Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001586454 | ||
Entity Registrant Name | Prime Meridian Holding Co | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 333-191801 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 27-2980805 | ||
Entity Address, Address Line One | 1471 Timberlane Road | ||
Entity Address, City or Town | Tallahassee | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32312 | ||
City Area Code | 850 | ||
Local Phone Number | 907-2300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 58,632,066 | ||
Entity Common Stock, Shares Outstanding | 3,185,765 | ||
Auditor Firm ID | 400 | ||
Auditor Name | Hacker, Johnson & Smith PA | ||
Auditor Location | Tampa, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 8,119,000 | $ 8,897,000 |
Federal funds sold | 19,259,000 | 53,969,000 |
Interest-bearing deposits | 12,410,000 | 170,607,000 |
Total cash and cash equivalents | 39,788,000 | 233,473,000 |
Debt securities available for sale | 129,436,000 | 73,763,000 |
Debt securities held to maturity (fair value of $9,917 in 2022) | 11,805,000 | 0 |
Loans held for sale | 7,058,000 | 11,768,000 |
Loans, net of allowance for loan losses of $7,145 and $5,974 | 588,715,000 | 490,198,000 |
Federal Home Loan Bank stock | 463,000 | 366,000 |
Premises and equipment, net | 8,022,000 | 7,962,000 |
Right of use lease asset | 3,044,000 | 3,258,000 |
Deferred tax asset | 4,533,000 | 843,000 |
Accrued interest receivable | 2,385,000 | 1,505,000 |
Bank-owned life insurance | 16,532,000 | 16,153,000 |
Other assets | 3,391,000 | 1,834,000 |
Total assets | 815,172,000 | 841,123,000 |
Liabilities: | ||
Noninterest-bearing demand deposits | 197,987,000 | 209,351,000 |
Savings, NOW and money-market deposits | 493,439,000 | 503,759,000 |
Time deposits | 40,109,000 | 49,832,000 |
Total deposits | 731,535,000 | 762,942,000 |
Other borrowings | 4,275,000 | 3,575,000 |
Official checks | 4,090,000 | 1,141,000 |
Operating lease liability | 3,208,000 | 3,397,000 |
Other liabilities | 5,011,000 | 3,037,000 |
Total liabilities | 748,119,000 | 774,092,000 |
Commitments and contingencies (notes 4, 8, and 15) | ||
Stockholders' equity: | ||
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 9,000,000 shares authorized, 3,164,491 and 3,129,046 issued and outstanding | 32,000 | 31,000 |
Additional paid-in capital | 39,718,000 | 38,909,000 |
Retained earnings | 37,278,000 | 28,164,000 |
Accumulated other comprehensive loss | (9,975,000) | (73,000) |
Total stockholders' equity | 67,053,000 | 67,031,000 |
Total liabilities and stockholders' equity | $ 815,172,000 | $ 841,123,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 9,917 | |
Loans receivable, allowance for loan losses | $ 7,145 | $ 5,974 |
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) | 3,164,491 | 3,129,046 |
Common stock, shares outstanding (in shares) | 3,164,491 | 3,129,046 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | ||
Loans | $ 26,221 | $ 23,050 |
Debt securities | 2,938 | 1,086 |
Other | 1,581 | 268 |
Total interest income | 30,740 | 24,404 |
Interest expense: | ||
Deposits | 2,579 | 2,022 |
Other borrowings | 200 | 58 |
Total interest expense | 2,779 | 2,080 |
Net interest income | 27,961 | 22,324 |
Provision (credit) for loan losses | 890 | (104) |
Net interest income after provision (credit) for loan losses | 27,071 | 22,428 |
Noninterest income: | ||
Mortgage banking revenue, net | 473 | 1,174 |
Income from bank-owned life insurance | 379 | 271 |
Gain on sale of debt securities available for sale | 0 | 108 |
Other income | 240 | 238 |
Total noninterest income | 1,934 | 2,506 |
Noninterest expense: | ||
Salaries and employee benefits | 9,627 | 8,093 |
Occupancy and equipment | 1,621 | 1,546 |
Professional fees | 514 | 483 |
Advertising | 793 | 707 |
FDIC assessment | 360 | 316 |
Software maintenance, amortization and other | 1,162 | 975 |
Other | 2,191 | 1,950 |
Total noninterest expense | 16,268 | 14,070 |
Earnings before income taxes | 12,737 | 10,864 |
Income taxes | 3,056 | 2,517 |
Net earnings | $ 9,681 | $ 8,347 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 3.07 | $ 2.67 |
Diluted (in dollars per share) | $ 3.03 | $ 2.66 |
Deposit Account [Member] | ||
Noninterest income: | ||
Revenue from customer | $ 302 | $ 245 |
Debit Card [Member] | ||
Noninterest income: | ||
Revenue from customer | $ 540 | $ 470 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net earnings | $ 9,681 | $ 8,347 |
Unrealized loss arising during the year | (13,264) | (1,867) |
Reclassification adjustment for realized gain | 0 | (108) |
Net change in unrealized loss | (13,264) | (1,975) |
Deferred income taxes | 3,362 | 501 |
Total other comprehensive loss | (9,902) | (1,474) |
Comprehensive (loss) income | $ (221) | $ 6,873 |
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, 2020 | 3,119,471 | ||||
Balance at Dec. 31, 2020 | $ 31 | $ 38,568 | $ 20,255 | $ 1,401 | $ 60,255 |
Net earnings | 0 | 0 | 8,347 | 0 | 8,347 |
Dividends paid | 0 | 0 | (438) | 0 | (438) |
Net change in unrealized loss on debt securities available for sale, net of income tax benefit | $ 0 | 0 | 0 | (1,474) | (1,474) |
Stock options exercised (in shares) | 150 | ||||
Stock options exercised | $ 0 | 3 | 0 | 0 | 3 |
Common stock issued as compensation to directors (in shares) | 5,344 | ||||
Common stock issued as compensation to directors | $ 0 | 111 | 0 | 0 | 111 |
Issuance of restricted stock (in shares) | 4,081 | ||||
Issuance of restricted stock | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 227 | 0 | 0 | 227 |
Stock options exercised | $ 0 | 3 | 0 | 0 | $ 3 |
Balance (in shares) at Dec. 31, 2021 | 3,129,046 | 3,129,046 | |||
Balance at Dec. 31, 2021 | $ 31 | 38,909 | 28,164 | (73) | $ 67,031 |
Net earnings | 0 | 0 | 9,681 | 0 | 9,681 |
Dividends paid | 0 | 0 | (567) | 0 | (567) |
Net change in unrealized loss on debt securities available for sale, net of income tax benefit | $ 0 | 0 | 0 | (9,902) | (9,902) |
Stock options exercised (in shares) | 20,240 | ||||
Stock options exercised | $ 1 | 371 | 0 | 0 | 372 |
Common stock issued as compensation to directors (in shares) | 5,002 | ||||
Common stock issued as compensation to directors | $ 0 | 131 | 0 | 0 | 131 |
Issuance of restricted stock (in shares) | 10,203 | ||||
Issuance of restricted stock | $ 0 | 0 | 0 | ||
Stock-based compensation | 0 | 307 | 0 | 0 | 307 |
Stock options exercised | $ 1 | 371 | 0 | 0 | $ 372 |
Balance (in shares) at Dec. 31, 2022 | 3,164,491 | 3,164,491 | |||
Balance at Dec. 31, 2022 | $ 32 | $ 39,718 | $ 37,278 | $ (9,975) | $ 67,053 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax benefit portion of change in unrealized loss on available for sale | $ 3,362 | $ 501 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 9,681 | $ 8,347 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 683 | 678 |
Provision (credit) for loan losses | 890 | (104) |
Net accretion of deferred loan fees | (541) | (2,564) |
Deferred income taxes | (328) | 52 |
Gain on sale of debt securities available for sale | 0 | (108) |
Amortization of premiums and discounts on debt securities | (68) | 323 |
Gain on sale of loans held for sale | (473) | (1,174) |
Proceeds from the sale of loans held for sale | 85,076 | 189,095 |
Loans originated as held for sale | (79,893) | (186,096) |
Stock issued as compensation to directors | 131 | 111 |
Stock-based compensation expense | 307 | 227 |
Income from bank-owned life insurance | (379) | (271) |
Net (increase) decrease in accrued interest receivable | (880) | 455 |
Net change in operating leases | 25 | 25 |
Net increase in other assets | (1,557) | (904) |
Net increase in other liabilities and official checks | 4,923 | 1,311 |
Net cash provided by operating activities | 17,597 | 9,403 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (98,866) | (10,869) |
Purchase of debt securities available for sale | (79,322) | (37,854) |
Purchase of debt securities held to maturity | (11,782) | 0 |
Principal repayments of debt securities available for sale | 10,397 | 14,687 |
Proceeds from the sale of debt securities available for sale | 0 | 5,874 |
Maturities and calls of debt securities available for sale | 33 | 3,219 |
(Purchase) redemption of Federal Home Loan Bank stock | (97) | 127 |
Purchase of bank-owned life insurance | 0 | (5,197) |
Purchase of premises and equipment | (743) | (392) |
Net cash used in investing activities | (180,380) | (30,405) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (31,407) | 182,350 |
Net change in other borrowings | 700 | 3,575 |
Proceeds from stock options exercised | 372 | 3 |
Common stock dividends paid | (567) | (438) |
Net cash (used in) provided by financing activities | (30,902) | 185,490 |
Net (decrease) increase in cash and cash equivalents | (193,685) | 164,488 |
Cash and cash equivalents at beginning of year | 233,473 | 68,985 |
Cash and cash equivalents at end of year | 39,788 | 233,473 |
Supplemental disclosure of cash flow information | ||
Interest | 2,779 | 2,085 |
Income taxes | 3,596 | 2,323 |
Noncash transactions: | ||
Accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of tax benefit | $ (9,902) | $ (1,474) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies Organization. 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 On March 12, 2021, March 24, 2020 zero 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, 2022 2021 December 31, 2022 December 31, 2021 December 31, 2022 2021 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, 2022 2021 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. Revenue from Contracts with Customers. 606 606” 606 Debit Card/ATM Revenue. 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, 2022 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 Derivatives: 2 not third 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 Bank Owned Life Insurance. 3 Deposits. 3 Other borrowings. 3 Derivatives. 2 Off-Balance Sheet Instruments. 3 Advertising. Stock - Based Compensation. Comprehensive (Loss) Income. Derivatives. third not no Mortgage Banking Revenue. Recent Accounting Standards Update In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 The Company will adopt this accounting standard effective January 1, 2023. The Company does not not not |
Note 2 - Debt Securities
