Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 3,297,063 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Cash and due from banks | $ 9,600 | $ 9,003 |
Federal funds sold | 8,595 | 14,856 |
Interest-bearing deposits | 5,279 | 4,557 |
Total cash and cash equivalents | 23,474 | 28,416 |
Debt securities available for sale at fair value (amortized cost of $128,268 and $134,940) | 117,413 | 124,475 |
Debt securities held to maturity (fair value of $10,328 and $10,358) | 11,861 | 11,850 |
Loans held for sale | 3,583 | 5,288 |
Loans, net of allowance for credit losses of $5,796 and $5,609 | 666,826 | 646,127 |
Federal Home Loan Bank stock | 1,548 | 1,283 |
Premises and equipment, net | 7,406 | 7,476 |
Right of use operating lease asset | 2,767 | 2,823 |
Accrued interest receivable | 3,465 | 3,114 |
Bank-owned life insurance | 17,021 | 16,921 |
Other Assets | 7,296 | 6,755 |
Total assets | 862,660 | 854,528 |
Liabilities [Abstract] | ||
Noninterest-bearing demand deposits | 201,083 | 189,426 |
Savings, NOW and money-market deposits | 462,601 | 476,826 |
Time deposits | 88,029 | 82,436 |
Total deposits | 751,713 | 748,688 |
Federal Home Loan Bank advances | 20,000 | 15,000 |
Official checks | 831 | 2,377 |
Operating lease liability | 2,963 | 3,013 |
Other Liabilities | 5,714 | 5,474 |
Total liabilities | 781,221 | 774,552 |
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, 3,295,265 and 3,259,881 issued and outstanding | 33 | 33 |
Additional paid-in capital | 41,163 | 40,522 |
Retained earnings | 48,347 | 47,234 |
Accumulated other comprehensive loss | (8,104) | (7,813) |
Total stockholders' equity | 81,439 | 79,976 |
Total liabilities and stockholders' equity | $ 862,660 | $ 854,528 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt securities available for sale, fair value | $ 128,268 | $ 134,940 |
Debt securities held to maturity, fair value | 10,328 | 10,358 |
Loans receivable, allowance for loan losses | $ 5,796 | $ 5,609 |
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) | 3,295,265 | 3,259,881 |
Common stock, shares outstanding (in shares) | 3,295,265 | 3,259,881 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans | $ 9,962 | $ 8,044 |
Debt securities | 896 | 933 |
Other | 207 | 222 |
Total interest income | 11,065 | 9,199 |
Interest expense: | ||
Deposits | 3,677 | 1,533 |
Other borrowings and FHLB advances | 255 | 111 |
Total interest expense | 3,932 | 1,644 |
Net interest income | 7,133 | 7,555 |
Credit loss expense | 211 | 243 |
Net interest income after credit loss expense | 6,922 | 7,312 |
Noninterest income: | ||
Mortgage banking revenue, net | 71 | 54 |
Income from bank-owned life insurance | 100 | 94 |
Other income | 55 | 57 |
Total noninterest income | 453 | 441 |
Noninterest expense: | ||
Salaries and employee benefits | 2,865 | 2,752 |
Occupancy and equipment | 405 | 409 |
Professional fees | 154 | 135 |
Marketing | 274 | 223 |
FDIC assessment | 108 | 84 |
Software maintenance, amortization and other | 404 | 277 |
Other | 631 | 575 |
Total noninterest expense | 4,841 | 4,455 |
Earnings before income taxes | 2,534 | 3,298 |
Income taxes | 603 | 797 |
Net earnings | $ 1,931 | $ 2,501 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.59 | $ 0.79 |
Diluted (in dollars per share) | 0.59 | 0.78 |
Cash dividends per common share (in dollars per share) | $ 0.25 | $ 0.22 |
Deposit Account [Member] | ||
Noninterest income: | ||
Revenue from customer | $ 69 | $ 85 |
Debit Card [Member] | ||
Noninterest income: | ||
Revenue from customer | $ 158 | $ 151 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net earnings | $ 1,931 | $ 2,501 |
Unrealized (loss) income arising during the period | (390) | 1,980 |
Deferred income tax benefit (expense) on above change | 99 | (502) |
Total other comprehensive (loss) income | (291) | 1,478 |
Comprehensive income | $ 1,640 | $ 3,979 |
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, 2022 | 3,164,491 | |||||||||
Balance at Dec. 31, 2022 | $ 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 expense (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 | |||||
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, 2023 | 3,259,881 | 3,259,881 | ||||||||
Balance at Dec. 31, 2023 | $ 33 | 40,522 | 47,234 | (7,813) | $ 79,976 | |||||
Net earnings | 0 | 0 | 1,931 | 0 | 1,931 | |||||
Dividends paid (unaudited) | 0 | 0 | (818) | 0 | (818) | |||||
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited) | $ 0 | 0 | 0 | (291) | (291) | |||||
Stock options exercised (unaudited) (in shares) | 23,940 | |||||||||
Stock options exercised (unaudited) | $ 0 | 481 | 0 | 0 | 481 | |||||
Common stock issued as compensation to directors (unaudited) (in shares) | 1,654 | |||||||||
Common stock issued as compensation to directors (unaudited) | $ 0 | 41 | 0 | 0 | 41 | |||||
Issuance of restricted stock (unaudited) (in shares) | 9,790 | |||||||||
Issuance of restricted stock (unaudited) | $ 0 | 113 | 0 | 0 | 113 | |||||
Stock-based compensation (unaudited) | $ 0 | 6 | 0 | 0 | $ 6 | |||||
Balance (in shares) at Mar. 31, 2024 | 3,295,265 | 3,295,265 | ||||||||
Balance at Mar. 31, 2024 | $ 33 | $ 41,163 | $ 48,347 | $ (8,104) | $ 81,439 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,931 | $ 2,501 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 180 | 181 |
Credit loss expense | 211 | 243 |
Net amortization of deferred loan fees | 30 | 50 |
Net accretion of discounts on debt securities | (78) | (69) |
Gain on sale of loans held for sale | (71) | (54) |
Proceeds from the sale of loans held for sale | 13,396 | 13,681 |
Loans originated as held for sale | (11,620) | (14,674) |
Stock issued as compensation to directors | 41 | 40 |
Stock-based compensation expense | 119 | 83 |
Income from bank-owned life insurance | (100) | (94) |
Net increase in accrued interest receivable | (351) | (238) |
Net change in operating leases | 6 | 6 |
Net (increase) decrease in other assets | (442) | 192 |
Net decrease in other liabilities and official checks | (1,306) | (2,640) |
Net cash provided by (used in) operating activities | 1,946 | (792) |
Cash flows from investing activities: | ||
Loan originations, net of principal repayments | (20,940) | (15,100) |
Principal repayments of debt securities available for sale | 1,679 | 1,720 |
Maturities and calls of debt securities available for sale | 5,060 | 6 |
Purchase of Federal Home Loan Bank stock | (265) | (582) |
Purchase of premises and equipment | (110) | (52) |
Net cash used in investing activities | (14,576) | (14,008) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 3,025 | (14,299) |
Change in other borrowings | 0 | (2,550) |
Increase in Federal Home Loan Bank advances | 5,000 | 15,000 |
Proceeds from stock options exercised | 481 | 273 |
Common stock dividends paid | (818) | (698) |
Net cash provided by (used in) financing activities | 7,688 | (2,274) |
Net decrease in cash and cash equivalents | (4,942) | (17,074) |
Cash and cash equivalents at beginning of period | 28,416 | 39,788 |
Cash and cash equivalents at end of period | 23,474 | 22,714 |
Supplemental disclosure of cash flow information | ||
Interest | 3,948 | 1,580 |
Income taxes | 0 | 0 |
Noncash transactions: | ||
Accumulated other comprehensive (loss) income, net change in unrealized loss on debt securities available for sale, net of income tax benefit (expense) | (291) | 1,478 |
