Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 18, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Prime Meridian Holding Co | ||
Entity Central Index Key | 0001586454 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,126,304 | ||
Entity Public Float | $ 50,378,212 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 9,024,000 | $ 7,866,000 |
Federal funds sold | 24,613,000 | 34,777,000 |
Interest-bearing deposits | 41,445,000 | 5,395,000 |
Total cash and cash equivalents | 75,082,000 | 48,038,000 |
Debt securities available for sale | 61,333,000 | 45,384,000 |
Loans held for sale | 6,193,000 | 4,767,000 |
Loans, net of allowance for loan losses of $4,414 and $3,661 | 337,710,000 | 290,113,000 |
Federal Home Loan Bank stock | 404,000 | 355,000 |
Premises and equipment, net | 7,744,000 | 4,656,000 |
Right of use lease asset | 3,669,000 | |
Deferred tax asset | 362,000 | 502,000 |
Accrued interest receivable | 1,137,000 | 1,034,000 |
Bank-owned life insurance | 6,501,000 | 6,323,000 |
Other assets | 726,000 | 530,000 |
Total assets | 500,861,000 | 401,702,000 |
Liabilities: | ||
Noninterest-bearing demand deposits | 96,807,000 | 80,097,000 |
Savings, NOW and money-market deposits | 272,283,000 | 227,674,000 |
Time deposits | 69,174,000 | 41,296,000 |
Total deposits | 438,264,000 | 349,067,000 |
Other borrowings | 1,254,000 | |
Official checks | 606,000 | 837,000 |
Operating lease liability | 3,758,000 | |
Other liabilities | 1,111,000 | 978,000 |
Total liabilities | 444,993,000 | 350,882,000 |
Commitments and contingencies (notes 4, 8, and 15) | ||
Stockholders' equity: | ||
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding | ||
Common stock, $.01 par value; 9,000,000 shares authorized, 3,191,288 and 3,138,945 issued and outstanding | 32,000 | 31,000 |
Additional paid-in capital | 39,456,000 | 38,330,000 |
Retained earnings | 16,180,000 | 13,015,000 |
Accumulated other comprehensive income (loss) | 200,000 | (556,000) |
Total stockholders' equity | 55,868,000 | 50,820,000 |
Total liabilities and stockholders' equity | $ 500,861,000 | $ 401,702,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans receivable, allowance for loan losses | $ 4,414 | $ 3,661 |
Preferred stock, shares 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) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 3,191,288 | 3,138,945 |
Common stock, shares outstanding (in shares) | 3,191,288 | 3,138,945 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | ||
Loans | $ 16,188 | $ 14,469 |
Securities | 1,309 | 1,131 |
Other | 1,489 | 634 |
Total interest income | 18,986 | 16,234 |
Interest expense: | ||
Deposits | 3,560 | 2,307 |
Other borrowings | 9 | |
Total interest expense | 3,569 | 2,307 |
Net interest income | 15,417 | 13,927 |
Provision for loan losses | 1,131 | 591 |
Net interest income after provision for loan losses | 14,286 | 13,336 |
Noninterest income: | ||
Mortgage banking revenue, net | (667) | (447) |
Income from bank-owned life insurance | 178 | 66 |
Gain on sale of debt securities available for sale | 7 | |
Other income | 142 | 118 |
Total noninterest income | 1,534 | 1,155 |
Noninterest expense: | ||
Salaries and employee benefits | 6,095 | 5,106 |
Occupancy and equipment | 1,405 | 932 |
Professional fees | 374 | 374 |
Advertising | 743 | 677 |
FDIC assessment | 119 | 163 |
Software maintenance, amortization and other | 692 | 634 |
Other | 1,758 | 1,343 |
Total noninterest expense | 11,186 | 9,229 |
Earnings before income taxes | 4,634 | 5,262 |
Income taxes | 1,092 | 1,220 |
Net earnings | $ 3,542 | $ 4,042 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 1.12 | $ 1.29 |
Diluted (in dollars per share) | $ 1.12 | $ 1.29 |
Deposit Account [Member] | ||
Noninterest income: | ||
Noninterest income | $ 288 | $ 333 |
Debit Card [Member] | ||
Noninterest income: | ||
Noninterest income | $ 252 | $ 191 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net earnings | $ 3,542 | $ 4,042 |
Change in unrealized loss on debt securities available for sale: | ||
Unrealized gain (loss) arising during the year | 1,020 | (348) |
Reclassification adjustment for realized gain | (7) | |
Net change in unrealized gain (loss) | 1,013 | (348) |
Deferred income tax expense (benefit) on above change | (257) | 88 |
Total other comprehensive income (loss) | 756 | (260) |
Comprehensive income | $ 4,298 | $ 3,782 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 3,118,977 | ||||
Balance at Dec. 31, 2017 | $ 31 | $ 37,953 | $ 9,285 | $ (296) | $ 46,973 |
Net earnings | 4,042 | 4,042 | |||
Dividends paid | (312) | (312) | |||
Net change in unrealized loss on debt securities available for sale, net of income taxes | (260) | (260) | |||
Stock options exercised (in shares) | 17,150 | ||||
Stock options exercised | 172 | 172 | |||
Common stock issued as compensation to directors (in shares) | 2,818 | ||||
Common stock issued as compensation to directors | 60 | 60 | |||
Stock-based compensation | 145 | $ 145 | |||
Balance (in shares) at Dec. 31, 2018 | 3,138,945 | 3,138,945 | |||
Balance at Dec. 31, 2018 | $ 31 | 38,330 | 13,015 | (556) | $ 50,820 |
Net earnings | 3,542 | 3,542 | |||
Dividends paid | (377) | (377) | |||
Net change in unrealized loss on debt securities available for sale, net of income taxes | 756 | 756 | |||
Stock options exercised | 5 | 5 | |||
Common stock issued as compensation to directors | 72 | 72 | |||
Stock-based compensation | 177 | 177 | |||
Proceeds from sale of common stock, net of offering costs of $19 (in shares) | 44,600 | ||||
Proceeds from sale of common stock, net of offering costs of $19 | $ 1 | 872 | 873 | ||
Issuance of restricted stock (in shares) | 3,600 | ||||
Issuance of restricted stock | |||||
Balance (in shares) at Dec. 31, 2019 | 3,191,288 | 3,191,288 | |||
Balance at Dec. 31, 2019 | $ 32 | $ 39,456 | $ 16,180 | $ 200 | $ 55,868 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit portion of change in unrealized loss on available for sale | $ 257 | $ 88 |
Offering costs | $ 19 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 3,542,000 | $ 4,042,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 647,000 | 520,000 |
Provision for loan losses | 1,131,000 | 591,000 |
Net amortization of deferred loan fees | (39,000) | (36,000) |
Deferred income taxes | (117,000) | (75,000) |
Gain on sale of debt securities available for sale | (7,000) | |
Amortization of premiums and discounts on debt securities available for sale | 301,000 | 390,000 |
Gain on sale of loans held for sale | (667,000) | (447,000) |
Proceeds from the sale of loans held for sale | 95,275,000 | 77,713,000 |
Loans originated as held for sale | (96,034,000) | (76,153,000) |
Stock issued as compensation | 72,000 | 60,000 |
Stock-based compensation expense | 177,000 | 145,000 |
Income from bank-owned life insurance | (178,000) | (66,000) |
Net increase in accrued interest receivable | (103,000) | (56,000) |
Net change in operating leases | 89,000 | |
Net (increase) decrease in other assets | (196,000) | 43,000 |
Net decrease in other liabilities and official checks | (98,000) | (95,000) |
Net cash provided by operating activities | 3,795,000 | 6,576,000 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (48,689,000) | (40,409,000) |
Purchase of debt securities available for sale | (33,638,000) | (2,474,000) |
Principal repayments of debt securities available for sale | 10,235,000 | 5,612,000 |
Proceeds from the sale of debt securities available for sale | 4,245,000 | |
Maturities and calls of debt securities available for sale | 3,928,000 | 549,000 |
Purchase of Federal Home Loan Bank stock | (49,000) | (39,000) |
Purchase of bank-owned life insurance | (4,500,000) | |
Purchase of premises and equipment | (3,735,000) | (304,000) |
Net cash used in investing activities | (67,703,000) | (41,565,000) |
Cash flows from financing activities: | ||
Net increase in deposits | 89,197,000 | 50,770,000 |
Net change in other borrowings | 1,254,000 | |
Proceeds from stock options exercised | 5,000 | 172,000 |
Proceeds from sale of common stock, net of offering costs | 873,000 | |
Common stock dividends paid | (377,000) | (312,000) |
Net cash provided by financing activities | 90,952,000 | 50,630,000 |
Net increase in cash and cash equivalents | 27,044,000 | 15,641,000 |
Cash and cash equivalents at beginning of year | 48,038,000 | 32,397,000 |
Cash and cash equivalents at end of year | 75,082,000 | 48,038,000 |
Supplemental disclosure of cash flow information | ||
Interest | 3,544,000 | 2,276,000 |
Income taxes | 1,345,000 | 1,217,000 |
Noncash transactions: | ||
Accumulated other comprehensive income (loss), net change in unrealized gain (loss) on debt securities available for sale, net of taxes | 756,000 | (260,000) |
Right of use lease assets obtained in exchange for operating lease liabilities | $ 3,818,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies Organization. 100% four The following is a description of the significant accounting policies and practices followed by the Company, which conform to accounting principles generally accepted in the United States of America ("GAAP") and prevailing practices within the banking industry. Use of Estimates. Principles of Consolidation. Cash and Cash Equivalents. ninety At December 31, 2019 2018 $4,606,000 $3,901,00 0 Debt Securities. may not Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 Loans Held for Sale. December 31, 2019 2018 December 31, 2019 $6,193,000 $4,767,000 December 31, 2018 December 31, 2019 2018 Loans. Commitment and loan origination fees are deferred and certain direct origination costs are capitalized. Both are recognized as an adjustment of the yield of the related loan. The accrual of interest on all portfolio classes is discontinued at the time the loan is ninety not Allowance for Loan Losses. no December 31, 2019 2018 The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific and general components. The specific component relates to loans that are considered impaired. For such loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers all other loans and is based on the following factors. The historical loss component of the allowance is determined by losses recognized by portfolio segment over the preceding thirty-six 1 2 3 4 5 6 7 8 9 Allowance for Loan Losses, Continued. not Premises and Equipment. Bank-Owned Life Insurance (BOLI). . Transfer of Financial Assets. 1 2 3 not 1 2 no 3 not Off-Balance Sheet Financial Instruments. Income Taxes. two Deferred tax assets are recognized if it is more likely than not, not” 50 Income Taxes, Continued . not 50 not not December 31, 2019 not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns. Income taxes are allocated to the Holding Company and Bank as if separate income tax returns were filed. Fair Value Measurements. three may Level 1: Level 2: not may third Level 3: The following describes valuation methodologies used for assets measured at fair value: Debt Securities Available for Sale. 1 1 not 2 3 Impaired Loans. 3. Fair Values of Financial Instruments. Cash and Cash Equivalents. 1 Debt Securities. 2 Loans Held for Sale. 3 Loans. one four 3 Federal Home Loan Bank Stock. 3 Accrued Interest Receivable. 3 Deposits. 3 Off-Balance Sheet Instruments. 