Note 2 - Debt Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 2 Debt Securities Debt securities have been classified according to management's intention. The carrying amount of debt securities and their fair values are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At December 31, 2022 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 48,124 $ - $ (2,219 ) $ 45,905 Municipal securities 22,338 - (2,874 ) 19,464 U.S. agency mortgage-backed securities 68,633 - (8,131 ) 60,502 Asset-backed securities 3,702 - (137 ) 3,565 Total $ 142,797 $ - $ (13,361 ) $ 129,436 Debt Securities Held to Maturity Municipal securities $ 9,215 $ - $ (1,695 ) $ 7,520 U.S. agency mortgage-backed securities 2,590 - (193 ) 2,397 Total $ 11,805 $ - $ (1,888 ) $ 9,917 At December 31, 2021 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 2,933 $ - $ (14 ) $ 2,919 Municipal securities 17,721 288 (240 ) 17,769 U.S. agency mortgage-backed securities 48,614 379 (528 ) 48,465 Asset-backed securities 4,592 25 (7 ) 4,610 Total $ 73,860 $ 692 $ (789 ) $ 73,763 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, 2022 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 45,905 $ - $ 45,905 $ - Municipal securities 19,464 - 19,464 - U.S. agency mortgage-backed securities 60,502 - 60,502 - Asset-backed securities 3,565 - 3,565 - Total $ 129,436 $ - $ 129,436 $ - At December 31, 2021 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 2,919 $ - $ 2,919 $ - Municipal securities 17,769 - 17,769 - U.S. agency mortgage-backed securities 48,465 - 48,465 - Asset-backed securities 4,610 - 4,610 - Total $ 73,763 $ - $ 73,763 $ - The scheduled maturities of debt securities are as follows: Amortized Fair Cost Value (in thousands) At December 31, 2022 Debt Securities Available for Sale Due in less than one year $ 2,008 $ 1,967 Due in one to five years 47,342 45,547 Due in five to ten years 18,771 15,865 Due after ten years 6,043 5,555 Mortgage-backed securities 68,633 60,502 Total $ 142,797 $ 129,436 Debt Securities Held to Maturity Due in five to ten years $ 4,613 $ 4,260 Due after ten years 7,192 5,657 Total $ 11,805 $ 9,917 The following summarizes sales of debt securities available for sale: Year Ended December 31, (in thousands) 2022 2021 Proceeds from sale of securities $ - $ 5,874 Gross gains - 108 Gross losses - - Net gain on sale of securities $ - $ 108 At December 31, 2022 2021 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, 2022 Debt Securities Available for Sale U.S. Government treasury and agency securities $ (1,384 ) $ 40,926 $ (835 ) $ 4,979 Municipal securities (999 ) 11,436 (1,875 ) 8,028 U.S. agency mortgage-backed securities (3,246 ) 36,939 (4,885 ) 23,563 Asset-backed securities (102 ) 2,461 (35 ) 1,104 Total $ (5,731 ) $ 91,762 $ (7,630 ) $ 37,674 Debt Securities Held to Maturity Municipal securities $ (1,695 ) $ 7,520 $ - $ - U.S. agency mortgage-backed securities (193 ) 2,397 - - Total $ (1,888 ) $ 9,917 $ - $ - At December 31, 2021 Debt Securities Available for Sale U.S. Government treasury and agency securities $ (14 ) $ 2,919 $ - $ - Municipal securities (240 ) 8,429 - - U.S. agency mortgage-backed securities (528 ) 28,207 - - Asset-backed securities - - (7 ) 1,430 Total $ (782 ) $ 39,555 $ (7 ) $ 1,430 The unrealized losses on one hundred six twenty-six December 31, 2022 2021 not not not |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Real estate mortgage loans: Commercial $ 202,263 $ 156,306 Residential and home equity 224,211 183,536 Construction 75,151 71,164 Total real estate mortgage loans 501,625 411,006 Commercial loans 86,308 78,584 Consumer and other loans 7,698 7,283 Total loans 595,631 496,873 Add (Deduct): Net deferred loan costs (fees) 229 (701 ) Allowance for loan losses (7,145 ) (5,974 ) Loans, net $ 588,715 $ 490,198 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 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 Unallocated (in thousands) Commercial Equity Construction Loans Loans Reserve Total Year Ended December 31, 2022 Beginning balance $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ - $ 5,974 Provision (credit) for loan losses 541 468 65 (201 ) 17 - 890 Net recoveries (charge-offs) - - - 299 (18 ) - 281 Ending balance $ 2,303 $ 2,607 $ 922 $ 1,223 $ 90 $ - $ 7,145 At December 31, 2022 Individually evaluated for impairment: Recorded investment $ 277 $ - $ - $ 66 $ 2 $ - $ 345 Balance in allowance for loan losses $ - $ - $ - $ 14 $ - $ - $ 14 Collectively evaluated for impairment: Recorded investment $ 201,986 $ 224,211 $ 75,151 $ 86,242 $ 7,696 $ - $ 595,286 Balance in allowance for loan losses $ 2,303 $ 2,607 $ 922 $ 1,209 $ 90 $ - $ 7,131 Year Ended December 31, 2021 Beginning balance $ 1,500 $ 1,827 $ 539 $ 1,592 $ 75 $ 559 $ 6,092 Provision (credit) for loan losses 262 322 318 (490 ) 43 (559 ) (104 ) Net (charge-offs) recoveries - (10 ) - 23 (27 ) - (14 ) Ending balance $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ - $ 5,974 At December 31, 2021 Individually evaluated for impairment: Recorded investment $ - $ - $ - $ - $ 4 $ - $ 4 Balance in allowance for loan losses $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment: Recorded investment $ 156,306 $ 183,536 $ 71,164 $ 78,584 $ 7,279 $ - $ 496,869 Balance in allowance for loan losses $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ - $ 5,974 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, 2022 Grade: Pass $ 200,192 $ 221,552 $ 74,516 $ 85,874 $ 7,696 $ 589,830 Special mention 1,794 2,616 635 368 2 5,415 Substandard 277 43 - 66 - 386 Doubtful - - - - - - Loss - - - - - - Total $ 202,263 $ 224,211 $ 75,151 $ 86,308 $ 7,698 $ 595,631 At December 31, 2021 Grade: Pass $ 153,404 $ 181,770 $ 71,051 $ 78,462 $ 7,233 $ 491,920 Special mention 2,902 1,766 113 118 50 4,949 Substandard - - - 4 - 4 Doubtful - - - - - - Loss - - - - - - Total $ 156,306 $ 183,536 $ 71,164 $ 78,584 $ 7,283 $ 496,873 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 $1 million are reviewed at least annually. The Company determines the appropriate loan grade during the renewal process and reevaluates the loan grade in situations when a loan becomes past due. 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, 2022 thirty ninety December 31, 2022 2021 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, 2022: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 201,986 $ 277 $ 202,263 Residential and home equity 1,383 413 349 2,145 222,066 - 224,211 Construction 651 - 55 706 74,445 - 75,151 Commercial loans 293 160 - 453 85,789 66 86,308 Consumer and other loans - - - - 7,698 - 7,698 Total $ 2,327 $ 573 $ 404 $ 3,304 $ 591,984 $ 343 $ 595,631 At December 31, 2021: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 156,306 $ - $ 156,306 Residential and home equity 710 - - 710 182,826 - 183,536 Construction - - - - 71,164 - 71,164 Commercial loans 411 - - 411 78,173 - 78,584 Consumer and other loans - - - - 7,283 - 7,283 Total $ 1,121 $ - $ - $ 1,121 $ 495,752 $ - $ 496,873 The following summarizes the amount of impaired loans at December 31, 2022 2021: 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, 2022 Commercial real estate $ 277 $ 277 $ - $ - $ - $ 277 $ 277 $ - Commercial - - 66 66 14 66 66 14 Consumer and other loans 2 2 - - - 2 2 - Total $ 279 $ 279 $ 66 $ 66 $ 14 $ 345 $ 345 $ 14 At December 31, 2021 Consumer and other loans $ 4 $ 4 $ - $ - $ - $ 4 $ 4 $ - Total $ 4 $ 4 $ - $ - $ - $ 4 $ 4 $ - 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, 2022 Commercial real estate $ 143 $ - $ - Residential and home equity 115 17 17 Commercial 34 - - Consumer and other loans 1 - - Total $ 293 $ 17 $ 17 (in thousands) Year Ended December 31, 2021 Residential and home equity $ 302 $ - $ - Commercial 174 - - Total $ 476 $ - $ - 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 no new TDRs during the year ended December 31, 2022 December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2021 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 interest rate Consumer - $ - $ - $ - 1 $ 4 $ 4 $ 4 Total - $ - $ - $ - 1 $ 4 $ 4 $ 4 The TDR entered into during the year ended December 31, 2021 December 31, 2022 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, 2022 | |
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, 2022 2021 (in thousands) Land $ 1,704 $ 1,704 Buildings 5,089 5,085 Leasehold improvements 1,584 1,551 Furniture, fixtures and equipment 2,360 2,099 Computer and software 3,642 3,197 Total, at cost 14,379 13,636 Less accumulated depreciation and amortization (6,357 ) (5,674 ) Premises and equipment, net $ 8,022 $ 7,962 Right of use lease assets and operating lease liabilities are disclosed as separate line items in the consolidated balance sheets and are valued based on the present value of the future minimum lease payments at the commencement date. As our lease does not The Company's operating lease obligation is for the Company's main office on Timberlane Road, Tallahassee, Florida. The term of the lease is 15 years, with four five third The components of lease expense and other lease information as of and during the year ended December 31, 2022 At December 31, 2022 2021 (in thousands) Operating lease cost $ 319 $ 319 Cash paid for amount included in the measurement of operating lease liability operating cash flows from operating lease $ 294 $ 294 (dollars in thousands) 2022 2021 Operating lease right of use asset $ 3,044 $ 3,258 Operating lease liability 3,208 3,397 Weighted average remaining lease term - operating lease (in years) 11.6 12.6 Weighted average discount rate 3.17 % 3.17 % Future minimum lease payments under non-cancellable leases as of December 31, 2022, (in thousands) At December 31, 2022 2023 $ 294 2024 306 2025 323 2026 323 2027 323 Thereafter 2,321 Total future minimum lease payments 3,890 Less interest (682 ) Total $ 3,208 |
Note 5 - Deposits
Note 5 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
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 $22.8 December 31, 2022 2021 A schedule of maturities for all time deposits at December 31, 2022 (in thousands) Year Ending December 31, Amount 2023 $ 30,162 2024 8,468 2025 348 2026 708 2039 423 Total $ 40,109 |
Note 6 - Other Borrowings
Note 6 - Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [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 December 31, 2022 December 31, 2022 2021 August, 2025 December 31, 2022 2022 2021, |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Current: Federal $ 2,699 $ 2,109 State 685 356 Total current 3,384 2,465 Deferred: Federal (257 ) 41 State (71 ) 11 Total deferred (328 ) 52 Total income taxes $ 3,056 $ 2,517 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, 2022 2021 % of % of Pretax Pretax Amount Earnings Amount Earnings (dollars in thousands) Income taxes at statutory rate $ 2,675 21.0 % $ 2,282 21.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 485 3.8 291 2.7 Tax-exempt income (105 ) (0.8 ) (75 ) (0.7 ) Other nondeductible expenses 1 - 19 0.2 Total $ 3,056 24.0 % $ 2,517 23.2 % Tax effects of temporary differences that give rise to the deferred tax assets and liabilities are as follows: At December 31, 2022 2021 (in thousands) Deferred tax assets: Allowance for loan losses $ 1,827 $ 1,514 Organizational and start-up costs 2 11 Stock-based compensation 132 105 Deferred compensation 201 134 Unrealized losses on securities available for sale 3,386 24 Operating lease liability 813 861 Other 13 19 Deferred tax assets 6,374 2,668 Deferred tax liabilities: Prepaid Expenses (144 ) (143 ) Deferred loan costs (688 ) (567 ) Premises and equipment (238 ) (289 ) Right of use lease asset (771 ) (826 ) Deferred tax liabilities (1,841 ) (1,825 ) Net deferred tax asset $ 4,533 $ 843 The Company files consolidated income tax returns in the U.S. federal jurisdiction and the State of Florida. The Company is no 2019. |
Note 8 - Off-balance Sheet Fina
Note 8 - Off-balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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, financial and performance 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 December 31, 2022. Guaranteed accounts are irrevocable standby letters of credit issued by us to guarantee a client’s credit line with our third 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, 2022 At December 31, 2022 (in thousands) Commitments to extend credit $ 10,667 Construction loans in process 61,991 Unused lines of credit 77,268 Standby financial letters of credit 3,319 Guaranteed accounts 1,425 Total off-balance sheet instruments $ 154,670 |