Impact of adopting ASC 326 (net of tax) | $ 0 | $ 1,946 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 , included in our Annual Report on Form 10 March 21, 2024 three March 31, 2024 not Comprehensive Incom e . S tock - Based Compensation. Derivatives. third not no |
Note 2 - Debt Securities
Note 2 - Debt Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 41,585 $ - $ (1,053 ) $ 40,532 Municipal securities 22,183 - (2,198 ) 19,985 U.S. agency mortgage-backed securities 61,623 26 (7,580 ) 54,069 Asset-backed securities 2,877 6 (56 ) 2,827 Total $ 128,268 $ 32 $ (10,887 ) $ 117,413 Debt Securities Held to Maturity Municipal securities $ 9,267 $ 23 $ (1,364 ) $ 7,926 U.S. agency mortgage-backed securities 2,594 - (192 ) 2,402 Total $ 11,861 $ 23 $ (1,556 ) $ 10,328 At December 31, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 46,492 $ - $ (1,234 ) $ 45,258 Municipal securities 22,259 - (2,151 ) 20,108 U.S. agency mortgage-backed securities 63,165 7 (7,013 ) 56,159 Asset-backed securities 3,024 - (74 ) 2,950 Total $ 134,940 $ 7 $ (10,472 ) $ 124,475 Debt Securities Held to Maturity Municipal securities $ 9,257 $ 39 $ (1,378 ) $ 7,918 U.S. agency mortgage-backed securities 2,593 - (153 ) 2,440 Total $ 11,850 $ 39 $ (1,531 ) $ 10,358 There were no debt securities available for sale sold during the three March 31, 2024 2023. 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 March 31, 2024 Debt Securities Available for Sale U.S. Government treasury and agency securities $ - $ - $ (1,053 ) $ 40,532 Municipal securities - - (2,198 ) 19,985 U.S. agency mortgage-backed securities - - (7,580 ) 52,896 Asset-backed securities - - (56 ) 1,968 Total $ - $ - $ (10,887 ) $ 115,381 Debt Securities Held to Maturity Municipal securities $ - $ - $ (1,364 ) $ 6,908 U.S. agency mortgage-backed securities - - (192 ) 2,402 Total $ - $ - $ (1,556 ) $ 9,310 At December 31, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ - $ - $ (1,234 ) $ 45,258 Municipal securities (2 ) 386 (2,149 ) 19,722 U.S. agency mortgage-backed securities - - (7,013 ) 54,987 Asset-backed securities - - (74 ) 2,950 Total $ (2 ) $ 386 $ (10,470 ) $ 122,917 Debt Securities Held to Maturity Municipal securities $ - $ - $ (1,378 ) $ 6,884 U.S. agency mortgage-backed securities - - (153 ) 2,440 Total $ - $ - $ (1,531 ) $ 9,324 The unrealized losses at March 31, 2024 December 31, 2023 not not not not March 31, 2024 December 31, 2023, 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 March 31, 2024 December 31, 2023, March 31, 2024 not March 31, 2024 December 31, 2023, 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 March 31, 2024 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 40,532 $ - $ 40,532 $ - Municipal securities 19,985 - 19,985 - U.S. agency mortgage-backed securities 54,069 - 54,069 - Asset-backed securities 2,827 - 2,827 - Total $ 117,413 $ - $ 117,413 $ - At December 31, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 45,258 $ - $ 45,258 $ - Municipal securities 20,108 - 20,108 - U.S. agency mortgage-backed securities 56,159 - 56,159 - Asset-backed securities 2,950 - 2,950 - Total $ 124,475 $ - $ 124,475 $ - 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 $ 30,816 $ 30,612 $ - $ - Due in one to five years 17,825 16,677 - - Due in five to ten years 12,880 11,305 2,056 1,940 Due after ten years 5,124 4,750 7,211 5,986 U.S. agency mortgage-backed securities 61,623 54,069 2,594 2,402 Total $ 128,268 $ 117,413 $ 11,861 $ 10,328 At March 31, 2024 December 31, 2023 |
Note 3 - Loans
Note 3 - Loans | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 At December 31, 2023 Real estate mortgage loans: Commercial $ 226,634 $ 223,795 Residential and home equity 264,638 254,574 Construction 87,593 81,640 Total real estate mortgage loans 578,865 560,009 Commercial loans 88,426 85,983 Consumer and other loans 5,545 5,936 Total loans 672,836 651,928 Add (deduct): Net deferred loan fees (214 ) (192 ) Allowance for credit losses (5,796 ) (5,609 ) Loans, net $ 666,826 $ 646,127 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 Loan balances classified by credit quality indicator, loan type and based on year of origination are as follows: (in thousands) Term Loans by Origination Year At March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial Real Estate Loans Pass $ 5,465 $ 27,806 $ 61,765 $ 32,398 $ 40,843 $ 49,414 $ 7,126 $ 224,817 Special mention - - - - - 1,761 1,761 Substandard - - - - - 56 - 56 Total commercial real estate loans $ 5,465 $ 27,806 $ 61,765 $ 32,398 $ 40,843 $ 51,231 $ 7,126 $ 226,634 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and Home Equity Loans Pass $ 5,957 $ 44,589 $ 51,923 $ 56,490 $ 29,625 $ 39,049 $ 32,789 $ 260,422 Special mention - - - 1,384 275 202 536 2,397 Substandard - - - 1,408 367 - 44 1,819 Total residential loans $ 5,957 $ 44,589 $ 51,923 $ 59,282 $ 30,267 $ 39,251 $ 33,369 $ 264,638 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Loans Pass $ 7,327 $ 32,003 $ 17,762 $ 19,056 $ 759 $ 3,321 $ 6,790 $ 87,018 Special mention - - - - - - - - Substandard - - 190 - - - 385 575 Total construction loans $ 7,327 $ 32,003 $ 17,952 $ 19,056 $ 759 $ 3,321 $ 7,175 $ 87,593 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial Loans Pass $ 2,329 $ 11,846 $ 11,672 $ 6,353 $ 3,373 $ 7,777 $ 44,297 $ 87,647 Special mention - 14 - - - - - 14 Substandard - - - - - - 765 765 Total commercial loans $ 2,329 $ 11,860 $ 11,672 $ 6,353 $ 3,373 $ 7,777 $ 45,062 $ 88,426 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer & Other Loans Pass $ 488 $ 1,107 $ 566 $ 246 $ 115 $ 488 $ 2,486 $ 5,496 Special mention 49 - - - - - - 49 Substandard - - - - - - - - Total consumer & other loans $ 537 $ 1,107 $ 566 $ 246 $ 115 $ 488 $ 2,486 $ 5,545 Year-to-date gross charge-offs $ 27 $ - $ - $ - $ - $ - $ - $ 27 (in thousands) Term Loans by Origination Year At December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial Real Estate Loans Pass $ 27,756 $ 62,149 $ 32,799 $ 42,079 $ 12,492 $ 38,271 $ 6,482 $ 222,028 Special mention - - - - - 1,767 1,767 Substandard - - - - - - - - Total commercial real estate loans $ 27,756 $ 62,149 $ 32,799 $ 42,079 $ 12,492 $ 40,038 $ 6,482 $ 223,795 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and Home Equity Loans Pass $ 43,809 $ 51,060 $ 56,802 $ 29,979 $ 11,717 $ 28,188 $ 29,794 $ 251,349 Special mention - - 1,391 278 - 203 357 2,229 Substandard - - 585 367 - - 44 996 Total residential loans $ 43,809 $ 51,060 $ 58,778 $ 30,624 $ 11,717 $ 28,391 $ 30,195 $ 254,574 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Loans Pass $ 33,713 $ 18,797 $ 16,717 $ 1,425 $ 1,611 $ 1,837 $ 6,958 $ 81,058 Special mention - - - - - - - - Substandard - 198 - 384 - - - 582 Total construction loans $ 33,713 $ 18,995 $ 16,717 $ 1,809 $ 1,611 $ 1,837 $ 6,958 $ 81,640 Year-to-date gross charge-offs $ - $ - $ - $ 386 $ - $ - $ - $ 386 Commercial Loans Pass $ 12,024 $ 12,130 $ 7,247 $ 3,543 $ 4,823 $ 5,250 $ 40,064 $ 85,081 Special mention 24 - - 45 - 32 - 101 Substandard - - - 36 - - 765 801 Total commercial loans $ 12,048 $ 12,130 $ 7,247 $ 3,624 $ 4,823 $ 5,282 $ 40,829 $ 85,983 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ 1 $ - $ 1 Consumer & Other Loans Pass $ 1,317 $ 688 $ 275 $ 122 $ 348 $ 176 $ 3,010 $ 5,936 Special mention - - - - - - - - Substandard - - - - - - - - Total consumer & other loans $ 1,317 $ 688 $ 275 $ 122 $ 348 $ 176 $ 3,010 $ 5,936 Year-to-date gross charge-offs $ 46 $ - $ - $ - $ - $ - $ - $ 46 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 March 31, 2024 Real estate mortgage loans: Commercial $ 596 $ - $ - $ 596 $ 225,982 $ 56 $ 226,634 Residential and home equity 3,459 19 - 3,478 259,110 2,050 264,638 Construction 373 - - 373 86,645 575 87,593 Commercial loans - - - - 87,661 765 88,426 Consumer and other loans - - - - 5,545 - 5,545 Total $ 4,428 $ 19 $ - $ 4,447 $ 664,943 $ 3,446 $ 672,836 At December 31, 2023 Real estate mortgage loans: Commercial $ 57 $ - $ - $ 57 $ 223,738 $ - $ 223,795 Residential and home equity 3,792 492 1,110 5,394 248,227 953 254,574 Construction 648 - - 648 80,410 582 81,640 Commercial loans 18 318 - 336 84,847 800 85,983 Consumer and other loans 28 - - 28 5,908 - 5,936 Total $ 4,543 $ 810 $ 1,110 $ 6,463 $ 643,130 $ 2,335 $ 651,928 Loans are generally placed on nonaccrual status if principal or interest payments become 90 90 March 31, 2024 December 31, 2023. (in thousands) Total Nonaccrual Loans Nonaccrual Loans with No ACL Nonaccrual Loans with ACL 90+ Days Still Accruing At March 31, 2024 Commercial real estate $ 56 $ 56 $ - $ - Residential and home equity 2,050 2,050 - - Construction 575 575 - - Commercial 765 - 765 - Total $ 3,446 $ 2,681 $ 765 $ - At December 31, 2023 Residential and home equity $ 953 $ 953 $ - $ 1,110 Construction 582 582 - - Commercial 800 36 764 - Total $ 2,335 $ 1,571 $ 764 $ 1,110 The restructuring of a loan exists if the creditor grants a modification as a result of financial hardship. A loan modification may not three March 31, 2024 2023 |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
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 Three Month Period Ended March 31, 2024 Beginning balance $ 1,713 $ 2,034 $ 559 $ 1,272 $ 31 $ 5,609 Credit loss expense 23 84 40 53 11 211 Charge-offs - - - (27 ) (27 ) Recoveries - - - - 3 3 Ending balance $ 1,736 $ 2,118 $ 599 $ 1,325 $ 18 $ 5,796 Three Month Period Ended March 31, 2023 Beginning balance $ 2,303 $ 2,607 $ 922 $ 1,223 $ 90 $ 7,145 Impact of adopting ASC 326 (740 ) (892 ) (403 ) (504 ) (67 ) $ (2,606 ) Credit loss expense 43 27 21 143 9 243 Charge-offs - - - - (15 ) (15 ) Recoveries - - - 33 2 35 Ending balance $ 1,606 $ 1,742 $ 540 $ 895 $ 19 $ 4,802 |
Note 5 - Regulatory Matters
Note 5 - Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 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 March 31, 2024 As of March 31, 2024 1 1 no For Capital Adequacy For Well Capitalized Actual Purposes Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As of March 31, 2024 Tier 1 Leverage Capital $ 88,744 10.35 % 34,301 4.00 % 42,876 5.00 % Common Equity Tier 1 Risk-based Capital 88,744 13.16 30,352 4.50 43,842 6.50 Tier 1 Risk-based Capital 88,744 13.16 40,470 6.00 53,960 8.00 Total Risk-based Capital 94,540 14.02 53,960 8.00 67,450 10.00 As of December 31, 2023 Tier 1 Leverage Capital $ 86,576 10.15 % $ 34,133 4.00 % $ 42,666 5.00 % Common Equity Tier 1 Risk-based Capital 86,576 13.18 29,566 4.50 42,706 6.50 Tier 1 Risk-based Capital 86,576 13.18 39,421 6.00 52,561 8.00 Total Risk-based Capital 92,185 14.03 52,561 8.00 65,702 10.00 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 2024 2023 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending March 31: Basic EPS: Net earnings $ 1,931 3,275,401 $ 0.59 $ 2,501 3,175,807 $ 0.79 Effect of dilutive securities-incremental shares from assumed conversion of stock options 23,154 34,205 Diluted EPS: Net earnings $ 1,931 3,298,555 $ 0.59 $ 2,501 3,210,012 $ 0.78 |
Note 7 - Stock Benefit Plans
Note 7 - Stock Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 7 ) Stock Benefit Plans 2015 The 2015 “2015 2015 may no As of March 31, 2024 2015 three March 31, 2024 2023 Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term (years) Value Outstanding at December 31, 2022 251,367 $ 19.99 Options exercised (15,867 ) 17.25 Options forfeited (50 ) (20.09 ) Outstanding at March 31, 2023 235,450 $ 20.67 Options exercised (3,350 ) (20.09 ) Options forfeited (10,000 ) 28.40 Outstanding at December 31, 2023 222,100 $ 20.33 Options exercised (23,940 ) (20.09 ) Options forfeited (250 ) (20.09 ) Outstanding at March 31, 2024 197,910 $ 20.36 2.4 $ 287,000 Exercisable at March 31, 2024 188,710 $ 20.19 2.3 $ 281,000 The fair value of shares vested and recognized as compensation expense was $119,000 and $83,000 for the three March 31, 2024 2023 , respectively. These amounts include expense recognized on restricted common stock shares of $113,000 and $38,000 for the three March 31, 2024 2023 three March 31, 2024 2023 March 31, 2024 2015 Restricted Stock During the three March 31, 2024 2023 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, 2022 14,203 $ 25.30 $ 359,000 Non-vested restricted stock granted 3,834 $ 26.08 100,000 Restricted stock shares vested (5,234 ) (23.71 ) (124,000 ) Non-vested restricted stock outstanding at March 31, 2023 12,803 $ 26.18 $ 335,000 Non-vested restricted stock granted 71,917 $ 22.50 $ 1,618,000 Restricted stock shares vested (806 ) (26.06 ) (21,000 ) Forfeited (6,278 ) (23.42 ) (147,000 ) Non-vested restricted stock outstanding at December 31, 2023 77,636 $ 22.99 $ 1,785,000 Non-vested restricted stock granted 9,790 $ 23.21 $ 227,000 Restricted stock shares vested (5,234 ) (25.10 ) (131,000 ) Non-vested restricted stock outstanding at March 31, 2024 82,192 $ 22.88 $ 1,881,000 At March 31, 2024 the Company had $1,776,000 in unrecognized expense related to unvested restricted shares to be recognized over a weighted-average period of 4.2 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 March 31, 2024 2023 our directors received 1,654 and 1,573 shares of common stock, respectively, in lieu of cash fees calculated at 110% to be $41,000 and $40,000, respectively March 31, 2024 |
Note 8 - Other Borrowings
Note 8 - Other Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 Other Borrowings In 2020, March 31, 2024 March 31, 2024 December 31, 2023, zero The Company incurred $0 in interest expense related to the $15 million revolving line of credit for the three March 31, 2024 three March 31, 2023 |
Note 9 - Federal Home Loan Bank
Note 9 - Federal Home Loan Bank Advances and Other Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
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 $96.9 million at March 31, 2024 (dollars in thousands) Maturity Year Interest Rate At March 31, 2024 At December 31, 2023 2024 4.48% - 5.48% $ 15,000 $ 10,000 2025 4.18 % 5,000 5,000 $ 20,000 $ 15,000 The Company incurred $255,000 and $0 in interest expense related to FHLB advances for the three March 31, 2024 2023, |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 At December 31, 2023 (dollars in thousands) Notional amount - interest rate swaps: Stand-alone derivatives $ 19,456 $ 19,548 Weighted-average pay rate - interest rate swaps 3.68 % 3.68 % Weighted-average receive rate - interest rate swaps 7.75 % 7.75 % Weighted-average maturity (in years) - interest rate swaps 11.3 11.6 Net realized fair value adjustments: Stand-alone derivatives - interest rate swaps (other assets) $ 2,509 $ 2,253 Stand-alone derivatives - interest rate swaps (other liabilities) $ (2,509 ) $ (2,253 ) 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 At December 31, 2023 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 23,474 $ 23,474 28,416 28,416 Debt securities available for sale 2 117,413 117,413 124,475 124,475 Debt securities held to maturity 2 11,861 10,328 11,850 10,358 Loans held for sale 3 3,583 3,640 5,288 5,371 Loans, net 3 666,826 580,748 646,127 557,847 Federal Home Loan Bank stock 3 1,548 1,548 1,283 1,283 Accrued interest receivable 3 3,465 3,465 3,114 3,114 Bank-owned life insurance 3 17,021 17,021 16,921 16,921 Derivative contract assets 2 2,509 2,509 2,253 2,253 Financial liabilities: Deposits 3 751,713 752,561 748,688 749,411 FHLB Advances 3 20,000 19,881 15,000 14,848 Derivative contract liabilities 2 2,509 2,509 2,253 2,253 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, 2023 |