3 Advertising. Stock - Based Compensation. Comprehensive Income. Debit card/ATM Revenue. Mortgage Banking Revenue. Reclassification. no Recent Accounting Standards Update . In February 2016, No. 2016 2, Leases (Topic 842 twelve December 15, 2018. $288,000 January 1, 2019. In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2022 ( In March 2017, No. 2017 08, Premium Amortization on Purchased Callable Debt Securities No December 15, 2018. no In June 2018, No. 2018 07, Stock Compensation (Topic 718 Improvmetns to Nonempmployee Share-Based Payment Accounting 718 505 50, Equity - Equity-Based payments to Non-Employees. December 15, 2019, In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13" 2018 13 2018 13 December 15, 2019. not |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 2 Debt Securities Available for Sale Debt securities have been classified according to management's intention. The carrying amount of securities and their fair values are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At December 31, 2019 U.S. Government agency securities $ 408 $ - $ (1 ) $ 407 Municipal securities 9,332 81 (72 ) 9,341 Mortgage-backed securities 45,499 401 (97 ) 45,803 Asset-backed securities 5,825 14 (57 ) 5,782 Total $ 61,064 $ 496 $ (227 ) $ 61,333 At December 31, 2018 U.S. Government agency securities $ 815 $ - $ (16 ) $ 799 Municipal securities 11,580 62 (113 ) 11,529 Mortgage-backed securities 33,733 33 (710 ) 33,056 Total $ 46,128 $ 95 $ (839 ) $ 45,384 Debt securities available for sale measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) At December 31, 2019 U.S. Government agency securities $ 407 $ - $ 407 $ - Municipal securities 9,341 - 9,341 - Mortgage-backed securities 45,803 - 45,803 - Asset-backed securities 5,782 - 5,782 - Total $ 61,333 $ - $ 61,333 $ - At December 31, 2018 U.S. Government agency securities $ 799 $ - $ 799 $ - Municipal securities 11,529 - 11,529 - Mortgage-backed securities 33,056 - 33,056 - Total $ 45,384 $ - $ 45,384 $ - During the years ended December 31, 2019 2018 no 1, 2 3. The scheduled maturities of debt securities are as follows: Amortized Fair Cost Value (in thousands) At December 31, 2019 Due in less than one year $ 367 $ 368 Due in one to five years 1,372 1,379 Due in five to ten years 2,578 2,570 Due after ten years 11,248 11,213 Mortgage-backed securities 45,499 45,803 Total $ 61,064 $ 61,333 The following summarizes sales of debt securities available for sale: Year Ended December 31, (in thousands) 2019 2018 Proceeds from sale of securities $ 4,245 $ - Gross gains 28 - Gross losses (21 ) - Net gain on sale of securities $ 7 $ - At December 31, 2019 2018 $10,983,000 $8,311,000 Debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: Less Than Twelve Months More Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) At December 31, 2019 Debt Securities Available for Sale U.S. Government agency securities $ (1 ) $ 407 $ - $ - Municipal securities (72 ) 3,814 - - Mortgage-backed securities (56 ) 4,629 (41 ) 4,115 Asset-backed securities (57 ) 3,901 - - Total $ (186 ) $ 12,751 $ (41 ) $ 4,115 At December 31, 2018 Debt Securities Available for Sale U.S. Government agency securities $ (2 ) $ 242 $ (14 ) $ 557 Municipal securities - - (113 ) 5,760 Mortgage-backed securities (19 ) 983 (691 ) 30,061 Total $ (21 ) $ 1,225 $ (818 ) $ 36,378 The unrealized losses on thirteen thirty-nine December 31, 2019 2018 not not not |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 3 The segments and classes of loans are as follows: At December 31, (in thousands) 2019 2018 Real estate mortgage loans: Commercial $ 94,728 $ 82,494 Residential and home equity 135,913 121,454 Construction 33,583 31,601 Total real estate mortgage loans 264,224 235,549 Commercial loans 69,770 51,018 Consumer and other loans 7,631 6,747 Total loans 341,625 293,314 Add (Less): Net deferred loan costs 499 460 Allowance for loan losses (4,414 ) (3,661 ) Loans, net $ 337,710 $ 290,113 The Company has divided the loan portfolio into three five Real Estate Mortgage Loans. three Commercial. three five may five may five Residential and Home Equity. first second one four may 1 3 5 7 10 15 30 Construction. one two one ten not third may Commercial Loans. not third five may not one 504 7A 504 7A may may Consumer and Other Loans. may not not An analysis of the change in the allowance for loan losses follows: Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total Year Ended December 31, 2019 Beginning balance $ 917 $ 1,397 $ 391 $ 876 $ 80 $ 3,661 Provision for loan losses 129 176 24 735 67 1,131 Net (charge-offs) recoveries - - - (327 ) (51 ) (378 ) Ending balance $ 1,046 $ 1,573 $ 415 $ 1,284 $ 96 $ 4,414 At December 31, 2019 Individually evaluated for impairment: Recorded investment $ 611 $ 965 $ - $ 1,631 $ 13 $ 3,220 Balance in allowance for loan losses $ - $ 15 $ - $ 386 $ 13 $ 414 Collectively evaluated for impairment: Recorded investment $ 94,117 $ 134,948 $ 33,583 $ 68,139 $ 7,618 $ 338,405 Balance in allowance for loan losses $ 1,046 $ 1,558 $ 415 $ 898 $ 83 $ 4,000 Year Ended December 31, 2018 Beginning balance $ 894 $ 1,097 $ 331 $ 724 $ 90 $ 3,136 Provision for loan losses 23 300 63 204 1 591 Net (charge-offs) recoveries - - (3 ) (52 ) (11 ) (66 ) Ending balance $ 917 $ 1,397 $ 391 $ 876 $ 80 $ 3,661 At December 31, 2018 Individually evaluated for impairment: Recorded investment $ 611 $ 409 $ - $ 205 $ 6 $ 1,231 Balance in allowance for loan losses $ - $ - $ - $ 205 $ 6 $ 211 Collectively evaluated for impairment: Recorded investment $ 81,883 $ 121,045 $ 31,601 $ 50,813 $ 6,741 $ 292,083 Balance in allowance for loan losses $ 917 $ 1,397 $ 391 $ 671 $ 74 $ 3,450 The following summarizes the loan credit quality: Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total At December 31, 2019 Grade: Pass $ 92,586 $ 133,351 $ 32,374 $ 66,649 $ 7,576 $ 332,536 Special mention 1,531 1,597 1,209 1,197 55 5,589 Substandard 611 965 - 1,924 - 3,500 Doubtful - - - - - - Loss - - - - - - Total $ 94,728 $ 135,913 $ 33,583 $ 69,770 $ 7,631 $ 341,625 At December 31, 2018 Grade: Pass $ 77,650 $ 118,368 $ 31,601 $ 47,858 $ 6,657 $ 282,134 Special mention 4,233 2,875 - 2,184 84 9,376 Substandard 611 211 - 976 6 1,804 Doubtful - - - - - - Loss - - - - - - Total $ 82,494 $ 121,454 $ 31,601 $ 51,018 $ 6,747 $ 293,314 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Loans classified as substandard or special mention are reviewed quarterly by the Company for further deterioration or improvement to determine if they are appropriately classified and whether there is any impairment. All loans are graded upon initial issuance. Further, construction and nonowner-occupied commercial real estate loans and commercial relationships in excess of $500,000 Loans excluded from the review process above are generally classified as pass credits until: (a) they become past due; (b) management becomes aware of deterioration in the credit worthiness of the borrower; or (c) the client contacts the Company for a modification. In these circumstances, the loan is specifically evaluated for potential classification as to special mention, substandard or even charged-off. The Company uses the following definitions for risk ratings: Pass Special Mention may not not Substandard not Doubtful one Loss not not no At December 31, 2019 ten thirty no ninety 12 December 31, 2019 2018 Accruing Loans Greater Than 30-59 Days 60-89 Days 90 Days Total Past Nonaccrual Total (in thousands) Past Due Past Due Past Due Due Current Loans Loans At December 31, 2019: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 94,728 $ - $ 94,728 Residential and home equity 569 - - 569 134,379 965 135,913 Construction 82 - - 82 33,501 - 33,583 Commercial loans 87 - - 87 68,057 1,626 69,770 Consumer and other loans - 5 - 5 7,626 - 7,631 Total $ 738 $ 5 $ - $ 743 $ 338,291 $ 2,591 $ 341,625 At December 31, 2018: Real estate mortgage loans: Commercial Residential and home equity $ - $ - $ - $ - $ 82,494 $ - $ 82,494 Construction 134 30 - 164 121,129 161 121,454 Commercial loans - - - - 31,601 - 31,601 Consumer and other loans 98 - - 98 50,745 175 51,018 Total - - - - 6,741 6 6,747 $ 232 $ 30 $ - $ 262 $ 292,710 $ 342 $ 293,314 The following summarizes the amount of impaired loans: With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Contractual Contractual Contractual Recorded Principal Recorded Principal Related Recorded Principal Related (in thousands) Investment Balance Investment Balance Allowance Investment Balance Allowance At December 31, 2019: Commercial real estate $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 716 716 249 249 15 965 965 15 Commercial loans 508 508 1,123 1,123 386 1,631 1,631 386 Consumer and other loans - - 13 13 13 13 13 13 Total $ 1,835 $ 1,835 $ 1,385 $ 1,385 $ 414 $ 3,220 $ 3,220 $ 414 At December 31, 2018: Commercial real estate $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 409 409 - - - 409 409 - Commercial loans - - 205 205 205 205 205 205 Consumer and other loans - - 6 6 6 6 6 6 Total $ 1,020 $ 1,020 $ 211 $ 211 $ 211 $ 1,231 $ 1,231 $ 211 The average net investment in impaired loans and interest income recognized and received on impaired loans by loan class is as follows: Average Interest Interest Recorded Income Income (in thousands) Investment Recognized Received Year Ended December 31, 2019 Commercial real estate $ 611 $ 32 $ 32 Residential and home equity 753 5 7 Commercial 806 9 12 Consumer and other loans 3 - - Total $ 2,173 $ 46 $ 51 (in thousands) Year Ended December 31, 2018 Commercial real estate $ 471 $ 16 $ 16 Residential and home equity 234 7 6 Commercial 172 2 7 Consumer and other loans 2 - - Total $ 879 $ 25 $ 29 There were no December 31, 2019 2018 The restructuring of a loan constitutes a troubled debt restructuring (“TDR”) if the creditor grants a concession to the debtor that it would not may not As shown in the table below, the Company entered into three December 31, 2019 one December 31, 2018 Year Ended December 31, 2019 Year Ended December 31, 2018 Pre- Post- Current Pre- Post- Current Modification Modification Modification Modification Modification Modification Number Outstanding Outstanding Outstanding Number Outstanding Outstanding Outstanding of Recorded Recorded Recorded of Recorded Recorded Recorded Contracts Investment Investment Investment Contracts Investment Investment Investment (in thousands) Troubled Debt Restructurings: Modified principal Residential and home equity: - - - - 1 $ 619 $ 611 $ 611 Modified interest rate Residential and home equity: 1 $ 65 $ 65 $ 65 - - - - Commercial 2 260 260 260 - - - - Total 3 $ 325 $ 325 $ 325 1 $ 619 $ 611 $ 611 All three December 31, 2019 one December 31, 2018 not December 31, 2019 $942,000 The Company grants the majority of its loans to borrowers throughout Leon County and Polk County, Florida. Although the Company has a diversified loan portfolio, a significant portion of its borrowers’ ability to honor their contracts is dependent upon the economy of this area. The Company does not one |
Note 4 - Premises and Equipment
Note 4 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 4 Premises and Equipment A summary of premises and equipment follows: At December 31, 2019 2018 (in thousands) Land $ 1,704 $ 690 Buildings 4,960 3,736 Leasehold improvements 421 421 Furniture, fixtures and equipment 1,505 1,168 Computer and software 2,669 2,372 Construction in progress 833 40 Total, at cost 12,092 8,427 Less accumulated depreciation and amortization (4,348 ) (3,771 ) Premises and equipment, net $ 7,744 $ 4,656 The Company adopted ASU 2016 02, January 1, 2019 2019 not The Company's operating lease obligations are for the Company's office facilities located at its Timberlane Road, Tallahassee, Florida location. The term of the Lease is 15 four five third December 31, 2019, not $1,300,000. The components of lease expense and other lease information as of and during the year ended December 31, 2019 Year Ended December 31, 2019 (in thousands) Operating lease cost $ 239 Cash paid for amount included in the measurement of lease liabilities operating cash flows from operating leases $ 151 (in thousands) At December 31, 2019 Operating lease right of use assets $ 3,669 Operating lease liabilities $ 3,758 Weighted average remaining lease term - operating lease (in years) 14.6 Weighted average discount rate 3.17 % Future minimum lease payments under non-cancellable leases as of December 31, 2019, At December 31 (in thousands) 2019 2020 $ 294 2021 294 2022 294 2023 294 2024 294 Next five years and thereafter 3,273 Total future minimum lease payments 4,743 Less interest (985 ) Total $ 3,758 The rent expense for the year ended December 31, 2019 $312,000. On February 15, 2019, 3340 $2.1 |
Note 5 - Deposits
Note 5 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | ( 5 Deposits The aggregate amount of time deposits with a minimum denomination greater than $250,000 $33.4 $20.7 December 31, 2019 2018 A schedule of maturities for all time deposits at December 31, 2019 (in thousands) Year Ending December 31, Amount 2020 $ 47,464 2021 18,280 2022 559 2023 2,168 2024 300 2039 403 Total $ 69,174 |
Note 6 - Other Borrowings
