Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,259,281 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 9,839 | $ 8,119 |
Federal funds sold | 8,257 | 19,259 |
Interest-bearing deposits | 4,308 | 12,410 |
Total cash and cash equivalents | 22,404 | 39,788 |
Debt securities available for sale at fair value (amortized cost of $138,607 and $142,797) | 123,838 | 129,436 |
Debt securities held to maturity (fair value of $9,662 and $9,917) | 11,838 | 11,805 |
Loans held for sale | 5,182 | 7,058 |
Loans, net of allowance for credit losses of $4,899 and $7,145 | 628,974 | 588,715 |
Federal Home Loan Bank stock | 1,758 | 463 |
Premises and equipment, net | 7,613 | 8,022 |
Right of use operating lease asset | 2,879 | 3,044 |
Accrued interest receivable | 2,671 | 2,385 |
Bank-owned life insurance | 16,822 | 16,532 |
Other real estate owned | 117 | 0 |
Other assets | 7,889 | 7,924 |
Total assets | 831,985 | 815,172 |
Liabilities: | ||
Noninterest-bearing demand deposits | 193,439 | 197,987 |
Savings, NOW and money-market deposits | 451,492 | 493,439 |
Time deposits | 77,876 | 40,109 |
Total deposits | 722,807 | 731,535 |
Other borrowings | 0 | 4,275 |
Federal Home Loan Bank advances | 25,000 | 0 |
Official checks | 717 | 4,090 |
Operating lease liability | 3,062 | 3,208 |
Other liabilities, net | 5,612 | 5,011 |
Total liabilities | 757,198 | 748,119 |
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, 3,263,733 and 3,164,491 issued and outstanding | 33 | 32 |
Additional paid-in capital | 40,376 | 39,718 |
Retained earnings | 45,404 | 37,278 |
Accumulated other comprehensive loss | (11,026) | (9,975) |
Total stockholders' equity | 74,787 | 67,053 |
Total liabilities and stockholders' equity | $ 831,985 | $ 815,172 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt securities available for sale, fair value | $ 138,607 | $ 142,797 |
Debt securities held to maturity, fair value | 9,662 | 9,917 |
Loans receivable, allowance for loan losses | $ 4,899 | $ 7,145 |
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) | 3,263,733 | 3,164,491 |
Common stock, shares outstanding (in shares) | 3,263,733 | 3,164,491 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||||
Loans | $ 9,019 | $ 6,755 | $ 25,633 | $ 18,568 |
Debt securities | 919 | 878 | 2,777 | 2,000 |
Other | 244 | 649 | 650 | 1,104 |
Total interest income | 10,182 | 8,282 | 29,060 | 21,672 |
Interest expense: | ||||
Deposits | 2,691 | 624 | 6,141 | 1,442 |
Other borrowings and FHLB advances | 304 | 56 | 824 | 127 |
Total interest expense | 2,995 | 680 | 6,965 | 1,569 |
Net interest income | 7,187 | 7,602 | 22,095 | 20,103 |
Credit loss expense | 175 | 241 | 743 | 601 |
Net interest income after credit loss expense | 7,012 | 7,361 | 21,352 | 19,502 |
Noninterest income: | ||||
Mortgage banking revenue, net | 121 | 116 | 250 | 420 |
Income from bank-owned life insurance | 100 | 96 | 290 | 285 |
Other income | 49 | 61 | 165 | 177 |
Total noninterest income | 499 | 483 | 1,403 | 1,505 |
Noninterest expense: | ||||
Salaries and employee benefits | 2,864 | 2,367 | 8,359 | 6,765 |
Occupancy and equipment | 427 | 413 | 1,235 | 1,217 |
Professional fees | 149 | 124 | 416 | 400 |
Marketing | 215 | 195 | 688 | 575 |
FDIC assessment | 104 | 95 | 275 | 303 |
Software maintenance, amortization and other | 341 | 310 | 912 | 837 |
Other | 623 | 581 | 1,814 | 1,650 |
Total noninterest expense | 4,723 | 4,085 | 13,699 | 11,747 |
Earnings before income taxes | 2,788 | 3,759 | 9,056 | 9,260 |
Income taxes | 668 | 928 | 2,178 | 2,221 |
Net earnings | $ 2,120 | $ 2,831 | $ 6,878 | $ 7,039 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.66 | $ 0.9 | $ 2.15 | $ 2.23 |
Diluted (in dollars per share) | 0.66 | 0.89 | 2.13 | 2.21 |
Cash dividends per common share (in dollars per share) | $ 0 | $ 0 | $ 0.22 | $ 0.18 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Revenue from customer | $ 92 | $ 78 | $ 261 | $ 219 |
Debit Card [Member] | ||||
Noninterest income: | ||||
Revenue from customer | $ 137 | $ 132 | $ 437 | $ 404 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net earnings | $ 2,120 | $ 2,831 | $ 6,878 | $ 7,039 |
Unrealized loss arising during the period | (2,172) | (5,018) | (1,408) | (13,780) |
Deferred income tax benefit on above change | 551 | 1,272 | 357 | 3,493 |
Total other comprehensive loss | (1,621) | (3,746) | (1,051) | (10,287) |
Comprehensive income (loss) | $ 499 | $ (915) | $ 5,827 | $ (3,248) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 3,129,046 | |||||||||
Balance at Dec. 31, 2021 | $ 31 | $ 38,909 | $ 28,164 | $ (73) | $ 67,031 | |||||
Net earnings | 0 | 0 | 2,241 | 0 | 2,241 | |||||
Dividends paid (unaudited) | 0 | 0 | (567) | 0 | (567) | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ 0 | 0 | 0 | (3,258) | (3,258) | |||||
Stock options exercised (unaudited) (in shares) | 12,240 | |||||||||
Stock options exercised (unaudited) | $ 0 | 210 | 0 | 0 | 210 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,189 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 31 | 0 | 0 | 31 | |||||
Issuance of restricted stock (unaudited) (in shares) | 7,786 | |||||||||
Issuance of restricted stock (unaudited) | $ 0 | 0 | 0 | 0 | 0 | |||||
Stock-based compensation (unaudited) | $ 0 | 73 | 0 | 0 | 73 | |||||
Stock options exercised (unaudited) (in shares) | 12,240 | |||||||||
Stock options exercised (unaudited) | $ 0 | 210 | 0 | 0 | 210 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,189 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 31 | 0 | 0 | 31 | |||||
Balance (in shares) at Mar. 31, 2022 | 3,150,261 | |||||||||
Balance at Mar. 31, 2022 | $ 31 | 39,223 | 29,838 | (3,331) | 65,761 | |||||
Balance (in shares) at Dec. 31, 2021 | 3,129,046 | |||||||||
Balance at Dec. 31, 2021 | $ 31 | 38,909 | 28,164 | (73) | 67,031 | |||||
Net earnings | 7,039 | |||||||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | (10,287) | |||||||||
Balance (in shares) at Sep. 30, 2022 | 3,162,975 | |||||||||
Balance at Sep. 30, 2022 | $ 31 | 39,597 | 34,636 | (10,360) | 63,904 | |||||
Balance (in shares) at Mar. 31, 2022 | 3,150,261 | |||||||||
Balance at Mar. 31, 2022 | $ 31 | 39,223 | 29,838 | (3,331) | 65,761 | |||||
Net earnings | 0 | 0 | 1,967 | 0 | 1,967 | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ 0 | 0 | 0 | (3,283) | (3,283) | |||||
Stock options exercised (unaudited) (in shares) | 4,000 | |||||||||
Stock options exercised (unaudited) | $ 0 | 80 | 0 | 0 | 80 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,047 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 29 | 0 | 0 | 29 | |||||
Stock-based compensation (unaudited) | $ 0 | 75 | 0 | 0 | 75 | |||||
Stock options exercised (unaudited) (in shares) | 4,000 | |||||||||
Stock options exercised (unaudited) | $ 0 | 80 | 0 | 0 | 80 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,047 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 29 | 0 | 0 | 29 | |||||
Balance (in shares) at Jun. 30, 2022 | 3,155,308 | |||||||||
Balance at Jun. 30, 2022 | $ 31 | 39,407 | 31,805 | (6,614) | 64,629 | |||||
Net earnings | 0 | 0 | 2,831 | 0 | 2,831 | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ 0 | 0 | 0 | (3,746) | (3,746) | |||||
Stock options exercised (unaudited) (in shares) | 4,000 | |||||||||
Stock options exercised (unaudited) | $ 0 | 80 | 0 | 0 | 80 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,250 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 32 | 0 | 0 | 32 | |||||
Issuance of restricted stock (unaudited) (in shares) | 2,417 | |||||||||
Issuance of restricted stock (unaudited) | $ 0 | 0 | 0 | 0 | 0 | |||||
Stock-based compensation (unaudited) | $ 0 | 78 | 0 | 0 | 78 | |||||
Stock options exercised (unaudited) (in shares) | 4,000 | |||||||||
Stock options exercised (unaudited) | $ 0 | 80 | 0 | 0 | 80 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,250 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 32 | 0 | 0 | 32 | |||||
Balance (in shares) at Sep. 30, 2022 | 3,162,975 | |||||||||
Balance at Sep. 30, 2022 | $ 31 | 39,597 | 34,636 | (10,360) | $ 63,904 | |||||
Balance (in shares) at Dec. 31, 2022 | 3,164,491 | 3,164,491 | ||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 1,946 | $ 0 | $ 1,946 | $ 32 | 39,718 | 37,278 | (9,975) | $ 67,053 |
Net earnings | 0 | 0 | 2,501 | 0 | 2,501 | |||||
Dividends paid (unaudited) | 0 | 0 | (698) | 0 | (698) | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ 0 | 0 | 0 | 1,478 | 1,478 | |||||
Stock options exercised (unaudited) (in shares) | 15,867 | |||||||||
Stock options exercised (unaudited) | $ 0 | 273 | 0 | 0 | 273 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,573 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 40 | 0 | 0 | 40 | |||||
Issuance of restricted stock (unaudited) (in shares) | 3,834 | |||||||||
Issuance of restricted stock (unaudited) | $ 0 | 0 | 0 | 0 | 0 | |||||
Stock-based compensation (unaudited) | $ 0 | 83 | 0 | 0 | 83 | |||||
Stock options exercised (unaudited) (in shares) | 15,867 | |||||||||
Stock options exercised (unaudited) | $ 0 | 273 | 0 | 0 | 273 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,573 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 40 | 0 | 0 | 40 | |||||
Balance (in shares) at Mar. 31, 2023 | 3,185,765 | |||||||||
Balance at Mar. 31, 2023 | $ 32 | 40,114 | 41,027 | (8,497) | $ 72,676 | |||||
Balance (in shares) at Dec. 31, 2022 | 3,164,491 | 3,164,491 | ||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 1,946 | $ 0 | $ 1,946 | $ 32 | 39,718 | 37,278 | (9,975) | $ 67,053 |
Net earnings | 6,878 | |||||||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ (1,051) | |||||||||
Balance (in shares) at Sep. 30, 2023 | 3,263,733 | 3,263,733 | ||||||||
Balance at Sep. 30, 2023 | $ 33 | 40,376 | 45,404 | (11,026) | $ 74,787 | |||||
Balance (in shares) at Mar. 31, 2023 | 3,185,765 | |||||||||
Balance at Mar. 31, 2023 | $ 32 | 40,114 | 41,027 | (8,497) | 72,676 | |||||
Net earnings | 0 | 0 | 2,257 | 0 | 2,257 | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ 0 | 0 | 0 | (908) | (908) | |||||
Stock options exercised (unaudited) (in shares) | 2,750 | |||||||||
Stock options exercised (unaudited) | $ 0 | 56 | 0 | 0 | 56 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,537 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 40 | 0 | 0 | 40 | |||||
Stock-based compensation (unaudited) | $ 0 | 49 | 0 | 0 | 49 | |||||
Stock options exercised (unaudited) (in shares) | 2,750 | |||||||||
Stock options exercised (unaudited) | $ 0 | 56 | 0 | 0 | 56 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,537 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 40 | 0 | 0 | 40 | |||||
Balance (in shares) at Jun. 30, 2023 | 3,190,052 | |||||||||
Balance at Jun. 30, 2023 | $ 32 | 40,259 | 43,284 | (9,405) | 74,170 | |||||
Net earnings | 0 | 0 | 2,120 | 0 | 2,120 | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax benefit (unaudited) | $ 0 | 0 | 0 | (1,621) | (1,621) | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,764 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 40 | 0 | 0 | 40 | |||||
Issuance of restricted stock (unaudited) (in shares) | 71,917 | |||||||||
Issuance of restricted stock (unaudited) | $ 1 | (1) | 0 | 0 | 0 | |||||
Stock-based compensation (unaudited) | $ 0 | 78 | 0 | 0 | 78 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,764 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 40 | 0 | 0 | $ 40 | |||||
Balance (in shares) at Sep. 30, 2023 | 3,263,733 | 3,263,733 | ||||||||
Balance at Sep. 30, 2023 | $ 33 | $ 40,376 | $ 45,404 | $ (11,026) | $ 74,787 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings | $ 6,878 | $ 7,039 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 540 | 504 |
Credit loss expense | 743 | 601 |
Net amortization (accretion) of deferred loan fees | 207 | (604) |
Net amortization of discounts on debt securities | (208) | (3) |
Gain on sale of loans held for sale | (250) | (420) |
Proceeds from the sale of loans held for sale | 48,454 | 71,336 |
Loans originated as held for sale | (46,328) | (68,059) |
Stock issued as compensation to directors | 120 | 92 |
Stock-based compensation expense | 210 | 226 |
Income from bank-owned life insurance | (290) | (285) |
Net increase in accrued interest receivable | (286) | (627) |
Net change in operating leases | 19 | 19 |
Net increase in other assets | (268) | (1,578) |
Net (decrease) increase in other liabilities and official checks | (2,776) | 1,438 |
Net cash provided by operating activities | 6,765 | 9,679 |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (38,716) | (75,676) |
Purchase of debt securities available for sale | (1,206) | (80,188) |