Note 9 - Stock Compensation Pla
Note 9 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 2015 December 31, 2022. 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, 2020 272,057 $ 19.80 Options granted 18,000 27.12 Options exercised (150 ) 20.09 Options forfeited (21,250 ) 20.58 Outstanding at December 31, 2021 268,657 20.23 Options granted 3,500 25.37 Options exercised (20,240 ) 18.35 Options forfeited (550 ) 20.09 Outstanding at December 31, 2022 251,367 $ 19.99 5.3 $ 1,482,000 Exercisable at December 31, 2022 187,287 $ 20.46 5.0 $ 1,176,000 The fair value of shares vested and recognized as compensation expense was $178,000 and $156,000 for the years ended December 31, 2022 2021, an income tax benefit of $19,000 2022 2021 December 31, 2022 2015 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, 2022 2021 Weighted average risk-free interest rate 2.91 % 1.15-1.30 % Expected dividend yield 0.71 % 0.49-0.62 % Expected stock volatility 33.18 % 22.94-30.69 % Expected life in years 6.5 6.5 Per share fair value of options issued during year $ 9.10 $ 3.26 The Company used the guidance in Staff Accounting Bulletin No. 107 Restricted Stock Issued under the 2015 The Company issued 10,203 restricted common stock shares to employees in 2022. 3 Wtd-Avg Unvested Shares Number of Grant Date Grant Date Shares Fair Value per Share Fair Value Restricted stock granted in 2019 3,600 $ 18.52 $ 22,000 Restricted stock granted in 2020 3,835 20.40 52,000 Restricted stock granted in 2021 4,081 18.04 74,000 Restricted stock granted in 2022 10,203 27.85 284,000 Restricted stock vested at December 31, 2022 (7,516 ) (19.07 ) (143,000 ) Non-vested restricted stock outstanding at December 31, 2022 14,203 $ 25.30 $ 289,000 During the years ended December 31, 2022 2021, December 31, 2022 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% of the amount of cash fees set by the Board or the Compensation Committee. The value of stock to be awarded pursuant to the Directors’ Plan will be the closing price of a share of common stock as traded on the OTCQX or a price set by the Board or its Compensation Committee, acting in good faith, but in no 2022 2021, 2022 2021 $131,000 and $111,000 d December 31, 2022 2021 December 31, 2022, |
Note 10 - Employee Benefit Plan
Note 10 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 10 The Company sponsors a 401 December 31, 2022 2021 The Company has established non-qualified account balance deferred compensation plans to provide retirement benefits for certain officers of the Company. The Company is recognizing the expense of these plans as services are rendered using a discount rate of four percent and a retirement age of sixty $265,000 and $193,000 f December 31, 2022 2021 December 31, 2022 2021 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Loans: Beginning balance $ 8,468 $ 6,606 Originated during the year 544 4,284 Principal repayments (1,788 ) (2,422 ) Ending balance $ 7,224 $ 8,468 Deposits at year-end $ 5,970 $ 9,717 In addition, the Company purchases various insurance policies through a company that employs the spouse of Director Jones. The premiums paid totaled $1.5 million and $1.4 million in 2022 2021 2022 2021, |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 At December 31, 2021 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 39,788 $ 39,788 $ 233,473 $ 233,473 Debt securities available for sale 2 129,436 129,436 73,763 73,763 Debt securities held to maturity 2 11,805 9,917 - - Loans held for sale 3 7,058 7,170 11,768 11,964 Loans, net 3 588,715 548,166 490,198 495,209 Federal Home Loan Bank stock 3 463 463 366 366 Accrued interest receivable 3 2,385 2,385 1,505 1,505 Bank owned life insurance 3 16,532 16,532 16,153 16,153 Derivative contract assets 2 2,352 2,352 630 630 Financial liabilities- Deposits 3 731,535 731,506 762,942 763,147 Other Borrowings 3 4,275 4,275 3,575 3,575 Derivative contract liabilities 2 2,352 2,352 630 630 Off-Balance Sheet financial instruments 3 - - - - |
Note 13 - Dividend Restrictions
Note 13 - Dividend Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
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 2023, February 28, 2023 February 9, 2023 |
Note 14 - Regulatory Matters
Note 14 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 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, 2022 As of December 31, 2022 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, 2022 Tier 1 Leverage ratio to Average Assets $ 81,100 9.70 % $ 33,461 4.00 % $ 41,826 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 81,100 12.90 28,290 4.50 40,863 6.50 Tier 1 Capital to Risk-Weighted Assets 81,100 12.90 37,720 6.00 50,294 8.00 Total Capital to Risk-Weighted Assets 88,245 14.04 50,294 8.00 62,867 10.00 As of December 31, 2021: Tier 1 Leverage ratio to Average Assets $ 70,548 8.53 % $ 33,071 4.00 % $ 41,338 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 70,548 13.45 23,596 4.50 34,083 6.50 Tier 1 Capital to Risk-Weighted Assets 70,548 13.45 31,461 6.00 41,948 8.00 Total Capital to Risk-Weighted Assets 76,522 14.59 41,948 8.00 52,435 10.00 |
Note 15 - Legal Contingencies
Note 15 - Legal Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 no |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 16 2022 2021 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 $ 9,681 3,154,866 $ 3.07 $ 8,347 3,126,547 $ 2.67 Effect of dilutive securities-incremental shares from assumed conversion of options 38,908 15,935 Diluted EPS: Net earnings $ 9,681 3,193,774 $ 3.03 $ 8,347 3,142,482 $ 2.66 |
Note 17 - Derivatives
Note 17 - Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ( 17 The Company has entered into interest rate swaps in order to provide commercial real estate loan clients the ability to swap from variable to fixed interest rates. Under these agreements, the Company enters into a variable rate loan with a client at a specified index (Wall Street Journal Prime Lending Rate) in addition to a borrower swap agreement. This swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Company then enters into a matching swap agreement with a third not no At December 31, 2022 2021 dollars in thousands Notional amount - interest rate swaps: Stand-alone derivatives $ 20,084 $ 20,606 Weighted-average pay rate - interest rate swaps 3.68 % 3.69 % Weighted-average receive rate - interest rate swaps 3.00 % 3.00 % Weighted-average maturity (in years) - interest rate swaps 12.6 13.6 Net realized fair value adjustments: Stand-alone derivatives - interest rate swaps (other assets) $ 2,352 $ 630 Stand-alone derivatives - interest rate swaps (other liabilities) $ (2,352 ) $ (630 ) The Company is party to a collateral support agreement with its dealer counterparty. Such agreement requires that the Company or the dealer counterparty to maintain collateral based on the fair values of derivative instruments. In the event of default by a counterparty the non-defaulting counterparty would be entitled to the collateral. The Company does not |
Note 18 - Parent Company Only F
Note 18 - Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ( 18 ) Parent Company Only Financial Information The Holding Company's unconsolidated financial information follows: Condensed Balance Sheets December 31, 2022 2021 (in thousands) Assets Cash $ 204 $ 114 Investment in subsidiary 71,125 70,475 Other assets 30 27 Total assets $ 71,359 $ 70,616 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 4,275 $ 3,575 Accrued interest 31 10 Total liabilities 4,306 3,585 Stockholders' equity 67,053 67,031 Total liabilities and stockholders' equity $ 71,359 $ 70,616 Condensed Statements of Earnings Year Ended December 31, 2022 2021 (in thousands) Revenues $ - $ - Expenses (756 ) (590 ) Income tax benefit 192 140 Loss before earnings of subsidiary (564 ) (450 ) Net earnings of subsidiary 10,245 8,797 Net earnings $ 9,681 $ 8,347 Condensed Statements of Cash Flows Year Ended December 31, (in thousands) 2022 2021 Cash flows from operating activities: Net Earnings $ 9,681 $ 8,347 Adjustments to reconcile net earnings to net cash used in operating activities: Equity in earnings of subsidiary (10,245 ) (8,797 ) Stock issued as compensation 131 111 Net change in other assets and other liabilities (3 ) 11 Increase in interest payable 21 - Net cash used in operating activities (415 ) (328 ) Cash flows from investment activities- Cash infusion to subsidiary - (3,725 ) Net cash used in investing activities - (3,725 ) Cash flows from financing activities: Proceeds from other borrowings 700 3,575 Common stock retirement - - Cash dividend paid (567 ) (438 ) Proceeds from stock options exercised 372 3 Net cash provided by (used in) financing activities 505 3,140 Net increase (decrease) in cash 90 (913 ) Cash at beginning of the year 114 1,027 Cash at end of year $ 204 $ 114 Supplemental disclosure of cash flow information- Noncash items: Net change in accumulated other comprehensive loss of subsidiary, net of change in unrealized loss on debt securities available for sale, net of tax benefit $ (9,902 ) $ (1,474 ) Stock-based compensation expense of subsidiary $ 307 $ 227 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Organization. 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 On March 12, 2021, March 24, 2020 zero |
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, 2022 2021 December 31, 2022 December 31, 2021 December 31, 2022 2021 |
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, 2022 2021 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. |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers. 606 606” 606 |
Debit Card and ATM Revenue, Policy [Policy Text Block] | Debit Card/ATM Revenue. |
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, 2022 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 Derivatives: 2 not third |
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 Bank Owned Life Insurance. 3 Deposits. 3 Other borrowings. 3 Derivatives. 2 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 (Loss) Income. |
Derivatives, Policy [Policy Text Block] | Derivatives. third not no |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Revenue. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards Update In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 The Company will adopt this accounting standard effective January 1, 2023. The Company does not not not |
Note 2 - Debt Securities (Table
Note 2 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale and Held-to-Maturity [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At December 31, 2022 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 48,124 $ - $ (2,219 ) $ 45,905 Municipal securities 22,338 - (2,874 ) 19,464 U.S. agency mortgage-backed securities 68,633 - (8,131 ) 60,502 Asset-backed securities 3,702 - (137 ) 3,565 Total $ 142,797 $ - $ (13,361 ) $ 129,436 Debt Securities Held to Maturity Municipal securities $ 9,215 $ - $ (1,695 ) $ 7,520 U.S. agency mortgage-backed securities 2,590 - (193 ) 2,397 Total $ 11,805 $ - $ (1,888 ) $ 9,917 At December 31, 2021 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 2,933 $ - $ (14 ) $ 2,919 Municipal securities 17,721 288 (240 ) 17,769 U.S. agency mortgage-backed securities 48,614 379 (528 ) 48,465 Asset-backed securities 4,592 25 (7 ) 4,610 Total $ 73,860 $ 692 $ (789 ) $ 73,763 |
