Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 | |
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 | |
Title of 12(b) Security | Common Stock par value $0.01 per share | |
Trading Symbol | EBMT | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,980,282 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks | $ 22,154 | $ 10,938 |
Interest-bearing deposits in banks | 3,043 | 43,669 |
Federal funds sold | 0 | 6,827 |
Total cash and cash equivalents | 25,197 | 61,434 |
Securities available-for-sale | 351,949 | 271,262 |
Federal Home Loan Bank ("FHLB") stock | 2,939 | 1,702 |
Federal Reserve Bank ("FRB") stock | 4,206 | 2,974 |
Mortgage loans held-for-sale, at fair value | 24,408 | 25,819 |
Loans receivable, net of allowance for loan losses of $13,850 at September 30, 2022 and $12,500 at December 31, 2021 | 1,298,304 | 920,639 |
Accrued interest and dividends receivable | 10,778 | 5,751 |
Mortgage servicing rights, net | 15,141 | 13,693 |
Assets held-for-sale, at fair value | 2,041 | 0 |
Premises and equipment, net | 79,374 | 67,266 |
Cash surrender value of life insurance, net | 45,845 | 36,474 |
Goodwill | 34,740 | 20,798 |
Core deposit intangible, net | 7,895 | 1,780 |
Other assets | 21,103 | 6,334 |
Total assets | 1,923,920 | 1,435,926 |
LIABILITIES: | ||
Noninterest-bearing | 507,034 | 368,846 |
Interest-bearing | 1,167,216 | 853,703 |
Total deposits | 1,674,250 | 1,222,549 |
Accrued expenses and other liabilities | 23,748 | 21,779 |
FHLB advances and other borrowings | 15,600 | 5,000 |
Other long-term debt: | ||
Principal amount | 60,155 | 30,155 |
Unamortized debt issuance costs | (1,107) | (286) |
Total other long-term debt, net | 59,048 | 29,869 |
Total liabilities | 1,772,646 | 1,279,197 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock (par value $0.01 per share; 1,000,000 shares authorized; no shares issued or outstanding) | 0 | 0 |
Common stock (par value $0.01 per share; 20,000,000 shares authorized; 8,507,429 and 7,110,833 shares issued; 7,986,890 and 6,794,811 shares outstanding at September 30, 2022 and December 31, 2021, respectively) | 85 | 71 |
Additional paid-in capital | 109,488 | 80,832 |
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (5,300) | (5,729) |
Treasury stock, at cost (520,539 and 316,022 shares at September 30, 2022 and December 31, 2021, respectively) | (11,627) | (7,321) |
Retained earnings | 89,502 | 85,383 |
Accumulated other comprehensive (loss) income, net of tax | (30,874) | 3,493 |
Total shareholders' equity | 151,274 | 156,729 |
Total liabilities and shareholders' equity | $ 1,923,920 | $ 1,435,926 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 13,850 | $ 12,500 |
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) | 8,507,429 | 7,110,833 |
Common stock, shares outstanding (in shares) | 7,986,890 | 6,794,811 |
Treasury stock, shares (in shares) | 520,539 | 316,022 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST AND DIVIDEND INCOME: | ||||
Interest and fees on loans | $ 16,665 | $ 11,619 | $ 42,933 | $ 33,660 |
Securities available-for-sale | 2,555 | 1,094 | 5,863 | 2,989 |
FHLB and FRB dividends | 63 | 62 | 160 | 194 |
Other interest income | 59 | 32 | 206 | 90 |
Total interest and dividend income | 19,342 | 12,807 | 49,162 | 36,933 |
INTEREST EXPENSE: | ||||
Deposits | 717 | 350 | 1,451 | 1,118 |
FHLB advances and other borrowings | 136 | 37 | 157 | 152 |
Other long-term debt | 602 | 389 | 1,855 | 1,168 |
Total interest expense | 1,455 | 776 | 3,463 | 2,438 |
NET INTEREST INCOME | 17,887 | 12,031 | 45,699 | 34,495 |
Loan loss provision | 517 | 255 | 1,654 | 576 |
NET INTEREST INCOME AFTER LOAN LOSS PROVISION | 17,370 | 11,776 | 44,045 | 33,919 |
NONINTEREST INCOME: | ||||
Appreciation in cash surrender value of life insurance | 291 | 181 | 748 | 512 |
Net gain (loss) on sale of available-for-sale securities | 0 | 11 | (6) | 11 |
Other noninterest income | 1,587 | 608 | 3,236 | 1,798 |
Total noninterest income | 7,417 | 13,353 | 23,052 | 38,054 |
NONINTEREST EXPENSE: | ||||
Salaries and employee benefits | 11,699 | 12,262 | 33,511 | 37,093 |
Occupancy and equipment expense | 1,946 | 1,665 | 5,441 | 4,746 |
Data processing | 1,964 | 1,171 | 4,628 | 3,666 |
Advertising | 464 | 326 | 1,052 | 850 |
Amortization of core deposit intangible | 333 | 144 | 895 | 431 |
Loan costs | 491 | 654 | 1,624 | 2,126 |
Federal Deposit Insurance Corporation ("FDIC") insurance premiums | 93 | 81 | 330 | 243 |
Professional and examination fees | 420 | 790 | 1,098 | 1,400 |
Acquisition costs | 103 | 35 | 2,296 | 35 |
Other noninterest expense | 3,151 | 1,672 | 6,783 | 4,460 |
Total noninterest expense | 20,664 | 18,800 | 57,658 | 55,050 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 4,123 | 6,329 | 9,439 | 16,923 |
Provision for income taxes | 1,031 | 1,583 | 2,360 | 4,231 |
NET INCOME | $ 3,092 | $ 4,746 | $ 7,079 | $ 12,692 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.40 | $ 0.73 | $ 0.98 | $ 1.90 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 0.40 | $ 0.73 | $ 0.98 | $ 1.89 |
Deposit Account [Member] | ||||
NONINTEREST INCOME: | ||||
Noninterest income revenue | $ 498 | $ 318 | $ 1,223 | $ 884 |
Bank Servicing [Member] | ||||
NONINTEREST INCOME: | ||||
Noninterest income revenue | 4,447 | 11,665 | 16,183 | 33,360 |
Debit Card [Member] | ||||
NONINTEREST INCOME: | ||||
Noninterest income revenue | $ 594 | $ 570 | $ 1,668 | $ 1,489 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 3,092 | $ 4,746 | $ 7,079 | $ 12,692 |
OTHER ITEMS OF COMPREHENSIVE (LOSS) INCOME BEFORE TAX: | ||||
Change in fair value of investment securities available-for-sale | (16,009) | (578) | (46,657) | (1,818) |
Reclassification for net realized (gains) losses on investment securities available-for-sale | 0 | (11) | 6 | (11) |
Total other comprehensive loss | (16,009) | (589) | (46,651) | (1,829) |
Income tax benefit related to securities available-for-sale | 4,216 | 155 | 12,284 | 482 |
COMPREHENSIVE (LOSS) INCOME | $ (8,701) | $ 4,312 | $ (27,288) | $ 11,345 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Unallocated ESOP Shares [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2020 | $ 0 | $ 71 | $ 77,602 | $ (145) | $ (4,423) | $ 73,982 | $ 5,851 | $ 152,938 |
Net income | 0 | 0 | 0 | 0 | 0 | 12,692 | 0 | 12,692 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | (1,347) | (1,347) |
Dividends paid | 0 | 0 | 0 | 0 | 0 | (2,169) | 0 | (2,169) |
Stock compensation expense | 0 | 0 | 270 | 0 | 0 | 0 | 0 | 270 |
ESOP shares allocated | 0 | 0 | 156 | 262 | 0 | 0 | 0 | 418 |
Treasury stock purchased | 0 | 0 | 0 | 0 | (6,279) | 0 | 0 | (6,279) |
Sale of shares to ESOP | 0 | 2,929 | (6,000) | 3,071 | 0 | 0 | 0 | |
Balance at Sep. 30, 2021 | 0 | 71 | 80,957 | (5,883) | (7,631) | 84,505 | 4,504 | 156,523 |
Balance at Jun. 30, 2021 | 0 | 71 | 80,820 | (6,061) | (7,631) | 80,607 | 4,938 | 152,744 |
Net income | 0 | 0 | 0 | 0 | 0 | 4,746 | 0 | 4,746 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | (434) | (434) |
Dividends paid | 0 | 0 | 0 | 0 | 0 | (848) | 0 | (848) |
Stock compensation expense | 0 | 0 | 90 | 0 | 0 | 0 | 0 | 90 |
ESOP shares allocated | 0 | 0 | 47 | 178 | 0 | 0 | 0 | 225 |
Balance at Sep. 30, 2021 | 0 | 71 | 80,957 | (5,883) | (7,631) | 84,505 | 4,504 | 156,523 |
Balance at Dec. 31, 2021 | 0 | 71 | 80,832 | (5,729) | (7,321) | 85,383 | 3,493 | 156,729 |
Net income | 0 | 0 | 0 | 0 | 0 | 7,079 | 0 | 7,079 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | (34,367) | (34,367) |
Dividends paid | 0 | 0 | 0 | 0 | 0 | (2,960) | 0 | (2,960) |
Stock compensation expense | 0 | 0 | 405 | 0 | 0 | 0 | 0 | 405 |
ESOP shares allocated | 0 | 0 | (86) | 429 | 0 | 0 | 0 | 343 |
Treasury stock purchased | 0 | 0 | 0 | 0 | (4,306) | 0 | 0 | (4,306) |
Stock issued in connection with First Community Bancorp, Inc. acquisition | 0 | 14 | 28,337 | 0 | 0 | 0 | 0 | 28,351 |
Balance at Sep. 30, 2022 | 0 | 85 | 109,488 | (5,300) | (11,627) | 89,502 | (30,874) | 151,274 |
Balance at Jun. 30, 2022 | 0 | 85 | 109,410 | (5,443) | (9,691) | 87,510 | (19,081) | 162,790 |
Net income | 0 | 0 | 0 | 0 | 0 | 3,092 | 0 | 3,092 |
Other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 | (11,793) | (11,793) |
Dividends paid | 0 | 0 | 0 | 0 | 0 | (1,100) | 0 | (1,100) |
Stock compensation expense | 0 | 0 | 135 | 0 | 0 | 0 | 0 | 135 |
ESOP shares allocated | 0 | 0 | (57) | 143 | 0 | 0 | 0 | 86 |
Treasury stock purchased | 0 | 0 | 0 | 0 | (1,936) | 0 | 0 | (1,936) |
Balance at Sep. 30, 2022 | $ 0 | $ 85 | $ 109,488 | $ (5,300) | $ (11,627) | $ 89,502 | $ (30,874) | $ 151,274 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dividends paid, per share (in dollars per share) | $ 0.1375 | $ 0.1250 | $ 0.3875 | $ 0.3200 |
ESOP shares allocated or committed to be released for allocation, shares (in shares) | 5,997 | 9,831 | 17,991 | 18,139 |
Treasury stock purchased, shares (in shares) | 99,517 | 204,517 | 250,000 | |
Treasury stock, average cost per share (in dollars per share) | $ 19.45 | $ 21.05 | $ 25.12 | |
ESOP shares issued (in shares) | 251,256 | |||
ESOP average price per share (in dollars per share) | $ 23.88 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,079,000 | $ 12,692,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loan loss provision | 1,654,000 | 576,000 |
Recovery of mortgage servicing rights | (56,000) | (702,000) |
Depreciation | 2,615,000 | 2,137,000 |
Net amortization of investment securities premiums and discounts | 1,182,000 | 874,000 |
Amortization of mortgage servicing rights | 1,710,000 | 2,881,000 |
Amortization of right-of-use assets | 512,000 | 457,000 |
Amortization of core deposit intangible | 895,000 | 431,000 |
Compensation expense related to restricted stock awards | 405,000 | 270,000 |
ESOP compensation expense for allocated shares | 343,000 | 418,000 |
Net gain on sale of loans | (15,645,000) | (36,261,000) |
Originations of loans held-for-sale | (449,013,000) | (814,854,000) |
Proceeds from sales of loans held-for-sale | 466,069,000 | 863,671,000 |
Net loss (gain) on sale of available-for-sale securities | 6,000 | (11,000) |
Net gain on sale of real estate owned and other repossessed assets | (203,000) | 0 |
Net gain on sale/disposal of premises and equipment | (1,000) | (70,000) |
Net appreciation in cash surrender value of life insurance | (748,000) | (512,000) |
Net change in: | ||
Accrued interest and dividends receivable | (2,273,000) | (453,000) |
Other assets | 241,000 | 1,707,000 |
Accrued expenses and other liabilities | 891,000 | (429,000) |
Net cash provided by operating activities | 15,663,000 | 32,822,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales | 43,794,000 | 3,910,000 |
Maturities, principal payments and calls | 30,876,000 | 8,906,000 |
Purchases | (77,073,000) | (95,762,000) |
FHLB stock (purchased) redeemed | (612,000) | 358,000 |
FRB stock purchased | (392,000) | 0 |
Net cash received from acquisition | 13,397,000 | 0 |
Loan origination and principal collection, net | (191,855,000) | (48,901,000) |
Purchases of bank owned life insurance | 0 | (8,000,000) |
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans | 535,000 | 16,000 |
Proceeds from sale of premises and equipment | 5,000 | 1,379,000 |
Purchases of premises and equipment, net | (10,733,000) | (10,538,000) |
Net cash used in investing activities | (192,058,000) | (148,632,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 130,594,000 | 161,466,000 |
Net decrease in repurchase agreements | (22,853,000) | 0 |
Net short-term advances from FHLB and other borrowings | 15,600,000 | 0 |
Payments on long-term FHLB and other borrowings | (5,000,000) | (12,070,000) |
Proceeds from issuance of subordinated debentures | 40,000,000 | |
Repayment of senior debt | (10,000,000) | 0 |
Payments for debt issuance costs | (917,000) | |
Purchase of treasury stock | (4,306,000) | (6,279,000) |
Dividends paid | (2,960,000) | (2,169,000) |
Net cash provided by financing activities | 140,158,000 | 140,948,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (36,237,000) | 25,138,000 |
CASH AND CASH EQUIVALENTS, beginning of period | 61,434,000 | 69,802,000 |
CASH AND CASH EQUIVALENTS, end of period | 25,197,000 | 94,940,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 3,423,000 | 3,052,000 |
