Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001478454 | ||
Entity Registrant Name | Eagle Bancorp Montana, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-34682 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-1449820 | ||
Entity Address, Address Line One | 1400 Prospect Avenue | ||
Entity Address, City or Town | Helena | ||
Entity Address, State or Province | MT | ||
Entity Address, Postal Zip Code | 59601 | ||
City Area Code | 406 | ||
Local Phone Number | 442-3080 | ||
Title of 12(b) Security | Common Stock par value $0.01 per share | ||
Trading Symbol | EBMT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 138,064,000 | ||
Entity Common Stock, Shares Outstanding | 6,694,811 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Everett, Washington | ||
Auditor Firm ID | 659 | ||
ICFR Auditor Attestation Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS: | |||
Cash and due from banks | $ 10,938,000 | $ 14,455,000 | |
Interest-bearing deposits in banks | 43,669,000 | 47,733,000 | |
Federal funds sold | 6,827,000 | 7,614,000 | |
Total cash and cash equivalents | 61,434,000 | 69,802,000 | |
Securities available-for-sale | 271,262,000 | 162,946,000 | |
Federal Home Loan Bank ("FHLB") stock | 1,702,000 | 2,060,000 | |
Federal Reserve Bank ("FRB") stock | 2,974,000 | 2,974,000 | |
Mortgage loans held-for-sale, at fair value | 25,819,000 | 54,615,000 | |
Loans receivable, net of allowance for loan losses of $12,500 and $11,600 at December 31, 2021 and 2020, respectively | 920,639,000 | 829,503,000 | |
Accrued interest and dividends receivable | 5,751,000 | 5,765,000 | |
Mortgage servicing rights, net | 13,693,000 | 10,105,000 | |
Premises and equipment, net | [1] | 67,266,000 | 58,762,000 |
Cash surrender value of life insurance, net | 36,474,000 | 27,753,000 | |
Goodwill | 20,798,000 | 20,798,000 | |
Core deposit intangible, net | 1,780,000 | 2,343,000 | |
Other assets | 6,334,000 | 10,208,000 | |
Total assets | 1,435,926,000 | 1,257,634,000 | |
LIABILITIES: | |||
Noninterest-bearing | 368,846,000 | 318,389,000 | |
Interest-bearing | 853,703,000 | 714,694,000 | |
Total deposits | 1,222,549,000 | 1,033,083,000 | |
Accrued expenses and other liabilities | 21,131,000 | 24,295,000 | |
Deferred tax liability, net | 648,000 | 457,000 | |
FHLB advances and other borrowings | 5,000,000 | 17,070,000 | |
Other long-term debt: | |||
Principal amount | 30,155,000 | 30,155,000 | |
Unamortized debt issuance costs | (286,000) | (364,000) | |
Total other long-term debt, net | 29,869,000 | 29,791,000 | |
Total liabilities | 1,279,197,000 | 1,104,696,000 | |
COMMITMENTS AND CONTINGENCIES (NOTE 11) | |||
SHAREHOLDERS' EQUITY: | |||
Preferred stock (par value $0.01 per share; 1,000,000 shares authorized; no shares issued or outstanding) | 0 | 0 | |
Common stock ($0.01 par value; 20,000,000 shares authorized; 7,110,833 shares issued; 6,794,811 and 6,775,447 shares outstanding at December 31, 2021 and 2020, respectively) | 71,000 | 71,000 | |
Additional paid-in capital | 80,832,000 | 77,602,000 | |
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (5,729,000) | (145,000) | |
Treasury stock, at cost (316,022 and 335,386 shares at December 31, 2021 and December 31, 2020, respectively) | (7,321,000) | (4,423,000) | |
Retained earnings | 85,383,000 | 73,982,000 | |
Accumulated other comprehensive income, net of tax | 3,493,000 | 5,851,000 | |
Total shareholders' equity | 156,729,000 | 152,938,000 | |
Total liabilities and shareholders' equity | $ 1,435,926,000 | $ 1,257,634,000 | |
[1] | Excluding right of use assets. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 12.5 | $ 11.6 |
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 | 7,110,833 |
Common stock, shares outstanding (in shares) | 6,794,811 | 6,775,447 |
Treasury stock, shares (in shares) | 316,022 | 335,386 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST AND DIVIDEND INCOME: | ||
Interest and fees on loans | $ 45,134,000 | $ 45,381,000 |
Securities available-for-sale | 4,238,000 | 3,742,000 |
FHLB and FRB dividends | 255,000 | 370,000 |
Other interest income | 120,000 | 161,000 |
Total interest and dividend income | 49,747,000 | 49,654,000 |
INTEREST EXPENSE: | ||
Deposits | 1,474,000 | 3,614,000 |
FHLB advances and other borrowings | 175,000 | 1,183,000 |
Other long-term debt | 1,558,000 | 1,687,000 |
Total interest expense | 3,207,000 | 6,484,000 |
NET INTEREST INCOME | 46,540,000 | 43,170,000 |
Loan loss provision | 861,000 | 3,130,000 |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION | 45,679,000 | 40,040,000 |
NONINTEREST INCOME: | ||
Appreciation in cash surrender value of life insurance | 721,000 | 645,000 |
Net gain on sale of available-for-sale securities | 23,000 | 733,000 |
Net gain on sale/disposal of premises and equipment | 70,000 | 4,000 |
Other noninterest income | 2,725,000 | 3,000,000 |
Total noninterest income | 47,769,000 | 49,067,000 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 48,766,000 | 38,836,000 |
Occupancy and equipment expense | 6,448,000 | 5,019,000 |
Data processing | 5,035,000 | 4,722,000 |
Advertising | 1,276,000 | 911,000 |
Amortization of core deposit intangible | 573,000 | 659,000 |
Loan costs | 2,736,000 | 1,880,000 |
Federal Deposit Insurance Corporation ("FDIC") insurance premiums | 332,000 | 222,000 |
Postage | 386,000 | 363,000 |
Professional and examination fees | 1,756,000 | 1,335,000 |
Acquisition costs | 761,000 | 157,000 |
Other noninterest expense | 6,097,000 | 6,563,000 |
Total noninterest expense | 74,166,000 | 60,667,000 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 19,282,000 | 28,440,000 |
Provision for income taxes | 4,863,000 | 7,234,000 |
NET INCOME | $ 14,419,000 | $ 21,206,000 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 2.17 | $ 3.12 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 2.17 | $ 3.11 |
Deposit Account [Member] | ||
NONINTEREST INCOME: | ||
Noninterest income revenue | $ 1,213,000 | $ 1,096,000 |
Bank Servicing [Member] | ||
NONINTEREST INCOME: | ||
Noninterest income revenue | 41,035,000 | 42,051,000 |
Debit Card [Member] | ||
NONINTEREST INCOME: | ||
Noninterest income revenue | $ 1,982,000 | $ 1,538,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 14,419 | $ 21,206 |
OTHER ITEMS OF COMPREHENSIVE (LOSS) INCOME BEFORE TAX: | ||
Change in fair value of investment securities available-for-sale | (3,178) | 6,871 |
Reclassification for net realized gains on investment securities available-for-sale | (23) | (733) |
Total other comprehensive (loss) income | (3,201) | 6,138 |
Income tax benefit (provision) related to securities available-for-sale | 843 | (1,616) |
COMPREHENSIVE INCOME | $ 12,061 | $ 25,728 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Dutch Auction Tender Offer [Member]Preferred Stock [Member] | Dutch Auction Tender Offer [Member]Common Stock [Member] | Dutch Auction Tender Offer [Member]Additional Paid-in Capital [Member] | Dutch Auction Tender Offer [Member]Unallocated ESOP Shares [Member] | Dutch Auction Tender Offer [Member]Treasury Stock [Member] | Dutch Auction Tender Offer [Member]Retained Earnings [Member] | Dutch Auction Tender Offer [Member]AOCI Attributable to Parent [Member] | Dutch Auction Tender Offer [Member] | 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, 2019 | $ 0 | $ 67 | $ 68,826 | $ (311) | $ (3,643) | $ 55,391 | $ 1,329 | $ 121,659 | ||||||||
Net income | 0 | 0 | 0 | 0 | 0 | 21,206 | 0 | 21,206 | ||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 4,522 | 4,522 | ||||||||
Dividends paid | 0 | 0 | 0 | 0 | 0 | (2,615) | 0 | (2,615) | ||||||||
Stock compensation expense | 0 | 0 | 380 | 0 | 0 | 0 | 0 | 380 | ||||||||
Treasury stock reissued for compensation | 0 | 0 | (207) | 0 | 207 | 0 | 0 | 0 | ||||||||
ESOP shares allocated | 0 | 0 | 140 | 166 | 0 | 0 | 0 | 306 | ||||||||
Treasury stock purchased | 0 | 0 | 0 | 0 | (987) | 0 | 0 | (987) | ||||||||
Stock issued in connection with Western Holding Company of Wolf Point acquisition | 0 | 4 | 8,463 | 0 | 0 | 0 | 8,467 | |||||||||
Balance at Dec. 31, 2020 | 0 | 71 | 77,602 | (145) | (4,423) | 73,982 | 5,851 | 152,938 | ||||||||
Net income | 0 | 0 | 0 | 0 | 0 | 14,419 | 0 | 14,419 | ||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | (2,358) | (2,358) | ||||||||
Dividends paid | 0 | 0 | 0 | 0 | 0 | (3,018) | 0 | (3,018) | ||||||||
Stock compensation expense | 0 | 0 | 439 | 0 | 0 | 0 | 0 | 439 | ||||||||
Treasury stock reissued for compensation | 0 | 0 | (310) | 0 | 310 | 0 | 0 | 0 | ||||||||
ESOP shares allocated | 0 | 0 | 172 | 416 | 0 | 0 | 0 | 588 | ||||||||
Treasury stock purchased | $ (6,279) | $ (6,279) | ||||||||||||||
Sale of shares to ESOP | 2,929 | (6,000) | 3,071 | |||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 71 | $ 80,832 | $ (5,729) | $ (7,321) | $ 85,383 | $ 3,493 | $ 156,729 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dutch Auction Tender Offer [Member] | ||
Treasury stock purchased, shares (in shares) | 250,000 | |
Treasury stock, average cost per share (in dollars per share) | $ 25.12 | |
Dividends paid, per share (in dollars per share) | $ 0.445 | $ 0.385 |
Treasury stock reissued, shares (in shares) | 18,108 | 19,340 |
Treasury stock reissued, cost per share (in dollars per share) | $ 17.09 | $ 10.72 |
ESOP shares allocated or committed to be released for allocation, shares (in shares) | 25,716 | 16,616 |
Treasury stock purchased, shares (in shares) | 62,776 | |
Treasury stock, average cost per share (in dollars per share) | $ 15.73 | |
ESOP shares issued (in shares) | 251,256 | |
ESOP average price per share (in dollars per share) | $ 23.88 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 14,419,000 | $ 21,206,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loan loss provision | 861,000 | 3,130,000 |
(Recovery) impairment of servicing rights | (736,000) | 792,000 |
Depreciation | 2,917,000 | 2,443,000 |
Net amortization of investment securities premiums and discounts | 1,264,000 | 967,000 |
Amortization of mortgage servicing rights | 3,709,000 | 3,520,000 |
Amortization of right-of-use assets | 628,000 | 472,000 |
Amortization of core deposit intangible | 573,000 | 659,000 |
Compensation expense related to restricted stock awards | 439,000 | 380,000 |
ESOP compensation expense for allocated shares | 588,000 | 306,000 |
Deferred income tax provision (benefit) | 1,034,000 | (1,186,000) |
Net gain on sale of loans | (46,086,000) | (36,391,000) |
Originations of loans held-for-sale | (1,040,753,000) | (904,274,000) |
Proceeds from sales of loans held-for-sale | 1,115,635,000 | 911,662,000 |
Net gain on sale of available-for-sale securities | (23,000) | (733,000) |
Net (gain) loss on sale of real estate owned and other repossessed assets | (23,000) | 9,000 |
Net gain on sale/disposal of premises and equipment | (70,000) | (4,000) |
Net appreciation in cash surrender value of life insurance | (721,000) | (645,000) |
Net change in: | ||
Accrued interest and dividends receivable | 14,000 | (180,000) |
Other assets | 3,922,000 | (6,537,000) |
Accrued expenses and other liabilities | (1,137,000) | 6,522,000 |
Net cash provided by operating activities | 56,454,000 | 2,118,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales | 4,921,000 | 28,410,000 |
Maturities, principal payments and calls | 11,333,000 | 36,025,000 |
Purchases | (132,180,000) | (47,724,000) |
FHLB stock redeemed | 358,000 | 2,838,000 |
FRB stock purchased | 0 | (373,000) |
Net cash received from acquisitions | 0 | 5,044,000 |
Loan origination and principal collection, net | (98,666,000) | (24,289,000) |
Purchases of bank owned life insurance | (8,000,000) | (1,369,000) |
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | 152,000 | 28,000 |
Proceeds from sale of premises and equipment | 1,379,000 | 13,000 |
Purchases of premises and equipment, net | (12,218,000) | (20,638,000) |
Net cash used in investing activities | (232,921,000) | (22,035,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 189,466,000 | 137,518,000 |
Net short-term payments from FHLB and other borrowings | 0 | (45,000,000) |
Long-term advances from FHLB and other borrowings | 0 | 10,000,000 |
Payments on long-term FHLB and other borrowings | (12,070,000) | (38,780,000) |
Proceeds from issuance of subordinated debentures | 0 | 15,000,000 |
Repayment of subordinated debentures | 0 | (10,000,000) |
Payments for debt issuance costs | 0 | (335,000) |
Purchase of treasury stock | (6,279,000) | (987,000) |
Dividends paid | (3,018,000) | (2,615,000) |
Net cash provided by financing activities | 168,099,000 | 64,801,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (8,368,000) | 44,884,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 69,802,000 | 24,918,000 |
CASH AND CASH EQUIVALENTS, end of period | 61,434,000 | 69,802,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the year for interest | 3,467,000 | 6,680,000 |
Cash paid during the year for income taxes | 4,440,000 | 6,871,000 |
Acquisitions: | ||
Assets acquired, excluding cash | 0 | 92,087,000 |
Liabilities assumed | 0 | 93,626,000 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
(Decrease) increase in fair value of securities available-for-sale | (3,201,000) | 6,138,000 |
Trade date payable securities | 0 | 3,168,000 |
Mortgage servicing rights recognized | 6,561,000 | 5,678,000 |
Right-of-use assets obtained in exchange for lease liabilities | 1,140,000 | 226,000 |
Loans transferred to real estate and other assets acquired in foreclosure | 108,000 | 37,000 |
Stock issued in connection with acquisitions | 0 | 8,467,000 |
Sale of shares from Eagle to ESOP in exchange for loan | $ 6,000,000 | $ 0 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1: Organization and Summary of Significant Accounting Policies O rganization Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”), is a Delaware corporation that holds 100% of the capital stock of Opportunity Bank of Montana (“OBMT” or the “Bank”), formerly American Federal Savings Bank (“AFSB”). The Bank was founded in 1922 1975, October 2014 Eagle Bancorp Statutory Trust I (the “Trust”) was established in September 2005 In March 2021, 10 December 31, 2021, two December 31, 2021. In August 2019, January 1, 2020. one In August 2018, January 1, 2019, four In September 2017, January 31, 2018, two The Bank is headquartered in Helena, Montana, and has additional branches in Big Timber, Billings, Bozeman, Butte, Choteau, Denton, Dutton, Great Falls, Hamilton, Livingston, Missoula, Sheridan, Townsend, Twin Bridges and Wolf Point, Montana. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. Basis of Financial Statement Presentation and Use of Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In preparing consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, mortgage servicing rights, the fair value of financial instruments, the valuation of goodwill and deferred tax assets and liabilities. In connection with the determination of the specific reserves on collateral dependent loans and valuation of mortgage servicing rights, management obtains independent appraisals and valuations. Principles of Consolidation The consolidated financial statements include Eagle, the Bank, the Trust, WFS and OHF. All significant intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain prior period amounts were reclassified to conform to the presentation for 2021 no Subsequent Events The Company has evaluated events and transactions subsequent to December 31, 2021 Under the current stock repurchase plan, during February 2022 On January 21, 2022, 2032 August 1, 2027, three February 1, 2027. 2 February 15, 2022. On October 1, 2021, first 2022. 8 Significant Group Concentrations of Credit Risk Most of the Company’s business activity is with customers located within Montana. Note 3: 4: not one Cash and Cash Equivalents For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the statements of financial condition captions “cash and due from banks,” “interest-bearing deposits in banks” an d federal funds sold, ninety Effective March 26, 2020, zero Investment Securities The Company can designate debt and equity securities as held-to-maturity, available-for-sale or trading. At December 31, 2021 2020 Held - to - M aturity Available - for - S ale may Trading Management evaluates securities for other-than-temporary impairment (“OTTI”) at least quarterly, and more frequently when economic or market concerns warrant such evaluation. The Company considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Declines in the fair value of individual securities below their cost that are other than temporary are recognized by write-downs of the individual securities to their fair value. Such write-downs would be included in earnings as realized losses. Federal Home Loan Bank Stock The Company’s investment in Federal Home Loan Bank (“FHLB”) of Des Moines stock is a restricted investment carried at cost ($100 per share par value), which approximates its fair value. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB stock based on total assets and a specific percentage of its outstanding FHLB advances. The Company had 17,019 and 20,601 December 31, 2021 2020 Federal Reserve Bank Stock The Company’s investment in FRB stock is a restricted investment carried at cost, which approximates its fair value. Although the par value of the stock is $100 per share, banks pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. As a member of the Federal Reserve System, the Company is required to maintain a minimum level of investment in FRB stock based on a specific percentage of its capital and surplus. The Company had 59,472 FRB shares at December 31, 2021 2020 Mortgage Loans Held-for-Sale Mortgage loans originated and intended for sale in the secondary market are carried at fair value. Mortgage loans held-for-sale are sold with mortgage servicing rights either released or retained by the Bank. Fair value for loans held-for-sale is determined by commitments from investors or current secondary market prices for loans with similar coupons and maturities. Loan origination fees and costs are recognized in earnings at the time of origination. Loans The Bank originates mortgage, commercial, agricultural and consumer loans primarily to customers located in Montana. The ability of the Bank’s debtors to honor their contracts is dependent upon the general economic conditions in this area. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances net of any unearned income, allowance for loan losses, and unamortized deferred fees or costs on originated loans and unamortized premiums or unaccreted discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs are deferred and amortized over the contractual life of the loan, and recorded as an adjustment to the yield, using the interest method. Nonaccrual and Past Due Loans not may not may 90 not may not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Residential 1 4 Loans 1 4 may 1 4 30 Commercial Real Estate Loans may Construction Loans no may may no Agricultural Loans may Home Equity Loans may may not first 1 4 Consumer Loans Commercial Loans 24 may Allowance for Loan Losses The Bank mitigates the risks inherent in lending by focusing on businesses and individuals with demonstrated payment history, historically favorable profitability trends and stable cash flows. In addition to these primary sources of repayment, the Bank considers tangible collateral and personal guarantees as secondary sources of repayment. Lending officers are provided with detailed underwriting policies covering all lending activities in which the Bank is engaged and require all lenders to obtain appropriate approvals for the extension of credit. The Bank also maintains documentation requirements and extensive credit quality assurance practices in order to identify credit portfolio weaknesses as early as possible so any exposures that are discovered may A reporting system supplements the loan review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is probable. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific and general components. For such loans that are classified as impaired, a specific allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers loans not Troubled Debt Restructured Loans A troubled debt restructured (“TDR”) loan is a loan in which the Bank grants a concession to the borrower that it would not not 19; not 30 December 31, 2019; March 1, 2020 December 31, 2020 60 19 January 1, 2022. Mortgage Servicing Rights Servicing assets are recognized as separate assets when rights are acquired through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on a market price valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that the fair value is less than the capitalized amount for the tranches. If the Company later determines that all or a portion of the impairment no may Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Premises and Equipment Land is carried at cost. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets, ranging from 3 to 40 years. The costs of maintenance and repairs are expensed as incurred, while major expenditures for renewals and betterments are capitalized. The Company leases certain premises from third January 1, 2019, No. 2016 02, 842 not 12 not Cash Surrender Value of Bank Owned Life Insurance Bank Owned Life Insurance (“BOLI”) policies are reflected on the consolidated statements of financial condition at cash surrender value, net of other charges or amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in noninterest income on the consolidated statements of income and are not Real Estate and Other Repossessed Assets Assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new carrying value. All write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Real estate and other repossessed properties was $4,000 and $25,000 at December 31, 2021 2020 Revenue Recognition The majority of our revenue-generating transactions are not 606, 606 606 Service Charges on Deposit Accounts may December 31, 2021 2020 Interchange and ATM Fees – December 31, 2021 2020 Income Taxes The Company adopted authoritative guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company’s income tax expense consists of the following components: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not The Company recognizes income tax related penalties and interest, if any, in the provision for income taxes in the consolidated statements of income. Based on management's analysis, the Company did not December 31, 2021 2020 no 2018 2018 Compensation expense recognized for the Company’s Employee Stock Ownership Plan (“ESOP”) equals the fair value of shares that have been allocated or committed to be released for allocation to participants during the year. Any difference between the fair value of the shares at the time and the ESOP’s original acquisition cost is charged or credited to shareholders’ equity (additional paid-in capital). The cost of ESOP shares that have not Treasury Stock Treasury stock is accounted for on the cost method. Advertising Costs The Company expenses advertising costs as they are incurred. Advertising costs were $1,276,000 and $911,000 for the years ended December 31, 2021 2020 Stock-Based Compensation Compensation cost is recognized for restricted stock awards, based on the fair value of the awards at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. Shares of restricted stock granted through the 2011 five one 2021 one Earnings Per Share Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded directly to equity, such as unrealized holding gains and losses on securities available-for-sale. Loan Commitments and Related Financial Instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Derivatives The Company’s derivatives are primarily the result of its mortgage banking activities and are in the form of interest rate lock commitments (“IRLCs), To-Be-Announced (“TBA”) mortgage-backed securities and bulk mandatory forward loan sale commitments. The derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. The derivatives are recognized as either assets or liabilities on the consolidated statements of financial condition and the changes in the fair value of the derivatives are recorded in noninterest income on the consolidated statements of income within mortgage banking. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. See Note 19. Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Goodwill and Other Intangible Assets Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of net identifiable assets acquired. Subsequent to initial recognition, the Company tests goodwill for impairment annually, or more often if events or circumstances, such as adverse changes in the business climate indicate there may first 2020, March 31, 2020 October 31, June 30, 2020. October 31, 2021 not Goodwill recorded for the WHC acquisition during the first 2020 2020 Segment Reporting While management monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the operations are considered by management to be aggregated in one Recently Adopted Accounting Pronouncements 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 Credit Officer and Controller. The group is composed of individuals from the finance and credit administration areas of the Company. We have developed a working current expected credit loss model and plan on utilizing this model concurrently with our existing allowance for loan loss model for the next four In January 2017, No. 2017 04, 350 2 January 1, 2023 In March 2020 , No. 2020 04 , 848 December 31, 2022 . January 2021, No. 2021 01, 848 848 No. 2021 01 December 31, 2022. No. 2021 01 not not |
Note 2 - Mergers and Acquisitio
Note 2 - Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2: Mergers and Acquisitions Effective January 1, 2020, 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 combination were expensed as incurred. Determining the fair value of assets and liabilities is a complicated process involving significant judgment 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 January 1, 2020 (In Thousands) Assets acquired: Cash and cash equivalents $ 11,544 Securities available-for-sale 43,710 Loans receivable 43,424 Premises and equipment 740 Cash surrender value of life insurance 2,131 Other real estate owned - Core deposit intangible 208 Other assets 1,874 Total assets acquired $ 103,631 Liabilities assumed: Deposits $ 86,572 Accrued expenses and other liabilities 4,554 Other borrowings 2,500 Total liabilities assumed $ 93,626 Net assets acquired $ 10,005 Consideration paid: Cash $ 6,500 Common stock issued ( 395,850 8,467 Total consideration paid $ 14,967 Goodwill resulting from acquisition $ 4,962 Goodwill recorded for the WHC acquisition during the three March 31, 2020 $4,962,000. WHC investments were written up $425,000 to fair value on the date of acquisition based on market prices obtained from an independent 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 loans 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 as of January 1, 2020. December 31, 2021 2020, December 31, 2021. January 1, 2020. Fair value adjustments of $590,000 were recorded for WHC related to premises and equipment. The Company used independent third Core deposit intangible assets of $208,000 were recorded for WHC and are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years from the date of acquisition. 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. There were no acquisition costs recorded related to the WHC acquisition during the year ended December 31, 2021 December 31, 2020. Operations of acquired entities have been included in the consolidated financial statements since date of acquisition. The Company does not not December 31, 2021 January 1, 2020 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3: Investment Securities The amortized cost and fair values of securities, together with unrealized gains and losses, were as follows: December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available-for-sale: U.S. government obligations $ 1,618 $ 15 $ - $ 1,633 U.S. treasury obligations 52,707 580 (104 ) 53,183 Municipal obligations 119,381 4,616 (330 ) 123,667 Corporate obligations 9,251 103 (18 ) 9,336 Mortgage-backed securities 14,662 92 (118 ) 14,636 Collateralized mortgage obligations 63,286 416 (635 ) 63,067 Asset-backed securities 5,617 123 - 5,740 Total $ 266,522 $ 5,945 $ (1,205 ) $ 271,262 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available-for-sale: U.S. government obligations $ 2,214 $ 31 $ - 2,245 U.S. treasury obligations 5,153 504 - 5,657 Municipal obligations 92,914 6,175 (1 ) 99,088 Corporate obligations 10,579 91 (7 ) 10,663 Mortgage-backed securities 7,513 161 (5 ) 7,669 Collateralized mortgage obligations 30,339 852 (2 ) 31,189 Asset-backed securities 6,293 142 - 6,435 Total $ 155,005 $ 7,956 $ (15 ) $ 162,946 Proceeds from sales of available-for-sale securities and the associated gross realized gains and losses were as follows: Years Ended December 31, 2021 2020 (In Thousands) Proceeds from sale of available-for-sale securities $ 4,921 $ 28,410 Gross realized gain on sale of available-for-sale securities $ 23 $ 1,068 Gross realized loss on sale of available-for-sale securities - (335 ) Net realized gain on sale of available-for-sale securities $ 23 $ 733 The amortized cost and fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may December 31, 2021 Amortized Fair Cost Value (In Thousands) Due in one year or less $ 3,223 $ 3,226 Due from one to five years 12,950 13,308 Due from five to ten years 79,074 80,005 Due after ten years 93,327 97,020 188,574 193,559 Mortgage-backed securities 14,662 14,636 Collateralized mortgage obligations 63,286 63,067 Total $ 266,522 $ 271,262 At December 31, 2021 2020 and $19,716,000 The Company’s investment securities that have been in a continuous unrealized loss position for less than 12 12 December 31, 2021 Less than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. treasury obligations $ 19,301 $ (104 ) $ - $ - Municipal obligations 17,973 (330 ) - - Corporate obligations 2,982 (18 ) - - Mortgage-backed securities and collateralized mortgage obligations 50,002 (741 ) 1,296 (12 ) Total $ 90,258 $ (1,193 ) $ 1,296 $ (12 ) December 31, 2020 Less than 12 months 12 months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. treasury obligations $ - $ - $ - $ - Municipal obligations 282 (1 ) - - Corporate obligations 4,243 (7 ) - - Mortgage-backed securities and collateralized mortgage obligations 3,180 (2 ) 1,501 (5 ) Total $ 7,705 $ (10 ) $ 1,501 $ (5 ) Unrealized losses associated with investments are believed to be caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities and not not not December 31, 2021 2020. December 31, 2021 2020, 43 and 8 not |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 : Loans Loans receivable consisted of the following: December 31, 2021 2020 (In Thousands) Real estate loans: Residential 1-4 family $ 146,815 $ 157,092 Commercial real estate 569,976 447,867 Other loans: Home equity 51,748 56,563 Consumer 18,455 20,168 Commercial 147,870 161,451 Total 934,864 843,141 Deferred loan fees, net (1,725 ) (2,038 ) Allowance for loan losses (12,500 ) (11,600 ) Total loans, net $ 920,639 $ 829,503 Withi n the commercial real estate loan category above, $ and $ was guaranteed by the United States Department of Agriculture Rural Development at December 31, 2021 2020 , respectively. Also within the loan categories above, $ and $ was guaranteed by the United States Department of Agriculture Farm Service Agency at December 31, 2021 2020 , respectively. In addition, within the commercial category above, $ and $29,581,000 was guaranteed by the SBA under their PPP at December 31, 2021 and December 31, 2020 Deferred loan fees, net includes $ and $613,000 of December 31, 2021 December 31, 2020 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: Balance, January 1, 2021 $ 1,506 $ 6,951 $ 515 $ 364 $ 2,264 $ 11,600 Charge-offs - (35 ) - (16 ) (6 ) (57 ) Recoveries - 21 - 8 67 96 Provision 90 533 18 9 211 861 Balance, December 31, 2021 $ 1,596 $ 7,470 $ 533 $ 365 $ 2,536 $ 12,500 Balance, December 31, 2021 allocated to loans individually evaluated for impairment $ 199 $ - $ - $ - $ 401 $ 600 Balance, December 31, 2021 allocated to loans collectively evaluated for impairment $ 1,397 $ 7,470 $ 533 $ 365 $ 2,135 $ 11,900 Loans receivable: Balance, December 31, 2021 $ 146,815 $ 569,976 $ 51,748 $ 18,455 $ 147,870 $ 934,864 Balance, December 31, 2021 of loans individually evaluated for impairment $ 953 $ 3,654 $ 115 $ 62 $ 2,275 $ 7,059 Balance, December 31, 2021 of loans collectively evaluated for impairment $ 145,862 $ 566,322 $ 51,633 $ 18,393 $ 145,595 $ 927,805 Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Balance, January 1, 2020 $ 1,301 $ 4,826 $ 477 $ 284 $ 1,712 $ 8,600 Charge-offs - (18 ) - (36 ) (173 ) (227 ) Recoveries - 12 - 16 69 97 Provision 205 2,131 38 100 656 3,130 Balance, December 31, 2020 $ 1,506 $ 6,951 $ 515 $ 364 $ 2,264 $ 11,600 Balance, December 31, 2020 allocated to loans individually evaluated for impairment $ 296 $ - $ - $ - $ 54 $ 350 Balance, December 31, 2020 allocated to loans collectively evaluated for impairment $ 1,210 $ 6,951 $ 515 $ 364 $ 2,210 $ 11,250 Loans receivable: Balance, December 31, 2020 $ 157,092 $ 447,867 $ 56,563 $ 20,168 $ 161,451 $ 843,141 Balance, December 31, 2020 of loans individually evaluated for impairment $ 1,541 $ 4,559 $ 111 $ 151 $ 2,239 $ 8,601 Balance, December 31, 2020 of loans collectively evaluated for impairment $ 155,551 $ 443,308 $ 56,452 $ 20,017 $ 159,212 $ 834,540 The Company utilizes an 8 Loans R ated Pass 1 5 Loans R ated Special Mention 6 may Loans R ated Substandard 7 not Loans R ated Doubtful 8 Loans R ated Loss not 8 not not no not may On an annual basis, or more often if needed, the Company formally reviews the ratings of all commercial real estate, real estate construction and commercial business loans that have a principal balance of $750,000 or more. Quarterly, the Company reviews the rating of any consumer loan, broadly defined, that is delinquent 90 days or more. Likewise, quarterly, the Company reviews the rating of any commercial loan, broadly defined, that is delinquent 60 days or more. Annually, the Company engages an independent third Internal classification of the loan portfolio was as follows: December 31, 2021 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 100,680 $ - $ 301 $ 199 $ - $ 101,180 Residential 1-4 family construction 45,298 - 337 - - 45,635 Commercial real estate 406,896 1,527 2,145 - - 410,568 Commercial construction and development 92,403 - - - - 92,403 Farmland 65,037 177 1,744 47 - 67,005 Other loans: Home equity 51,614 - 134 - - 51,748 Consumer 18,392 - 63 - - 18,455 Commercial 100,881 130 524 - - 101,535 Agricultural 44,550 332 1,444 9 - 46,335 Total $ 925,751 $ 2,166 $ 6,692 $ 255 $ - $ 934,864 December 31, 2020 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 109,746 $ - $ 857 $ 199 $ - $ 110,802 Residential 1-4 family construction 45,953 - 337 - - 46,290 Commercial real estate 311,756 2,568 2,344 - - 316,668 Commercial construction and development 65,231 14 36 - - 65,281 Farmland 63,565 136 2,164 53 - 65,918 Other loans: Home equity 56,177 274 112 - - 56,563 Consumer 20,017 - 151 - - 20,168 Commercial 107,810 829 570 - - 109,209 Agricultural 50,371 355 1,395 121 - 52,242 Total $ 830,626 $ 4,176 $ 7,966 $ 373 $ - $ 843,141 The following tables include information regarding delinquencies within the loan portfolio. December 31, 2021 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 $ 21 $ - $ 21 $ 616 $ 100,543 $ 101,180 Residential 1-4 family construction - - - 337 45,298 45,635 Commercial real estate 788 - 788 497 409,283 410,568 Commercial construction and development - - - - 92,403 92,403 Farmland 61 - 61 1,630 65,314 67,005 Other loans: Home equity - - - 115 51,633 51,748 Consumer 55 - 55 62 18,338 18,455 Commercial 6 - 6 516 101,013 101,535 Agricultural - - - 1,718 44,617 46,335 Total $ 931 $ - $ 931 $ 5,491 $ 928,442 $ 934,864 December 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 $ 693 $ 34 $ 727 $ 684 $ 109,391 $ 110,802 Residential 1-4 family construction 853 170 1,023 337 44,930 46,290 Commercial real estate 274 - 274 631 315,763 316,668 Commercial construction and development - - - 36 65,245 65,281 Farmland 179 - 179 2,245 63,494 65,918 Other loans: Home equity 53 - 53 111 56,399 56,563 Consumer 72 - 72 151 19,945 20,168 Commercial 553 6 559 537 108,113 109,209 Agricultural 71 182 253 1,542 50,447 52,242 Total $ 2,748 $ 392 $ 3,140 $ 6,274 $ 833,727 $ 843,141 The following tables include information regarding impaired loans. December 31, 2021 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (In Thousands) Real estate loans: Residential 1-4 family $ 616 $ 703 $ 199 $ 910 Residential 1-4 family construction 337 387 - 337 Commercial real estate 2,024 2,078 - 2,143 Commercial construction and development - - - 25 Farmland 1,630 1,721 - 1,937 Other loans: Home equity 115 139 - 113 Consumer 62 73 - 107 Commercial 516 639 101 527 Agricultural 1,759 1,862 300 1,731 Total $ 7,059 $ 7,602 $ 600 $ 7,830 December 31, 2020 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (In Thousands) Real estate loans: Residential 1-4 family $ 1,204 $ 1,267 $ 296 $ 911 Residential 1-4 family construction 337 387 - 337 Commercial real estate 2,264 2,328 - 1,423 Commercial construction and development 50 50 - 50 Farmland 2,245 2,262 - 1,360 Other loans: Home equity 111 136 - 105 Consumer 151 171 - 154 Commercial 537 664 - 681 Agricultural 1,702 2,268 54 1,100 Total $ 8,601 $ 9,533 $ 350 $ 6,121 Interest income recognized on impaired loans for the years ended December 31, 2021 2020 December 31, 2021 2020 As of December 31, 2021 2020 , TDR loans totaled $ and $ , respectively. During the year ended December 31, 2021 , there were four Three four , $391,000 and $70,000 . No charge-offs were incurred and the loans are on nonaccrual status. The fourth . The commercial real estate loan was paid off during the year ended December 31, 2021 . The recorded investments for the remaining farmland loans were $180,000, $391,000 and $70,000, respectively at December 31, 2021. During the year ended December 31, 2020 , there were three for a commercial construction and development loan, $1,633,000 for a commercial real estate loan and $160,000 for an agricultural loan. At December 31, 2020, December 31, 2021 December 31, 2021. There were no loans modified as TDRs that defaulted during the year ended December 31, 2021 where the default occurred within 12 90 As of December 31, 2021 had no commitments The company has offered borrowers accommodations due to the impact from COVID- 19, 90 not 12 December 31, 2021 one a nonresidential borrower represented a loan of $6,000 December 31, 2020 Loans are granted to directors and officers of the Company in the ordinary course of business. Such loans are made in accordance with policies established for all loans of the Company, except that directors, officers and employees may Loans receivable (including loans sold and serviced for others) from related parties, including directors and executive officers were as follows: (In Thousands) Balance, January 1, 2020 $ 2,999 Principal additions 402 Principal payments (1,038 ) Balance, December 31, 2020 $ 2,363 Principal additions 1,487 Principal payments (1,925 ) Balance, December 31, 2021 $ 1,925 December 31, 2021 2020 (In Thousands) Loans serviced, for the benefit of others, for directors, executive officers and their related parties $ 1,583 $ 1,891 Years Ended December 31, 2021 2020 (In Thousands) Interest income from loans owned for directors, executive officers and their related parties $ 20 $ 22 |
Note 5 - Mortgage Servicing Rig