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, 2022 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 45,905 $ - $ 45,905 $ - Municipal securities 19,464 - 19,464 - U.S. agency mortgage-backed securities 60,502 - 60,502 - Asset-backed securities 3,565 - 3,565 - Total $ 129,436 $ - $ 129,436 $ - At December 31, 2021 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 2,919 $ - $ 2,919 $ - Municipal securities 17,769 - 17,769 - U.S. agency mortgage-backed securities 48,465 - 48,465 - Asset-backed securities 4,610 - 4,610 - Total $ 73,763 $ - $ 73,763 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair Cost Value (in thousands) At December 31, 2022 Debt Securities Available for Sale Due in less than one year $ 2,008 $ 1,967 Due in one to five years 47,342 45,547 Due in five to ten years 18,771 15,865 Due after ten years 6,043 5,555 Mortgage-backed securities 68,633 60,502 Total $ 142,797 $ 129,436 Debt Securities Held to Maturity Due in five to ten years $ 4,613 $ 4,260 Due after ten years 7,192 5,657 Total $ 11,805 $ 9,917 |
Schedule of Realized Gain (Loss) [Table Text Block] | Year Ended December 31, (in thousands) 2022 2021 Proceeds from sale of securities $ - $ 5,874 Gross gains - 108 Gross losses - - Net gain on sale of securities $ - $ 108 |
Debt Securities, Available-for-Sale and Held-to-maturity, 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, 2022 Debt Securities Available for Sale U.S. Government treasury and agency securities $ (1,384 ) $ 40,926 $ (835 ) $ 4,979 Municipal securities (999 ) 11,436 (1,875 ) 8,028 U.S. agency mortgage-backed securities (3,246 ) 36,939 (4,885 ) 23,563 Asset-backed securities (102 ) 2,461 (35 ) 1,104 Total $ (5,731 ) $ 91,762 $ (7,630 ) $ 37,674 Debt Securities Held to Maturity Municipal securities $ (1,695 ) $ 7,520 $ - $ - U.S. agency mortgage-backed securities (193 ) 2,397 - - Total $ (1,888 ) $ 9,917 $ - $ - At December 31, 2021 Debt Securities Available for Sale U.S. Government treasury and agency securities $ (14 ) $ 2,919 $ - $ - Municipal securities (240 ) 8,429 - - U.S. agency mortgage-backed securities (528 ) 28,207 - - Asset-backed securities - - (7 ) 1,430 Total $ (782 ) $ 39,555 $ (7 ) $ 1,430 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Portfolio of Loans [Table Text Block] | At December 31, (in thousands) 2022 2021 Real estate mortgage loans: Commercial $ 202,263 $ 156,306 Residential and home equity 224,211 183,536 Construction 75,151 71,164 Total real estate mortgage loans 501,625 411,006 Commercial loans 86,308 78,584 Consumer and other loans 7,698 7,283 Total loans 595,631 496,873 Add (Deduct): Net deferred loan costs (fees) 229 (701 ) Allowance for loan losses (7,145 ) (5,974 ) Loans, net $ 588,715 $ 490,198 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other Unallocated (in thousands) Commercial Equity Construction Loans Loans Reserve Total Year Ended December 31, 2022 Beginning balance $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ - $ 5,974 Provision (credit) for loan losses 541 468 65 (201 ) 17 - 890 Net recoveries (charge-offs) - - - 299 (18 ) - 281 Ending balance $ 2,303 $ 2,607 $ 922 $ 1,223 $ 90 $ - $ 7,145 At December 31, 2022 Individually evaluated for impairment: Recorded investment $ 277 $ - $ - $ 66 $ 2 $ - $ 345 Balance in allowance for loan losses $ - $ - $ - $ 14 $ - $ - $ 14 Collectively evaluated for impairment: Recorded investment $ 201,986 $ 224,211 $ 75,151 $ 86,242 $ 7,696 $ - $ 595,286 Balance in allowance for loan losses $ 2,303 $ 2,607 $ 922 $ 1,209 $ 90 $ - $ 7,131 Year Ended December 31, 2021 Beginning balance $ 1,500 $ 1,827 $ 539 $ 1,592 $ 75 $ 559 $ 6,092 Provision (credit) for loan losses 262 322 318 (490 ) 43 (559 ) (104 ) Net (charge-offs) recoveries - (10 ) - 23 (27 ) - (14 ) Ending balance $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ - $ 5,974 At December 31, 2021 Individually evaluated for impairment: Recorded investment $ - $ - $ - $ - $ 4 $ - $ 4 Balance in allowance for loan losses $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment: Recorded investment $ 156,306 $ 183,536 $ 71,164 $ 78,584 $ 7,279 $ - $ 496,869 Balance in allowance for loan losses $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ - $ 5,974 |
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, 2022 Grade: Pass $ 200,192 $ 221,552 $ 74,516 $ 85,874 $ 7,696 $ 589,830 Special mention 1,794 2,616 635 368 2 5,415 Substandard 277 43 - 66 - 386 Doubtful - - - - - - Loss - - - - - - Total $ 202,263 $ 224,211 $ 75,151 $ 86,308 $ 7,698 $ 595,631 At December 31, 2021 Grade: Pass $ 153,404 $ 181,770 $ 71,051 $ 78,462 $ 7,233 $ 491,920 Special mention 2,902 1,766 113 118 50 4,949 Substandard - - - 4 - 4 Doubtful - - - - - - Loss - - - - - - Total $ 156,306 $ 183,536 $ 71,164 $ 78,584 $ 7,283 $ 496,873 |
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, 2022: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 201,986 $ 277 $ 202,263 Residential and home equity 1,383 413 349 2,145 222,066 - 224,211 Construction 651 - 55 706 74,445 - 75,151 Commercial loans 293 160 - 453 85,789 66 86,308 Consumer and other loans - - - - 7,698 - 7,698 Total $ 2,327 $ 573 $ 404 $ 3,304 $ 591,984 $ 343 $ 595,631 At December 31, 2021: Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 156,306 $ - $ 156,306 Residential and home equity 710 - - 710 182,826 - 183,536 Construction - - - - 71,164 - 71,164 Commercial loans 411 - - 411 78,173 - 78,584 Consumer and other loans - - - - 7,283 - 7,283 Total $ 1,121 $ - $ - $ 1,121 $ 495,752 $ - $ 496,873 |
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, 2022 Commercial real estate $ 277 $ 277 $ - $ - $ - $ 277 $ 277 $ - Commercial - - 66 66 14 66 66 14 Consumer and other loans 2 2 - - - 2 2 - Total $ 279 $ 279 $ 66 $ 66 $ 14 $ 345 $ 345 $ 14 At December 31, 2021 Consumer and other loans $ 4 $ 4 $ - $ - $ - $ 4 $ 4 $ - Total $ 4 $ 4 $ - $ - $ - $ 4 $ 4 $ - |
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, 2022 Commercial real estate $ 143 $ - $ - Residential and home equity 115 17 17 Commercial 34 - - Consumer and other loans 1 - - Total $ 293 $ 17 $ 17 (in thousands) Year Ended December 31, 2021 Residential and home equity $ 302 $ - $ - Commercial 174 - - Total $ 476 $ - $ - |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 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 interest rate Consumer - $ - $ - $ - 1 $ 4 $ 4 $ 4 Total - $ - $ - $ - 1 $ 4 $ 4 $ 4 |
Note 4 - Premises and Equipme_2
Note 4 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | At December 31, 2022 2021 (in thousands) Land $ 1,704 $ 1,704 Buildings 5,089 5,085 Leasehold improvements 1,584 1,551 Furniture, fixtures and equipment 2,360 2,099 Computer and software 3,642 3,197 Total, at cost 14,379 13,636 Less accumulated depreciation and amortization (6,357 ) (5,674 ) Premises and equipment, net $ 8,022 $ 7,962 |
Lease, Cost [Table Text Block] | At December 31, 2022 2021 (in thousands) Operating lease cost $ 319 $ 319 Cash paid for amount included in the measurement of operating lease liability operating cash flows from operating lease $ 294 $ 294 (dollars in thousands) 2022 2021 Operating lease right of use asset $ 3,044 $ 3,258 Operating lease liability 3,208 3,397 Weighted average remaining lease term - operating lease (in years) 11.6 12.6 Weighted average discount rate 3.17 % 3.17 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) At December 31, 2022 2023 $ 294 2024 306 2025 323 2026 323 2027 323 Thereafter 2,321 Total future minimum lease payments 3,890 Less interest (682 ) Total $ 3,208 |
Note 5 - Deposits (Tables)
Note 5 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (in thousands) Year Ending December 31, Amount 2023 $ 30,162 2024 8,468 2025 348 2026 708 2039 423 Total $ 40,109 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (in thousands) 2022 2021 Current: Federal $ 2,699 $ 2,109 State 685 356 Total current 3,384 2,465 Deferred: Federal (257 ) 41 State (71 ) 11 Total deferred (328 ) 52 Total income taxes $ 3,056 $ 2,517 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2022 2021 % of % of Pretax Pretax Amount Earnings Amount Earnings (dollars in thousands) Income taxes at statutory rate $ 2,675 21.0 % $ 2,282 21.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 485 3.8 291 2.7 Tax-exempt income (105 ) (0.8 ) (75 ) (0.7 ) Other nondeductible expenses 1 - 19 0.2 Total $ 3,056 24.0 % $ 2,517 23.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 31, 2022 2021 (in thousands) Deferred tax assets: Allowance for loan losses $ 1,827 $ 1,514 Organizational and start-up costs 2 11 Stock-based compensation 132 105 Deferred compensation 201 134 Unrealized losses on securities available for sale 3,386 24 Operating lease liability 813 861 Other 13 19 Deferred tax assets 6,374 2,668 Deferred tax liabilities: Prepaid Expenses (144 ) (143 ) Deferred loan costs (688 ) (567 ) Premises and equipment (238 ) (289 ) Right of use lease asset (771 ) (826 ) Deferred tax liabilities (1,841 ) (1,825 ) Net deferred tax asset $ 4,533 $ 843 |
Note 8 - Off-balance Sheet Fi_2
Note 8 - Off-balance Sheet Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | At December 31, 2022 (in thousands) Commitments to extend credit $ 10,667 Construction loans in process 61,991 Unused lines of credit 77,268 Standby financial letters of credit 3,319 Guaranteed accounts 1,425 Total off-balance sheet instruments $ 154,670 |
Note 9 - Stock Compensation P_2
Note 9 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended December 31, 2022 2021 Weighted average risk-free interest rate 2.91 % 1.15-1.30 % Expected dividend yield 0.71 % 0.49-0.62 % Expected stock volatility 33.18 % 22.94-30.69 % Expected life in years 6.5 6.5 Per share fair value of options issued during year $ 9.10 $ 3.26 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Wtd-Avg Unvested Shares Number of Grant Date Grant Date Shares Fair Value per Share Fair Value Restricted stock granted in 2019 3,600 $ 18.52 $ 22,000 Restricted stock granted in 2020 3,835 20.40 52,000 Restricted stock granted in 2021 4,081 18.04 74,000 Restricted stock granted in 2022 10,203 27.85 284,000 Restricted stock vested at December 31, 2022 (7,516 ) (19.07 ) (143,000 ) Non-vested restricted stock outstanding at December 31, 2022 14,203 $ 25.30 $ 289,000 |
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, 2020 272,057 $ 19.80 Options granted 18,000 27.12 Options exercised (150 ) 20.09 Options forfeited (21,250 ) 20.58 Outstanding at December 31, 2021 268,657 20.23 Options granted 3,500 25.37 Options exercised (20,240 ) 18.35 Options forfeited (550 ) 20.09 Outstanding at December 31, 2022 251,367 $ 19.99 5.3 $ 1,482,000 Exercisable at December 31, 2022 187,287 $ 20.46 5.0 $ 1,176,000 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, (in thousands) 2022 2021 Loans: Beginning balance $ 8,468 $ 6,606 Originated during the year 544 4,284 Principal repayments (1,788 ) (2,422 ) Ending balance $ 7,224 $ 8,468 Deposits at year-end $ 5,970 $ 9,717 |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At December 31, 2022 At December 31, 2021 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 39,788 $ 39,788 $ 233,473 $ 233,473 Debt securities available for sale 2 129,436 129,436 73,763 73,763 Debt securities held to maturity 2 11,805 9,917 - - Loans held for sale 3 7,058 7,170 11,768 11,964 Loans, net 3 588,715 548,166 490,198 495,209 Federal Home Loan Bank stock 3 463 463 366 366 Accrued interest receivable 3 2,385 2,385 1,505 1,505 Bank owned life insurance 3 16,532 16,532 16,153 16,153 Derivative contract assets 2 2,352 2,352 630 630 Financial liabilities- Deposits 3 731,535 731,506 762,942 763,147 Other Borrowings 3 4,275 4,275 3,575 3,575 Derivative contract liabilities 2 2,352 2,352 630 630 Off-Balance Sheet financial instruments 3 - - - - |
