Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 11, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Eagle Bancorp Montana, Inc. | |
Entity Central Index Key | 0001478454 | |
Trading Symbol | ebmt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,818,883 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock par value $0.01 per share |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and due from banks | $ 11,544 | $ 18,094 |
Interest bearing deposits in banks | 8,229 | 4,284 |
Federal funds sold | 2,540 | |
Total cash and cash equivalents | 19,773 | 24,918 |
Securities available-for-sale, at fair value | 167,904 | 126,875 |
Federal Home Loan Bank ("FHLB") stock | 5,161 | 4,683 |
Federal Reserve Bank ("FRB") stock | 2,601 | 2,526 |
Mortgage loans held-for-sale, at fair value | 25,187 | 25,612 |
Loans receivable, net of allowance for loan losses of $9,250 at March 31, 2020 and $8,600 at December 31, 2019 | 812,784 | 770,635 |
Accrued interest and dividends receivable | 5,329 | 4,577 |
Mortgage servicing rights, net | 9,018 | 8,739 |
Premises and equipment, net | 51,731 | 40,082 |
Cash surrender value of life insurance, net | 25,898 | 23,608 |
Goodwill | 20,798 | 15,836 |
Core deposit intangible, net | 2,832 | 2,786 |
Other assets | 9,584 | 3,383 |
Total assets | 1,158,600 | 1,054,260 |
LIABILITIES: | ||
Noninterest bearing | 223,723 | 200,035 |
Interest bearing | 664,502 | 608,958 |
Total deposits | 888,225 | 808,993 |
Accrued expenses and other liabilities | 17,067 | 9,825 |
Deferred tax liability, net | 58 | 492 |
FHLB advances and other borrowings | 94,585 | 88,350 |
Other long-term debt: | ||
Principal amount | 25,155 | 25,155 |
Unamortized debt issuance costs | (198) | (214) |
Total other long-term debt, net | 24,957 | 24,941 |
Total liabilities | 1,024,892 | 932,601 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock (par value $0.01 per share; 1,000,000 shares authorized; no shares issued or outstanding) | ||
Common stock (par value $0.01 per share; 20,000,000 shares authorized; 7,110,833 and 6,714,983 shares issued; 6,818,883 and 6,423,033 shares outstanding at March 31, 2020 and December 31, 2019, respectively) | 71 | 67 |
Additional paid-in capital | 77,399 | 68,826 |
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (269) | (311) |
Treasury stock, at cost | (3,643) | (3,643) |
Retained earnings | 58,670 | 55,391 |
Accumulated other comprehensive income, net of tax | 1,480 | 1,329 |
Total shareholders' equity | 133,708 | 121,659 |
Total liabilities and shareholders' equity | $ 1,158,600 | $ 1,054,260 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 9,250 | $ 8,600 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, share authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,110,833 | 6,714,983 |
Common stock, shares outstanding (in shares) | 6,818,883 | 6,423,033 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST AND DIVIDEND INCOME: | ||
Interest and fees on loans | $ 11,432,000 | $ 10,048,000 |
Securities available-for-sale | 1,027,000 | 958,000 |
FHLB and FRB dividends | 94,000 | 95,000 |
Other interest income | 78,000 | 20,000 |
Total interest and dividend income | 12,631,000 | 11,121,000 |
INTEREST EXPENSE: | ||
Deposits | 1,339,000 | 787,000 |
FHLB advances and other borrowings | 463,000 | 594,000 |
Other long-term debt | 352,000 | 365,000 |
Total interest expense | 2,154,000 | 1,746,000 |
NET INTEREST INCOME | 10,477,000 | 9,375,000 |
Loan loss provision | 670,000 | 604,000 |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION | 9,807,000 | 8,771,000 |
NONINTEREST INCOME: | ||
Net gain on sale of loans | 5,411,000 | 2,599,000 |
Appreciation in cash surrender value of life insurance | 160,000 | 157,000 |
Net loss on sale of available-for-sale securities | (55,000) | |
Other noninterest income | 478,000 | 92,000 |
Total noninterest income | 8,304,000 | 3,694,000 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 7,682,000 | 5,992,000 |
Occupancy and equipment expense | 1,209,000 | 1,034,000 |
Data processing | 1,250,000 | 928,000 |
Advertising | 249,000 | 268,000 |
Amortization | 164,000 | 254,000 |
Loan costs | 247,000 | 135,000 |
Federal Deposit Insurance Corporation ("FDIC") insurance premiums | 69,000 | 60,000 |
Postage | 98,000 | 68,000 |
Professional and examination fees | 285,000 | 305,000 |
Acquisition costs | 128,000 | 1,171,000 |
Other noninterest expense | 1,467,000 | 806,000 |
Total noninterest expense | 12,848,000 | 11,021,000 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 5,263,000 | 1,444,000 |
Provision for income taxes | 1,336,000 | 261,000 |
NET INCOME | $ 3,927,000 | $ 1,183,000 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.58 | $ 0.18 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 0.57 | $ 0.18 |
Deposit Account [Member] | ||
NONINTEREST INCOME: | ||
Noninterest income revenue | $ 316,000 | $ 261,000 |
Bank Servicing [Member] | ||
NONINTEREST INCOME: | ||
Noninterest income revenue | 1,602,000 | 365,000 |
Debit Card [Member] | ||
NONINTEREST INCOME: | ||
Noninterest income revenue | $ 337,000 | $ 275,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 3,927 | $ 1,183 |
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS) BEFORE TAX: | ||
Change in fair value of investment securities available-for-sale | 205 | 1,486 |
Reclassification for net realized losses on investment securities available-for-sale | 55 | |
Change in fair value of loans held-for-sale | 296 | |
Reclassification for net realized gains on loans held-for-sale | (309) | |
Total other items of comprehensive income | 205 | 1,528 |
Income tax (provision) benefit related to: | ||
Investment securities | (54) | (407) |
Loans held-for-sale | 4 | |
Total income tax provision | (54) | (403) |
COMPREHENSIVE INCOME | $ 4,078 | $ 2,308 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated ESOP Shares [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2018 | $ 57 | $ 52,051 | $ (477) | $ (2,640) | $ 46,926 | $ (1,111) | $ 94,806 | |
Net income | 1,183 | 1,183 | ||||||
Other comprehensive income (loss) | 1,125 | 1,125 | ||||||
Dividends paid | (597) | (597) | ||||||
Stock issued in connection with acquisition | 10 | 16,425 | 16,435 | |||||
ESOP shares allocated | 30 | 42 | 72 | |||||
Treasury stock purchased | (732) | (732) | ||||||
Balance at Mar. 31, 2019 | 67 | 68,506 | (435) | (3,372) | 47,512 | 14 | 112,292 | |
Balance at Dec. 31, 2019 | 67 | 68,826 | (311) | (3,643) | 55,391 | 1,329 | 121,659 | |
Net income | 3,927 | 3,927 | ||||||
Other comprehensive income (loss) | 151 | 151 | ||||||
Dividends paid | (648) | (648) | ||||||
Stock issued in connection with acquisition | 4 | 8,463 | 8,467 | |||||
Stock compensation expense | 70 | 70 | ||||||
ESOP shares allocated | 40 | 42 | 82 | |||||
Balance at Mar. 31, 2020 | $ 71 | $ 77,399 | $ (269) | $ (3,643) | $ 58,670 | $ 1,480 | $ 133,708 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends paid, per share (in dollars per share) | $ 0.095 | $ 0.0925 |
ESOP shares allocated or committed to be released for allocation, shares (in shares) | 4,154 | 4,154 |
Treasury stock purchased, shares (in shares) | 42,000 | |
Treasury stock, average cost per share (in dollars per share) | $ 17.43 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,927 | $ 1,183 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loan loss provision | 670 | 604 |
Impairment of servicing rights | 153 | |
Depreciation | 574 | 417 |
Net amortization of investment securities premiums and discounts | 280 | 280 |
Amortization of mortgage servicing rights | 511 | 247 |
Amortization of right-of-use assets | 117 | 119 |
Amortization of core deposit intangible and tax credits | 164 | 254 |
Compensation expense related to restricted stock awards | 70 | |
ESOP compensation expense for allocated shares | 82 | 72 |
Deferred income tax benefit | (23) | (589) |
Net gain on sale of loans | (5,411) | (2,599) |
Originations of loans held-for-sale | (132,225) | (72,293) |
Proceeds from sales of loans held-for-sale | 138,061 | 74,122 |
Net loss on sale of available-for-sale securities | 55 | |
Net loss on sale of real estate owned and other repossessed assets | 37 | |
Net gain on sale/disposal of premises and equipment | (4) | |
Net appreciation in cash surrender value of life insurance | (160) | (157) |
Net change in: | ||
Accrued interest and dividends receivable | 256 | (270) |
Other assets | (6,042) | 353 |
Accrued expenses and other liabilities | 2,688 | (552) |
Net cash provided by operating activities | 3,688 | 1,283 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales | 3,900 | |
Maturities, principal payments and calls | 4,106 | 2,919 |
Purchases | (1,500) | (1,513) |
FHLB stock (purchased) redeemed | (263) | 468 |
FRB stock purchased | (7) | |
Net cash received from acquisitions | 7,744 | 6,901 |
Loan origination and principal collection, net | (371) | (22,583) |
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | 70 | |
Purchases of premises and equipment, net | (11,596) | (1,850) |
Net cash used in investing activities | (1,880) | (11,695) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net (decrease) increase in deposits | (10,040) | 21,728 |
Net short-term advances (payments) on FHLB and other borrowings | 7,910 | (11,047) |
Long-term advances from FHLB and other borrowings | 10,000 | 18,000 |
Payments on long-term FHLB and other borrowings | (14,175) | (16,862) |
Purchase of treasury stock | (732) | |
Dividends paid | (648) | (597) |
Net cash (used in) provided by financing activities | (6,953) | 10,490 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (5,145) | 78 |
CASH AND CASH EQUIVALENTS, beginning of period | 24,918 | 11,201 |
CASH AND CASH EQUIVALENTS, end of period | 19,773 | 11,279 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 2,172 | 1,613 |
Cash paid during the period for income taxes | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Increase in fair value of securities available-for-sale | 205 | 1,541 |
Mortgage servicing rights recognized | 943 | 465 |
Right-of-use assets obtained in exchange for lease liabilities | 2,461 | |
Loans transferred to real estate and other assets acquired in foreclosure | 34 | 131 |
Stock issued in connection with acquisitions | $ 8,467 | $ 16,435 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”), is a Delaware corporation that holds 100% 1922 1975, October 2014 In September 2017, 100% January 31, 2018, two In August 2018, 100% January 1, 2019, four In August 2019, January 1, 2020. one The Bank currently has 23 Basis of Financial Statement Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 10 X 10 December 31, 2019, March 11, 2020. The results of operations for the three March 31, 2020 not December 31, 2020 Principles of Consolidation The consolidated financial statements include Eagle, the Bank, Eagle Bancorp Statutory Trust I (the “Trust”) and Western Financial Services, Inc. (“WFS”). WFS was acquired through the WHC merger. All significant intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain prior period amounts were reclassified to conform to the presentation for 2020. no Subsequent Events The Company has evaluated events and transactions subsequent to March 31, 2020 On March 28, 2020 19 April 27, 2020, Ongoing impact of COVID- 19 ■ Loan Accommodations – The bank is offering multiple accommodation options to its clients, including 90 April 30, 2020, 185 $69,131,000 90 113 $45,375,000 6 116 $23,921,000. ■ Payroll Protection Program – On March 27, 2020, April 2020, April 30, 2020, $43,808,000 471 $31,287,000. ■ Liquidity Changes – Subsequent to the end of the quarter and in coordination with the roll out of the PPP, Eagle was approved for short-term funding through the FRB Discount Window. The discount window has not April 30, 2020, $24,065,000 334 0.35%. |
Note 2 - Mergers and Acquisitio