Note 6 - Other Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Borrowings [Text Block] | ( 6 Other Borrowings The Company has pledged collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) for future advances which will be collateralized by a blanket lien on qualifying residential real estate, commercial real estate, home equity lines of credit and multi-family loans. The Company may $64.9 December 31, 2019 no December 31, 2019 2018 $18.8 December 31, 2019 $1,254,000 $2.2 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 Income Taxes The components of the income taxes are as follows: Year Ended December 31, (in thousands) 2019 2018 Current: Federal $ 987 $ 1,003 State 222 292 Total current 1,209 1,295 Deferred: Federal (94 ) (65 ) State (23 ) (10 ) Total deferred (117 ) (75 ) Total income taxes $ 1,092 $ 1,220 The reasons for the difference between the statutory Federal income tax rate and the effective tax rates are summarized as follows: Year Ended December 31, 2019 2018 % of % of Pretax Pretax Amount Earnings Amount Earnings (dollars in thousands) Income taxes at statutory rate $ 973 21.0 % $ 1,105 21.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 157 3.4 223 4.2 Tax-exempt income (69 ) (1.5 ) (62 ) (1.2 ) Stock-based compensation - - (29 ) (0.6 ) Other nondeductible expenses 31 0.7 (17 ) (0.2 ) Total $ 1,092 23.6 % $ 1,220 23.2 % Tax effects of temporary differences that give rise to the deferred tax assets and liabilities are as follows: At December 31, 2019 2018 (in thousands) Deferred tax assets: Allowance for loan losses $ 972 $ 894 Organizational and start-up costs 30 40 Stock-based compensation 52 27 Unrealized losses on debt securities available for sale - 188 Other 32 12 Deferred tax assets 1,086 1,161 Deferred tax liabilities: Prepaid Expenses (44 ) (59 ) Deferred loan costs (426 ) (380 ) Premises and equipment (185 ) (220 ) Unrealized gain on debt securities available for sale (69 ) - Deferred tax liabilities (724 ) (659 ) Net deferred tax asset $ 362 $ 502 The Company files consolidated income tax returns in the U.S. federal jurisdiction and the State of Florida. The Company is no 2016. |
Note 8 - Off-balance Sheet Fina
Note 8 - Off-balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Off-balance Sheet Financial Instruments [Text Block] | ( 8 Off-Balance Sheet Financial Instruments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments are commitments to extend credit, construction loans in process, unused lines of credit, standby letters of credit, and guaranteed accounts and may The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for available lines of credit, construction loans in process and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to extend credit, construction loans in process and unused lines of credit are agreements to lend to a client as long as there is no may not third third one not third $680,000 December 31, 2019. Guaranteed accounts are irrevocable standby letters of credit issued by us to guarantee a client’s credit line with our third 10%. Standby letters of credit and commitments to extend credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance sheet risk at December 31, 2019 At December 31, 2019 (in thousands) Commitments to extend credit $ 7,905 Construction loans in process 17,964 Unused lines of credit 46,042 Standby financial letters of credit 2,157 Standby performance letters of credit 328 Guaranteed accounts 1,378 Total off-balance sheet instruments $ 75,774 |
Note 9 - Stock Compensation Pla
Note 9 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 9 Stock Compensation Plan s 2015 The 2015 “2015 May 20, 2015, 2015 may 500,000, no 15% December 31, 2019 272,267 2015 202,826 A summary of the activity in the Company’s 2015 Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2017 11,540 $ 17.03 Options granted 252,917 19.91 Options forfeited (1,000 ) 20.09 Outstanding at December 31, 2018 263,457 $ 19.78 Options granted 22,000 20.21 Forfeited (13,190 ) 20.09 Outstanding at December 31, 2019 272,267 $ 19.80 7.8 years $ 77,000 Exercisable at December 31, 2019 71,827 $ 18.97 6.2 years $ 77,000 The fair value of shares vested and recognized as compensation expense was $158,000 December 31, 2019 $145,000 December 31, 2018 an income tax benefit of $19,000 $20,000 2019 2018, December 31, 2019 $539,000 2015 3.4 The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Year ended December 31, 2019 2018 Weighted average risk-free interest rate 1.88% 1.47-2.63% Expected dividend yield 0.59% 0.41-0.50% Expected stock volatility 9.90% 10.07-11.90% Expected life in years 6.5 1.0-6.5 Per share fair value of options issued during year $2.74 $1.08-$3.35 The Company used the guidance in Staff Accounting Bulletin No. 107 2007 As of May 20, 2015, no 2007 “2007 2007 2007 Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2017 22,200 $ 10.31 Options exercised (17,150 ) 10.02 Options forfeited (350 ) 10.00 Outstanding at December 31, 2018 4,700 $ 11.37 Options exercised (500 ) 10.00 Options forfeited (2,000 ) 10.72 Outstanding at December 31, 2019 2,200 $ 12.27 0.32 years $ 17,000 Exercisable at December 31, 2019 2,200 $ 12.27 0.32 years $ 17,000 At December 31, 2019 no 2007 Directors' Plan The Directors’ Plan permits the Company’s and the Bank’s directors to elect to receive any compensation to be paid to them in shares of the Company’s common stock. Pursuant to the Directors’ Plan, each director is permitted to make an election to receive shares of stock instead of cash. To encourage directors to elect to receive stock, the Directors’ Plan provides that if a director elects to receive stock, he or she will receive in common stock 110% no 2019, 51,640 1.62% 2019 2018, 3,643 2,818 $72,000 $60,000 December 31, 2019 2018 Restricted Stock The Company issued 3,600 first 2019 2018. third 1,200 February 21, 2020. Wtd-Avg Number of Grant Date Grant Date Shares Fair Value per Share Fair Value Non-vested restricted stock issued in 2019 3,600 $ 18.52 $ 67,000 Non-vested restricted stock outstanding at December 31, 2019 3,600 $ 18.52 67,000 During the year ended December 31, 2019, $19,000 $48,000 2.2 |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 10 Employee Benefit Plans The Company sponsors a 401 December 31, 2019 2018 $175,000 $160,000, In November 2018, four sixty $155,000 $18,000 December 31, 2019 2018, $173,000 $18,000 December 31, 2019 2018, |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 11 Related Party Transactions The Company enters into transactions during the ordinary course of business with officers and directors of the Company and entities in which they hold a significant financial interest. The following table summarizes these transactions: Year Ended December 31, (in thousands) 2019 2018 Loans: Beginning balance $ 7,288 $ 5,870 Originated during the year 1,986 2,048 Remove retired Director - (400 ) Principal repayments (1,548 ) (230 ) Ending balance $ 7,726 $ 7,288 Deposits at year-end $ 7,079 $ 9,989 In addition, the Company purchases various insurance policies through a company that employs the spouse of one $1.1 $739,000 2019 2018 |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 12 Fair Value of Financial Instruments The approximate carrying amounts and estimated fair values of the Company’s financial instruments are as follows: At December 31, 2019 At December 31, 2018 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 75,082 $ 75,082 $ 48,038 $ 48,038 Debt securities available for sale 2 61,333 61,333 45,384 45,384 Loans held for sale 3 6,193 6,296 4,767 4,842 Loans, net 3 337,710 342,435 290,113 283,068 Federal Home Loan Bank stock 3 404 404 355 355 Accrued interest receivable 3 1,137 1,137 1,034 1,034 Financial liabilities- Deposits 3 438,264 439,208 349,067 349,416 Off-Balance Sheet financial instruments 3 - - - - |
Note 13 - Dividend Restrictions
Note 13 - Dividend Restrictions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | ( 13 Dividend Restrictions The Holding Company is limited in the amount of cash dividends it may may may two In January 2020, $0.12 March 3, 2020 February 13, 2020 |
Note 14 - Regulatory Matters
Note 14 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 14 Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Bank is subject to the Basel III capital level threshold requirements under the Prompt Corrective Action regulations which phased in full compliance over a multi-year schedule. These regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses. The Bank is subject to the capital conservation buffer rules which place limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers. In order to avoid these limitations, a bank must hold a capital conservation buffer above its minimum risk-based capital requirements. As of December 31, 2019 2018 2.50% 1.875%, Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and percentage (set forth in the table below) of total and Tier 1 1 December 31, 2019 As of December 31, 2019 1 1 no Actual For Capital Adequacy Purposes For Well Capitalized Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of December 31, 2019 Tier 1 Leverage ratio to Average Assets $ 46,752 9.31 % $ 20,084 4.00 % $ 25,105 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 46,752 13.24 15,885 4.50 22,945 6.50 Tier 1 Capital to Risk-Weighted Assets 46,752 13.24 21,180 6.00 28,240 8.00 Total Capital to Risk-Weighted Assets 51,165 14.49 28,240 8.00 35,300 10.00 As of December 31, 2018: Tier 1 Leverage ratio to Average Assets $ 37,805 9.28 % $ 16,288 4.00 % $ 20,360 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 37,805 12.90 13,190 4.50 19,052 6.50 Tier 1 Capital to Risk-Weighted Assets 37,805 12.90 17,587 6.00 23,449 8.00 Total Capital to Risk-Weighted Assets 41,466 14.15 23,449 8.00 29,311 10.00 |
Note 15 - Legal Contingencies
Note 15 - Legal Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 15 Legal Contingencies Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will not December 31, 2019 no |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 16 2019 2018 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Year Ended December 31, Basic EPS: Net earnings $ 3,542 3,155,891 $ 1.12 $ 4,042 3,125,689 $ 1.29 Effect of dilutive securities-incremental shares from assumed conversion of options 3,744 5,857 Diluted EPS: Net earnings $ 3,542 3,159,635 $ 1.12 $ 4,042 3,131,546 $ 1.29 |
Note 17 - Parent Company Only F
Note 17 - Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ( 1 7 ) Parent Company Only Financial Information The Holding Company's unconsolidated financial information follows: December 31, (in thousands) 2019 2018 Assets Cash $ 8,895 $ 13,551 Investment in subsidiary 46,953 37,249 Other assets 20 20 Total assets $ 55,868 $ 50,820 Stockholders' Equity Stockholders' equity $ 55,868 $ 50,820 Total liabilities and stockholders' equity $ 55,868 $ 50,820 Condensed Statements of Earnings Year Ended December 31, 2019 2018 (in thousands) Revenues $ - $ - Expenses (501 ) (632 ) Income tax benefit 122 160 Loss before earnings of subsidiary (379 ) (472 ) Net earnings of subsidiary 3,921 4,514 Net earnings $ 3,542 $ 4,042 Year Ended December 31, (in thousands) 2019 2018 Cash flows from operating activities: Net Earnings $ 3,542 $ 4,042 Adjustments to reconcile net earnings to net cash used in operating activities: Equity in earnings of subsidiary (3,921 ) (4,514 ) Stock issued as compensation 72 60 Net cash used in operating activities (307 ) (412 ) Cash flows from financing activities: Proceeds from sale of common stock 873 - Proceeds from stock options exercised 5 172 Net cash provided by financing activities 878 172 Cash flows from investment activities: Cash dividend paid (377 ) (312 ) Cash infusion to subsidiary (4,850 ) - Net cash used by investing activities (5,227 ) (312 ) Net decrease in cash (4,656 ) (552 ) Cash at beginning of the year 13,551 14,103 Cash at end of year $ 8,895 $ 13,551 Supplemental disclosure of cash flow information- Noncash items: Net change in accumulated other comprehensive income (loss) of subsidiary, net of change in unrealized loss on debt securities available for sale, net of tax $ 756 $ (260 ) Stock-based compensation expense of subsidiary $ 177 $ 145 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 18 ) Subsequent Events On March 11, 2020, $2,000,000 March 20, 2020, 71,814 $14.80 $1,062,868. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Organization. 100% four The following is a description of the significant accounting policies and practices followed by the Company, which conform to accounting principles generally accepted in the United States of America ("GAAP") and prevailing practices within the banking industry. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. ninety At December 31, 2019 2018 $4,606,000 $3,901,00 0 |