Note 5 - Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | NOTE 5: Mortg age Servicing Rights The Company is servicing mortgage loans for the benefit of others which are not and $1,473,971,000 at December 31, 2021 2020 , respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing. Mortgage loan servicing fees were $ and $3,212,000 for the years ended December 31, 2021 2020 , respectively. These fees, net of amortization, are included in mortgage banking, net which is a component of noninterest income on the consolidated statements of income. Custodial balances maintained in connection with the foregoing loan servicing are included in noninterest checking deposits and were $ an December 31, 2021 2020 The following table is a summary of activity in mortgage servicing rights: Years Ended December 31, 2021 2020 (In Thousands) Mortgage servicing rights: Beginning balance $ 10,897 $ 8,739 Mortgage servicing rights capitalized 6,561 5,678 Amortization of mortgage servicing rights (3,709 ) (3,520 ) Ending balance 13,749 10,897 Valuation allowance: Beginning balance (792 ) - Recovery (impairment) of mortgage servicing rights 736 (792 ) Ending balance (56 ) (792 ) Mortgage servicing rights, net $ 13,693 $ 10,105 Impairment expense on mortgage servicing rights of $792,000 was recorded for the year ended December 31, 2020 $736,000 December 31, 2021 . Recovery (impairment) of servicing rights is included in other noninterest expense on the consolidated statements of income. The fair values of these rights wer e $14,686,000 an December 31, 2021 2020 December 31, 2021 2020 Key assumptions: Discount rate 12% 12% Prepayment speed range 184-265% 221-328% Weighted average prepayment speed 204% 281% |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 : Premises and Equipment The cost and accumulated depreciation of premises and equipment was as follows: December 31, 2021 2020 (In Thousands) Land $ 9,656 $ 10,357 Buildings and improvements 52,469 46,854 Furniture and equipment 13,305 11,351 Construction in progress 8,911 6,260 84,341 74,822 Accumulated depreciation (20,512 ) (17,715 ) Premises and equipment, net, excluding right-of-use assets 63,829 57,107 Right-of-use assets 3,437 1,655 Premises and equipment, net $ 67,266 $ 58,762 Depreciation expense wa s $2,917,000 a December 31, 2021 2020 The Company leases four one two 12 not 2022 2028, The following table summarizes the Company’s leases: December 31 2021 2020 (In Thousands) Right-of-use assets, net of amortization $ 3,437 $ 1,655 Lease liabilities 2,292 1,685 Weighted average remaining lease term (years) 6.05 6.14 Weighted average discount rate 2.45 % 3.02 % The components of lease cost, which were included in occupancy and equipment expense on the consolidated statements of income, were as follows: December 31 2021 2020 (In Thousands) Operating lease cost $ 679 $ 555 Short-term lease cost 40 69 Total lease cost $ 719 $ 624 The following table presents the maturities of lease liabilities at December 31, 2021 (In Thousands) 2022 $ 514 2023 399 2024 342 2025 342 2026 342 Thereafter 535 Total lease payments 2,474 Less imputed interest (182 ) Present value of lease liabilities $ 2,292 The company also leases office space to third December 31, 2021 2020 not |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 : Goodwill and Other Intangible Assets Goodwill and core deposit intangible assets were recorded as part of acquisitions. Goodwill totaled December 31, 2021 2020 The components of core deposit intangible assets were as follows: December 31, 2021 2020 (In Thousands) Core deposit intangible $ 4,836 $ 4,836 Accumulated amortization (3,056 ) (2,493 ) Core deposit intangible, net $ 1,780 $ 2,343 Core deposit intangible assets are amortized on an accelerated basis over their estimated life of 10 years. Amortization expense related to intangible asse ts was an December 31, 2021 2020 December 31, 2021 Years ending December 31: (In Thousands) 2022 $ 476 2023 390 2024 320 2025 251 2026 182 Thereafter 161 Total $ 1,780 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8 : Deposits Deposits are summarized as follows: December 31, 2021 2020 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Noninterest checking $ 368,846 0.00 % $ 318,389 0.00 % Interest-bearing checking 203,410 0.02 160,614 0.02 Savings 223,069 0.06 179,868 0.06 Money market 277,469 0.25 202,407 0.24 Time certificates of deposits 149,755 0.39 171,805 0.68 Total $ 1,222,549 0.12 % $ 1,033,083 0.18 % Time certificates of deposits include $ and December 31, 2021 2020 At December 31, 2021 2020 $250,000 Time certificates of deposits with balances of $250,000 December 31, 2021 2020 At December 31, 2021 Years ending December 31: (In Thousands) 2022 $ 112,123 2023 24,870 2024 6,270 2025 1,793 2026 4,699 Thereafter - Total $ 149,755 Interest expense on deposits was as follows: Years Ended December 31, 2021 2020 (In Thousands) Checking $ 47 $ 58 Savings 78 87 Money market 545 473 Time certificates of deposits 804 2,996 Total $ 1,474 $ 3,614 At December 31, 2021 2020 , the Company reclassified $ and $159,000, respectively, in overdrawn deposits as loans. Related party deposits, including directors’ and executive officers’ deposit accounts at December 31, 2021 2020 were $7,554,000 and $ 4,152,000 , respectively. |
Note 9 - Advances From the Fede
Note 9 - Advances From the Federal Home Loan Bank and Other Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 9: Advances from the Federal Home Loan Bank and O ther B orrowings At December 31, 2021 Years ending December 31: (In Thousands) 2022 $ 5,000 2023 - 2024 - 2025 - 2026 - Thereafter - Total $ 5,000 Federal Home Loan Bank Advances FHLB advances include both fixed and amortizing advan ces. Fixed advances are due at maturity. Advances are subject to prepayment penalties. Interest rates on these advances are fixed. Advances are collateralized by a blanket pledge of the Bank’s loan portfolio. The Company’s investment in FHLB stock is also pledged as collateral on these advances. The total FHLB funding available to the Company at December 31, 2021 , was 45.00 % of total Bank assets as determined by FHLB, or approximately $ . The balance of advances was $ and $17,070,000 at December 31, 2021 2020 , respectively. The Bank also has a contingent letter of credit with FHLB for $ and $1,090,000 at December 31, 2021 2020 , respectively. Other Borrowings During the year ended December 31, 2021, December 31, 2021. During the year ended December 31, 2020, December 31, 2020. Federal Funds Purchased At December 31, 2021 ines of credit was $0 at both December 31, 2021 2020 The Bank previously had a $20,000,000 Federal funds line of credit with Zions Bank. The line of credit was terminated during the year ended December 31, 2021. All Borrowings Outstanding For all borrowings outstanding the weighted average interest rate for advances at December 31, 2021 2020 was % and 1.89%, respectively. The average amount outstanding was and $76,119,000 for 2021 and 2020 , respectively. The maximum amount outstanding at any month-end was and $105,820,000 for 2021 and 2020 , respectively. |
Note 10 - Other Long-term Debt
Note 10 - Other Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 1 0 : Other Long-Term Debt Other long-term debt consisted of the following: December 31, 2021 2020 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Senior notes fixed at 5.75 2022 $ 10,000 $ (4 ) $ 10,000 $ (48 ) Subordinated debentures fixed at 5.50 2030 15,000 (282 ) 15,000 (316 ) Subordinated debentures variable at 3-Month Libor plus 1.42 2035 5,155 - 5,155 - Total other long-term debt $ 30,155 $ (286 ) $ 30,155 $ (364 ) In June 2020, 2030 July 1, 2025, three July 1, 2025. 2 In February 2017, 5.75% 2022. not In June 2015, 2025 6.75% June 19, 2020. July 10, 2020. In September 2005, December 15, 2005. 6.02% December 2010 3 1.42%, December 31, 2021 2020 may five December 2035 1 For 2021 2020 term debt was and |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 1 : Commitments and Contingencies Financial Instruments and Off-Balance-Sheet Activities All financial instruments held or issued by the Company are held or issued for purposes other than trading. In the ordinary course of business, the Bank enters into off-balance-sheet financial instruments consisting of commitments to extend credit and forward delivery commitments for the sale of whole loans to the secondary market. In response to marketplace demands, the Bank routinely makes commitments to extend credit for fixed rate and variable rate loans with or without rate lock guarantees. When rate lock guarantees are made to customers, the Bank becomes subject to market risk for changes in interest rates that occur between the rate lock date and the date that a firm commitment to purchase the loan is made by a secondary market investor. Commitments to extend credit are agreements to lend to a customer as long as the borrower satisfies the Bank’s underwriting standards and related provisions of the borrowing agreements. Commitments generally have fixed expiration dates or other termination clauses and may Commitments are summarized as follows: December 31, 2021 2020 (In Thousands) Commitments to extend credit $ 252,485 $ 173,866 Letters of credit 4,129 2,647 Employment Contracts The Company has entered into change of control agreements with its Chief Financial Officer/Chief Operating Officer, Chief Lending Officer, Chief Credit Officer, Chief Risk Officer, Chief Operations Officer, Chief Information Officer, Chief Retail Officer and Chief Human Resource Officer. The change in control agreements provide a double trigger benefit equal to the sum of the executive’s annual salary and bonus for the most recently completed year. The benefits are payable if the executive’s employment is terminated without cause within two two two one 90 12 Legal Proceedings Various legal claims also arise from time to time in the normal course of business which, in the opinion of management, will have no |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12: Income Taxes The components of the Company’s income tax provision (benefit) were as follows: Years Ended December 31, 2021 2020 (In Thousands) Current U.S. federal $ 2,717 $ 6,281 Montana 1,112 2,139 Total current income tax provision 3,829 8,420 Deferred U.S. federal 825 (949 ) Montana 209 (237 ) Total deferred income tax provision (benefit) 1,034 (1,186 ) Total income tax provision $ 4,863 $ 7,234 The nature and components of deferred tax assets and liabilities were as follows: December 31, 2021 2020 (In Thousands) Deferred tax assets: Loans receivable $ 3,292 $ 3,055 Deferred loan fees 454 649 Lease liability 604 444 Deferred compensation 1,495 1,366 Employee benefits 435 365 Acquisition costs 202 236 Acquisition fair value adjustments 345 498 Other 903 755 Total deferred tax assets 7,730 7,368 Deferred tax liabilities: Premises and equipment 891 786 Right-of-use asset 905 436 FHLB stock 25 32 Mortgage servicing rights 3,606 2,661 Unrealized gains on securities available-for-sale 1,247 2,090 Goodwill 1,119 995 Intangibles 464 603 Other 121 222 Total deferred tax liabilities 8,378 7,825 Net deferred tax liability $ (648 ) $ (457 ) The Company believes, based upon the available evidence, that all deferred tax assets will be realized in the normal course of operations. Accordingly, these assets have not A reconciliation of the Company’s effective income tax provision (benefit) to the statutory federal income tax rate was as follows: Years Ended December 31, 2021 2020 % of % of Pretax Pretax Amount Income Amount Income (Dollars in Thousands) Federal income taxes at the statutory rate $ 4,049 21.00 % $ 5,973 21.00 % State income taxes 1,047 5.43 1,517 5.33 Tax-exempt interest income (292 ) -1.51 (285 ) -1.00 Transaction costs 160 0.83 - 0.00 Income from bank-owned life insurance (151 ) -0.78 (135 ) -0.47 Other, net 50 0.25 164 0.58 Actual tax expense and effective tax rate $ 4,863 25.22 % $ 7,234 25.44 % |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 1 3 : Accumulated Other Comprehensive Income (Loss) The following table includes information regarding the activity in accumulated other comprehensive income (loss): Unrealized Gains (Losses) on Securities Available for Sale (In Thousands) Balance, January 1, 2021 $ 5,851 Other comprehensive loss, before reclassifications and income taxes (3,178 ) Amounts reclassified from accumulated other comprehensive income, before income taxes (23 ) Income tax benefit 843 Total other comprehensive loss (2,358 ) Balance, December 31, 2021 $ 3,493 Balance, January 1, 2020 $ 1,329 Other comprehensive income, before reclassifications and income taxes 6,871 Amounts reclassified from accumulated other comprehensive income, before income taxes (733 ) Income tax provision (1,616 ) Total other comprehensive income 4,522 Balance, December 31, 2020 $ 5,851 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14: Earnings Per Share The computations of basic and diluted earnings per share are below. Years Ended December 31, 2021 2020 (Dollars in Thousands, Except for Per Share Data) Basic weighted average shares outstanding 6,653,935 6,795,503 Dilutive effect of stock compensation 1,800 24,803 Diluted weighted average shares outstanding 6,655,735 6,820,306 Net income available to common shareholders $ 14,419 $ 21,206 Basic earnings per share $ 2.17 $ 3.12 Diluted earnings per share $ 2.17 $ 3.11 There were no anti-dilutive shares at December 31, 2021 2020 |
Note 15 - Capital Management an
Note 15 - Capital Management and Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 15: Capital Management and Regulatory Matters Federal regulations require Federal Reserve member banks, such as Opportunity Bank of Montana and all other FDIC insured depository institutions, to meet several minimum capital standards: a common equity Tier 1 4.5%, 1 6.0%, 8.0%, 1 4.0%. not In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not 2.5% 1 1 7.0%, 1 8.5% 10.5%. Management believes that, as of December 31, 2021 As of December 31, 2021 no December 31, 2021 1 2.50%: Minimum To Be Well Minimum Required Capitalized Under for Capital Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2021: Total risk-based capital to risk weighted assets Consolidated $ 164,639 15.18 % $ 113,904 10.50 % N/A N/A Bank 165,786 15.32 113,591 10.50 108,182 10.00 Tier 1 capital to risk weighted assets Consolidated 137,139 12.64 92,208 8.50 N/A N/A Bank 153,286 14.17 91,955 8.50 86,546 8.00 Common equity Tier 1 capital to risk weighted assets Consolidated 132,139 12.18 75,936 7.00 N/A N/A Bank 153,286 14.17 75,727 7.00 70,318 6.50 Tier 1 capital to adjusted total average assets Consolidated 137,139 9.75 56,290 4.00 N/A N/A Bank 153,286 10.96 55,929 4.00 69,911 5.00 The Bank’s actual capital amounts and ratios as of December 31, 2020 1 2.50%. Minimum To Be Well Minimum Required Capitalized Under for Capital Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2020: Total risk-based capital to risk weighted assets Consolidated $ 156,897 17.04 % $ 96,665 10.50 % N/A N/A Bank 153,204 16.71 96,279 10.50 91,694 10.00 Tier 1 capital to risk weighted assets Consolidated 130,434 14.17 78,253 8.50 N/A N/A Bank 141,741 15.46 77,940 8.50 73,355 8.00 Common equity Tier 1 capital to risk weighted assets Consolidated 125,434 13.63 64,444 7.00 N/A N/A Bank 141,741 15.46 64,186 7.00 59,601 6.50 Tier 1 capital to adjusted total average assets Consolidated 130,434 10.61 49,183 4.00 N/A N/A Bank 141,741 11.72 48,370 4.00 60,462 5.00 Dividend Limitations Under State of Montana banking regulation, member banks such as the Bank generally may two December 31, 2021 2020 nds of $0.445 and $0.385 per share to its shareholders during the years ended December 31, 2021 2020 Tender Offer The Company completed a modified "Dutch auction" tender offer (the "Tender Offer") in June 2021. Stock Repurchase Program On July 22, 2021, may December 31, 2021 July 22, 2022. On July 23, 2020, third 2020, fourth 2020 2021. July 23, 2021. On July 18, 2019, December 31, 2019 first 2020. second 2020, third 2020, July 18, 2020. Liquidation Rights Eagle Bancorp Montana, Inc. holds a liquidation account for the benefit of certain depositors of the Bank who remain depositors of the Bank at the time of liquidation. The liquidation account is designed to provide payments to these depositors of their liquidation interests in the event of a liquidation of Eagle and the Bank, or the Bank alone. In the unlikely event that Eagle and the Bank were to liquidate in the future, all claims of creditors, including those of depositors, would be paid first, followed by distribution to depositors as of November 30, 2008 ( After two 2010 not no not |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16: Related Party Transactions In the normal course of lending, the Bank provided a commercial line of credit to an affiliated entity that is partially owned by one December 31, 2021 2020 $222,000 December 31, 2021 2020 |
Note 17 - Benefit Plans
Note 17 - Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 17: Benefit Plans Profit Sharing Plan The Company provides a noncontributory profit sharing plan for eligible employees who have completed one December 31, 2021 2020 The Company’s profit sharing plan includes a 401 may December 31, 2021 2020 Deferred Compensation Plans The Company has entered into deferred compensation contracts with current key employees. The contracts provide fixed benefits payable in equal annual installments upon retirement. The Company purchased life insurance contracts that may December 31, 2021 2020 December 31, 2021 2020 Employee Stock Ownership Plan The Company established an ESOP in 2000 April 2010, twelve December 31, 2021 The Company sold 251,256 shares of common stock to the ESOP at a price of $23.88 per share in June 2021. ten ten Shares purchased by the ESOP are held in a suspense account by the plan trustee until allocated to participant accounts. Shares released from the suspense account are allocated to participants on the basis of their relative compensation in the year of allocation. Participants become vested in the allocated shares over a period not seven Total ESOP expenses of $520,000 and $294,000 were recognized for the years ended December 31, 2021 2020 The following table shows the components of the ESOP shares: December 31, 2021 2020 Allocated shares 225,947 223,153 Unallocated shares 239,902 14,362 Total ESOP shares 465,849 237,515 Fair value of unallocated shares (in thousands) $ 5,513 $ 305 Stock Incentive Plans The Company adopted the stock incentive plan on November 1, 2011. may 2015, 2017 2020 December 31, 2021 The following table shows the activity of the restricted stock awards granted under this plan: Number of Shares Unvested awards as of January 1, 2020 43,940 Awards granted 35,737 Awards vested (19,340 ) Awards forfeited (2,000 ) Unvested awards as of December 31, 2020 58,337 Awards granted 43,515 Awards vested (16,084 ) Awards forfeited (3,816 ) Unvested awards as of December 31, 2021 81,952 At December 31, 2021 November 2026 may The Company established a nonemployee director award plan effective April 23, 2020. may The following table shows the activity of the restricted stock awards granted under this plan: Number of Shares Unvested awards as of January 1, 2020 - Awards granted 2,024 Awards vested - Awards forfeited - Unvested awards as of December 31, 2020 2,024 Awards granted 1,768 Awards vested (2,024 ) Awards forfeited - Unvested awards as of December 31, 2021 1,768 At December 31, 2021 November 2022 The Company recognized total compensation expense of $439,000 and $380,000 for these plans during the years ended December 31, 2021 2020 |
Note 18 - Derivatives and Hedgi
Note 18 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 18 : D erivatives and Hedging Activities 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 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: December 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability (In Thousands) Interest rate lock commitments $ 84,674 $ 1,218 $ - $ 227,977 $ 6,017 $ - Forward TBA mortgage-backed securities 51,000 - 94 180,000 - 1,056 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 loss of $3,836,000 was recorded for the year ended December 31, 2021 December 31, 2020 |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 19 : 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 R eal Estate and Other R epossessed Assets third 3 Mortgage Servicing Rights third 3 The following table summarizes financial assets and 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: December 31, 2021 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government obligations $ - $ 1,633 $ - $ 1,633 U.S. treasury obligations 53,183 - - 53,183 Municipal obligations - 123,667 - 123,667 Corporate obligations - 9,336 - 9,336 Mortgage-backed securities - 14,636 - 14,636 Collateralized mortgage obligations - 63,067 - 63,067 Asset-backed securities - 5,740 - 5,740 Loans held-for-sale - 25,819 - 25,819 Interest rate lock commitments - - 1,218 1,218 Financial liabilities: Forward TBA mortgage-backed securities - 94 - 94 December 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 obligations $ - $ 2,245 $ - $ 2,245 U.S. treasury obligations 5,657 - - 5,657 Municipal obligations - 99,088 - 99,088 Corporate obligations - 10,663 - 10,663 Mortgage-backed securities - 7,669 - 7,669 Collateralized mortgage obligations - 31,189 - 31,189 Asset-backed securities - 6,435 - 6,435 Loans held-for-sale - 54,615 - 54,615 Interest rate lock commitments - - 6,017 6,017 Financial liabilities: Forward TBA mortgage-backed securities - 1,056 - 1,056 Certain financial assets may The following tables summarize 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: December 31, 2021 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 376 $ 376 Real estate and other repossessed assets - - 4 4 Mortgage servicing rights - - 14,686 14,686 December 31, 2020 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 728 $ 728 Real estate and other repossessed assets - - - - Mortgage servicing rights - - 10,105 10,105 The following table represents the Bank's financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the valuation techniques used to measure the fair value of those assets and liabilities, and the significant unobservable inputs and the ranges of values for those inputs: Principal Significant Range of Valuation Unobservable Significant 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 10 - 15% Prepayment speeds 180 - 330% Interest rate lock commitments Internal pricing model Pull-through expectations 85 - 95% The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3 December 31, 2021 December 31, 2021 December 31, 2020 Interest Rate Lock Commitments (In Thousands) Balance, January 1, 2021 $ 6,017 $ 554 Purchases and issuances 12,408 26,128 Sales and settlements (17,207 ) (20,665 ) Balance, December 31, 2021 $ 1,218 $ 6,017 Net change in unrealized gains relating to items held at end of period $ (4,799 ) $ 5,463 The tables below summarize the estimated fair values of financial instruments of the Company, whether or not December 31, 2021 Level 1 Level 2 Level 3 Total Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 61,434 $ - $ - $ 61,434 $ 61,434 FHLB stock 1,702 - - 1,702 1,702 FRB stock 2,974 - - 2,974 2,974 Loans receivable, gross - - 939,204 939,204 933,139 Accrued interest and dividends receivable 5,751 - - 5,751 5,751 Mortgage servicing rights - - 14,686 14,686 13,693 Financial liabilities: Non-maturing interest-bearing deposits - 703,948 - 703,948 703,948 Noninterest-bearing deposits 368,846 - - 368,846 368,846 Time certificates of deposit - - 149,605 149,605 149,755 Accrued expenses and other liabilities 21,037 - - 21,037 21,037 FHLB advances and other borrowings - - 5,003 5,003 5,000 Other long-term debt - - 29,299 - 30,155 December 31, 2020 Level 1 Level 2 Level 3 Total Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 69,802 $ - $ - $ 69,802 $ 69,802 FHLB stock 2,060 - - 2,060 2,060 FRB stock 2,974 - - 2,974 2,974 Loans receivable, gross - - 847,579 847,579 841,103 Accrued interest and dividends receivable 5,765 - - 5,765 5,765 Mortgage servicing rights - - 10,105 10,105 10,105 Financial liabilities: Non-maturing interest-bearing deposits - 542,889 - 542,889 542,889 Noninterest-bearing deposits 318,389 - - 318,389 318,389 Time certificates of deposit - - 172,561 172,561 171,805 Accrued expenses and other liabilities 23,239 - - 23,239 23,239 FHLB advances and other borrowings - - 17,217 17,217 17,070 Other long-term debt - - 29,414 29,414 30,155 |