Note 2 - Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2. Effective January 1, 2019, $16,436,000 $1,000 $16,435,000. Effective January 1, 2020, $14,967,000 $6,500,000 $8,467,000. These transactions were accounted for under the acquisition method of accounting. All of the assets acquired and liabilities assumed were recognized at their acquisition-date fair value, while transaction costs and restructuring costs associated with the business combinations were expensed as incurred. Determining the fair value of assets and liabilities is a complicated process involving significant judgement regarding methods and assumptions used to calculate estimated fair values. The excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill. The goodwill recorded is not The following table summarizes the fair values of the assets acquired and liabilities assumed, consideration paid and the resulting goodwill. WHC BMB January 1, January 1, 2020 2019 (In Thousands) Assets acquired: Cash and cash equivalents $ 14,244 $ 6,902 Securities available-for-sale 43,710 2,096 Loans receivable 43,424 89,204 Premises and equipment 740 2,246 Cash surrender value of life insurance 2,131 2,862 Other real estate owned - 223 Core deposit intangible 208 1,988 Other assets 1,874 1,995 Total assets acquired $ 106,331 $ 107,516 Liabilities assumed: Deposits $ 89,272 $ 92,706 Accrued expenses and other liabilities 4,554 1,960 Other borrowings 2,500 - Total liabilities assumed $ 96,326 $ 94,666 Net assets acquired $ 10,005 $ 12,850 Consideration paid: Cash $ 6,500 $ 1 Common stock issued (395,850 shares WHC and 996,041 shares BMB) 8,467 16,435 Total consideration paid $ 14,967 $ 16,436 Goodwill resulting from acquisition $ 4,962 $ 3,586 Goodwill recorded for the WHC acquisition during the three March 31, 2020 $4,962,000 may three March 31, 2019 $3,586,000. January 1, 2019 $126,000 three December 31, 2019. $3,712,000. WHC investments were written up $425,000 third For acquisitions, the fair value analysis of the loan portfolios resulted in a valuation adjustment for each loan based on an amortization schedule of expected cash flow. Individual amortization schedules were used for each loan over a certain amount and those with specifically identified loss exposure. The remainder of the loans were grouped by type and risk rating into loan pools (based on loan type, fixed or variable interest rate, revolving or term payments and risk rating). Yield inputs for the amortization schedules included contractual interest rates, estimated prepayment speeds, liquidity adjustments and market yields. Credit inputs for the amortization schedules included probability of payment default, loss given default rates and individually identified loss exposure. The total accretable discount on WHC acquired loans was $1,166,000 January 1, 2020. three March 31, 2020, $130,000. $1,036,000 March 31, 2020. The total accretable discount on BMB acquired loans was $2,813,000 January 1, 2019. December 31, 2019, $1,480,000. three March 31, 2020, $119,000. $1,214,000 March 31, 2020. One impaired loan was acquired through the WHC acquisition with an insignificant balance as of January 1, 2020. $556,000 January 1, 2019. March 31, 2020 $134,000. Fair value adjustments of $590,000 $276,000 third Core deposit intangible assets of $208,000 10 $1,988,000 10 For acquisitions, the core deposit intangible value is a function of the difference between the cost of the acquired core deposits and the alternative cost of funds. These cash flow streams were discounted to present value. The fair value of other deposit accounts acquired were valued by estimating future cash flows to be received or paid from individual or homogenous groups of assets and liabilities and then discounting those cash flows to a present value using rates of return that were available in financial markets for similar financial instruments on or near the acquisition date. Direct costs related to the acquisitions were expensed as incurred. The Company recorded acquisition costs related to WHC of $128,000 three March 31, 2020 $818,000 December 31, 2019. $1,380,000 $804,000 December 31, 2019 2018, Operations of WHC have been included in the consolidated financial statements since January 1, 2020. not not January 1, 2020 March 31, 2020. Operations of BMB have been included in the consolidated financial statements since January 1, 2019. not not January 1, 2019 March 31, 2020. The accompanying consolidated statements of income include the results of operations of WHC since the January 1, 2020 three March 31, 2019 January 1, 2019. not January 1, 2019. not three March 31, 2019. Three Months Ended March 31, 2019 (Dollars in Thousands, Except Per Share Data) Pro forma net income (1) Net interest income after loan loss provision $ 9,486 Noninterest income 3,983 Noninterest expense 11,710 Income before provision for income taxes 1,759 Income tax provision 352 Net income $ 1,407 Pro forma earnings per share (1) Basic earnings per share $ 0.22 Diluted earnings per share $ 0.22 Basic weighted average shares outstanding 6,450,326 Diluted weighted average shares outstanding 6,510,486 ( 1 20.00% |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3. INVESTMENT SECURITIES Investment securities are summarized as follows: March 31, 2020 December 31, 2019 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 15,257 $ 610 $ - $ 15,867 $ 13,318 $ 279 $ - $ 13,597 Municipal obligations 70,685 2,117 (118 ) 72,684 50,699 1,616 (93 ) 52,222 Corporate obligations 8,349 24 (304 ) 8,069 8,356 40 (8 ) 8,388 Mortgage-backed securities 10,066 95 (33 ) 10,128 9,460 56 (21 ) 9,495 Collateralized mortgage obligations 44,040 1,375 (287 ) 45,128 33,129 297 (92 ) 33,334 Asset-backed securities 17,499 - (1,471 ) 16,028 10,110 - (271 ) 9,839 Total $ 165,896 $ 4,221 $ (2,213 ) $ 167,904 $ 125,072 $ 2,288 $ (485 ) $ 126,875 Proceeds from sales of available-for-sale securities and the associated gross realized gains and losses were as follows: Three Months Ended March 31, 2020 2019 (In Thousands) Proceeds from sale of available-for-sale securities $ - $ 3,900 Gross realized gain on sale of available-for-sale securities $ - $ 11 Gross realized loss on sale of available-for-sale securities - (66 ) Net realized loss on sale of available-for-sale securities $ - $ (55 ) The amortized cost and fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may March 31, 2020 Amortized Fair Cost Value (In Thousands) Due in one year or less $ 11,771 $ 11,811 Due from one to five years 16,110 15,962 Due from five to ten years 15,575 16,150 Due after ten years 68,334 68,725 111,790 112,648 Mortgage-backed securities 10,066 10,128 Collateralized mortgage obligations 44,040 45,128 Total $ 165,896 $ 167,904 As of March 31, 2020 December 31, 2019 $28,345,353 $18,897,000, The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve twelve March 31, 2020 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) Municipal obligations $ 9,520 $ (118 ) $ - $ - Corporate obligations 5,036 (304 ) - - Mortgage-backed securities and collateralized mortgage obligations 13,815 (291 ) 2,740 (29 ) Asset-backed securities 6,967 (478 ) 9,061 (993 ) Total $ 35,338 $ (1,191 ) $ 11,801 $ (1,022 ) December 31, 2019 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) Municipal obligations $ 11,142 $ (93 ) $ - $ - Corporate obligations - - 992 (8 ) Mortgage-backed securities and collateralized mortgage obligations 9,868 (35 ) 7,968 (78 ) Asset-backed securities 940 (33 ) 8,900 (238 ) Total $ 21,950 $ (161 ) $ 17,860 $ (324 ) Unrealized losses associated with investments are believed to be caused by changing market conditions, primarily spreads related to U.S. treasuries, that are considered to be temporary and the Company does not not no three March 31, 2020, 2019. March 31, 2020 December 31, 2019, 58 28 not As of March 31, 2020, 27 1.22% December 31, 2019, 10 0.83% March 31, 2020, 6 5.69% December 31, 2019, 1 0.80% no As of March 31, 2020, 15 1.90% December 31, 2019, 12 0.63% not As of March 31, 2020, 10 8.41% December 31, 2019, 5 2.68% not |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. LOANS RECEIVABLE Loans receivable consisted of the following: March 31, December 31, 2020 2019 (In Thousands) Real estate loans: Residential 1-4 family $ 160,047 $ 157,898 Commercial real estate 455,620 434,025 Other loans: Home equity 57,752 56,414 Consumer 19,924 18,882 Commercial 129,876 113,319 Total 823,219 780,538 Deferred loan fees, net (1,185 ) (1,303 ) Allowance for loan losses (9,250 ) (8,600 ) Total loans, net $ 812,784 $ 770,635 Within the loan categories above, $11,610,000 $13,602,000 March 31, 2020 December 31, 2019, $8,686,000 $5,701,000 March 31, 2020 December 31, 2019, Allowance for loan losses activity was as follows: Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January 1, 2020 $ 1,301 $ 4,826 $ 477 $ 284 $ 1,712 $ 8,600 Charge-offs - (18 ) - (8 ) (10 ) (36 ) Recoveries - 6 - 8 2 16 Provision - 400 - 70 200 670 Ending balance, March 31, 2020 $ 1,301 $ 5,214 $ 477 $ 354 $ 1,904 $ 9,250 Ending balance, March 31, 2020 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 74 $ 74 Ending balance, March 31, 2020 allocated to loans collectively evaluated for impairment $ 1,301 $ 5,214 $ 477 $ 354 $ 1,830 $ 9,176 Loans receivable: Ending balance, March 31, 2020 $ 160,047 $ 455,620 $ 57,752 $ 19,924 $ 129,876 $ 823,219 Ending balance, March 31, 2020 of loans individually evaluated for impairment $ 1,074 $ 2,115 $ 136 $ 179 $ 1,489 $ 4,993 Ending balance, March 31, 2020 of loans collectively evaluated for impairment $ 158,973 $ 453,505 $ 57,616 $ 19,745 $ 128,387 $ 818,226 Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January, 1 2019 $ 1,301 $ 3,593 $ 477 $ 190 $ 1,039 $ 6,600 Charge-offs - (20 ) - (9 ) (95 ) (124 ) Recoveries - 6 - 6 8 20 Provision - 344 - 10 250 604 Ending balance, March 31, 2019 $ 1,301 $ 3,923 $ 477 $ 197 $ 1,202 $ 7,100 Ending balance, March 31, 2019 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, March 31, 2019 allocated to loans collectively evaluated for impairment $ 1,301 $ 3,923 $ 477 $ 197 $ 1,202 $ 7,100 Loans receivable: Ending balance, March 31, 2019 $ 144,313 $ 394,988 $ 54,637 $ 19,043 $ 116,122 $ 729,103 Ending balance, March 31, 2019 of loans individually evaluated for impairment $ 984 $ 1,239 $ 433 $ 129 $ 1,743 $ 4,528 Ending balance, March 31, 2019 of loans collectively evaluated for impairment $ 143,329 $ 393,749 $ 54,204 $ 18,914 $ 114,379 $ 724,575 Internal classification of the loan portfolio was as follows: March 31, 2020 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 121,510 $ - $ 1,140 $ - $ - $ 122,650 Residential 1-4 family construction 37,060 - 337 - - 37,397 Commercial real estate 334,121 185 2,913 - - 337,219 Commercial construction and development 55,756 94 - - - 55,850 Farmland 61,645 83 770 53 - 62,551 Other loans: Home equity 57,517 99 136 - - 57,752 Consumer 19,745 - 179 - - 19,924 Commercial 76,043 958 697 - - 77,698 Agricultural 50,740 121 881 436 - 52,178 Total $ 814,137 $ 1,540 $ 7,053 $ 489 $ - $ 823,219 December 31, 2019 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 118,116 $ - $ 1,180 $ - $ - $ 119,296 Residential 1-4 family construction 38,265 - 337 - - 38,602 Commercial real estate 328,750 - 2,312 - - 331,062 Commercial construction and development 52,620 - 50 - - 52,670 Farmland 49,959 108 168 58 - 50,293 Other loans: Home equity 56,039 78 297 - - 56,414 Consumer 18,694 - 188 - - 18,882 Commercial 71,868 159 707 63 - 72,797 Agricultural 39,347 138 570 467 - 40,522 Total $ 773,658 $ 483 $ 5,809 $ 588 $ - $ 780,538 The following tables include information regarding delinquencies within the loan portfolio. March 31, 2020 Loans Past Due and Still Accruing 90 Days 30-89 Days and Non-Accrual Current Total Past Due Greater Total Loans Loans Loans (In Thousands) Real estate loans: Residential 1-4 family $ 1,656 $ 127 $ 1,783 $ 737 $ 120,130 $ 122,650 Residential 1-4 family construction 32 99 131 337 36,929 37,397 Commercial real estate 2,863 - 2,863 971 333,385 337,219 Commercial construction and development 70 - 70 - 55,780 55,850 Farmland 371 379 750 1,050 60,751 62,551 Other loans: Home equity 169 - 169 136 57,447 57,752 Consumer 133 - 133 179 19,612 19,924 Commercial 327 210 537 707 76,454 77,698 Agricultural 228 128 356 782 51,040 52,178 Total $ 5,849 $ 943 $ 6,792 $ 4,899 $ 811,528 $ 823,219 December 31, 2019 Loans Past Due and Still Accruing 90 Days 30-89 Days and Non-Accrual Current Total Past Due Greater Total Loans Loans Loans (In Thousands) Real estate loans: Residential 1-4 family $ 702 $ 4 $ 706 $ 618 $ 117,972 $ 119,296 Residential 1-4 family construction 260 - 260 337 38,005 38,602 Commercial real estate 793 - 793 583 329,686 331,062 Commercial construction and development 72 - 72 50 52,548 52,670 Farmland 1,039 - 1,039 476 48,778 50,293 Other loans: Home equity 420 - 420 98 55,896 56,414 Consumer 128 - 128 156 18,598 18,882 Commercial 484 - 484 824 71,489 72,797 Agricultural 702 1,805 2,507 499 37,516 40,522 Total $ 4,600 $ 1,809 $ 6,409 $ 3,641 $ 770,488 $ 780,538 The following tables include information regarding impaired loans. March 31, 2020 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 737 $ 793 $ - Residential 1-4 family construction 337 387 - Commercial real estate 971 1,170 - Commercial construction and development 94 94 - Farmland 1,050 1,092 - Other loans: Home equity 136 157 - Consumer 179 195 - Commercial 707 750 74 Agricultural 782 1,047 - Total $ 4,993 $ 5,685 $ 74 December 31, 2019 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 618 $ 657 $ - Residential 1-4 family construction 337 387 - Commercial real estate 583 766 - Commercial construction and development 50 225 - Farmland 476 513 - Other loans: Home equity 98 115 - Consumer 156 169 - Commercial 824 887 74 Agricultural 499 756 - Total $ 3,641 $ 4,475 $ 74 Three Months Ended March 31, 2020 2019 Average Recorded Investment (In Thousands) Real estate loans: Residential 1-4 family $ 677 $ 301 Residential 1-4 family construction 337 634 Commercial real estate 777 490 Commercial construction and development 72 7 Farmland 763 346 Other loans: Home equity 117 462 Consumer 167 128 Commercial 766 563 Agricultural 641 478 Total $ 4,317 $ 3,409 Interest income recognized on impaired loans for the three March 31, 2020 2019 $454,000 $394,000 March 31, 2020 December 31, 2019, As of March 31, 2020 December 31, 2019, $340,000 $246,000, During the three March 31, 2020, one $94,000. No During the year ended December 31, 2019, two $76,000 $153,000 No $74,000 $153,000, March 31, 2020. There were no three March 31, 2020 12 90 As of March 31, 2020, no |