Purchase of debt securities held to maturity | 0 | (12,677) |
Principal repayments of debt securities available for sale | 5,559 | 9,383 |
Maturities and calls of debt securities available for sale | 12 | 6 |
Purchase of Federal Home Loan Bank stock | (1,295) | (97) |
Purchase of premises and equipment | (131) | (711) |
Net cash used in investing activities | (35,777) | (159,960) |
Cash flows from financing activities: | ||
Net decrease in deposits | (8,728) | (7,528) |
Change in other borrowings | (4,275) | 550 |
Increase in Federal Home Loan Bank advances | 25,000 | 0 |
Proceeds from stock options exercised | 329 | 370 |
Common stock dividends paid | (698) | (567) |
Net cash provided by (used in) financing activities | 11,628 | (7,175) |
Net decrease in cash and cash equivalents | (17,384) | (157,456) |
Cash and cash equivalents at beginning of period | 39,788 | 233,473 |
Cash and cash equivalents at end of period | 22,404 | 76,017 |
Supplemental disclosure of cash flow information | ||
Interest | 6,719 | 1,559 |
Income taxes | 2,387 | 2,641 |
Noncash transactions: | ||
Accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of income tax benefit | (1,051) | (10,287) |
Impact of adopting ASC 326 (net of tax) | 1,946 | 0 |
Loans transferred to other real estate owned | $ 117 | $ 0 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 General Prime Meridian Holding Company (“PMHG”) owns 100% of the outstanding common stock of Prime Meridian Bank (the "Bank") (collectively the "Company"). PMHG’s primary activity is the operation of the Bank. The Bank is a Florida state-chartered commercial bank, and the deposit accounts of the Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). The Bank offers a variety of community banking services to individual and corporate clients through its four The accounting and financial reporting policies of the Company conform, in all material respects, to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices within the banking industry. The condensed consolidated financial statements in the Quarterly Report on Form 10 not 10 not and notes thereto, for the year ended December 31, 2022 , included in our Annual Report on Form 10 March 9, 2023 three nine September 30, 2023 not Comprehensive Incom e (Loss) . S tock - Based Compensation. Derivatives. third not no Other Real Estate Owned. Adoption of New Accounting Standard The Company adopted ASU 2016 13, Financial Instruments Credit Losses (Topic 326 326” January 1, 2023. 326 326 The Company adopted ASC 326 December 31, 2022 326 one January 1, 2023. no The Company adopted ASC 326 December 31, 2022. January 1, 2023, not 326, not 326 January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (In thousands) Assets: Allowance for credit losses on loans $ 4,539 $ 7,145 $ (2,606 ) Deferred tax asset (other assets) $ - $ - $ 660 Equity: Retained earnings (impact of adopting ASC 326, net of taxes) $ - $ - $ 1,946 Summary of Significant Accounting Policies The following is a summary of the Company's significant accounting policies with respect to ASC 326: ACL - Debt Securities Available for Sale. first not one not third not Changes in the ACL are recorded as credit loss expense. Losses are charged against the ACL when management believes the collectability of the debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the debt securities available for sale and does not September 30, 2023 ACL Debt Securities Held to Maturity. no ninety not three nine September 30, 2023 ACL - Loans. Management uses systematic methodologies to determine its ACL for loans and certain OBS credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national, state and local unemployment rates, commercial real estate price index, housing price index and national retail sales index (see discussion regarding qualitative factors below). The Company's estimate of its ACL involves a high degree of judgment; therefore, management's process for determining expected credit losses may The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments for analysis. The Company’s ACL is measured based on call report segment as these types of loans exhibit similar risk characteristics. The identified loan classes are as follows: ● Commercial real estate ● Residential and home equity ● Construction ● Commercial ● Consumer and other The ACL for each class is measured through the use of the weighted-average remaining maturity (“WARM”) method. The FASB recognizes the WARM method as an acceptable approach for computing the ACL. In accordance with the WARM method, an annualized loss rate based on a combination of both the Company's and peers' historical loss rates ("historical loss") is applied to the amortized cost of an asset or pool of assets over the remaining expected life. Included in its systematic methodology to determine its ACL, management considers the need to qualitatively adjust model results for risk factors that are not These qualitative factors ("Q-Factors") may may 1 2 3 4 5 6 7 8 The annual historical loss factors, adjusted for Q-Factors and management’s reasonable and supportable forecasts, are applied to the amortized loan balances over each subsequent period and aggregated to arrive at the ACL for loans collectively evaluated. The amortized loan balances are adjusted based on management’s estimate of loan repayments in future periods. Management has determined that the appropriate historical loss period is fifteen one When a loan no 326 20 35 6, not not no not Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: ● Management has a reasonable expectation at the reporting date that a restructuring will be executed with an individual borrower. ● The extension or renewal options are included in the original or modified contract at the reporting date and are not The Company follows its nonaccrual policy by reversing contractual interest income in the statements of earnings when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not September 30, 2023 The Company has a variety of assets that have a component that qualifies as an OBS exposure. These primarily include undrawn portions of revolving lines of credit and construction loans. Management has determined that a majority of the Company's off-balance-sheet credit exposures are not September 30, 2023 |
Note 2 - Debt Securities
Note 2 - Debt Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 2 Debt Securities Debt securities are classified according to management's intent. Our investments in U.S. agency mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The amortized cost of debt securities and fair values are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (in thousands) At September 30, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 48,398 $ - $ (1,872 ) $ 46,526 Municipal securities 22,278 - (2,971 ) 19,307 U.S. agency mortgage-backed securities 64,786 6 (9,885 ) 54,907 Asset-backed securities 3,145 - (47 ) 3,098 Total $ 138,607 $ 6 $ (14,775 ) $ 123,838 Debt Securities Held to Maturity Municipal securities $ 9,246 $ - $ (1,922 ) $ 7,324 U.S. agency mortgage-backed securities 2,592 - (254 ) 2,338 Total $ 11,838 $ - $ (2,176 ) $ 9,662 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 There were no debt securities available for sale sold during the three nine September 30, 2023 2022. Debt securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous 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 September 30, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ - $ - $ (1,872 ) $ 46,526 Municipal securities (7 ) 380 (2,964 ) 18,927 U.S. agency mortgage-backed securities - - (9,885 ) 53,695 Asset-backed securities - - (47 ) 3,098 Total $ (7 ) $ 380 $ (14,768 ) $ 122,246 Debt Securities Held to Maturity Municipal securities $ (79 ) $ 916 $ (1,843 ) $ 6,408 U.S. agency mortgage-backed securities - - (254 ) 2,338 Total $ (79 ) $ 916 $ (2,097 ) $ 8,746 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 $ - $ - The unrealized losses at September 30, 2023 December 31, 2022 not not not not September 30, 2023 no Management evaluates debt securities for impairment where there has been a decline in fair value below the amortized cost basis of a debt security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually and collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the debt security. Any credit loss component would be recognized through a credit loss expense. Consideration is given to ( 1 2 3 4 not 5 6 7 third 8 zero one not zero third September 30, 2023 December 31, 2022, September 30, 2023 not September 30, 2023, no not not not 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 September 30, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 46,526 $ - $ 46,526 $ - Municipal securities 19,307 - 19,307 - U.S. agency mortgage-backed securities 54,907 - 54,907 - Asset-backed securities 3,098 - 3,098 - Total $ 123,838 $ - $ 123,838 $ - 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 $ - The scheduled maturities of debt securities are as follows: Debt Securities Available for Sale Debt Securities Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (in thousands) Due in less than one year $ 37,319 $ 36,574 $ - $ - Due in one to five years 13,110 12,261 - - Due in five to ten years 17,930 15,104 2,043 1,868 Due after ten years 5,462 4,992 7,203 5,456 U.S. agency mortgage-backed securities 64,786 54,907 2,592 2,338 Total $ 138,607 $ 123,838 $ 11,838 $ 9,662 At September 30, 2023 December 31, 2022, $13.3 |
Note 3 - Loans
Note 3 - Loans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ( 3 Loans Segments and classes of loans, excluding loans held for sale, are as follows: (in thousands) At September 30, 2023 At December 31, 2022 Real estate mortgage loans: Commercial $ 216,266 $ 202,263 Residential and home equity 249,448 224,211 Construction 74,708 75,151 Total real estate mortgage loans 540,422 501,625 Commercial loans 87,881 86,308 Consumer and other loans 5,679 7,698 Total loans 633,982 595,631 Add (deduct): Net deferred loan (fees) costs (109 ) 229 Allowance for credit losses (4,899 ) (7,145 ) Loans, net $ 628,974 $ 588,715 The Company has divided the loan portfolio into three five Real Estate Mortgage Loans. three Commercial. three five may five may 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 Cons umer and Other Loans . may not not 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. Furthermore, construction loans, owner-occupied and nonowner-occupied commercial real estate loans, and commercial loan 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 The following table presents loan balances classified by credit quality indicator, loan type and based on year of origination as of September 30, 2023. Term Loans by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial Real Estate Loans Pass $ 22,856 $ 57,195 $ 33,314 $ 42,183 $ 12,688 $ 41,642 $ 4,386 $ 214,264 Special mention - - - - - 1,752 - 1,752 Substandard - - - 250 - - - 250 Total commercial real estate loans $ 22,856 $ 57,195 $ 33,314 $ 42,433 $ 12,688 $ 43,394 $ 4,386 $ 216,266 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and Home Equity Loans Pass $ 36,426 $ 51,574 $ 58,007 $ 30,952 $ 11,994 $ 29,724 $ 28,309 $ 246,986 Special mention - - 1,398 273 - 204 362 2,237 Substandard - - 181 - - - 44 225 Total residential loans $ 36,426 $ 51,574 $ 59,586 $ 31,225 $ 11,994 $ 29,928 $ 28,715 $ 249,448 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Loans Pass $ 23,789 $ 24,998 $ 14,945 $ 1,441 $ 2,319 $ 1,855 $ 4,755 $ 74,102 Special mention - - - - - - - - Substandard - 222 - 384 - - - 606 Total construction loans $ 23,789 $ 25,220 $ 14,945 $ 1,825 $ 2,319 $ 1,855 $ 4,755 $ 74,708 Year-to-date gross charge-offs $ - $ - $ - $ 386 $ - $ - $ - $ 386 Commercial Loans Pass $ 8,534 $ 12,641 $ 8,052 $ 3,819 $ 5,048 $ 5,646 $ 43,734 $ 87,474 Special mention 37 - 1 52 204 38 - 332 Substandard - - - - - - 75 75 Total commercial loans $ 8,571 $ 12,641 $ 8,053 $ 3,871 $ 5,252 $ 5,684 $ 43,809 $ 87,881 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer & Other Loans Pass $ 1,274 $ 749 $ 296 $ 127 $ 361 $ 195 $ 2,677 $ 5,679 Special mention - - - - - - - - Substandard - - - - - - - - Total consumer & other loans $ 1,274 $ 749 $ 296 $ 127 $ 361 $ 195 $ 2,677 $ 5,679 Year-to-date gross charge-offs $ 37 $ - $ - $ - $ - $ - $ - $ 37 The following table summarizes the risk rating of loans at December 31, 2022: 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 A loan is defined as a past due loan when one 30 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 September 30, 2023 Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 216,016 $ 250 $ 216,266 Residential and home equity 350 409 367 1,126 248,141 181 249,448 Construction - - - - 74,102 606 74,708 Commercial loans 282 19 - 301 87,505 75 87,881 Consumer and other loans - - - - 5,679 - 5,679 Total $ 632 $ 428 $ 367 $ 1,427 $ 631,443 $ 1,112 $ 633,982 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 Loans are generally placed on nonaccrual status if principal or interest payments become 90 90 September 30, 2023 (in thousands) Total Nonaccrual Loans Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ Days Still Accruing At September 30, 2023 Commercial real estate $ 250 $ 250 $ - $ - Residential and home equity 181 181 - 367 Construction 606 606 - - Commercial 75 - 75 - Total $ 1,112 $ 1,037 $ 75 $ 367 The following table presents the amortized cost basis of impaired loans and their associated allowance, if any, as of December 31, 2022. 