Sold | 24 | ||
Debt Securities, Available-for-Sale, Realized Loss | $ 72,000 | ||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 80,000 | 143,000 | |
Asset Pledged as Collateral [Member] | Public Funds [Member] | |||
Debt Securities | 292,234,000 | $ 288,199,000 | |
Debt Securities, Called During The Period [member] | |||
Debt Securities, Realized Gain (Loss) | $ 1,000 | $ 0 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale securities, amortized cost | $ 536,790 | $ 545,274 |
Available-for-sale securities, gross unrealized gains | 1,735 | 2,948 |
Available-for-sale securities, gross unrealized losses | (33,434) | (30,144) |
Available-for-sale securities, fair market value | 505,091 | 518,078 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 89,333 | 84,678 |
Available-for-sale securities, gross unrealized gains | 9 | 11 |
Available-for-sale securities, gross unrealized losses | (5,199) | (4,430) |
Available-for-sale securities, fair market value | 84,143 | 80,259 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 8,866 | 9,108 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | (516) | (444) |
Available-for-sale securities, fair market value | 8,350 | 8,664 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 341,587 | 345,981 |
Available-for-sale securities, gross unrealized gains | 1,550 | 2,792 |
Available-for-sale securities, gross unrealized losses | (23,351) | (19,865) |
Available-for-sale securities, fair market value | 319,786 | 328,908 |
SBA Pool [Member] | ||
Available-for-sale securities, amortized cost | 1,172 | 1,394 |
Available-for-sale securities, gross unrealized gains | 2 | 3 |
Available-for-sale securities, gross unrealized losses | (2) | (2) |
Available-for-sale securities, fair market value | 1,172 | 1,395 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 45,500 | 47,500 |
Available-for-sale securities, gross unrealized gains | 21 | 9 |
Available-for-sale securities, gross unrealized losses | (3,382) | (3,992) |
Available-for-sale securities, fair market value | 42,139 | 43,517 |
Asset-Backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 50,332 | 56,613 |
Available-for-sale securities, gross unrealized gains | 153 | 133 |
Available-for-sale securities, gross unrealized losses | (984) | (1,411) |
Available-for-sale securities, fair market value | $ 49,501 | $ 55,335 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Loss Position (Details) Pure in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Number of Securities | 208 | 199 |
Less than 12 months, fair value | $ 61,449 | $ 52,079 |
Less than 12 months, unrealized loss | (836) | (465) |
12 months or more, fair value | 358,766 | 336,756 |
12 months or more, unrealized loss | (32,598) | (29,679) |
U.S. agencies | 420,215 | 388,835 |
U.S. agencies | $ (33,434) | $ (30,144) |
US Government Agencies Debt Securities [Member] | ||
Number of Securities | 52 | 51 |
Less than 12 months, fair value | $ 4,954 | $ 190 |
Less than 12 months, unrealized loss | (101) | (3) |
12 months or more, fair value | 77,663 | 79,556 |
12 months or more, unrealized loss | (5,098) | (4,427) |
U.S. agencies | 82,617 | 79,746 |
U.S. agencies | $ (5,199) | $ (4,430) |
Collateralized Mortgage Obligations [Member] | ||
Number of Securities | 6 | 6 |
Less than 12 months, fair value | $ 4,630 | $ 4,791 |
Less than 12 months, unrealized loss | (71) | (1) |
12 months or more, fair value | 3,719 | 3,873 |
12 months or more, unrealized loss | (445) | (443) |
U.S. agencies | 8,349 | 8,664 |
U.S. agencies | $ (516) | $ (444) |
US States and Political Subdivisions Debt Securities [Member] | ||
Number of Securities | 119 | 106 |
Less than 12 months, fair value | $ 51,064 | $ 44,859 |
Less than 12 months, unrealized loss | (661) | (453) |
12 months or more, fair value | 208,604 | 178,812 |
12 months or more, unrealized loss | (22,690) | (19,412) |
U.S. agencies | 259,668 | 223,671 |
U.S. agencies | $ (23,351) | $ (19,865) |
SBA Pool [Member] | ||
Number of Securities | 3 | 4 |
Less than 12 months, fair value | $ 113 | $ 116 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | 314 | 472 |
12 months or more, unrealized loss | (2) | (2) |
U.S. agencies | 427 | 588 |
U.S. agencies | $ (2) | $ (2) |
Corporate Debt Securities [Member] | ||
Number of Securities | 11 | 13 |
Less than 12 months, fair value | $ 0 | $ 0 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | 38,118 | 41,508 |
12 months or more, unrealized loss | (3,382) | (3,992) |
U.S. agencies | 38,118 | 41,508 |
U.S. agencies | $ (3,382) | $ (3,992) |
Asset-Backed Securities [Member] | ||
Number of Securities | 17 | 19 |
Less than 12 months, fair value | $ 688 | $ 2,123 |
Less than 12 months, unrealized loss | (3) | (8) |
12 months or more, fair value | 30,348 | 32,535 |
12 months or more, unrealized loss | (981) | (1,403) |
U.S. agencies | 31,036 | 34,658 |
U.S. agencies | $ (984) | $ (1,411) |
Note 3 - Securities - Amortiz_2