Note 5 - Mortgage Servicing Rig
Note 5 - Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | NOTE 5 . MORTGAGE SERVICING RIGHTS The Company is servicing mortgage loans for the benefit of others which are not $1,217,718,000 $1,169,869,000 March 31, 2020 December 31, 2019, $739,000 $612,000 three March 31, 2020 2019, Custodial balances maintained in connection with the foregoing loan servicing, and included in noninterest checking deposits, were $12,708,000 $8,402,000 March 31, 2020 December 31, 2019, The following table is a summary of activity in mortgage servicing rights: As of or For the Three Months Ended March 31, 2020 2019 (In Thousands) Mortgage servicing rights: Beginning balance $ 8,739 $ 7,100 Mortgage servicing rights capitalized 943 465 Amortization of mortgage servicing rights (511 ) (247 ) Ending balance $ 9,171 $ 7,318 Valuation allowance: Beginning balance - - Impairment of servicing rights (153 ) - Ending balance (153 ) - Mortgage servicing rights, net $ 9,018 $ 7,318 Impairment of servicing rights is included in other noninterest expense on the consolidated statements of income. The fair values of these rights were $9,018,000 $9,835,000 March 31, 2020 December 31, 2019, March 31, December 31, 2020 2019 Key assumptions: Discount rate 12% 12% Prepayment speed range 128 - 256% 110 - 246% Weighted average prepayment speed 231% 171% |
Note 6 - Deposits
Note 6 - Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 . DEPOSITS Deposits are summarized as follows: March 31, December 31, 2020 2019 (In Thousands) Noninterest checking $ 223,723 $ 200,035 Interest bearing checking 133,493 116,397 Savings 146,477 126,991 Money market 155,996 132,506 Time certificates of deposit 228,536 233,064 Total $ 888,225 $ 808,993 Time certificates of deposits include $3,808,000 $10,180,000 March 31, 2020 December 31, 2019, $6,000,000 $16,000,000 March 31, 2020 December 31, 2019, |
Note 7 - Other Long-term Debt
Note 7 - Other Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7 . OTHER LONG-TERM DEBT Other long-term debt consisted of the following: March 31, 2020 December 31, 2019 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Senior notes fixed at 5.75%, due 2022 $ 10,000 $ (81 ) $ 10,000 $ (92 ) Subordinated debentures fixed at 6.75%, due 2025 10,000 (117 ) 10,000 (122 ) Subordinated debentures variable at 3-Month Libor plus 1.42%, due 2035 5,155 - 5,155 - Total other long-term debt $ 25,155 $ (198 ) $ 25,155 $ (214 ) In February 2017, $10,000,000 5.75% 2022. not In June 2015, $10,000,000 2025 6.75% June 19, 2020. In September 2005, $5,155,000 $5,155,000. December 2005. 6.02% December 2010 3 1.42%, 2.871% 3.328% March 31, 2020 December 31, 2019, may five December 2035 For the three March 31, 2020 2019, $352,000 $365,000, |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 8. The following table includes information regarding the activity in accumulated other comprehensive income (loss). Unrealized Unrealized Gains (Losses) Gains (Losses) on Investment on Loans Securities Held-for-Sale Available-for-Sale Total (In Thousands) Balance, January 1, 2020 $ - $ 1,329 $ 1,329 Other comprehensive income, before reclassifications and income taxes - 205 205 Amounts reclassified from accumulated other comprehensive income, before income taxes - - - Income tax provision - (54 ) (54 ) Total other comprehensive income - 151 151 Balance, March 31, 2020 $ - $ 1,480 $ 1,480 Balance, January 1, 2019 $ 227 $ (1,338 ) $ (1,111 ) Other comprehensive income, before reclassifications and income taxes 296 1,486 1,782 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (309 ) 55 (254 ) Income tax benefit (provision) 4 (407 ) (403 ) Total other comprehensive (loss) income (9 ) 1,134 1,125 Balance, March 31, 2019 $ 218 $ (204 ) $ 14 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. EARNINGS PER SHARE The computations of basic and diluted earnings per share are as follows: Three Months Ended March 31, 2020 2019 (Dollars in Thousands, Except Per Share Data) Basic weighted average shares outstanding 6,818,883 6,450,326 Dilutive effect of stock compensation 12,042 60,160 Diluted weighted average shares outstanding 6,830,925 6,510,486 Net income available to common shareholders $ 3,927 $ 1,183 Basic earnings per share $ 0.58 $ 0.18 Diluted earnings per share $ 0.57 $ 0.18 There were no March 31, 2020 December 31, 2019. |
Note 10 - Dividends and Stock R
Note 10 - Dividends and Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10. DIVIDENDS AND STOCK REPURCHASE PROGRAM Dividends For the year ended December 31, 2019, $0.0925 March 31 June 30, 2019. $0.095 September 30 December 31, 2019. $0.095 January 23, 2020 March 6, 2020 February 14, 2020. $0.095 April 23, 2020, June 5, 2020 May 15, 2020. Stock Repurchase Program On July 18, 2019, 100,000 may No December 31, 2019 first 2020. July 18, 2020. On July 19, 2018, 100,000 No December 31, 2018. first 2019, 42,000 $17.43 28,000 second 2019 $17.09 July 19, 2019. |
Note 11 - Derivatives and Hedgi
Note 11 - Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 11. The Company enters into commitments to originate and sell mortgage loans. The Bank uses derivatives to hedge the risk of changes in fair values of interest rate lock commitments and mortgage loans held-for-sale. An optimal amount of mortgage loans are sold directly into bulk commitments with investors at the time an interest rate is locked, other loans are sold on an individual best efforts basis at the time an interest rate is locked, and the remaining balance of locked loans are hedged using To-Be-Announced (“TBA”) mortgage-backed securities or bulk mandatory forward loan sale commitments. Derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. Derivatives are recorded as either other assets or other liabilities on the consolidated statements of condition. Derivatives are summarized as follows: March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability (In Thousands) Interest rate lock commitments $ 187,583 $ 4,451 $ - $ 48,303 $ 554 $ - Forward TBA mortgage-backed securities 99,000 - 1,796 67,000 - 201 Mandatory forward commitments 71,000 - 1,054 - - - Changes in the fair value of the derivatives are recorded in mortgage banking, net within noninterest income on the consolidated statements of income. A net gain of $1,247,000 three March 31, 2020. not March 31, 2019 not |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 1 2 . FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities that are measured at fair value are grouped in three The fair value hierarchy is as follows: ■ Level 1 ■ Level 2 not ■ Level 3 may A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy at the reporting date, is set forth below. Available-for-Sale Securities 1 2 2 may not Loans Held-for-Sale not 2 Derivative Instruments 3 2 Impaired Loans not 3 Real Estate and Other Repossessed Assets third 3 Mortgage Servicing Rights third 3 The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. March 31, 2020 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government and agency $ - $ 15,867 $ - $ 15,867 Municipal obligations - 72,684 - 72,684 Corporate obligations - 8,069 - 8,069 Mortgage-backed securities - 10,128 - 10,128 Collateralized mortgage obligations - 45,128 - 45,128 Asset-backed securities - 16,028 - 16,028 Loans held-for-sale - 25,187 - 25,187 Interest rate lock commitments - - 4,451 4,451 Financial liabilities: Forward TBA mortgage-backed securities - 1,796 - 1,796 Mandatory forward commitments - 1,054 - 1,054 December 31, 2019 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government and agency $ - $ 13,597 $ - $ 13,597 Municipal obligations - 52,222 - 52,222 Corporate obligations - 8,388 - 8,388 Mortgage-backed securities - 9,495 - 9,495 Collateralized mortgage obligations - 33,334 - 33,334 Asset-backed securities - 9,839 - 9,839 Loans held-for-sale - 25,612 - 25,612 Interest rate lock commitments - - 554 554 Financial liabilities: Forward TBA mortgage-backed securities - 201 - 201 Mandatory forward commitments - - - - Certain financial assets may The following table summarizes financial assets measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting periods presented: March 31, 2020 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 59 $ 59 Real estate and other repossessed assets - - - - Mortgage servicing rights - - 9,018 9,018 December 31, 2019 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 491 $ 491 Real estate and other repossessed assets - - 25 25 Mortgage servicing rights - - - - The following table represents the Banks’s Level 3 Principal Significant Range of Valuation Unobservable Signficant Input Instrument Technique Inputs Values Impaired loans Fair value of underlying collateral Discount applied to the obtained appraisal 10 - 30% Real estate and other repossessed assets Fair value of collateral Discount applied to the obtained appraisal 10 - 30% Mortgage servicing rights Discounted cash flows Discount rate Prepayment speeds 10 100 - - 15% 300% Interest rate lock commitments Internal pricing model Pull-through expectations 80 - 90% The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3 Interest Rate Lock Commitments (In Thousands) Balance, January 1, 2020 $ 554 Purchases and issuances 5,797 Sales and settlements (1,900 ) Balance, March 31, 2020 $ 4,451 Net change in unrealized gains relating to items held at end of period $ 3,897 The tables below summarize the estimated fair values of financial instruments of the Company, whether or not March 31, 2020 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 19,773 $ - $ - $ 19,773 $ 19,773 FHLB stock 5,161 - - 5,161 5,161 FRB stock 2,601 - - 2,601 2,601 Loans receivable, net - - 814,328 814,328 812,784 Accrued interest and dividends receivable 5,329 - - 5,329 5,329 Mortgage servicing rights - - 9,018 9,018 9,018 Financial liabilities: Non-maturing interest bearing deposits - 435,966 - 435,966 435,966 Noninterest bearing deposits 223,723 - - 223,723 223,723 Time certificates of deposit - - 230,227 230,227 228,536 Accrued expenses and other liabilities 14,217 - - 14,217 14,217 FHLB advances and other borrowings - - 95,143 95,143 94,585 Other long-term debt - - 25,390 25,390 25,155 December 31, 2019 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 24,918 $ - $ - $ 24,918 $ 24,918 FHLB stock 4,683 - - 4,683 4,683 FRB stock 2,526 - - 2,526 2,526 Loans receivable, net - - 770,327 770,327 770,635 Accrued interest and dividends receivable 4,577 - - 4,577 4,577 Mortgage servicing rights - - 9,835 9,835 8,739 Financial liabilities: Non-maturing interest bearing deposits - 375,894 - 375,894 375,894 Noninterest bearing deposits 200,035 - - 200,035 200,035 Time certificates of deposit - - 233,041 233,041 233,064 Accrued expenses and other liabilities 9,624 - - 9,624 9,624 FHLB advances and other borrowings - - 88,447 88,447 88,350 Other long-term debt - - 24,661 24,661 25,155 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 1 3 . RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, 842 12 December 15, 2018, first 2019. not six one 2028. January 1, 2019, $2,374,000 In March 2017, No. 2017 08, 310 20 not December 15, 