Cash paid during the period for income taxes | 2,720,000 | 3,940,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Decrease in fair value of securities available-for-sale | (46,651,000) | (1,829,000) |
Mortgage servicing rights recognized | 3,102,000 | 5,015,000 |
Right-of-use assets obtained in exchange for lease liabilities | 154,000 | 1,140,000 |
Loans transferred to real estate and other assets acquired in foreclosure | 328,000 | 108,000 |
Stock issued in connection with acquisitions | 28,351,000 | 0 |
Sale of shares from Eagle to ESOP in exchange for loan | $ 0 | $ 6,000,000 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization 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 In March 2021, 10 December 31, 2021, two d $1,237,000 September 30, 2022 December 31, 2021, In September 2021, April 30, 2022. nine On January 1, 2020, one The Bank currently has 30 January 2022, Basis of Financial Statement Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 10 X 10 December 31, 2021 March 9, 2022. The results of operations for the nine September 30, 2022 not December 31, 2022 Principles of Consolidation The condensed consolidated financial statements include Eagle, th e Bank, OHF, Eagle Bancorp Statutory Trust I (the “Trust”) and WFS. Reclassifications Certain prior period amounts were reclassified to conform to the presentation for 2022 no |
Note 2 - Mergers and Acquisitio
Note 2 - Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2. Effective April 30, 2022 This transaction was accounted for under the acquisition method of accounting. All of the assets acquired and liabilities assumed were recognized at their acquisition-date fair value, while transaction costs and restructuring costs associated with the business combinations were expensed as incurred. Determining the fair value of assets and liabilities is a complicated process involving significant 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. FCB April 30, 2022 (In Thousands) Assets acquired: Cash and cash equivalents $ 23,623 Securities available-for-sale 126,123 Loans receivable 190,894 Premises and equipment 6,393 Cash surrender value of life insurance 8,638 Core deposit intangible 7,004 Other assets 7,687 Total assets acquired $ 370,362 Liabilities assumed: Deposits $ 321,107 Accrued expenses and other liabilities 1,767 Other borrowings 22,853 Total liabilities assumed $ 345,727 Net assets acquired $ 24,635 Consideration paid: Cash $ 10,226 Common stock issued (1,396,596 shares) 28,351 Total consideration paid $ 38,577 Goodwill resulting from acquisition $ 13,942 Goodwill recorded for the FCB acquisition during the three June 30, 2022 FCB investments were written down an additional $4,559,000 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 loan type, fixed or variable interest rate, revolving or term payments and risk rating). Yield inputs for the amortization schedules included contractual interest rates, estimated prepayment speeds, liquidity adjustments and market yields. Credit inputs for the amortization schedules included probability of payment default, loss given default rates and individually identified loss exposure. The total accretable discount on FCB acquired loans was $5,416,000 as of April 30, 2022. three nine September 30, 2022 , accretion of the loan discount was $333,000 and $1,060,000, respectively . T he remaining accretable loan discount was $4,352,000 as of September 30, 2022 . Three impaired loans were acquired through the FCB acquisition with insignificant balances as of April 30, 2022. Fair value adjustments recorded for FCB related to premises and equipment were insignificant overall. The Company used independent third Core deposit intangible assets of $7,004,000 were recorded for FCB and are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years from 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 acquisition were expensed as incurred. The Company recorded acquisition costs related to FCB of $103,000 and $2,296,000 dur ing the three nine months ended September 30, 2022 , respectively, and $35,000 during both the three nine September 30, 2021 . Acquisition costs included professional fees and data processing expenses incurred related to the acquisitions. Operations of acquired entities have been included in the condensed consolidated financial statements since date of acquisition. The Company does not not September 30, 2022 The accompanying consolidated statements of income include the results of operations of FCB since the April 30, 2022 three nine months ended September 30, 2021 January 1, 2021. not January 1, 2021. not three nine September 30, 2021 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 (Dollars in Thousands, Except Per Share Data) (Dollars in Thousands, Except Per Share Data) Pro forma net income (1) Net interest income after loan loss provision $ 15,110 $ 43,921 Noninterest income 14,946 42,833 Noninterest expense 22,104 64,962 Income before provision for income taxes 7,952 21,792 Income tax provision 1,988 5,448 Net income $ 5,964 $ 16,344 Pro forma earnings per share (1) Basic earnings per share $ 0.91 $ 2.44 Diluted earnings per share $ 0.91 $ 2.44 Weighted average shares outstanding, basic 6,525,509 6,691,256 Weighted average shares outstanding, diluted 6,544,044 6,709,376 ( 1 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 December 31, 2021 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 2,674 $ 3 $ (214 ) $ 2,463 $ 1,618 $ 15 $ - $ 1,633 U.S. Treasury obligations 63,708 - (7,639 ) 56,069 52,707 580 (104 ) 53,183 Municipal obligations 191,252 9 (22,379 ) 168,882 119,381 4,616 (330 ) 123,667 Corporate obligations 7,239 2 (212 ) 7,029 9,251 103 (18 ) 9,336 Mortgage-backed securities 32,729 1 (2,244 ) 30,486 14,662 92 (118 ) 14,636 Collateralized mortgage obligations 92,450 - (9,280 ) 83,170 63,286 416 (635 ) 63,067 Asset-backed securities 3,808 46 (4 ) 3,850 5,617 123 - 5,740 Total $ 393,860 $ 61 $ (41,972 ) $ 351,949 $ 266,522 $ 5,945 $ (1,205 ) $ 271,262 Proceeds from sale of available-for sale securities and the associated realized gains and losses were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In Thousands) Proceeds from sale of available-for-sale securities $ - $ 3,910 $ 43,794 $ 3,910 Gross realized gain on sale of available-for-sale securities $ - $ 11 $ - $ 11 Gross realized loss on sale of available-for-sale securities - - (6 ) - Net realized loss on sale of available-for-sale securities $ - $ 11 $ (6 ) $ 11 The amortized cost and fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may September 30, 2022 Amortized Fair Cost Value (In Thousands) Due in one year or less $ 18,821 $ 18,694 Due from one to five years 19,187 18,552 Due from five to ten years 90,566 78,291 Due after ten years 140,107 122,756 268,681 238,293 Mortgage-backed securities 32,729 30,486 Collateralized mortgage obligations 92,450 83,170 Total $ 393,860 $ 351,949 As of September 30, 2022 December 31, 2021 $59,927,000 The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve twelve September 30, 2022 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency obligations $ 1,739 $ (214 ) $ - $ - U.S. Treasury obligations 39,485 (4,861 ) 16,584 (2,778 ) Municipal obligations 152,894 (18,422 ) 12,821 (3,957 ) Corporate obligations 6,026 (212 ) - - Mortgage-backed securities and collateralized mortgage obligations 80,102 (6,028 ) 33,355 (5,496 ) Asset-backed securities 743 (4 ) - - Total $ 280,989 $ (29,741 ) $ 62,760 $ (12,231 ) 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. government and agency obligations $ - $ - $ - $ - 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 ) Asset-backed securities - - - - Total $ 90,258 $ (1,193 ) $ 1,296 $ (12 ) 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 three September 30, 2022 2021, nine September 30, 2022 2021, September 30, 2022 December 31, 2021 not |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. LOANS RECEIVABLE Loans receivable consisted of the following: September 30, December 31, 2022 2021 (In Thousands) Real estate loans: Residential 1-4 family $ 195,265 $ 146,815 Commercial real estate 781,843 569,976 Other loans: Home equity 67,409 51,748 Consumer 27,703 18,455 Commercial 241,608 147,870 Total 1,313,828 934,864 Deferred loan fees, net (1,674 ) (1,725 ) Allowance for loan losses (13,850 ) (12,500 ) Total loans, net $ 1,298,304 $ 920,639 Included in the above are loans guaranteed by U.S. government agencies totaling $26,983,000 and $25,730,000 at September 30, 2022 and December 31, 2021 , respectively. Allowance for loan losses activity was as follows: Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2022 $ 1,643 $ 8,337 $ 507 $ 361 $ 2,477 $ 13,325 Charge-offs - - - (6 ) - (6 ) Recoveries - 6 - 3 5 14 Provision 17 400 1 1 98 517 Ending balance, September 30, 2022 $ 1,660 $ 8,743 $ 508 $ 359 $ 2,580 $ 13,850 Allowance for loan losses: Beginning balance, January 1, 2022 $ 1,596 $ 7,470 $ 533 $ 365 $ 2,536 $ 12,500 Charge-offs - - (32 ) (14 ) (299 ) (345 ) Recoveries - 20 - 4 17 41 Provision 64 1,253 7 4 326 1,654 Ending balance, September 30, 2022 $ 1,660 $ 8,743 $ 508 $ 359 $ 2,580 $ 13,850 Ending balance, September 30, 2022 allocated to loans individually evaluated for impairment $ 199 $ - $ - $ - $ 79 $ 278 Ending balance, September 30, 2022 allocated to loans collectively evaluated for impairment $ 1,461 $ 8,743 $ 508 $ 359 $ 2,501 $ 13,572 Loans receivable: Ending balance, September 30, 2022 $ 195,265 $ 781,843 $ 67,409 $ 27,703 $ 241,608 $ 1,313,828 Ending balance, September 30, 2022 of loans individually evaluated for impairment $ 687 $ 1,173 $ 97 $ 34 $ 1,655 $ 3,646 Ending balance, September 30, 2022 of loans collectively evaluated for impairment $ 194,578 $ 780,670 $ 67,312 $ 27,669 $ 239,953 $ 1,310,182 Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2021 $ 1,544 $ 7,127 $ 522 $ 363 $ 2,344 $ 11,900 Charge-offs - - - (4 ) - (4 ) Recoveries - 6 - 1 42 49 Provision 26 155 8 3 63 255 Ending balance, September 30, 2021 $ 1,570 $ 7,288 $ 530 $ 363 $ 2,449 $ 12,200 Allowance for loan losses: Beginning balance, January 1, 2021 $ 1,506 $ 6,951 $ 515 $ 364 $ 2,264 $ 11,600 Charge-offs - (35 ) - (14 ) (6 ) (55 ) Recoveries - 15 - 7 57 79 Provision 64 357 15 6 134 576 Ending balance, September 30, 2021 $ 1,570 $ 7,288 $ 530 $ 363 $ 2,449 $ 12,200 Ending balance, September 30, 2021 allocated to loans individually evaluated for impairment $ 199 $ - $ - $ - $ 109 $ 308 Ending balance, September 30, 2021 allocated to loans collectively evaluated for impairment $ 1,371 $ 7,288 $ 530 $ 363 $ 2,340 $ 11,892 Loans receivable: Ending balance, September 30, 2021 $ 142,921 $ 522,953 $ 52,990 $ 18,940 $ 149,199 $ 887,003 Ending balance, September 30, 2021 of loans individually evaluated for impairment $ 1,122 $ 4,341 $ 121 $ 78 $ 2,111 $ 7,773 Ending balance, September 30, 2021 of loans collectively evaluated for impairment $ 141,799 $ 518,612 $ 52,869 $ 18,862 $ 147,088 $ 879,230 Internal classification of the loan portfolio was as follows: September 30, 2022 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 136,505 $ 519 $ 575 $ 199 $ - $ 137,798 Residential 1-4 family construction 57,467 - - - - 57,467 Commercial real estate 491,965 12,954 1,797 - - 506,716 Commercial construction and development 144,247 1,053 - - - 145,300 Farmland 125,169 2,450 2,208 - - 129,827 Other loans: Home equity 67,295 - 114 - - 67,409 Consumer 27,653 2 48 - - 27,703 Commercial 129,004 1,113 850 8 - 130,975 Agricultural 107,536 610 2,378 109 - 110,633 Total $ 1,286,841 $ 18,701 $ 7,970 $ 316 $ - $ 1,313,828 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 The following tables include information regarding delinquencies within the loan portfolio. September 30, 2022 Loans Past Due and Still Accruing 90 Days 30-89 Days and Nonaccrual Current Total Past Due Greater Total Loans Loans Loans (In Thousands) Real estate loans: Residential 1-4 family $ 452 $ - $ 452 $ 687 $ 136,659 $ 137,798 Residential 1-4 family construction 149 - 149 - 57,318 57,467 Commercial real estate 76 - 76 403 506,237 506,716 Commercial construction and development 109 - 109 - 145,191 145,300 Farmland 31 - 31 770 129,026 129,827 Other loans: Home equity 62 - 62 97 67,250 67,409 Consumer 121 - 121 34 27,548 