Note 20 - Condensed Parent Comp
Note 20 - Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 2 0 : Condensed Parent Company Financial Statements Included below are the condensed financial statements of the Parent Company, Eagle Bancorp Montana, Inc.: December 31, 2021 2020 (In Thousands) Assets: Cash and cash equivalents $ 980 $ 5,775 Securities available-for-sale 4,078 5,149 Investment in Eagle Bancorp Statutory Trust I 155 155 Investment in Subsidiaries 177,892 169,190 Other assets 4,203 3,126 Total assets $ 187,308 $ 183,395 Liabilities and Shareholders' Equity: Accounts payable and accrued expenses $ 710 $ 666 Other long-term debt 29,869 29,791 Shareholders' equity 156,729 152,938 Total liabilities and shareholders' equity $ 187,308 $ 183,395 Years Ended December 31, 2021 2020 (In Thousands) Interest income $ 118 $ 152 Interest expense (1,560 ) (1,690 ) Noninterest income 7 - Noninterest expense (1,514 ) (1,116 ) Loss before income taxes (2,949 ) (2,654 ) Income tax benefit (579 ) (659 ) Loss before equity in undistributed earnings of Subsidiaries (2,370 ) (1,995 ) Equity in undistributed earnings of Subsidiaries 16,789 23,201 Net income $ 14,419 $ 21,206 Years Ended December 31, 2021 2020 (In Thousands) Cash Flows from Operating Activities: Net income $ 14,419 $ 21,206 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed earnings of Subsidiaries (16,789 ) (23,201 ) Other adjustments, net (706 ) (25 ) Net cash used in operating activities (3,076 ) (2,020 ) Cash Flows from Investing Activities: Cash contributions from Opportunity Bank of Montana 5,800 3,600 Cash paid for acquisitions, net of cash received - (6,500 ) Activity in available-for-sale securities: Sales 387 - Maturities, principal payments and calls 557 10,250 Purchases - (10,199 ) Net cash provided by (used in) investing activities 6,744 (2,849 ) Cash Flows from Financing Activities: Proceeds from issuance of subordinated debentures - 15,000 Repayment of subordinated debentures - (10,000 ) Payments for debt issuance costs - (335 ) ESOP payments and dividends 425 285 Payments to purchase treasury stock (6,279 ) (987 ) Treasury shares reissued for compensation 409 380 Dividends paid (3,018 ) (2,615 ) Net cash (used in) provided by financing activities (8,463 ) 1,728 Net Decrease in Cash and Cash Equivalents (4,795 ) (3,141 ) Cash and Cash Equivalents, beginning of period 5,775 8,916 Cash and Cash Equivalents, end of period $ 980 $ 5,775 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | O rganization Eagle Bancorp Montana, Inc. (“Eagle” or the “Company”), is a Delaware corporation that holds 100% of the capital stock of Opportunity Bank of Montana (“OBMT” or the “Bank”), formerly American Federal Savings Bank (“AFSB”). The Bank was founded in 1922 1975, October 2014 Eagle Bancorp Statutory Trust I (the “Trust”) was established in September 2005 In March 2021, 10 December 31, 2021, two December 31, 2021. In August 2019, January 1, 2020. one In August 2018, January 1, 2019, four In September 2017, January 31, 2018, two The Bank is headquartered in Helena, Montana, and has additional branches in Big Timber, Billings, Bozeman, Butte, Choteau, Denton, Dutton, Great Falls, Hamilton, Livingston, Missoula, Sheridan, Townsend, Twin Bridges and Wolf Point, Montana. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. |
Basis of Presentation and Use of Estimates [Policy Text Block] | Basis of Financial Statement Presentation and Use of Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In preparing consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, mortgage servicing rights, the fair value of financial instruments, the valuation of goodwill and deferred tax assets and liabilities. In connection with the determination of the specific reserves on collateral dependent loans and valuation of mortgage servicing rights, management obtains independent appraisals and valuations. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include Eagle, the Bank, the Trust, WFS and OHF. 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 2021 no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated events and transactions subsequent to December 31, 2021 Under the current stock repurchase plan, during February 2022 On January 21, 2022, 2032 August 1, 2027, three February 1, 2027. 2 February 15, 2022. On October 1, 2021, first 2022. 8 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s business activity is with customers located within Montana. Note 3: 4: not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the statements of financial condition captions “cash and due from banks,” “interest-bearing deposits in banks” an d federal funds sold, ninety Effective March 26, 2020, zero |
Marketable Securities, Policy [Policy Text Block] | Investment Securities The Company can designate debt and equity securities as held-to-maturity, available-for-sale or trading. At December 31, 2021 2020 Held - to - M aturity Available - for - S ale may Trading Management evaluates securities for other-than-temporary impairment (“OTTI”) at least quarterly, and more frequently when economic or market concerns warrant such evaluation. The Company considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Declines in the fair value of individual securities below their cost that are other than temporary are recognized by write-downs of the individual securities to their fair value. Such write-downs would be included in earnings as realized losses. |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock The Company’s investment in Federal Home Loan Bank (“FHLB”) of Des Moines stock is a restricted investment carried at cost ($100 per share par value), which approximates its fair value. As a member of the FHLB system, the Company is required to maintain a minimum level of investment in FHLB stock based on total assets and a specific percentage of its outstanding FHLB advances. The Company had 17,019 and 20,601 December 31, 2021 2020 |
Federal Reserve Bank Stock [Policy Text Block] | Federal Reserve Bank Stock The Company’s investment in FRB stock is a restricted investment carried at cost, which approximates its fair value. Although the par value of the stock is $100 per share, banks pay only $50 per share at the time of purchase, with the understanding that the other half of the subscription amount is subject to call at any time. As a member of the Federal Reserve System, the Company is required to maintain a minimum level of investment in FRB stock based on a specific percentage of its capital and surplus. The Company had 59,472 FRB shares at December 31, 2021 2020 |
Financing Receivable, Held-for-sale [Policy Text Block] | Mortgage Loans Held-for-Sale Mortgage loans originated and intended for sale in the secondary market are carried at fair value. Mortgage loans held-for-sale are sold with mortgage servicing rights either released or retained by the Bank. Fair value for loans held-for-sale is determined by commitments from investors or current secondary market prices for loans with similar coupons and maturities. Loan origination fees and costs are recognized in earnings at the time of origination. |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans The Bank originates mortgage, commercial, agricultural and consumer loans primarily to customers located in Montana. The ability of the Bank’s debtors to honor their contracts is dependent upon the general economic conditions in this area. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances net of any unearned income, allowance for loan losses, and unamortized deferred fees or costs on originated loans and unamortized premiums or unaccreted discounts on purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs are deferred and amortized over the contractual life of the loan, and recorded as an adjustment to the yield, using the interest method. Nonaccrual and Past Due Loans not may not may 90 not may not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Residential 1 4 Loans 1 4 may 1 4 30 Commercial Real Estate Loans may Construction Loans no may may no Agricultural Loans may Home Equity Loans may may not first 1 4 Consumer Loans Commercial Loans 24 may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The Bank mitigates the risks inherent in lending by focusing on businesses and individuals with demonstrated payment history, historically favorable profitability trends and stable cash flows. In addition to these primary sources of repayment, the Bank considers tangible collateral and personal guarantees as secondary sources of repayment. Lending officers are provided with detailed underwriting policies covering all lending activities in which the Bank is engaged and require all lenders to obtain appropriate approvals for the extension of credit. The Bank also maintains documentation requirements and extensive credit quality assurance practices in order to identify credit portfolio weaknesses as early as possible so any exposures that are discovered may A reporting system supplements the loan review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is probable. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific and general components. For such loans that are classified as impaired, a specific allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers loans not |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructured Loans A troubled debt restructured (“TDR”) loan is a loan in which the Bank grants a concession to the borrower that it would not not 19; not 30 December 31, 2019; March 1, 2020 December 31, 2020 60 19 January 1, 2022. |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block] | Mortgage Servicing Rights Servicing assets are recognized as separate assets when rights are acquired through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on a market price valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that the fair value is less than the capitalized amount for the tranches. If the Company later determines that all or a portion of the impairment no may Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets, ranging from 3 to 40 years. The costs of maintenance and repairs are expensed as incurred, while major expenditures for renewals and betterments are capitalized. The Company leases certain premises from third January 1, 2019, No. 2016 02, 842 not 12 not |
Bank Owned Life Insurance [Policy Text Block] | Cash Surrender Value of Bank Owned Life Insurance Bank Owned Life Insurance (“BOLI”) policies are reflected on the consolidated statements of financial condition at cash surrender value, net of other charges or amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in noninterest income on the consolidated statements of income and are not |
Real Estate, Policy [Policy Text Block] | Real Estate and Other Repossessed Assets Assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less estimated selling cost at the date of foreclosure, establishing a new carrying value. All write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Real estate and other repossessed properties was $4,000 and $25,000 at December 31, 2021 2020 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The majority of our revenue-generating transactions are not 606, 606 606 Service Charges on Deposit Accounts may December 31, 2021 2020 Interchange and ATM Fees – December 31, 2021 2020 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company adopted authoritative guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company’s income tax expense consists of the following components: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not The Company recognizes income tax related penalties and interest, if any, in the provision for income taxes in the consolidated statements of income. Based on management's analysis, the Company did not December 31, 2021 2020 no 2018 2018 Compensation expense recognized for the Company’s Employee Stock Ownership Plan (“ESOP”) equals the fair value of shares that have been allocated or committed to be released for allocation to participants during the year. Any difference between the fair value of the shares at the time and the ESOP’s original acquisition cost is charged or credited to shareholders’ equity (additional paid-in capital). The cost of ESOP shares that have not |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock Treasury stock is accounted for on the cost method. |
Advertising Cost [Policy Text Block] | Advertising Costs The Company expenses advertising costs as they are incurred. Advertising costs were $1,276,000 and $911,000 for the years ended December 31, 2021 2020 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Compensation cost is recognized for restricted stock awards, based on the fair value of the awards at the grant date. Compensation cost is recognized over the required service period, generally defined as the vesting period. Shares of restricted stock granted through the 2011 five one 2021 one |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded directly to equity, such as unrealized holding gains and losses on securities available-for-sale. |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Derivatives, Policy [Policy Text Block] | Derivatives The Company’s derivatives are primarily the result of its mortgage banking activities and are in the form of interest rate lock commitments (“IRLCs), To-Be-Announced (“TBA”) mortgage-backed securities and bulk mandatory forward loan sale commitments. The derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. The derivatives are recognized as either assets or liabilities on the consolidated statements of financial condition and the changes in the fair value of the derivatives are recorded in noninterest income on the consolidated statements of income within mortgage banking. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. See Note 19. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Sales, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of net identifiable assets acquired. Subsequent to initial recognition, the Company tests goodwill for impairment annually, or more often if events or circumstances, such as adverse changes in the business climate indicate there may first 2020, March 31, 2020 October 31, June 30, 2020. October 31, 2021 not Goodwill recorded for the WHC acquisition during the first 2020 2020 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting While management monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the operations are considered by management to be aggregated in one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements 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 Credit Officer and Controller. The group is composed of individuals from the finance and credit administration areas of the Company. We have developed a working current expected credit loss model and plan on utilizing this model concurrently with our existing allowance for loan loss model for the next four In January 2017, No. 2017 04, 350 2 January 1, 2023 In March 2020 , No. 2020 04 , 848 December 31, 2022 . January 2021, No. 2021 01, 848 848 No. 2021 01 December 31, 2022. No. 2021 01 not not |
Note 2 - Mergers and Acquisit_2
Note 2 - Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | WHC January 1, 2020 (In Thousands) Assets acquired: Cash and cash equivalents $ 11,544 Securities available-for-sale 43,710 Loans receivable 43,424 Premises and equipment 740 Cash surrender value of life insurance 2,131 Other real estate owned - Core deposit intangible 208 Other assets 1,874 Total assets acquired $ 103,631 Liabilities assumed: Deposits $ 86,572 Accrued expenses and other liabilities 4,554 Other borrowings 2,500 Total liabilities assumed $ 93,626 Net assets acquired $ 10,005 Consideration paid: Cash $ 6,500 Common stock issued ( 395,850 8,467 Total consideration paid $ 14,967 Goodwill resulting from acquisition $ 4,962 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available-for-sale: U.S. government obligations $ 1,618 $ 15 $ - $ 1,633 U.S. treasury obligations 52,707 580 (104 ) 53,183 Municipal obligations 119,381 4,616 (330 ) 123,667 Corporate obligations 9,251 103 (18 ) 9,336 Mortgage-backed securities 14,662 92 (118 ) 14,636 Collateralized mortgage obligations 63,286 416 (635 ) 63,067 Asset-backed securities 5,617 123 - 5,740 Total $ 266,522 $ 5,945 $ (1,205 ) $ 271,262 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In Thousands) Available-for-sale: U.S. government obligations $ 2,214 $ 31 $ - 2,245 U.S. treasury obligations 5,153 504 - 5,657 Municipal obligations 92,914 6,175 (1 ) 99,088 Corporate obligations 10,579 91 (7 ) 10,663 Mortgage-backed securities 7,513 161 (5 ) 7,669 Collateralized mortgage obligations 30,339 852 (2 ) 31,189 Asset-backed securities 6,293 142 - 6,435 Total $ 155,005 $ 7,956 $ (15 ) $ 162,946 |
Schedule of Realized Gain (Loss) [Table Text Block] | Years Ended December 31, 2021 2020 (In Thousands) Proceeds from sale of available-for-sale securities $ 4,921 $ 28,410 Gross realized gain on sale of available-for-sale securities $ 23 $ 1,068 Gross realized loss on sale of available-for-sale securities - (335 ) Net realized gain on sale of available-for-sale securities $ 23 $ 733 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2021 Amortized Fair Cost Value (In Thousands) Due in one year or less $ 3,223 $ 3,226 Due from one to five years 12,950 13,308 Due from five to ten years 79,074 80,005 Due after ten years 93,327 97,020 188,574 193,559 Mortgage-backed securities 14,662 14,636 Collateralized mortgage obligations 63,286 63,067 Total $ 266,522 $ 271,262 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2021 Less than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. treasury obligations $ 19,301 $ (104 ) $ - $ - Municipal obligations 17,973 (330 ) - - Corporate obligations 2,982 (18 ) - - Mortgage-backed securities and collateralized mortgage obligations 50,002 (741 ) 1,296 (12 ) Total $ 90,258 $ (1,193 ) $ 1,296 $ (12 ) December 31, 2020 Less than 12 months 12 months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. treasury obligations $ - $ - $ - $ - Municipal obligations 282 (1 ) - - Corporate obligations 4,243 (7 ) - - Mortgage-backed securities and collateralized mortgage obligations 3,180 (2 ) 1,501 (5 ) Total $ 7,705 $ (10 ) $ 1,501 $ (5 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 (In Thousands) Real estate loans: Residential 1-4 family $ 146,815 $ 157,092 Commercial real estate 569,976 447,867 Other loans: Home equity 51,748 56,563 Consumer 18,455 20,168 Commercial 147,870 161,451 Total 934,864 843,141 Deferred loan fees, net (1,725 ) (2,038 ) Allowance for loan losses (12,500 ) (11,600 ) Total loans, net $ 920,639 $ 829,503 |