2018, first 2019 not not In August 2018, No. 2018 13, 820 no January 1, 2020 not Recently Issued Accounting Pronouncements In September 2016, No. 2016 13, 326 In October 2019, December 15, 2022, first - The Company believes the amendments in this update will have an impact on the Company’s consolidated financial statements and is continuing to evaluate the significance of that impact, even though the adoption date has been deferred. In that regard, we have established a working group under the direction of our Chief Financial Officer and Chief Credit Officer. The group is composed of individuals from the finance and credit administration areas of the Company. We are currently developing an implementation plan, including assessment of processes, segmentation of the loan portfolio and identifying and adding data fields necessary for analysis. The adoption of this standard is likely to result in an increase in the allowance for loan and lease losses as a result of changing from an “incurred loss” model to an “expected loss” model. While we currently cannot reasonably estimate the impact of adopting this standard, we expect the impact will be influenced by the composition, characteristics and quality of our loan and securities portfolios, as well as the general economic conditions and forecasts as of the adoption date. In January 2017, No. 2017 04, 350 2 January 1, 2023 not In March 2020, No. 2020 04, 848 December 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates [Policy Text Block] | Basis of Financial Statement Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 10 X 10 December 31, 2019, March 11, 2020. The results of operations for the three March 31, 2020 not December 31, 2020 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include Eagle, the Bank, Eagle Bancorp Statutory Trust I (the “Trust”) and Western Financial Services, Inc. (“WFS”). WFS was acquired through the WHC merger. All significant intercompany transactions and balances have been eliminated in consolidation. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior period amounts were reclassified to conform to the presentation for 2020. no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated events and transactions subsequent to March 31, 2020 On March 28, 2020 19 April 27, 2020, Ongoing impact of COVID- 19 ■ Loan Accommodations – The bank is offering multiple accommodation options to its clients, including 90 April 30, 2020, 185 $69,131,000 90 113 $45,375,000 6 116 $23,921,000. ■ Payroll Protection Program – On March 27, 2020, April 2020, April 30, 2020, $43,808,000 471 $31,287,000. ■ Liquidity Changes – Subsequent to the end of the quarter and in coordination with the roll out of the PPP, Eagle was approved for short-term funding through the FRB Discount Window. The discount window has not April 30, 2020, $24,065,000 334 0.35%. |
Note 2 - Mergers and Acquisit_2
Note 2 - Mergers and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | WHC BMB January 1, January 1, 2020 2019 (In Thousands) Assets acquired: Cash and cash equivalents $ 14,244 $ 6,902 Securities available-for-sale 43,710 2,096 Loans receivable 43,424 89,204 Premises and equipment 740 2,246 Cash surrender value of life insurance 2,131 2,862 Other real estate owned - 223 Core deposit intangible 208 1,988 Other assets 1,874 1,995 Total assets acquired $ 106,331 $ 107,516 Liabilities assumed: Deposits $ 89,272 $ 92,706 Accrued expenses and other liabilities 4,554 1,960 Other borrowings 2,500 - Total liabilities assumed $ 96,326 $ 94,666 Net assets acquired $ 10,005 $ 12,850 Consideration paid: Cash $ 6,500 $ 1 Common stock issued (395,850 shares WHC and 996,041 shares BMB) 8,467 16,435 Total consideration paid $ 14,967 $ 16,436 Goodwill resulting from acquisition $ 4,962 $ 3,586 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2019 (Dollars in Thousands, Except Per Share Data) Pro forma net income (1) Net interest income after loan loss provision $ 9,486 Noninterest income 3,983 Noninterest expense 11,710 Income before provision for income taxes 1,759 Income tax provision 352 Net income $ 1,407 Pro forma earnings per share (1) Basic earnings per share $ 0.22 Diluted earnings per share $ 0.22 Basic weighted average shares outstanding 6,450,326 Diluted weighted average shares outstanding 6,510,486 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2020 December 31, 2019 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 15,257 $ 610 $ - $ 15,867 $ 13,318 $ 279 $ - $ 13,597 Municipal obligations 70,685 2,117 (118 ) 72,684 50,699 1,616 (93 ) 52,222 Corporate obligations 8,349 24 (304 ) 8,069 8,356 40 (8 ) 8,388 Mortgage-backed securities 10,066 95 (33 ) 10,128 9,460 56 (21 ) 9,495 Collateralized mortgage obligations 44,040 1,375 (287 ) 45,128 33,129 297 (92 ) 33,334 Asset-backed securities 17,499 - (1,471 ) 16,028 10,110 - (271 ) 9,839 Total $ 165,896 $ 4,221 $ (2,213 ) $ 167,904 $ 125,072 $ 2,288 $ (485 ) $ 126,875 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2020 2019 (In Thousands) Proceeds from sale of available-for-sale securities $ - $ 3,900 Gross realized gain on sale of available-for-sale securities $ - $ 11 Gross realized loss on sale of available-for-sale securities - (66 ) Net realized loss on sale of available-for-sale securities $ - $ (55 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2020 Amortized Fair Cost Value (In Thousands) Due in one year or less $ 11,771 $ 11,811 Due from one to five years 16,110 15,962 Due from five to ten years 15,575 16,150 Due after ten years 68,334 68,725 111,790 112,648 Mortgage-backed securities 10,066 10,128 Collateralized mortgage obligations 44,040 45,128 Total $ 165,896 $ 167,904 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2020 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) Municipal obligations $ 9,520 $ (118 ) $ - $ - Corporate obligations 5,036 (304 ) - - Mortgage-backed securities and collateralized mortgage obligations 13,815 (291 ) 2,740 (29 ) Asset-backed securities 6,967 (478 ) 9,061 (993 ) Total $ 35,338 $ (1,191 ) $ 11,801 $ (1,022 ) December 31, 2019 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) Municipal obligations $ 11,142 $ (93 ) $ - $ - Corporate obligations - - 992 (8 ) Mortgage-backed securities and collateralized mortgage obligations 9,868 (35 ) 7,968 (78 ) Asset-backed securities 940 (33 ) 8,900 (238 ) Total $ 21,950 $ (161 ) $ 17,860 $ (324 ) |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2020 2019 (In Thousands) Real estate loans: Residential 1-4 family $ 160,047 $ 157,898 Commercial real estate 455,620 434,025 Other loans: Home equity 57,752 56,414 Consumer 19,924 18,882 Commercial 129,876 113,319 Total 823,219 780,538 Deferred loan fees, net (1,185 ) (1,303 ) Allowance for loan losses (9,250 ) (8,600 ) Total loans, net $ 812,784 $ 770,635 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January 1, 2020 $ 1,301 $ 4,826 $ 477 $ 284 $ 1,712 $ 8,600 Charge-offs - (18 ) - (8 ) (10 ) (36 ) Recoveries - 6 - 8 2 16 Provision - 400 - 70 200 670 Ending balance, March 31, 2020 $ 1,301 $ 5,214 $ 477 $ 354 $ 1,904 $ 9,250 Ending balance, March 31, 2020 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ 74 $ 74 Ending balance, March 31, 2020 allocated to loans collectively evaluated for impairment $ 1,301 $ 5,214 $ 477 $ 354 $ 1,830 $ 9,176 Loans receivable: Ending balance, March 31, 2020 $ 160,047 $ 455,620 $ 57,752 $ 19,924 $ 129,876 $ 823,219 Ending balance, March 31, 2020 of loans individually evaluated for impairment $ 1,074 $ 2,115 $ 136 $ 179 $ 1,489 $ 4,993 Ending balance, March 31, 2020 of loans collectively evaluated for impairment $ 158,973 $ 453,505 $ 57,616 $ 19,745 $ 128,387 $ 818,226 Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, January, 1 2019 $ 1,301 $ 3,593 $ 477 $ 190 $ 1,039 $ 6,600 Charge-offs - (20 ) - (9 ) (95 ) (124 ) Recoveries - 6 - 6 8 20 Provision - 344 - 10 250 604 Ending balance, March 31, 2019 $ 1,301 $ 3,923 $ 477 $ 197 $ 1,202 $ 7,100 Ending balance, March 31, 2019 allocated to loans individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, March 31, 2019 allocated to loans collectively evaluated for impairment $ 1,301 $ 3,923 $ 477 $ 197 $ 1,202 $ 7,100 Loans receivable: Ending balance, March 31, 2019 $ 144,313 $ 394,988 $ 54,637 $ 19,043 $ 116,122 $ 729,103 Ending balance, March 31, 2019 of loans individually evaluated for impairment $ 984 $ 1,239 $ 433 $ 129 $ 1,743 $ 4,528 Ending balance, March 31, 2019 of loans collectively evaluated for impairment $ 143,329 $ 393,749 $ 54,204 $ 18,914 $ 114,379 $ 724,575 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2020 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 121,510 $ - $ 1,140 $ - $ - $ 122,650 Residential 1-4 family construction 37,060 - 337 - - 37,397 Commercial real estate 334,121 185 2,913 - - 337,219 Commercial construction and development 55,756 94 - - - 55,850 Farmland 61,645 83 770 53 - 62,551 Other loans: Home equity 57,517 99 136 - - 57,752 Consumer 19,745 - 179 - - 19,924 Commercial 76,043 958 697 - - 77,698 Agricultural 50,740 121 881 436 - 52,178 Total $ 814,137 $ 1,540 $ 7,053 $ 489 $ - $ 823,219 December 31, 2019 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 118,116 $ - $ 1,180 $ - $ - $ 119,296 Residential 1-4 family construction 38,265 - 337 - - 38,602 Commercial real estate 328,750 - 2,312 - - 331,062 Commercial construction and development 52,620 - 50 - - 52,670 Farmland 49,959 108 168 58 - 50,293 Other loans: Home equity 56,039 78 297 - - 56,414 Consumer 18,694 - 188 - - 18,882 Commercial 71,868 159 707 63 - 72,797 Agricultural 39,347 138 570 467 - 40,522 Total $ 773,658 $ 483 $ 5,809 $ 588 $ - $ 780,538 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2020 Loans Past Due and Still Accruing 90 Days 30-89 Days and Non-Accrual Current Total Past Due Greater Total Loans Loans Loans (In Thousands) Real estate loans: Residential 1-4 family $ 1,656 $ 127 $ 1,783 $ 737 $ 120,130 $ 122,650 Residential 1-4 family construction 32 99 131 337 36,929 37,397 Commercial real estate 2,863 - 2,863 971 333,385 337,219 Commercial construction and development 70 - 70 - 55,780 55,850 Farmland 371 379 750 1,050 60,751 62,551 Other loans: Home equity 169 - 169 136 57,447 57,752 Consumer 133 - 133 179 19,612 19,924 Commercial 327 210 537 707 76,454 77,698 Agricultural 228 128 356 782 51,040 52,178 Total $ 5,849 $ 943 $ 6,792 $ 4,899 $ 811,528 $ 823,219 December 31, 2019 Loans Past Due and Still Accruing 90 Days 30-89 Days and Non-Accrual Current Total Past Due Greater Total Loans Loans Loans (In Thousands) Real estate loans: Residential 1-4 family $ 702 $ 4 $ 706 $ 618 $ 117,972 $ 119,296 Residential 1-4 family construction 260 - 260 337 38,005 38,602 Commercial real estate 793 - 793 583 329,686 331,062 Commercial construction and development 72 - 72 50 52,548 52,670 Farmland 1,039 - 1,039 476 48,778 50,293 Other loans: Home equity 420 - 420 98 55,896 56,414 Consumer 128 - 128 156 18,598 18,882 Commercial 484 - 484 824 71,489 72,797 Agricultural 702 1,805 2,507 499 37,516 40,522 Total $ 4,600 $ 1,809 $ 6,409 $ 3,641 $ 770,488 $ 780,538 |
Impaired Financing Receivables [Table Text Block] | March 31, 2020 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 737 $ 793 $ - Residential 1-4 family construction 337 387 - Commercial real estate 971 1,170 - Commercial construction and development 94 94 - Farmland 1,050 1,092 - Other loans: Home equity 136 157 - Consumer 179 195 - Commercial 707 750 74 Agricultural 782 1,047 - Total $ 4,993 $ 5,685 $ 74 December 31, 2019 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 618 $ 657 $ - Residential 1-4 family construction 337 387 - Commercial real estate 583 766 - Commercial construction and development 50 225 - Farmland 476 513 - Other loans: Home equity 98 115 - Consumer 156 169 - Commercial 824 887 74 Agricultural 499 756 - Total $ 3,641 $ 4,475 $ 74 Three Months Ended March 31, 2020 2019 Average Recorded Investment (In Thousands) Real estate loans: Residential 1-4 family $ 677 $ 301 Residential 1-4 family construction 337 634 Commercial real estate 777 490 Commercial construction and development 72 7 Farmland 763 346 Other loans: Home equity 117 462 Consumer 167 128 Commercial 766 563 Agricultural 641 478 Total $ 4,317 $ 3,409 |
Note 5 - Mortgage Servicing R_2
Note 5 - Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Activities in Mortgage Servicing Rights [Table Text Block] | As of or For the Three Months Ended March 31, 2020 2019 (In Thousands) Mortgage servicing rights: Beginning balance $ 8,739 $ 7,100 Mortgage servicing rights capitalized 943 465 Amortization of mortgage servicing rights (511 ) (247 ) Ending balance $ 9,171 $ 7,318 Valuation allowance: Beginning balance - - Impairment of servicing rights (153 ) - Ending balance (153 ) - Mortgage servicing rights, net $ 9,018 $ 7,318 |