27,703 Commercial 324 874 1,198 68 129,709 130,975 Agricultural 35 - 35 1,587 109,011 110,633 Total $ 1,359 $ 874 $ 2,233 $ 3,646 $ 1,307,949 $ 1,313,828 December 31, 2021 Loans Past Due and Still Accruing 90 Days 30-89 Days and Nonaccrual 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 The following tables include information regarding impaired loans. September 30, 2022 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 687 $ 785 $ 199 Residential 1-4 family construction - - - Commercial real estate 403 486 - Commercial construction and development - - - Farmland 770 868 - Other loans: Home equity 97 122 - Consumer 34 40 - Commercial 68 124 - Agricultural 1,587 1,686 79 Total $ 3,646 $ 4,111 $ 278 December 31, 2021 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 616 $ 703 $ 199 Residential 1-4 family construction 337 387 - Commercial real estate 2,024 2,078 - Commercial construction and development - - - Farmland 1,630 1,721 - Other loans: Home equity 115 139 - Consumer 62 73 - Commercial 516 639 101 Agricultural 1,759 1,862 300 Total $ 7,059 $ 7,602 $ 600 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Average Recorded Investment Average Recorded Investment (In Thousands) (In Thousands) Real estate loans: Residential 1-4 family $ 629 $ 715 $ 652 $ 994 Residential 1-4 family construction - 337 169 337 Commercial real estate 403 2,239 1,213 2,166 Commercial construction and development - - - 25 Farmland 770 2,125 1,200 2,259 Other loans: Home equity 108 126 106 116 Consumer 35 78 48 114 Commercial 76 536 292 536 Agricultural 1,587 1,366 1,673 1,640 Total $ 3,608 $ 7,522 $ 5,353 $ 8,187 Interest income recognized on impaired loans for the three nine September 30, 2022 2021 is considered insignificant. Interest payments received on a cash basis related to impaired loans were $406,000 and at September 30, 2022 and December 31, 2021 , respectively. As of September 30, 2022 December 31, 2021 During the three September 30, 2022 , there were no new TDR loans. During the nine September 30, 2022 , there were two ne w TDR loans. The recorded investments for both agricultural loans at the time of restructure were $331,000 and $145,000. No charge-offs were incurred and the loans are on nonaccrual status. During the three September 30, 2021 , there were two No nine September 30, 2021 , there were three two first 2021 nine September 30, 2021 . There w ere no l oans modified as TDR's that defaulted during the three September 30, 2022 . There we re two farmland loans modified as TDRs that defaulted during the nine September 30, 2022 where the default occurred within 12 90 e $374,000 and $70,000 at September 30, 2022 and the Company has initiated foreclosure on these loans. As of September 30, 2022 , the Company had no commitments to lend additional funds to loan customers whose terms had been modified in TDRs. |
Note 5 - Mortgage Servicing Rig
Note 5 - Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | NOTE 5. MORTGAGE SERVICING RIGHTS The Company is servicing mortgage loans for the benefit of others which are not September 30, 2022 December 31, 2021 three September 30, 2022 2021 e $3,581,000 an nine September 30, 2022 2021 Custodial balances maintained in connection with the foregoing loan servicing are included in noninterest checking deposits and were $18,000,000 and $11,613,000 at September 30, 2022 December 31, 2021 The following table is a summary of activity in mortgage servicing rights: As of or For the Three Months Ended September 30, 2022 2021 (In Thousands) Mortgage servicing rights: Beginning balance $ 14,809 $ 12,232 Mortgage servicing rights capitalized 924 1,662 Amortization of mortgage servicing rights (592 ) (863 ) Ending balance $ 15,141 $ 13,031 Valuation allowance: Beginning balance $ - $ (104 ) Recovery of mortgage servicing rights - 14 Ending balance $ - $ (90 ) Mortgage servicing rights, net $ 15,141 $ 12,941 As of or For the Nine Months Ended September 30, 2022 2021 (In Thousands) Mortgage servicing rights: Beginning balance $ 13,749 $ 10,897 Mortgage servicing rights capitalized 3,102 5,015 Amortization of mortgage servicing rights (1,710 ) (2,881 ) Ending balance $ 15,141 $ 13,031 Valuation allowance: Beginning balance $ (56 ) $ (792 ) Recovery of mortgage servicing rights 56 702 Ending balance - (90 ) Mortgage servicing rights, net $ 15,141 $ 12,941 Impairment expense on mortgage servicing rights was recorded during the year ended December 31, 2020 three nine September 30, 2021, three September 30, 2022 . However, a recovery of $56,000 was recorded during the nine September 30, 2022 . Recovery (impairment) of servicing rights is included in other noninterest expense on the condensed consolidated statements of income. The fair values of these rights were $19,303,000 and $14,686,000 at September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Key assumptions: Discount rate 12 % 12 % Prepayment speed range 111-208 % 184-265 % Weighted average prepayment speed 123 % 204 % |
Note 6 - Deposits
Note 6 - Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6. DEPOSITS Deposits are summarized as follows: September 30, December 31, 2022 2021 (In Thousands) Noninterest checking $ 507,034 $ 368,846 Interest-bearing checking 252,258 203,410 Savings 284,303 223,069 Money market 398,647 277,469 Time certificates of deposit 232,008 149,755 Total $ 1,674,250 $ 1,222,549 |
Note 7 - Other Long-term Debt
Note 7 - Other Long-term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7. OTHER LONG-TERM DEBT Other long-term debt consisted of the following: September 30, 2022 December 31, 2021 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Senior notes fixed at 5.75% 2022 $ - $ - $ 10,000 $ (4 ) Subordinated debentures fixed at 5.50% 2030 15,000 (257 ) 15,000 (282 ) Subordinated debentures fixed at 3.50% 2032 40,000 (850 ) - - Subordinated debentures variable at 3-Month Libor plus 1.42% 2035 5,155 - 5,155 - Total other long-term debt $ 60,155 $ (1,107 ) $ 30,155 $ (286 ) In January 2022, 2032 February 1, 2027, three February 1, 2027. 2 February 2022. In June 2020, 2030 July 1, 2025, three July 1, 2025. 2 In February 2017, 5.75% 2022. not February 15, 2022. In September 2005, December 2005. 6.02% December 2010 three 1.42%, September 30, 2022 December 31, 2021 may five December 2035 1 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 8. The following table includes information regarding the activity in accumulated other comprehensive income (loss). Unrealized (Losses) Gains on Securities Available-for-Sale (In Thousands) Balance, July 1, 2022 $ (19,081 ) Other comprehensive loss, before reclassifications and income taxes (16,009 ) Amounts reclassified from accumulated other comprehensive loss, before income taxes - Income tax benefit 4,216 Total other comprehensive loss (11,793 ) Balance, September 30, 2022 $ (30,874 ) Balance, July 1, 2021 $ 4,938 Other comprehensive loss, before reclassifications and income taxes (578 ) Amounts reclassified from accumulated other comprehensive income, before income taxes (11 ) Income tax benefit 155 Total other comprehensive loss (434 ) Balance, September 30, 2021 $ 4,504 Balance, January 1, 2022 $ 3,493 Other comprehensive loss, before reclassifications and income taxes (46,657 ) Amounts reclassified from accumulated other comprehensive loss, before income taxes 6 Income tax benefit 12,284 Total other comprehensive loss (34,367 ) Balance, September 30, 2022 $ (30,874 ) Balance, January 1, 2021 $ 5,851 Other comprehensive loss, before reclassifications and income taxes (1,818 ) Amounts reclassified from accumulated other comprehensive income, before income taxes (11 ) Income tax benefit 482 Total other comprehensive loss (1,347 ) Balance, September 30, 2021 $ 4,504 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. EARNINGS PER SHARE The computations of basic and diluted earnings per share are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in Thousands, Except Per Share Data) Basic weighted average shares outstanding 7,793,485 6,525,509 7,241,520 6,691,256 Dilutive effect of stock compensation 14,565 18,535 12,722 18,120 Diluted weighted average shares outstanding 7,808,050 6,544,044 7,254,242 6,709,376 Net income available to common shareholders $ 3,092 $ 4,746 $ 7,079 $ 12,692 Basic earnings per share $ 0.40 $ 0.73 $ 0.98 $ 1.90 Diluted earnings per share $ 0.40 $ 0.73 $ 0.98 $ 1.89 There were no anti-dilutive shares a September 30, 2022 December 31, 2021 |
Note 10 - Derivatives and Hedgi
Note 10 - Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 10. The Company enters into commitments to originate and sell mortgage loans. The Bank uses derivatives to hedge the risk of changes in fair values of interest rate lock commitments and mortgage loans held-for-sale. An optimal amount of mortgage loans are sold directly into bulk commitments with investors at the time an interest rate is locked, other loans are sold on an individual best efforts basis at the time an interest rate is locked, and the remaining balance of locked loans are hedged using To-Be-Announced (“TBA”) mortgage-backed securities or bulk mandatory forward loan sale commitments. Derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. Derivatives are recorded as either other assets or other liabilities on the condensed consolidated statements of condition. Derivatives are summarized as follows: September 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability (In Thousands) Interest rate lock commitments $ 53,275 $ - $ 772 $ 84,674 $ 1,218 $ - Forward TBA mortgage-backed securities 45,000 1,614 - 51,000 - 94 Changes in the fair value of the derivatives are recorded in mortgage banking, net within noninterest income on the condensed consolidated statements of income . Net gains three September 30, 2022 2021, f $282,000 nine September 30, 2022 2021 |
Note 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 11 . FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Assets and liabilities that are measured at fair value are grouped in three The fair value hierarchy is as follows: ■ Level 1 ■ Level 2 not ■ Level 3 may A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy at the reporting date, is set forth below. Available-for-Sale Securities 1 2 2 may not Loans Held-for-Sale not 2 Derivative Instruments 3 2 Impaired Loans not 3 Real Estate and Other Repossessed Assets third 3 Mortgage Servicing Rights third 3 The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. September 30, 2022 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government obligations $ - $ 2,463 $ - $ 2,463 U.S. Treasury obligations 56,069 - - 56,069 Municipal obligations - 168,882 - 168,882 Corporate obligations - 7,029 - 7,029 Mortgage-backed securities - 30,486 - 30,486 Collateralized mortgage obligations - 83,170 - 83,170 Asset-backed securities - 3,850 - 3,850 Loans held-for-sale - 24,408 - 24,408 Forward TBA mortgage-backed securities - 1,614 - 1,614 Financial liabilities: Interest rate lock commitments - - 772 772 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 Certain financial assets may The following table summarizes financial assets measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting periods presented: September 30, 2022 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 218 $ 218 Real estate and other repossessed assets - - - - Mortgage servicing rights - - 1,383 1,383 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 The following table represents the Banks’s Level 3 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 110-265% Interest rate lock commitments Internal pricing model Pull-through expectations 80-95% The following tables provide a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3 nine September 30, 2022. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Interest Rate Lock Commitments Interest Rate Lock Commitments (In Thousands) (In Thousands) Beginning balance $ 334 $ 2,949 $ 1,218 $ 6,017 Purchases and issuances (640 ) 4,468 95 10,218 Sales and settlements (466 ) (5,089 ) (2,085 ) (13,907 ) Ending balance $ (772 ) $ 2,328 $ (772 ) $ 2,328 Net change in fair value for (losses) gains relating to items held at end of period $ (1,106 ) $ (621 ) $ (1,990 ) $ (3,689 ) The tables below summarize the estimated fair values of financial instruments of the Company, whether or not September 30, 2022 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 25,197 $ - $ - $ 25,197 $ 25,197 FHLB stock 2,939 - - 2,939 2,939 FRB stock 4,206 - - 4,206 4,206 Loans receivable, gross - - 1,302,575 1,302,575 1,312,154 Accrued interest and dividends receivable 10,778 - - 10,778 10,778 Mortgage servicing rights - - 19,303 19,303 15,141 Financial liabilities: Non-maturing interest-bearing deposits - 935,208 - 935,208 935,208 Noninterest-bearing deposits 507,034 - - 507,034 507,034 Time certificates of deposit - - 226,649 226,649 232,008 Accrued expenses and other liabilities 22,976 - - 22,976 22,976 FHLB advances and other borrowings - - 15,580 15,580 15,600 Other long-term debt - - 55,988 55,988 60,155 December 31, 2021 Total Level 1 Level 2 Level 3 Estimated 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 29,299 30,155 |