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 The restructuring of a loan exists if the creditor grants a modification as a result of financial hardship. A loan modification may not three nine September 30, 2023 2022 |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | ( 4 Allowance for Credit Losses Activity in the ACL is summarized as follows: Loans Real Estate Mortgage Loans (in thousands) Commercial Residential and Home Equity Construction Commercial Loans Consumer and Other Loans Total Funded Loans Unfunded Commitments Total Three Month Period Ended September 30, 2023 Beginning balance $ 1,586 $ 1,811 $ 544 $ 771 $ 17 $ 4,729 $ 48 $ 4,777 Credit loss expense (income) 75 121 (31 ) 41 13 219 (44 ) 175 Charge-offs - - (40 ) - (15 ) (55 ) - (55 ) Recoveries - - - 5 1 6 - 6 Ending balance $ 1,661 $ 1,932 $ 473 $ 817 $ 16 $ 4,899 $ 4 $ 4,903 Three Month Period Ended September 30, 2022 Beginning balance $ 2,051 $ 2,430 $ 867 $ 1,143 $ 120 $ 6,611 - $ 6,611 Provision (credit) for loan losses 227 110 4 (57 ) (43 ) 241 - 241 Net recoveries - - - - 9 9 - 9 Ending balance $ 2,278 $ 2,540 $ 871 $ 1,086 $ 86 $ 6,861 $ - $ 6,861 Nine Month Period Ended September 30, 2023 Beginning balance $ 2,303 $ 2,607 $ 922 $ 1,223 $ 90 $ 7,145 $ - $ 7,145 Impact of adopting ASC 326 (740 ) (892 ) (403 ) (504 ) (67 ) (2,606 ) - (2,606 ) Credit loss expense 98 217 340 60 24 739 4 743 Charge-offs - - (386 ) - (37 ) (423 ) - (423 ) Recoveries - - - 38 6 44 - 44 Ending balance $ 1,661 $ 1,932 $ 473 $ 817 $ 16 $ 4,899 $ 4 $ 4,903 Nine Month Period Ended September 30, 2022 Beginning balance $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ 5,974 - $ 5,974 Provision (Credit) for loan losses 516 401 14 (338 ) 8 601 - 601 Net recoveries (charge-offs) - - - 299 (13 ) 286 - 286 Ending balance $ 2,278 $ 2,540 $ 871 $ 1,086 $ 86 $ 6,861 $ - $ 6,861 Prior to the adoption of ASC 326 January 1, 2023, Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total 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 |
Note 5 - Regulatory Capital
Note 5 - Regulatory Capital | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | ( 5 Regulatory Capital 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. 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 September 30, 2023 Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and percentages (set forth in the table below) of total and Tier 1 1 September 30, 2023 As of September 30, 2023 1 1 no For Capital Adequacy For Well Capitalized Actual Purposes Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of September 30, 2023 Tier 1 Leverage Capital $ 84,540 10.18 % $ 33,207 4.00 % $ 41,509 5.00 % Common Equity Tier 1 Risk-based Capital 84,540 13.23 28,765 4.50 41,549 6.50 Tier 1 Risk-based Capital 84,540 13.23 38,353 6.00 51,138 8.00 Total Risk-based Capital 89,443 13.99 51,138 8.00 63,922 10.00 As of December 31, 2022 Tier 1 Leverage Capital $ 81,100 9.70 % $ 33,461 4.00 % $ 41,826 5.00 % Common Equity Tier 1 Risk-based Capital 81,100 12.90 28,290 4.50 40,863 6.50 Tier 1 Risk-based Capital 81,100 12.90 37,720 6.00 50,294 8.00 Total Risk-based Capital 88,245 14.04 50,294 8.00 62,867 10.00 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 6 ) Earnings Per Share Earnings per share, (“EPS”) have been computed on the basis of the weighted-average number of shares of common stock outstanding. For the three nine September 30, 2023 2022 2023 2022 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending September 30: Basic EPS: Net earnings $ 2,120 3,214,323 $ 0.66 $ 2,831 3,159,526 $ 0.90 Effect of dilutive securities-incremental shares from assumed conversion of stock options 21,597 37,756 Diluted EPS: Net earnings $ 2,120 3,235,920 $ 0.66 $ 2,831 3,197,282 $ 0.89 Nine Months Ending September 30: Basic EPS: Net earnings $ 6,878 3,193,302 $ 2.15 $ 7,039 3,151,689 $ 2.23 Effect of dilutive securities-incremental shares from assumed conversion of stock options 28,650 39,904 Diluted EPS: Net earnings $ 6,878 3,221,952 $ 2.13 $ 7,039 3,191,593 $ 2.21 |
Note 7 - Stock Benefit Plans
Note 7 - Stock Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 7 ) Stock Benefit Plans 2015 The 2015 “2015 2015 may no As of September 30, 2023 2015 nine September 30, 2023 2022 Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term (years) Value Outstanding at December 31, 2021 268,657 $ 20.23 Options exercised (20,240 ) (18.35 ) Options forfeited (150 ) (20.09 ) Options granted 3,500 25.37 Outstanding at September 30, 2022 251,767 $ 20.38 Options forfeited (400 ) (20.09 ) Outstanding at December 31, 2022 251,367 $ 19.99 Options exercised (18,617 ) (20.09 ) Options forfeited (50 ) (20.09 ) Outstanding at September 30, 2023 232,700 $ 20.68 2.91 $ 419,000 Exercisable at September 30, 2023 214,700 $ 20.22 2.67 $ 412,000 The fair value of shares vested and recognized as compensation expense was $78,000 for the three September 30, 2023 2022 , and $210,000 and $226,000 for the nine September 30, 2023 2022 three September 30, 2023 2022 nine September 30, 2023 2022 three September 30, 2023 2022 nine September 30, 2023 2022 September 30, 2023 2015 Restricted Stock During the nine September 30, 2023 2022 three five Wtd-Avg Grant-Date Number of Fair Value Grant-Date Fair Shares per Share Value Non-vested restricted stock outstanding at December 31, 2021 7,838 $ 18.88 $ 148,000 Non-vested restricted stock granted 10,203 $ 27.85 284,000 Restricted stock shares vested in 2022 (3,838 ) (18.98 ) (73,000 ) Non-vested restricted stock outstanding at September 30, 2022 and December 31, 2022 14,203 $ 25.30 $ 359,000 Non-vested restricted stock granted 75,751 $ 22.68 $ 1,718,000 Restricted stock shares vested in 2023 (6,040 ) (24.06 ) (145,000 ) Non-vested restricted stock outstanding at September 30, 2023 83,914 $ 23.02 $ 1,932,000 At September 30, 2023 the Company had $1,838,000 in unrecognized expense related to unvested restricted shares to be recognized over a weighted-average period of 4.49 years. Director s’ Plan In 2012, no The maximum number of shares to be issued pursuant to the Directors’ Plan is limited to 74,805 shares. For the three September 30, 2023 2022 our directors received 1,764 and 1,250 shares of common stock, respectively, in lieu of cash fees calculated at 110% For the nine September 30, 2023 2022 our directors received 4,874 and 3,486 shares of common stock, respectively, in lieu of cash fees calculated at 110% to be $120,000 and $92,000, respectively September 30, 2023 |
Note 8 - Other Borrowings
Note 8 - Other Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 Other Borrowings In 2020, September 30, 2023 September 30, 2023 December 31, 2022, The Company incurred $0 and $80,000 in interest expense related to the $15 million revolving line of credit for the three nine September 30, 2023 three nine September 30, 2022 |
Note 9 - Federal Home Loan Bank
Note 9 - Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | ( 9 Federal Home Loan Bank Advances Federal Home Loan Bank of Atlanta (“FHLB”) advances are collateralized by a blanket lien on qualifying residential real estate, commercial real estate, home equity lines of credit and multi-family loans. Under this blanket lien, the Company could borrow up to $102.6 million at September 30, 2023 September 30, 2023 December 31, 2022 September 30, 2023 (dollars in thousands) Maturity Year Interest Rate Amount 2023 5.47% - 5.53% $ 10,000 2024 4.48% - 4.83% 10,000 2025 4.18 % 5,000 $ 25,000 The Company incurred $304,000 and $744,000 in interest expense related to FHLB advances for the three nine September 30, 2023 three nine September 30, 2022 |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ( 10 Derivative Financial Instruments 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 September 30, 2023 At December 31, 2022 (dollars in thousands) Notional amount - interest rate swaps: Stand-alone derivatives $ 19,641 $ 20,084 Weighted-average pay rate - interest rate swaps 3.68 % 3.68 % Weighted-average receive rate - interest rate swaps 3.00 % 3.00 % Weighted-average maturity (in years) - interest rate swaps 11.8 12.6 Net realized fair value adjustments: Stand-alone derivatives - interest rate swaps (other assets) $ 2,786 $ 2,352 Stand-alone derivatives - interest rate swaps (other liabilities) $ (2,786 ) $ (2,352 ) 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 11 - Fair Value of Financi
Note 11 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 11 Fair Value of Financial Instruments The estimated fair values and fair value measurement method with respect to the Company's financial instruments were as follows: At September 30, 2023 At December 31, 2022 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 22,404 $ 22,404 $ 39,788 $ 39,788 Debt securities available for sale 2 123,838 123,838 129,436 129,436 Debt securities held to maturity 2 11,838 9,662 11,805 9,917 Loans held for sale 3 5,182 5,263 7,058 7,170 Loans, net 3 628,974 549,133 588,715 548,166 Federal Home Loan Bank stock 3 1,758 1,758 463 463 Accrued interest receivable 3 2,671 2,671 2,385 2,385 Bank-owned life insurance 3 16,822 16,822 16,532 16,532 Derivative contract assets 2 2,786 2,786 2,352 2,352 Financial liabilities: Deposits 3 722,807 723,396 731,535 731,506 FHLB Advances 3 25,000 24,847 - - Other borrowings 3 - - 4,275 4,275 Derivative contract liabilities 2 2,786 2,786 2,352 2,352 Off-Balance Sheet Items 3 - - - - Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 10 December 31, 2022 |
Note 12 - Off-balance Sheet Fin
Note 12 - Off-balance Sheet Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Off-balance Sheet Financial Instruments [Text Block] | ( 12 ) Off- B alance S heet Financial Instruments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments are commitments to extend credit, construction loans in process, unused lines of credit, standby letters of credit, and guaranteed accounts and may The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for available lines of credit, construction loans in process and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to extend credit, construction loans in process and unused lines of credit are agreements to lend to a client as long as there is no may not Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a client to a third third one not third $481,000 September 30, 2023 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. As of September 30, 2023 The maximum potential amount of future payments we could be required to make for off-balance sheet financial instruments is represented by the dollar amount disclosed in the table below. At September 30, 2023 (in thousands) Commitments to extend credit $ 9,728 Construction loans in process $ 42,906 Unused lines of credit $ 83,304 Standby financial letters of credit $ 2,225 Guaranteed accounts $ 1,338 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Prime Meridian Holding Company (“PMHG”) owns 100% of the outstanding common stock of Prime Meridian Bank (the "Bank") (collectively the "Company"). PMHG’s primary activity is the operation of the Bank. The Bank is a Florida state-chartered commercial bank, and the deposit accounts of the Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). The Bank offers a variety of community banking services to individual and corporate clients through its four The accounting and financial reporting policies of the Company conform, in all material respects, to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices within the banking industry. The condensed consolidated financial statements in the Quarterly Report on Form 10 not 10 not and notes thereto, for the year ended December 31, 2022 , included in our Annual Report on Form 10 March 9, 2023 three nine September 30, 2023 not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Incom e (Loss) . |