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (2) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Due in one year or less, amortized cost | $ 99,324 | |
Due in one year or less, fair value | 94,652 | |
Due after one year through five years, amortized cost | 145,025 | |
Due after one year through five years, fair value | 141,716 | |
Due after five years through ten years, amortized cost | 218,432 | |
Due after five years through ten years, fair value | 199,851 | |
Due after ten years, amortized cost | 74,009 | |
Due after ten years, fair value | 68,872 | |
Available-for-sale securities, amortized cost | 536,790 | $ 545,274 |
Securities - available for sale | $ 505,091 | $ 518,078 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 2,987,000 | ||||
Financing Receivable, Percentage of Outstanding Principal Balance Secured by Owner Occupied Properties | 35% | 35% | |||
Underwriting Standards, Loan to Value Percentage | 80% | ||||
Underwriting Standards, Housing Percentage | 36% | ||||
Underwriting Standards, Total Debt Ratio | 42% | ||||
Financing Receivable, Nonaccrual | $ 0 | $ 0 | $ 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 1,039,509,000 | 1,016,579,000 | |||
Financing Receivable, Minimum Cash Collateral Percent | 110% | ||||
Financing Receivable, Allowance for Credit Loss | $ 10,922,000 | 10,896,000 | 9,383,000 | $ 9,468,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 1,039,509,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | 346,000 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ 346,000 | ||||
Unlikely to be Collected Financing Receivable [Member] | |||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |||
Collateral Pledged [Member] | |||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 87% | ||||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 7% | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 69,151,000 | 65,218,000 | |||
Financing Receivable, Allowance for Credit Loss | $ 1,022,000 | 650,000 | 679,000 | 612,000 | |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | 102,000 | ||||
Residential Real Estate and Other Consumer Loans [Member] | |||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 3% | ||||
Agriculture [Member] | |||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 3% | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 29,088,000 | 25,922,000 | |||
Financing Receivable, Allowance for Credit Loss | $ 81,000 | $ 47,000 | $ 34,000 | 172,000 | |
Agriculture [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ (137,000) |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans | $ 1,039,509,000 | $ 1,016,579,000 | ||
Deferred loan fees and costs, net | (1,264,000) | (1,406,000) | ||
Allowance for credit losses | (10,922,000) | (10,896,000) | $ (9,383,000) | $ (9,468,000) |
Net loans | 1,027,323,000 | 1,004,277,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||||
Loans | 69,098,000 | 63,060,000 | ||
Allowance for credit losses | (1,059,000) | (1,227,000) | (757,000) | (1,055,000) |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||||
Loans | 53,707,000 | 54,045,000 | ||
Allowance for credit losses | (634,000) | (667,000) | (509,000) | (479,000) |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans | 215,789,000 | 210,407,000 | ||
Allowance for credit losses | (1,809,000) | (1,805,000) | (1,955,000) | (1,798,000) |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||||
Loans | 475,328,000 | 470,052,000 | ||
Allowance for credit losses | (4,620,000) | (4,805,000) | (4,344,000) | (4,211,000) |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||||
Loans | 95,491,000 | 96,188,000 | ||
Allowance for credit losses | (1,462,000) | (1,468,000) | (902,000) | (830,000) |
Commercial Portfolio Segment [Member] | ||||
Loans | 69,151,000 | 65,218,000 | ||
Allowance for credit losses | (1,022,000) | (650,000) | (679,000) | (612,000) |
Consumer Portfolio Segment [Member] | ||||
Loans | 31,857,000 | 31,687,000 | ||
Allowance for credit losses | (235,000) | (227,000) | (203,000) | (311,000) |
Agriculture [Member] | ||||
Loans | 29,088,000 | 25,922,000 | ||
Allowance for credit losses | $ (81,000) | $ (47,000) | $ (34,000) | $ (172,000) |
Note 4 - Loans - Aging of Past
Note 4 - Loans - Aging of Past Due Loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Loans | $ 1,039,509,000 | $ 1,016,579,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 11,000 | 0 |
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 | 11,000 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans | 1,039,498,000 | 1,016,579,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 69,098,000 | 63,060,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 69,098,000 | 63,060,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 53,707,000 | 54,045,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 53,707,000 | 54,045,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 215,789,000 | 210,407,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 215,789,000 | 210,407,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 475,328,000 | 470,052,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Financial Asset, Not Past Due [Member] | ||