Note 12 - Recent Accounting Pro
Note 12 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 12 . RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements In September 2016, No. 2016 13, 326 In October 2019, December 15, 2022, first In February 2022, No. 2022 02, No. 2016 13. The Company believes the amendments in these updates will have an impact on the Company’s condensed consolidated financial statements and is continuing to evaluate the significance of that impact. In that regard, we have established a working group composed of individuals from the finance and credit administration areas of the Company. We have developed a current expected credit loss model and are utilizing this model concurrently with our existing allowance for loan loss model during 2022. 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Organization 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 In March 2021, 10 December 31, 2021, two d $1,237,000 September 30, 2022 December 31, 2021, In September 2021, April 30, 2022. nine On January 1, 2020, one The Bank currently has 30 January 2022, |
Basis of Presentation and Use of Estimates [Policy Text Block] | Basis of Financial Statement Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 10 X 10 December 31, 2021 March 9, 2022. The results of operations for the nine September 30, 2022 not December 31, 2022 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include Eagle, th e Bank, OHF, Eagle Bancorp Statutory Trust I (the “Trust”) and WFS. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior period amounts were reclassified to conform to the presentation for 2022 no |
Note 2 - Mergers and Acquisit_2
Note 2 - Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | FCB April 30, 2022 (In Thousands) Assets acquired: Cash and cash equivalents $ 23,623 Securities available-for-sale 126,123 Loans receivable 190,894 Premises and equipment 6,393 Cash surrender value of life insurance 8,638 Core deposit intangible 7,004 Other assets 7,687 Total assets acquired $ 370,362 Liabilities assumed: Deposits $ 321,107 Accrued expenses and other liabilities 1,767 Other borrowings 22,853 Total liabilities assumed $ 345,727 Net assets acquired $ 24,635 Consideration paid: Cash $ 10,226 Common stock issued (1,396,596 shares) 28,351 Total consideration paid $ 38,577 Goodwill resulting from acquisition $ 13,942 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 (Dollars in Thousands, Except Per Share Data) (Dollars in Thousands, Except Per Share Data) Pro forma net income (1) Net interest income after loan loss provision $ 15,110 $ 43,921 Noninterest income 14,946 42,833 Noninterest expense 22,104 64,962 Income before provision for income taxes 7,952 21,792 Income tax provision 1,988 5,448 Net income $ 5,964 $ 16,344 Pro forma earnings per share (1) Basic earnings per share $ 0.91 $ 2.44 Diluted earnings per share $ 0.91 $ 2.44 Weighted average shares outstanding, basic 6,525,509 6,691,256 Weighted average shares outstanding, diluted 6,544,044 6,709,376 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 2022 December 31, 2021 Gross Gross Amortized Unrealized Fair Amortized Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value (In Thousands) Available-for-Sale: U.S. government and agency obligations $ 2,674 $ 3 $ (214 ) $ 2,463 $ 1,618 $ 15 $ - $ 1,633 U.S. Treasury obligations 63,708 - (7,639 ) 56,069 52,707 580 (104 ) 53,183 Municipal obligations 191,252 9 (22,379 ) 168,882 119,381 4,616 (330 ) 123,667 Corporate obligations 7,239 2 (212 ) 7,029 9,251 103 (18 ) 9,336 Mortgage-backed securities 32,729 1 (2,244 ) 30,486 14,662 92 (118 ) 14,636 Collateralized mortgage obligations 92,450 - (9,280 ) 83,170 63,286 416 (635 ) 63,067 Asset-backed securities 3,808 46 (4 ) 3,850 5,617 123 - 5,740 Total $ 393,860 $ 61 $ (41,972 ) $ 351,949 $ 266,522 $ 5,945 $ (1,205 ) $ 271,262 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In Thousands) Proceeds from sale of available-for-sale securities $ - $ 3,910 $ 43,794 $ 3,910 Gross realized gain on sale of available-for-sale securities $ - $ 11 $ - $ 11 Gross realized loss on sale of available-for-sale securities - - (6 ) - Net realized loss on sale of available-for-sale securities $ - $ 11 $ (6 ) $ 11 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2022 Amortized Fair Cost Value (In Thousands) Due in one year or less $ 18,821 $ 18,694 Due from one to five years 19,187 18,552 Due from five to ten years 90,566 78,291 Due after ten years 140,107 122,756 268,681 238,293 Mortgage-backed securities 32,729 30,486 Collateralized mortgage obligations 92,450 83,170 Total $ 393,860 $ 351,949 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2022 Less Than 12 Months 12 Months or Longer Gross Gross Fair Unrealized Fair Unrealized Value Losses Value Losses (In Thousands) U.S. government and agency obligations $ 1,739 $ (214 ) $ - $ - U.S. Treasury obligations 39,485 (4,861 ) 16,584 (2,778 ) Municipal obligations 152,894 (18,422 ) 12,821 (3,957 ) Corporate obligations 6,026 (212 ) - - Mortgage-backed securities and collateralized mortgage obligations 80,102 (6,028 ) 33,355 (5,496 ) Asset-backed securities 743 (4 ) - - Total $ 280,989 $ (29,741 ) $ 62,760 $ (12,231 ) 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. government and agency obligations $ - $ - $ - $ - 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 ) Asset-backed securities - - - - Total $ 90,258 $ (1,193 ) $ 1,296 $ (12 ) |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2022 2021 (In Thousands) Real estate loans: Residential 1-4 family $ 195,265 $ 146,815 Commercial real estate 781,843 569,976 Other loans: Home equity 67,409 51,748 Consumer 27,703 18,455 Commercial 241,608 147,870 Total 1,313,828 934,864 Deferred loan fees, net (1,674 ) (1,725 ) Allowance for loan losses (13,850 ) (12,500 ) Total loans, net $ 1,298,304 $ 920,639 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2022 $ 1,643 $ 8,337 $ 507 $ 361 $ 2,477 $ 13,325 Charge-offs - - - (6 ) - (6 ) Recoveries - 6 - 3 5 14 Provision 17 400 1 1 98 517 Ending balance, September 30, 2022 $ 1,660 $ 8,743 $ 508 $ 359 $ 2,580 $ 13,850 Allowance for loan losses: Beginning balance, January 1, 2022 $ 1,596 $ 7,470 $ 533 $ 365 $ 2,536 $ 12,500 Charge-offs - - (32 ) (14 ) (299 ) (345 ) Recoveries - 20 - 4 17 41 Provision 64 1,253 7 4 326 1,654 Ending balance, September 30, 2022 $ 1,660 $ 8,743 $ 508 $ 359 $ 2,580 $ 13,850 Ending balance, September 30, 2022 allocated to loans individually evaluated for impairment $ 199 $ - $ - $ - $ 79 $ 278 Ending balance, September 30, 2022 allocated to loans collectively evaluated for impairment $ 1,461 $ 8,743 $ 508 $ 359 $ 2,501 $ 13,572 Loans receivable: Ending balance, September 30, 2022 $ 195,265 $ 781,843 $ 67,409 $ 27,703 $ 241,608 $ 1,313,828 Ending balance, September 30, 2022 of loans individually evaluated for impairment $ 687 $ 1,173 $ 97 $ 34 $ 1,655 $ 3,646 Ending balance, September 30, 2022 of loans collectively evaluated for impairment $ 194,578 $ 780,670 $ 67,312 $ 27,669 $ 239,953 $ 1,310,182 Residential Commercial Home 1-4 Family Real Estate Equity Consumer Commercial Total (In Thousands) Allowance for loan losses: Beginning balance, July 1, 2021 $ 1,544 $ 7,127 $ 522 $ 363 $ 2,344 $ 11,900 Charge-offs - - - (4 ) - (4 ) Recoveries - 6 - 1 42 49 Provision 26 155 8 3 63 255 Ending balance, September 30, 2021 $ 1,570 $ 7,288 $ 530 $ 363 $ 2,449 $ 12,200 Allowance for loan losses: Beginning balance, January 1, 2021 $ 1,506 $ 6,951 $ 515 $ 364 $ 2,264 $ 11,600 Charge-offs - (35 ) - (14 ) (6 ) (55 ) Recoveries - 15 - 7 57 79 Provision 64 357 15 6 134 576 Ending balance, September 30, 2021 $ 1,570 $ 7,288 $ 530 $ 363 $ 2,449 $ 12,200 Ending balance, September 30, 2021 allocated to loans individually evaluated for impairment $ 199 $ - $ - $ - $ 109 $ 308 Ending balance, September 30, 2021 allocated to loans collectively evaluated for impairment $ 1,371 $ 7,288 $ 530 $ 363 $ 2,340 $ 11,892 Loans receivable: Ending balance, September 30, 2021 $ 142,921 $ 522,953 $ 52,990 $ 18,940 $ 149,199 $ 887,003 Ending balance, September 30, 2021 of loans individually evaluated for impairment $ 1,122 $ 4,341 $ 121 $ 78 $ 2,111 $ 7,773 Ending balance, September 30, 2021 of loans collectively evaluated for impairment $ 141,799 $ 518,612 $ 52,869 $ 18,862 $ 147,088 $ 879,230 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2022 Special Pass Mention Substandard Doubtful Loss Total (In Thousands) Real estate loans: Residential 1-4 family $ 136,505 $ 519 $ 575 $ 199 $ - $ 137,798 Residential 1-4 family construction 57,467 - - - - 57,467 Commercial real estate 491,965 12,954 1,797 - - 506,716 Commercial construction and development 144,247 1,053 - - - 145,300 Farmland 125,169 2,450 2,208 - - 129,827 Other loans: Home equity 67,295 - 114 - - 67,409 Consumer 27,653 2 48 - - 27,703 Commercial 129,004 1,113 850 8 - 130,975 Agricultural 107,536 610 2,378 109 - 110,633 Total $ 1,286,841 $ 18,701 $ 7,970 $ 316 $ - $ 1,313,828 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 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2022 Loans Past Due and Still Accruing 90 Days 30-89 Days and Nonaccrual Current Total Past Due Greater Total Loans Loans Loans (In Thousands) Real estate loans: Residential 1-4 family $ 452 $ - $ 452 $ 687 $ 136,659 $ 137,798 Residential 1-4 family construction 149 - 149 - 57,318 57,467 Commercial real estate 76 - 76 403 506,237 506,716 Commercial construction and development 109 - 109 - 145,191 145,300 Farmland 31 - 31 770 129,026 129,827 Other loans: Home equity 62 - 62 97 67,250 67,409 Consumer 121 - 121 34 27,548 27,703 Commercial 324 874 1,198 68 129,709 130,975 Agricultural 35 - 35 1,587 109,011 110,633 Total $ 1,359 $ 874 $ 2,233 $ 3,646 $ 1,307,949 $ 1,313,828 December 31, 2021 Loans Past Due and Still Accruing 90 Days 30-89 Days and Nonaccrual 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 |
Impaired Financing Receivables [Table Text Block] | September 30, 2022 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 687 $ 785 $ 199 Residential 1-4 family construction - - - Commercial real estate 403 486 - Commercial construction and development - - - Farmland 770 868 - Other loans: Home equity 97 122 - Consumer 34 40 - Commercial 68 124 - Agricultural 1,587 1,686 79 Total $ 3,646 $ 4,111 $ 278 December 31, 2021 Unpaid Recorded Principal Related Investment Balance Allowance (In Thousands) Real estate loans: Residential 1-4 family $ 616 $ 703 $ 199 Residential 1-4 family construction 337 387 - Commercial real estate 2,024 2,078 - Commercial construction and development - - - Farmland 1,630 1,721 - Other loans: Home equity 115 139 - Consumer 62 73 - Commercial 516 639 101 Agricultural 1,759 1,862 300 Total $ 7,059 $ 7,602 $ 600 |
Impaired Financing Receivables, Average Recorded Investment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Average Recorded Investment Average Recorded Investment (In Thousands) (In Thousands) Real estate loans: Residential 1-4 family $ 629 $ 715 $ 652 $ 994 Residential 1-4 family construction - 337 169 337 Commercial real estate 403 2,239 1,213 2,166 Commercial construction and development - - - 25 Farmland 770 2,125 1,200 2,259 Other loans: Home equity 108 126 106 116 Consumer 35 78 48 114 Commercial 76 536 292 536 Agricultural 1,587 1,366 1,673 1,640 Total $ 3,608 $ 7,522 $ 5,353 $ 8,187 |