Share-Based Payment Arrangement, Director [Policy Text Block] | S tock - Based Compensation. |
Derivatives, Policy [Policy Text Block] | Derivatives. third not no |
Other Real Estate Owned [Policy Text Block] | Other Real Estate Owned. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standard The Company adopted ASU 2016 13, Financial Instruments Credit Losses (Topic 326 326” January 1, 2023. 326 326 The Company adopted ASC 326 December 31, 2022 326 one January 1, 2023. no The Company adopted ASC 326 December 31, 2022. January 1, 2023, not 326, not 326 January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (In thousands) Assets: Allowance for credit losses on loans $ 4,539 $ 7,145 $ (2,606 ) Deferred tax asset (other assets) $ - $ - $ 660 Equity: Retained earnings (impact of adopting ASC 326, net of taxes) $ - $ - $ 1,946 Summary of Significant Accounting Policies The following is a summary of the Company's significant accounting policies with respect to ASC 326: ACL - Debt Securities Available for Sale. first not one not third not Changes in the ACL are recorded as credit loss expense. Losses are charged against the ACL when management believes the collectability of the debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the debt securities available for sale and does not September 30, 2023 ACL Debt Securities Held to Maturity. no ninety not three nine September 30, 2023 ACL - Loans. Management uses systematic methodologies to determine its ACL for loans and certain OBS credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national, state and local unemployment rates, commercial real estate price index, housing price index and national retail sales index (see discussion regarding qualitative factors below). The Company's estimate of its ACL involves a high degree of judgment; therefore, management's process for determining expected credit losses may The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments for analysis. The Company’s ACL is measured based on call report segment as these types of loans exhibit similar risk characteristics. The identified loan classes are as follows: ● Commercial real estate ● Residential and home equity ● Construction ● Commercial ● Consumer and other The ACL for each class is measured through the use of the weighted-average remaining maturity (“WARM”) method. The FASB recognizes the WARM method as an acceptable approach for computing the ACL. In accordance with the WARM method, an annualized loss rate based on a combination of both the Company's and peers' historical loss rates ("historical loss") is applied to the amortized cost of an asset or pool of assets over the remaining expected life. Included in its systematic methodology to determine its ACL, management considers the need to qualitatively adjust model results for risk factors that are not These qualitative factors ("Q-Factors") may may 1 2 3 4 5 6 7 8 The annual historical loss factors, adjusted for Q-Factors and management’s reasonable and supportable forecasts, are applied to the amortized loan balances over each subsequent period and aggregated to arrive at the ACL for loans collectively evaluated. The amortized loan balances are adjusted based on management’s estimate of loan repayments in future periods. Management has determined that the appropriate historical loss period is fifteen one When a loan no 326 20 35 6, not not no not Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: ● Management has a reasonable expectation at the reporting date that a restructuring will be executed with an individual borrower. ● The extension or renewal options are included in the original or modified contract at the reporting date and are not The Company follows its nonaccrual policy by reversing contractual interest income in the statements of earnings when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not September 30, 2023 The Company has a variety of assets that have a component that qualifies as an OBS exposure. These primarily include undrawn portions of revolving lines of credit and construction loans. Management has determined that a majority of the Company's off-balance-sheet credit exposures are not September 30, 2023 |
Note 1 - General (Tables)
Note 1 - General (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (In thousands) Assets: Allowance for credit losses on loans $ 4,539 $ 7,145 $ (2,606 ) Deferred tax asset (other assets) $ - $ - $ 660 Equity: Retained earnings (impact of adopting ASC 326, net of taxes) $ - $ - $ 1,946 |
Note 2 - Debt Securities (Table
Note 2 - Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 48,398 $ - $ (1,872 ) $ 46,526 Municipal securities 22,278 - (2,971 ) 19,307 U.S. agency mortgage-backed securities 64,786 6 (9,885 ) 54,907 Asset-backed securities 3,145 - (47 ) 3,098 Total $ 138,607 $ 6 $ (14,775 ) $ 123,838 Debt Securities Held to Maturity Municipal securities $ 9,246 $ - $ (1,922 ) $ 7,324 U.S. agency mortgage-backed securities 2,592 - (254 ) 2,338 Total $ 11,838 $ - $ (2,176 ) $ 9,662 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 |
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 September 30, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ - $ - $ (1,872 ) $ 46,526 Municipal securities (7 ) 380 (2,964 ) 18,927 U.S. agency mortgage-backed securities - - (9,885 ) 53,695 Asset-backed securities - - (47 ) 3,098 Total $ (7 ) $ 380 $ (14,768 ) $ 122,246 Debt Securities Held to Maturity Municipal securities $ (79 ) $ 916 $ (1,843 ) $ 6,408 U.S. agency mortgage-backed securities - - (254 ) 2,338 Total $ (79 ) $ 916 $ (2,097 ) $ 8,746 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 $ - $ - |
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 September 30, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 46,526 $ - $ 46,526 $ - Municipal securities 19,307 - 19,307 - U.S. agency mortgage-backed securities 54,907 - 54,907 - Asset-backed securities 3,098 - 3,098 - Total $ 123,838 $ - $ 123,838 $ - 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 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | Debt Securities Available for Sale Debt Securities Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (in thousands) Due in less than one year $ 37,319 $ 36,574 $ - $ - Due in one to five years 13,110 12,261 - - Due in five to ten years 17,930 15,104 2,043 1,868 Due after ten years 5,462 4,992 7,203 5,456 U.S. agency mortgage-backed securities 64,786 54,907 2,592 2,338 Total $ 138,607 $ 123,838 $ 11,838 $ 9,662 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Portfolio of Loans [Table Text Block] | (in thousands) At September 30, 2023 At December 31, 2022 Real estate mortgage loans: Commercial $ 216,266 $ 202,263 Residential and home equity 249,448 224,211 Construction 74,708 75,151 Total real estate mortgage loans 540,422 501,625 Commercial loans 87,881 86,308 Consumer and other loans 5,679 7,698 Total loans 633,982 595,631 Add (deduct): Net deferred loan (fees) costs (109 ) 229 Allowance for credit losses (4,899 ) (7,145 ) Loans, net $ 628,974 $ 588,715 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial Real Estate Loans Pass $ 22,856 $ 57,195 $ 33,314 $ 42,183 $ 12,688 $ 41,642 $ 4,386 $ 214,264 Special mention - - - - - 1,752 - 1,752 Substandard - - - 250 - - - 250 Total commercial real estate loans $ 22,856 $ 57,195 $ 33,314 $ 42,433 $ 12,688 $ 43,394 $ 4,386 $ 216,266 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and Home Equity Loans Pass $ 36,426 $ 51,574 $ 58,007 $ 30,952 $ 11,994 $ 29,724 $ 28,309 $ 246,986 Special mention - - 1,398 273 - 204 362 2,237 Substandard - - 181 - - - 44 225 Total residential loans $ 36,426 $ 51,574 $ 59,586 $ 31,225 $ 11,994 $ 29,928 $ 28,715 $ 249,448 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Loans Pass $ 23,789 $ 24,998 $ 14,945 $ 1,441 $ 2,319 $ 1,855 $ 4,755 $ 74,102 Special mention - - - - - - - - Substandard - 222 - 384 - - - 606 Total construction loans $ 23,789 $ 25,220 $ 14,945 $ 1,825 $ 2,319 $ 1,855 $ 4,755 $ 74,708 Year-to-date gross charge-offs $ - $ - $ - $ 386 $ - $ - $ - $ 386 Commercial Loans Pass $ 8,534 $ 12,641 $ 8,052 $ 3,819 $ 5,048 $ 5,646 $ 43,734 $ 87,474 Special mention 37 - 1 52 204 38 - 332 Substandard - - - - - - 75 75 Total commercial loans $ 8,571 $ 12,641 $ 8,053 $ 3,871 $ 5,252 $ 5,684 $ 43,809 $ 87,881 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer & Other Loans Pass $ 1,274 $ 749 $ 296 $ 127 $ 361 $ 195 $ 2,677 $ 5,679 Special mention - - - - - - - - Substandard - - - - - - - - Total consumer & other loans $ 1,274 $ 749 $ 296 $ 127 $ 361 $ 195 $ 2,677 $ 5,679 Year-to-date gross charge-offs $ 37 $ - $ - $ - $ - $ - $ - $ 37 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 |
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 September 30, 2023 Real estate mortgage loans: Commercial $ - $ - $ - $ - $ 216,016 $ 250 $ 216,266 Residential and home equity 350 409 367 1,126 248,141 181 249,448 Construction - - - - 74,102 606 74,708 Commercial loans 282 19 - 301 87,505 75 87,881 Consumer and other loans - - - - 5,679 - 5,679 Total $ 632 $ 428 $ 367 $ 1,427 $ 631,443 $ 1,112 $ 633,982 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 |
Financing Receivable, Nonaccrual [Table Text Block] | (in thousands) Total Nonaccrual Loans Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ Days Still Accruing At September 30, 2023 Commercial real estate $ 250 $ 250 $ - $ - Residential and home equity 181 181 - 367 Construction 606 606 - - Commercial 75 - 75 - Total $ 1,112 $ 1,037 $ 75 $ 367 |
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 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Loans Real Estate Mortgage Loans (in thousands) Commercial Residential and Home Equity Construction Commercial Loans Consumer and Other Loans Total Funded Loans Unfunded Commitments Total Three Month Period Ended September 30, 2023 Beginning balance $ 1,586 $ 1,811 $ 544 $ 771 $ 17 $ 4,729 $ 48 $ 4,777 Credit loss expense (income) 75 121 (31 ) 41 13 219 (44 ) 175 Charge-offs - - (40 ) - (15 ) (55 ) - (55 ) Recoveries - - - 5 1 6 - 6 Ending balance $ 1,661 $ 1,932 $ 473 $ 817 $ 16 $ 4,899 $ 4 $ 4,903 Three Month Period Ended September 30, 2022 Beginning balance $ 2,051 $ 2,430 $ 867 $ 1,143 $ 120 $ 6,611 - $ 6,611 Provision (credit) for loan losses 227 110 4 (57 ) (43 ) 241 - 241 Net recoveries - - - - 9 9 - 9 Ending balance $ 2,278 $ 2,540 $ 871 $ 1,086 $ 86 $ 6,861 $ - $ 6,861 Nine Month Period Ended September 30, 2023 Beginning balance $ 2,303 $ 2,607 $ 922 $ 1,223 $ 90 $ 7,145 $ - $ 7,145 Impact of adopting ASC 326 (740 ) (892 ) (403 ) (504 ) (67 ) (2,606 ) - (2,606 ) Credit loss expense 98 217 340 60 24 739 4 743 Charge-offs - - (386 ) - (37 ) (423 ) - (423 ) Recoveries - - - 38 6 44 - 44 Ending balance $ 1,661 $ 1,932 $ 473 $ 817 $ 16 $ 4,899 $ 4 $ 4,903 Nine Month Period Ended September 30, 2022 Beginning balance $ 1,762 $ 2,139 $ 857 $ 1,125 $ 91 $ 5,974 - $ 5,974 Provision (Credit) for loan losses 516 401 14 (338 ) 8 601 - 601 Net recoveries (charge-offs) - - - 299 (13 ) 286 - 286 Ending balance $ 2,278 $ 2,540 $ 871 $ 1,086 $ 86 $ 6,861 $ - $ 6,861 Real Estate Mortgage Loans Residential Consumer and Home Commercial and Other (in thousands) Commercial Equity Construction Loans Loans Total 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 |
Note 5 - Regulatory Capital (Ta
Note 5 - Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For Capital Adequacy For Well Capitalized Actual Purposes Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of September 30, 2023 Tier 1 Leverage Capital $ 84,540 10.18 % $ 33,207 4.00 % $ 41,509 5.00 % Common Equity Tier 1 Risk-based Capital 84,540 13.23 28,765 4.50 41,549 6.50 Tier 1 Risk-based Capital 84,540 13.23 38,353 6.00 51,138 8.00 Total Risk-based Capital 89,443 13.99 51,138 8.00 63,922 10.00 As of December 31, 2022 Tier 1 Leverage Capital $ 81,100 9.70 % $ 33,461 4.00 % $ 41,826 5.00 % Common Equity Tier 1 Risk-based Capital 81,100 12.90 28,290 4.50 40,863 6.50 Tier 1 Risk-based Capital 81,100 12.90 37,720 6.00 50,294 8.00 Total Risk-based Capital 88,245 14.04 50,294 8.00 62,867 10.00 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending September 30: Basic EPS: Net earnings $ 2,120 3,214,323 $ 0.66 $ 2,831 3,159,526 $ 0.90 Effect of dilutive securities-incremental shares from assumed conversion of stock options 21,597 37,756 Diluted EPS: Net earnings $ 2,120 3,235,920 $ 0.66 $ 2,831 3,197,282 $ 0.89 Nine Months Ending September 30: Basic EPS: Net earnings $ 6,878 3,193,302 $ 2.15 $ 7,039 3,151,689 $ 2.23 Effect of dilutive securities-incremental shares from assumed conversion of stock options 28,650 39,904 Diluted EPS: Net earnings $ 6,878 3,221,952 $ 2.13 $ 7,039 3,191,593 $ 2.21 |