Note 12 - Off-balance Sheet Fin
Note 12 - Off-balance Sheet Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 $642,000 March 31, 2024 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 March 31, 2024 December 31, 2023, no 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 March 31, 2024 (in thousands) Commitments to extend credit $ 8,885 Construction loans in process $ 34,733 Unused lines of credit $ 81,806 Standby financial letters of credit $ 2,230 Standby performance letters of credit $ 89 Guaranteed accounts $ 1,276 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Debt Securities (Table
Note 2 - Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 41,585 $ - $ (1,053 ) $ 40,532 Municipal securities 22,183 - (2,198 ) 19,985 U.S. agency mortgage-backed securities 61,623 26 (7,580 ) 54,069 Asset-backed securities 2,877 6 (56 ) 2,827 Total $ 128,268 $ 32 $ (10,887 ) $ 117,413 Debt Securities Held to Maturity Municipal securities $ 9,267 $ 23 $ (1,364 ) $ 7,926 U.S. agency mortgage-backed securities 2,594 - (192 ) 2,402 Total $ 11,861 $ 23 $ (1,556 ) $ 10,328 At December 31, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 46,492 $ - $ (1,234 ) $ 45,258 Municipal securities 22,259 - (2,151 ) 20,108 U.S. agency mortgage-backed securities 63,165 7 (7,013 ) 56,159 Asset-backed securities 3,024 - (74 ) 2,950 Total $ 134,940 $ 7 $ (10,472 ) $ 124,475 Debt Securities Held to Maturity Municipal securities $ 9,257 $ 39 $ (1,378 ) $ 7,918 U.S. agency mortgage-backed securities 2,593 - (153 ) 2,440 Total $ 11,850 $ 39 $ (1,531 ) $ 10,358 |
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 March 31, 2024 Debt Securities Available for Sale U.S. Government treasury and agency securities $ - $ - $ (1,053 ) $ 40,532 Municipal securities - - (2,198 ) 19,985 U.S. agency mortgage-backed securities - - (7,580 ) 52,896 Asset-backed securities - - (56 ) 1,968 Total $ - $ - $ (10,887 ) $ 115,381 Debt Securities Held to Maturity Municipal securities $ - $ - $ (1,364 ) $ 6,908 U.S. agency mortgage-backed securities - - (192 ) 2,402 Total $ - $ - $ (1,556 ) $ 9,310 At December 31, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ - $ - $ (1,234 ) $ 45,258 Municipal securities (2 ) 386 (2,149 ) 19,722 U.S. agency mortgage-backed securities - - (7,013 ) 54,987 Asset-backed securities - - (74 ) 2,950 Total $ (2 ) $ 386 $ (10,470 ) $ 122,917 Debt Securities Held to Maturity Municipal securities $ - $ - $ (1,378 ) $ 6,884 U.S. agency mortgage-backed securities - - (153 ) 2,440 Total $ - $ - $ (1,531 ) $ 9,324 |
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 March 31, 2024 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 40,532 $ - $ 40,532 $ - Municipal securities 19,985 - 19,985 - U.S. agency mortgage-backed securities 54,069 - 54,069 - Asset-backed securities 2,827 - 2,827 - Total $ 117,413 $ - $ 117,413 $ - At December 31, 2023 Debt Securities Available for Sale U.S. Government treasury and agency securities $ 45,258 $ - $ 45,258 $ - Municipal securities 20,108 - 20,108 - U.S. agency mortgage-backed securities 56,159 - 56,159 - Asset-backed securities 2,950 - 2,950 - Total $ 124,475 $ - $ 124,475 $ - |
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 $ 30,816 $ 30,612 $ - $ - Due in one to five years 17,825 16,677 - - Due in five to ten years 12,880 11,305 2,056 1,940 Due after ten years 5,124 4,750 7,211 5,986 U.S. agency mortgage-backed securities 61,623 54,069 2,594 2,402 Total $ 128,268 $ 117,413 $ 11,861 $ 10,328 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Portfolio of Loans [Table Text Block] | (in thousands) At March 31, 2024 At December 31, 2023 Real estate mortgage loans: Commercial $ 226,634 $ 223,795 Residential and home equity 264,638 254,574 Construction 87,593 81,640 Total real estate mortgage loans 578,865 560,009 Commercial loans 88,426 85,983 Consumer and other loans 5,545 5,936 Total loans 672,836 651,928 Add (deduct): Net deferred loan fees (214 ) (192 ) Allowance for credit losses (5,796 ) (5,609 ) Loans, net $ 666,826 $ 646,127 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (in thousands) Term Loans by Origination Year At March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Commercial Real Estate Loans Pass $ 5,465 $ 27,806 $ 61,765 $ 32,398 $ 40,843 $ 49,414 $ 7,126 $ 224,817 Special mention - - - - - 1,761 1,761 Substandard - - - - - 56 - 56 Total commercial real estate loans $ 5,465 $ 27,806 $ 61,765 $ 32,398 $ 40,843 $ 51,231 $ 7,126 $ 226,634 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and Home Equity Loans Pass $ 5,957 $ 44,589 $ 51,923 $ 56,490 $ 29,625 $ 39,049 $ 32,789 $ 260,422 Special mention - - - 1,384 275 202 536 2,397 Substandard - - - 1,408 367 - 44 1,819 Total residential loans $ 5,957 $ 44,589 $ 51,923 $ 59,282 $ 30,267 $ 39,251 $ 33,369 $ 264,638 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Loans Pass $ 7,327 $ 32,003 $ 17,762 $ 19,056 $ 759 $ 3,321 $ 6,790 $ 87,018 Special mention - - - - - - - - Substandard - - 190 - - - 385 575 Total construction loans $ 7,327 $ 32,003 $ 17,952 $ 19,056 $ 759 $ 3,321 $ 7,175 $ 87,593 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial Loans Pass $ 2,329 $ 11,846 $ 11,672 $ 6,353 $ 3,373 $ 7,777 $ 44,297 $ 87,647 Special mention - 14 - - - - - 14 Substandard - - - - - - 765 765 Total commercial loans $ 2,329 $ 11,860 $ 11,672 $ 6,353 $ 3,373 $ 7,777 $ 45,062 $ 88,426 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer & Other Loans Pass $ 488 $ 1,107 $ 566 $ 246 $ 115 $ 488 $ 2,486 $ 5,496 Special mention 49 - - - - - - 49 Substandard - - - - - - - - Total consumer & other loans $ 537 $ 1,107 $ 566 $ 246 $ 115 $ 488 $ 2,486 $ 5,545 Year-to-date gross charge-offs $ 27 $ - $ - $ - $ - $ - $ - $ 27 (in thousands) Term Loans by Origination Year At December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial Real Estate Loans Pass $ 27,756 $ 62,149 $ 32,799 $ 42,079 $ 12,492 $ 38,271 $ 6,482 $ 222,028 Special mention - - - - - 1,767 1,767 Substandard - - - - - - - - Total commercial real estate loans $ 27,756 $ 62,149 $ 32,799 $ 42,079 $ 12,492 $ 40,038 $ 6,482 $ 223,795 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential and Home Equity Loans Pass $ 43,809 $ 51,060 $ 56,802 $ 29,979 $ 11,717 $ 28,188 $ 29,794 $ 251,349 Special mention - - 1,391 278 - 203 357 2,229 Substandard - - 585 367 - - 44 996 Total residential loans $ 43,809 $ 51,060 $ 58,778 $ 30,624 $ 11,717 $ 28,391 $ 30,195 $ 254,574 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Construction Loans Pass $ 33,713 $ 18,797 $ 16,717 $ 1,425 $ 1,611 $ 1,837 $ 6,958 $ 81,058 Special mention - - - - - - - - Substandard - 198 - 384 - - - 582 Total construction loans $ 33,713 $ 18,995 $ 16,717 $ 1,809 $ 1,611 $ 1,837 $ 6,958 $ 81,640 Year-to-date gross charge-offs $ - $ - $ - $ 386 $ - $ - $ - $ 386 Commercial Loans Pass $ 12,024 $ 12,130 $ 7,247 $ 3,543 $ 4,823 $ 5,250 $ 40,064 $ 85,081 Special mention 24 - - 45 - 32 - 101 Substandard - - - 36 - - 765 801 Total commercial loans $ 12,048 $ 12,130 $ 7,247 $ 3,624 $ 4,823 $ 5,282 $ 40,829 $ 85,983 Year-to-date gross charge-offs $ - $ - $ - $ - $ - $ 1 $ - $ 1 Consumer & Other Loans Pass $ 1,317 $ 688 $ 275 $ 122 $ 348 $ 176 $ 3,010 $ 5,936 Special mention - - - - - - - - Substandard - - - - - - - - Total consumer & other loans $ 1,317 $ 688 $ 275 $ 122 $ 348 $ 176 $ 3,010 $ 5,936 Year-to-date gross charge-offs $ 46 $ - $ - $ - $ - $ - $ - $ 46 |