Note 5 - Mortgage Servicing R_2
Note 5 - Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Activities in Mortgage Servicing Rights [Table Text Block] | As of or For the Three Months Ended September 30, 2022 2021 (In Thousands) Mortgage servicing rights: Beginning balance $ 14,809 $ 12,232 Mortgage servicing rights capitalized 924 1,662 Amortization of mortgage servicing rights (592 ) (863 ) Ending balance $ 15,141 $ 13,031 Valuation allowance: Beginning balance $ - $ (104 ) Recovery of mortgage servicing rights - 14 Ending balance $ - $ (90 ) Mortgage servicing rights, net $ 15,141 $ 12,941 As of or For the Nine Months Ended September 30, 2022 2021 (In Thousands) Mortgage servicing rights: Beginning balance $ 13,749 $ 10,897 Mortgage servicing rights capitalized 3,102 5,015 Amortization of mortgage servicing rights (1,710 ) (2,881 ) Ending balance $ 15,141 $ 13,031 Valuation allowance: Beginning balance $ (56 ) $ (792 ) Recovery of mortgage servicing rights 56 702 Ending balance - (90 ) Mortgage servicing rights, net $ 15,141 $ 12,941 |
Mortgage Servicing Rights [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, December 31, 2022 2021 Key assumptions: Discount rate 12 % 12 % Prepayment speed range 111-208 % 184-265 % Weighted average prepayment speed 123 % 204 % |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, December 31, 2022 2021 (In Thousands) Noninterest checking $ 507,034 $ 368,846 Interest-bearing checking 252,258 203,410 Savings 284,303 223,069 Money market 398,647 277,469 Time certificates of deposit 232,008 149,755 Total $ 1,674,250 $ 1,222,549 |
Note 7 - Other Long-term Debt (
Note 7 - Other Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 2022 December 31, 2021 Unamortized Unamortized Debt Debt Principal Issuance Principal Issuance Amount Costs Amount Costs (In Thousands) Senior notes fixed at 5.75% 2022 $ - $ - $ 10,000 $ (4 ) Subordinated debentures fixed at 5.50% 2030 15,000 (257 ) 15,000 (282 ) Subordinated debentures fixed at 3.50% 2032 40,000 (850 ) - - Subordinated debentures variable at 3-Month Libor plus 1.42% 2035 5,155 - 5,155 - Total other long-term debt $ 60,155 $ (1,107 ) $ 30,155 $ (286 ) |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized (Losses) Gains on Securities Available-for-Sale (In Thousands) Balance, July 1, 2022 $ (19,081 ) Other comprehensive loss, before reclassifications and income taxes (16,009 ) Amounts reclassified from accumulated other comprehensive loss, before income taxes - Income tax benefit 4,216 Total other comprehensive loss (11,793 ) Balance, September 30, 2022 $ (30,874 ) Balance, July 1, 2021 $ 4,938 Other comprehensive loss, before reclassifications and income taxes (578 ) Amounts reclassified from accumulated other comprehensive income, before income taxes (11 ) Income tax benefit 155 Total other comprehensive loss (434 ) Balance, September 30, 2021 $ 4,504 Balance, January 1, 2022 $ 3,493 Other comprehensive loss, before reclassifications and income taxes (46,657 ) Amounts reclassified from accumulated other comprehensive loss, before income taxes 6 Income tax benefit 12,284 Total other comprehensive loss (34,367 ) Balance, September 30, 2022 $ (30,874 ) Balance, January 1, 2021 $ 5,851 Other comprehensive loss, before reclassifications and income taxes (1,818 ) Amounts reclassified from accumulated other comprehensive income, before income taxes (11 ) Income tax benefit 482 Total other comprehensive loss (1,347 ) Balance, September 30, 2021 $ 4,504 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in Thousands, Except Per Share Data) Basic weighted average shares outstanding 7,793,485 6,525,509 7,241,520 6,691,256 Dilutive effect of stock compensation 14,565 18,535 12,722 18,120 Diluted weighted average shares outstanding 7,808,050 6,544,044 7,254,242 6,709,376 Net income available to common shareholders $ 3,092 $ 4,746 $ 7,079 $ 12,692 Basic earnings per share $ 0.40 $ 0.73 $ 0.98 $ 1.90 Diluted earnings per share $ 0.40 $ 0.73 $ 0.98 $ 1.89 |
Note 10 - Derivatives and Hed_2
Note 10 - Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value Amount Asset Liability Amount Asset Liability (In Thousands) Interest rate lock commitments $ 53,275 $ - $ 772 $ 84,674 $ 1,218 $ - Forward TBA mortgage-backed securities 45,000 1,614 - 51,000 - 94 |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2022 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Financial assets: Available-for-sale securities U.S. government obligations $ - $ 2,463 $ - $ 2,463 U.S. Treasury obligations 56,069 - - 56,069 Municipal obligations - 168,882 - 168,882 Corporate obligations - 7,029 - 7,029 Mortgage-backed securities - 30,486 - 30,486 Collateralized mortgage obligations - 83,170 - 83,170 Asset-backed securities - 3,850 - 3,850 Loans held-for-sale - 24,408 - 24,408 Forward TBA mortgage-backed securities - 1,614 - 1,614 Financial liabilities: Interest rate lock commitments - - 772 772 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 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2022 Level 1 Level 2 Level 3 Total Fair Inputs Inputs Inputs Value (In Thousands) Impaired loans $ - $ - $ 218 $ 218 Real estate and other repossessed assets - - - - Mortgage servicing rights - - 1,383 1,383 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 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Interest Rate Lock Commitments Interest Rate Lock Commitments (In Thousands) (In Thousands) Beginning balance $ 334 $ 2,949 $ 1,218 $ 6,017 Purchases and issuances (640 ) 4,468 95 10,218 Sales and settlements (466 ) (5,089 ) (2,085 ) (13,907 ) Ending balance $ (772 ) $ 2,328 $ (772 ) $ 2,328 Net change in fair value for (losses) gains relating to items held at end of period $ (1,106 ) $ (621 ) $ (1,990 ) $ (3,689 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2022 Total Level 1 Level 2 Level 3 Estimated Carrying Inputs Inputs Inputs Fair Value Amount (In Thousands) Financial assets: Cash and cash equivalents $ 25,197 $ - $ - $ 25,197 $ 25,197 FHLB stock 2,939 - - 2,939 2,939 FRB stock 4,206 - - 4,206 4,206 Loans receivable, gross - - 1,302,575 1,302,575 1,312,154 Accrued interest and dividends receivable 10,778 - - 10,778 10,778 Mortgage servicing rights - - 19,303 19,303 15,141 Financial liabilities: Non-maturing interest-bearing deposits - 935,208 - 935,208 935,208 Noninterest-bearing deposits 507,034 - - 507,034 507,034 Time certificates of deposit - - 226,649 226,649 232,008 Accrued expenses and other liabilities 22,976 - - 22,976 22,976 FHLB advances and other borrowings - - 15,580 15,580 15,600 Other long-term debt - - 55,988 55,988 60,155 December 31, 2021 Total Level 1 Level 2 Level 3 Estimated 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 29,299 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 110-265% Interest rate lock commitments Internal pricing model Pull-through expectations 80-95% |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Opportunity Bank of Montana [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |
Opportunity Housing Fund, LLC [Member] | ||
Investments, Total | $ 1,237,000 | $ 935,000 |
Note 2 - Mergers and Acquisit_3
Note 2 - Mergers and Acquisitions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 7,895,000 | $ 7,895,000 | $ 1,780,000 | ||||
Business Combination, Acquisition Related Costs | 103,000 | $ 35,000 | 2,296,000 | $ 35,000 | |||
First Community Bancorp [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 38,577,000 | ||||||
Payments to Acquire Businesses, Gross | 10,226,000 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 28,351,000 | ||||||
Goodwill, Acquired During Period | $ 13,942,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Investments | (4,559,000) | ||||||
Business Combination, Acquired Loans Discount | 5,416,000 | 4,352,000 | 4,352,000 | ||||
Business Combination, Accretion of Loan Discount | 333,000 | 1,060,000,000,000 | |||||
Business Combination, Acquisition Related Costs | $ 103,000 | $ 35,000 | $ 2,296,000 | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 25% | ||||||
First Community Bancorp [Member] | Core Deposits [Member] | |||||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 7,004,000 | ||||||
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 ($) | Apr. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill resulting from acquisition | $ 34,740,000 | $ 20,798,000 | |
First Community Bancorp [Member] | |||
Cash and cash equivalents | $ 23,623,000 | ||
Securities available-for-sale | 126,123,000 | ||
Loans receivable | 190,894,000 | ||
Premises and equipment | 6,393,000 | ||
Cash surrender value of life insurance | 8,638,000 | ||
Core deposit intangible | 7,004,000 | ||
Other assets | 7,687,000 | ||
Total assets acquired | 370,362,000 | ||
Deposits | 321,107,000 | ||
Accrued expenses and other liabilities | 1,767,000 | ||
Other borrowings | 22,853,000 | ||
Total liabilities assumed | 345,727,000 | ||
Net assets acquired | 24,635,000 | ||
Cash | 10,226,000 | ||
Common stock issued (1,396,596 shares) | 28,351,000 | ||
Total consideration paid | 38,577,000 | ||
Goodwill resulting from acquisition | $ 13,942,000 |
Note 2 - Mergers and Acquisit_5
Note 2 - Mergers and Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net interest income after loan loss provision | $ 17,370 | $ 11,776 | $ 44,045 | $ 33,919 | |
Noninterest income | 7,417 | 13,353 | 23,052 | 38,054 | |
Noninterest expense | 20,664 | 18,800 | 57,658 | 55,050 | |
Income before provision for income taxes | 4,123 | 6,329 | 9,439 | 16,923 | |
Income tax provision | 1,031 | 1,583 | 2,360 | 4,231 | |
NET INCOME | $ 3,092 | $ 4,746 | $ 7,079 | $ 12,692 | |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.40 | $ 0.73 | $ 0.98 | $ 1.90 | |
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 0.40 | $ 0.73 | $ 0.98 | $ 1.89 | |
Weighted average shares outstanding, basic (in shares) | 7,793,485 | 6,525,509 | 7,241,520 | 6,691,256 | |
Weighted average shares outstanding, diluted (in shares) | 7,808,050 | 6,544,044 | 7,254,242 | 6,709,376 | |
First Community Bancorp [Member] | Pro Forma [Member] | |||||
Net interest income after loan loss provision | [1] | $ 15,110 | $ 43,921 | ||
Noninterest income | [1] | 14,946 | 42,833 | ||
Noninterest expense | [1] | 22,104 | 64,962 | ||
Income before provision for income taxes | [1] | 7,952 | 21,792 | ||
Income tax provision | [1] | 1,988 | 5,448 | ||
NET INCOME | [1] | $ 5,964 | $ 16,344 | ||
BASIC EARNINGS PER SHARE (in dollars per share) | [1] | $ 0.91 | $ 2.44 | ||
DILUTED EARNINGS PER SHARE (in dollars per share) | [1] | $ 0.91 | $ 2.44 | ||
Weighted average shares outstanding, basic (in shares) | 6,525,509 | 6,691,256 | |||
Weighted average shares outstanding, diluted (in shares) | 6,544,044 | 6,709,376 | |||
[1]Significant assumptions utilized include the acquisition cost noted above and a 25.00% effective tax rate. |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 400 | 400 | 43 | ||
Asset Pledged as Collateral without Right [Member] | |||||
Debt Securities, Total | $ 59,927,000 | $ 59,927,000 | $ 22,245,000 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale, amortized cost | $ 393,860 | $ 266,522 |
U.S. government and agency obligations | 61 | 5,945 |
U.S. government and agency obligations | (41,972) | (1,205) |
Securities available-for-sale | 351,949 | 271,262 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 2,674 | 1,618 |
U.S. government and agency obligations | 3 | 15 |
U.S. government and agency obligations | (214) | 0 |
Securities available-for-sale | 2,463 | 1,633 |
US Treasury and Government [Member] | ||
Securities available-for-sale, amortized cost | 63,708 | 52,707 |
U.S. government and agency obligations | 0 | 580 |
U.S. government and agency obligations | (7,639) | (104) |
Securities available-for-sale | 56,069 | 53,183 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 191,252 | 119,381 |
U.S. government and agency obligations | 9 | 4,616 |
U.S. government and agency obligations | (22,379) | (330) |
Securities available-for-sale | 168,882 | 123,667 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized cost | 7,239 | 9,251 |
U.S. government and agency obligations | 2 | 103 |
U.S. government and agency obligations | (212) | (18) |