Note 7 - Stock Benefit Plans (T
Note 7 - Stock Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Wtd-Avg Grant-Date Number of Fair Value Grant-Date Fair Shares per Share Value Non-vested restricted stock outstanding at December 31, 2021 7,838 $ 18.88 $ 148,000 Non-vested restricted stock granted 10,203 $ 27.85 284,000 Restricted stock shares vested in 2022 (3,838 ) (18.98 ) (73,000 ) Non-vested restricted stock outstanding at September 30, 2022 and December 31, 2022 14,203 $ 25.30 $ 359,000 Non-vested restricted stock granted 75,751 $ 22.68 $ 1,718,000 Restricted stock shares vested in 2023 (6,040 ) (24.06 ) (145,000 ) Non-vested restricted stock outstanding at September 30, 2023 83,914 $ 23.02 $ 1,932,000 |
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 (years) Value Outstanding at December 31, 2021 268,657 $ 20.23 Options exercised (20,240 ) (18.35 ) Options forfeited (150 ) (20.09 ) Options granted 3,500 25.37 Outstanding at September 30, 2022 251,767 $ 20.38 Options forfeited (400 ) (20.09 ) Outstanding at December 31, 2022 251,367 $ 19.99 Options exercised (18,617 ) (20.09 ) Options forfeited (50 ) (20.09 ) Outstanding at September 30, 2023 232,700 $ 20.68 2.91 $ 419,000 Exercisable at September 30, 2023 214,700 $ 20.22 2.67 $ 412,000 |
Note 9 - Federal Home Loan Ba_2
Note 9 - Federal Home Loan Bank Advances (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | (dollars in thousands) Maturity Year Interest Rate Amount 2023 5.47% - 5.53% $ 10,000 2024 4.48% - 4.83% 10,000 2025 4.18 % 5,000 $ 25,000 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | At September 30, 2023 At December 31, 2022 (dollars in thousands) Notional amount - interest rate swaps: Stand-alone derivatives $ 19,641 $ 20,084 Weighted-average pay rate - interest rate swaps 3.68 % 3.68 % Weighted-average receive rate - interest rate swaps 3.00 % 3.00 % Weighted-average maturity (in years) - interest rate swaps 11.8 12.6 Net realized fair value adjustments: Stand-alone derivatives - interest rate swaps (other assets) $ 2,786 $ 2,352 Stand-alone derivatives - interest rate swaps (other liabilities) $ (2,786 ) $ (2,352 ) |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At September 30, 2023 At December 31, 2022 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 22,404 $ 22,404 $ 39,788 $ 39,788 Debt securities available for sale 2 123,838 123,838 129,436 129,436 Debt securities held to maturity 2 11,838 9,662 11,805 9,917 Loans held for sale 3 5,182 5,263 7,058 7,170 Loans, net 3 628,974 549,133 588,715 548,166 Federal Home Loan Bank stock 3 1,758 1,758 463 463 Accrued interest receivable 3 2,671 2,671 2,385 2,385 Bank-owned life insurance 3 16,822 16,822 16,532 16,532 Derivative contract assets 2 2,786 2,786 2,352 2,352 Financial liabilities: Deposits 3 722,807 723,396 731,535 731,506 FHLB Advances 3 25,000 24,847 - - Other borrowings 3 - - 4,275 4,275 Derivative contract liabilities 2 2,786 2,786 2,352 2,352 Off-Balance Sheet Items 3 - - - - |
Note 12 - Off-balance Sheet F_2
Note 12 - Off-balance Sheet Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | At September 30, 2023 (in thousands) Commitments to extend credit $ 9,728 Construction loans in process $ 42,906 Unused lines of credit $ 83,304 Standby financial letters of credit $ 2,225 Guaranteed accounts $ 1,338 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Subsidiary, Ownership Percentage By Parent | 100% | ||
Number of Banking Offices | 4 | ||
Financing Receivable, Allowance for Credit Loss | $ 4,899,000 | $ 7,145,000 | |
Retained Earnings (Accumulated Deficit) | 45,404,000 | $ 37,278,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 554,000 | ||
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | ||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 81,000 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 2,036,000 | ||
Off-Balance-Sheet, Credit Loss, Liability | 4,000 | ||
Unfunded Loan Commitment [Member] | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 4,000 | ||
Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss | $ 7,145,000 | ||
Retained Earnings (Accumulated Deficit) | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss | (2,606,000) | ||
Retained Earnings (Accumulated Deficit) | 1,946,000 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss | 4,539,000 | ||
Retained Earnings (Accumulated Deficit) | $ 0 |
Note 1 - General - Impact of Ad
Note 1 - General - Impact of Adoption of Accounting Policy (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Allowance for credit losses on loans | $ 4,899 | $ 7,145 | |
Retained earnings (impact of adopting ASC 326, net of taxes) | $ 45,404 | $ 37,278 | |
Accounting Standards Update 2016-13 [Member] | |||
Allowance for credit losses on loans | $ 7,145 | ||
Deferred tax asset (other assets) | 0 | ||
Retained earnings (impact of adopting ASC 326, net of taxes) | 0 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Allowance for credit losses on loans | 4,539 | ||
Deferred tax asset (other assets) | 0 | ||
Retained earnings (impact of adopting ASC 326, net of taxes) | 0 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for credit losses on loans | (2,606) | ||
Deferred tax asset (other assets) | 660 | ||
Retained earnings (impact of adopting ASC 326, net of taxes) | $ 1,946 |
Note 2 - Debt Securities (Detai
Note 2 - Debt Securities (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 0 | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 105 | 105 | 106 | ||
Debt Securities, Available-for-Sale, Restricted | $ 15,600 | $ 15,600 | $ 13,300 |
Note 2 - Debt Securities - Summ
Note 2 - Debt Securities - Summary of Carrying Amount and Fair Values of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt securities available for sale, fair value | $ 138,607 | $ 142,797 |
Gross Unrealized Gains, available for sale | 6 | 0 |
Gross Unrealized Losses, available for sale | (14,775) | (13,361) |
Debt securities available for sale at fair value (amortized cost of $138,607 and $142,797) | 123,838 | 129,436 |
Amortized Cost, held to maturity | 11,838 | 11,805 |
Gross Unrealized Gains, held to maturity | 0 | 0 |
Gross Unrealized Losses, held to maturity | (2,176) | (1,888) |
Debt securities held to maturity, fair value | 9,662 | 9,917 |
US Treasury and Government [Member] | ||
Debt securities available for sale, fair value | 48,398 | 48,124 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (1,872) | (2,219) |
Debt securities available for sale at fair value (amortized cost of $138,607 and $142,797) | 46,526 | 45,905 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale, fair value | 22,278 | 22,338 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (2,971) | (2,874) |
Debt securities available for sale at fair value (amortized cost of $138,607 and $142,797) | 19,307 | 19,464 |
Amortized Cost, held to maturity | 9,246 | 9,215 |
Gross Unrealized Gains, held to maturity | 0 | 0 |
Gross Unrealized Losses, held to maturity | (1,922) | |
Debt securities held to maturity, fair value | 7,324 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale, fair value | 64,786 | 68,633 |
Gross Unrealized Gains, available for sale | 6 | 0 |
Gross Unrealized Losses, available for sale | (9,885) | (8,131) |
Debt securities available for sale at fair value (amortized cost of $138,607 and $142,797) | 54,907 | 60,502 |
Amortized Cost, held to maturity | 2,592 | 2,590 |
Gross Unrealized Gains, held to maturity | 0 | 0 |
Gross Unrealized Losses, held to maturity | (254) | (1,695) |
Debt securities held to maturity, fair value | 2,338 | 7,520 |
Asset-Backed Securities [Member] | ||
Debt securities available for sale, fair value | 3,145 | 3,702 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (47) | (137) |
Debt securities available for sale at fair value (amortized cost of $138,607 and $142,797) | $ 3,098 | 3,565 |
Gross Unrealized Losses, held to maturity | (193) | |
Debt securities held to maturity, fair value | $ 2,397 |
Note 2 - Debt Securities - Su_2
Note 2 - Debt Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross Unrealized Losses, Less Than Twelve Months, AFS | $ (7) | $ (5,731) |
Fair Value, Less Than Twelve Months, AFS | 380 | 91,762 |
Gross Unrealized Losses, Over Twelve Months, AFS | (14,768) | (7,630) |
Fair Value, Over Twelve Months, AFS | 122,246 | 37,674 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | (79) | (1,888) |
Fair Value, Less Than Twelve Months, held-to-maturity | 916 | 9,917 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | (2,097) | 0 |
Fair Value, Over Twelve Months, Held-to-maturity | 8,746 | 0 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | 2,097 | 0 |
US Treasury and Government [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | (1,384) |
Fair Value, Less Than Twelve Months, AFS | 0 | 40,926 |
Gross Unrealized Losses, Over Twelve Months, AFS | (1,872) | (835) |
Fair Value, Over Twelve Months, AFS | 46,526 | 4,979 |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | (7) | (999) |
Fair Value, Less Than Twelve Months, AFS | 380 | 11,436 |
Gross Unrealized Losses, Over Twelve Months, AFS | (2,964) | (1,875) |
Fair Value, Over Twelve Months, AFS | 18,927 | 8,028 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | (79) | (1,695) |
Fair Value, Less Than Twelve Months, held-to-maturity | 916 | 7,520 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | (1,843) | 0 |
Fair Value, Over Twelve Months, Held-to-maturity | 6,408 | 0 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | 1,843 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | (3,246) |
Fair Value, Less Than Twelve Months, AFS | 0 | 36,939 |
Gross Unrealized Losses, Over Twelve Months, AFS | (9,885) | (4,885) |
Fair Value, Over Twelve Months, AFS | 53,695 | 23,563 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | 0 | (193) |
Fair Value, Less Than Twelve Months, held-to-maturity | 0 | 2,397 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | (254) | 0 |
Fair Value, Over Twelve Months, Held-to-maturity | 2,338 | 0 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | 254 | 0 |
Asset-Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | (102) |
Fair Value, Less Than Twelve Months, AFS | 0 | 2,461 |
Gross Unrealized Losses, Over Twelve Months, AFS | (47) | (35) |
Fair Value, Over Twelve Months, AFS | $ 3,098 | $ 1,104 |
Note 2 - Debt Securities - Secu
Note 2 - Debt Securities - Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt securities available for sale | $ 123,838 | $ 129,436 |
US Treasury and Government [Member] | ||
Debt securities available for sale | 46,526 | 45,905 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale | 19,307 | 19,464 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale | 54,907 | 60,502 |
Asset-Backed Securities [Member] | ||
Debt securities available for sale | 3,098 | 3,565 |
Fair Value, Recurring [Member] | ||
Debt securities available for sale | 123,838 | 129,436 |
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 | 123,838 | 129,436 |
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 | 46,526 | 45,905 |
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 | 46,526 | 45,905 |
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 | 19,307 | 19,464 |
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 | 19,307 | 19,464 |
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 | 54,907 | 60,502 |
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 | 54,907 | 60,502 |
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 | 3,098 | 3,565 |
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 | 3,098 | 3,565 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Due in less than one year, amortized cost | $ 37,319 | |
Due in less than one year, fair value | 36,574 | |
Due in one to five years, amortized cost | 13,110 | |
Due in one to five years, fair value | 12,261 | |
Due in five to ten years, amortized cost | 17,930 | |
Due in five to ten years, fair value | 15,104 | |
Due in five to ten years, held-to-maturity | 2,043 | |
Due in five to ten years, fair value, held-to-maturity | 1,868 | |
Due after ten years, amortized cost | 5,462 | |
Due after ten years, fair value | 4,992 | |
Due after ten years, held-to-maturity | 7,203 | |
Due after ten years, fair value, held-to-maturity | 5,456 | |
U.S. agency mortgage-backed securities, amortized cost | 64,786 | |
U.S. agency mortgage-backed securities, fair value | 54,907 | |
U.S. agency mortgage-backed securities, HTM | 2,592 | |
U.S. agency mortgage-backed securities, fair value HTM | 2,338 | |
Total, amortized cost, AFS | 138,607 | $ 142,797 |
Total, fair value, AFS | 123,838 | 129,436 |
Total, HTM | 11,838 | $ 11,805 |