Loans | 475,328,000 | 470,052,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 95,491,000 | 96,188,000 |
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 | 95,491,000 | 96,188,000 |
Commercial Portfolio Segment [Member] | ||
Loans | 69,151,000 | 65,218,000 |
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 | 69,151,000 | 65,218,000 |
Consumer Portfolio Segment [Member] | ||
Loans | 31,857,000 | 31,687,000 |
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 | 11,000 | 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 | 11,000 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 31,846,000 | 31,687,000 |
Agriculture [Member] | ||
Loans | 29,088,000 | 25,922,000 |
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 | $ 29,088,000 | $ 25,922,000 |
Note 4 - Loans - Credit Quality
Note 4 - Loans - Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Land | $ 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 26,005,000 | $ 138,098,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 144,892,000 | 189,958,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 194,501,000 | 164,104,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 176,046,000 | 96,408,000 | |
Land | 0 | ||
Financing Receivable, Year Five | 94,243,000 | 84,627,000 | |
Land | 14,000 | ||
Financing Receivable, Prior | 350,936,000 | 275,914,000 | |
Land | 14,000 | $ 20,000 | |
Financing Receivable, Revolving | 52,886,000 | 67,470,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,039,509,000 | 1,016,579,000 | |
Pass [Member] | |||
Financing Receivable, Year One | 26,002,000 | 138,098,000 | |
Financing Receivable, Year Two | 143,300,000 | 189,958,000 | |
Financing Receivable, Year Three | 194,501,000 | 156,421,000 | |
Financing Receivable, Year Four | 168,434,000 | 96,269,000 | |
Financing Receivable, Year Five | 94,243,000 | 80,001,000 | |
Financing Receivable, Prior | 335,682,000 | 270,888,000 | |
Financing Receivable, Revolving | 46,883,000 | 65,862,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,009,045,000 | 997,497,000 | |
Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 1,592,000 | 0 | |
Financing Receivable, Year Three | 0 | 7,683,000 | |
Financing Receivable, Year Four | 7,612,000 | 139,000 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 10,542,000 | 4,893,000 | |
Financing Receivable, Revolving | 6,003,000 | 1,608,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 25,749,000 | 14,323,000 | |
Substandard [Member] | |||
Financing Receivable, Year One | 3,000 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 0 | |
Financing Receivable, Year Five | 0 | 4,626,000 | |
Financing Receivable, Prior | 4,712,000 | 133,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 4,715,000 | 4,759,000 | |
Commercial Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 6,889,000 | 10,967,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 11,905,000 | 11,268,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 11,306,000 | 9,608,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 8,752,000 | 6,157,000 | |
Land | 0 | ||
Financing Receivable, Year Five | 5,292,000 | 4,384,000 | |
Land | 0 | ||
Financing Receivable, Prior | 5,863,000 | 2,332,000 | |
Land | 0 | 12,000 | |
Financing Receivable, Revolving | 19,144,000 | 20,502,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,151,000 | 65,218,000 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 6,889,000 | 10,967,000 | |
Financing Receivable, Year Two | 11,905,000 | 11,268,000 | |
Financing Receivable, Year Three | 11,306,000 | 9,608,000 | |
Financing Receivable, Year Four | 8,752,000 | 6,018,000 | |
Financing Receivable, Year Five | 5,292,000 | 4,384,000 | |
Financing Receivable, Prior | 5,780,000 | 2,239,000 | |
Financing Receivable, Revolving | 19,144,000 | 20,502,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,068,000 | 64,986,000 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 139,000 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 5,000 | 6,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,000 | 145,000 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 0 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 78,000 | 87,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 78,000 | 87,000 | |
Consumer Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 1,762,000 | 1,234,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 1,142,000 | 5,042,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 4,960,000 | 4,104,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 3,727,000 | 2,213,000 | |
Land | 0 | ||
Financing Receivable, Year Five | 2,181,000 | 2,074,000 | |
Land | 14,000 | ||
Financing Receivable, Prior | 9,262,000 | 7,601,000 | |
Land | 14,000 | 8,000 | |
Financing Receivable, Revolving | 8,823,000 | 9,419,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 31,857,000 | 31,687,000 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 1,759,000 | 1,234,000 | |