Securities available-for-sale | 7,029 | 9,336 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, amortized cost | 32,729 | 14,662 |
U.S. government and agency obligations | 1 | 92 |
U.S. government and agency obligations | (2,244) | (118) |
Securities available-for-sale | 30,486 | 14,636 |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale, amortized cost | 92,450 | 63,286 |
U.S. government and agency obligations | 0 | 416 |
U.S. government and agency obligations | (9,280) | (635) |
Securities available-for-sale | 83,170 | 63,067 |
Asset-Backed Securities [Member] | ||
Securities available-for-sale, amortized cost | 3,808 | 5,617 |
U.S. government and agency obligations | 46 | 123 |
U.S. government and agency obligations | (4) | 0 |
Securities available-for-sale | $ 3,850 | $ 5,740 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Proceeds From Sale of Available-for-sale Securities and the Associated Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from sale of available-for-sale securities | $ 0 | $ 3,910 | $ 43,794 | $ 3,910 |
Gross realized gain on sale of available-for-sale securities | 0 | 11 | 0 | 11 |
Gross realized loss on sale of available-for-sale securities | 0 | 0 | (6) | 0 |
Net realized loss on sale of available-for-sale securities | $ 0 | $ 11 | $ (6) | $ 11 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available for sale securities, due in one year or less, amortized cost | $ 18,821 | |
Available for sale securities, due in one year or less, fair value | 18,694 | |
Available for sale securities, due from one to five years, amortized cost | 19,187 | |
Available for sale securities, due from one to five years, fair value | 18,552 | |
Available for sale securities, due from five to ten years, amortized cost | 90,566 | |
Available for sale securities, due from five to ten years, fair value | 78,291 | |
Available for sale securities, due after ten years, amortized cost | 140,107 | |
Available for sale securities, due after ten years, fair value | 122,756 | |
Total available for sale securities debt maturities, amortized cost | 268,681 | |
Total available for sale securities, debt maturities, fair value | 238,293 | |
Securities available-for-sale, amortized cost | 393,860 | $ 266,522 |
Securities available-for-sale | 351,949 | 271,262 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available for sale securities, without single maturity, amortized cost | 32,729 | |
Available for sale securities, without single maturity, fair value | 30,486 | |
Securities available-for-sale, amortized cost | 32,729 | 14,662 |
Securities available-for-sale | 30,486 | 14,636 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities, without single maturity, amortized cost | 92,450 | |
Available for sale securities, without single maturity, fair value | 83,170 | |
Securities available-for-sale, amortized cost | 92,450 | 63,286 |
Securities available-for-sale | $ 83,170 | $ 63,067 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Investment Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | $ 280,989 | $ 90,258 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (29,741) | (1,193) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 62,760 | 1,296 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (12,231) | (12) |
US Government Agencies Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 1,739 | 0 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (214) | 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 Treasury and Government [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 39,485 | 19,301 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (4,861) | (104) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 16,584 | 0 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (2,778) | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 152,894 | 17,973 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (18,422) | (330) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 12,821 | 0 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (3,957) | 0 |
Corporate Debt Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 6,026 | 2,982 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (212) | (18) |
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 | 80,102 | 50,002 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (6,028) | (741) |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, fair value | 33,355 | 1,296 |
Available for sale debt securities, continuous unrealized loss position for 12 months or longer, gross unrealized losses | (5,496) | (12) |
Asset-Backed Securities [Member] | ||
Available for sale debt securities, continuous unrealized loss position less than 12 months, fair value | 743 | 0 |
Available for sale debt securities, continuous unrealized loss position less than 12 months, gross unrealized losses | (4) | 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 |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Loans and Leases Receivable, Gross | $ 1,313,828,000 | $ 887,003,000 | $ 1,313,828,000 | $ 887,003,000 | $ 934,864,000 |
Interest Received on Past Due Loans, Applied to Principal | 406,000 | 405,000 | |||
Financing Receivable, Troubled Debt Restructuring | $ 1,112,000 | 1,112,000 | 2,224,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross | 781,843,000 | $ 522,953,000 | 781,843,000 | $ 522,953,000 | 569,976,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||||
Loans and Leases Receivable, Gross | 129,827,000 | $ 129,827,000 | 67,005,000 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 391,000 | 391,000 | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 2 | ||||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan 2 [Member] | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 70,000 | 70,000 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 70,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||||
Loans and Leases Receivable, Gross | 506,716,000 | 506,716,000 | 410,568,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan 1 [Member] | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 374,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | United States Department of Agriculture Rural Development [Member] | |||||
Loans and Leases Receivable, Gross | 26,983,000 | 26,983,000 | 25,730,000 | ||
Commercial Portfolio Segment [Member] | |||||
Loans and Leases Receivable, Gross | 241,608,000 | $ 149,199,000 | 241,608,000 | 149,199,000 | 147,870,000 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||||
Loans and Leases Receivable, Gross | $ 110,633,000 | $ 110,633,000 | $ 46,335,000 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | ||||
Commercial Portfolio Segment [Member] | Agricultural Loan 1 [Member] | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 331,000 | ||||
Commercial Portfolio Segment [Member] | Agricultural Loan 2 [Member] | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 145,000 | ||||
Commercial Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 115,000 |
Note 4 - Loans Receivable - Sum
Note 4 - Loans Receivable - Summary of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans receivable | $ 1,313,828 | $ 934,864 | $ 887,003 | |||
Deferred loan fees, net | (1,674) | (1,725) | ||||
Allowance for loan losses | (13,850) | $ (13,325) | (12,500) | (12,200) | $ (11,900) | $ (11,600) |
Total loans, net | 1,298,304 | 920,639 | ||||
Residential Portfolio Segment [Member] | ||||||
Loans receivable | 195,265 | 146,815 | 142,921 | |||
Allowance for loan losses | (1,660) | (1,643) | (1,596) | (1,570) | (1,544) | (1,506) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans receivable | 781,843 | 569,976 | 522,953 | |||
Allowance for loan losses | (8,743) | (8,337) | (7,470) | (7,288) | (7,127) | (6,951) |
Home Equity Portfolio Segment [Member] | ||||||
Loans receivable | 67,409 | 51,748 | 52,990 | |||
Allowance for loan losses | (508) | (507) | (533) | (530) | (522) | (515) |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable | 27,703 | 18,455 | 18,940 | |||
Allowance for loan losses | (359) | (361) | (365) | (363) | (363) | (364) |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable | 241,608 | 147,870 | 149,199 | |||
Allowance for loan losses | $ (2,580) | $ (2,477) | $ (2,536) | $ (2,449) | $ (2,344) | $ (2,264) |
Note 4 - Loans Receivable - All
Note 4 - Loans Receivable - Allowance for Loan Losses Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Allowance for loan losses, beginning balance | $ 13,325 | $ 11,900 | $ 12,500 | $ 11,600 | |
Charge-offs | (6) | (4) | (345) | (55) | |
Recoveries | 14 | 49 | 41 | 79 | |
Provision | 517 | 255 | 1,654 | 576 | |
Allowance for loan losses, ending balance | 13,850 | 12,200 | 13,850 | 12,200 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 278 | 308 | 278 | 308 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 13,572 | 11,892 | 13,572 | 11,892 | |
Loans receivable | 1,313,828 | 887,003 | 1,313,828 | 887,003 | $ 934,864 |
Loans receivable, ending balance, loans individually evaluated for impairment | 3,646 | 7,773 | 3,646 | 7,773 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 1,310,182 | 879,230 | 1,310,182 | 879,230 | |
Residential Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 1,643 | 1,544 | 1,596 | 1,506 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 17 | 26 | 64 | 64 | |
Allowance for loan losses, ending balance | 1,660 | 1,570 | 1,660 | 1,570 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 199 | 199 | 199 | 199 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 1,461 | 1,371 | 1,461 | 1,371 | |
Loans receivable | 195,265 | 142,921 | 195,265 | 142,921 | 146,815 |
Loans receivable, ending balance, loans individually evaluated for impairment | 687 | 1,122 | 687 | 1,122 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 194,578 | 141,799 | 194,578 | 141,799 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 8,337 | 7,127 | 7,470 | 6,951 | |
Charge-offs | 0 | 0 | 0 | (35) | |
Recoveries | 6 | 6 | 20 | 15 | |
Provision | 400 | 155 | 1,253 | 357 | |
Allowance for loan losses, ending balance | 8,743 | 7,288 | 8,743 | 7,288 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 8,743 | 7,288 | 8,743 | 7,288 | |
Loans receivable | 781,843 | 522,953 | 781,843 | 522,953 | 569,976 |
Loans receivable, ending balance, loans individually evaluated for impairment | 1,173 | 4,341 | 1,173 | 4,341 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 780,670 | 518,612 | 780,670 | 518,612 | |
Home Equity Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 507 | 522 | 533 | 515 | |
Charge-offs | 0 | 0 | (32) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 1 | 8 | 7 | 15 | |
Allowance for loan losses, ending balance | 508 | 530 | 508 | 530 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 508 | 530 | 508 | 530 | |
Loans receivable | 67,409 | 52,990 | 67,409 | 52,990 | 51,748 |
Loans receivable, ending balance, loans individually evaluated for impairment | 97 | 121 | 97 | 121 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 67,312 | 52,869 | 67,312 | 52,869 | |
Consumer Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 361 | 363 | 365 | 364 | |
Charge-offs | (6) | (4) | (14) | (14) | |
Recoveries | 3 | 1 | 4 | 7 | |
Provision | 1 | 3 | 4 | 6 | |
Allowance for loan losses, ending balance | 359 | 363 | 359 | 363 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 359 | 363 | 359 | 363 | |
Loans receivable | 27,703 | 18,940 | 27,703 | 18,940 | 18,455 |
Loans receivable, ending balance, loans individually evaluated for impairment | 34 | 78 | 34 | 78 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | 27,669 | 18,862 | 27,669 | 18,862 | |
Commercial Portfolio Segment [Member] | |||||
Allowance for loan losses, beginning balance | 2,477 | 2,344 | 2,536 | 2,264 | |
Charge-offs | 0 | 0 | (299) | (6) | |
Recoveries | 5 | 42 | 17 | 57 | |
Provision | 98 | 63 | 326 | 134 | |
Allowance for loan losses, ending balance | 2,580 | 2,449 | 2,580 | 2,449 | |
Allowance for loan losses, ending balance, allocated to loans individually evaluated for impairment | 79 | 109 | 79 | 109 | |
Allowance for loan losses, ending balance, allocated to loans collectively evaluated for impairment | 2,501 | 2,340 | 2,501 | 2,340 | |
Loans receivable | 241,608 | 149,199 | 241,608 | 149,199 | $ 147,870 |