Total, fair value, HTM | $ 9,662 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 USD ($) | |
Number of Portfolio Classes | 5 | 5 |
Impairment Valuation Loan Limit | $ 1 | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
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 | 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 1 [Member] | ||
Period of Fixed Interest Rate (Year) | 15 years | |
Period of Adjustment of Interest Rate (Year) | 1 year | |
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 | |
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 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Total loans | $ 633,982 | $ 595,631 | ||||
Net deferred loan (fees) costs | (109) | 229 | ||||
Allowance for credit losses | (4,899) | (7,145) | ||||
Loans, net | 628,974 | 588,715 | ||||
Mortgage Receivable [Member] | ||||||
Total loans | 540,422 | 501,625 | ||||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Total loans | 216,266 | 202,263 | ||||
Allowance for credit losses | (1,661) | $ (1,586) | (2,303) | $ (2,278) | $ (2,051) | $ (1,762) |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||||||
Total loans | 249,448 | 224,211 | ||||
Allowance for credit losses | (1,932) | (1,811) | (2,607) | (2,540) | (2,430) | (2,139) |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||||||
Total loans | 74,708 | 75,151 | ||||
Allowance for credit losses | (473) | (544) | (922) | (871) | (867) | (857) |
Loans and Finance Receivables [Member] | ||||||
Total loans | 595,631 | |||||
Allowance for credit losses | (4,899) | (4,729) | (7,145) | (6,861) | (6,611) | (5,974) |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||||||
Total loans | 87,881 | 86,308 | ||||
Allowance for credit losses | (817) | (771) | (1,223) | (1,086) | (1,143) | (1,125) |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||||||
Total loans | 5,679 | 7,698 | ||||
Allowance for credit losses | $ (16) | $ (17) | $ (90) | $ (86) | $ (120) | $ (91) |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loan Credit Quality (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Total loans | $ 633,982 | $ 633,982 | $ 595,631 |
Loans by credit quality | 633,982 | 633,982 | 595,631 |
Mortgage Receivable [Member] | |||
Total loans | 540,422 | 540,422 | 501,625 |
Loans by credit quality | 540,422 | 540,422 | 501,625 |
Loans and Finance Receivables [Member] | |||
Total loans | 595,631 | ||
Current period gross writeoffs, originated | 55 | 423 | |
Loans by credit quality | 595,631 | ||
Pass [Member] | |||
Total loans | 589,830 | ||
Loans by credit quality | 589,830 | ||
Special Mention [Member] | |||
Total loans | 5,415 | ||
Loans by credit quality | 5,415 | ||
Substandard [Member] | |||
Total loans | 386 | ||
Loans by credit quality | 386 | ||
Doubtful [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Unlikely to be Collected Financing Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 22,856 | 22,856 | |
Financing receivable, originated in fiscal year before latest fiscal year | 57,195 | 57,195 | |
Financing receivable, originated two fiscal years before latest fiscal year | 33,314 | 33,314 | |
Financing receivable, originated three fiscal years before latest fiscal year | 42,433 | 42,433 | |
Financing receivable, originated four fiscal years before latest fiscal year | 12,688 | 12,688 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 43,394 | 43,394 | |
Financing receivable, originated, revolving | 4,386 | 4,386 | |
Total loans | 216,266 | 216,266 | 202,263 |
Year-to-date gross charge-offs | 0 | ||
Fiscal year before current fiscal year period gross writeoffs | 0 | ||
Second fiscal year before current fiscal year period gross writeoffs | 0 | ||
Third fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | ||
Current period gross writeoffs, revolving | 0 | ||
Current period gross writeoffs, originated | 0 | 0 | |
Loans by credit quality | 216,266 | 216,266 | 202,263 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 22,856 | 22,856 | |
Financing receivable, originated in fiscal year before latest fiscal year | 57,195 | 57,195 | |
Financing receivable, originated two fiscal years before latest fiscal year | 33,314 | 33,314 | |
Financing receivable, originated three fiscal years before latest fiscal year | 42,183 | 42,183 | |
Financing receivable, originated four fiscal years before latest fiscal year | 12,688 | 12,688 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 41,642 | 41,642 | |
Financing receivable, originated, revolving | 4,386 | 4,386 | |
Total loans | 214,264 | 214,264 | 200,192 |
Loans by credit quality | 214,264 | 214,264 | 200,192 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 1,752 | 1,752 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 1,752 | 1,752 | 1,794 |
Loans by credit quality | 1,752 | 1,752 | 1,794 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 250 | 250 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 250 | 250 | 277 |
Loans by credit quality | 250 | 250 | 277 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Mortgage Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Mortgage Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 36,426 | 36,426 | |
Financing receivable, originated in fiscal year before latest fiscal year | 51,574 | 51,574 | |
Financing receivable, originated two fiscal years before latest fiscal year | 59,586 | 59,586 | |
Financing receivable, originated three fiscal years before latest fiscal year | 31,225 | 31,225 | |
Financing receivable, originated four fiscal years before latest fiscal year | 11,994 | 11,994 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 29,928 | 29,928 | |
Financing receivable, originated, revolving | 28,715 | 28,715 | |
Total loans | 249,448 | 249,448 | 224,211 |
Year-to-date gross charge-offs | 0 | ||
Fiscal year before current fiscal year period gross writeoffs | 0 | ||
Second fiscal year before current fiscal year period gross writeoffs | 0 | ||
Third fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | ||
Current period gross writeoffs, revolving | 0 | ||
Current period gross writeoffs, originated | 0 | 0 | |
Loans by credit quality | 249,448 | 249,448 | 224,211 |
Residential Portfolio Segment [Member] | Pass [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 36,426 | 36,426 | |
Financing receivable, originated in fiscal year before latest fiscal year | 51,574 | 51,574 | |
Financing receivable, originated two fiscal years before latest fiscal year | 58,007 | 58,007 | |
Financing receivable, originated three fiscal years before latest fiscal year | 30,952 | 30,952 | |
Financing receivable, originated four fiscal years before latest fiscal year | 11,994 | 11,994 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 29,724 | 29,724 | |
Financing receivable, originated, revolving | 28,309 | 28,309 | |
Total loans | 246,986 | 246,986 | 221,552 |
Loans by credit quality | 246,986 | 246,986 | 221,552 |
Residential Portfolio Segment [Member] | Special Mention [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 1,398 | 1,398 | |
Financing receivable, originated three fiscal years before latest fiscal year | 273 | 273 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 204 | 204 | |
Financing receivable, originated, revolving | 362 | 362 | |
Total loans | 2,237 | 2,237 | 2,616 |
Loans by credit quality | 2,237 | 2,237 | 2,616 |
Residential Portfolio Segment [Member] | Substandard [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 181 | 181 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 44 | 44 | |
Total loans | 225 | 225 | 43 |
Loans by credit quality | 225 | 225 | 43 |
Residential Portfolio Segment [Member] | Doubtful [Member] | Mortgage Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Residential Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Mortgage Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 23,789 | 23,789 | |
Financing receivable, originated in fiscal year before latest fiscal year | 25,220 | 25,220 | |
Financing receivable, originated two fiscal years before latest fiscal year | 14,945 | 14,945 | |
Financing receivable, originated three fiscal years before latest fiscal year | 1,825 | 1,825 | |
Financing receivable, originated four fiscal years before latest fiscal year | 2,319 | 2,319 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 1,855 | 1,855 | |
Financing receivable, originated, revolving | 4,755 | 4,755 | |
Total loans | 74,708 | 74,708 | 75,151 |
Year-to-date gross charge-offs | 0 | ||
Fiscal year before current fiscal year period gross writeoffs | 0 | ||
Second fiscal year before current fiscal year period gross writeoffs | 0 | ||
Third fiscal year before current fiscal year period gross writeoffs | 386 | ||
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | ||
Current period gross writeoffs, revolving | 0 | ||
Current period gross writeoffs, originated | 40 | 386 | |
Loans by credit quality | 74,708 | 74,708 | 75,151 |
Real Estate Construction Loan [Member] | Pass [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 23,789 | 23,789 | |
Financing receivable, originated in fiscal year before latest fiscal year | 24,998 | 24,998 | |
Financing receivable, originated two fiscal years before latest fiscal year | 14,945 | 14,945 | |
Financing receivable, originated three fiscal years before latest fiscal year | 1,441 | 1,441 | |
Financing receivable, originated four fiscal years before latest fiscal year | 2,319 | 2,319 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 1,855 | 1,855 | |
Financing receivable, originated, revolving | 4,755 | 4,755 | |
Total loans | 74,102 | 74,102 | 74,516 |
Loans by credit quality | 74,102 | 74,102 | 74,516 |
Real Estate Construction Loan [Member] | Special Mention [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 0 | 0 | 635 |
Loans by credit quality | 0 | 0 | 635 |
Real Estate Construction Loan [Member] | Substandard [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 222 | 222 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 384 | 384 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 606 | 606 | 0 |
Loans by credit quality | 606 | 606 | 0 |
Real Estate Construction Loan [Member] | Doubtful [Member] | Mortgage Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Real Estate Construction Loan [Member] | Unlikely to be Collected Financing Receivable [Member] | Mortgage Receivable [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 8,571 | 8,571 | |
Financing receivable, originated in fiscal year before latest fiscal year | 12,641 | 12,641 | |
Financing receivable, originated two fiscal years before latest fiscal year | 8,053 | 8,053 | |
Financing receivable, originated three fiscal years before latest fiscal year | 3,871 | 3,871 | |
Financing receivable, originated four fiscal years before latest fiscal year | 5,252 | 5,252 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 5,684 | 5,684 | |
Financing receivable, originated, revolving | 43,809 | 43,809 | |
Total loans | 87,881 | 87,881 | 86,308 |
Year-to-date gross charge-offs | 0 | ||
Fiscal year before current fiscal year period gross writeoffs | 0 | ||
Second fiscal year before current fiscal year period gross writeoffs | 0 | ||
Third fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | ||
Current period gross writeoffs, revolving | 0 | ||
Current period gross writeoffs, originated | 0 | 0 | |
Loans by credit quality | 87,881 | 87,881 | 86,308 |
Commercial Portfolio Segment [Member] | Pass [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 8,534 | 8,534 | |
Financing receivable, originated in fiscal year before latest fiscal year | 12,641 | 12,641 | |
Financing receivable, originated two fiscal years before latest fiscal year | 8,052 | 8,052 | |
Financing receivable, originated three fiscal years before latest fiscal year | 3,819 | 3,819 | |
Financing receivable, originated four fiscal years before latest fiscal year | 5,048 | 5,048 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 5,646 | 5,646 | |
Financing receivable, originated, revolving | 43,734 | 43,734 | |
Total loans | 87,474 | 87,474 | 85,874 |
Loans by credit quality | 87,474 | 87,474 | 85,874 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 37 | 37 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 1 | 1 | |
Financing receivable, originated three fiscal years before latest fiscal year | 52 | 52 | |
Financing receivable, originated four fiscal years before latest fiscal year | 204 | 204 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 38 | 38 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 332 | 332 | 368 |
Loans by credit quality | 332 | 332 | 368 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 75 | 75 | |