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 March 31, 2024 Real estate mortgage loans: Commercial $ 596 $ - $ - $ 596 $ 225,982 $ 56 $ 226,634 Residential and home equity 3,459 19 - 3,478 259,110 2,050 264,638 Construction 373 - - 373 86,645 575 87,593 Commercial loans - - - - 87,661 765 88,426 Consumer and other loans - - - - 5,545 - 5,545 Total $ 4,428 $ 19 $ - $ 4,447 $ 664,943 $ 3,446 $ 672,836 At December 31, 2023 Real estate mortgage loans: Commercial $ 57 $ - $ - $ 57 $ 223,738 $ - $ 223,795 Residential and home equity 3,792 492 1,110 5,394 248,227 953 254,574 Construction 648 - - 648 80,410 582 81,640 Commercial loans 18 318 - 336 84,847 800 85,983 Consumer and other loans 28 - - 28 5,908 - 5,936 Total $ 4,543 $ 810 $ 1,110 $ 6,463 $ 643,130 $ 2,335 $ 651,928 |
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 March 31, 2024 Commercial real estate $ 56 $ 56 $ - $ - Residential and home equity 2,050 2,050 - - Construction 575 575 - - Commercial 765 - 765 - Total $ 3,446 $ 2,681 $ 765 $ - At December 31, 2023 Residential and home equity $ 953 $ 953 $ - $ 1,110 Construction 582 582 - - Commercial 800 36 764 - Total $ 2,335 $ 1,571 $ 764 $ 1,110 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Three Month Period Ended March 31, 2024 Beginning balance $ 1,713 $ 2,034 $ 559 $ 1,272 $ 31 $ 5,609 Credit loss expense 23 84 40 53 11 211 Charge-offs - - - (27 ) (27 ) Recoveries - - - - 3 3 Ending balance $ 1,736 $ 2,118 $ 599 $ 1,325 $ 18 $ 5,796 Three Month Period Ended March 31, 2023 Beginning balance $ 2,303 $ 2,607 $ 922 $ 1,223 $ 90 $ 7,145 Impact of adopting ASC 326 (740 ) (892 ) (403 ) (504 ) (67 ) $ (2,606 ) Credit loss expense 43 27 21 143 9 243 Charge-offs - - - - (15 ) (15 ) Recoveries - - - 33 2 35 Ending balance $ 1,606 $ 1,742 $ 540 $ 895 $ 19 $ 4,802 |
Note 5 - Regulatory Matters (Ta
Note 5 - Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Tier 1 Leverage Capital $ 88,744 10.35 % 34,301 4.00 % 42,876 5.00 % Common Equity Tier 1 Risk-based Capital 88,744 13.16 30,352 4.50 43,842 6.50 Tier 1 Risk-based Capital 88,744 13.16 40,470 6.00 53,960 8.00 Total Risk-based Capital 94,540 14.02 53,960 8.00 67,450 10.00 As of December 31, 2023 Tier 1 Leverage Capital $ 86,576 10.15 % $ 34,133 4.00 % $ 42,666 5.00 % Common Equity Tier 1 Risk-based Capital 86,576 13.18 29,566 4.50 42,706 6.50 Tier 1 Risk-based Capital 86,576 13.18 39,421 6.00 52,561 8.00 Total Risk-based Capital 92,185 14.03 52,561 8.00 65,702 10.00 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2024 2023 Weighted- Per Weighted- Per Average Share Average Share (dollars in thousands, except per share amounts) Earnings Shares Amount Earnings Shares Amount Three Months Ending March 31: Basic EPS: Net earnings $ 1,931 3,275,401 $ 0.59 $ 2,501 3,175,807 $ 0.79 Effect of dilutive securities-incremental shares from assumed conversion of stock options 23,154 34,205 Diluted EPS: Net earnings $ 1,931 3,298,555 $ 0.59 $ 2,501 3,210,012 $ 0.78 |
Note 7 - Stock Benefit Plans (T
Note 7 - Stock Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2022 14,203 $ 25.30 $ 359,000 Non-vested restricted stock granted 3,834 $ 26.08 100,000 Restricted stock shares vested (5,234 ) (23.71 ) (124,000 ) Non-vested restricted stock outstanding at March 31, 2023 12,803 $ 26.18 $ 335,000 Non-vested restricted stock granted 71,917 $ 22.50 $ 1,618,000 Restricted stock shares vested (806 ) (26.06 ) (21,000 ) Forfeited (6,278 ) (23.42 ) (147,000 ) Non-vested restricted stock outstanding at December 31, 2023 77,636 $ 22.99 $ 1,785,000 Non-vested restricted stock granted 9,790 $ 23.21 $ 227,000 Restricted stock shares vested (5,234 ) (25.10 ) (131,000 ) Non-vested restricted stock outstanding at March 31, 2024 82,192 $ 22.88 $ 1,881,000 |
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, 2022 251,367 $ 19.99 Options exercised (15,867 ) 17.25 Options forfeited (50 ) (20.09 ) Outstanding at March 31, 2023 235,450 $ 20.67 Options exercised (3,350 ) (20.09 ) Options forfeited (10,000 ) 28.40 Outstanding at December 31, 2023 222,100 $ 20.33 Options exercised (23,940 ) (20.09 ) Options forfeited (250 ) (20.09 ) Outstanding at March 31, 2024 197,910 $ 20.36 2.4 $ 287,000 Exercisable at March 31, 2024 188,710 $ 20.19 2.3 $ 281,000 |
Note 9 - Federal Home Loan Ba_2
Note 9 - Federal Home Loan Bank Advances and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | (dollars in thousands) Maturity Year Interest Rate At March 31, 2024 At December 31, 2023 2024 4.48% - 5.48% $ 15,000 $ 10,000 2025 4.18 % 5,000 5,000 $ 20,000 $ 15,000 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | At March 31, 2024 At December 31, 2023 (dollars in thousands) Notional amount - interest rate swaps: Stand-alone derivatives $ 19,456 $ 19,548 Weighted-average pay rate - interest rate swaps 3.68 % 3.68 % Weighted-average receive rate - interest rate swaps 7.75 % 7.75 % Weighted-average maturity (in years) - interest rate swaps 11.3 11.6 Net realized fair value adjustments: Stand-alone derivatives - interest rate swaps (other assets) $ 2,509 $ 2,253 Stand-alone derivatives - interest rate swaps (other liabilities) $ (2,509 ) $ (2,253 ) |
Note 11 - Fair Value of Finan_2
Note 11 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At March 31, 2024 At December 31, 2023 Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Financial assets: Cash and cash equivalents 1 $ 23,474 $ 23,474 28,416 28,416 Debt securities available for sale 2 117,413 117,413 124,475 124,475 Debt securities held to maturity 2 11,861 10,328 11,850 10,358 Loans held for sale 3 3,583 3,640 5,288 5,371 Loans, net 3 666,826 580,748 646,127 557,847 Federal Home Loan Bank stock 3 1,548 1,548 1,283 1,283 Accrued interest receivable 3 3,465 3,465 3,114 3,114 Bank-owned life insurance 3 17,021 17,021 16,921 16,921 Derivative contract assets 2 2,509 2,509 2,253 2,253 Financial liabilities: Deposits 3 751,713 752,561 748,688 749,411 FHLB Advances 3 20,000 19,881 15,000 14,848 Derivative contract liabilities 2 2,509 2,509 2,253 2,253 Off-Balance Sheet Items 3 - - - |
Note 12 - Off-balance Sheet F_2
Note 12 - Off-balance Sheet Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | At March 31, 2024 (in thousands) Commitments to extend credit $ 8,885 Construction loans in process $ 34,733 Unused lines of credit $ 81,806 Standby financial letters of credit $ 2,230 Standby performance letters of credit $ 89 Guaranteed accounts $ 1,276 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Subsidiary, Ownership Percentage By Parent | 100% |
Number of Banking Offices | 4 |
Note 2 - Debt Securities (Detai