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: Balance, January 1, 2021 $ 1,506 $ 6,951 $ 515 $ 364 $ 2,264 $ 11,600 Charge-offs - (35 ) - (16 ) (6 ) (57 ) Recoveries - 21 - 8 67 96 Provision 90 533 18 9 211 861 Balance, December 31, 2021 $ 1,596 $ 7,470 $ 533 $ 365 $ 2,536 $ 12,500 Balance, December 31, 2021 allocated to loans individually evaluated for impairment $ 199 $ - $ - $ - $ 401 $ 600 Balance, December 31, 2021 allocated to loans collectively evaluated for impairment $ 1,397 $ 7,470 $ 533 $ 365 $ 2,135 $ 11,900 Loans receivable: Balance, December 31, 2021 $ 146,815 $ 569,976 $ 51,748 $ 18,455 $ 147,870 $ 934,864 Balance, December 31, 2021 of loans individually evaluated for impairment $ 953 $ 3,654 $ 115 $ 62 $ 2,275 $ 7,059 Balance, December 31, 2021 of loans collectively evaluated for impairment $ 145,862 $ 566,322 $ 51,633 $ 18,393 $ 145,595 $ 927,805 Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Balance, January 1, 2020 $ 1,301 $ 4,826 $ 477 $ 284 $ 1,712 $ 8,600 Charge-offs - (18 ) - (36 ) (173 ) (227 ) Recoveries - 12 - 16 69 97 Provision 205 2,131 38 100 656 3,130 Balance, December 31, 2020 $ 1,506 $ 6,951 $ 515 $ 364 $ 2,264 $ 11,600 Balance, December 31, 2020 allocated to loans individually evaluated for impairment $ 296 $ - $ - $ - $ 54 $ 350 Balance, December 31, 2020 allocated to loans collectively evaluated for impairment $ 1,210 $ 6,951 $ 515 $ 364 $ 2,210 $ 11,250 Loans receivable: Balance, December 31, 2020 $ 157,092 $ 447,867 $ 56,563 $ 20,168 $ 161,451 $ 843,141 Balance, December 31, 2020 of loans individually evaluated for impairment $ 1,541 $ 4,559 $ 111 $ 151 $ 2,239 $ 8,601 Balance, December 31, 2020 of loans collectively evaluated for impairment $ 155,551 $ 443,308 $ 56,452 $ 20,017 $ 159,212 $ 834,540 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2021 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 100,680 $ - $ 301 $ 199 $ - $ 101,180 Residential 1-4 family construction 45,298 - 337 - - 45,635 Commercial real estate 406,896 1,527 2,145 - - 410,568 Commercial construction and development 92,403 - - - - 92,403 Farmland 65,037 177 1,744 47 - 67,005 Other loans: Home equity 51,614 - 134 - - 51,748 Consumer 18,392 - 63 - - 18,455 Commercial 100,881 130 524 - - 101,535 Agricultural 44,550 332 1,444 9 - 46,335 Total $ 925,751 $ 2,166 $ 6,692 $ 255 $ - $ 934,864 December 31, 2020 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 109,746 $ - $ 857 $ 199 $ - $ 110,802 Residential 1-4 family construction 45,953 - 337 - - 46,290 Commercial real estate 311,756 2,568 2,344 - - 316,668 Commercial construction and development 65,231 14 36 - - 65,281 Farmland 63,565 136 2,164 53 - 65,918 Other loans: Home equity 56,177 274 112 - - 56,563 Consumer 20,017 - 151 - - 20,168 Commercial 107,810 829 570 - - 109,209 Agricultural 50,371 355 1,395 121 - 52,242 Total $ 830,626 $ 4,176 $ 7,966 $ 373 $ - $ 843,141 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2021 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 $ 21 $ - $ 21 $ 616 $ 100,543 $ 101,180 Residential 1-4 family construction - - - 337 45,298 45,635 Commercial real estate 788 - 788 497 409,283 410,568 Commercial construction and development - - - - 92,403 92,403 Farmland 61 - 61 1,630 65,314 67,005 Other loans: Home equity - - - 115 51,633 51,748 Consumer 55 - 55 62 18,338 18,455 Commercial 6 - 6 516 101,013 101,535 Agricultural - - - 1,718 44,617 46,335 Total $ 931 $ - $ 931 $ 5,491 $ 928,442 $ 934,864 December 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 $ 693 $ 34 $ 727 $ 684 $ 109,391 $ 110,802 Residential 1-4 family construction 853 170 1,023 337 44,930 46,290 Commercial real estate 274 - 274 631 315,763 316,668 Commercial construction and development - - - 36 65,245 65,281 Farmland 179 - 179 2,245 63,494 65,918 Other loans: Home equity 53 - 53 111 56,399 56,563 Consumer 72 - 72 151 19,945 20,168 Commercial 553 6 559 537 108,113 109,209 Agricultural 71 182 253 1,542 50,447 52,242 Total $ 2,748 $ 392 $ 3,140 $ 6,274 $ 833,727 $ 843,141 |
Impaired Financing Receivables [Table Text Block] | December 31, 2021 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (In Thousands) Real estate loans: Residential 1-4 family $ 616 $ 703 $ 199 $ 910 Residential 1-4 family construction 337 387 - 337 Commercial real estate 2,024 2,078 - 2,143 Commercial construction and development - - - 25 Farmland 1,630 1,721 - 1,937 Other loans: Home equity 115 139 - 113 Consumer 62 73 - 107 Commercial 516 639 101 527 Agricultural 1,759 1,862 300 1,731 Total $ 7,059 $ 7,602 $ 600 $ 7,830 December 31, 2020 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment (In Thousands) Real estate loans: Residential 1-4 family $ 1,204 $ 1,267 $ 296 $ 911 Residential 1-4 family construction 337 387 - 337 Commercial real estate 2,264 2,328 - 1,423 Commercial construction and development 50 50 - 50 Farmland 2,245 2,262 - 1,360 Other loans: Home equity 111 136 - 105 Consumer 151 171 - 154 Commercial 537 664 - 681 Agricultural 1,702 2,268 54 1,100 Total $ 8,601 $ 9,533 $ 350 $ 6,121 |
Directors, Senior Officers and their Related Parties [Member] | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In Thousands) Balance, January 1, 2020 $ 2,999 Principal additions 402 Principal payments (1,038 ) Balance, December 31, 2020 $ 2,363 Principal additions 1,487 Principal payments (1,925 ) Balance, December 31, 2021 $ 1,925 December 31, 2021 2020 (In Thousands) Loans serviced, for the benefit of others, for directors, executive officers and their related parties $ 1,583 $ 1,891 Years Ended December 31, 2021 2020 (In Thousands) Interest income from loans owned for directors, executive officers and their related parties $ 20 $ 22 |
Note 5 - Mortgage Servicing R_2
Note 5 - Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Activities in Mortgage Servicing Rights [Table Text Block] | Years Ended December 31, 2021 2020 (In Thousands) Mortgage servicing rights: Beginning balance $ 10,897 $ 8,739 Mortgage servicing rights capitalized 6,561 5,678 Amortization of mortgage servicing rights (3,709 ) (3,520 ) Ending balance 13,749 10,897 Valuation allowance: Beginning balance (792 ) - Recovery (impairment) of mortgage servicing rights 736 (792 ) Ending balance (56 ) (792 ) Mortgage servicing rights, net $ 13,693 $ 10,105 |
Mortgage Servicing Rights [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2021 2020 Key assumptions: Discount rate 12% 12% Prepayment speed range 184-265% 221-328% Weighted average prepayment speed 204% 281% |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 (In Thousands) Land $ 9,656 $ 10,357 Buildings and improvements 52,469 46,854 Furniture and equipment 13,305 11,351 Construction in progress 8,911 6,260 84,341 74,822 Accumulated depreciation (20,512 ) (17,715 ) Premises and equipment, net, excluding right-of-use assets 63,829 57,107 Right-of-use assets 3,437 1,655 Premises and equipment, net $ 67,266 $ 58,762 |
Lease, Cost [Table Text Block] | December 31 2021 2020 (In Thousands) Right-of-use assets, net of amortization $ 3,437 $ 1,655 Lease liabilities 2,292 1,685 Weighted average remaining lease term (years) 6.05 6.14 Weighted average discount rate 2.45 % 3.02 % December 31 2021 2020 (In Thousands) Operating lease cost $ 679 $ 555 Short-term lease cost 40 69 Total lease cost $ 719 $ 624 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In Thousands) 2022 $ 514 2023 399 2024 342 2025 342 2026 342 Thereafter 535 Total lease payments 2,474 Less imputed interest (182 ) Present value of lease liabilities $ 2,292 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 2020 (In Thousands) Core deposit intangible $ 4,836 $ 4,836 Accumulated amortization (3,056 ) (2,493 ) Core deposit intangible, net $ 1,780 $ 2,343 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Years ending December 31: (In Thousands) 2022 $ 476 2023 390 2024 320 2025 251 2026 182 Thereafter 161 Total $ 1,780 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2021 2020 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in Thousands) Noninterest checking $ 368,846 0.00 % $ 318,389 0.00 % Interest-bearing checking 203,410 0.02 160,614 0.02 Savings 223,069 0.06 179,868 0.06 Money market 277,469 0.25 202,407 0.24 Time certificates of deposits 149,755 0.39 171,805 0.68 Total $ 1,222,549 0.12 % $ 1,033,083 0.18 % |
Schedule of Maturities of Time Deposits [Table Text Block] | Years ending December 31: (In Thousands) 2022 $ 112,123 2023 24,870 2024 6,270 2025 1,793 2026 4,699 Thereafter - Total $ 149,755 |
Schedule of Interest Expense on Deposits [Table Text Block] | Years Ended December 31, 2021 2020 (In Thousands) Checking $ 47 $ 58 Savings 78 87 Money market 545 473 Time certificates of deposits 804 2,996 Total $ 1,474 $ 3,614 |
Note 9 - Advances From the Fe_2
Note 9 - Advances From the Federal Home Loan Bank and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Advances from Federal Home Loan Bank and Other Borrowings Maturities [Table Text Block] | Years ending December 31: (In Thousands) 2022 $ 5,000 2023 - 2024 - 2025 - 2026 - Thereafter - Total $ 5,000 |
Note 10 - Other Long-term Debt
Note 10 - Other Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2021 2020 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Senior notes fixed at 5.75 2022 $ 10,000 $ (4 ) $ 10,000 $ (48 ) Subordinated debentures fixed at 5.50 2030 15,000 (282 ) 15,000 (316 ) Subordinated debentures variable at 3-Month Libor plus 1.42 2035 5,155 - 5,155 - Total other long-term debt $ 30,155 $ (286 ) $ 30,155 $ (364 ) |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2021 2020 (In Thousands) Commitments to extend credit $ 252,485 $ 173,866 Letters of credit 4,129 2,647 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2021 2020 (In Thousands) Current U.S. federal $ 2,717 $ 6,281 Montana 1,112 2,139 Total current income tax provision 3,829 8,420 Deferred U.S. federal 825 (949 ) Montana 209 (237 ) Total deferred income tax provision (benefit) 1,034 (1,186 ) Total income tax provision $ 4,863 $ 7,234 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 (In Thousands) Deferred tax assets: Loans receivable $ 3,292 $ 3,055 Deferred loan fees 454 649 Lease liability 604 444 Deferred compensation 1,495 1,366 Employee benefits 435 365 Acquisition costs 202 236 Acquisition fair value adjustments 345 498 Other 903 755 Total deferred tax assets 7,730 7,368 Deferred tax liabilities: Premises and equipment 891 786 Right-of-use asset 905 436 FHLB stock 25 32 Mortgage servicing rights 3,606 2,661 Unrealized gains on securities available-for-sale 1,247 2,090 Goodwill 1,119 995 Intangibles 464 603 Other 121 222 Total deferred tax liabilities 8,378 7,825 Net deferred tax liability $ (648 ) $ (457 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 % of % of Pretax Pretax Amount Income Amount Income (Dollars in Thousands) Federal income taxes at the statutory rate $ 4,049 21.00 % $ 5,973 21.00 % State income taxes 1,047 5.43 1,517 5.33 Tax-exempt interest income (292 ) -1.51 (285 ) -1.00 Transaction costs 160 0.83 - 0.00 Income from bank-owned life insurance (151 ) -0.78 (135 ) -0.47 Other, net 50 0.25 164 0.58 Actual tax expense and effective tax rate $ 4,863 25.22 % $ 7,234 25.44 % |
Note 13 - Accumulated Other C_2
Note 13 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Securities Available for Sale (In Thousands) Balance, January 1, 2021 $ 5,851 Other comprehensive loss, before reclassifications and income taxes (3,178 ) Amounts reclassified from accumulated other comprehensive income, before income taxes (23 ) Income tax benefit 843 Total other comprehensive loss (2,358 ) Balance, December 31, 2021 $ 3,493 Balance, January 1, 2020 $ 1,329 Other comprehensive income, before reclassifications and income taxes 6,871 Amounts reclassified from accumulated other comprehensive income, before income taxes (733 ) Income tax provision (1,616 ) Total other comprehensive income 4,522 Balance, December 31, 2020 $ 5,851 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2021 2020 (Dollars in Thousands, Except for Per Share Data) Basic weighted average shares outstanding 6,653,935 6,795,503 Dilutive effect of stock compensation 1,800 24,803 Diluted weighted average shares outstanding 6,655,735 6,820,306 Net income available to common shareholders $ 14,419 $ 21,206 Basic earnings per share $ 2.17 $ 3.12 Diluted earnings per share $ 2.17 $ 3.11 |
Note 15 - Capital Management _2
Note 15 - Capital Management and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum To Be Well Minimum Required Capitalized Under for Capital Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2021: Total risk-based capital to risk weighted assets Consolidated $ 164,639 15.18 % $ 113,904 10.50 % N/A N/A Bank 165,786 15.32 113,591 10.50 108,182 10.00 Tier 1 capital to risk weighted assets Consolidated 137,139 12.64 92,208 8.50 N/A N/A Bank 153,286 14.17 91,955 8.50 86,546 8.00 Common equity Tier 1 capital to risk weighted assets Consolidated 132,139 12.18 75,936 7.00 N/A N/A Bank 153,286 14.17 75,727 7.00 70,318 6.50 Tier 1 capital to adjusted total average assets Consolidated 137,139 9.75 56,290 4.00 N/A N/A Bank 153,286 10.96 55,929 4.00 69,911 5.00 Minimum To Be Well Minimum Required Capitalized Under for Capital Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2020: Total risk-based capital to risk weighted assets Consolidated $ 156,897 17.04 % $ 96,665 10.50 % N/A N/A Bank 153,204 16.71 96,279 10.50 91,694 10.00 Tier 1 capital to risk weighted assets Consolidated 130,434 14.17 78,253 8.50 N/A N/A Bank 141,741 15.46 77,940 8.50 73,355 8.00 Common equity Tier 1 capital to risk weighted assets Consolidated 125,434 13.63 64,444 7.00 N/A N/A Bank 141,741 15.46 64,186 7.00 59,601 6.50 Tier 1 capital to adjusted total average assets Consolidated 130,434 10.61 49,183 4.00 N/A N/A Bank 141,741 11.72 48,370 4.00 60,462 5.00 |
Note 17 - Benefit Plans (Tables
Note 17 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | December 31, 2021 2020 Allocated shares 225,947 223,153 Unallocated shares 239,902 14,362 Total ESOP shares 465,849 237,515 Fair value of unallocated shares (in thousands) $ 5,513 $ 305 |
Share-based Payment Arrangement, Activity [Table Text Block] | Number of Shares Unvested awards as of January 1, 2020 43,940 Awards granted 35,737 Awards vested (19,340 ) Awards forfeited (2,000 ) Unvested awards as of December 31, 2020 58,337 Awards granted 43,515 Awards vested (16,084 ) Awards forfeited (3,816 ) Unvested awards as of December 31, 2021 81,952 Number of Shares Unvested awards as of January 1, 2020 - Awards granted 2,024 Awards vested - Awards forfeited - Unvested awards as of December 31, 2020 2,024 Awards granted 1,768 Awards vested (2,024 ) Awards forfeited - Unvested awards as of December 31, 2021 1,768 |
Note 18 - Derivatives and Hed_2
Note 18 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2021 December 31, 2020 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability (In Thousands) Interest rate lock commitments $ 84,674 $ 1,218 $ - $ 227,977 $ 6,017 $ - Forward TBA mortgage-backed securities 51,000 - 94 180,000 - 1,056 |
Note 19 - Fair Value of Finan_2
Note 19 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2021 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government obligations $ - $ 1,633 $ - $ 1,633 U.S. treasury obligations 53,183 - - 53,183 Municipal obligations - 123,667 - 123,667 Corporate obligations - 9,336 - 9,336 Mortgage-backed securities - 14,636 - 14,636 Collateralized mortgage obligations - 63,067 - 63,067 Asset-backed securities - 5,740 - 5,740 Loans held-for-sale - 25,819 - 25,819 Interest rate lock commitments - - 1,218 1,218 Financial liabilities: Forward TBA mortgage-backed securities - 94 - 94 December 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 obligations $ - $ 2,245 $ - $ 2,245 U.S. treasury obligations 5,657 - - 5,657 Municipal obligations - 99,088 - 99,088 Corporate obligations - 10,663 - 10,663 Mortgage-backed securities - 7,669 - 7,669 Collateralized mortgage obligations - 31,189 - 31,189 Asset-backed securities - 6,435 - 6,435 Loans held-for-sale - 54,615 - 54,615 Interest rate lock commitments - - 6,017 6,017 Financial liabilities: Forward TBA mortgage-backed securities - 1,056 - 1,056 |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2021 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 376 $ 376 Real estate and other repossessed assets - - 4 4 Mortgage servicing rights - - 14,686 14,686 December 31, 2020 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 728 $ 728 Real estate and other repossessed assets - - - - Mortgage servicing rights - - 10,105 10,105 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | December 31, 2021 December 31, 2020 Interest Rate Lock Commitments (In Thousands) Balance, January 1, 2021 $ 6,017 $ 554 Purchases and issuances 12,408 26,128 Sales and settlements (17,207 ) (20,665 ) Balance, December 31, 2021 $ 1,218 $ 6,017 Net change in unrealized gains relating to items held at end of period $ (4,799 ) $ 5,463 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 Level 1 Level 2 Level 3 Total Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 61,434 $ - $ - $ 61,434 $ 61,434 FHLB stock 1,702 - - 1,702 1,702 FRB stock 2,974 - - 2,974 2,974 Loans receivable, gross - - 939,204 939,204 933,139 Accrued interest and dividends receivable 5,751 - - 5,751 5,751 Mortgage servicing rights - - 14,686 14,686 13,693 Financial liabilities: Non-maturing interest-bearing deposits - 703,948 - 703,948 703,948 Noninterest-bearing deposits 368,846 - - 368,846 368,846 Time certificates of deposit - - 149,605 149,605 149,755 Accrued expenses and other liabilities 21,037 - - 21,037 21,037 FHLB advances and other borrowings - - 5,003 5,003 5,000 Other long-term debt - - 29,299 - 30,155 December 31, 2020 Level 1 Level 2 Level 3 Total Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 69,802 $ - $ - $ 69,802 $ 69,802 FHLB stock 2,060 - - 2,060 2,060 FRB stock 2,974 - - 2,974 2,974 Loans receivable, gross - - 847,579 847,579 841,103 Accrued interest and dividends receivable 5,765 - - 5,765 5,765 Mortgage servicing rights - - 10,105 10,105 10,105 Financial liabilities: Non-maturing interest-bearing deposits - 542,889 - 542,889 542,889 Noninterest-bearing deposits 318,389 - - 318,389 318,389 Time certificates of deposit - - 172,561 172,561 171,805 Accrued expenses and other liabilities 23,239 - - 23,239 23,239 FHLB advances and other borrowings - - 17,217 17,217 17,070 Other long-term debt - - 29,414 29,414 30,155 |
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 Significant 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 10 - 15% Prepayment speeds 180 - 330% Interest rate lock commitments Internal pricing model Pull-through expectations 85 - 95% |
Note 20 - Condensed Parent Co_2
Note 20 - Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2021 2020 (In Thousands) Assets: Cash and cash equivalents $ 980 $ 5,775 Securities available-for-sale 4,078 5,149 Investment in Eagle Bancorp Statutory Trust I 155 155 Investment in Subsidiaries 177,892 169,190 Other assets 4,203 3,126 Total assets $ 187,308 $ 183,395 Liabilities and Shareholders' Equity: Accounts payable and accrued expenses $ 710 $ 666 Other long-term debt 29,869 29,791 Shareholders' equity 156,729 152,938 Total liabilities and shareholders' equity $ 187,308 $ 183,395 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, 2021 2020 (In Thousands) Interest income $ 118 $ 152 Interest expense (1,560 ) (1,690 ) Noninterest income 7 - Noninterest expense (1,514 ) (1,116 ) Loss before income taxes (2,949 ) (2,654 ) Income tax benefit (579 ) (659 ) Loss before equity in undistributed earnings of Subsidiaries (2,370 ) (1,995 ) Equity in undistributed earnings of Subsidiaries 16,789 23,201 Net income $ 14,419 $ 21,206 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, 2021 2020 (In Thousands) Cash Flows from Operating Activities: Net income $ 14,419 $ 21,206 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed earnings of Subsidiaries (16,789 ) (23,201 ) Other adjustments, net (706 ) (25 ) Net cash used in operating activities (3,076 ) (2,020 ) Cash Flows from Investing Activities: Cash contributions from Opportunity Bank of Montana 5,800 3,600 Cash paid for acquisitions, net of cash received - (6,500 ) Activity in available-for-sale securities: Sales 387 - Maturities, principal payments and calls 557 10,250 Purchases - (10,199 ) Net cash provided by (used in) investing activities 6,744 (2,849 ) Cash Flows from Financing Activities: Proceeds from issuance of subordinated debentures - 15,000 Repayment of subordinated debentures - (10,000 ) Payments for debt issuance costs - (335 ) ESOP payments and dividends 425 285 Payments to purchase treasury stock (6,279 ) (987 ) Treasury shares reissued for compensation 409 380 Dividends paid (3,018 ) (2,615 ) Net cash (used in) provided by financing activities (8,463 ) 1,728 Net Decrease in Cash and Cash Equivalents (4,795 ) (3,141 ) Cash and Cash Equivalents, beginning of period 5,775 8,916 Cash and Cash Equivalents, end of period $ 980 $ 5,775 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 21, 2022 | Jan. 01, 2020 | Feb. 28, 2022 | Feb. 28, 2017 | Mar. 31, 2020 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Treasury Stock, Shares, Acquired (in shares) | 62,776 | ||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 15.73 | ||||||||