Total loans | 75 | 75 | 66 |
Loans by credit quality | 75 | 75 | 66 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Loans and Finance Receivables [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Loans and Finance Receivables [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 1,274 | 1,274 | |
Financing receivable, originated in fiscal year before latest fiscal year | 749 | 749 | |
Financing receivable, originated two fiscal years before latest fiscal year | 296 | 296 | |
Financing receivable, originated three fiscal years before latest fiscal year | 127 | 127 | |
Financing receivable, originated four fiscal years before latest fiscal year | 361 | 361 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 195 | 195 | |
Financing receivable, originated, revolving | 2,677 | 2,677 | |
Total loans | 5,679 | 5,679 | 7,698 |
Year-to-date gross charge-offs | 37 | ||
Fiscal year before current fiscal year period gross writeoffs | 0 | ||
Second fiscal year before current fiscal year period gross writeoffs | 0 | ||
Third fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | ||
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | ||
Current period gross writeoffs, revolving | 0 | ||
Current period gross writeoffs, originated | 15 | 37 | |
Loans by credit quality | 5,679 | 5,679 | 7,698 |
Consumer Portfolio Segment [Member] | Pass [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 1,274 | 1,274 | |
Financing receivable, originated in fiscal year before latest fiscal year | 749 | 749 | |
Financing receivable, originated two fiscal years before latest fiscal year | 296 | 296 | |
Financing receivable, originated three fiscal years before latest fiscal year | 127 | 127 | |
Financing receivable, originated four fiscal years before latest fiscal year | 361 | 361 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 195 | 195 | |
Financing receivable, originated, revolving | 2,677 | 2,677 | |
Total loans | 5,679 | 5,679 | 7,696 |
Loans by credit quality | 5,679 | 5,679 | 7,696 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 0 | 0 | 2 |
Loans by credit quality | 0 | 0 | 2 |
Consumer Portfolio Segment [Member] | Substandard [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 0 | |
Financing receivable, originated in fiscal year before latest fiscal year | 0 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated four fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 0 | 0 | |
Total loans | 0 | 0 | 0 |
Loans by credit quality | $ 0 | $ 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | Loans and Finance Receivables [Member] | |||
Total loans | 0 | ||
Loans by credit quality | 0 | ||
Consumer Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Loans and Finance Receivables [Member] | |||
Total loans | 0 | ||
Loans by credit quality | $ 0 |
Note 3 - Loans - Summary of Pas
Note 3 - Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans by credit quality | $ 633,982 | $ 595,631 |
Total nonaccrual loans | 1,112 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 632 | |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 428 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 367 | |
Financial Asset, Past Due [Member] | ||
Loans by credit quality | 1,427 | |
Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 631,443 | |
Mortgage Receivable [Member] | ||
Loans by credit quality | 540,422 | 501,625 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans by credit quality | 216,266 | 202,263 |
Total nonaccrual loans | 250 | 277 |
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 | 216,016 | 201,986 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Loans by credit quality | 249,448 | 224,211 |
Total nonaccrual loans | 181 | 0 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 350 | 1,383 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 409 | 413 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 367 | 349 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 1,126 | 2,145 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 248,141 | 222,066 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Loans by credit quality | 74,708 | 75,151 |
Total nonaccrual loans | 606 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 0 | 651 |
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 | 0 | 55 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 0 | 706 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 74,102 | 74,445 |
Loans and Finance Receivables [Member] | ||
Loans by credit quality | 595,631 | |
Total nonaccrual loans | 343 | |
Loans and Finance Receivables [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 2,327 | |
Loans and Finance Receivables [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 573 | |
Loans and Finance Receivables [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans by credit quality | 404 | |
Loans and Finance Receivables [Member] | Financial Asset, Past Due [Member] | ||
Loans by credit quality | 3,304 | |
Loans and Finance Receivables [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 591,984 | |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Loans by credit quality | 87,881 | 86,308 |
Total nonaccrual loans | 75 | 66 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans by credit quality | 282 | 293 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans by credit quality | 19 | 160 |
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 | 301 | 453 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans by credit quality | 87,505 | 85,789 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Loans by credit quality | 5,679 | 7,698 |
Total 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 | $ 5,679 | $ 7,698 |
Note 3 - Loans - Loans on Nonac
Note 3 - Loans - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total nonaccrual loans | $ 1,112 | |
Nonaccrual loasn with no acl | 1,037 | |
Nonaccrul loasn with acl | 75 | |
Still accruing | 367 | |
Loans and Finance Receivables [Member] | ||
Total nonaccrual loans | $ 343 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Total nonaccrual loans | 250 | 277 |
Nonaccrual loasn with no acl | 250 | |
Nonaccrul loasn with acl | 0 | |
Still accruing | 0 | |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Total nonaccrual loans | 181 | 0 |
Nonaccrual loasn with no acl | 181 | |
Nonaccrul loasn with acl | 0 | |
Still accruing | 367 | |
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | ||
Total nonaccrual loans | 606 | 0 |
Nonaccrual loasn with no acl | 606 | |
Nonaccrul loasn with acl | 0 | |
Still accruing | 0 | |
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | ||
Total nonaccrual loans | 75 | $ 66 |
Nonaccrual loasn with no acl | 0 | |
Nonaccrul loasn with acl | 75 | |
Still accruing | $ 0 |
Note 3 - Loans - Summary of Imp
Note 3 - Loans - Summary of Impaired Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
With No Related Allowance Recorded, Recorded Investment | $ 279 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 279 |
With an Allowance Recorded, Recorded Investment | 66 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 66 |
Related Allowance | 14 |
Total Recorded Investment | 345 |
Total Unpaid Contractual Principal Balance | 345 |
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 |
With No Related Allowance Recorded, Unpaid Contractual Principal Balance | 2 |
With an Allowance Recorded, Recorded Investment | 0 |
With an Allowance Recorded, Unpaid Contractual Principal Balance | 0 |
Related Allowance | 0 |
Total Recorded Investment | 2 |
Total Unpaid Contractual Principal Balance | $ 2 |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses - Summary of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 7,145 | |||||
Ending balance | $ 4,899 | 4,899 | ||||
Ending balance | 4,899 | 4,899 | $ 7,145 | |||
Recorded investment, individually evaluated for impairment | 345 | |||||
Balance in allowance for loan losses, individually evaluated for impairment | 14 | |||||
Recorded investment, collectively evaluated for impairment | 595,286 | |||||
Balance in allowance for loan losses | 7,131 | |||||
Accounting Standards Update 2016-13 [Member] | ||||||
Ending balance | $ 7,145 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Ending balance | $ (2,606) | |||||
Loans and Finance Receivables [Member] | ||||||
Beginning balance | 4,729 | $ 6,611 | 7,145 | $ 5,974 | ||
Provision (Credit) for loan losses | 219 | 241 | 739 | 601 | ||
Charge-offs | (55) | (423) | ||||
Recoveries | 6 | 44 | ||||
Ending balance | 4,899 | 6,861 | 4,899 | 6,861 | ||
Provision (Credit) for loan losses | (219) | (241) | (739) | (601) | ||
Net recoveries | 9 | 286 | ||||
Ending balance | 4,899 | 6,861 | 4,899 | 6,861 | 7,145 | |
Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | (2,606) | |||||
Ending balance | (2,606) | |||||
Loans and Finance Receivables [Member] | Unfunded Loan Commitment [Member] | ||||||
Beginning balance | 48 | 0 | 0 | 0 | ||
Provision (Credit) for loan losses | (44) | 0 | 4 | 0 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Ending balance | 4 | 0 | 4 | 0 | ||
Provision (Credit) for loan losses | 44 | 0 | (4) | 0 | ||
Net recoveries | 0 | 0 | ||||
Ending balance | 4 | 0 | 4 | 0 | 0 | |
Loans and Finance Receivables [Member] | Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | 0 | |||||
Ending balance | 0 | |||||
Loans and Financing Receivables Including Unfunded Commitments [Member] | ||||||
Beginning balance | 4,777 | 6,611 | 7,145 | 5,974 | ||
Provision (Credit) for loan losses | 175 | 241 | 743 | 601 | ||
Charge-offs | (55) | (423) | ||||
Recoveries | 6 | 44 | ||||
Ending balance | 4,903 | 6,861 | 4,903 | 6,861 | ||
Provision (Credit) for loan losses | (175) | (241) | (743) | (601) | ||
Net recoveries | 9 | 286 | ||||
Ending balance | 4,903 | 6,861 | 4,903 | 6,861 | 7,145 | |
Loans and Financing Receivables Including Unfunded Commitments [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | (2,606) | |||||
Ending balance | (2,606) | |||||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Beginning balance | 1,586 | 2,051 | 2,303 | 1,762 | ||
Provision (Credit) for loan losses | 75 | 227 | 98 | 516 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Ending balance | 1,661 | 2,278 | 1,661 | 2,278 | ||
Provision (Credit) for loan losses | (75) | (227) | (98) | (516) | ||
Net recoveries | 0 | 0 | ||||
Ending balance | 1,661 | 2,278 | 1,661 | 2,278 | 2,303 | |
Recorded investment, individually evaluated for impairment | 277 | |||||
Balance in allowance for loan losses, individually evaluated for impairment | 0 | |||||
Recorded investment, collectively evaluated for impairment | 201,986 | |||||
Balance in allowance for loan losses | 2,303 | |||||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | (740) | |||||
Ending balance | (740) | |||||
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Beginning balance | 1,811 | 2,430 | 2,607 | 2,139 | ||
Provision (Credit) for loan losses | 121 | 110 | 217 | 401 | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Ending balance | 1,932 | 2,540 | 1,932 | 2,540 | ||
Provision (Credit) for loan losses | (121) | (110) | (217) | (401) | ||
Net recoveries | 0 | 0 | ||||
Ending balance | 1,932 | 2,540 | 1,932 | 2,540 | 2,607 | |
Recorded investment, individually evaluated for impairment | 0 | |||||
Balance in allowance for loan losses, individually evaluated for impairment | 0 | |||||
Recorded investment, collectively evaluated for impairment | 224,211 | |||||
Balance in allowance for loan losses | 2,607 | |||||
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | (892) | |||||
Ending balance | (892) | |||||
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | ||||||
Beginning balance | 544 | 867 | 922 | 857 | ||
Provision (Credit) for loan losses | (31) | 4 | 340 | 14 | ||
Charge-offs | (40) | (386) | ||||
Recoveries | 0 | 0 | ||||
Ending balance | 473 | 871 | 473 | 871 | ||
Provision (Credit) for loan losses | 31 | (4) | (340) | (14) | ||
Net recoveries | 0 | 0 | ||||
Ending balance | 473 | 871 | 473 | 871 | 922 | |
Recorded investment, individually evaluated for impairment | 0 | |||||
Balance in allowance for loan losses, individually evaluated for impairment | 0 | |||||
Recorded investment, collectively evaluated for impairment | 75,151 | |||||
Balance in allowance for loan losses | 922 | |||||
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | (403) | |||||
Ending balance | (403) | |||||
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | ||||||
Beginning balance | 771 | 1,143 | 1,223 | 1,125 | ||
Provision (Credit) for loan losses | 41 | (57) | 60 | (338) | ||
Charge-offs | 0 | 0 | ||||
Recoveries | 5 | 38 | ||||