Note 2 - Debt Securities (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 100 | 103 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | 0 | |
Debt Securities, Available-for-Sale, Restricted | 16,300 | 16,400 | |
Debt Securities, Available-for-Sale, Nonaccrual | $ 0 | $ 0 |
Note 2 - Debt Securities - Summ
Note 2 - Debt Securities - Summary of Carrying Amount and Fair Values of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt securities available for sale, fair value | $ 128,268 | $ 134,940 |
Gross Unrealized Gains, available for sale | 32 | 7 |
Gross Unrealized Losses, available for sale | (10,887) | (10,472) |
Debt securities available for sale at fair value (amortized cost of $128,268 and $134,940) | 117,413 | 124,475 |
Amortized Cost, held to maturity | 11,861 | 11,850 |
Gross Unrealized Gains, held to maturity | 23 | 39 |
Gross Unrealized Losses, held to maturity | (1,556) | (1,531) |
Debt securities held to maturity, fair value | 10,328 | 10,358 |
US Treasury and Government [Member] | ||
Debt securities available for sale, fair value | 41,585 | 46,492 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (1,053) | (1,234) |
Debt securities available for sale at fair value (amortized cost of $128,268 and $134,940) | 40,532 | 45,258 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale, fair value | 22,183 | 22,259 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (2,198) | (2,151) |
Debt securities available for sale at fair value (amortized cost of $128,268 and $134,940) | 19,985 | 20,108 |
Amortized Cost, held to maturity | 9,267 | 9,257 |
Gross Unrealized Gains, held to maturity | 23 | 39 |
Gross Unrealized Losses, held to maturity | (1,364) | |
Debt securities held to maturity, fair value | 7,926 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale, fair value | 61,623 | 63,165 |
Gross Unrealized Gains, available for sale | 26 | 7 |
Gross Unrealized Losses, available for sale | (7,580) | (7,013) |
Debt securities available for sale at fair value (amortized cost of $128,268 and $134,940) | 54,069 | 56,159 |
Amortized Cost, held to maturity | 2,594 | 2,593 |
Gross Unrealized Gains, held to maturity | 0 | 0 |
Gross Unrealized Losses, held to maturity | (192) | (1,378) |
Debt securities held to maturity, fair value | 2,402 | 7,918 |
Asset-Backed Securities [Member] | ||
Debt securities available for sale, fair value | 2,877 | 3,024 |
Gross Unrealized Gains, available for sale | 6 | 0 |
Gross Unrealized Losses, available for sale | (56) | (74) |
Debt securities available for sale at fair value (amortized cost of $128,268 and $134,940) | $ 2,827 | 2,950 |
Gross Unrealized Losses, held to maturity | (153) | |
Debt securities held to maturity, fair value | $ 2,440 |
Note 2 - Debt Securities - Su_2
Note 2 - Debt Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross Unrealized Losses, Less Than Twelve Months, AFS | $ 0 | $ (2) |
Fair Value, Less Than Twelve Months, AFS | 0 | 386 |
Gross Unrealized Losses, Over Twelve Months, AFS | (10,887) | (10,470) |
Fair Value, Over Twelve Months, AFS | 115,381 | 122,917 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | 0 | 0 |
Fair Value, Less Than Twelve Months, held-to-maturity | 0 | 0 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | (1,556) | (1,531) |
Fair Value, Over Twelve Months, Held-to-maturity | 9,310 | 9,324 |
US Treasury and Government [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | 0 |
Fair Value, Less Than Twelve Months, AFS | 0 | 0 |
Gross Unrealized Losses, Over Twelve Months, AFS | (1,053) | (1,234) |
Fair Value, Over Twelve Months, AFS | 40,532 | 45,258 |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | (2) |
Fair Value, Less Than Twelve Months, AFS | 0 | 386 |
Gross Unrealized Losses, Over Twelve Months, AFS | (2,198) | (2,149) |
Fair Value, Over Twelve Months, AFS | 19,985 | 19,722 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | 0 | 0 |
Fair Value, Less Than Twelve Months, held-to-maturity | 0 | 0 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | (1,364) | (1,378) |
Fair Value, Over Twelve Months, Held-to-maturity | 6,908 | 6,884 |
Collateralized Mortgage-Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | 0 |
Fair Value, Less Than Twelve Months, AFS | 0 | 0 |
Gross Unrealized Losses, Over Twelve Months, AFS | (7,580) | (7,013) |
Fair Value, Over Twelve Months, AFS | 52,896 | 54,987 |
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity | 0 | 0 |
Fair Value, Less Than Twelve Months, held-to-maturity | 0 | 0 |
Gross Unrealized Losses, Over Twelve Months, held-to-maturity | (192) | (153) |
Fair Value, Over Twelve Months, Held-to-maturity | 2,402 | 2,440 |
Asset-Backed Securities [Member] | ||
Gross Unrealized Losses, Less Than Twelve Months, AFS | 0 | 0 |
Fair Value, Less Than Twelve Months, AFS | 0 | 0 |
Gross Unrealized Losses, Over Twelve Months, AFS | (56) | (74) |
Fair Value, Over Twelve Months, AFS | $ 1,968 | $ 2,950 |
Note 2 - Debt Securities - Secu
Note 2 - Debt Securities - Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt securities available for sale | $ 117,413 | $ 124,475 |
US Treasury and Government [Member] | ||
Debt securities available for sale | 40,532 | 45,258 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities available for sale | 19,985 | 20,108 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities available for sale | 54,069 | 56,159 |
Asset-Backed Securities [Member] | ||
Debt securities available for sale | 2,827 | 2,950 |
Fair Value, Recurring [Member] | ||
Debt securities available for sale | 117,413 | 124,475 |
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 | 117,413 | 124,475 |
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 | 40,532 | 45,258 |
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 | 40,532 | 45,258 |
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 | 19,985 | 20,108 |
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 | 19,985 | 20,108 |
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 | 54,069 | 56,159 |
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 | 54,069 | 56,159 |
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 | 2,827 | 2,950 |
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 | 2,827 | 2,950 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Due in less than one year, amortized cost | $ 30,816 | |
Due in less than one year, fair value | 30,612 | |
Due in one to five years, amortized cost | 17,825 | |
Due in one to five years, fair value | 16,677 | |
Due in five to ten years, amortized cost | 12,880 | |
Due in five to ten years, fair value | 11,305 | |
Due in five to ten years, held-to-maturity | 2,056 | |
Due in five to ten years, fair value, held-to-maturity | 1,940 | |
Due after ten years, amortized cost | 5,124 | |
Due after ten years, fair value | 4,750 | |
Due after ten years, held-to-maturity | 7,211 | |
Due after ten years, fair value, held-to-maturity | 5,986 | |
U.S. agency mortgage-backed securities, amortized cost | 61,623 | |
U.S. agency mortgage-backed securities, fair value | 54,069 | |
U.S. agency mortgage-backed securities, HTM | 2,594 | |
U.S. agency mortgage-backed securities, fair value HTM | 2,402 | |
Total, amortized cost, AFS | 128,268 | $ 134,940 |
Total, fair value, AFS | 117,413 | 124,475 |
Total, HTM | 11,861 | $ 11,850 |
Total, fair value, HTM | $ 10,328 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | |
Number of Portfolio Classes | 5 | ||