Note 14 - Regulatory Matters (T
Note 14 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Tier 1 Leverage ratio to Average Assets $ 81,100 9.70 % $ 33,461 4.00 % $ 41,826 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 81,100 12.90 28,290 4.50 40,863 6.50 Tier 1 Capital to Risk-Weighted Assets 81,100 12.90 37,720 6.00 50,294 8.00 Total Capital to Risk-Weighted Assets 88,245 14.04 50,294 8.00 62,867 10.00 As of December 31, 2021: Tier 1 Leverage ratio to Average Assets $ 70,548 8.53 % $ 33,071 4.00 % $ 41,338 5.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 70,548 13.45 23,596 4.50 34,083 6.50 Tier 1 Capital to Risk-Weighted Assets 70,548 13.45 31,461 6.00 41,948 8.00 Total Capital to Risk-Weighted Assets 76,522 14.59 41,948 8.00 52,435 10.00 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 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 $ 9,681 3,154,866 $ 3.07 $ 8,347 3,126,547 $ 2.67 Effect of dilutive securities-incremental shares from assumed conversion of options 38,908 15,935 Diluted EPS: Net earnings $ 9,681 3,193,774 $ 3.03 $ 8,347 3,142,482 $ 2.66 |
Note 17 - Derivatives (Tables)
Note 17 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | At December 31, 2022 2021 dollars in thousands Notional amount - interest rate swaps: Stand-alone derivatives $ 20,084 $ 20,606 Weighted-average pay rate - interest rate swaps 3.68 % 3.69 % Weighted-average receive rate - interest rate swaps 3.00 % 3.00 % Weighted-average maturity (in years) - interest rate swaps 12.6 13.6 Net realized fair value adjustments: Stand-alone derivatives - interest rate swaps (other assets) $ 2,352 $ 630 Stand-alone derivatives - interest rate swaps (other liabilities) $ (2,352 ) $ (630 ) |
Note 18 - Parent Company Only_2
Note 18 - Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, 2022 2021 (in thousands) Assets Cash $ 204 $ 114 Investment in subsidiary 71,125 70,475 Other assets 30 27 Total assets $ 71,359 $ 70,616 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 4,275 $ 3,575 Accrued interest 31 10 Total liabilities 4,306 3,585 Stockholders' equity 67,053 67,031 Total liabilities and stockholders' equity $ 71,359 $ 70,616 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Earnings Year Ended December 31, 2022 2021 (in thousands) Revenues $ - $ - Expenses (756 ) (590 ) Income tax benefit 192 140 Loss before earnings of subsidiary (564 ) (450 ) Net earnings of subsidiary 10,245 8,797 Net earnings $ 9,681 $ 8,347 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Year Ended December 31, (in thousands) 2022 2021 Cash flows from operating activities: Net Earnings $ 9,681 $ 8,347 Adjustments to reconcile net earnings to net cash used in operating activities: Equity in earnings of subsidiary (10,245 ) (8,797 ) Stock issued as compensation 131 111 Net change in other assets and other liabilities (3 ) 11 Increase in interest payable 21 - Net cash used in operating activities (415 ) (328 ) Cash flows from investment activities- Cash infusion to subsidiary - (3,725 ) Net cash used in investing activities - (3,725 ) Cash flows from financing activities: Proceeds from other borrowings 700 3,575 Common stock retirement - - Cash dividend paid (567 ) (438 ) Proceeds from stock options exercised 372 3 Net cash provided by (used in) financing activities 505 3,140 Net increase (decrease) in cash 90 (913 ) Cash at beginning of the year 114 1,027 Cash at end of year $ 204 $ 114 Supplemental disclosure of cash flow information- Noncash items: Net change in accumulated other comprehensive loss of subsidiary, net of change in unrealized loss on debt securities available for sale, net of tax benefit $ (9,902 ) $ (1,474 ) Stock-based compensation expense of subsidiary $ 307 $ 227 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) | |
Subsidiary, Ownership Percentage By Parent | 100% | ||
Number of Banking Offices | 4 | ||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance, Ending Balance | $ 7,058,000 | $ 11,768,000 | |
Financing Receivable, Ratio of Allowance to Total Loans | 1.20% | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ (1,900,000) | ||
Financing Receivable, Ratio of Allowance to Total Loans | 0.76% |
Note 2 - Debt Securities (Detai
Note 2 - Debt Securities (Details Textual) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Securities, Available-for-Sale, Restricted | $ 13,284,000 | $ 11,926,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 106 | 26 |
Note 2 - Debt Securities - Summ
Note 2 - Debt Securities - Summary of Carrying Amount and Fair Values of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost, AFS | $ 142,797 | $ 73,860 |
Gross Unrealized Gains, available for sale | 0 | 692 |
Gross Unrealized Losses, available for sale | (13,361) | (789) |
Debt securities available for sale | 129,436 | 73,763 |
Amortized Cost, held to maturity | 11,805 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (1,888) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 9,917 | |
US Treasury and Government [Member] | ||
Amortized Cost, AFS | 48,124 | 2,933 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (2,219) | (14) |
Debt securities available for sale | 45,905 | 2,919 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost, AFS | 22,338 | 17,721 |
Gross Unrealized Gains, available for sale | 0 | 288 |
Gross Unrealized Losses, available for sale | (2,874) | (240) |
Debt securities available for sale | 19,464 | 17,769 |
Amortized Cost, held to maturity | 9,215 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (1,695) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 7,520 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized Cost, AFS | 68,633 | 48,614 |
Gross Unrealized Gains, available for sale | 0 | 379 |
Gross Unrealized Losses, available for sale | (8,131) | (528) |
Debt securities available for sale | 60,502 | 48,465 |
Amortized Cost, held to maturity | 2,590 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (193) | |
Debt Securities, Held-to-Maturity, Fair Value, Total | 2,397 | |
Asset-Backed Securities [Member] | ||
Amortized Cost, AFS | 3,702 | 4,592 |
Gross Unrealized Gains, available for sale | 0 | 25 |
Gross Unrealized Losses, available for sale | (137) | (7) |
Debt securities available for sale | $ 3,565 | $ 4,610 |
Note 2 - Debt Securities - Secu
Note 2 - Debt Securities - Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt securities available for sale | $ 129,436 | $ 73,763 |
US Treasury and Government [Member] | ||
Debt securities available for sale | 45,905 | 2,919 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale | 19,464 | 17,769 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale | 60,502 | 48,465 |
Asset-Backed Securities [Member] | ||
Debt securities available for sale | 3,565 | 4,610 |
Fair Value, Recurring [Member] | ||
Debt securities available for sale | 129,436 | 73,763 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 129,436 | 73,763 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Debt securities available for sale | 45,905 | 2,919 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 45,905 | 2,919 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale | 19,464 | 17,769 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 19,464 | 17,769 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale | 60,502 | 48,465 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 60,502 | 48,465 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Debt securities available for sale | 3,565 | 4,610 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 3,565 | 4,610 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt securities available for sale | $ 0 | $ 0 |
Note 2 - Debt Securities - Sche
Note 2 - Debt Securities - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due in less than one year, amortized cost | $ 2,008 | |
Due in less than one year, fair value | 1,967 | |
Due in one to five years, amortized cost | 47,342 | |
Due in one to five years, fair value | 45,547 | |
Due in five to ten years, amortized cost | 18,771 | |
Due in five to ten years, fair value | 15,865 | |
Due after ten years, amortized cost | 6,043 | |
Due after ten years, fair value | 5,555 | |
Mortgage-backed securities, amortized cost | 68,633 | |
Mortgage-backed securities, fair value | 60,502 | |
Total, amortized cost, AFS | 142,797 | $ 73,860 |
Total, fair value, AFS | 129,436 | 73,763 |
Due in five to ten years, held-to-maturity | 4,613 | |
Due in five to ten years, fair value, held-to-maturity | 4,260 | |
Due after ten years, held-to-maturity | 7,192 | |
Due after ten years, fair value, held-to-maturity | 5,657 | |
Debt securities held to maturity (fair value of $9,917 in 2022) | 11,805 | $ 0 |
Total, fair value, HTM | $ 9,917 |
Note 2 - Debt Securities - Su_2
Note 2 - Debt Securities - Summary of Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from the sale of debt securities available for sale | $ 0 | $ 5,874 |
Gross gains | 0 | 108 |
Gross losses | 0 | 0 |
Net gain on sale of securities | $ 0 | $ 108 |
Note 2 - Debt Securities - Su_3
Note 2 - Debt Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross Unrealized Losses, Less Than Twelve Months, AFS | $ (5,731) | $ (782) |
Fair Value, Less Than Twelve Months, AFS | 91,762 | 39,555 |
Gross Unrealized Losses, Over Twelve Months, AFS | (7,630) | (7) |
Fair Value, Over Twelve Months, AFS | 37,674 | 1,430 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | (1,888) | |
Fair Value, Less Than Twelve Months, held-to-maturity | 9,917 | |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | 0 | |
Fair Value, Over Twelve Months, Held-to-maturity | 0 | |
US Treasury and Government [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | (1,384) | (14) |
Fair Value, Less Than Twelve Months, AFS | 40,926 | 2,919 |
Gross Unrealized Losses, Over Twelve Months, AFS | (835) | 0 |
Fair Value, Over Twelve Months, AFS | 4,979 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | (999) | (240) |
Fair Value, Less Than Twelve Months, AFS | 11,436 | 8,429 |
Gross Unrealized Losses, Over Twelve Months, AFS | (1,875) | 0 |
Fair Value, Over Twelve Months, AFS | 8,028 | 0 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | (1,695) | |
Fair Value, Less Than Twelve Months, held-to-maturity | 7,520 | |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | 0 | |
Fair Value, Over Twelve Months, Held-to-maturity | 0 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | (3,246) | (528) |
Fair Value, Less Than Twelve Months, AFS | 36,939 | 28,207 |
Gross Unrealized Losses, Over Twelve Months, AFS | (4,885) | 0 |
Fair Value, Over Twelve Months, AFS | 23,563 | 0 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | (193) | |
Fair Value, Less Than Twelve Months, held-to-maturity | 2,397 | |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | 0 | |
Fair Value, Over Twelve Months, Held-to-maturity | 0 | |
Asset-Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | (102) | 0 |
Fair Value, Less Than Twelve Months, AFS | 2,461 | 0 |
Gross Unrealized Losses, Over Twelve Months, AFS | (35) | (7) |