Ending balance | 817 | 1,086 | 817 | 1,086 | ||
Provision (Credit) for loan losses | (41) | 57 | (60) | 338 | ||
Net recoveries | 0 | 299 | ||||
Ending balance | 817 | 1,086 | 817 | 1,086 | 1,223 | |
Recorded investment, individually evaluated for impairment | 66 | |||||
Balance in allowance for loan losses, individually evaluated for impairment | 14 | |||||
Recorded investment, collectively evaluated for impairment | 86,242 | |||||
Balance in allowance for loan losses | 1,209 | |||||
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | (504) | |||||
Ending balance | (504) | |||||
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | ||||||
Beginning balance | 17 | 120 | 90 | 91 | ||
Provision (Credit) for loan losses | 13 | (43) | 24 | 8 | ||
Charge-offs | (15) | (37) | ||||
Recoveries | 1 | 6 | ||||
Ending balance | 16 | 86 | 16 | 86 | ||
Provision (Credit) for loan losses | (13) | 43 | (24) | (8) | ||
Net recoveries | 9 | (13) | ||||
Ending balance | $ 16 | $ 86 | 16 | $ 86 | 90 | |
Recorded investment, individually evaluated for impairment | 2 | |||||
Balance in allowance for loan losses, individually evaluated for impairment | 0 | |||||
Recorded investment, collectively evaluated for impairment | 7,696 | |||||
Balance in allowance for loan losses | 90 | |||||
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning balance | $ (67) | |||||
Ending balance | $ (67) |
Note 5 - Regulatory Capital - S
Note 5 - Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Tier 1 Leverage Capital, actual amount | $ 84,540 | $ 81,100 |
Tier 1 Leverage Capital, actual percentage | 0.1018 | 0.097 |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount | $ 33,207 | $ 33,461 |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Percentage | 0.04 | 0.04 |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Amount | $ 41,509 | $ 41,826 |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Percentage | 0.05 | 0.05 |
Common Equity Tier 1 Risk-based Capital, actual amount | $ 84,540 | $ 81,100 |
Common Equity Tier 1 Risk-based Capital, actual percentage | 0.1323 | 0.129 |
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 28,765 | $ 28,290 |
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage | 4.50% | 4.50% |
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount | $ 41,549 | $ 40,863 |
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage | 6.50% | 6.50% |
Tier 1 Risk-based Capital, actual amount | $ 84,540 | $ 81,100 |
Tier 1 Risk-based Capital, actual percentage | 0.1323 | 0.129 |
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 38,353 | $ 37,720 |
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage | 0.06 | 0.06 |
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount | $ 51,138 | $ 50,294 |
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage | 0.08 | 0.08 |
Total Risk-based Capital, actual amount | $ 89,443 | $ 88,245 |
Total Risk-based Capital, actual percentage | 0.1399 | 0.1404 |
Total Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 51,138 | $ 50,294 |
Total Risk-based Capital, For Well Capitalized Purposes, Amount | $ 63,922 | $ 62,867 |
Total Risk-based Capital, For Well Capitalized Purposes, Percentage | 0.10 | 0.10 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net earnings, basic | $ 2,120 | $ 2,831 | $ 6,878 | $ 7,039 |
Weighted-average Shares, basic (in shares) | 3,214,323 | 3,159,526 | 3,193,302 | 3,151,689 |
Net earnings, per share amount, basic (in dollars per share) | $ 0.66 | $ 0.9 | $ 2.15 | $ 2.23 |
Effect of dilutive securities-incremental shares from assumed conversion of stock options (in shares) | 21,597 | 37,756 | 28,650 | 39,904 |
Net earnings, diluted | $ 2,120 | $ 2,831 | $ 6,878 | $ 7,039 |
Weighted-average Shares, diluted (in shares) | 3,235,920 | 3,197,282 | 3,221,952 | 3,191,593 |
Net earnings, per share amount, diluted (in dollars per share) | $ 0.66 | $ 0.89 | $ 2.13 | $ 2.21 |
Basic (in dollars per share) | 0.66 | 0.9 | 2.15 | 2.23 |
Diluted (in dollars per share) | $ 0.66 | $ 0.89 | $ 2.13 | $ 2.21 |
Note 7 - Stock Benefit Plans (D
Note 7 - Stock Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 20, 2015 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,838,000 | $ 1,838,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 5 months 26 days | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,751 | 10,203 | 10,203 | |||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | |||||
The 2015 Stock Incentive Compensation Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 105,496 | 105,496 | ||||
Share-Based Payment Arrangement, Expense | $ 78,000 | $ 78,000 | $ 210,000 | $ 226,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,500 | |||||
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% | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | 1,000 | 5,000 | 6,000 | $ 14,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 112,000 | $ 112,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 months 19 days | |||||
The 2015 Stock Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 66,000 | 33,000 | $ 142,000 | 93,000 | ||
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, Number of Shares Available for Grant (in shares) | 31,488 | 31,488 | ||||
Share-Based Payment Arrangement, Expense | $ 40,000 | $ 32,000 | $ 120,000 | $ 92,000 | ||
Stock Consideration on Percentage of Common Stock Received Upon Cash Fees | 110% | 110% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,764 | 1,250 | 4,874 | 3,486 |
Note 7 - Stock Benefit Plans -
Note 7 - Stock Benefit Plans - Summary of the 2015 Plan (Details) - The 2015 Stock Incentive Compensation Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Outstanding, Balance (in shares) | 251,767 | 251,367 | 268,657 |
Weighted-average Exercise Price, forfeited, Outstanding (in dollars per share) | $ 20.38 | $ 19.99 | $ 20.23 |
Number of Options, exercised (in shares) | (18,617) | (20,240) | |
Weighted-average Exercise Price, exercised (in dollars per share) | $ (20.09) | $ (18.35) | |
Number of Options, forfeited (in shares) | (400) | (50) | (150) |
Weighted-average Exercise Price, forfeited (in dollars per share) | $ (20.09) | $ (20.09) | $ (20.09) |
Number of Options, granted (in shares) | 3,500 | ||
Weighted-average Exercise Price, Options granted (in dollars per share) | $ 25.37 | ||
Outstanding, Balance (in shares) | 251,367 | 232,700 | 251,767 |
Weighted-average Exercise Price, Outstanding (in dollars per share) | $ 19.99 | $ 20.68 | $ 20.38 |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 2 years 10 months 28 days | ||
Aggregate Intrinsic Value, Outstanding | $ 419,000 | ||
Number of Options, Exercisable (in shares) | 214,700 | ||
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ 20.22 | ||
Weighted-average Remaining Contractual Term, Exercisable (Year) | 2 years 8 months 1 day | ||
Aggregate Intrinsic Value, Exercisable | $ 412,000 |
Note 7 - Stock Benefit Plans _2
Note 7 - Stock Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Non-vested restricted stock outstanding, shares (in shares) | 14,203 | 7,838 | 7,838 |
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ 25.3 | $ 18.88 | $ 18.88 |
Non-vested restricted stock outstanding, grant date fair value | $ 359,000 | $ 148,000 | $ 148,000 |
Non-vested restricted stock granted (in shares) | 75,751 | 10,203 | 10,203 |
Non-vested restricted stock issued, weighted average grant date fair value (in dollars per share) | $ 22.68 | $ 27.85 | |
Non-vested restricted stock granted, grant date fair value | $ 1,718,000 | $ 284,000 | |
Restricted stock shares vested (in shares) | (6,040) | (3,838) | |
Restricted stock shares vested, weighted average grant date fair value (in dollars per share) | $ (24.06) | $ (18.98) | |
Restricted stock vested, grant date fair value | $ (145,000) | $ (73,000) | |
Non-vested restricted stock outstanding, shares (in shares) | 83,914 | 14,203 | |
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ 23.02 | $ 25.3 | |
Non-vested restricted stock granted, grant date fair value | $ 1,932,000 | $ 359,000 |
Note 8 - Other Borrowings (Deta
Note 8 - Other Borrowings (Details Textual) - Revolving Credit Facility [Member] - Thomasville National Bank [Member] - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||
Debt Instrument, Term (Year) | 5 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||||
Long-Term Line of Credit | $ 0 | $ 0 | $ 4,275,000 | |||
Interest Expense, Debt | $ 0 | $ 56,000 | $ 80,000 | $ 127,000 |
Note 9 - Federal Home Loan Ba_3
Note 9 - Federal Home Loan Bank Advances (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 102,600,000 | $ 102,600,000 | |||
Advance from Federal Home Loan Bank | 25,000,000 | 25,000,000 | $ 0 | ||
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-Term | $ 304,000 | $ 0 | $ 744,000 | $ 0 |
Note 9 - Federal Home Loan Ba_4
Note 9 - Federal Home Loan Bank Advances - Maturity Schedule (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2023 | $ 10,000 | |
2024 | $ 10,000 | |
2025, Interest Rate | 4.18% | |
2025 | $ 5,000 | |
Advance from Federal Home Loan Bank | $ 25,000 | $ 0 |
Minimum [Member] | ||
2023, Interest Rate | 5.47% | |
2024, Interest Rate | 4.48% | |
Maximum [Member] | ||
2023, Interest Rate | 5.53% | |
2024, Interest Rate | 4.83% |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instruments - Schedule of Derivatives (Details) - Interest Rate Swap [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Stand-alone derivatives | $ 19,641 | $ 20,084 |
Weighted-average pay rate - interest rate swaps | 3.68% | 3.68% |
Weighted-average receive rate - interest rate swaps | 3% | 3% |
Weighted-average maturity (in years) - interest rate swaps (Year) | 11 years 9 months 18 days | 12 years 7 months 6 days |
Stand-alone derivatives - interest rate swaps (other assets) | $ 2,786 | $ 2,352 |
Stand-alone derivatives - interest rate swaps (other liabilities) | $ (2,786) | $ (2,352) |
Note 11 - Fair Value of Finan_3
Note 11 - Fair Value of Financial Instruments - Fair Values and Fair Value Measurement Method of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt securities available for sale | $ 123,838 | $ 129,436 |
Loans held for sale | 5,182 | 7,058 |
Accrued interest receivable | 2,671 | 2,385 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 22,404 | 39,788 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 123,838 | 129,436 |
Debt securities held to maturity | 11,838 | 11,805 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 5,182 | 7,058 |
Loans, net | 628,974 | 588,715 |
Federal Home Loan Bank stock | 1,758 | 463 |
Accrued interest receivable | 2,671 | 2,385 |
Bank-owned life insurance | 16,822 | 16,532 |
Derivative contract assets | 2,786 | 2,352 |
Deposits | 722,807 | 731,535 |
FHLB Advances | 25,000 | 0 |
Other borrowings | 0 | 4,275 |
Derivative contract liabilities | 2,786 | 2,352 |
Off-Balance Sheet Items | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 22,404 | 39,788 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 123,838 | 129,436 |
Debt securities held to maturity | 9,662 | 9,917 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 5,263 | 7,170 |
Loans, net | 549,133 | 548,166 |
Federal Home Loan Bank stock | 1,758 | 463 |
Accrued interest receivable | 2,671 | 2,385 |
Bank-owned life insurance | 16,822 | 16,532 |
Derivative contract assets | 2,786 | 2,352 |
Deposits | 723,396 | 731,506 |
FHLB Advances | 24,847 | 0 |
Other borrowings | 0 | 4,275 |
Derivative contract liabilities | 2,786 | 2,352 |
Off-Balance Sheet Items | $ 0 | $ 0 |
Note 12 - Off-balance Sheet F_3
Note 12 - Off-balance Sheet Financial Instruments (Details Textual) | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Off-Balance-Sheet, Credit Loss, Liability | $ 4,000 |
Standby Financial Letters of Credit [Member] | |
Debt Instrument, Term (Year) | 1 year |
Debt Instrument, Collateral Amount | $ 481,000 |
Standby Financial Letters of Credit [Member] | Credit Availability Concentration Risk [Member] | Swap Liabilities [Member] | |
Concentration Risk, Percentage | 10% |
Note 12 - Off-balance Sheet F_4
Note 12 - Off-balance Sheet Financial Instruments - Summary of Off-balance Sheet Financial Instruments (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Commitments to Extend Credit [Member] | |
Contractual amounts with off-balance-sheet risk | $ 9,728 |
Construction Loans In Process [Member] | |
Contractual amounts with off-balance-sheet risk | 42,906 |
Unused lines of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 83,304 |
Standby Financial Letters of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 2,225 |
Guaranteed Accounts [Member] | |
Contractual amounts with off-balance-sheet risk | $ 1,338 |