Financing Receivable, Year Two | 1,142,000 | 5,042,000 | |
Financing Receivable, Year Three | 4,960,000 | 4,104,000 | |
Financing Receivable, Year Four | 3,727,000 | 2,213,000 | |
Financing Receivable, Year Five | 2,181,000 | 2,074,000 | |
Financing Receivable, Prior | 9,217,000 | 7,555,000 | |
Financing Receivable, Revolving | 8,823,000 | 8,529,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 31,809,000 | 30,751,000 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 890,000 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 890,000 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 3,000 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 0 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 45,000 | 46,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 48,000 | 46,000 | |
Agriculture [Member] | |||
Land | 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 0 | 3,032,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 3,521,000 | 1,707,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 1,310,000 | 1,309,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 1,300,000 | 0 | |
Land | 0 | ||
Financing Receivable, Year Five | 0 | 214,000 | |
Land | 0 | ||
Financing Receivable, Prior | 636,000 | 488,000 | |
Land | 0 | 0 | |
Financing Receivable, Revolving | 22,321,000 | 19,172,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 29,088,000 | 25,922,000 | |
Agriculture [Member] | Pass [Member] | |||
Financing Receivable, Year One | 0 | 3,032,000 | |
Financing Receivable, Year Two | 1,929,000 | 1,707,000 | |
Financing Receivable, Year Three | 1,310,000 | 1,309,000 | |
Financing Receivable, Year Four | 1,300,000 | 0 | |
Financing Receivable, Year Five | 0 | 214,000 | |
Financing Receivable, Prior | 636,000 | 488,000 | |
Financing Receivable, Revolving | 16,923,000 | 18,984,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 22,098,000 | 25,734,000 | |
Agriculture [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 1,592,000 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 0 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 0 | 0 | |
Financing Receivable, Revolving | 5,398,000 | 188,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 6,990,000 | 188,000 | |
Land Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Construction and Land [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Year One | 16,237,000 | ||
Financing Receivable, Year Two | 42,670,000 | ||
Financing Receivable, Year Three | 1,259,000 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 1,244,000 | ||
Financing Receivable, Prior | 1,650,000 | ||
Land | 0 | 0 | |
Financing Receivable, Revolving | 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,098,000 | 63,060,000 | |
Construction and Land [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 16,237,000 | ||
Financing Receivable, Year Two | 42,670,000 | ||
Financing Receivable, Year Three | 1,259,000 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 1,244,000 | ||
Financing Receivable, Prior | 1,650,000 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 63,060,000 | ||
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Year One | 1,200,000 | ||
Financing Receivable, Year Two | 23,456,000 | ||
Financing Receivable, Year Three | 40,667,000 | ||
Financing Receivable, Year Four | 923,000 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 2,852,000 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,098,000 | ||
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 1,200,000 | ||
Financing Receivable, Year Two | 23,456,000 | ||
Financing Receivable, Year Three | 40,667,000 | ||
Financing Receivable, Year Four | 923,000 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 2,852,000 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,098,000 | ||
Multifamily [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | ||
Land | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 53,707,000 | 54,045,000 | |
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 10,129,000 | 10,031,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 9,966,000 | 40,666,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 40,421,000 | 56,060,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 55,436,000 | 25,642,000 | |
Land | 0 | ||
Financing Receivable, Year Five | 25,161,000 | 18,967,000 | |
Land | 0 | ||
Financing Receivable, Prior | 74,009,000 | 58,260,000 | |
Land | 0 | 0 | |
Financing Receivable, Revolving | 667,000 | 781,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 215,789,000 | 210,407,000 | |
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 10,129,000 | 10,031,000 | |
Financing Receivable, Year Two | 9,966,000 | 40,666,000 | |
Financing Receivable, Year Three | 40,421,000 | 48,377,000 | |
Financing Receivable, Year Four | 47,824,000 | 25,642,000 | |
Financing Receivable, Year Five | 25,161,000 | 14,341,000 | |