Fair Value, Over Twelve Months, AFS | $ 1,104 | $ 1,430 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Number of Portfolio Classes | 5 | |
Impairment Valuation Loan Limit | $ 1,000,000 | |
Financing Receivable, Recorded Investment 30 Days Past Due and Still Accruing, Number of Loans | 18 | |
Financing Receivable Recorded Investment 90 Days Past Due and Still Accruing, Number of Loans | 2 | |
Financing Receivable, Recorded Investment, Nonaccrual Status, Number of Loans | 2 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 1 |
Financing Receivable, Modified, Number of Contracts | 1 | |
Financing Receivable, Troubled Debt Restructuring | $ 2,000 | |
Minimum [Member] | Loans Receivable [Member] | ||
Loan Maturity Period (Year) | 1 year | |
Maximum [Member] | Loans Receivable [Member] | ||
Loan Maturity Period (Year) | 10 years | |
Real Estate Mortgage Loans [Member] | ||
Number of Portfolio Classes | 3 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Period of Fixed Interest Rate (Year) | 5 years | |
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member] | ||
Loan Maturity Period (Year) | 3 years | |
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member] | ||
Loan Maturity Period (Year) | 5 years | |
Residential Portfolio Segment [Member] | Period 2 [Member] | ||
Period of Fixed Interest Rate (Year) | 30 years | |
Period of Adjustment of Interest Rate (Year) | 3 years | |
Residential Portfolio Segment [Member] | Period 3 [Member] | ||
Period of Adjustment of Interest Rate (Year) | 5 years | |
Residential Portfolio Segment [Member] | Period 4 [Member] | ||
Period of Adjustment of Interest Rate (Year) | 7 years | |
Residential Portfolio Segment [Member] | Period 5 [Member] | ||
Period of Adjustment of Interest Rate (Year) | 10 years | |
Residential Portfolio Segment [Member] | Period 1 [Member] | ||
Period of Fixed Interest Rate (Year) | 15 years | |
Real Estate Construction Loan [Member] | Minimum [Member] | ||
Loan Maturity Period (Year) | 1 year | |
Real Estate Construction Loan [Member] | Maximum [Member] | ||
Loan Maturity Period (Year) | 2 years | |
Commercial Portfolio Segment [Member] | Maximum [Member] | Equipment Loans [Member] | ||
Loan Maturity Period (Year) | 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Total loans | $ 595,631 | $ 496,873 | |
Net deferred loan costs (fees) | 229 | (701) | |
Allowance for loan losses | (7,145) | (5,974) | $ (6,092) |
Loans, net | 588,715 | 490,198 | |
Mortgage Receivable [Member] | |||
Total loans | 501,625 | 411,006 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Total loans | 202,263 | 156,306 | |
Allowance for loan losses | (2,303) | (1,762) | (1,500) |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | |||
Total loans | 224,211 | 183,536 | |
Allowance for loan losses | (2,607) | (2,139) | (1,827) |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | |||
Total loans | 75,151 | 71,164 | |
Allowance for loan losses | (922) | (857) | (539) |
Loans and Finance Receivables [Member] | |||
Total loans | 496,873 | ||
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | |||
Total loans | 86,308 | 78,584 | |
Allowance for loan losses | (1,223) | (1,125) | (1,592) |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | |||
Total loans | 7,698 | 7,283 | |
Allowance for loan losses | $ (90) | $ (91) | $ (75) |
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, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 5,974 | $ 6,092 |
Provision (credit) for loan losses | 890 | (104) |
Net recoveries (charge-offs) | 281 | (14) |
Ending balance | 7,145 | 5,974 |
Recorded investment, individually evaluated for impairment | 345 | 4 |
Balance in allowance for loan losses, individually evaluated for impairment | 14 | 0 |
Recorded investment, collectively evaluated for impairment | 595,286 | 496,869 |
Balance in allowance for loan losses, collectively evaluated for impairment | 7,131 | 5,974 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 1,762 | 1,500 |
Provision (credit) for loan losses | 541 | 262 |
Net recoveries (charge-offs) | 0 | 0 |
Ending balance | 2,303 | 1,762 |
Recorded investment, individually evaluated for impairment | 277 | 0 |
Balance in allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Recorded investment, collectively evaluated for impairment | 201,986 | 156,306 |
Balance in allowance for loan losses, collectively evaluated for impairment | 2,303 | 1,762 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Beginning balance | 2,139 | 1,827 |
Provision (credit) for loan losses | 468 | 322 |
Net recoveries (charge-offs) | 0 | (10) |
Ending balance | 2,607 | 2,139 |
Recorded investment, individually evaluated for impairment | 0 | 0 |
Balance in allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Recorded investment, collectively evaluated for impairment | 224,211 | 183,536 |
Balance in allowance for loan losses, collectively evaluated for impairment | 2,607 | 2,139 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Beginning balance | 857 | 539 |
Provision (credit) for loan losses | 65 | 318 |
Net recoveries (charge-offs) | 0 | 0 |
Ending balance | 922 | 857 |
Recorded investment, individually evaluated for impairment | 0 | 0 |
Balance in allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Recorded investment, collectively evaluated for impairment | 75,151 | 71,164 |
Balance in allowance for loan losses, collectively evaluated for impairment | 922 | 857 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Beginning balance | 1,125 | 1,592 |
Provision (credit) for loan losses | (201) | (490) |
Net recoveries (charge-offs) | 299 | 23 |
Ending balance | 1,223 | 1,125 |
Recorded investment, individually evaluated for impairment | 66 | 0 |
Balance in allowance for loan losses, individually evaluated for impairment | 14 | 0 |
Recorded investment, collectively evaluated for impairment | 86,242 | 78,584 |
Balance in allowance for loan losses, collectively evaluated for impairment | 1,209 | 1,125 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Beginning balance | 91 | 75 |
Provision (credit) for loan losses | 17 | 43 |
Net recoveries (charge-offs) | (18) | (27) |
Ending balance | 90 | 91 |
Recorded investment, individually evaluated for impairment | 2 | 4 |
Balance in allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Recorded investment, collectively evaluated for impairment | 7,696 | 7,279 |
Balance in allowance for loan losses, collectively evaluated for impairment | 90 | 91 |
Loans and Finance Receivables [Member] | Unallocated Financing Receivables [Member] | ||
Beginning balance | 0 | 559 |
Provision (credit) for loan losses | 0 | (559) |
Net recoveries (charge-offs) | 0 | 0 |
Ending balance | 0 | 0 |
Recorded investment, individually evaluated for impairment | 0 | 0 |
Balance in allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Recorded investment, collectively evaluated for impairment | 0 | 0 |
Balance in allowance for loan losses, collectively evaluated for impairment | $ 0 | $ 0 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loan Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans by credit quality | $ 595,631 | $ 496,873 |
Pass [Member] | ||
Loans by credit quality | 589,830 | 491,920 |
Special Mention [Member] | ||
Loans by credit quality | 5,415 | 4,949 |
Substandard [Member] | ||
Loans by credit quality | 386 | 4 |
Doubtful [Member] | ||
Loans by credit quality | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | ||
Loans by credit quality | 501,625 | 411,006 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans by credit quality | 202,263 | 156,306 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 200,192 | 153,404 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 1,794 | 2,902 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 277 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Loans by credit quality | 224,211 | 183,536 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 221,552 | 181,770 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 2,616 | 1,766 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 43 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Loans by credit quality | 75,151 | 71,164 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Pass [Member] | ||
Loans by credit quality | 74,516 | 71,051 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Special Mention [Member] | ||
Loans by credit quality | 635 | 113 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Substandard [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Doubtful [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | ||
Loans by credit quality | 496,873 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Loans by credit quality | 86,308 | 78,584 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 85,874 | 78,462 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 368 | 118 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 66 | 4 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Loans by credit quality | 7,698 | 7,283 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans by credit quality | 7,696 | 7,233 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans by credit quality | 2 | 50 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Loans by credit quality | $ 0 | $ 0 |
Note 3 - Loans - Summary of Pas
Note 3 - Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans by credit quality | $ 595,631 | $ 496,873 |
Nonaccrual Loans | 343 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 2,327 | |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 573 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 404 | |
Financial Asset, Past Due [Member] | ||
Loans by credit quality | 3,304 | |
Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 591,984 | |
Mortgage Receivable [Member] | ||
Loans by credit quality | 501,625 | 411,006 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans by credit quality | 202,263 | 156,306 |
Nonaccrual Loans | 277 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 0 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 0 | |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 201,986 | 156,306 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Loans by credit quality | 224,211 | 183,536 |
Nonaccrual Loans | 0 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 1,383 | 710 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 413 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 349 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 2,145 | 710 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 222,066 | 182,826 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Loans by credit quality | 75,151 | 71,164 |
Nonaccrual Loans | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 651 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 55 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 706 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 74,445 | 71,164 |
Loans and Finance Receivables [Member] | ||
Loans by credit quality | 496,873 | |
Nonaccrual Loans | 0 | |
Loans and Finance Receivables [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 1,121 | |
Loans and Finance Receivables [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 0 | |
Loans and Finance Receivables [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 0 | |
Loans and Finance Receivables [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 1,121 | |