Securities [Policy Text Block] | Debt Securities. may not Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 2 3 |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale. December 31, 2019 2018 December 31, 2019 $6,193,000 $4,767,000 December 31, 2018 December 31, 2019 2018 |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans. Commitment and loan origination fees are deferred and certain direct origination costs are capitalized. Both are recognized as an adjustment of the yield of the related loan. The accrual of interest on all portfolio classes is discontinued at the time the loan is ninety not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. no December 31, 2019 2018 The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific and general components. The specific component relates to loans that are considered impaired. For such loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers all other loans and is based on the following factors. The historical loss component of the allowance is determined by losses recognized by portfolio segment over the preceding thirty-six 1 2 3 4 5 6 7 8 9 Allowance for Loan Losses, Continued. not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. |
Bank Owned Life Insurance [Policy Text Block] | Bank-Owned Life Insurance (BOLI). . |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfer of Financial Assets. 1 2 3 not 1 2 no 3 not |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Financial Instruments. |
Income Tax, Policy [Policy Text Block] | Income Taxes. two Deferred tax assets are recognized if it is more likely than not, not” 50 Income Taxes, Continued . not 50 not not December 31, 2019 not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns. Income taxes are allocated to the Holding Company and Bank as if separate income tax returns were filed. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements. three may Level 1: Level 2: not may third Level 3: The following describes valuation methodologies used for assets measured at fair value: Debt Securities Available for Sale. 1 1 not 2 3 Impaired Loans. 3. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments. Cash and Cash Equivalents. 1 Debt Securities. 2 Loans Held for Sale. 3 Loans. one four 3 Federal Home Loan Bank Stock. 3 Accrued Interest Receivable. 3 Deposits. 3 Off-Balance Sheet Instruments. 3 |
Advertising Cost [Policy Text Block] | Advertising. |
Share-based Payment Arrangement [Policy Text Block] | Stock - Based Compensation. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income. |
Mortgage Banking Activity [Policy Text Block] | Debit card/ATM Revenue. Mortgage Banking Revenue. |
Reclassification, Policy [Policy Text Block] | Reclassification. no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards Update . In February 2016, No. 2016 2, Leases (Topic 842 twelve December 15, 2018. $288,000 January 1, 2019. In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2022 ( In March 2017, No. 2017 08, Premium Amortization on Purchased Callable Debt Securities No December 15, 2018. no In June 2018, No. 2018 07, Stock Compensation (Topic 718 Improvmetns to Nonempmployee Share-Based Payment Accounting 718 505 50, Equity - Equity-Based payments to Non-Employees. December 15, 2019, In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13" 2018 13 2018 13 December 15, 2019. not |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At December 31, 2019 U.S. Government agency securities $ 408 $ - $ (1 ) $ 407 Municipal securities 9,332 81 (72 ) 9,341 Mortgage-backed securities 45,499 401 (97 ) 45,803 Asset-backed securities 5,825 14 (57 ) 5,782 Total $ 61,064 $ 496 $ (227 ) $ 61,333 At December 31, 2018 U.S. Government agency securities $ 815 $ - $ (16 ) $ 799 Municipal securities 11,580 62 (113 ) 11,529 Mortgage-backed securities 33,733 33 (710 ) 33,056 Total $ 46,128 $ 95 $ (839 ) $ 45,384 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (in thousands) At December 31, 2019 U.S. Government agency securities $ 407 $ - $ 407 $ - Municipal securities 9,341 - 9,341 - Mortgage-backed securities 45,803 - 45,803 - Asset-backed securities 5,782 - 5,782 - Total $ 61,333 $ - $ 61,333 $ - At December 31, 2018 U.S. Government agency securities $ 799 $ - $ 799 $ - Municipal securities 11,529 - 11,529 - Mortgage-backed securities 33,056 - 33,056 - Total $ 45,384 $ - $ 45,384 $ - |
Available-for-sale Securities [Table Text Block] | Amortized Fair Cost Value (in thousands) At December 31, 2019 Due in less than one year $ 367 $ 368 Due in one to five years 1,372 1,379 Due in five to ten years 2,578 2,570 Due after ten years 11,248 11,213 Mortgage-backed securities 45,499 45,803 Total $ 61,064 $ 61,333 |
Schedule of Realized Gain (Loss) [Table Text Block] | Year Ended December 31, (in thousands) 2019 2018 Proceeds from sale of securities $ 4,245 $ - Gross gains 28 - Gross losses (21 ) - Net gain on sale of securities $ 7 $ - |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less Than Twelve Months More Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (in thousands) At December 31, 2019 Debt Securities Available for Sale U.S. Government agency securities $ (1 ) $ 407 $ - $ - Municipal securities (72 ) 3,814 - - Mortgage-backed securities (56 ) 4,629 (41 ) 4,115 Asset-backed securities (57 ) 3,901 - - Total $ (186 ) $ 12,751 $ (41 ) $ 4,115 At December 31, 2018 Debt Securities Available for Sale U.S. Government agency securities $ (2 ) $ 242 $ (14 ) $ 557 Municipal securities - - (113 ) 5,760 Mortgage-backed securities (19 ) 983 (691 ) 30,061 Total $ (21 ) $ 1,225 $ (818 ) $ 36,378 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Portfolio of Loans [Table Text Block] | At December 31, (in thousands) 2019 2018 Real estate mortgage loans: Commercial $ 94,728 $ 82,494 Residential and home equity 135,913 121,454 Construction 33,583 31,601 Total real estate mortgage loans 264,224 235,549 Commercial loans 69,770 51,018 Consumer and other loans 7,631 6,747 Total loans 341,625 293,314 Add (Less): Net deferred loan costs 499 460 Allowance for loan losses (4,414 ) (3,661 ) Loans, net $ 337,710 $ 290,113 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total Year Ended December 31, 2019 Beginning balance $ 917 $ 1,397 $ 391 $ 876 $ 80 $ 3,661 Provision for loan losses 129 176 24 735 67 1,131 Net (charge-offs) recoveries - - - (327 ) (51 ) (378 ) Ending balance $ 1,046 $ 1,573 $ 415 $ 1,284 $ 96 $ 4,414 At December 31, 2019 Individually evaluated for impairment: Recorded investment $ 611 $ 965 $ - $ 1,631 $ 13 $ 3,220 Balance in allowance for loan losses $ - $ 15 $ - $ 386 $ 13 $ 414 Collectively evaluated for impairment: Recorded investment $ 94,117 $ 134,948 $ 33,583 $ 68,139 $ 7,618 $ 338,405 Balance in allowance for loan losses $ 1,046 $ 1,558 $ 415 $ 898 $ 83 $ 4,000 Year Ended December 31, 2018 Beginning balance $ 894 $ 1,097 $ 331 $ 724 $ 90 $ 3,136 Provision for loan losses 23 300 63 204 1 591 Net (charge-offs) recoveries - - (3 ) (52 ) (11 ) (66 ) Ending balance $ 917 $ 1,397 $ 391 $ 876 $ 80 $ 3,661 At December 31, 2018 Individually evaluated for impairment: Recorded investment $ 611 $ 409 $ - $ 205 $ 6 $ 1,231 Balance in allowance for loan losses $ - $ - $ - $ 205 $ 6 $ 211 Collectively evaluated for impairment: Recorded investment $ 81,883 $ 121,045 $ 31,601 $ 50,813 $ 6,741 $ 292,083 Balance in allowance for loan losses $ 917 $ 1,397 $ 391 $ 671 $ 74 $ 3,450 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total At December 31, 2019 Grade: Pass $ 92,586 $ 133,351 $ 32,374 $ 66,649 $ 7,576 $ 332,536 Special mention 1,531 1,597 1,209 1,197 55 5,589 Substandard 611 965 - 1,924 - 3,500 Doubtful - - - - - - Loss - - - - - - Total $ 94,728 $ 135,913 $ 33,583 $ 69,770 $ 7,631 $ 341,625 At December 31, 2018 Grade: Pass $ 77,650 $ 118,368 $ 31,601 $ 47,858 $ 6,657 $ 282,134 Special mention 4,233 2,875 - 2,184 84 9,376 Substandard 611 211 - 976 6 1,804 Doubtful - - - - - - Loss - - - - - - Total $ 82,494 $ 121,454 $ 31,601 $ 51,018 $ 6,747 $ 293,314 |
Financing Receivable, Past Due [Table Text Block] | Accruing Loans Greater Than 30-59 Days 60-89 Days 90 Days Total Past Nonaccrual Total (in thousands) Past Due Past Due Past Due Due Current Loans Loans At December 31, 2019: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 94,728 $ - $ 94,728 Residential and home equity 569 - - 569 134,379 965 135,913 Construction 82 - - 82 33,501 - 33,583 Commercial loans 87 - - 87 68,057 1,626 69,770 Consumer and other loans - 5 - 5 7,626 - 7,631 Total $ 738 $ 5 $ - $ 743 $ 338,291 $ 2,591 $ 341,625 At December 31, 2018: Real estate mortgage loans: Commercial Residential and home equity $ - $ - $ - $ - $ 82,494 $ - $ 82,494 Construction 134 30 - 164 121,129 161 121,454 Commercial loans - - - - 31,601 - 31,601 Consumer and other loans 98 - - 98 50,745 175 51,018 Total - - - - 6,741 6 6,747 $ 232 $ 30 $ - $ 262 $ 292,710 $ 342 $ 293,314 |
Impaired Financing Receivables [Table Text Block] | With No Related Allowance Recorded With an Allowance Recorded Total Unpaid Unpaid Unpaid Contractual Contractual Contractual Recorded Principal Recorded Principal Related Recorded Principal Related (in thousands) Investment Balance Investment Balance Allowance Investment Balance Allowance At December 31, 2019: Commercial real estate $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 716 716 249 249 15 965 965 15 Commercial loans 508 508 1,123 1,123 386 1,631 1,631 386 Consumer and other loans - - 13 13 13 13 13 13 Total $ 1,835 $ 1,835 $ 1,385 $ 1,385 $ 414 $ 3,220 $ 3,220 $ 414 At December 31, 2018: Commercial real estate $ 611 $ 611 $ - $ - $ - $ 611 $ 611 $ - Residential and home equity 409 409 - - - 409 409 - Commercial loans - - 205 205 205 205 205 205 Consumer and other loans - - 6 6 6 6 6 6 Total $ 1,020 $ 1,020 $ 211 $ 211 $ 211 $ 1,231 $ 1,231 $ 211 |
Impaired Financing Receivables, Average Recorded Investment, and Interest Income Recognized [Table Text Block] | Average Interest Interest Recorded Income Income (in thousands) Investment Recognized Received Year Ended December 31, 2019 Commercial real estate $ 611 $ 32 $ 32 Residential and home equity 753 5 7 Commercial 806 9 12 Consumer and other loans 3 - - Total $ 2,173 $ 46 $ 51 (in thousands) Year Ended December 31, 2018 Commercial real estate $ 471 $ 16 $ 16 Residential and home equity 234 7 6 Commercial 172 2 7 Consumer and other loans 2 - - Total $ 879 $ 25 $ 29 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Year Ended December 31, 2019 Year Ended December 31, 2018 Pre- Post- Current Pre- Post- Current Modification Modification Modification Modification Modification Modification Number Outstanding Outstanding Outstanding Number Outstanding Outstanding Outstanding of Recorded Recorded Recorded of Recorded Recorded Recorded Contracts Investment Investment Investment Contracts Investment Investment Investment (in thousands) Troubled Debt Restructurings: Modified principal Residential and home equity: - - - - 1 $ 619 $ 611 $ 611 Modified interest rate Residential and home equity: 1 $ 65 $ 65 $ 65 - - - - Commercial 2 260 260 260 - - - - Total 3 $ 325 $ 325 $ 325 1 $ 619 $ 611 $ 611 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | At December 31, 2019 2018 (in thousands) Land $ 1,704 $ 690 Buildings 4,960 3,736 Leasehold improvements 421 421 Furniture, fixtures and equipment 1,505 1,168 Computer and software 2,669 2,372 Construction in progress 833 40 Total, at cost 12,092 8,427 Less accumulated depreciation and amortization (4,348 ) (3,771 ) Premises and equipment, net $ 7,744 $ 4,656 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2019 (in thousands) Operating lease cost $ 239 Cash paid for amount included in the measurement of lease liabilities operating cash flows from operating leases $ 151 (in thousands) At December 31, 2019 Operating lease right of use assets $ 3,669 Operating lease liabilities $ 3,758 Weighted average remaining lease term - operating lease (in years) 14.6 Weighted average discount rate 3.17 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At December 31 (in thousands) 2019 2020 $ 294 2021 294 2022 294 2023 294 2024 294 Next five years and thereafter 3,273 Total future minimum lease payments 4,743 Less interest (985 ) Total $ 3,758 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (in thousands) Year Ending December 31, Amount 2020 $ 47,464 2021 18,280 2022 559 2023 2,168 2024 300 2039 403 Total $ 69,174 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (in thousands) 2019 2018 Current: Federal $ 987 $ 1,003 State 222 292 Total current 1,209 1,295 Deferred: Federal (94 ) (65 ) State (23 ) (10 ) Total deferred (117 ) (75 ) Total income taxes $ 1,092 $ 1,220 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 % of % of Pretax Pretax Amount Earnings Amount Earnings (dollars in thousands) Income taxes at statutory rate $ 973 21.0 % $ 1,105 21.