Mortgage Servicing Rights [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, December 31, 2020 2019 Key assumptions: Discount rate 12% 12% Prepayment speed range 128 - 256% 110 - 246% Weighted average prepayment speed 231% 171% |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, December 31, 2020 2019 (In Thousands) Noninterest checking $ 223,723 $ 200,035 Interest bearing checking 133,493 116,397 Savings 146,477 126,991 Money market 155,996 132,506 Time certificates of deposit 228,536 233,064 Total $ 888,225 $ 808,993 |
Note 7 - Other Long-term Debt (
Note 7 - Other Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Senior notes fixed at 5.75%, due 2022 $ 10,000 $ (81 ) $ 10,000 $ (92 ) Subordinated debentures fixed at 6.75%, due 2025 10,000 (117 ) 10,000 (122 ) Subordinated debentures variable at 3-Month Libor plus 1.42%, due 2035 5,155 - 5,155 - Total other long-term debt $ 25,155 $ (198 ) $ 25,155 $ (214 ) |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Unrealized Gains (Losses) Gains (Losses) on Investment on Loans Securities Held-for-Sale Available-for-Sale Total (In Thousands) Balance, January 1, 2020 $ - $ 1,329 $ 1,329 Other comprehensive income, before reclassifications and income taxes - 205 205 Amounts reclassified from accumulated other comprehensive income, before income taxes - - - Income tax provision - (54 ) (54 ) Total other comprehensive income - 151 151 Balance, March 31, 2020 $ - $ 1,480 $ 1,480 Balance, January 1, 2019 $ 227 $ (1,338 ) $ (1,111 ) Other comprehensive income, before reclassifications and income taxes 296 1,486 1,782 Amounts reclassified from accumulated other comprehensive income (loss), before income taxes (309 ) 55 (254 ) Income tax benefit (provision) 4 (407 ) (403 ) Total other comprehensive (loss) income (9 ) 1,134 1,125 Balance, March 31, 2019 $ 218 $ (204 ) $ 14 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 (Dollars in Thousands, Except Per Share Data) Basic weighted average shares outstanding 6,818,883 6,450,326 Dilutive effect of stock compensation 12,042 60,160 Diluted weighted average shares outstanding 6,830,925 6,510,486 Net income available to common shareholders $ 3,927 $ 1,183 Basic earnings per share $ 0.58 $ 0.18 Diluted earnings per share $ 0.57 $ 0.18 |
Note 11 - Derivatives and Hed_2
Note 11 - Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability (In Thousands) Interest rate lock commitments $ 187,583 $ 4,451 $ - $ 48,303 $ 554 $ - Forward TBA mortgage-backed securities 99,000 - 1,796 67,000 - 201 Mandatory forward commitments 71,000 - 1,054 - - - |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2020 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government and agency $ - $ 15,867 $ - $ 15,867 Municipal obligations - 72,684 - 72,684 Corporate obligations - 8,069 - 8,069 Mortgage-backed securities - 10,128 - 10,128 Collateralized mortgage obligations - 45,128 - 45,128 Asset-backed securities - 16,028 - 16,028 Loans held-for-sale - 25,187 - 25,187 Interest rate lock commitments - - 4,451 4,451 Financial liabilities: Forward TBA mortgage-backed securities - 1,796 - 1,796 Mandatory forward commitments - 1,054 - 1,054 December 31, 2019 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government and agency $ - $ 13,597 $ - $ 13,597 Municipal obligations - 52,222 - 52,222 Corporate obligations - 8,388 - 8,388 Mortgage-backed securities - 9,495 - 9,495 Collateralized mortgage obligations - 33,334 - 33,334 Asset-backed securities - 9,839 - 9,839 Loans held-for-sale - 25,612 - 25,612 Interest rate lock commitments - - 554 554 Financial liabilities: Forward TBA mortgage-backed securities - 201 - 201 Mandatory forward commitments - - - - |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2020 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 59 $ 59 Real estate and other repossessed assets - - - - Mortgage servicing rights - - 9,018 9,018 December 31, 2019 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 491 $ 491 Real estate and other repossessed assets - - 25 25 Mortgage servicing rights - - - - |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Interest Rate Lock Commitments (In Thousands) Balance, January 1, 2020 $ 554 Purchases and issuances 5,797 Sales and settlements (1,900 ) Balance, March 31, 2020 $ 4,451 Net change in unrealized gains relating to items held at end of period $ 3,897 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 19,773 $ - $ - $ 19,773 $ 19,773 FHLB stock 5,161 - - 5,161 5,161 FRB stock 2,601 - - 2,601 2,601 Loans receivable, net - - 814,328 814,328 812,784 Accrued interest and dividends receivable 5,329 - - 5,329 5,329 Mortgage servicing rights - - 9,018 9,018 9,018 Financial liabilities: Non-maturing interest bearing deposits - 435,966 - 435,966 435,966 Noninterest bearing deposits 223,723 - - 223,723 223,723 Time certificates of deposit - - 230,227 230,227 228,536 Accrued expenses and other liabilities 14,217 - - 14,217 14,217 FHLB advances and other borrowings - - 95,143 95,143 94,585 Other long-term debt - - 25,390 25,390 25,155 December 31, 2019 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 24,918 $ - $ - $ 24,918 $ 24,918 FHLB stock 4,683 - - 4,683 4,683 FRB stock 2,526 - - 2,526 2,526 Loans receivable, net - - 770,327 770,327 770,635 Accrued interest and dividends receivable 4,577 - - 4,577 4,577 Mortgage servicing rights - - 9,835 9,835 8,739 Financial liabilities: Non-maturing interest bearing deposits - 375,894 - 375,894 375,894 Noninterest bearing deposits 200,035 - - 200,035 200,035 Time certificates of deposit - - 233,041 233,041 233,064 Accrued expenses and other liabilities 9,624 - - 9,624 9,624 FHLB advances and other borrowings - - 88,447 88,447 88,350 Other long-term debt - - 24,661 24,661 25,155 |
Impaired Loans and Real Estate and Other Repossessed Assets [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Principal Significant Range of Valuation Unobservable Signficant Input Instrument Technique Inputs Values Impaired loans Fair value of underlying collateral Discount applied to the obtained appraisal 10 - 30% Real estate and other repossessed assets Fair value of collateral Discount applied to the obtained appraisal 10 - 30% Mortgage servicing rights Discounted cash flows Discount rate Prepayment speeds 10 100 - - 15% 300% Interest rate lock commitments Internal pricing model Pull-through expectations 80 - 90% |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | Apr. 30, 2020USD ($) | Mar. 31, 2020 |
Subsequent Event [Member] | ||
Financing Receivable, Number of Payment Deferrals | 185 | |
Financing Receivable, Deferred Payments | $ 69,131,000 | |
Financing Receivable, Number of Interest Only Payment Deferrals | 113 | |
Financing Receivable, Interest Only Deferred Payments | $ 45,375,000 | |
Financing Receivable, Number of Mortgage Forbearance | 116 | |
Financing Receivable, Mortgage Forbearance | $ 23,921,000 | |
Amount of SBA PPP Loans Received Approvals | $ 43,808,000 | |
Number of SBA PPP Loans Funded | 471 | |
Amount of SBA PPP Loans Funded | $ 31,287,000 | |
Number of PPP Loans Pledged as Collateral | 334 | |
Subsequent Event [Member] | PPPLF Borrowings [Member] | ||
Short-term Debt, Total | $ 24,065,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.35% | |
Opportunity Bank of Montana [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Eagle Bancorp Statutory Trust I [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Big Muddy Bancorp Acquisition [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Note 2 - Mergers and Acquisit_3
Note 2 - Mergers and Acquisitions (Details Textual) - USD ($) | Jan. 01, 2020 | Jan. 01, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 20,798,000 | $ 15,836,000 | $ 15,836,000 | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | 2,832,000 | 2,786,000 | 2,786,000 | ||||
Business Combination, Acquisition Related Costs | $ 128,000 | $ 1,171,000 | |||||
Core Deposits [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||
Big Muddy Bancorp Acquisition [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 16,436,000 | ||||||
Payments to Acquire Businesses, Gross | 1,000 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 16,435,000 | ||||||
Goodwill, Ending Balance | 3,586,000 | 3,712,000 | $ 3,586,000 | 3,712,000 | |||
Goodwill, Purchase Accounting Adjustments | 126,000 | ||||||
Business Combination, Acquired Loans Discount | $ 1,214,000 | $ 2,813,000 | |||||
Business Combination, Accretion of Loan Discount | 119,000 | 1,480,000 | |||||
Business Acquisition, Impairment Loans | 556,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 276,000 | ||||||
Business Combination, Acquisition Related Costs | $ 1,380,000 | $ 804,000 | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 20.00% | ||||||
Big Muddy Bancorp Acquisition [Member] | Core Deposits [Member] | |||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 1,988,000 | ||||||
WHC [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 14,967,000 | ||||||
Payments to Acquire Businesses, Gross | 6,500,000 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 8,467,000 | ||||||
Goodwill, Ending Balance | $ 4,962,000 | 4,962,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Investments | $ 425,000 | ||||||
Business Combination, Acquired Loans Discount | 1,036,000 | $ 1,166,000 | $ 1,166,000 | ||||
Business Combination, Accretion of Loan Discount | 130,000 | ||||||
Business Acquisition, Impairment Loans | 134,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 590,000 | ||||||
Business Combination, Acquisition Related Costs | 128,000 | $ 818,000 | |||||
WHC [Member] | Core Deposits [Member] | |||||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 208,000 |
Note 2 - Mergers and Acquisit_4
Note 2 - Mergers and Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Jan. 01, 2020 | Jan. 01, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Goodwill resulting from acquisition | $ 20,798,000 | $ 15,836,000 | |||
WHC [Member] | |||||
Cash and cash equivalents | $ 14,244,000 | ||||
Securities available-for-sale | 43,710,000 | ||||
Loans receivable | 43,424,000 | ||||
Premises and equipment | 740,000 | ||||
Cash surrender value of life insurance | 2,131,000 | ||||
Other real estate owned | |||||
Core deposit intangible | 208,000 | ||||
Other assets | 1,874,000 | ||||
Total assets acquired | 106,331,000 | ||||
Deposits | 89,272,000 | ||||
Accrued expenses and other liabilities | 4,554,000 | ||||
Other borrowings | 2,500,000 | ||||
Total liabilities assumed | 96,326,000 | ||||
Net assets acquired | 10,005,000 | ||||
Cash | 6,500,000 | ||||
Common stock issued (395,850 shares WHC and 996,041 shares BMB) | 8,467,000 | ||||
Total consideration paid | 14,967,000 | ||||
Goodwill resulting from acquisition | $ 4,962,000 | $ 4,962,000 | |||
Big Muddy Bancorp Acquisition [Member] | |||||
Cash and cash equivalents | $ 6,902,000 | ||||
Securities available-for-sale | 2,096,000 | ||||
Loans receivable | 89,204,000 | ||||
Premises and equipment | 2,246,000 | ||||
Cash surrender value of life insurance | 2,862,000 | ||||
Other real estate owned | 223,000 | ||||
Core deposit intangible | 1,988,000 | ||||
Other assets | 1,995,000 | ||||
Total assets acquired | 107,516,000 | ||||
Deposits | 92,706,000 | ||||
Accrued expenses and other liabilities | 1,960,000 | ||||
Other borrowings | |||||
Total liabilities assumed | 94,666,000 | ||||
Net assets acquired | 12,850,000 | ||||
Cash | 1,000 | ||||
Common stock issued (395,850 shares WHC and 996,041 shares BMB) | 16,435,000 | ||||
Total consideration paid | 16,436,000 | ||||
Goodwill resulting from acquisition | $ 3,586,000 | $ 3,712,000 | $ 3,586,000 |
Note 2 - Mergers and Acquisit_5
Note 2 - Mergers and Acquisitions - Assets Acquired and Liabilities Assumed (Details) (Parentheticals) - shares | Jan. 01, 2020 | Jan. 01, 2019 |
WHC [Member] | ||
Common stock issued, shares (in shares) | 395,850 | |
Big Muddy Bancorp Acquisition [Member] | ||
Common stock issued, shares (in shares) | 996,041 |
Note 2 - Mergers and Acquisit_6
Note 2 - Mergers and Acquisitions - Pro Forma Information (Details) - WHC [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)$ / sharesshares | ||
Net interest income after loan loss provision | $ 9,486 | [1] |
Noninterest income | 3,983 | [1] |
Noninterest expense | 11,710 | [1] |