Financing Receivable, Prior | 69,133,000 | 57,971,000 | |
Financing Receivable, Revolving | 62,000 | 251,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 202,696,000 | 197,279,000 | |
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 7,683,000 | |
Financing Receivable, Year Four | 7,612,000 | 0 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 287,000 | 289,000 | |
Financing Receivable, Revolving | 605,000 | 530,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 8,504,000 | 8,502,000 | |
Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 0 | |
Financing Receivable, Year Five | 0 | 4,626,000 | |
Financing Receivable, Prior | 4,589,000 | 0 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 4,589,000 | 4,626,000 | |
Mortgage Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Year One | 0 | 3,803,000 | |
Financing Receivable, Year Two | 3,782,000 | 6,976,000 | |
Financing Receivable, Year Three | 6,943,000 | 8,711,000 | |
Financing Receivable, Year Four | 8,676,000 | 3,473,000 | |
Financing Receivable, Year Five | 3,443,000 | 6,780,000 | |
Financing Receivable, Prior | 30,863,000 | 24,302,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 53,707,000 | 54,045,000 | |
Mortgage Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 0 | 3,803,000 | |
Financing Receivable, Year Two | 3,782,000 | 6,976,000 | |
Financing Receivable, Year Three | 6,943,000 | 8,711,000 | |
Financing Receivable, Year Four | 8,676,000 | 3,473,000 | |
Financing Receivable, Year Five | 3,443,000 | 6,780,000 | |
Financing Receivable, Prior | 30,863,000 | 24,302,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 53,707,000 | 54,045,000 | |
Non-owner Occupied [member] | Commercial Real Estate Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 1,718,000 | 78,417,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 77,849,000 | 71,236,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 78,603,000 | 81,386,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 80,476,000 | 43,531,000 | |
Land | 0 | ||
Financing Receivable, Year Five | 43,124,000 | 44,413,000 | |
Land | 0 | ||
Financing Receivable, Prior | 191,627,000 | 149,190,000 | |
Land | 0 | 0 | |
Financing Receivable, Revolving | 1,931,000 | 1,879,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 475,328,000 | 470,052,000 | |
Non-owner Occupied [member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 1,718,000 | 78,417,000 | |
Financing Receivable, Year Two | 77,849,000 | 71,236,000 | |
Financing Receivable, Year Three | 78,603,000 | 81,386,000 | |
Financing Receivable, Year Four | 80,476,000 | 43,531,000 | |
Financing Receivable, Year Five | 43,124,000 | 44,413,000 | |
Financing Receivable, Prior | 187,546,000 | 145,073,000 | |
Financing Receivable, Revolving | 1,931,000 | 1,879,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 471,247,000 | 465,935,000 | |
Non-owner Occupied [member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | 0 | |
Financing Receivable, Year Two | 0 | 0 | |
Financing Receivable, Year Three | 0 | 0 | |
Financing Receivable, Year Four | 0 | 0 | |
Financing Receivable, Year Five | 0 | 0 | |
Financing Receivable, Prior | 4,081,000 | 4,117,000 | |
Financing Receivable, Revolving | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 4,081,000 | 4,117,000 | |
Farmland Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Land | 0 | ||
Land | 0 | ||
Financing Receivable, Year One | 4,307,000 | 14,377,000 | |
Land | 0 | ||
Financing Receivable, Year Two | 13,271,000 | 10,393,000 | |
Land | 0 | ||
Financing Receivable, Year Three | 10,291,000 | 1,667,000 | |
Land | 0 | ||
Financing Receivable, Year Four | 16,756,000 | 15,392,000 | |
Land | 0 | ||
Financing Receivable, Year Five | 15,042,000 | 6,551,000 | |
Land | 0 | ||
Financing Receivable, Prior | 35,824,000 | 32,091,000 | |
Land | 0 | $ 0 | |
Financing Receivable, Revolving | 0 | 15,717,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 95,491,000 | 96,188,000 | |
Farmland Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Year One | 4,307,000 | 14,377,000 | |
Financing Receivable, Year Two | 13,271,000 | 10,393,000 | |
Financing Receivable, Year Three | 10,291,000 | 1,667,000 | |
Financing Receivable, Year Four | 16,756,000 | 15,392,000 | |
Financing Receivable, Year Five | 15,042,000 | 6,551,000 | |
Financing Receivable, Prior | 29,655,000 | 31,610,000 | |
Financing Receivable, Revolving | 0 | 15,717,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 89,322,000 | 95,707,000 | |
Farmland Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 481,000 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 481,000 | ||
Farmland Loans [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 6,169,000 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 6,169,000 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Beginning balance | $ 10,896,000 | $ 9,468,000 | |
Individually evaluated for impairment | 0 | $ 0 | |
Charge-offs | (14,000) | (20,000) | |