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 157 3.4 223 4.2 Tax-exempt income (69 ) (1.5 ) (62 ) (1.2 ) Stock-based compensation - - (29 ) (0.6 ) Other nondeductible expenses 31 0.7 (17 ) (0.2 ) Total $ 1,092 23.6 % $ 1,220 23.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 31, 2019 2018 (in thousands) Deferred tax assets: Allowance for loan losses $ 972 $ 894 Organizational and start-up costs 30 40 Stock-based compensation 52 27 Unrealized losses on debt securities available for sale - 188 Other 32 12 Deferred tax assets 1,086 1,161 Deferred tax liabilities: Prepaid Expenses (44 ) (59 ) Deferred loan costs (426 ) (380 ) Premises and equipment (185 ) (220 ) Unrealized gain on debt securities available for sale (69 ) - Deferred tax liabilities (724 ) (659 ) Net deferred tax asset $ 362 $ 502 |
Note 8 - Off-balance Sheet Fi_2
Note 8 - Off-balance Sheet Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | At December 31, 2019 (in thousands) Commitments to extend credit $ 7,905 Construction loans in process 17,964 Unused lines of credit 46,042 Standby financial letters of credit 2,157 Standby performance letters of credit 328 Guaranteed accounts 1,378 Total off-balance sheet instruments $ 75,774 |
Note 9 - Stock Compensation P_2
Note 9 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended December 31, 2019 2018 Weighted average risk-free interest rate 1.88% 1.47-2.63% Expected dividend yield 0.59% 0.41-0.50% Expected stock volatility 9.90% 10.07-11.90% Expected life in years 6.5 1.0-6.5 Per share fair value of options issued during year $2.74 $1.08-$3.35 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Wtd-Avg Number of Grant Date Grant Date Shares Fair Value per Share Fair Value Non-vested restricted stock issued in 2019 3,600 $ 18.52 $ 67,000 Non-vested restricted stock outstanding at December 31, 2019 3,600 $ 18.52 67,000 |
The 2007 Stock Option Plan [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2017 22,200 $ 10.31 Options exercised (17,150 ) 10.02 Options forfeited (350 ) 10.00 Outstanding at December 31, 2018 4,700 $ 11.37 Options exercised (500 ) 10.00 Options forfeited (2,000 ) 10.72 Outstanding at December 31, 2019 2,200 $ 12.27 0.32 years $ 17,000 Exercisable at December 31, 2019 2,200 $ 12.27 0.32 years $ 17,000 |
The 2015 Stock Incentive Compensation Plan [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2017 11,540 $ 17.03 Options granted 252,917 19.91 Options forfeited (1,000 ) 20.09 Outstanding at December 31, 2018 263,457 $ 19.78 Options granted 22,000 20.21 Forfeited (13,190 ) 20.09 Outstanding at December 31, 2019 272,267 $ 19.80 7.8 years $ 77,000 Exercisable at December 31, 2019 71,827 $ 18.97 6.2 years $ 77,000 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, (in thousands) 2019 2018 Loans: Beginning balance $ 7,288 $ 5,870 Originated during the year 1,986 2,048 Remove retired Director - (400 ) Principal repayments (1,548 ) (230 ) Ending balance $ 7,726 $ 7,288 Deposits at year-end $ 7,079 $ 9,989 |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At December 31, 2019 At December 31, 2018 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 75,082 $ 75,082 $ 48,038 $ 48,038 Debt securities available for sale 2 61,333 61,333 45,384 45,384 Loans held for sale 3 6,193 6,296 4,767 4,842 Loans, net 3 337,710 342,435 290,113 283,068 Federal Home Loan Bank stock 3 404 404 355 355 Accrued interest receivable 3 1,137 1,137 1,034 1,034 Financial liabilities- Deposits 3 438,264 439,208 349,067 349,416 Off-Balance Sheet financial instruments 3 - - - - |
Note 14 - Regulatory Matters (T
Note 14 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes For Well Capitalized Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of December 31, 2019 Tier 1 Leverage ratio to Average Assets $ 46,752 9.31 % $ 20,084 4.00 % $ 25,105 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 46,752 13.24 15,885 4.50 22,945 6.50 Tier 1 Capital to Risk-Weighted Assets 46,752 13.24 21,180 6.00 28,240 8.00 Total Capital to Risk-Weighted Assets 51,165 14.49 28,240 8.00 35,300 10.00 As of December 31, 2018: Tier 1 Leverage ratio to Average Assets $ 37,805 9.28 % $ 16,288 4.00 % $ 20,360 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 37,805 12.90 13,190 4.50 19,052 6.50 Tier 1 Capital to Risk-Weighted Assets 37,805 12.90 17,587 6.00 23,449 8.00 Total Capital to Risk-Weighted Assets 41,466 14.15 23,449 8.00 29,311 10.00 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2019 2018 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Year Ended December 31, Basic EPS: Net earnings $ 3,542 3,155,891 $ 1.12 $ 4,042 3,125,689 $ 1.29 Effect of dilutive securities-incremental shares from assumed conversion of options 3,744 5,857 Diluted EPS: Net earnings $ 3,542 3,159,635 $ 1.12 $ 4,042 3,131,546 $ 1.29 |
Note 17 - Parent Company Only_2
Note 17 - Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, (in thousands) 2019 2018 Assets Cash $ 8,895 $ 13,551 Investment in subsidiary 46,953 37,249 Other assets 20 20 Total assets $ 55,868 $ 50,820 Stockholders' Equity Stockholders' equity $ 55,868 $ 50,820 Total liabilities and stockholders' equity $ 55,868 $ 50,820 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Earnings Year Ended December 31, 2019 2018 (in thousands) Revenues $ - $ - Expenses (501 ) (632 ) Income tax benefit 122 160 Loss before earnings of subsidiary (379 ) (472 ) Net earnings of subsidiary 3,921 4,514 Net earnings $ 3,542 $ 4,042 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, (in thousands) 2019 2018 Cash flows from operating activities: Net Earnings $ 3,542 $ 4,042 Adjustments to reconcile net earnings to net cash used in operating activities: Equity in earnings of subsidiary (3,921 ) (4,514 ) Stock issued as compensation 72 60 Net cash used in operating activities (307 ) (412 ) Cash flows from financing activities: Proceeds from sale of common stock 873 - Proceeds from stock options exercised 5 172 Net cash provided by financing activities 878 172 Cash flows from investment activities: Cash dividend paid (377 ) (312 ) Cash infusion to subsidiary (4,850 ) - Net cash used by investing activities (5,227 ) (312 ) Net decrease in cash (4,656 ) (552 ) Cash at beginning of the year 13,551 14,103 Cash at end of year $ 8,895 $ 13,551 Supplemental disclosure of cash flow information- Noncash items: Net change in accumulated other comprehensive income (loss) of subsidiary, net of change in unrealized loss on debt securities available for sale, net of tax $ 756 $ (260 ) Stock-based compensation expense of subsidiary $ 177 $ 145 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Subsidiary, Ownership Percentage By Parent | 100.00% | ||
Number of Banking Offices | 4 | ||
Cash Reserve Deposit Required and Made | $ 4,606,000 | $ 3,901,000 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 6,193,000 | 4,767,000 | |
Assets, Total | 500,861,000 | 401,702,000 | |
Liabilities, Total | $ 444,993,000 | $ 350,882,000 | |
Accounting Standards Update 2016-02 [Member] | |||
Assets, Total | $ 288,000 | ||
Liabilities, Total | $ 288,000 |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Securities, Available-for-sale, Restricted | $ 10,983,000 | $ 8,311,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 13 | 39 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Summary of Carrying Amount and Fair Values of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 61,064 | $ 46,128 |
Gross Unrealized Gains | 496 | 95 |
Gross Unrealized Losses | (227) | (839) |
Debt securities available for sale | 61,333 | 45,384 |
US Government Agencies Debt Securities [Member] | ||
Amortized Cost | 408 | 815 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (1) | (16) |
Debt securities available for sale | 407 | 799 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 9,332 | 11,580 |
Gross Unrealized Gains | 81 | 62 |
Gross Unrealized Losses | (72) | (113) |
Debt securities available for sale | 9,341 | 11,529 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 45,499 | 33,733 |
Gross Unrealized Gains | 401 | 33 |
Gross Unrealized Losses | (97) | (710) |
Debt securities available for sale | 45,803 | $ 33,056 |
Asset-backed Securities [Member] | ||
Amortized Cost | 5,825 | |
Gross Unrealized Gains | 14 | |
Gross Unrealized Losses | (57) | |
Debt securities available for sale | $ 5,782 |
Note 2 - Securities Available_5
Note 2 - Securities Available for Sale - Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale | $ 61,333 | $ 45,384 |
US Government Agencies Debt Securities [Member] | ||
Debt securities available for sale | 407 | 799 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale | 9,341 | 11,529 |
Collateralized Mortgage Backed Securities [Member] | ||
Debt securities available for sale | 45,803 | 33,056 |
Asset-backed Securities [Member] | ||
Debt securities available for sale | 5,782 | |
Fair Value, Recurring [Member] | ||
Debt securities available for sale | 61,333 | 45,384 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 61,333 | 45,384 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Debt securities available for sale | 407 | 799 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 407 | 799 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale | 9,341 | 11,529 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 9,341 | 11,529 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Debt securities available for sale | 45,803 | 33,056 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 45,803 | 33,056 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Debt securities available for sale | 5,782 | |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | ||
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 5,782 | |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale |
Note 2 - Securities Available_6
Note 2 - Securities Available for Sale - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Due in less than one year, amortized cost | $ 367 | |
Due in less than one year, Fair value | 368 | |
Due in one to five years, amortized cost | 1,372 | |
Due in one to five years, Fair value | 1,379 | |
Due in five to ten years, amortized cost | 2,578 | |
Due in five to ten years, Fair value | 2,570 | |
Due after ten years, amortized cost | 11,248 | |
Due after ten years, Fair value | 11,213 | |
Mortgage-backed securities, amortized cost | 45,499 | |
Mortgage-backed securities, Fair value | 45,803 | |
Total, amortized cost | 61,064 | $ 46,128 |
Total, Fair value | $ 61,333 | $ 45,384 |
Note 2 - Securities Available_7
Note 2 - Securities Available for Sale - Summary of Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from sale of securities | $ 4,245 | |
Gross gains | 28 | |
Gross losses | (21) | |
Net gain on sale of securities | $ 7 |
Note 2 - Securities Available_8
Note 2 - Securities Available for Sale - Summary of Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross Unrealized Losses, Less Than Twelve Months | $ (186) | $ (21) |
Fair Value, Less Than Twelve Months | 12,751 | 1,225 |
Gross Unrealized Losses, Over Twelve Months | (41) | (818) |