Income before provision for income taxes | 1,759 | [1] |
Income tax provision | 352 | [1] |
Net income | $ 1,407 | [1] |
Basic earnings per share (in dollars per share) | $ / shares | $ 0.22 | [1] |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.22 | [1] |
Basic weighted average shares outstanding (in shares) | shares | 6,450,326 | |
Diluted weighted average shares outstanding (in shares) | shares | 6,510,486 | |
[1] | Significant assumptions utilized include the acquisition cost noted above and a 20.00% effective tax rate. |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 28,345,353 | $ 18,897,000 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 58 | 28 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 27 | 10 | |
Debt Securities, Available for Sale, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 1.22% | 0.83% | |
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 6 | 1 | |
Debt Securities, Available for Sale, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 5.69% | 0.80% | |
Mortgage-backed Securities and Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 15 | 12 | |
Debt Securities, Available for Sale, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 1.90% | 0.63% | |
Expected Credit Loss on Securities | $ 0 | ||
Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 10 | 5 | |
Debt Securities, Available for Sale, Continuous Unrealized Loss Position, Aggregate Depreciation from Amortized Cost Basis | 8.41% | 2.68% | |
Expected Credit Loss on Securities | $ 0 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale, amortized cost | $ 165,896 | $ 125,072 |
Securities available-for-sale, gross unrealized gains | 4,221 | 2,288 |
Securities available-for-sale, gross unrealized losses | (2,213) | (485) |
Securities available-for-sale, at fair value | 167,904 | 126,875 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 15,257 | 13,318 |
Securities available-for-sale, gross unrealized gains | 610 | 279 |
Securities available-for-sale, gross unrealized losses | ||
Securities available-for-sale, at fair value | 15,867 | 13,597 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 70,685 | 50,699 |
Securities available-for-sale, gross unrealized gains | 2,117 | 1,616 |
Securities available-for-sale, gross unrealized losses | (118) | (93) |
Securities available-for-sale, at fair value | 72,684 | 52,222 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 8,349 | 8,356 |
Securities available-for-sale, gross unrealized gains | 24 | 40 |
Securities available-for-sale, gross unrealized losses | (304) | (8) |
Securities available-for-sale, at fair value | 8,069 | 8,388 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available-for-sale, amortized cost | 10,066 | 9,460 |
Securities available-for-sale, gross unrealized gains | 95 | 56 |
Securities available-for-sale, gross unrealized losses | (33) | (21) |
Securities available-for-sale, at fair value | 10,128 | 9,495 |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale, amortized cost | 44,040 | 33,129 |
Securities available-for-sale, gross unrealized gains | 1,375 | 297 |
Securities available-for-sale, gross unrealized losses | (287) | (92) |
Securities available-for-sale, at fair value | 45,128 | 33,334 |
Asset-backed Securities [Member] | ||
Securities available-for-sale, amortized cost | 17,499 | 10,110 |
Securities available-for-sale, gross unrealized gains | ||
Securities available-for-sale, gross unrealized losses | (1,471) | (271) |
Securities available-for-sale, at fair value | $ 16,028 | $ 9,839 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Proceeds From Sale of Available-for-sale Securities and the Associated Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Proceeds from sale of available-for-sale securities | $ 3,900 | |
Gross realized gain on sale of available-for-sale securities | 11 | |
Gross realized loss on sale of available-for-sale securities | (66) | |
Net realized loss on sale of available-for-sale securities | $ (55) |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available for sale securities, due in one year or less, amortized cost | $ 11,771 | |
Available for sale securities, due in one year or less, fair value | 11,811 | |
Available for sale securities, due from one to five years, amortized cost | 16,110 | |
Available for sale securities, due from one to five years, fair value | 15,962 | |
Available for sale securities, due from five to ten years, amortized cost | 15,575 | |
Available for sale securities, due from five to ten years, fair value | 16,150 | |
Available for sale securities, due after ten years, amortized cost | 68,334 | |
Available for sale securities, due after ten years, fair value | 68,725 | |
Total available for sale securities debt maturities, amortized cost | 111,790 | |
Total available for sale securities, debt maturities, fair value | 112,648 | |
Securities available-for-sale, amortized cost | 165,896 | $ 125,072 |
Securities available-for-sale, at fair value | 167,904 | 126,875 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities, without single maturity, amortized cost | 10,066 | |
Available for sale securities, without single maturity, fair value | 10,128 | |
Securities available-for-sale, amortized cost | 10,066 | 9,460 |
Securities available-for-sale, at fair value | 10,128 | 9,495 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities, without single maturity, amortized cost | 44,040 | |
Available for sale securities, without single maturity, fair value | 45,128 | |
Securities available-for-sale, amortized cost | 44,040 | 33,129 |
Securities available-for-sale, at fair value | $ 45,128 | $ 33,334 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Investment Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | $ 35,338 | $ 21,950 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (1,191) | (161) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 11,801 | 17,860 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (1,022) | (324) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 9,520 | 11,142 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (118) | (93) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | ||
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | ||
Corporate Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 5,036 | |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (304) | |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 992 | |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (8) | |
Mortgage-backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 13,815 | 9,868 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (291) | (35) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 2,740 | 7,968 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (29) | (78) |
Asset-backed Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 6,967 | 940 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (478) | (33) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 9,061 | 8,900 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | $ (993) | $ (238) |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 823,219,000 | $ 780,538,000 | $ 729,103,000 |
Interest Received on Past Due Loans, Applied to Principal | 454,000 | 394,000 | |
Financing Receivable, Troubled Debt Restructuring | $ 340,000 | $ 246,000 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | 455,620,000 | 434,025,000 | 394,988,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans and Leases Receivable, Gross, Total | 55,850,000 | 52,670,000 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 94,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans and Leases Receivable, Gross, Total | 62,551,000 | 50,293,000 | |
Financing Receivable, Troubled Debt Restructuring | 153,000 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 153,000 | ||
Commercial Real Estate Portfolio Segment [Member] | United States Department of Agriculture Rural Development [Member] | |||
Loans and Leases Receivable, Gross, Total | 11,610,000 | 13,602,000 | |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 8,686,000 | 5,701,000 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Gross, Total | 129,876,000 | 113,319,000 | $ 116,122,000 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 77,698,000 | 72,797,000 | |
Financing Receivable, Troubled Debt Restructuring | 74,000 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 76,000 |
Note 4 - Loans Receivable - Sum
Note 4 - Loans Receivable - Summary of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Loans receivable | $ 823,219 | $ 780,538 | $ 729,103 | |
Deferred loan fees, net | (1,185) | (1,303) | ||
Allowance for loan losses | (9,250) | (8,600) | (7,100) | $ (6,600) |
Total loans, net | 812,784 | 770,635 | ||
Residential Portfolio Segment [Member] | ||||
Loans receivable | 160,047 | 157,898 | 144,313 | |
Allowance for loan losses | (1,301) | (1,301) | (1,301) | (1,301) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 455,620 | 434,025 | 394,988 | |
Allowance for loan losses | (5,214) | (4,826) | (3,923) | (3,593) |
Home Equity Portfolio Segment [Member] | ||||
Loans receivable | 57,752 | 56,414 | 54,637 | |
Allowance for loan losses | (477) | (477) | (477) | (477) |
Consumer Portfolio Segment [Member] | ||||
Loans receivable | 19,924 | 18,882 | 19,043 | |
Allowance for loan losses | (354) | (284) | (197) | (190) |
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 129,876 | 113,319 | 116,122 | |
Allowance for loan losses | $ (1,904) | $ (1,712) | $ (1,202) | $ (1,039) |
Note 4 - Loans Receivable - All
Note 4 - Loans Receivable - Allowance for Loan Losses Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for loan losses, beginning balance | $ 8,600 | $ 6,600 | |
Charge-offs | (36) | (124) | |
Recoveries | 16 | 20 | |
Provision | 670 | 604 | |
Allowance for loan losses, ending balance | 9,250 | 7,100 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 74 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 9,176 | 7,100 | |
Loans receivable | 823,219 | 729,103 | $ 780,538 |
Loans receivable, ending balance, loans individually evaluated for impairment | 4,993 | 4,528 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 818,226 | 724,575 | |
Residential Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 1,301 | 1,301 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 0 | 0 | |
Allowance for loan losses, ending balance | 1,301 | 1,301 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 1,301 | 1,301 | |
Loans receivable | 160,047 | 144,313 | 157,898 |
Loans receivable, ending balance, loans individually evaluated for impairment | 1,074 | 984 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 158,973 | 143,329 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 4,826 | 3,593 | |
Charge-offs | (18) | (20) | |
Recoveries | 6 | 6 | |
Provision | 400 | 344 | |
Allowance for loan losses, ending balance | 5,214 | 3,923 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 5,214 | 3,923 | |
Loans receivable | 455,620 | 394,988 | 434,025 |
Loans receivable, ending balance, loans individually evaluated for impairment | 2,115 | 1,239 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 453,505 | 393,749 | |
Home Equity Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 477 | 477 | |
Charge-offs | |||
Recoveries | 0 | ||
Provision | |||
Allowance for loan losses, ending balance | 477 | 477 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 477 | 477 | |
Loans receivable | 57,752 | 54,637 | 56,414 |
Loans receivable, ending balance, loans individually evaluated for impairment | 136 | 433 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 57,616 | 54,204 | |
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 284 | 190 | |
Charge-offs | (8) | (9) | |
Recoveries | 8 | 6 | |
Provision | 70 | 10 | |
Allowance for loan losses, ending balance | 354 | 197 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 354 | 197 | |
Loans receivable | 19,924 | 19,043 | 18,882 |
Loans receivable, ending balance, loans individually evaluated for impairment | 179 | 129 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 19,745 | 18,914 | |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 1,712 | 1,039 | |
Charge-offs | (10) | (95) | |
Recoveries | 2 | 8 | |
Provision | 200 | 250 | |
Allowance for loan losses, ending balance | 1,904 | 1,202 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 74 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 1,830 | 1,202 | |
Loans receivable | 129,876 | 116,122 | $ 113,319 |