Loans and Finance Receivables [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 495,752 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Loans by credit quality | 86,308 | 78,584 |
Nonaccrual Loans | 66 | 0 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 293 | 411 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 160 | 0 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 453 | 411 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 85,789 | 78,173 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Loans by credit quality | 7,698 | 7,283 |
Nonaccrual Loans | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | $ 7,698 | $ 7,283 |
Note 3 - Loans - Summary of Imp
Note 3 - Loans - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
With No Related Allowance Recorded, Recorded Investment | $ 279 | $ 4 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 279 | 4 |
With an Allowance Recorded, Recorded Investment | 66 | 0 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 66 | 0 |
Related Allowance | 14 | 0 |
Total Recorded Investment | 345 | 4 |
Total Unpaid Contractual Principal Balance | 345 | 4 |
Loans and Finance Receivables [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 277 | |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 277 | |
With an Allowance Recorded, Recorded Investment | 0 | |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 0 | |
Related Allowance | 0 | |
Total Recorded Investment | 277 | |
Total Unpaid Contractual Principal Balance | 277 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 0 | |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 0 | |
With an Allowance Recorded, Recorded Investment | 66 | |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 66 | |
Related Allowance | 14 | |
Total Recorded Investment | 66 | |
Total Unpaid Contractual Principal Balance | 66 | |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
With No Related Allowance Recorded, Recorded Investment | 2 | 4 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 2 | 4 |
With an Allowance Recorded, Recorded Investment | 0 | 0 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total Recorded Investment | 2 | 4 |
Total Unpaid Contractual Principal Balance | $ 2 | $ 4 |
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, 2022 | Dec. 31, 2021 | |
Average recorded investment | $ 293 | $ 476 |
Interest income recognized | 17 | 0 |
Interest income received | 17 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 143 | |
Interest income recognized | 0 | |
Interest income received | 0 | |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Average recorded investment | 115 | 302 |
Interest income recognized | 17 | 0 |
Interest income received | 17 | 0 |
Mortgage Receivable [Member] | Commercial Portfolio Segment [Member] | ||
Average recorded investment | 34 | 174 |
Interest income recognized | 0 | 0 |
Interest income received | 0 | $ 0 |
Mortgage Receivable [Member] | Consumer Portfolio Segment [Member] | ||
Average recorded investment | 1 | |
Interest income recognized | 0 | |
Interest income received | $ 0 |
Note 3 - Loans - Summary of L_2
Note 3 - Loans - Summary of Loans Determined to Be Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Contracts | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 4 |
Post-Modification Outstanding Recorded Investment | 0 | 4 |
Current Modification Outstanding Recorded Investment | $ 0 | $ 4 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Number of Contracts | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 4 |
Post-Modification Outstanding Recorded Investment | 0 | 4 |
Current Modification Outstanding Recorded Investment | $ 0 | $ 4 |
Note 4 - Premises and Equipme_3
Note 4 - Premises and Equipment (Details Textual) - Retail Lease [Member] | Aug. 06, 2018 |
Lessee, Operating Lease, Term of Contract (Year) | 15 years |
Lessee, Operating Lease, Number of Renewal Options | 4 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 4 - Premises and Equipme_4
Note 4 - Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total, at cost | $ 14,379 | $ 13,636 |
Less accumulated depreciation and amortization | (6,357) | (5,674) |
Premises and equipment, net | 8,022 | 7,962 |
Land [Member] | ||
Total, at cost | 1,704 | 1,704 |
Building [Member] | ||
Total, at cost | 5,089 | 5,085 |
Leasehold Improvements [Member] | ||
Total, at cost | 1,584 | 1,551 |
Furniture and Fixtures [Member] | ||
Total, at cost | 2,360 | 2,099 |
Computer and Software [Member] | ||
Total, at cost | $ 3,642 | $ 3,197 |
Note 4 - Premises and Equipme_5
Note 4 - Premises and Equipment - Lease Expense and Other Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 319 | $ 319 |
Cash paid for amount included in the measurement of operating lease liability operating cash flows from operating lease | 294 | 294 |
Operating lease right of use asset | 3,044 | 3,258 |
Total | $ 3,208 | $ 3,397 |
Weighted average remaining lease term - operating lease (in years) (Year) | 11 years 7 months 6 days | 12 years 7 months 6 days |
Weighted average discount rate | 3.17% | 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, 2022 | Dec. 31, 2021 |
2023 | $ 294 | |
2024 | 306 | |
2025 | 323 | |
2026 | 323 | |
2027 | 323 | |
Thereafter | 2,321 | |
Total future minimum lease payments | 3,890 | |
Less interest | (682) | |
Total | $ 3,208 | $ 3,397 |
Note 5 - Deposits (Details Text
Note 5 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 14.1 | $ 22.8 |
Note 5 - Deposits - Schedule of
Note 5 - Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 30,162 | |
2024 | 8,468 | |
2025 | 348 | |
2026 | 708 | |
2039 | 423 | |
Total | $ 40,109 | $ 49,832 |
Note 6 - Other Borrowings (Deta
Note 6 - Other Borrowings (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 100,800,000 | |
Federal Home Loan Bank Advances, Total | 0 | $ 0 |
Correspondent Banks [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 59,000,000 | |
Thomasville National Bank [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | |
Long-Term Line of Credit, Total | 4,275,000 | |
Interest Expense, Debt, Total | $ 200,000 | $ 58,000 |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 2,699 | $ 2,109 |
State | 685 | 356 |
Total current | 3,384 | 2,465 |
Federal | (257) | 41 |
State | (71) | 11 |
Total deferred | (328) | 52 |
Total income taxes | $ 3,056 | $ 2,517 |
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, 2022 | Dec. 31, 2021 | |
Income taxes at statutory rate, amount | $ 2,675 | $ 2,282 |
Income taxes at statutory rate, percent | 21% | 21% |
State taxes, net of federal tax benefit, amount | $ 485 | $ 291 |
State taxes, net of federal tax benefit, percent | 3.80% | 2.70% |
Tax-exempt income, amount | $ (105) | $ (75) |
Tax-exempt income, percent | (0.80%) | (0.70%) |
Other nondeductible expenses, amount | $ 1 | $ 19 |
Other nondeductible expenses, percent | 0% | 0.20% |
Total income taxes | $ 3,056 | $ 2,517 |
Total, percent | 24% | 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, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 1,827 | $ 1,514 |
Organizational and start-up costs | 2 | 11 |
Stock-based compensation | 132 | 105 |
Deferred compensation | 201 | 134 |
Unrealized losses on securities available for sale | 3,386 | 24 |
Operating lease liability | 813 | 861 |
Other | 13 | 19 |
Deferred tax assets | 6,374 | 2,668 |
Prepaid Expenses | (144) | (143) |
Deferred loan costs | (688) | (567) |
Premises and equipment | (238) | (289) |
Right of use lease asset | (771) | (826) |
Deferred tax liabilities | (1,841) | (1,825) |
Net deferred tax asset | $ 4,533 | $ 843 |
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, 2022 USD ($) | |
Debt Instrument, Term (Year) | 1 year |
Debt Instrument, Collateral Amount | $ 792,000 |
Credit Availability Concentration Risk [Member] | Swap Liabilities [Member] | |
Concentration Risk, Percentage | 10% |
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, 2022 USD ($) | |
Contractual amounts with off-balance-sheet risk | $ 154,670 |
Commitments to Extend Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 10,667 |
Construction Loans In Process [Member] | |
Contractual amounts with off-balance-sheet risk | 61,991 |
Unused lines of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 77,268 |
Standby Financial Letters of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 3,319 |
Guaranteed Accounts [Member] | |
Contractual amounts with off-balance-sheet risk | $ 1,425 |
Note 9 - Stock Compensation P_3
Note 9 - Stock Compensation Plans (Details Textual) - USD ($) | 12 Months Ended | 91 Months Ended | ||||
May 20, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,203 | 4,081 | 3,835 | 3,600 | ||
Share-Based Payment Arrangement, Expense | $ 129,000 | $ 71,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 238,000 | $ 238,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
The 2015 Stock Incentive Compensation Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,500 | 18,000 | 322,957 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 550 | 21,250 | 51,200 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 181,198 | 181,198 | ||||
Share-Based Payment Arrangement, Expense | $ 178,000 | $ 156,000 | ||||
Share-Based Payment Arrangement, Expense, Tax Benefit | 19,000 | $ 19,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 179,000 | $ 179,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |||||
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 (in shares) | 500,000 | |||||
Maximum Percentage of Shares Issued | 15% | |||||
The 2015 Stock Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 21,719 | |||||
Directors' Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 74,805 | 74,805 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,002 | 5,344 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 36,362 | 36,362 | ||||
Share-Based Payment Arrangement, Expense | $ 131,000 | $ 111,000 | ||||
Stock Consideration on Percentage of Common Stock Received Upon Cash Fees | 110% | 110% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock | 1.10% | 1.10% |
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 | 91 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Number of Options, Outstanding, beginning balance (in shares) | 268,657 | 272,057 | |
Weighted-average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 20.23 | $ 19.80 | |
Number of Options, granted (in shares) | 3,500 | 18,000 | 322,957 |
Weighted-average Exercise Price, Options granted (in dollars per share) | $ 25.37 | $ 27.12 | |
Number of Options, exercised (in shares) | (20,240) | (150) | |
Weighted-average Exercise Price, exercised (in dollars per share) | $ 18.35 | $ 20.09 | |
Number of Options, forfeited (in shares) | (550) | (21,250) | (51,200) |
Weighted-average Exercise Price, forfeited (in dollars per share) | $ 20.09 | $ 20.58 | |
Number of Options, outstanding (in shares) | 251,367 | 268,657 | 251,367 |
Weighted-average Exercise Price, Outstanding (in dollars per share) | $ 19.99 | $ 20.23 | $ 19.99 |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 5 years 3 months 18 days | ||
Aggregate Intrinsic Value, Outstanding | $ 1,482,000 | $ 1,482,000 | |
Number of Options, Exercisable (in shares) | 187,287 | 187,287 | |
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ 20.46 | $ 20.46 | |
Weighted-average Remaining Contractual Term, Exercisable (Year) | 5 years | ||
Aggregate Intrinsic Value, Exercisable | $ 1,176,000 | $ 1,176,000 |