Loans receivable, ending balance, loans individually evaluated for impairment | 1,655 | 2,111 | 1,655 | 2,111 | |
Loans receivable, ending balance, loans collectively evaluated for impairment | $ 239,953 | $ 147,088 | $ 239,953 | $ 147,088 |
Note 4 - Loans Receivable - Int
Note 4 - Loans Receivable - Internal Classification of the Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Loans receivable | $ 1,313,828 | $ 934,864 | $ 887,003 |
Residential Portfolio Segment [Member] | |||
Loans receivable | 195,265 | 146,815 | 142,921 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 137,798 | 101,180 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 57,467 | 45,635 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 781,843 | 569,976 | 522,953 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 506,716 | 410,568 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 145,300 | 92,403 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 129,827 | 67,005 | |
Home Equity Portfolio Segment [Member] | |||
Loans receivable | 67,409 | 51,748 | 52,990 |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 27,703 | 18,455 | 18,940 |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 241,608 | 147,870 | $ 149,199 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 130,975 | 101,535 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 110,633 | 46,335 | |
Pass [Member] | |||
Loans receivable | 1,286,841 | 925,751 | |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 136,505 | 100,680 | |
Pass [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 57,467 | 45,298 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 491,965 | 406,896 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 144,247 | 92,403 | |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 125,169 | 65,037 | |
Pass [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 67,295 | 51,614 | |
Pass [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 27,653 | 18,392 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 129,004 | 100,881 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 107,536 | 44,550 | |
Special Mention [Member] | |||
Loans receivable | 18,701 | 2,166 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 519 | 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 | 12,954 | 1,527 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 1,053 | 0 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 2,450 | 177 | |
Special Mention [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 2 | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 1,113 | 130 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 610 | 332 | |
Substandard [Member] | |||
Loans receivable | 7,970 | 6,692 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 575 | 301 | |
Substandard [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 0 | 337 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 1,797 | 2,145 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 0 | 0 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 2,208 | 1,744 | |
Substandard [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 114 | 134 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 48 | 63 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 850 | 524 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 2,378 | 1,444 | |
Doubtful [Member] | |||
Loans receivable | 316 | 255 | |
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 | 0 | 47 | |
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 | 8 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 109 | 9 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Home Equity Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer Portfolio Segment [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | $ 0 | $ 0 |
Note 4 - Loans Receivable - Del
Note 4 - Loans Receivable - Delinquencies Within the Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Loans receivable | $ 1,313,828 | $ 934,864 | $ 887,003 |
Non-accrual Loans | 3,646 | 5,491 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 1,359 | 931 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 874 | 0 | |
Financial Asset, Past Due [Member] | |||
Loans receivable | 2,233 | 931 | |
Financial Asset, Not Past Due [Member] | |||
Loans receivable | 1,307,949 | 928,442 | |
Residential Portfolio Segment [Member] | |||
Loans receivable | 195,265 | 146,815 | 142,921 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | |||
Loans receivable | 137,798 | 101,180 | |
Non-accrual Loans | 687 | 616 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 452 | 21 | |
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 | 0 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 452 | 21 | |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 136,659 | 100,543 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | |||
Loans receivable | 57,467 | 45,635 | |
Non-accrual Loans | 0 | 337 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 149 | 0 | |
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 | 0 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 149 | 0 | |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 57,318 | 45,298 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 781,843 | 569,976 | 522,953 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans receivable | 506,716 | 410,568 | |
Non-accrual Loans | 403 | 497 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 76 | 788 | |
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 | 76 | 788 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 506,237 | 409,283 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans receivable | 145,300 | 92,403 | |
Non-accrual Loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 109 | 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 | 109 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 145,191 | 92,403 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Loans receivable | 129,827 | 67,005 | |
Non-accrual Loans | 770 | 1,630 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 31 | 61 | |
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 | 31 | 61 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 129,026 | 65,314 | |
Home Equity Portfolio Segment [Member] | |||
Loans receivable | 67,409 | 51,748 | 52,990 |
Non-accrual Loans | 97 | 115 | |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 62 | 0 | |
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 | 62 | 0 | |
Home Equity Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 67,250 | 51,633 | |
Consumer Portfolio Segment [Member] | |||
Loans receivable | 27,703 | 18,455 | 18,940 |
Non-accrual Loans | 34 | 62 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 121 | 55 | |
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 | 121 | 55 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 27,548 | 18,338 | |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 241,608 | 147,870 | $ 149,199 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | |||
Loans receivable | 130,975 | 101,535 | |
Non-accrual Loans | 68 | 516 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 324 | 6 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 874 | 0 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 1,198 | 6 | |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | 129,709 | 101,013 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | |||
Loans receivable | 110,633 | 46,335 | |
Non-accrual Loans | 1,587 | 1,718 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Loans receivable | 35 | 0 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans receivable | 0 | 0 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans receivable | 35 | 0 | |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans receivable | $ 109,011 | $ 44,617 |
Note 4 - Loans Receivable - Imp
Note 4 - Loans Receivable - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Recorded investment | $ 3,646 | $ 7,059 |
Unpaid principal balance | 4,111 | 7,602 |
Related allowance | 278 | 600 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||
Recorded investment | 687 | 616 |
Unpaid principal balance | 785 | 703 |
Related allowance | 199 | 199 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | ||
Recorded investment | 0 | 337 |
Unpaid principal balance | 0 | 387 |
Related allowance | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Recorded investment | 403 | 2,024 |
Unpaid principal balance | 486 | 2,078 |
Related allowance | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Recorded investment | 770 | 1,630 |
Unpaid principal balance | 868 | 1,721 |
Related allowance | 0 | 0 |
Home Equity Portfolio Segment [Member] | ||
Recorded investment | 97 | 115 |
Unpaid principal balance | 122 | 139 |
Related allowance | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Recorded investment | 34 | 62 |
Unpaid principal balance | 40 | 73 |
Related allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||
Recorded investment | 68 | 516 |
Unpaid principal balance | 124 | 639 |
Related allowance | 0 | 101 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||
Recorded investment | 1,587 | 1,759 |
Unpaid principal balance | 1,686 | 1,862 |
Related allowance | $ 79 | $ 300 |
Note 4 - Loans Receivable - Ave
Note 4 - Loans Receivable - Average Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Average recorded investment | $ 3,608 | $ 7,522 | $ 5,353 | $ 8,187 |
Residential Portfolio Segment [Member] | One-to-Four Family Loans [Member] | ||||
Average recorded investment | 629 | 715 | 652 | 994 |
Residential Portfolio Segment [Member] | One-to-Four Family Construction [Member] | ||||
Average recorded investment | 0 | 337 | 169 | 337 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||||
Average recorded investment | 403 | 2,239 | 1,213 | 2,166 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Average recorded investment | 0 | 0 | 0 | 25 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||||
Average recorded investment | 770 | 2,125 | 1,200 | 2,259 |
Home Equity Portfolio Segment [Member] | ||||
Average recorded investment | 108 | 126 | 106 | 116 |
Consumer Portfolio Segment [Member] | ||||
Average recorded investment | 35 | 78 | 48 | 114 |
Commercial Portfolio Segment [Member] | Commercial Loans [Member] | ||||
Average recorded investment | 76 | 536 | 292 | 536 |
Commercial Portfolio Segment [Member] | Agricultural Loan [Member] | ||||
Average recorded investment | $ 1,587 | $ 1,366 | $ 1,673 | $ 1,640 |
Note 5 - Mortgage Servicing R_3
Note 5 - Mortgage Servicing Rights (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loans Serviced During the Period | $ 1,992,699,000 | $ 1,835,561,000 | |||
Fees and Commissions, Mortgage Banking and Servicing | $ 1,225,000 | $ 1,060,000 | 3,581,000 | $ 2,984,000 | |
Escrow Deposit | 18,000,000 | 18,000,000 | 11,613,000 | ||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 0 | $ 14,000 | (56,000) | $ (702,000) | |
Mortgage Servicing Rights Measured at Fair Value | $ 19,303,000 | $ 19,303,000 | $ 14,686,000 |
Note 5 - Mortgage Servicing R_4
Note 5 - Mortgage Servicing Rights - Schedule of Activity in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Mortgage servicing rights, net | $ 15,141 | $ 15,141 | $ 13,693 | ||
Mortgage Servicing Rights [Member] | |||||
Beginning balance | 14,809 | $ 12,232 | 13,749 | $ 10,897 | |
Mortgage servicing rights capitalized | 924 | 1,662 | 3,102 | 5,015 | |
Amortization of mortgage servicing rights | (592) | (863) | (1,710) | (2,881) | |
Beginning balance | 0 | (104) | (56) | (792) | |
Recovery of mortgage servicing rights | 0 | 14 | 56 | 702 | |
Mortgage servicing rights, net | 15,141 | 12,941 | 15,141 | 12,941 | |
Ending balance | 15,141 | 13,031 | 15,141 | 13,031 | |
Ending balance | $ 0 | $ (90) | $ 0 | $ (90) |
Note 5 - Mortgage Servicing R_5
Note 5 - Mortgage Servicing Rights - Fair Value of Servicing Rights (Details) - Mortgage Servicing Rights [Member] | Sep. 30, 2022 | Dec. 31, 2021 |
Measurement Input, Discount Rate [Member] | ||
Valuation assumptions | 0.12 | 0.12 |
Measurement Input, Prepayment Rate [Member] | Minimum [Member] | ||
Valuation assumptions | 1.11 | 1.84 |
Measurement Input, Prepayment Rate [Member] | Maximum [Member] | ||
Valuation assumptions | 2.08 | 2.65 |