Debt Instrument, Face Amount | $ 30,155,000 | $ 30,155,000 | |||||||
Investment in Federal Home Loan Bank Stock, Par Value Per Share (in dollars per share) | $ 100 | ||||||||
Investment in Federal Reserve Bank Stock, Par Value Per Share (in dollars per share) | $ 100 | ||||||||
Investment in Federal Reserve Bank Stock, Purchase Price Per Share (in dollars per share) | $ 50 | ||||||||
Percentage of Dividend Rate | 6.00% | ||||||||
Repossessed Assets, Total | $ 4,000 | $ 25,000 | |||||||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |||||||
Advertising Expense | 1,276,000 | 911,000 | |||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | |||||||
Goodwill, Ending Balance | $ 20,798,000 | 20,798,000 | $ 15,836,000 | ||||||
Core Deposits [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||
WHC [Member] | |||||||||
Goodwill, Ending Balance | $ 4,962,000 | $ 4,962,000 | |||||||
WHC [Member] | Core Deposits [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||
Domestic Tax Authority [Member] | |||||||||
Open Tax Year | 2018 2019 2020 2021 | ||||||||
State and Local Jurisdiction [Member] | MONTANA | |||||||||
Open Tax Year | 2018 2019 2020 2021 | ||||||||
Deposit Account [Member] | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,213,000 | 1,096,000 | |||||||
Debit Card [Member] | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,982,000 | $ 1,538,000 | |||||||
Minimum [Member] | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||
Maximum [Member] | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||||||
Residential Portfolio Segment [Member] | |||||||||
Loan to Appraised Value Percentage | 80.00% | ||||||||
Home Equity Portfolio Segment [Member] | |||||||||
Loan to Appraised Value Percentage | 85.00% | ||||||||
Federal Home Loan Bank Advances [Member] | |||||||||
Shares, Outstanding, Ending Balance (in shares) | 17,019 | 20,601 | |||||||
Federal Reserve Bank Advances [Member] | |||||||||
Shares, Outstanding, Ending Balance (in shares) | 59,472 | 59,472 | |||||||
3.50% Subordinated Notes Due in 2032 [Member] | |||||||||
Debt Instrument, Maturity Year | 2032 | ||||||||
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, Maturity Year | 2022 | 2022 | 2022 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | 5.75% | ||||||
Subsequent Event [Member] | |||||||||
Treasury Stock, Shares, Acquired (in shares) | 100,000 | ||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 22.71 | ||||||||
Subsequent Event [Member] | 3.50% Subordinated Notes Due in 2032 [Member] | |||||||||
Debt Instrument, Face Amount | $ 40,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||
Subsequent Event [Member] | 3.50% Subordinated Notes Due in 2032 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.18% | ||||||||
Subsequent Event [Member] | 5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||
Debt Instrument, Redemption Amount | $ 10,000,000 | ||||||||
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% | ||||||||
Opportunity Housing Fund, LLC [Member] | |||||||||
Investments, Total | $ 935,000 |
Note 2 - Mergers and Acquisit_3
Note 2 - Mergers and Acquisitions (Details Textual) - USD ($) | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,780,000 | $ 2,343,000 | ||
Business Combination, Acquisition Related Costs | 761,000 | 157,000 | ||
Core Deposits [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,780,000 | 2,343,000 | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||
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, Acquired During Period | $ 4,962,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Investments | 425,000 | |||
Business Combination, Acquired Loans Discount | 1,166,000 | $ 334,000 | ||
Business Combination, Accretion of Loan Discount | 272,000 | 560,000 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 590,000 | |||
Business Combination, Acquisition Related Costs | $ 0 | $ 157,000 | ||
WHC [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 208,000 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 2 - Mergers and Acquisit_4
Note 2 - Mergers and Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Total liabilities assumed | $ 0 | $ 93,626,000 | |||
Goodwill resulting from acquisition | $ 20,798,000 | $ 20,798,000 | $ 15,836,000 | ||
WHC [Member] | |||||
Cash and cash equivalents | $ 11,544,000 | ||||
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 | 0 | ||||
Core deposit intangible | 208,000 | ||||
Other assets | 1,874,000 | ||||
Total assets acquired | 103,631,000 | ||||
Deposits | 86,572,000 | ||||
Accrued expenses and other liabilities | 4,554,000 | ||||
Other borrowings | 2,500,000 | ||||
Total liabilities assumed | 93,626,000 | ||||
Net assets acquired | 10,005,000 | ||||
Cash | 6,500,000 | ||||
Common stock issued (395,850 shares) | 8,467,000 | ||||
Total consideration paid | 14,967,000 | ||||
Goodwill resulting from acquisition | $ 4,962,000 | $ 4,962,000 |
Note 2 - Mergers and Acquisit_5
Note 2 - Mergers and Acquisitions - Assets Acquired and Liabilities Assumed (Details) (Parentheticals) | Jan. 01, 2020shares |
WHC [Member] | |
Common stock issued, shares (in shares) | 395,850 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 22,245,000 | $ 19,716,000 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 43 | 8 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale, amortized cost | $ 266,522 | $ 155,005 |
Securities available-for-sale, gross unrealized gains | 5,945 | 7,956 |
Securities available-for-sale, gross unrealized losses | (1,205) | (15) |
Securities available-for-sale | 271,262 | 162,946 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 1,618 | 2,214 |
Securities available-for-sale, gross unrealized gains | 15 | 31 |
Securities available-for-sale, gross unrealized losses | 0 | 0 |
Securities available-for-sale | 1,633 | 2,245 |
US Treasury and Government [Member] | ||
Securities available-for-sale, amortized cost | 52,707 | 5,153 |
Securities available-for-sale, gross unrealized gains | 580 | 504 |
Securities available-for-sale, gross unrealized losses | (104) | 0 |
Securities available-for-sale | 53,183 | 5,657 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 119,381 | 92,914 |
Securities available-for-sale, gross unrealized gains | 4,616 | 6,175 |
Securities available-for-sale, gross unrealized losses | (330) | (1) |
Securities available-for-sale | 123,667 | 99,088 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 9,251 | 10,579 |
Securities available-for-sale, gross unrealized gains | 103 | 91 |
Securities available-for-sale, gross unrealized losses | (18) | (7) |
Securities available-for-sale | 9,336 | 10,663 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available-for-sale, amortized cost | 14,662 | 7,513 |
Securities available-for-sale, gross unrealized gains | 92 | 161 |
Securities available-for-sale, gross unrealized losses | (118) | (5) |
Securities available-for-sale | 14,636 | 7,669 |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale, amortized cost | 63,286 | 30,339 |
Securities available-for-sale, gross unrealized gains | 416 | 852 |
Securities available-for-sale, gross unrealized losses | (635) | (2) |
Securities available-for-sale | 63,067 | 31,189 |
Asset-backed Securities [Member] | ||
Securities available-for-sale, amortized cost | 5,617 | 6,293 |
Securities available-for-sale, gross unrealized gains | 123 | 142 |
Securities available-for-sale, gross unrealized losses | 0 | 0 |
Securities available-for-sale | $ 5,740 | $ 6,435 |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from sale of available-for-sale securities | $ 4,921 | $ 28,410 |
Gross realized gain on sale of available-for-sale securities | 23 | 1,068 |
Gross realized loss on sale of available-for-sale securities | 0 | (335) |
Net realized gain on sale of available-for-sale securities | $ 23 | $ 733 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities, due in one year or less, amortized cost | $ 3,223 | |
Available for sale securities, due in one year or less, fair value | 3,226 | |
Available for sale securities, due from one to five years, amortized cost | 12,950 | |
Available for sale securities, due from one to five years, fair value | 13,308 | |
Available for sale securities, due from five to ten years, amortized cost | 79,074 | |
Available for sale securities, due from five to ten years, fair value | 80,005 | |
Available for sale securities, due after ten years, amortized cost | 93,327 | |
Available for sale securities, due after ten years, fair value | 97,020 | |
Total available for sale securities debt maturities, amortized cost | 188,574 | |
Total available for sale securities, debt maturities, fair value | 193,559 | |
Securities available-for-sale, amortized cost | 266,522 | $ 155,005 |
Securities available-for-sale | 271,262 | 162,946 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities, without single maturity, amortized cost | 14,662 | |
Available for sale securities, without single maturity, fair value | 14,636 | |
Securities available-for-sale, amortized cost | 14,662 | 7,513 |
Securities available-for-sale | 14,636 | 7,669 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities, without single maturity, amortized cost | 63,286 | |
Available for sale securities, without single maturity, fair value | 63,067 | |
Securities available-for-sale, amortized cost | 63,286 | 30,339 |
Securities available-for-sale | $ 63,067 | $ 31,189 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Investment Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | $ 90,258 | $ 7,705 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (1,193) | (10) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 1,296 | 1,501 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (12) | (5) |
US Treasury and Government [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 19,301 | 0 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (104) | 0 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 0 | 0 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 17,973 | 282 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (330) | (1) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 0 | 0 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | 0 | 0 |
Corporate Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 2,982 | 4,243 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (18) | (7) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 0 | 0 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | 0 | 0 |
Mortgage-backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 50,002 | 3,180 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (741) | (2) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 1,296 | 1,501 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | $ (12) | $ (5) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 934,864,000 | $ 843,141,000 |
Loans and Leases Receivable, Deferred Income, Total | 1,725,000 | 2,038,000 |
Minimum Principal Balance of Loans for Quarterly Rating Review | 750,000 | |
Interest Received on Past Due Loans, Applied to Principal | 405,000 | 327,000 |
Financing Receivable, Troubled Debt Restructuring | $ 2,224,000 | $ 1,824,000 |
Financing Receivable, Modifications, Number of Contracts | 4 | 3 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | |
Financing Receivable, Number of Payment Deferrals | 1 | 40 |
Financing Receivable, Principal and Interest Deferred Payments | $ 6,000 | $ 28,994,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | 569,976,000 | 447,867,000 |
Financing Receivable, Troubled Debt Restructuring | 1,527,000 | 1,633,000 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 115,000 | 1,633,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | 67,005,000 | 65,918,000 |
Financing Receivable, Troubled Debt Restructuring | 180,000 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 180,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Agricultural Sector [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan 2 [Member] | ||
Financing Receivable, Troubled Debt Restructuring | $ 391,000 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 391,000 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan 3 [Member] | ||
Financing Receivable, Troubled Debt Restructuring | 70,000 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 70,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans and Leases Receivable, Gross, Total | 92,403,000 | 65,281,000 |
Financing Receivable, Troubled Debt Restructuring | 14,000 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 94,000 | |
Commercial Real Estate Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Financing Receivable, Troubled Debt Restructuring | 41,000 | 160,000 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 160,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | 410,568,000 | 316,668,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0 | |
Commercial Real Estate Portfolio Segment [Member] | United States Department of Agriculture Rural Development [Member] | ||
Loans and Leases Receivable, Gross, Total | 10,232,000 | 11,084,000 |
Commercial Real Estate Portfolio Segment [Member] | United States Department of Agriculture Farm Service Agency [Member] | ||
Loans and Leases Receivable, Gross, Total | 7,333,000 | 6,533,000 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | 147,870,000 | 161,451,000 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | 46,335,000 | 52,242,000 |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Loans and Leases Receivable, Gross, Total | 4,172,000 | 29,581,000 |
Loans and Leases Receivable, Deferred Income, Total | 286,000 | 613,000 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 18,455,000 | $ 20,168,000 |
Consumer Portfolio Segment [Member] | Minimum [Member] | ||
Quarterly Review Criteria, Period of Delinquency on Loans (Day) | 90 days | |
Consumer Portfolio Segment [Member] | Maximum [Member] | ||
Quarterly Review Criteria, Period of Delinquency on Loans (Day) | 60 days |
Note 4 - Loans - Summary of Loa
Note 4 - Loans - Summary of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable | $ 934,864 | $ 843,141 | |
Deferred loan fees, net | (1,725) | (2,038) | |
Allowance for loan losses | (12,500) | (11,600) | $ (8,600) |
Total loans, net | 920,639 | 829,503 | |
Residential Portfolio Segment [Member] | |||
Loans receivable | 146,815 | 157,092 | |
Allowance for loan losses | (1,596) | (1,506) | (1,301) |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 569,976 | 447,867 | |
Allowance for loan losses | (7,470) | (6,951) | (4,826) |
Home Equity Portfolio Segment [Member] | |||
Loans receivable | 51,748 | 56,563 | |
Allowance for loan losses | (533) | (515) | (477) |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 18,455 | 20,168 | |
Allowance for loan losses | (365) | (364) | (284) |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 147,870 | 161,451 | |
Allowance for loan losses | $ (2,536) | $ (2,264) | $ (1,712) |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for loan losses, beginning balance | $ 11,600 | $ 8,600 |
Charge-offs | (57) | (227) |
Recoveries | 96 | 97 |
Provision | 861 | 3,130 |
Allowance for loan losses, ending balance | 12,500 | 11,600 |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 600 | 350 |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 11,900 | 11,250 |
Loans receivable | 934,864 | 843,141 |
Loans receivable, ending balance, loans individually evaluated for impairment | 7,059 | 8,601 |
Loans receivable, ending balance, loans collectively evaluated for impairment | 927,805 | 834,540 |
Residential Portfolio Segment [Member] | ||
Allowance for loan losses, beginning balance | 1,506 | 1,301 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 90 | 205 |
Allowance for loan losses, ending balance | 1,596 | 1,506 |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 199 | 296 |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 1,397 | 1,210 |
Loans receivable | 146,815 | 157,092 |
Loans receivable, ending balance, loans individually evaluated for impairment | 953 | 1,541 |
Loans receivable, ending balance, loans collectively evaluated for impairment | 145,862 | 155,551 |
Commercial Real Estate Portfolio Segment [Member] | ||
Allowance for loan losses, beginning balance | 6,951 | 4,826 |
Charge-offs | (35) | (18) |
Recoveries | 21 | 12 |
Provision | 533 | 2,131 |
Allowance for loan losses, ending balance | 7,470 | 6,951 |
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 | 7,470 | 6,951 |
Loans receivable | 569,976 | 447,867 |
Loans receivable, ending balance, loans individually evaluated for impairment | 3,654 | 4,559 |
Loans receivable, ending balance, loans collectively evaluated for impairment | 566,322 | 443,308 |
Home Equity Portfolio Segment [Member] | ||
Allowance for loan losses, beginning balance | 515 | 477 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 18 | 38 |
Allowance for loan losses, ending balance | 533 | 515 |
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 | 533 | 515 |
Loans receivable | 51,748 | 56,563 |
Loans receivable, ending balance, loans individually evaluated for impairment | 115 | 111 |
Loans receivable, ending balance, loans collectively evaluated for impairment | 51,633 | 56,452 |
Consumer Portfolio Segment [Member] | ||
Allowance for loan losses, beginning balance | 364 | 284 |
Charge-offs | (16) | (36) |
Recoveries | 8 | 16 |
Provision | 9 | 100 |
Allowance for loan losses, ending balance | 365 | 364 |
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 | 365 | 364 |
Loans receivable | 18,455 | 20,168 |
Loans receivable, ending balance, loans individually evaluated for impairment | 62 | 151 |
Loans receivable, ending balance, loans collectively evaluated for impairment | 18,393 | 20,017 |
Commercial Portfolio Segment [Member] | ||
Allowance for loan losses, beginning balance | 2,264 | 1,712 |
Charge-offs | (6) | (173) |
Recoveries | 67 | 69 |
Provision | 211 | 656 |
Allowance for loan losses, ending balance | 2,536 | 2,264 |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 401 | 54 |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 2,135 | 2,210 |
Loans receivable | 147,870 | 161,451 |
Loans receivable, ending balance, loans individually evaluated for impairment | 2,275 | 2,239 |
Loans receivable, ending balance, loans collectively evaluated for impairment | $ 145,595 | $ 159,212 |
Note 4 - Loans - Internal Class
Note 4 - Loans - Internal Classification of the Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 934,864 | $ 843,141 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 146,815 | 157,092 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Loans receivable | 101,180 | 110,802 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | ||
Loans receivable | 45,635 | 46,290 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 569,976 | 447,867 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans receivable | 410,568 | 316,668 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 92,403 | 65,281 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Loans receivable | 67,005 | 65,918 |
Home Equity Portfolio Segment [Member] | ||
Loans receivable | 51,748 | 56,563 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 18,455 | 20,168 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 147,870 | 161,451 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Loans receivable | 101,535 | 109,209 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans receivable | 46,335 | 52,242 |
Pass [Member] | ||
Loans receivable | 925,751 | 830,626 |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Loans receivable | 100,680 | 109,746 |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | ||
Loans receivable | 45,298 | 45,953 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans receivable | 406,896 | 311,756 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 92,403 | 65,231 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Loans receivable | 65,037 | 63,565 |
Pass [Member] | Home Equity Portfolio Segment [Member] | ||
Loans receivable | 51,614 | 56,177 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 18,392 | 20,017 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Loans receivable | 100,881 | 107,810 |
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans receivable | 44,550 | 50,371 |
Special Mention [Member] | ||
Loans receivable | 2,166 | 4,176 |
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 | 1,527 | 2,568 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 0 | 14 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Loans receivable | 177 | 136 |
Special Mention [Member] | Home Equity Portfolio Segment [Member] | ||
Loans receivable | 0 | 274 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Loans receivable | 130 | 829 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans receivable | 332 | 355 |
Substandard [Member] | ||
Loans receivable | 6,692 | 7,966 |