Loans receivable, ending balance, loans individually evaluated for impairment | 1,489 | 1,743 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | $ 128,387 | $ 114,379 |
Note 4 - Loans Receivable - Int
Note 4 - Loans Receivable - Internal Classification of the Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Loans receivable | $ 823,219 | $ 780,538 | $ 729,103 |
Residential Portfolio Segment [Member] | |||
Loans receivable | 160,047 | 157,898 | 144,313 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 122,650 | 119,296 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 37,397 | 38,602 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 455,620 | 434,025 | 394,988 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 337,219 | 331,062 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 55,850 | 52,670 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 62,551 | 50,293 | |
Home Equity Portfolio Segment [Member] | |||
Loans receivable | 57,752 | 56,414 | 54,637 |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 19,924 | 18,882 | 19,043 |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 129,876 | 113,319 | $ 116,122 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 77,698 | 72,797 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 52,178 | 40,522 | |
Pass [Member] | |||
Loans receivable | 814,137 | 773,658 | |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 121,510 | 118,116 | |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 37,060 | 38,265 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 334,121 | 328,750 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 55,756 | 52,620 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 61,645 | 49,959 | |
Pass [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 57,517 | 56,039 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 19,745 | 18,694 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 76,043 | 71,868 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 50,740 | 39,347 | |
Special Mention [Member] | |||
Loans receivable | 1,540 | 483 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 0 | 0 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 0 | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 185 | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 94 | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 83 | 108 | |
Special Mention [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 99 | 78 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 958 | 159 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 121 | 138 | |
Substandard [Member] | |||
Loans receivable | 7,053 | 5,809 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 1,140 | 1,180 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 337 | 337 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 2,913 | 2,312 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 50 | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 770 | 168 | |
Substandard [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 136 | 297 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 179 | 188 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 697 | 707 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 881 | 570 | |
Doubtful [Member] | |||
Loans receivable | 489 | 588 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 0 | 0 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 0 | 0 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 0 | 0 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 0 | 0 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 53 | 58 | |
Doubtful [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 63 | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 436 | 467 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | $ 0 | $ 0 |
Note 4 - Loans Receivable - Del
Note 4 - Loans Receivable - Delinquencies Within the Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Past due | $ 6,792 | $ 6,409 | |
Non-accrual Loans | 4,899 | 3,641 | |
Current Loans | 811,528 | 770,488 | |
Loans receivable | 823,219 | 780,538 | $ 729,103 |
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 5,849 | 4,600 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 943 | 1,809 | |
Residential Portfolio Segment [Member] | |||
Loans receivable | 160,047 | 157,898 | 144,313 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Past due | 1,783 | 706 | |
Non-accrual Loans | 737 | 618 | |
Current Loans | 120,130 | 117,972 | |
Loans receivable | 122,650 | 119,296 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 1,656 | 702 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 127 | 4 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Past due | 131 | 260 | |
Non-accrual Loans | 337 | 337 | |
Current Loans | 36,929 | 38,005 | |
Loans receivable | 37,397 | 38,602 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 32 | 260 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 99 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 455,620 | 434,025 | 394,988 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Past due | 2,863 | 793 | |
Non-accrual Loans | 971 | 583 | |
Current Loans | 333,385 | 329,686 | |
Loans receivable | 337,219 | 331,062 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 2,863 | 793 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Past due | 70 | 72 | |
Non-accrual Loans | 50 | ||
Current Loans | 55,780 | 52,548 | |
Loans receivable | 55,850 | 52,670 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 70 | 72 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Past due | 750 | 1,039 | |
Non-accrual Loans | 1,050 | 476 | |
Current Loans | 60,751 | 48,778 | |
Loans receivable | 62,551 | 50,293 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 371 | 1,039 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 379 | 0 | |
Home Equity Portfolio Segment [Member] | |||
Past due | 169 | 420 | |
Non-accrual Loans | 136 | 98 | |
Current Loans | 57,447 | 55,896 | |
Loans receivable | 57,752 | 56,414 | 54,637 |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 169 | 420 | |
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Past due | 133 | 128 | |
Non-accrual Loans | 179 | 156 | |
Current Loans | 19,612 | 18,598 | |
Loans receivable | 19,924 | 18,882 | 19,043 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 133 | 128 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 129,876 | 113,319 | $ 116,122 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Past due | 537 | 484 | |
Non-accrual Loans | 707 | 824 | |
Current Loans | 76,454 | 71,489 | |
Loans receivable | 77,698 | 72,797 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 327 | 484 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 210 | 0 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Past due | 356 | 2,507 | |
Non-accrual Loans | 782 | 499 | |
Current Loans | 51,040 | 37,516 | |
Loans receivable | 52,178 | 40,522 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Past due | 228 | 702 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | $ 128 | $ 1,805 |
Note 4 - Loans Receivable - Imp
Note 4 - Loans Receivable - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related allowance | $ 74 | $ 74 | |
Recorded investment | 4,993 | 3,641 | |
Unpaid principal balance | 5,685 | 4,475 | |
Average recorded investment | 4,317 | $ 3,409 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Recorded investment, with no related allowance | 737 | 618 | |
Unpaid principal balance, with no related allowance | 793 | 657 | |
Related allowance | |||
Average recorded investment | 677 | 301 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Recorded investment, with no related allowance | 337 | 337 | |
Unpaid principal balance, with no related allowance | 387 | 387 | |
Related allowance | |||
Average recorded investment | 337 | 634 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Recorded investment, with no related allowance | 971 | 583 | |
Unpaid principal balance, with no related allowance | 1,170 | 766 | |
Related allowance | |||
Average recorded investment | 777 | 490 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, with no related allowance | 94 | 50 | |
Unpaid principal balance, with no related allowance | 94 | 225 | |
Related allowance | |||
Average recorded investment | 72 | 7 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Recorded investment, with no related allowance | 1,050 | 476 | |
Unpaid principal balance, with no related allowance | 1,092 | 513 | |
Related allowance | |||
Average recorded investment | 763 | 346 | |
Home Equity Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 136 | 98 | |
Unpaid principal balance, with no related allowance | 157 | 115 | |
Related allowance | |||
Average recorded investment | 117 | 462 | |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 179 | 156 | |
Unpaid principal balance, with no related allowance | 195 | 169 | |
Related allowance | |||
Average recorded investment | 167 | 128 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Recorded investment, with no related allowance | 707 | 824 | |
Unpaid principal balance, with no related allowance | 750 | 887 | |
Related allowance | 74 | 74 | |
Average recorded investment | 766 | 563 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Recorded investment, with no related allowance | 782 | 499 | |
Unpaid principal balance, with no related allowance | 1,047 | 756 | |
Related allowance | |||
Average recorded investment | $ 641 | $ 478 |
Note 5 - Mortgage Servicing R_3
Note 5 - Mortgage Servicing Rights (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Loans Serviced During the Period | $ 1,217,718,000 | $ 1,169,869,000 | |
Fees and Commissions, Mortgage Banking and Servicing | 739,000 | $ 612,000 | |
Escrow Deposit | 12,708,000 | 8,402,000 | |
Mortgage Servicing Rights Measured at Fair Value | $ 9,018,000 | $ 9,835,000 |
Note 5 - Mortgage Servicing R_4
Note 5 - Mortgage Servicing Rights - Schedule of Activity in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Mortgage servicing rights, net | $ 9,018 | $ 8,739 | |
Mortgage Servicing Rights [Member] | |||
Beginning balance | 8,739 | $ 7,100 | |
Mortgage servicing rights capitalized | 943 | 465 | |
Amortization of mortgage servicing rights | (511) | (247) | |
Ending balance | 9,171 | 7,318 | |
Beginning balance | |||
Impairment of servicing rights | (153) | ||
Ending balance | (153) | ||
Mortgage servicing rights, net | $ 9,018 | $ 7,318 |
Note 5 - Mortgage Servicing R_5
Note 5 - Mortgage Servicing Rights - Fair Value of Servicing Rights (Details) - Mortgage Servicing Rights [Member] | Mar. 31, 2020 | Dec. 31, 2019 |
Measurement Input, Discount Rate [Member] | ||
Discount rate | 0.12 | 0.12 |
Measurement Input, Prepayment Rate [Member] | Minimum [Member] | ||
Discount rate | 1.28 | 1.1 |
Measurement Input, Prepayment Rate [Member] | Maximum [Member] | ||
Discount rate | 2.56 | 2.46 |
Measurement Input, Weighted Average Prepayment Rate [Member] | ||
Discount rate | 2.31 | 1.71 |
Note 6 - Deposits (Details Text
Note 6 - Deposits (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Time Deposits, Total | $ 228,536,000 | $ 233,064,000 |
Brokered Deposits [Member] | ||
Time Deposits, Total | 3,808,000 | 10,180,000 |
Brokered Deposits through CDARS [Member] | ||
Time Deposits, Total | $ 6,000,000 | $ 16,000,000 |
Note 6 - Deposits - Summary of
Note 6 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Noninterest checking | $ 223,723 | $ 200,035 |
Interest bearing checking | 133,493 | 116,397 |
Savings | 146,477 | 126,991 |
Money market | 155,996 | 132,506 |
Time Deposits, Total | 228,536 | 233,064 |
Total | $ 888,225 | $ 808,993 |
Note 7 - Other Long-term Debt_2
Note 7 - Other Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017 | Jun. 30, 2015 | Dec. 31, 2010 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2005 | |
Debt Instrument, Face Amount | $ 25,155,000 | $ 25,155,000 | |||||
Interest Expense, Long-term Debt, Total | $ 352,000 | $ 365,000 | |||||
First Tennessee Bank, N.A. [Member] | |||||||
Temporary Equity, Liquidation Preference | $ 5,155,000 | ||||||
Trust Preferred Securities, Maximum Dividend Deferring Period (Year) | 5 years | ||||||
Eagle Bancorp Statutory Trust I [Member] | Subordinated Debt [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.02% | ||||||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.871% | 3.328% | |||||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.42% | ||||||
5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | |||||||
Debt Instrument, Face Amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | |||||