Measurement Input, Weighted Average Prepayment Rate [Member] | ||
Valuation assumptions | 1.23 | 2.04 |
Note 6 - Deposits - Summary of
Note 6 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Noninterest checking | $ 507,034 | $ 368,846 |
Interest-bearing checking | 252,258 | 203,410 |
Savings | 284,303 | 223,069 |
Money market | 398,647 | 277,469 |
Time certificates of deposit | 232,008 | 149,755 |
Total deposits | $ 1,674,250 | $ 1,222,549 |
Note 7 - Other Long-term Debt_2
Note 7 - Other Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2022 | Jan. 31, 2022 | Jun. 30, 2020 | Feb. 28, 2017 | Dec. 31, 2010 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2005 | |
Debt Instrument, Face Amount | $ 60,155,000 | $ 30,155,000 | |||||||
Repayments of Senior Debt, Total | $ 10,000,000 | $ 10,000,000 | $ 0 | ||||||
First Tennessee Bank, N.A. [Member] | |||||||||
Temporary Equity, Liquidation Preference | $ 5,155,000 | ||||||||
Trust Preferred Securities, Maximum Dividend Deferring Period (Year) | 5 years | ||||||||
Eagle Bancorp Statutory Trust I [Member] | Subordinated Debt [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.02% | ||||||||
Eagle Bancorp Statutory Trust I [Member] | Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.17% | 1.63% | |||||||
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% | ||||||||
3.50% Subordinated Notes Due in 2032 [Member] | |||||||||
Debt Instrument, Face Amount | $ 40,000,000 | $ 40,000,000 | $ 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |||||||
Debt Instrument, Maturity Year | 2032 | ||||||||
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% | ||||||||
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% | 5.50% | ||||||
Debt Instrument, Maturity Year | 2030 | 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 | $ 0 | $ 10,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | |||||||
Debt Instrument, Maturity Year | 2022 | 2022 | |||||||
Eagle Bancorp Statutory Trust I [Member] | |||||||||
Subordinated Debt, Ending Balance | $ 5,155,000 |
Note 7 - Other Long-term Debt -
Note 7 - Other Long-term Debt - Summary of Other Long-term Debt (Details) - USD ($) | Sep. 30, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | Feb. 28, 2017 |
Principal amount | $ 60,155,000 | $ 30,155,000 | |||
Unamortized debt issuance costs | (1,107,000) | (286,000) | |||
5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | |||||
Principal amount | 0 | 10,000,000 | $ 10,000,000 | ||
Unamortized debt issuance costs | 0 | (4,000) | |||
5.50% Subordinated Notes Due in 2030 [Member] | |||||
Principal amount | 15,000,000 | 15,000,000 | $ 15,000,000 | ||
Unamortized debt issuance costs | (257,000) | (282,000) | |||
3.50% Subordinated Notes Due in 2032 [Member] | |||||
Principal amount | 40,000,000 | $ 40,000,000 | 0 | ||
Unamortized debt issuance costs | (850,000) | ||||
Variable Interest Rate Subordinated Debentures Due in 2035 [Member] | |||||
Principal amount | $ 5,155,000 | $ 5,155,000 |
Note 7 - Other Long-term Debt_3
Note 7 - Other Long-term Debt - Summary of Other Long-term Debt (Details) (Parentheticals) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2020 | |
5.75% Senior Unsecured Notes Due February 15, 2022 [Member] | |||||
Debt instrument, fixed interest rate | 5.75% | 5.75% | |||
Debt instrument, maturity year | 2022 | 2022 | |||
5.50% Subordinated Notes Due in 2030 [Member] | |||||
Debt instrument, fixed interest rate | 5.50% | 5.50% | 5.50% | ||
Debt instrument, maturity year | 2030 | 2030 | |||
3.50% Subordinated Notes Due in 2032 [Member] | |||||
Debt instrument, fixed interest rate | 3.50% | 3.50% | |||
Debt instrument, maturity year | 2032 | ||||
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 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 162,790 | $ 152,744 | $ 156,729 | $ 152,938 |
Balance | 151,274 | 156,523 | 151,274 | 156,523 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (19,081) | 4,938 | 3,493 | 5,851 |
Other comprehensive income (loss), before reclassifications and income taxes | (16,009) | (578) | (46,657) | (1,818) |
Amounts reclassified from accumulated other comprehensive loss, before income taxes | 0 | 11 | 6 | (11) |
Income tax provision (benefit) | 4,216 | 155 | 12,284 | 482 |
Total other comprehensive loss | (11,793) | (434) | (34,367) | (1,347) |
Amounts reclassified from accumulated other comprehensive income, before income taxes | 0 | (11) | (6) | 11 |
Total other comprehensive loss | (11,793) | (434) | (34,367) | (1,347) |
Balance | $ (30,874) | $ 4,504 | $ (30,874) | $ 4,504 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares shares in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average shares outstanding, basic (in shares) | 7,793,485 | 6,525,509 | 7,241,520 | 6,691,256 |
Dilutive effect of stock compensation (in shares) | 14,565 | 18,535 | 12,722 | 18,120 |
Diluted weighted average shares outstanding (in shares) | 7,808,050 | 6,544,044 | 7,254,242 | 6,709,376 |
Net income available to common shareholders | $ 3,092 | $ 4,746 | $ 7,079 | $ 12,692 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.73 | $ 0.98 | $ 1.90 |
Diluted earnings per share (in dollars per share) | $ 0.40 | $ 0.73 | $ 0.98 | $ 1.89 |
Note 10 - Derivatives and Hed_3
Note 10 - Derivatives and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unrealized Gain (Loss) on Derivatives | $ 209,000 | $ 373,000 | $ (282,000) | $ (1,953,000) |
Note 10 - Derivatives and Hed_4
Note 10 - Derivatives and Hedging Activities - Derivatives (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Interest Rate Lock Commitments [Member] | ||
Notional amount | $ 53,275 | $ 84,674 |
Fair value, asset | 0 | 1,218 |
Fair value, liability | 772 | 0 |
Interest Rate Forward Commitments [Member] | ||
Notional amount | 45,000 | 51,000 |
Fair value, asset | 1,614 | 0 |
Fair value, liability | $ 0 | $ 94 |
Note 11 - Fair Value of Finan_3
Note 11 - Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities | $ 351,949 | $ 271,262 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 2,463 | 1,633 |
US Treasury and Government [Member] | ||
Available-for-sale securities | 56,069 | 53,183 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 168,882 | 123,667 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 7,029 | 9,336 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | 30,486 | 14,636 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 83,170 | 63,067 |
Asset-Backed Securities [Member] | ||
Available-for-sale securities | 3,850 | 5,740 |
Fair Value, Recurring [Member] | ||
Loans held-for-sale | 24,408 | 25,819 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 2,463 | 1,633 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Available-for-sale securities | 56,069 | 53,183 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 168,882 | 123,667 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 7,029 | 9,336 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | 30,486 | 14,636 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 83,170 | 63,067 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Available-for-sale securities | 3,850 | 5,740 |
Fair Value, Recurring [Member] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 1,614 | 94 |
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | 772 | 1,218 |
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 | 56,069 | 53,183 |
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] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 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 2 [Member] | ||
Loans held-for-sale | 24,408 | 25,819 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 2,463 | 1,633 |
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 | 168,882 | 123,667 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 7,029 | 9,336 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | 30,486 | 14,636 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities | 83,170 | 63,067 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||
Available-for-sale securities | 3,850 | 5,740 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 1,614 | 94 |
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 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] | Forward TBA Mortgage-backed Securities [Member] | ||
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Interest rate lock commitments | $ 772 | $ 1,218 |
Note 11 - Fair Value of Finan_4
Note 11 - 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Impaired loans | $ 218 | $ 376 |
Real estate and other repossessed assets | 0 | 4 |
Mortgage servicing rights | 1,383 | 14,686 |
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 | 218 | 376 |
Real estate and other repossessed assets | 0 | 4 |
Mortgage servicing rights | $ 1,383 | $ 14,686 |
Note 11 - Fair Value of Finan_5
Note 11 - Fair Value of Financial Instruments - Financial Assets and Liabilities, Valuation Techniques and Significant Unobservable Inputs (Details) | Sep. 30, 2022 |
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 | 1.10 |
Measurement Input, Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |
Mortgage servicing rights, input | 2.65 |
Measurement Input, Pull-through Expectations [Member] | Valuation, Income Approach [Member] | Minimum [Member] | |
Interest rate lock commitments, input | 0.80 |
Measurement Input, Pull-through Expectations [Member] | Valuation, Income Approach [Member] | Maximum [Member] | |
Interest rate lock commitments, input | 0.95 |
Note 11 - Fair Value of Finan_6
Note 11 - 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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance | $ 334 | $ 2,949 | $ 1,218 | $ 6,017 |
Purchases and issuances | (640) | 4,468 | 95 | 10,218 |
Sales and settlements | (466) | (5,089) | (2,085) | (13,907) |
Ending balance | (772) | 2,328 | (772) | 2,328 |
Net change in fair value for (losses) gains relating to items held at end of period | $ (1,106) | $ (621) | $ (1,990) | $ (3,689) |
Note 11 - Fair Value of Finan_7
Note 11 - Fair Value of Financial Instruments - Estimated Fair Value and Carrying Amounts of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | $ 25,197 | $ 61,434 |
FHLB stock | 2,939 | 1,702 |
FRB stock | 4,206 | 2,974 |
Loans receivable, gross | 1,302,575 | 939,204 |
Accrued interest and dividends receivable | 10,778 | 5,751 |
Mortgage servicing rights | 19,303 | 14,686 |
Non-maturing interest-bearing deposits | 935,208 | 703,948 |
Noninterest-bearing deposits | 507,034 | 368,846 |
Time certificates of deposit | 226,649 | 149,605 |
Accrued expenses and other liabilities | 22,976 | 21,037 |
FHLB advances and other borrowings | 15,580 | 5,003 |
Other long-term debt | 55,988 | 29,299 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 25,197 | 61,434 |
FHLB stock | 2,939 | 1,702 |
FRB stock | 4,206 | 2,974 |
Loans receivable, gross | 1,312,154 | 933,139 |
Accrued interest and dividends receivable | 10,778 | 5,751 |
Mortgage servicing rights | 15,141 | 13,693 |
Non-maturing interest-bearing deposits | 935,208 | 703,948 |
Noninterest-bearing deposits | 507,034 | 368,846 |
Time certificates of deposit | 232,008 | 149,755 |
Accrued expenses and other liabilities | 22,976 | 21,037 |
FHLB advances and other borrowings | 15,600 | 5,000 |
Other long-term debt | 60,155 | 30,155 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 25,197 | 61,434 |
FHLB stock | 2,939 | 1,702 |
FRB stock | 4,206 | 2,974 |
Loans receivable, gross | 0 | 0 |
Accrued interest and dividends receivable | 10,778 | 5,751 |
Mortgage servicing rights | 0 | 0 |
Non-maturing interest-bearing deposits | 0 | 0 |
Noninterest-bearing deposits | 507,034 | 368,846 |
Time certificates of deposit | 0 | 0 |
Accrued expenses and other liabilities | 22,976 | 21,037 |
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 | 935,208 | 703,948 |
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 | 1,302,575 | 939,204 |
Accrued interest and dividends receivable | 0 | 0 |
Mortgage servicing rights | 19,303 | 14,686 |
Non-maturing interest-bearing deposits | 0 | 0 |
Noninterest-bearing deposits | 0 | 0 |
Time certificates of deposit | 226,649 | 149,605 |
Accrued expenses and other liabilities | 0 | 0 |
FHLB advances and other borrowings | 15,580 | 5,003 |
Other long-term debt | $ 55,988 | $ 29,299 |