Fair Value, Over Twelve Months | 4,115 | 36,378 |
US Government Agencies Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (1) | (2) |
Fair Value, Less Than Twelve Months | 407 | 242 |
Gross Unrealized Losses, Over Twelve Months | (14) | |
Fair Value, Over Twelve Months | 557 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (72) | |
Fair Value, Less Than Twelve Months | 3,814 | |
Gross Unrealized Losses, Over Twelve Months | (113) | |
Fair Value, Over Twelve Months | 5,760 | |
Collateralized Mortgage Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (56) | (19) |
Fair Value, Less Than Twelve Months | 4,629 | 983 |
Gross Unrealized Losses, Over Twelve Months | (41) | (691) |
Fair Value, Over Twelve Months | 4,115 | $ 30,061 |
Asset-backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months | (57) | |
Fair Value, Less Than Twelve Months | 3,901 | |
Gross Unrealized Losses, Over Twelve Months | ||
Fair Value, Over Twelve Months |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Portfolio Classes | 5 | |
Impairment Valuation Loan Limit | $ 500,000 | |
Financing Receivable, Recorded Investment 30 Days Past Due and Still Accruing, Number of Loans | 10 | |
Financing Receivable Recorded Investment 90 Days Past Due and Still Accruing, Number of Loans | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status, Number of Loans | 12 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 3 | 0 |
Financing Receivable, Troubled Debt Restructuring | $ 942,000 | $ 611,000 |
Nonperforming Financial Instruments [Member] | Collateral Pledged [Member] | Fair Value, Nonrecurring [Member] | ||
Loans Receivable, Fair Value Disclosure | $ 0 | $ 0 |
Minimum [Member] | Loans Receivable [Member] | ||
Loan Maturity Period | 1 year | |
Maximum [Member] | Loans Receivable [Member] | ||
Loan Maturity Period | 10 years | |
Real Estate Mortgage Loans [Member] | ||
Number of Portfolio Classes | 3 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Period of Fixed Interest Rate | 5 years | |
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||
Loan Maturity Period | 3 years | |
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||
Loan Maturity Period | 5 years | |
Residential Portfolio Segment [Member] | Period 1 [Member] | ||
Period of Fixed Interest Rate | 15 years | |
Period of Adjustment of Interest Rate | 1 year | |
Residential Portfolio Segment [Member] | Period 2 [Member] | ||
Period of Fixed Interest Rate | 30 years | |
Period of Adjustment of Interest Rate | 3 years | |
Residential Portfolio Segment [Member] | Period 3 [Member] | ||
Period of Adjustment of Interest Rate | 5 years | |
Residential Portfolio Segment [Member] | Period 4 [Member] | ||
Period of Adjustment of Interest Rate | 7 years | |
Residential Portfolio Segment [Member] | Period 5 [Member] | ||
Period of Adjustment of Interest Rate | 10 years | |
Real Estate Construction Loan [Member] | Minimum [Member] | ||
Loan Maturity Period | 1 year | |
Real Estate Construction Loan [Member] | Maximum [Member] | ||
Loan Maturity Period | 2 years | |
Commercial Portfolio Segment [Member] | Maximum [Member] | Equipment Loans [Member] | ||
Loan Maturity Period | 5 years |
Note 3 - Loans - Composition of
Note 3 - Loans - Composition of Company's Loan Portfolio, Excluding Loans Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total loans | $ 341,625 | $ 293,314 | |
Net deferred loan costs | 499 | 460 | |
Allowance for loan losses | (4,414) | (3,661) | $ (3,136) |
Loans, net | 337,710 | 290,113 | |
Mortgage Receivable [Member] | |||
Total loans | 264,224 | 235,549 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 94,728 | 82,494 | |
Allowance for loan losses | (1,046) | (917) | (894) |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 135,913 | 121,454 | |
Allowance for loan losses | (1,573) | (1,397) | (1,097) |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | |||
Total loans | 33,583 | 31,601 | |
Allowance for loan losses | (415) | (391) | (331) |
Loans and Finance Receivables [Member] | Real Estate Construction Loan [Member] | |||
Total loans | 31,601 | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 69,770 | 51,018 | |
Allowance for loan losses | (1,284) | (876) | (724) |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 7,631 | 6,747 | |
Allowance for loan losses | $ (96) | $ (80) | $ (90) |
Note 3 - Loans - Summary of Cha
Note 3 - Loans - Summary of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 3,661 | $ 3,136 |
Provision (credit) for loan losses | 1,131 | 591 |
Net (charge-offs) recoveries | (378) | (66) |
Recorded investment, individually evaluated for impairment | 3,220 | 1,231 |
Balance in allowance for loan losses, individually evaluated for impairment | 414 | 211 |
Recorded investment, collectively evaluated for impairment | 338,405 | 292,083 |
Balance in allowance for loan losses, collectively evaluated for impairment | 4,000 | 3,450 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 917 | 894 |
Provision (credit) for loan losses | 129 | 23 |
Net (charge-offs) recoveries | ||
Recorded investment, individually evaluated for impairment | 611 | 611 |
Balance in allowance for loan losses, individually evaluated for impairment | ||
Recorded investment, collectively evaluated for impairment | 94,117 | 81,883 |
Balance in allowance for loan losses, collectively evaluated for impairment | 1,046 | 917 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Beginning balance | 1,397 | 1,097 |
Provision (credit) for loan losses | 176 | 300 |
Net (charge-offs) recoveries | ||
Recorded investment, individually evaluated for impairment | 965 | 409 |
Balance in allowance for loan losses, individually evaluated for impairment | 15 | |
Recorded investment, collectively evaluated for impairment | 134,948 | 121,045 |
Balance in allowance for loan losses, collectively evaluated for impairment | 1,558 | 1,397 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Beginning balance | 391 | 331 |
Provision (credit) for loan losses | 24 | 63 |
Net (charge-offs) recoveries | (3) | |
Recorded investment, individually evaluated for impairment | ||
Balance in allowance for loan losses, individually evaluated for impairment | ||
Recorded investment, collectively evaluated for impairment | 33,583 | 31,601 |
Balance in allowance for loan losses, collectively evaluated for impairment | 415 | 391 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Beginning balance | 876 | 724 |
Provision (credit) for loan losses | 735 | 204 |
Net (charge-offs) recoveries | (327) | (52) |
Recorded investment, individually evaluated for impairment | 1,631 | 205 |
Balance in allowance for loan losses, individually evaluated for impairment | 386 | 205 |
Recorded investment, collectively evaluated for impairment | 68,139 | 50,813 |
Balance in allowance for loan losses, collectively evaluated for impairment | 898 | 671 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Beginning balance | 80 | 90 |
Provision (credit) for loan losses | 67 | 1 |
Net (charge-offs) recoveries | (51) | (11) |
Recorded investment, individually evaluated for impairment | 13 | 6 |
Balance in allowance for loan losses, individually evaluated for impairment | 13 | 6 |
Recorded investment, collectively evaluated for impairment | 7,618 | 6,741 |
Balance in allowance for loan losses, collectively evaluated for impairment | $ 83 | $ 74 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loan Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans by credit quality | $ 341,625 | $ 293,314 |
Pass [Member] | ||
Loans by credit quality | 332,536 | 282,134 |
Special Mention [Member] | ||
Loans by credit quality | 5,589 | 9,376 |
Substandard [Member] | ||
Loans by credit quality | 3,500 | 1,804 |
Doubtful [Member] | ||
Loans by credit quality | ||
Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | ||
Loans by credit quality | 264,224 | 235,549 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans by credit quality | 94,728 | 82,494 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 92,586 | 77,650 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,531 | 4,233 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 611 | 611 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Loans by credit quality | 135,913 | 121,454 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 133,351 | 118,368 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,597 | 2,875 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 965 | 211 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Loans by credit quality | 33,583 | 31,601 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Pass [Member] | ||
Loans by credit quality | 32,374 | 31,601 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,209 | |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Substandard [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Real Estate Construction Loan [Member] | ||
Loans by credit quality | 31,601 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Loans by credit quality | 69,770 | 51,018 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 66,649 | 47,858 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,197 | 2,184 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 1,924 | 976 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Loans by credit quality | 7,631 | 6,747 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 7,576 | 6,657 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 55 | 84 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 6 | |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality |
Note 3 - Loans - Summary of Pas
Note 3 - Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accruing Loans, Past Due | $ 743 | $ 262 |
Accruing Loans, Current | 338,291 | 292,710 |
Nonaccrual Loans | 2,591 | 342 |
Loans by credit quality | 341,625 | 293,314 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 738 | 232 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | 5 | 30 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | ||
Loans by credit quality | 264,224 | 235,549 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accruing Loans, Past Due | ||
Accruing Loans, Current | 94,728 | 82,494 |
Nonaccrual Loans | ||
Loans by credit quality | 94,728 | 82,494 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Accruing Loans, Past Due | 569 | 164 |
Accruing Loans, Current | 134,379 | 121,129 |
Nonaccrual Loans | 965 | 161 |
Loans by credit quality | 135,913 | 121,454 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 569 | 134 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | 30 | |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Accruing Loans, Past Due | 82 | |
Accruing Loans, Current | 33,501 | |
Nonaccrual Loans | ||
Loans by credit quality | 33,583 | 31,601 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 82 | |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Real Estate Construction Loan [Member] | ||
Accruing Loans, Past Due | ||
Accruing Loans, Current | 31,601 | |
Nonaccrual Loans | ||
Loans by credit quality | 31,601 | |
Loans and Finance Receivables [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Real Estate Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Real Estate Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Accruing Loans, Past Due | 87 | 98 |
Accruing Loans, Current | 68,057 | 50,745 |
Nonaccrual Loans | 1,626 | 175 |
Loans by credit quality | 69,770 | 51,018 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | 87 | 98 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Accruing Loans, Past Due | 5 | |
Accruing Loans, Current | 7,626 | 6,741 |
Nonaccrual Loans | 6 | |
Loans by credit quality | 7,631 | 6,747 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing Loans, Past Due | ||
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing Loans, Past Due | 5 | |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing Loans, Past Due |
Note 3 - Loans - Summary of Imp
Note 3 - Loans - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
With No Related Allowance Recorded, Recorded Investment | $ 1,835 | $ 1,020 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 1,835 | 1,020 |
With an Allowance Recorded, Recorded Investment | 1,385 | 211 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 1,385 | 211 |