Substandard [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Loans receivable | 301 | 857 |
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 | 2,145 | 2,344 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 0 | 36 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Loans receivable | 1,744 | 2,164 |
Substandard [Member] | Home Equity Portfolio Segment [Member] | ||
Loans receivable | 134 | 112 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 63 | 151 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Loans receivable | 524 | 570 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans receivable | 1,444 | 1,395 |
Doubtful [Member] | ||
Loans receivable | 255 | 373 |
Doubtful [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Loans receivable | 199 | 199 |
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 | 47 | 53 |
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 | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans receivable | 9 | 121 |
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 - Delinquencies
Note 4 - Loans - Delinquencies Within the Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 934,864 | $ 843,141 |
Non-accrual Loans | 5,491 | 6,274 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 931 | 2,748 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 392 |
Financial Asset, Past Due [Member] | ||
Loans receivable | 931 | 3,140 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable | 928,442 | 833,727 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 146,815 | 157,092 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Loans receivable | 101,180 | 110,802 |
Non-accrual Loans | 616 | 684 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 21 | 693 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 34 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 21 | 727 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 100,543 | 109,391 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | ||
Loans receivable | 45,635 | 46,290 |
Non-accrual Loans | 337 | 337 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 853 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 170 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 1,023 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 45,298 | 44,930 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 569,976 | 447,867 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans receivable | 410,568 | 316,668 |
Non-accrual Loans | 497 | 631 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 788 | 274 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 788 | 274 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 409,283 | 315,763 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 92,403 | 65,281 |
Non-accrual Loans | 0 | 36 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 92,403 | 65,245 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Loans receivable | 67,005 | 65,918 |
Non-accrual Loans | 1,630 | 2,245 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 61 | 179 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 61 | 179 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 65,314 | 63,494 |
Home Equity Portfolio Segment [Member] | ||
Loans receivable | 51,748 | 56,563 |
Non-accrual Loans | 115 | 111 |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 53 |
Home Equity Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Home Equity Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 53 |
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 51,633 | 56,399 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 18,455 | 20,168 |
Non-accrual Loans | 62 | 151 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 55 | 72 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 55 | 72 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 18,338 | 19,945 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 147,870 | 161,451 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Loans receivable | 101,535 | 109,209 |
Non-accrual Loans | 516 | 537 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 6 | 553 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 6 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 6 | 559 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 101,013 | 108,113 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Loans receivable | 46,335 | 52,242 |
Non-accrual Loans | 1,718 | 1,542 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 71 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 182 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 253 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | $ 44,617 | $ 50,447 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded investment | $ 7,059 | $ 8,601 |
Unpaid principal balance | 7,602 | 9,533 |
Related allowance | 600 | 350 |
Average recorded investment | 7,830 | 6,121 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Recorded investment | 616 | 1,204 |
Unpaid principal balance | 703 | 1,267 |
Related allowance | 199 | 296 |
Average recorded investment | 910 | 911 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | ||
Recorded investment | 337 | 337 |
Unpaid principal balance | 387 | 387 |
Related allowance | 0 | 0 |
Average recorded investment | 337 | 337 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Recorded investment | 2,024 | 2,264 |
Unpaid principal balance | 2,078 | 2,328 |
Related allowance | 0 | 0 |
Average recorded investment | 2,143 | 1,423 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment | 0 | 50 |
Unpaid principal balance | 0 | 50 |
Related allowance | 0 | 0 |
Average recorded investment | 25 | 50 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Recorded investment | 1,630 | 2,245 |
Unpaid principal balance | 1,721 | 2,262 |
Related allowance | 0 | 0 |
Average recorded investment | 1,937 | 1,360 |
Home Equity Portfolio Segment [Member] | ||
Recorded investment | 115 | 111 |
Unpaid principal balance | 139 | 136 |
Related allowance | 0 | 0 |
Average recorded investment | 113 | 105 |
Consumer Portfolio Segment [Member] | ||
Recorded investment | 62 | 151 |
Unpaid principal balance | 73 | 171 |
Related allowance | 0 | 0 |
Average recorded investment | 107 | 154 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Recorded investment | 516 | 537 |
Unpaid principal balance | 639 | 664 |
Related allowance | 101 | 0 |
Average recorded investment | 527 | 681 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Recorded investment | 1,759 | 1,702 |
Unpaid principal balance | 1,862 | 2,268 |
Related allowance | 300 | 54 |
Average recorded investment | $ 1,731 | $ 1,100 |
Note 4 - Loans - Schedule of Re
Note 4 - Loans - Schedule of Related Parties Loans (Details) - Directors, Senior Officers and their Related Parties [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 2,363 | $ 2,999 |
Principal additions | 1,487 | 402 |
Principal payments | (1,925) | (1,038) |
Ending balance | 1,925 | 2,363 |
Loans serviced, for the benefit of others, for directors, executive officers and their related parties | 1,583 | 1,891 |
Interest income from loans owned for directors, executive officers and their related parties | $ 20 | $ 22 |
Note 5 - Mortgage Servicing R_3
Note 5 - Mortgage Servicing Rights (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans Serviced During the Period | $ 1,835,561,000 | $ 1,473,971,000 |
Fees and Commissions, Mortgage Banking and Servicing | 4,101,000 | 3,212,000 |
Escrow Deposit | 11,613,000 | 15,853,000 |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | (736,000) | 792,000 |
Mortgage Servicing Rights Measured at Fair Value | $ 14,686,000 | $ 10,105,000 |
Note 5 - Mortgage Servicing R_4
Note 5 - Mortgage Servicing Rights - Schedule of Activity in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage servicing rights, net | $ 13,693 | $ 10,105 |
Mortgage Servicing Rights [Member] | ||
Beginning balance | 10,897 | 8,739 |
Mortgage servicing rights capitalized | 6,561 | 5,678 |
Amortization of mortgage servicing rights | (3,709) | (3,520) |
Ending balance | 13,749 | 10,897 |
Beginning balance | (792) | 0 |
Recovery (impairment) of mortgage servicing rights | 736 | (792) |
Ending balance | (56) | (792) |
Mortgage servicing rights, net | $ 13,693 | $ 10,105 |
Note 5 - Mortgage Servicing R_5
Note 5 - Mortgage Servicing Rights - Fair Value of Servicing Rights (Details) - Mortgage Servicing Rights [Member] | Dec. 31, 2021 | Dec. 31, 2020 |
Measurement Input, Discount Rate [Member] | ||
Valuation assumptions | 0.12 | 0.12 |
Measurement Input, Prepayment Rate [Member] | Minimum [Member] | ||
Valuation assumptions | 1.84 | 2.21 |
Measurement Input, Prepayment Rate [Member] | Maximum [Member] | ||
Valuation assumptions | 2.65 | 3.28 |
Measurement Input, Weighted Average Prepayment Rate [Member] | ||
Valuation assumptions | 2.04 | 2.81 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 2,917,000 | $ 2,443,000 |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Premises and equipment, gross | $ 84,341 | $ 74,822 | |
Accumulated depreciation | (20,512) | (17,715) | |
Premises and equipment, net, excluding right-of-use assets | 63,829 | 57,107 | |
Right-of-use assets | 3,437 | 1,655 | |
Premises and equipment, net | [1] | 67,266 | 58,762 |
Land [Member] | |||
Premises and equipment, gross | 9,656 | 10,357 | |
Building and Building Improvements [Member] | |||
Premises and equipment, gross | 52,469 | 46,854 | |
Furniture and Fixtures [Member] | |||
Premises and equipment, gross | 13,305 | 11,351 | |
Construction in Progress [Member] | |||
Premises and equipment, gross | $ 8,911 | $ 6,260 | |
[1] | Excluding right of use assets. |
Note 6 - Premises and Equipme_5
Note 6 - Premises and Equipment - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-use assets | $ 3,437 | $ 1,655 |
Weighted average remaining lease term (Year) | 6 years 18 days | 6 years 1 month 20 days |
Weighted average discount rate | 2.45% | 3.02% |
Operating lease cost | $ 679 | $ 555 |
Short-term lease cost | 40 | 69 |
Total lease cost | 719 | 624 |
Premises and Equipment, Net [Member] | ||
Right-of-use assets | 3,437 | 1,655 |
Accrued Expenses and Other Liabilities [Member] | ||
Lease liabilities | $ 2,292 | $ 1,685 |
Note 6 - Premises and Equipme_6
Note 6 - Premises and Equipment - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 514 | |
2023 | 399 | |
2024 | 342 | |
2025 | 342 | |
2026 | 342 | |
Thereafter | 535 | |
Total lease payments | 2,474 | |
Less imputed interest | (182) | |
Accrued Expenses and Other Liabilities [Member] | ||
Present value of lease liabilities | $ 2,292 | $ 1,685 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 20,798,000 | $ 20,798,000 | $ 15,836,000 |
Amortization of Intangible Assets, Total | $ 573,000 | 659,000 | |
Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Amortization of Intangible Assets, Total | $ 563,000 | $ 652,000 |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total | $ 1,780 | $ 2,343 |
Core Deposits [Member] | ||
Gross intangible assets | 4,836 | 4,836 |
Accumulated amortization | (3,056) | (2,493) |
Total | $ 1,780 | $ 2,343 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Core Deposit Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2026 | $ 182 | |
Total | 1,780 | $ 2,343 |
Core Deposits [Member] | ||
2022 | 476 | |
2023 | 390 | |
2024 | 320 | |
2025 | 251 | |
Thereafter | 161 | |
Total | $ 1,780 | $ 2,343 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, Total | $ 149,755,000 | $ 171,805,000 |
Time Deposits, at or Above FDIC Insurance Limit | 444,891,000 | 326,532,000 |
Deposit Liabilities Reclassified as Loans Receivable | 178,000 | 159,000 |
Related Party Deposit Liabilities | 7,554,000 | 4,152,000 |
Certificates of Deposit [Member] | ||
Time Deposits, at or Above FDIC Insurance Limit | 24,472,000 | 31,440,000 |
Brokered Deposits through CDARS [Member] | ||
Time Deposits, Total | $ 0 | $ 495,000 |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noninterest checking | $ 368,846 | $ 318,389 |
Noninterest checking, weighted average rate | 0.00% | 0.00% |
Interest-bearing checking | $ 203,410 | $ 160,614 |
Interest bearing checking, weighted average rate | 0.02% | 0.02% |
Savings | $ 223,069 | $ 179,868 |
Savings, weighted average rate | 0.06% | 0.06% |
Money market | $ 277,469 | $ 202,407 |
Money market, weighted average rate | 0.25% | 0.24% |
Time Deposits, Total | $ 149,755 | $ 171,805 |
Time certificates of deposits, weighted average rate | 0.39% | 0.68% |
Total deposits | $ 1,222,549 | $ 1,033,083 |
Weighted average rate | 0.12% | 0.18% |
Note 8 - Deposits - Schedule of
Note 8 - Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 112,123 | |
2023 | 24,870 | |
2024 | 6,270 | |
2025 | 1,793 | |
2026 | 4,699 | |
Thereafter | 0 | |
Total | $ 149,755 | $ 171,805 |
Note 8 - Deposits - Interest Ex
Note 8 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Checking | $ 47 | $ 58 |
Savings | 78 | 87 |
Money market | 545 | 473 |
Time certificates of deposits | 804 | 2,996 |
Total | $ 1,474 | $ 3,614 |
Note 9 - Advances From the Fe_3
Note 9 - Advances From the Federal Home Loan Bank and Other Borrowings (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank Advances Funding Available as Percent of Assets | 45.00% | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 630,396,000 | |
Advances from Federal Home Loan Banks, Total | 5,000,000 | $ 17,070,000 |
Contingent Letter of Credit with Federal Home Loan Bank, Amount Available | 520,000 | 1,090,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 85,000,000 | 85,000,000 |
Federal Funds Purchased | 0 | 0 |
Short-term Debt, Average Outstanding Amount | 9,410,000 | 76,119,000 |
Short-term Debt, Maximum Month-end Outstanding Amount | $ 16,917,000 | $ 105,820,000 |
Total Borrowings Outstanding [Member] | ||
Debt, Weighted Average Interest Rate | 1.81% | 1.89% |
Bell Bank [Member] | ||
Line of Credit, Current | $ 10,000,000 | |
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | |
Zions Bank [Member] | ||
Federal Funds Purchased | $ 20,000,000 |
Note 9 - Advances From the Fe_4
Note 9 - Advances From the Federal Home Loan Bank and Other Borrowings - Schedule of Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 5,000 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total | $ 5,000 | $ 17,070 |
Note 10 - Other Long-term Deb_2
Note 10 - Other Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Feb. 28, 2017 | Jun. 30, 2015 | Dec. 31, 2010 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2005 | |
Debt Instrument, Face Amount | $ 30,155,000 | $ 30,155,000 | |||||
Interest Expense, Long-term Debt, Total | $ 1,558,000 | $ 1,687,000 | |||||
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% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.42% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.63% | 1.66% | |||||
5.50% Subordinated Notes Due in 2030 [Member] | |||||||
Debt Instrument, Face Amount | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |||||
Debt Instrument, Maturity Year | 2030 | ||||||
5.50% Subordinated Notes Due in 2030 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 5.09% | ||||||
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% | 5.75% | ||||
Debt Instrument, Maturity Year | 2022 | 2022 | 2022 | ||||
6.75% Subordinated Notes Due in 2025 [Member] | |||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||
Debt Instrument, Maturity Year | 2025 | ||||||
Eagle Bancorp Statutory Trust I [Member] | |||||||
Subordinated Debt, Ending Balance | $ 5,155,000 |
Note 10 - Other Long-term Deb_3
Note 10 - Other Long-term Debt - Summary of Other Long-term Debt (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Feb. 28, 2017 |
Principal amount | $ 30,155,000 | $ 30,155,000 | ||
Unamortized debt issuance costs | (286,000) | (364,000) | ||
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 | (4,000) | (48,000) | ||
5.50% Subordinated Notes Due in 2030 [Member] | ||||
Principal amount | 15,000,000 | 15,000,000 | $ 15,000,000 | |
Unamortized debt issuance costs | (282,000) | (316,000) | ||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||||
Principal amount | 5,155,000 | 5,155,000 | ||
Unamortized debt issuance costs | $ 0 | $ 0 |
Note 10 - Other Long-term Deb_4
Note 10 - Other Long-term Debt - Summary of Other Long-term Debt (Details) (Parentheticals) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | ||||
Debt instrument, fixed interest rate | 5.75% | 5.75% | 5.75% | |
Debt instrument, maturity year | 2022 | 2022 | 2022 | |
5.50% Subordinated Notes Due in 2030 [Member] | ||||
Debt instrument, fixed interest rate | 5.50% | 5.50% | ||
Debt instrument, maturity year | 2030 | |||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | ||||
Debt instrument, maturity year | 2035 | 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% | 1.42% |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | |
Commitments to Extend Credit Estimated Completion or Termination Period (Month) | 3 months |
Maximum [Member] | |
Commitments to Extend Credit Estimated Completion or Termination Period (Month) | 12 months |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Off-balance Sheet Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Off-balance sheet commitments | $ 252,485 | $ 173,866 |
Letters of Credit [Member] | ||
Off-balance sheet commitments | $ 4,129 | $ 2,647 |
Note 12 - Income Taxes - Schedu
Note 12 - Income Taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | ||
U.S. federal | $ 2,717 | $ 6,281 |
Montana | 1,112 | 2,139 |
Total current income tax provision | 3,829 | 8,420 |
Deferred | ||
U.S. federal | 825 | (949) |
Montana | 209 | (237) |
Total deferred income tax provision (benefit) | 1,034 | (1,186) |
Total income tax provision | $ 4,863 | $ 7,234 |
Note 12 - Income Taxes - Net De
Note 12 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Loans receivable | $ 3,292 | $ 3,055 |
Deferred loan fees | 454 | 649 |
Lease liability | 604 | 444 |
Deferred compensation | 1,495 | 1,366 |
Employee benefits | 435 | 365 |
Acquisition costs | 202 | 236 |
Acquisition fair value adjustments | 345 | 498 |
Other | 903 | 755 |
Total deferred tax assets | 7,730 | 7,368 |
Deferred tax liabilities: | ||
Premises and equipment | 891 | 786 |
Right-of-use asset | 905 | 436 |
FHLB stock | 25 | 32 |
Mortgage servicing rights | 3,606 | 2,661 |
Unrealized gains on securities available-for-sale | 1,247 | 2,090 |
Goodwill | 1,119 | 995 |
Intangibles | 464 | 603 |
Other | 121 | 222 |
Total deferred tax liabilities | 8,378 | 7,825 |
Net deferred tax liability | $ (648) | $ (457) |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Effective Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal income taxes at the statutory rate | $ 4,049 | $ 5,973 |
Federal income taxes at the statutory rate, percent | 21.00% | 21.00% |
State income taxes | $ 1,047 | $ 1,517 |
State income taxes, percent | 5.43% | 5.33% |
Tax-exempt interest income | $ (292) | $ (285) |
Tax-exempt interest income, percent | (1.51%) | (1.00%) |
Transaction costs | $ 160 | $ 0 |
Transaction costs, percent | 0.83% | 0.00% |
Income from bank-owned life insurance | $ (151) | $ (135) |
Income from bank-owned life insurance, percent | (0.78%) | (0.47%) |
Other, net | $ 50 | $ 164 |
Other, net, percent | 0.25% | 0.58% |
Total income tax provision | $ 4,863 | $ 7,234 |
Actual tax expense and effective tax rate, percent | 25.22% | 25.44% |
Note 13 - Accumulated Other C_3
Note 13 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 152,938 | $ 121,659 |
Balance | 156,729 | 152,938 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 5,851 | 1,329 |
Other comprehensive income (loss), before reclassifications and income taxes | (3,178) | 6,871 |
Amounts reclassified from accumulated other comprehensive income, before income taxes | (23) | (733) |
Income tax provision (benefit) | 843 | (1,616) |
Total other comprehensive income (loss) | (2,358) | 4,522 |
Balance | $ 3,493 | $ 5,851 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Basic weighted average shares outstanding (in shares) | 6,653,935 | 6,795,503 |
Dilutive effect of stock compensation (in shares) | 1,800 | 24,803 |
Diluted weighted average shares outstanding (in shares) | 6,655,735 | 6,820,306 |
Net income available to common shareholders | $ 14,419 | $ 21,206 |
Basic earnings per share (in dollars per share) | $ 2.17 | $ 3.12 |
Diluted earnings per share (in dollars per share) | $ 2.17 | $ 3.11 |
Note 15 - Capital Management _3
Note 15 - Capital Management and Regulatory Matters (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020shares | Sep. 30, 2020$ / sharesshares | Jun. 30, 2020$ / sharesshares | Dec. 31, 2021shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares | Jul. 23, 2021shares | Jul. 23, 2020shares | Jul. 18, 2019shares | |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.040 | 0.0400 | 0.040 | 0.0400 | |||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $ | $ 5,800,000 | $ 3,600,000 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 0.445 | $ 0.385 | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 62,776 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 987,000 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 15.73 | |||||||||||