Debt Instrument, Maturity Year | 2022 | 2022 | |||||
6.75% Subordinated Notes Due in 2025 [Member] | |||||||
Debt Instrument, Face Amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | |||||
Debt Instrument, Maturity Year | 2025 | 2025 | |||||
Eagle Bancorp Statutory Trust I [Member] | |||||||
Subordinated Debt, Ending Balance | $ 5,155,000 |
Note 7 - Other Long-term Debt -
Note 7 - Other Long-term Debt - Summary of Other Long-term Debt (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2017 | Jun. 30, 2015 |
Principal amount | $ 25,155,000 | $ 25,155,000 | ||
Unamortized debt issuance costs | (198,000) | (214,000) | ||
5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | ||||
Principal amount | 10,000,000 | 10,000,000 | $ 10,000,000 | |
Unamortized debt issuance costs | (81,000) | (92,000) | ||
6.75% Subordinated Notes Due in 2025 [Member] | ||||
Principal amount | 10,000,000 | 10,000,000 | $ 10,000,000 | |
Unamortized debt issuance costs | (117,000) | (122,000) | ||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||||
Principal amount | 5,155,000 | 5,155,000 | ||
Unamortized debt issuance costs |
Note 7 - Other Long-term Debt_3
Note 7 - Other Long-term Debt - Summary of Other Long-term Debt (Details) (Parentheticals) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2017 | Jun. 30, 2015 | Dec. 31, 2019 | |
5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | |||
Debt instrument, fixed interest rate | 5.75% | 5.75% | |
Debt instrument, maturity year | 2022 | 2022 | |
6.75% Subordinated Notes Due in 2025 [Member] | |||
Debt instrument, fixed interest rate | 6.75% | 6.75% | |
Debt instrument, maturity year | 2025 | 2025 | |
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||
Debt instrument, maturity year | 2035 | ||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt instrument, interest rate at 3-month LIBOR | 1.42% |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 121,659 | $ 94,806 |
Balance | 133,708 | 112,292 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Balance | 227 | |
Other comprehensive income (loss), before reclassifications and income taxes | 296 | |
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (309) | |
Income tax provision | 4 | |
Total other comprehensive (loss) income | (9) | |
Balance | 218 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 1,329 | (1,338) |
Other comprehensive income (loss), before reclassifications and income taxes | 205 | 1,486 |
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | 55 | |
Income tax provision | (54) | (407) |
Total other comprehensive (loss) income | 151 | 1,134 |
Balance | 1,480 | (204) |
AOCI Attributable to Parent [Member] | ||
Balance | 1,329 | (1,111) |
Other comprehensive income (loss), before reclassifications and income taxes | 205 | 1,782 |
Amounts reclassified from accumulated other comprehensive income (loss), before income taxes | (254) | |
Income tax provision | (54) | (403) |
Total other comprehensive (loss) income | 151 | 1,125 |
Balance | $ 1,480 | $ 14 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic weighted average shares outstanding (in shares) | 6,818,883 | 6,450,326 |
Dilutive effect of stock compensation (in shares) | 12,042 | 60,160 |
Diluted weighted average shares outstanding (in shares) | 6,830,925 | 6,510,486 |
Net income available to common shareholders | $ 3,927 | $ 1,183 |
Basic earnings per share (in dollars per share) | $ 0.58 | $ 0.18 |
Diluted earnings per share (in dollars per share) | $ 0.57 | $ 0.18 |
Note 10 - Dividends and Stock_2
Note 10 - Dividends and Stock Repurchase Program (Details Textual) - $ / shares | Apr. 23, 2020 | Mar. 06, 2020 | Jan. 23, 2020 | Jul. 18, 2019 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jun. 05, 2020 | Jul. 19, 2018 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.0925 | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.095 | $ 0.095 | $ 0.0925 | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 100,000 | 100,000 | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 28,000 | 42,000 | 0 | ||||||||
Stock Issued During Period Treasury Stock Reissued Average Cost Per Share (in dollars per share) | $ 17.09 | $ 17.43 | ||||||||||
Forecast [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.095 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.095 |
Note 11 - Derivatives and Hed_3
Note 11 - Derivatives and Hedging Activities (Details Textual) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Unrealized Gain (Loss) on Derivatives | $ 1,247,000 |
Note 11 - Derivatives and Hed_4
Note 11 - Derivatives and Hedging Activities - Derivatives (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Interest Rate Lock Commitments [Member] | ||
Notional amount | $ 187,583 | $ 48,303 |
Fair value, asset | 4,451 | 554 |
Fair value, liability | ||
Interest Rate Forward Commitments [Member] | ||
Notional amount | 99,000 | 67,000 |
Fair value, asset | ||
Fair value, liability | 1,796 | 201 |
Mandatory Forward Commitments [Member] | ||
Notional amount | 71,000 | |
Fair value, asset | ||
Fair value, liability | $ 1,054 |
Note 12 - Fair Value of Finan_3
Note 12 - Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans held-for-sale | $ 25,187 | $ 25,612 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans held-for-sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Loans held-for-sale | 25,187 | 25,612 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans held-for-sale | ||
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 15,867 | 13,597 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 15,867 | 13,597 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 72,684 | 52,222 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 72,684 | 52,222 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 8,069 | 8,388 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 8,069 | 8,388 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Collateralized Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 10,128 | 9,495 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 10,128 | 9,495 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 45,128 | 33,334 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 45,128 | 33,334 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Asset-backed Securities [Member] | ||
Securities available-for-sale | 16,028 | 9,839 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 16,028 | 9,839 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | 4,451 | 554 |
Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate lock commitments | ||
Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate lock commitments | ||
Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate lock commitments | 4,451 | 554 |
Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 1,796 | 201 |
Forward TBA Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Forward TBA Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | 1,796 | 201 |
Forward TBA Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | ||
Mandatory Forward Commitments [Member] | ||
Derivative liabilities | 1,054 | |
Mandatory Forward Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Mandatory Forward Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | 1,054 | |
Mandatory Forward Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities |
Note 12 - Fair Value of Finan_4
Note 12 - Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Impaired loans | $ 59 | $ 491 |
Real estate and other repossessed assets | 25 | |
Mortgage servicing rights | 9,018 | |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Real estate and other repossessed assets | ||
Mortgage servicing rights | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Real estate and other repossessed assets | ||
Mortgage servicing rights | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 59 | 491 |
Real estate and other repossessed assets | 25 | |
Mortgage servicing rights | $ 9,018 |
Note 12 - Fair Value of Finan_5
Note 12 - Fair Value of Financial Instruments - Financial Assets and Liabilities, Valuation Techniques and Significant Unobservable Inputs (Details) | Mar. 31, 2020 |
Minimum [Member] | Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | |
Impaired loans | 0.1 |
Real estate and other repossessed assets | 0.1 |
Minimum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Mortgage servicing rights | 0.1 |
Minimum [Member] | Measurement Input, Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Mortgage servicing rights | 1 |
Minimum [Member] | Measurement Input, Pull-through Expectations [Member] | Valuation, Income Approach [Member] | |
Interest rate lock commitments | 0.8 |
Maximum [Member] | Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | |
Impaired loans | 0.3 |
Real estate and other repossessed assets | 0.3 |
Maximum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Mortgage servicing rights | 0.15 |
Maximum [Member] | Measurement Input, Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |
Mortgage servicing rights | 3 |
Maximum [Member] | Measurement Input, Pull-through Expectations [Member] | Valuation, Income Approach [Member] | |
Interest rate lock commitments | 0.9 |
Note 12 - Fair Value of Finan_6
Note 12 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs on Recurring Basis (Details) - Interest Rate Lock Commitments [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Balance | $ 554 |
Purchases and issuances | 5,797 |
Sales and settlements | (1,900) |
Balance | 4,451 |
Net change in unrealized gains relating to items held at end of period | $ 3,897 |
Note 12 - Fair Value of Finan_7
Note 12 - Fair Value of Financial Instruments - Estimated Fair Value and Carrying Amounts of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | $ 19,773 | $ 24,918 |
FHLB stock | 5,161 | 4,683 |
FRB stock | 2,601 | 2,526 |
Loans receivable, net | 814,328 | 770,327 |
Accrued interest and dividends receivable | 5,329 | 4,577 |
Mortgage servicing rights | 9,018 | 9,835 |
Non-maturing interest bearing deposits | 435,966 | 375,894 |
Noninterest bearing deposits | 223,723 | 200,035 |
Time certificates of deposit | 230,227 | 233,041 |
Accrued expenses and other liabilities | 14,217 | 9,624 |
FHLB advances and other borrowings | 95,143 | 88,447 |
Other long-term debt | 25,390 | 24,661 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 19,773 | 24,918 |
FHLB stock | 5,161 | 4,683 |
FRB stock | 2,601 | 2,526 |
Loans receivable, net | 812,784 | 770,635 |
Accrued interest and dividends receivable | 5,329 | 4,577 |
Mortgage servicing rights | 9,018 | 8,739 |
Non-maturing interest bearing deposits | 435,966 | 375,894 |
Noninterest bearing deposits | 223,723 | 200,035 |
Time certificates of deposit | 228,536 | 233,064 |
Accrued expenses and other liabilities | 14,217 | 9,624 |
FHLB advances and other borrowings | 94,585 | 88,350 |
Other long-term debt | 25,155 | 25,155 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 19,773 | 24,918 |
FHLB stock | 5,161 | 4,683 |
FRB stock | 2,601 | 2,526 |
Loans receivable, net | ||
Accrued interest and dividends receivable | 5,329 | 4,577 |
Mortgage servicing rights | ||
Non-maturing interest bearing deposits | ||
Noninterest bearing deposits | 223,723 | 200,035 |
Time certificates of deposit | ||
Accrued expenses and other liabilities | 14,217 | 9,624 |
FHLB advances and other borrowings | ||
Other long-term debt | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | ||
FHLB stock | ||
FRB stock | ||
Loans receivable, net | ||
Accrued interest and dividends receivable | ||
Mortgage servicing rights | ||
Non-maturing interest bearing deposits | 435,966 | 375,894 |
Noninterest bearing deposits | ||
Time certificates of deposit | ||
Accrued expenses and other liabilities | ||
FHLB advances and other borrowings | ||
Other long-term debt | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | ||
FHLB stock | ||
FRB stock | ||
Loans receivable, net | 814,328 | 770,327 |
Accrued interest and dividends receivable | ||
Mortgage servicing rights | 9,018 | 9,835 |
Non-maturing interest bearing deposits | ||
Noninterest bearing deposits | ||
Time certificates of deposit | 230,227 | 233,041 |
Accrued expenses and other liabilities | ||
FHLB advances and other borrowings | 95,143 | 88,447 |
Other long-term debt | $ 25,390 | $ 24,661 |
Note 13 - Recent Accounting P_2
Note 13 - Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2016-02 [Member] | Jan. 01, 2019USD ($) |
Operating Lease, Right-of-Use Asset | $ 2,374,000 |
Operating Lease, Liability, Total | $ 2,374,000 |