Related Allowance | 414 | 211 |
Total Recorded Investment | 3,220 | 1,231 |
Total Unpaid Contractual Principal Balance | 3,220 | 1,231 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 611 | 611 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 611 | 611 |
With an Allowance Recorded, Recorded Investment | ||
With an Allowance Recorded, Unpaid Contractual Principal Balance | ||
Related Allowance | ||
Total Recorded Investment | 611 | 611 |
Total Unpaid Contractual Principal Balance | 611 | 611 |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 716 | 409 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 716 | 409 |
With an Allowance Recorded, Recorded Investment | 249 | |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 249 | |
Related Allowance | 15 | |
Total Recorded Investment | 965 | 409 |
Total Unpaid Contractual Principal Balance | 965 | 409 |
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 508 | |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 508 | |
With an Allowance Recorded, Recorded Investment | 1,123 | 205 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 1,123 | 205 |
Related Allowance | 386 | 205 |
Total Recorded Investment | 1,631 | 205 |
Total Unpaid Contractual Principal Balance | 1,631 | 205 |
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | ||
With No Related Allowance Recorded, Recorded Investment | ||
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | ||
With an Allowance Recorded, Recorded Investment | 13 | 6 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 13 | 6 |
Related Allowance | 13 | 6 |
Total Recorded Investment | 13 | 6 |
Total Unpaid Contractual Principal Balance | $ 13 | $ 6 |
Note 3 - Loans - Summary of Ave
Note 3 - Loans - Summary of Average Net Investment in Impaired Loans and Interest Income Recognized and Received on Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Average recorded investment | $ 2,173 | $ 879 |
Interest income recognized | 46 | 25 |
Interest income received | 51 | 29 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 611 | |
Interest income recognized | 32 | |
Interest income received | 32 | |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Average recorded investment | 753 | |
Interest income recognized | 5 | |
Interest income received | 7 | |
Mortgage Receivable [Member] | Commercial Portfolio Segment [Member] | ||
Average recorded investment | 806 | |
Interest income recognized | 9 | |
Interest income received | 12 | |
Loans and Finance Receivables [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 471 | |
Interest income recognized | 16 | |
Interest income received | 16 | |
Loans and Finance Receivables [Member] | Residential Portfolio Segment [Member] | ||
Average recorded investment | 234 | |
Interest income recognized | 7 | |
Interest income received | 6 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Average recorded investment | 172 | |
Interest income recognized | 2 | |
Interest income received | 7 | |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Average recorded investment | 3 | 2 |
Interest income recognized | ||
Interest income received |
Note 3 - Loans - Summary of L_2
Note 3 - Loans - Summary of Loans Determined to Be Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Contracts | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 325,000 | $ 619,000 |
Post-Modification Outstanding Recorded Investment | 325,000 | 611,000 |
Current Modification Outstanding Recorded Investment | $ 942,000 | $ 611,000 |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | Modified Principal [Member] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 619,000 | |
Post-Modification Outstanding Recorded Investment | 611,000 | |
Current Modification Outstanding Recorded Investment | $ 611,000 | |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | Modified Interest Rate [Member] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 65,000 | |
Post-Modification Outstanding Recorded Investment | 65,000 | |
Current Modification Outstanding Recorded Investment | $ 65,000 | |
Commercial Real Estate Portfolio Segment [Member] | Modified Interest Rate [Member] | ||
Number of Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 260,000 | |
Post-Modification Outstanding Recorded Investment | 260,000 | |
Current Modification Outstanding Recorded Investment | $ 260,000 |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment (Details Textual) | Feb. 15, 2019USD ($) | Aug. 06, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Operating Leases, Rent Expense, Total | $ 312,000 | |||
Payments to Acquire Property, Plant, and Equipment, Total | $ 2,100,000 | $ 3,735,000 | $ 304,000 | |
Retail Lease [Member] | ||||
Lessee, Operating Lease, Term of Contract | 15 years | |||
Lessee, Operating Lease, Number of Renewal Options | 4 | |||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Lessee, Operating Lease, Permanent Improvements Reimbursement, Maximum | $ 1,300,000 |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total, at cost | $ 12,092 | $ 8,427 |
Less accumulated depreciation and amortization | (4,348) | (3,771) |
Premises and equipment, net | 7,744 | 4,656 |
Land [Member] | ||
Total, at cost | 1,704 | 690 |
Building [Member] | ||
Total, at cost | 4,960 | 3,736 |
Leasehold Improvements [Member] | ||
Total, at cost | 421 | 421 |
Furniture and Fixtures [Member] | ||
Total, at cost | 1,505 | 1,168 |
Computer and Software [Member] | ||
Total, at cost | 2,669 | 2,372 |
Construction in Progress [Member] | ||
Total, at cost | $ 833 | $ 40 |
Note 4 - Premises and Equipme_5
Note 4 - Premises and Equipment - Lease Expense and Other Lease Informaion (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating lease cost | $ 239 | |
Cash paid for amount included in the measurement of lease liabilities operating cash flows from operating leases | 151 | |
Operating lease right of use assets | 3,669 | |
Total | $ 3,758 | |
Weighted average remaining lease term - operating lease (in years) (Year) | 14 years 219 days | |
Weighted average discount rate | 3.17% |
Note 4 - Premises and Equipme_6
Note 4 - Premises and Equipment - Operating Lease Liability Future Minimum Lease Payment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 294 | |
2021 | 294 | |
2022 | 294 | |
2023 | 294 | |
2024 | 294 | |
Next five years and thereafter | 3,273 | |
Total future minimum lease payments | 4,743 | |
Less interest | (985) | |
Total | $ 3,758 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits, at or Above FDIC Insurance Limit | $ 33.4 | $ 20.7 |
Note 5 - Deposits - Schedule of
Note 5 - Deposits - Schedule of Maturitites of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 47,464 | |
2021 | 18,280 | |
2022 | 559 | |
2023 | 2,168 | |
2024 | 300 | |
2039 | 403 | |
Total | $ 69,174 | $ 41,296 |
Note 6 - Other Borrowings (Deta
Note 6 - Other Borrowings (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 64,900,000 | |
Federal Home Loan Bank Advances, Total | 0 | $ 0 |
Line of Credit Facility, Current Borrowing Capacity | 18,800,000 | |
Assets Sold under Agreements to Repurchase, Carrying Amount | 1,254,000 | |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 2,200,000 |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 987 | $ 1,003 |
State | 222 | 292 |
Total current | 1,209 | 1,295 |
Federal | (94) | (65) |
State | (23) | (10) |
Total deferred | (117) | (75) |
Total income taxes | $ 1,092 | $ 1,220 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of statutory Federal Income Tax Rate and Effective Tax Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes at statutory rate, amount | $ 973 | $ 1,105 |
Income taxes at statutory rate, percent | 21.00% | 21.00% |
State taxes, net of federal tax benefit, amount | $ 157 | $ 223 |
State taxes, net of federal tax benefit, percent | 3.40% | 4.20% |
Tax-exempt income, amount | $ (69) | $ (62) |
Tax-exempt income, percent | (1.50%) | (1.20%) |
Stock-based compensation, amount | $ (29) | |
Stock-based compensation, percent | (0.60%) | |
Other nondeductible expenses, amount | $ 31 | $ (17) |
Other nondeductible expenses, percent | 0.70% | (0.20%) |
Total income taxes | $ 1,092 | $ 1,220 |
Total, percent | 23.60% | 23.20% |
Note 7 - Income Taxes - Summary
Note 7 - Income Taxes - Summary of Tax Effects of Temporary Differences on Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 972 | $ 894 |
Organizational and start-up costs | 30 | 40 |
Stock-based compensation | 52 | 27 |
Unrealized losses on debt securities available for sale | 188 | |
Other | 32 | 12 |
Deferred tax assets | 1,086 | 1,161 |
Prepaid Expenses | (44) | (59) |
Deferred loan costs | (426) | (380) |
Premises and equipment | (185) | (220) |
Unrealized gain on debt securities available for sale | (69) | |
Deferred tax liabilities | (724) | (659) |
Net deferred tax asset | $ 362 | $ 502 |
Note 8 - Off-balance Sheet Fi_3
Note 8 - Off-balance Sheet Financial Instruments (Details Textual) - Standby Financial Letters of Credit [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument, Term | 1 year |
Debt Instrument, Collateral Amount | $ 680,000 |
Credit Availability Concentration Risk [Member] | Swap Liabilities [Member] | |
Concentration Risk, Percentage | 10.00% |
Note 8 - Off-balance Sheet Fi_4
Note 8 - Off-balance Sheet Financial Instruments - Summary of Off-balance Sheet Financial Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Contractual amounts with off-balance-sheet risk | $ 75,774 |
Commitments to Extend Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 7,905 |
Construction Loans In Process [Member] | |
Contractual amounts with off-balance-sheet risk | 17,964 |
Unused lines of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 46,042 |
Standby Financial Letters of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 2,157 |
Performance Standby Letters Of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 328 |
Guaranteed Accounts [Member] | |
Contractual amounts with off-balance-sheet risk | $ 1,378 |
Note 9 - Stock Compensation P_3
Note 9 - Stock Compensation Plans (Details Textual) - USD ($) | Feb. 21, 2020 | May 20, 2015 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 19,000 | $ 20,000 | ||||
Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 19,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,600 | 3,600 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 48,000 | |||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | Forecast [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,200 | |||||
The 2015 Stock Incentive Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 272,267 | 263,457 | 11,540 | |||
Share-based Payment Arrangement, Expense | $ 158,000 | $ 145,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 539,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 22,000 | 252,917 | ||||
The 2015 Stock Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||||
Maximum Percentage of Shares Issued | 15.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 202,826 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||||
The 2007 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,200 | 4,700 | 22,200 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||
The 2007 Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | |||||
Directors' Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 51,640 | |||||
Share-based Payment Arrangement, Expense | $ 72,000 | $ 60,000 | ||||
Stock Consideration on Percentage of Common Stock Received Upon Cash Fees | 110.00% | |||||
Percent of Total Shares Outstanding | 1.62% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,643 | 2,818 |
Note 9 - Stock Compensation P_4
Note 9 - Stock Compensation Plans - Summary of the 2015 Plan (Details) - The 2015 Stock Incentive Compensation Plan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Number of Options, Outstanding, beginning balance (in shares) | 263,457 | 11,540 | |
Weighted-average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 19.78 | $ 17.03 | |
Number of Options, granted (in shares) | 22,000 | 252,917 | |
Weighted-average Exercise Price, Options granted (in dollars per share) | $ 20.21 | $ 19.91 | |