Impairment Valuation Loan Limit | $ 1,000,000 | ||
Financing Receivable, Nonaccrual, With Allowance | $ 765,000 | $ 764,000 | |
Financing Receivable, Modifications, Number of Contracts 1 | 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 | ||
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 | ||
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] | Loans and Finance Receivables [Member] | |||
Financing Receivable, Nonaccrual, With Allowance | $ 765,000 | 764,000 | |
Financing Receivable, Nonaccrual, Allowance for Credit Loss | $ 556,000 | $ 556,000 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Total loans | $ 672,836 | $ 651,928 | ||
Net deferred loan fees | (214) | (192) | ||
Allowance for credit losses | (5,796) | (5,609) | ||
Loans, net | 666,826 | 646,127 | ||
Mortgage Receivable [Member] | ||||
Total loans | 578,865 | 560,009 | ||
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Total loans | 226,634 | 223,795 | ||
Allowance for credit losses | (1,736) | (1,713) | $ (1,606) | $ (2,303) |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||||
Total loans | 264,638 | 254,574 | ||
Allowance for credit losses | (2,118) | (2,034) | (1,742) | (2,607) |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||||
Total loans | 87,593 | 81,640 | ||
Allowance for credit losses | (599) | (559) | (540) | (922) |
Loans and Finance Receivables [Member] | ||||
Total loans | 672,836 | 651,928 | ||
Allowance for credit losses | (5,796) | (5,609) | (4,802) | (7,145) |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||||
Total loans | 88,426 | 85,983 | ||
Allowance for credit losses | (1,325) | (1,272) | (895) | (1,223) |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||||
Total loans | 5,545 | 5,936 | ||
Allowance for credit losses | $ (18) | $ (31) | $ (19) | $ (90) |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loan Credit Quality (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing receivable, originated | $ 672,836 | $ 651,928 | |
Mortgage Receivable [Member] | |||
Financing receivable, originated | 578,865 | 560,009 | |
Loans and Finance Receivables [Member] | |||
Financing receivable, originated | 672,836 | 651,928 | |
Current period gross writeoffs, originated | 27 | $ 15 | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 5,465 | 27,756 | |
Financing receivable, originated in fiscal year before latest fiscal year | 27,806 | 62,149 | |
Financing receivable, originated two fiscal years before latest fiscal year | 61,765 | 32,799 | |
Financing receivable, originated three fiscal years before latest fiscal year | 32,398 | 42,079 | |
Financing receivable, originated four fiscal years before latest fiscal year | 40,843 | 12,492 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 51,231 | 40,038 | |
Financing receivable, originated, revolving | 7,126 | 6,482 | |
Financing receivable, originated | 226,634 | 223,795 | |
Year-to-date gross charge-offs | 0 | 0 | |
Fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Second fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Third fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Current period gross writeoffs, revolving | 0 | 0 | |
Current period gross writeoffs, originated | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 5,465 | 27,756 | |
Financing receivable, originated in fiscal year before latest fiscal year | 27,806 | 62,149 | |
Financing receivable, originated two fiscal years before latest fiscal year | 61,765 | 32,799 | |
Financing receivable, originated three fiscal years before latest fiscal year | 32,398 | 42,079 | |
Financing receivable, originated four fiscal years before latest fiscal year | 40,843 | 12,492 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 49,414 | 38,271 | |
Financing receivable, originated, revolving | 7,126 | 6,482 | |
Financing receivable, originated | 224,817 | 222,028 | |
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 | 1,761 | 1,767 | |
Financing receivable, originated, revolving | |||
Financing receivable, originated | 1,761 | 1,767 | |
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 | 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 | 56 | 0 | |
Financing receivable, originated, revolving | 0 | 0 | |
Financing receivable, originated | 56 | 0 | |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 5,957 | 43,809 | |
Financing receivable, originated in fiscal year before latest fiscal year | 44,589 | 51,060 | |
Financing receivable, originated two fiscal years before latest fiscal year | 51,923 | 58,778 | |
Financing receivable, originated three fiscal years before latest fiscal year | 59,282 | 30,624 | |
Financing receivable, originated four fiscal years before latest fiscal year | 30,267 | 11,717 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 39,251 | 28,391 | |
Financing receivable, originated, revolving | 33,369 | 30,195 | |
Financing receivable, originated | 264,638 | 254,574 | |
Year-to-date gross charge-offs | 0 | 0 | |
Fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Second fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Third fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Current period gross writeoffs, revolving | 0 | 0 | |
Current period gross writeoffs, originated | 0 | 0 | 0 |
Residential Portfolio Segment [Member] | Pass [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 5,957 | 43,809 | |
Financing receivable, originated in fiscal year before latest fiscal year | 44,589 | 51,060 | |
Financing receivable, originated two fiscal years before latest fiscal year | 51,923 | 56,802 | |
Financing receivable, originated three fiscal years before latest fiscal year | 56,490 | 29,979 | |
Financing receivable, originated four fiscal years before latest fiscal year | 29,625 | 11,717 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 39,049 | 28,188 | |
Financing receivable, originated, revolving | 32,789 | 29,794 | |
Financing receivable, originated | 260,422 | 251,349 | |
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 | 0 | 1,391 | |
Financing receivable, originated three fiscal years before latest fiscal year | 1,384 | 278 | |
Financing receivable, originated four fiscal years before latest fiscal year | 275 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 202 | 203 | |
Financing receivable, originated, revolving | 536 | 357 | |
Financing receivable, originated | 2,397 | 2,229 | |
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 | 0 | 585 | |
Financing receivable, originated three fiscal years before latest fiscal year | 1,408 | 367 | |
Financing receivable, originated four fiscal years before latest fiscal year | 367 | 0 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated, revolving | 44 | 44 | |
Financing receivable, originated | 1,819 | 996 | |
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 7,327 | 33,713 | |
Financing receivable, originated in fiscal year before latest fiscal year | 32,003 | 18,995 | |
Financing receivable, originated two fiscal years before latest fiscal year | 17,952 | 16,717 | |
Financing receivable, originated three fiscal years before latest fiscal year | 19,056 | 1,809 | |
Financing receivable, originated four fiscal years before latest fiscal year | 759 | 1,611 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 3,321 | 1,837 | |
Financing receivable, originated, revolving | 7,175 | 6,958 | |
Financing receivable, originated | 87,593 | 81,640 | |