Collectively evaluated for impairment | 10,922,000 | 10,896,000 | |
Recoveries | 40,000 | 49,000 | |
Financing Receivable, Allowance for Credit Loss | 10,922,000 | 9,383,000 | 10,896,000 |
Provision for (reversal of) credit losses | 0 | (460,000) | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 10,922,000 | 9,383,000 | |
Collectively evaluated for impairment | 1,039,509,000 | 1,016,579,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,039,509,000 | 1,016,579,000 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 346,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | |||
Beginning balance | 1,227,000 | 1,055,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | 0 | |
Collectively evaluated for impairment | 1,059,000 | 1,227,000 | |
Recoveries | 0 | 34,000 | |
Financing Receivable, Allowance for Credit Loss | 1,059,000 | 757,000 | 1,227,000 |
Provision for (reversal of) credit losses | (168,000) | (670,000) | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 1,059,000 | 757,000 | |
Collectively evaluated for impairment | 69,098,000 | 63,060,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,098,000 | 63,060,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 338,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Beginning balance | 667,000 | 479,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | 0 | |
Collectively evaluated for impairment | 634,000 | 667,000 | |
Recoveries | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss | 634,000 | 509,000 | 667,000 |
Provision for (reversal of) credit losses | (33,000) | 7,000 | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 634,000 | 509,000 | |
Collectively evaluated for impairment | 53,707,000 | 54,045,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 53,707,000 | 54,045,000 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 23,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Beginning balance | 1,805,000 | 1,798,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | 0 | |
Collectively evaluated for impairment | 1,809,000 | 1,805,000 | |
Recoveries | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss | 1,809,000 | 1,955,000 | 1,805,000 |
Provision for (reversal of) credit losses | 4,000 | 54,000 | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 1,809,000 | 1,955,000 | |
Collectively evaluated for impairment | 215,789,000 | 210,407,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 215,789,000 | 210,407,000 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 103,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | |||
Beginning balance | 4,805,000 | 4,211,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | 0 | |
Collectively evaluated for impairment | 4,620,000 | 4,805,000 | |
Recoveries | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss | 4,620,000 | 4,344,000 | 4,805,000 |
Provision for (reversal of) credit losses | (185,000) | 108,000 | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 4,620,000 | 4,344,000 | |
Collectively evaluated for impairment | 475,328,000 | 470,052,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 475,328,000 | 470,052,000 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 25,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Beginning balance | 1,468,000 | 830,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | 0 | |
Collectively evaluated for impairment | 1,462,000 | 1,468,000 | |
Recoveries | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss | 1,462,000 | 902,000 | 1,468,000 |
Provision for (reversal of) credit losses | (6,000) | 60,000 | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 1,462,000 | 902,000 | |
Collectively evaluated for impairment | 95,491,000 | 96,188,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 95,491,000 | 96,188,000 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 12,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Commercial Portfolio Segment [Member] | |||
Beginning balance | 650,000 | 612,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | (12,000) | |
Collectively evaluated for impairment | 1,022,000 | 650,000 | |
Recoveries | 36,000 | 12,000 | |
Financing Receivable, Allowance for Credit Loss | 1,022,000 | 679,000 | 650,000 |
Provision for (reversal of) credit losses | 336,000 | (35,000) | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 1,022,000 | 679,000 | |
Collectively evaluated for impairment | 69,151,000 | 65,218,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 69,151,000 | 65,218,000 | |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | 102,000 | ||
Financing Receivable, Allowance for Credit Loss | |||
Consumer Portfolio Segment [Member] | |||
Beginning balance | 227,000 | 311,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | (14,000) | (8,000) | |
Collectively evaluated for impairment | 235,000 | 227,000 | |
Recoveries | 4,000 | 3,000 | |
Financing Receivable, Allowance for Credit Loss | 235,000 | 203,000 | 227,000 |
Provision for (reversal of) credit losses | 18,000 | 17,000 | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 235,000 | 203,000 | |