Number of Options, forfeited (in shares) | (13,190) | (1,000) | |
Weighted-average Exercise Price, Options Forfeited (in dollars per share) | $ 20.09 | $ 20.09 | |
Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 19.80 | $ 19.78 | |
Number of Options, Outstanding, ending balance (in shares) | 272,267 | 263,457 | |
Outstanding at December 31, 2018Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 19.80 | $ 19.78 | $ 19.80 |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 7 years 292 days | ||
Aggregate Intrinsic Value, Outstanding | $ 77,000 | ||
Number of Options, Exercisable (in shares) | 71,827 | ||
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ 18.97 | ||
Weighted-average Remaining Contractual Term, Exercisable (Year) | 6 years 73 days | ||
Aggregate Intrinsic Value, Exercisable | $ 77,000 |
Note 9 - Stock Compensation P_5
Note 9 - Stock Compensation Plans - Black-Scholes Option-pricing Model Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average risk-free interest rate | 1.88% | |
Expected dividend yield | 0.59% | |
Expected stock volatility | 9.90% | |
Expected life in years (Year) | 6 years 182 days | |
Per share fair value of options issued during year (in dollars per share) | $ 2.74 | |
Minimum [Member] | ||
Weighted average risk-free interest rate | 1.47% | |
Expected dividend yield | 0.41% | |
Expected stock volatility | 10.07% | |
Expected life in years (Year) | 1 year | |
Per share fair value of options issued during year (in dollars per share) | $ 1.08 | |
Maximum [Member] | ||
Weighted average risk-free interest rate | 2.63% | |
Expected dividend yield | 0.50% | |
Expected stock volatility | 11.90% | |
Expected life in years (Year) | 6 years 182 days | |
Per share fair value of options issued during year (in dollars per share) | $ 3.35 |
Note 9 - Stock Compensation P_6
Note 9 - Stock Compensation Plans - Summary of the 2007 Stock Option Plan (Details) - The 2007 Stock Option Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options, Outstanding, beginning balance (in shares) | 4,700 | 22,200 |
Weighted-average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 11.37 | $ 10.31 |
Number of Options, exercised (in shares) | (500) | (17,150) |
Weighted-average Exercise Price, Options exercised (in dollars per share) | $ 10 | $ 10.02 |
Number of Options, forfeited (in shares) | (2,000) | (350) |
Weighted-average Exercise Price, Options Forfeited (in dollars per share) | $ 10.72 | $ 10 |
Number of Options, Outstanding, ending balance (in shares) | 2,200 | 4,700 |
Weighted-average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 12.27 | $ 11.37 |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 116 days | |
Aggregate Intrinsic Value, Outstanding | $ 17,000 | |
Number of Options, Exercisable (in shares) | 2,200 | |
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ 12.27 | |
Aggregate Intrinsic Value, Exercisable | $ 17,000 |
Note 9 - Stock Compensation P_7
Note 9 - Stock Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2019 | |
Non-vested restricted stock issued, shares (in shares) | 3,600 | 3,600 |
Non-vested restricted stock issued, weighted average grant date fair value (in dollars per share) | $ 18.52 | |
Non-vested restricted stock issued, grant date fair value | $ 67,000 | |
Non-vested restricted stock outstanding, shares (in shares) | 3,600 | |
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ 18.52 | |
Non-vested restricted stock outstanding, grant date fair value | $ 67,000 |
Note 10 - Employee Benefit Pl_2
Note 10 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Defined Contribution Plan, Cost | $ 175,000 | $ 160,000 | |
Deferred Compensation for Officers [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | 155,000 | 18,000 | |
Deferred Compensation for Officers [Member] | Other Liabilities [Member] | |||
Liability, Defined Benefit Plan, Total | $ 173,000 | $ 18,000 |
Note 11 - Related Party Trans_3
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Payment to Acquire Life Insurance Policy, Investing Activities | $ 4,500,000 | |
Directors and former CFO [Member] | ||
Payment to Acquire Life Insurance Policy, Investing Activities | $ 1,100,000 | $ 739,000 |
Note 11 - Related Party Trans_4
Note 11 - Related Party Transactions - Summary of Activity of Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 7,288 | $ 5,870 |
Originated during the year | 1,986 | 2,048 |
Remove retired Director | (400) | |
Principal repayments | (1,548) | (230) |
Ending balance | 7,726 | 7,288 |
Deposits at year-end | $ 7,079 | $ 9,989 |
Note 12 - Fair Value of Finan_3
Note 12 - Fair Value of Financial Instruments - Fair Values and Fair Value Measurement Method of Financial Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale | $ 61,333,000 | $ 45,384,000 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 6,193,000 | 4,767,000 |
Accrued interest receivable | 1,137,000 | 1,034,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 75,082,000 | 48,038,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 61,333,000 | 45,384,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 6,193,000 | 4,767,000 |
Loans Receivable, Fair Value Disclosure | 337,710,000 | 290,113,000 |
Federal Home Loan Bank stock | 404,000 | 355,000 |
Accrued interest receivable | 1,137,000 | 1,034,000 |
Deposits | 438,264,000 | 349,067,000 |
Off-Balance Sheet financial instruments | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 75,082,000 | 48,038,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 61,333,000 | 45,384,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | 6,296,000 | 4,842,000 |
Loans Receivable, Fair Value Disclosure | 342,435,000 | 283,068,000 |
Federal Home Loan Bank stock | 404,000 | 355,000 |
Accrued interest receivable | 1,137,000 | 1,034,000 |
Deposits | 439,208,000 | 349,416,000 |
Off-Balance Sheet financial instruments |
Note 13 - Dividend Restrictio_2
Note 13 - Dividend Restrictions (Details Textual) - Subsequent Event [Member] | Jan. 31, 2020$ / shares |
Common Stock, Dividends, Per Share, Declared | $ 0.12 |
Dividends Payable, Date to be Paid | Mar. 3, 2020 |
Dividends Payable, Date of Record | Feb. 13, 2020 |
Note 14 - Regulatory Matters (D
Note 14 - Regulatory Matters (Details Textual) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Capital Conservation Buffer Rate | 2.50% | 1.875% |
Note 14 - Regulatory Matters -
Note 14 - Regulatory Matters - Summary of Regulatory Capital Requirements and Bank's Capital Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Tier 1 Leverage ratio to Average Assets, actual amount | $ 46,752 | $ 37,805 |
Tier 1 Leverage ratio to Average Assets, actual percentage | 9.31% | 9.28% |
Tier 1 Leverage ratio to Average Assets, for capital adequacy purposes, amount | $ 20,084 | $ 16,288 |
Tier 1 Leverage ratio to Average Assets, for capital adequacy purposes, percentage | 4.00% | 4.00% |
Tier 1 Leverage ratio to Average Assets, for well capitalized purposes, amount | $ 25,105 | $ 20,360 |
Tier 1 Leverage ratio to Average Assets, for well capitalized purposes, percentage | 5.00% | 5.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, actual amount | $ 46,752 | $ 37,805 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, actual percentage | 13.24% | 12.90% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, amount | $ 15,885 | $ 13,190 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, percentage | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, amount | $ 22,945 | $ 19,052 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, percentage | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, actual amount | $ 46,752 | $ 37,805 |
Tier 1 Capital to Risk-Weighted Assets, actual percentage | 13.24% | 12.90% |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, amount | $ 21,180 | $ 17,587 |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, percentage | 6.00% | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, amount | $ 28,240 | $ 23,449 |
Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, percentage | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, actual amount | $ 51,165 | $ 41,466 |
Total Capital to Risk-Weighted Assets, actual percentage | 14.49% | 14.15% |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes, amount | $ 28,240 | $ 23,449 |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes, percentage | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, for well capitalized purposes, amount | $ 35,300 | $ 29,311 |
Total Capital to Risk-Weighted Assets, for well capitalized purposes, percentage | 10.00% | 10.00% |
Note 16 - Earnings Per Share -
Note 16 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net earnings, basic | $ 3,542 | $ 4,042 |
Weighted-average Shares, basic (in shares) | 3,155,891 | 3,125,689 |
Net earnings, per share amount, basic (in dollars per share) | $ 1.12 | $ 1.29 |
Effect of dilutive securities-incremental shares from assumed conversion of options (in shares) | 3,744 | 5,857 |
Net earnings, diluted | $ 3,542 | $ 4,042 |
Weighted-average Shares, diluted (in shares) | 3,159,635 | 3,131,546 |
Net earnings, per share amount, diluted (in dollars per share) | $ 1.12 | $ 1.29 |
Note 17 - Parent Company Only_3
Note 17 - Parent Company Only Financial Information - Schedule of Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other assets | $ 726 | $ 530 | |
Total assets | 500,861 | 401,702 | |
Stockholders' equity | 55,868 | 50,820 | $ 46,973 |
Total liabilities and stockholders' equity | 500,861 | 401,702 | |
Parent Company [Member] | |||
Cash | 8,895 | 13,551 | |
Investment in subsidiary | 46,953 | 37,249 | |
Other assets | 20 | 20 | |
Total assets | 55,868 | 50,820 | |
Stockholders' equity | 55,868 | 50,820 | |
Total liabilities and stockholders' equity | $ 55,868 | $ 50,820 |
Note 17 - Parent Company Only_4
Note 17 - Parent Company Only Financial Information - Schedule of Condensed Statement of Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit | $ (1,092) | $ (1,220) |
Net earnings | 3,542 | 4,042 |
Parent Company [Member] | ||
Revenues | ||
Expenses | (501) | (632) |
Income tax benefit | 122 | 160 |
Loss before earnings of subsidiary | (379) | (472) |
Net earnings of subsidiary | 3,921 | 4,514 |
Net earnings | $ 3,542 | $ 4,042 |
Note 17 - Parent Company Only_5
Note 17 - Parent Company Only Financial Information - Schedule of Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net earnings | $ 3,542 | $ 4,042 |
Stock-based compensation expense | 177 | 145 |
Net cash used in operating activities | 3,795 | 6,576 |
Proceeds from stock options exercised | 5 | 172 |
Net cash provided by financing activities | 90,952 | 50,630 |
Net cash used by investing activities | (67,703) | (41,565) |
Net decrease in cash | 27,044 | 15,641 |
Cash and cash equivalents at beginning of year | 48,038 | 32,397 |
Cash and cash equivalents at end of year | 75,082 | 48,038 |
Accumulated other comprehensive income (loss), net change in unrealized gain (loss) on debt securities available for sale, net of taxes | 756 | (260) |
Parent Company [Member] | ||
Net earnings | 3,542 | 4,042 |
Equity in earnings of subsidiary | (3,921) | (4,514) |
Stock-based compensation expense | 72 | 60 |
Net cash used in operating activities | (307) | (412) |
Proceeds from sale of common stock | 873 | |
Proceeds from stock options exercised | 5 | 172 |
Net cash provided by financing activities | 878 | 172 |
Cash dividend paid | (377) | (312) |
Cash infusion to subsidiary | (4,850) | |
Net cash used by investing activities | (5,227) | (312) |
Net decrease in cash | (4,656) | (552) |
Cash and cash equivalents at beginning of year | 13,551 | 14,103 |
Cash and cash equivalents at end of year | 8,895 | 13,551 |
Accumulated other comprehensive income (loss), net change in unrealized gain (loss) on debt securities available for sale, net of taxes | 756 | (260) |
Stock-based compensation expense of subsidiary | $ 177 | $ 145 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | Mar. 20, 2020 | Mar. 11, 2020 |
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | |
Stock Repurchased and Retired During Period, Shares | 71,814 | |
Stock Repurchased and Retired, Weighted Average Price Per Share | $ 14.80 | |
Stock Repurchased and Retired, Cost | $ 1,062,868 |