Note 9 - Stock Compensation P_5
Note 9 - Stock Compensation Plans - Black-Scholes Option-pricing Model Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average risk-free interest rate | 2.91% | |
Expected dividend yield | 0.71% | |
Expected stock volatility | 33.18% | |
Expected life in years (Year) | 6 years 6 months | 6 years 6 months |
Per share fair value of options issued during year (in dollars per share) | $ 9.10 | $ 3.26 |
Minimum [Member] | ||
Weighted average risk-free interest rate | 1.15% | |
Expected dividend yield | 0.49% | |
Expected stock volatility | 22.94% | |
Maximum [Member] | ||
Weighted average risk-free interest rate | 1.30% | |
Expected dividend yield | 0.62% | |
Expected stock volatility | 30.69% |
Note 9 - Stock Compensation P_6
Note 9 - Stock Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-vested restricted stock granted (in shares) | 10,203 | 4,081 | 3,835 | 3,600 |
Non-vested restricted stock issued, weighted average grant date fair value (in dollars per share) | $ 27.85 | $ 18.04 | $ 20.40 | $ 18.52 |
Non-vested restricted stock granted, grant date fair value | $ 284,000 | $ 74,000 | $ 52,000 | $ 22,000 |
Restricted stock vested (in shares) | (7,516) | |||
Restricted stock shares vested, weighted average grant date fair value (in dollars per share) | $ (19.07) | |||
Restricted stock vested, grant date fair value | $ (143,000) | |||
Non-vested restricted stock outstanding, shares (in shares) | 14,203 | |||
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ 25.30 | |||
Non-vested restricted stock outstanding, grant date fair value | $ 289,000 |
Note 10 - Employee Benefit Pl_2
Note 10 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Cost | $ 238,000 | $ 248,000 |
Deferred Compensation for Officers [Member] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4% | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 265,000 | 193,000 |
Deferred Compensation for Officers [Member] | Other Liabilities [Member] | ||
Liability, Defined Benefit Plan, Total | $ 792,000 | $ 527,000 |
Note 11 - Related Party Trans_3
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Payment to Acquire Life Insurance Policy, Investing Activities | $ 0 | $ 5,197,000 |
Directors and former CFO [Member] | ||
Payment to Acquire Life Insurance Policy, Investing Activities | 1,500,000 | 1,400,000 |
Director Jones [Member] | ||
Payment to Acquire Life Insurance Policy, Investing Activities | $ 6,157 | $ 5,734 |
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, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 8,468 | $ 6,606 |
Originated during the year | 544 | 4,284 |
Principal repayments | (1,788) | (2,422) |
Ending balance | 7,224 | 8,468 |
Deposits at year-end | $ 5,970 | $ 9,717 |
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, 2022 | Dec. 31, 2021 |
Debt securities available for sale | $ 129,436,000 | $ 73,763,000 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance, Ending Balance | 7,058,000 | 11,768,000 |
Accrued interest receivable | 2,385,000 | 1,505,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 39,788,000 | 233,473,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 129,436,000 | 73,763,000 |
Debt securities held to maturity | 11,805,000 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance, Ending Balance | 7,058,000 | 11,768,000 |
Loans, net | 588,715,000 | 490,198,000 |
Federal Home Loan Bank stock | 463,000 | 366,000 |
Accrued interest receivable | 2,385,000 | 1,505,000 |
Bank owned life insurance | 16,532,000 | 16,153,000 |
Derivative contract assets | 2,352,000 | 630,000 |
Deposits | 731,535,000 | 762,942,000 |
Other Borrowings | 4,275,000 | 3,575,000 |
Derivative contract liabilities | 2,352,000 | 630,000 |
Off-Balance Sheet financial instruments | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 39,788,000 | 233,473,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 129,436,000 | 73,763,000 |
Debt securities held to maturity | 9,917,000 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance, Ending Balance | 7,170,000 | 11,964,000 |
Loans, net | 548,166,000 | 495,209,000 |
Federal Home Loan Bank stock | 463,000 | 366,000 |
Accrued interest receivable | 2,385,000 | 1,505,000 |
Bank owned life insurance | 16,532,000 | 16,153,000 |
Derivative contract assets | 2,352,000 | 630,000 |
Deposits | 731,506,000 | 763,147,000 |
Other Borrowings | 4,275,000 | 3,575,000 |
Derivative contract liabilities | 2,352,000 | 630,000 |
Off-Balance Sheet financial instruments | $ 0 | $ 0 |
Note 13 - Dividend Restrictio_2
Note 13 - Dividend Restrictions (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2023 $ / shares | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.22 |
Dividends Payable, Date to be Paid | Feb. 28, 2023 |
Dividends Payable, Date of Record | Feb. 09, 2023 |
Note 14 - Regulatory Matters (D
Note 14 - Regulatory Matters (Details Textual) | Dec. 31, 2022 | Dec. 31, 2021 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.0250 | 0.0250 |
Note 14 - Regulatory Matters -
Note 14 - Regulatory Matters - Summary of Regulatory Capital Requirements and Bank's Capital Position (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Tier 1 Leverage ratio to Average Assets, actual amount | $ 81,100 | $ 70,548 |
Tier 1 Leverage ratio to Average Assets, actual percentage | 0.0970 | 0.0853 |
Tier 1 Leverage ratio to Average Assets, for capital adequacy purposes, amount | $ 33,461 | $ 33,071 |
Tier 1 Leverage ratio to Average Assets, for capital adequacy purposes, percentage | 0.0400 | 0.0400 |
Tier 1 Leverage ratio to Average Assets, for well capitalized purposes, amount | $ 41,826 | $ 41,338 |
Tier 1 Leverage ratio to Average Assets, for well capitalized purposes, percentage | 0.0500 | 0.0500 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, actual amount | $ 81,100 | $ 70,548 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, actual percentage | 0.1290 | 0.1345 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, amount | $ 28,290 | $ 23,596 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, percentage | 0.0450 | 0.0450 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, amount | $ 40,863 | $ 34,083 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, percentage | 0.0650 | 0.0650 |
Tier 1 Capital to Risk-Weighted Assets, actual amount | $ 81,100 | $ 70,548 |
Tier 1 Capital to Risk-Weighted Assets, actual percentage | 0.1290 | 0.1345 |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, amount | $ 37,720 | $ 31,461 |
Tier 1 Capital to Risk-Weighted Assets, for capital adequacy purposes, percentage | 0.0600 | 0.0600 |
Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, amount | $ 50,294 | $ 41,948 |
Tier 1 Capital to Risk-Weighted Assets, for well capitalized purposes, percentage | 0.0800 | 0.0800 |
Total Capital to Risk-Weighted Assets, actual amount | $ 88,245 | $ 76,522 |
Total Capital to Risk-Weighted Assets, actual percentage | 0.1404 | 0.1459 |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes, amount | $ 50,294 | $ 41,948 |
Total Capital to Risk-Weighted Assets, for capital adequacy purposes, percentage | 0.0800 | 0.0800 |
Total Capital to Risk-Weighted Assets, for well capitalized purposes, amount | $ 62,867 | $ 52,435 |
Total Capital to Risk-Weighted Assets, for well capitalized purposes, percentage | 0.1000 | 0.1000 |
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, 2022 | Dec. 31, 2021 | |
Net earnings, basic | $ 9,681 | $ 8,347 |
Weighted-average Shares, basic (in shares) | 3,154,866 | 3,126,547 |
Net earnings, per share amount, basic (in dollars per share) | $ 3.07 | $ 2.67 |
Effect of dilutive securities-incremental shares from assumed conversion of options (in shares) | 38,908 | 15,935 |
Net earnings, diluted | $ 9,681 | $ 8,347 |
Weighted-average Shares, diluted (in shares) | 3,193,774 | 3,142,482 |
Net earnings, per share amount, diluted (in dollars per share) | $ 3.03 | $ 2.66 |
Note 17 - Derivatives - Schedul
Note 17 - Derivatives - Schedule of Derivatives (Details) - Interest Rate Swap [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stand-alone derivatives | $ 20,084 | $ 20,606 |
Weighted-average pay rate - interest rate swaps | 3.68% | 3.69% |
Weighted-average receive rate - interest rate swaps | 3% | 3% |
Weighted-average maturity (in years) - interest rate swaps (Year) | 12 years 7 months 6 days | 13 years 7 months 6 days |
Stand-alone derivatives - interest rate swaps (other assets) | $ 2,352 | $ 630 |
Stand-alone derivatives - interest rate swaps (other liabilities) | $ (2,352) | $ (630) |
Note 18 - Parent Company Only_3
Note 18 - Parent Company Only Financial Information - Schedule of Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other assets | $ 3,391 | $ 1,834 | |
Total assets | 815,172 | 841,123 | |
Other borrowings | 4,275 | 3,575 | |
Total liabilities | 748,119 | 774,092 | |
Stockholders' equity | 67,053 | 67,031 | $ 60,255 |
Total liabilities and stockholders' equity | 815,172 | 841,123 | |
Parent Company [Member] | |||
Cash | 204 | 114 | |
Investment in subsidiary | 71,125 | 70,475 | |
Other assets | 30 | 27 | |
Total assets | 71,359 | 70,616 | |
Other borrowings | 4,275 | 3,575 | |
Accrued interest | 31 | 10 | |
Total liabilities | 4,306 | 3,585 | |
Stockholders' equity | 67,053 | 67,031 | |
Total liabilities and stockholders' equity | $ 71,359 | $ 70,616 |
Note 18 - Parent Company Only_4
Note 18 - Parent Company Only Financial Information - Schedule of Condensed Statement of Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax benefit | $ (3,056) | $ (2,517) |
Net earnings | 9,681 | 8,347 |
Parent Company [Member] | ||
Revenues | 0 | 0 |
Expenses | (756) | (590) |
Income tax benefit | 192 | 140 |
Loss before earnings of subsidiary | (564) | (450) |
Net earnings of subsidiary | 10,245 | 8,797 |
Net earnings | $ 9,681 | $ 8,347 |
Note 18 - Parent Company Only_5
Note 18 - Parent Company Only Financial Information - Schedule of Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net earnings | $ 9,681 | $ 8,347 |
Stock-based compensation expense | 307 | 227 |
Net cash used in operating activities | 17,597 | 9,403 |
Net cash used in investing activities | (180,380) | (30,405) |
Proceeds from stock options exercised | 372 | 3 |
Net cash provided by (used in) financing activities | (30,902) | 185,490 |
Net increase (decrease) in cash | (193,685) | 164,488 |
Accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of tax benefit | (9,902) | (1,474) |
Parent Company [Member] | ||
Net earnings | 9,681 | 8,347 |
Equity in earnings of subsidiary | (10,245) | (8,797) |
Stock-based compensation expense | 131 | 111 |
Net change in other assets and other liabilities | (3) | 11 |
Increase in interest payable | 21 | 0 |
Net cash used in operating activities | (415) | (328) |
Cash infusion to subsidiary | 0 | (3,725) |
Net cash used in investing activities | 0 | (3,725) |
Proceeds from other borrowings | 700 | 3,575 |
Common stock retirement | 0 | 0 |
Cash dividend paid | (567) | (438) |
Proceeds from stock options exercised | 372 | 3 |
Net cash provided by (used in) financing activities | 505 | 3,140 |
Net increase (decrease) in cash | 90 | (913) |
Cash at beginning of the year | 114 | 1,027 |
Cash at end of year | 204 | 114 |
Accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of tax benefit | (9,902) | (1,474) |
Stock-based compensation expense of subsidiary | $ 307 | $ 227 |