Collectively evaluated for impairment | 31,857,000 | 31,687,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 31,857,000 | 31,687,000 | |
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | (120,000) | ||
Financing Receivable, Allowance for Credit Loss | |||
Agriculture [Member] | |||
Beginning balance | 47,000 | 172,000 | |
Individually evaluated for impairment | 0 | 0 | |
Charge-offs | 0 | 0 | |
Collectively evaluated for impairment | 81,000 | 47,000 | |
Recoveries | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss | 81,000 | 34,000 | 47,000 |
Provision for (reversal of) credit losses | 34,000 | (1,000) | |
Individually evaluated for impairment | 0 | 0 | |
Ending balance | 81,000 | 34,000 | |
Collectively evaluated for impairment | 29,088,000 | 25,922,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 29,088,000 | $ 25,922,000 | |
Agriculture [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | $ (137,000) | ||
Financing Receivable, Allowance for Credit Loss |
Note 4 - Loans - Changes in the
Note 4 - Loans - Changes in the Allowance, Off-balance-sheet Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance, beginning of period | $ 609 | $ 546 |
(Reversal of) Provision to Operations for Off Balance Sheet Commitments | (78) | (352) |
Balance, end of period | 531 | 741 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance, beginning of period | $ 0 | $ 547 |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments and Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 169,729 | $ 216,568 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 169,729 | 216,568 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted equity securities | 5,956 | 5,956 |
Interest receivable | 7,695 | 8,386 |
Interest payable | (171) | (128) |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted equity securities | 5,956 | 5,956 |
Interest receivable | 7,695 | 8,386 |
Interest payable | (171) | (128) |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 1,027,323 | 1,004,277 |
Deposits | (1,612,400) | (1,650,534) |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 946,897 | 917,242 |
Deposits | (1,611,654) | (1,649,808) |
Commitments and standby letters of credit | $ (1,792) | $ (1,863) |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments and Fair Value Measurements - Measured on Recurring and Non Recurring Basis (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale securities, fair market value | $ 505,091,000 | $ 518,078,000 |
Equity Securities | 3,102,000 | 3,132,000 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 84,143,000 | 80,259,000 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 84,143,000 | 80,259,000 |
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 | 84,143,000 | 80,259,000 |
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 | 8,350,000 | 8,664,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 8,350,000 | 8,664,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 8,350,000 | 8,664,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 319,786,000 | 328,908,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 319,786,000 | 328,908,000 |
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 | |
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 | 319,786,000 | 328,908,000 |
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 | |
SBA Pool [Member] | ||
Available-for-sale securities, fair market value | 1,172,000 | 1,395,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 1,172,000 | 1,395,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 1,172,000 | 1,395,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 42,139,000 | 43,517,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 42,139,000 | 43,517,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 42,139,000 | 43,517,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
Asset-Backed Securities [Member] | ||
Available-for-sale securities, fair market value | 49,501,000 | 55,335,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 49,501,000 | 55,335,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 49,501,000 | 55,335,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | |
Mutual Fund [Member] | Fair Value, Recurring [Member] | ||
Equity Securities | 3,102,000 | 3,132,000 |
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 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number Of Forms Of Outstanding Common Stock | 2 |
Note 6 - Earnings Per Share - E
Note 6 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 5,727 | $ 9,225 |
Weighted average shares outstanding (in shares) | 8,210 | 8,183 |
Net income per common share (in dollars per share) | $ 0.7 | $ 1.13 |
Effect of dilutive non-vested restricted shares (in shares) | 35 | 44 |
Weighted average shares of common stock and common stock equivalents (in shares) | 8,245 | 8,227 |
Net income per diluted common share (in dollars per share) | $ 0.69 | $ 1.12 |