Dutch Auction Tender Offer [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 250,000 | 250,000 | ||||||||||
Treasury Stock, Acquired, Cost per Share, Net of Fees (in dollars per share) | $ / shares | $ 24 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 6,279,000 | $ 6,279,000 | ||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 25.12 | $ 25.12 | ||||||||||
The 2020 Repurchase Program [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | 41,337 | |||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 15.75 | |||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 100,000 | 100,000 | ||||||||||
The 2019 Share Repurchase Program [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 20,158 | 1,281 | 0 | |||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 15.60 | $ 16.95 | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 100,000 |
Note 15 - Capital Management _4
Note 15 - Capital Management and Regulatory Matters - Schedule of the Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Total risk-based capital to risk weighted assets, actual, amount | $ 164,639 | $ 156,897 |
Total risk-based capital to risk weighted assets, actual, ratio | 0.1518 | 0.1704 |
Total risk-based capital to risk weighted assets, minimum capital requirement, amount | $ 113,904 | $ 96,665 |
Total risk-based capital to risk weighted assets, minimum capital requirement, ratio | 0.1050 | 0.1050 |
Tier 1 Capital to risk weighted assets, actual amount | $ 137,139 | $ 130,434 |
Tier 1 Capital to risk weighted assets, actual ratio | 0.1264 | 0.1417 |
Tier 1 Capital to risk weighted assets, minimum capital requirement, amount | $ 92,208 | $ 78,253 |
Tier 1 Capital to risk weighted assets, minimum capital requirement, ratio | 0.0850 | 0.0850 |
Common equity tier 1 capital to risk weighted assets, actual, amount | $ 132,139 | $ 125,434 |
Common equity tier 1 capital to risk weighted assets, actual, ratio | 0.1218 | 0.1363 |
Common equity tier 1 capital to risk weighted assets, minimum capital requirements, amount | $ 75,936 | $ 64,444 |
Common equity tier 1 capital to risk weighted assets, minimum capital requirements, ratio | 7.00% | 7.00% |
Tier 1 Capital to adjusted total average assets, actual, amount | $ 137,139 | $ 130,434 |
ier 1 Capital to adjusted total average assets, actual, ratio | 0.0975 | 0.1061 |
ier 1 Capital to adjusted total average assets, minimum capital requirement, actual | $ 56,290 | $ 49,183 |
Tier 1 Capital to adjusted total average assets, minimum capital requirement, ratio | 0.040 | 0.0400 |
Opportunity Bank of Montana [Member] | ||
Total risk-based capital to risk weighted assets, actual, amount | $ 165,786 | $ 153,204 |
Total risk-based capital to risk weighted assets, actual, ratio | 0.1532 | 0.1671 |
Total risk-based capital to risk weighted assets, minimum capital requirement, amount | $ 113,591 | $ 96,279 |
Total risk-based capital to risk weighted assets, minimum capital requirement, ratio | 0.1050 | 0.1050 |
Total risk-based capital to risk weighted assets, to be well capitalized, amount | $ 108,182 | $ 91,694 |
Total risk-based capital to risk weighted assets, minimum to be well capitalized, ratio | 0.1000 | 0.1000 |
Tier 1 Capital to risk weighted assets, actual amount | $ 153,286 | $ 141,741 |
Tier 1 Capital to risk weighted assets, actual ratio | 0.1417 | 0.1546 |
Tier 1 Capital to risk weighted assets, minimum capital requirement, amount | $ 91,955 | $ 77,940 |
Tier 1 Capital to risk weighted assets, minimum capital requirement, ratio | 0.0850 | 0.0850 |
Tier 1 Capital to risk weighted assets, minimum to be well capitalized, amount | $ 86,546 | $ 73,355 |
Tier 1 Capital to risk weighted assets, minimum to be well capitalized , ratio | 0.0800 | 0.0800 |
Common equity tier 1 capital to risk weighted assets, actual, amount | $ 153,286 | $ 141,741 |
Common equity tier 1 capital to risk weighted assets, actual, ratio | 0.1417 | 0.1546 |
Common equity tier 1 capital to risk weighted assets, minimum capital requirements, amount | $ 75,727 | $ 64,186 |
Common equity tier 1 capital to risk weighted assets, minimum capital requirements, ratio | 7.00% | 7.00% |
Common equity tier 1 capital to risk weighted assets, minimum to be well capitalized, amount | $ 70,318 | $ 59,601 |
Common equity tier 1 capital to risk weighted assets, minimum to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 Capital to adjusted total average assets, actual, amount | $ 153,286 | $ 141,741 |
ier 1 Capital to adjusted total average assets, actual, ratio | 0.1096 | 0.1172 |
ier 1 Capital to adjusted total average assets, minimum capital requirement, actual | $ 55,929 | $ 48,370 |
Tier 1 Capital to adjusted total average assets, minimum capital requirement, ratio | 0.0400 | 0.0400 |
Tier 1 Capital to adjusted total average assets, minimum to be well capitalized, actual | $ 69,911 | $ 60,462 |
Tier 1 Capital to adjusted total average assets, minimum to be well capitalized, ratio | 0.0500 | 0.0500 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Commercial Real Estate Loan | $ 222,000 | $ 248,000 |
Affiliated Entity [Member] | ||
Long-term Line of Credit, Total | $ 0 | $ 0 |
Note 17 - Benefit Plans (Detail
Note 17 - Benefit Plans (Details Textual) - USD ($) | Jun. 23, 2021 | Apr. 30, 2010 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 23, 2020 |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 760,000 | $ 699,000 | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 5,215,000 | 4,751,000 | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 1,971,000 | ||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 197,142 | ||||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ 23.88 | $ 10 | $ 23.88 | ||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan Term (Year) | 12 years | ||||
Employee Stock Ownership Plan ESOP Debt Structure Direct Loan Interest Rate | 8.00% | ||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 251,256 | 251,256 | |||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 6,000,000 | ||||
Employee Stock Ownership Plan (ESOP), Period for Allocation of Shares (Year) | 10 years | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 520,000 | 294,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||
Share-based Payment Arrangement, Expense | $ 439,000 | 380,000 | |||
Debt Instrument, Face Amount | $ 30,155,000 | $ 30,155,000 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 22,124 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,643,000 | ||||
Restricted Stock [Member] | Nonemployee Director Award Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 13,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 9,208 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 34,000 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 246,427 | ||||
After Amendment [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 293,571 | ||||
ESOP Loan [Member] | |||||
Debt Instrument, Term (Year) | 10 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||
Debt Instrument, Face Amount | $ 6,000,000 | ||||
Profit Sharing Plan [Member] | |||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,183,000 | $ 1,032,000 | |||
401 (k) Plan [Member] | |||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 569,000 | $ 482,000 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% |
Note 17 - Benefit Plans - Compo
Note 17 - Benefit Plans - Components of the Employee Stock Ownership Plan (ESOP) Shares (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allocated shares (in shares) | 225,947 | 223,153 |
Unallocated shares (in shares) | 239,902 | 14,362 |
Total ESOP shares (in shares) | 465,849 | 237,515 |
Fair value of unallocated shares (in thousands) | $ 5,513 | $ 305 |
Note 17 - Benefit Plans - Activ
Note 17 - Benefit Plans - Activity of Awards Granted (Details) - Restricted Stock [Member] - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unvested awards (in shares) | 58,337 | 43,940 |
Awards granted (in shares) | 43,515 | 35,737 |
Awards vested (in shares) | (16,084) | (19,340) |
Awards forfeited (in shares) | (3,816) | (2,000) |
Unvested awards (in shares) | 81,952 | 58,337 |
Nonemployee Director Award Plan [Member] | ||
Unvested awards (in shares) | 2,024 | 0 |
Awards granted (in shares) | 1,768 | 2,024 |
Awards vested (in shares) | (2,024) | 0 |
Awards forfeited (in shares) | 0 | 0 |
Unvested awards (in shares) | 1,768 | 2,024 |
Note 18 - Derivatives and Hed_3
Note 18 - Derivatives and Hedging Activities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized Gain (Loss) on Derivatives | $ 3,836,000 | $ 4,607,000 |
Note 18 - Derivatives and Hed_4
Note 18 - Derivatives and Hedging Activities - Derivatives (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Interest Rate Lock Commitments [Member] | ||
Notional amount | $ 84,674 | $ 227,977 |
Fair value, asset | 1,218 | 6,017 |
Fair value, liability | 0 | 0 |
Interest Rate Forward Commitments [Member] | ||
Notional amount | 51,000 | 180,000 |
Fair value, asset | 0 | 0 |
Fair value, liability | $ 94 | $ 1,056 |
Note 19 - Fair Value of Finan_3
Note 19 - Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities | $ 271,262 | $ 162,946 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 1,633 | 2,245 |
US Treasury and Government [Member] | ||
Available-for-sale securities | 53,183 | 5,657 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 123,667 | 99,088 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 9,336 | 10,663 |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 14,636 | 7,669 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 63,067 | 31,189 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | 5,740 | 6,435 |
Fair Value, Recurring [Member] | ||
Loans held-for-sale | 25,819 | 54,615 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 1,633 | 2,245 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Available-for-sale securities | 53,183 | 5,657 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 123,667 | 99,088 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 9,336 | 10,663 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 14,636 | 7,669 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 63,067 | 31,189 |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Available-for-sale securities | 5,740 | 6,435 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | 1,218 | 6,017 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 94 | 1,056 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Loans held-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Available-for-sale securities | 53,183 | 5,657 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Loans held-for-sale | 25,819 | 54,615 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 1,633 | 2,245 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 123,667 | 99,088 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 9,336 | 10,663 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 14,636 | 7,669 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 63,067 | 31,189 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale securities | 5,740 | 6,435 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 94 | 1,056 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | 1,218 | 6,017 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | $ 0 | $ 0 |
Note 19 - Fair Value of Finan_4
Note 19 - 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans | $ 376 | $ 728 |
Real estate and other repossessed assets | 4 | 0 |
Mortgage servicing rights | 14,686 | 10,105 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Real estate and other repossessed assets | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Real estate and other repossessed assets | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 376 | 728 |
Real estate and other repossessed assets | 4 | 0 |
Mortgage servicing rights | $ 14,686 | $ 10,105 |
Note 19 - Fair Value of Finan_5
Note 19 - Fair Value of Financial Instruments - Financial Assets and Liabilities, Valuation Techniques and Significant Unobservable Inputs (Details) | Dec. 31, 2021 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Minimum [Member] | |
Impaired loans, input | 0.10 |
Real estate and other repossessed assets, input | 0.10 |
Measurement Input, Discount Rate [Member] | Valuation, Market Approach [Member] | Maximum [Member] | |
Impaired loans, input | 0.30 |
Real estate and other repossessed assets, input | 0.30 |
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |
Mortgage servicing rights, input | 0.10 |
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |
Mortgage servicing rights, input | 0.15 |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |
Mortgage servicing rights, input | 180 |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |
Mortgage servicing rights, input | 330 |
Measurement Input, Pull-through Expectations [Member] | Valuation, Income Approach [Member] | Minimum [Member] | |
Interest rate lock commitments, input | 0.85 |
Measurement Input, Pull-through Expectations [Member] | Valuation, Income Approach [Member] | Maximum [Member] | |
Interest rate lock commitments, input | 0.95 |
Note 19 - Fair Value of Finan_6
Note 19 - 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] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 6,017 | $ 554 |
Purchases and issuances | 12,408 | 26,128 |
Sales and settlements | (17,207) | (20,665) |
Balance | 1,218 | 6,017 |
Net change in unrealized gains relating to items held at end of period | $ (4,799) | $ 5,463 |
Note 19 - Fair Value of Finan_7
Note 19 - Fair Value of Financial Instruments - Estimated Fair Value and Carrying Amounts of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | $ 61,434 | $ 69,802 |
FHLB stock | 1,702 | 2,060 |
FRB stock | 2,974 | 2,974 |
Loans receivable, gross | 939,204 | 847,579 |
Accrued interest and dividends receivable | 5,751 | 5,765 |
Mortgage servicing rights | 14,686 | 10,105 |
Non-maturing interest-bearing deposits | 703,948 | 542,889 |
Noninterest-bearing deposits | 368,846 | 318,389 |
Time certificates of deposit | 149,605 | 172,561 |
Accrued expenses and other liabilities | 21,037 | 23,239 |
FHLB advances and other borrowings | 5,003 | 17,217 |
Other long-term debt | 0 | 29,414 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 61,434 | 69,802 |
FHLB stock | 1,702 | 2,060 |
FRB stock | 2,974 | 2,974 |
Loans receivable, gross | 933,139 | 841,103 |
Accrued interest and dividends receivable | 5,751 | 5,765 |
Mortgage servicing rights | 13,693 | 10,105 |
Non-maturing interest-bearing deposits | 703,948 | 542,889 |
Noninterest-bearing deposits | 368,846 | 318,389 |
Time certificates of deposit | 149,755 | 171,805 |
Accrued expenses and other liabilities | 21,037 | 23,239 |
FHLB advances and other borrowings | 5,000 | 17,070 |
Other long-term debt | 30,155 | 30,155 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 61,434 | 69,802 |
FHLB stock | 1,702 | 2,060 |
FRB stock | 2,974 | 2,974 |
Loans receivable, gross | 0 | 0 |
Accrued interest and dividends receivable | 5,751 | 5,765 |
Mortgage servicing rights | 0 | 0 |
Non-maturing interest-bearing deposits | 0 | 0 |
Noninterest-bearing deposits | 368,846 | 318,389 |
Time certificates of deposit | 0 | 0 |
Accrued expenses and other liabilities | 21,037 | 23,239 |
FHLB advances and other borrowings | 0 | 0 |
Other long-term debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 0 | 0 |
FHLB stock | 0 | 0 |
FRB stock | 0 | 0 |
Loans receivable, gross | 0 | 0 |
Accrued interest and dividends receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Non-maturing interest-bearing deposits | 703,948 | 542,889 |
Noninterest-bearing deposits | 0 | 0 |
Time certificates of deposit | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
FHLB advances and other borrowings | 0 | 0 |
Other long-term debt | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 0 | 0 |
FHLB stock | 0 | 0 |
FRB stock | 0 | 0 |
Loans receivable, gross | 939,204 | 847,579 |
Accrued interest and dividends receivable | 0 | 0 |
Mortgage servicing rights | 14,686 | 10,105 |
Non-maturing interest-bearing deposits | 0 | 0 |
Noninterest-bearing deposits | 0 | 0 |
Time certificates of deposit | 149,605 | 172,561 |
Accrued expenses and other liabilities | 0 | 0 |
FHLB advances and other borrowings | 5,003 | 17,217 |
Other long-term debt | $ 29,299 | $ 29,414 |
Note 20 - Condensed Parent Co_3
Note 20 - Condensed Parent Company Financial Statements - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS: | |||
Cash and cash equivalents | $ 61,434 | $ 69,802 | |
Securities available-for-sale | 271,262 | 162,946 | |
Other assets | 6,334 | 10,208 | |
Total assets | 1,435,926 | 1,257,634 | |
Liabilities and Shareholders' Equity: | |||
Shareholders' equity | 156,729 | 152,938 | $ 121,659 |
Total liabilities and shareholders' equity | 1,435,926 | 1,257,634 | |
Parent Company [Member] | |||
ASSETS: | |||
Cash and cash equivalents | 980 | 5,775 | $ 8,916 |
Securities available-for-sale | 4,078 | 5,149 | |
Other assets | 4,203 | 3,126 | |
Total assets | 187,308 | 183,395 | |
Liabilities and Shareholders' Equity: | |||
Accounts payable and accrued expenses | 710 | 666 | |
Other long-term debt | 29,869 | 29,791 | |
Shareholders' equity | 156,729 | 152,938 | |
Total liabilities and shareholders' equity | 187,308 | 183,395 | |
Parent Company [Member] | Eagle Bancorp Statutory Trust I [Member] | |||
ASSETS: | |||
Equity method investments | 155 | 155 | |
Parent Company [Member] | Opportunity Bank of Montana [Member] | |||
ASSETS: | |||
Equity method investments | $ 177,892 | $ 169,190 |
Note 20 - Condensed Parent Co_4
Note 20 - Condensed Parent Company Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest expense | $ (3,207) | $ (6,484) |
Noninterest income | 47,769 | 49,067 |
Noninterest expense | (74,166) | (60,667) |
Income before income tax expense | 19,282 | 28,440 |
Income tax benefit | 4,863 | 7,234 |
NET INCOME | 14,419 | 21,206 |
Parent Company [Member] | ||
Interest income | 118 | 152 |
Interest expense | (1,560) | (1,690) |
Noninterest income | 7 | 0 |
Noninterest expense | (1,514) | (1,116) |
Income before income tax expense | (2,949) | (2,654) |
Income tax benefit | (579) | (659) |
Loss before equity in undistributed earnings of Subsidiaries | (2,370) | (1,995) |
Equity in undistributed earnings of Subsidiaries | 16,789 | 23,201 |
NET INCOME | $ 14,419 | $ 21,206 |
Note 20 - Condensed Parent Co_5
Note 20 - Condensed Parent Company Financial Statements - Condensed Statements of Cash Flow (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 14,419,000 | $ 21,206,000 |
Cash contributions from Opportunity Bank of Montana | 5,800,000 | 3,600,000 |
Cash paid for acquisitions, net of cash received | 0 | 5,044,000 |
Sales | 4,921,000 | 28,410,000 |
Maturities, principal payments and calls | 11,333,000 | 36,025,000 |
Purchases | (132,180,000) | (47,724,000) |
Proceeds from issuance of subordinated debentures | 0 | 15,000,000 |
Repayment of subordinated debentures | 0 | (10,000,000) |
Payments for debt issuance costs | 0 | (335,000) |
Payments to purchase treasury stock | (6,279,000) | (987,000) |
Dividends paid | (3,018,000) | (2,615,000) |
Net cash (used in) provided by financing activities | 168,099,000 | 64,801,000 |
Net Decrease in Cash and Cash Equivalents | (4,795,000) | (3,141,000) |
Cash and Cash Equivalents, beginning of period | 69,802,000 | |
Cash and Cash Equivalents, end of period | 61,434,000 | 69,802,000 |
Parent Company [Member] | ||
Net income | 14,419,000 | 21,206,000 |
Equity in undistributed earnings of Subsidiaries | (16,789,000) | (23,201,000) |
Other adjustments, net | (706,000) | (25,000) |
Net cash used in operating activities | (3,076,000) | (2,020,000) |
Cash contributions from Opportunity Bank of Montana | 5,800,000 | 3,600,000 |
Cash paid for acquisitions, net of cash received | 0 | (6,500,000) |
Sales | 387,000 | 0 |
Maturities, principal payments and calls | 557,000 | 10,250,000 |
Purchases | 0 | (10,199,000) |
Net cash provided by (used in) investing activities | 6,744,000 | (2,849,000) |
Proceeds from issuance of subordinated debentures | 0 | 15,000,000 |
Repayment of subordinated debentures | 0 | (10,000,000) |
Payments for debt issuance costs | 0 | (335,000) |
ESOP payments and dividends | 425,000 | 285,000 |
Payments to purchase treasury stock | (6,279,000) | (987,000) |
Treasury shares reissued for compensation | 409,000 | 380,000 |
Dividends paid | (3,018,000) | (2,615,000) |
Net cash (used in) provided by financing activities | (8,463,000) | 1,728,000 |
Cash and Cash Equivalents, beginning of period | 5,775,000 | 8,916,000 |
Cash and Cash Equivalents, end of period | $ 980,000 | $ 5,775,000 |