Year-to-date gross charge-offs | 0 | 0 | |
Fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Second fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Third fiscal year before current fiscal year period gross writeoffs | 0 | 386 | |
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Current period gross writeoffs, revolving | 0 | 0 | |
Current period gross writeoffs, originated | 0 | 0 | 386 |
Real Estate Construction Loan [Member] | Pass [Member] | Mortgage Receivable [Member] | |||
Financing receivable, originated in current fiscal year | 7,327 | 33,713 | |
Financing receivable, originated in fiscal year before latest fiscal year | 32,003 | 18,797 | |
Financing receivable, originated two fiscal years before latest fiscal year | 17,762 | 16,717 | |
Financing receivable, originated three fiscal years before latest fiscal year | 19,056 | 1,425 | |
Financing receivable, originated four fiscal years before latest fiscal year | 759 | 1,611 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 3,321 | 1,837 | |
Financing receivable, originated, revolving | 6,790 | 6,958 | |
Financing receivable, originated | 87,018 | 81,058 | |
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 | |
Financing receivable, originated | 0 | 0 | |
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 | 0 | 198 | |
Financing receivable, originated two fiscal years before latest fiscal year | 190 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 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 | 385 | 0 | |
Financing receivable, originated | 575 | 582 | |
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 2,329 | 12,048 | |
Financing receivable, originated in fiscal year before latest fiscal year | 11,860 | 12,130 | |
Financing receivable, originated two fiscal years before latest fiscal year | 11,672 | 7,247 | |
Financing receivable, originated three fiscal years before latest fiscal year | 6,353 | 3,624 | |
Financing receivable, originated four fiscal years before latest fiscal year | 3,373 | 4,823 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 7,777 | 5,282 | |
Financing receivable, originated, revolving | 45,062 | 40,829 | |
Financing receivable, originated | 88,426 | 85,983 | |
Year-to-date gross charge-offs | 0 | 0 | |
Fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Second fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Third fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | 1 | |
Current period gross writeoffs, revolving | 0 | 0 | |
Current period gross writeoffs, originated | 0 | 0 | 1 |
Commercial Portfolio Segment [Member] | Pass [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 2,329 | 12,024 | |
Financing receivable, originated in fiscal year before latest fiscal year | 11,846 | 12,130 | |
Financing receivable, originated two fiscal years before latest fiscal year | 11,672 | 7,247 | |
Financing receivable, originated three fiscal years before latest fiscal year | 6,353 | 3,543 | |
Financing receivable, originated four fiscal years before latest fiscal year | 3,373 | 4,823 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 7,777 | 5,250 | |
Financing receivable, originated, revolving | 44,297 | 40,064 | |
Financing receivable, originated | 87,647 | 85,081 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 0 | 24 | |
Financing receivable, originated in fiscal year before latest fiscal year | 14 | 0 | |
Financing receivable, originated two fiscal years before latest fiscal year | 0 | 0 | |
Financing receivable, originated three fiscal years before latest fiscal year | 0 | 45 | |
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 | 32 | |
Financing receivable, originated, revolving | 0 | 0 | |
Financing receivable, originated | 14 | 101 | |
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 | 36 | |
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 | 765 | 765 | |
Financing receivable, originated | 765 | 801 | |
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 537 | 1,317 | |
Financing receivable, originated in fiscal year before latest fiscal year | 1,107 | 688 | |
Financing receivable, originated two fiscal years before latest fiscal year | 566 | 275 | |
Financing receivable, originated three fiscal years before latest fiscal year | 246 | 122 | |
Financing receivable, originated four fiscal years before latest fiscal year | 115 | 348 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 488 | 176 | |
Financing receivable, originated, revolving | 2,486 | 3,010 | |
Financing receivable, originated | 5,545 | 5,936 | |
Year-to-date gross charge-offs | 27 | 46 | |
Fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Second fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Third fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fourth fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Fifth and prior fiscal year before current fiscal year period gross writeoffs | 0 | 0 | |
Current period gross writeoffs, revolving | 0 | 0 | |
Current period gross writeoffs, originated | 27 | $ 15 | 46 |
Consumer Portfolio Segment [Member] | Pass [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 488 | 1,317 | |
Financing receivable, originated in fiscal year before latest fiscal year | 1,107 | 688 | |
Financing receivable, originated two fiscal years before latest fiscal year | 566 | 275 | |
Financing receivable, originated three fiscal years before latest fiscal year | 246 | 122 | |
Financing receivable, originated four fiscal years before latest fiscal year | 115 | 348 | |
Financing receivable, originated five and prior fiscal years before latest fiscal year | 488 | 176 | |
Financing receivable, originated, revolving | 2,486 | 3,010 | |
Financing receivable, originated | 5,496 | 5,936 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | Loans and Finance Receivables [Member] | |||
Financing receivable, originated in current fiscal year | 49 | 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 | |
Financing receivable, originated | 49 | 0 | |
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 | |
Financing receivable, originated | $ 0 | $ 0 |
Note 3 - Loans - Summary of Pas
Note 3 - Loans - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing receivable, originated | $ 672,836 | $ 651,928 |
Total nonaccrual loans | 3,446 | 2,335 |
Mortgage Receivable [Member] | ||
Financing receivable, originated | 578,865 | 560,009 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, originated | 226,634 | 223,795 |
Total nonaccrual loans | 56 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, originated | 596 | 57 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, originated | 596 | 57 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, originated | 225,982 | 223,738 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing receivable, originated | 264,638 | 254,574 |
Total nonaccrual loans | 2,050 | 953 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, originated | 3,459 | 3,792 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, originated | 19 | 492 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 1,110 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, originated | 3,478 | 5,394 |
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, originated | 259,110 | 248,227 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | ||
Financing receivable, originated | 87,593 | 81,640 |
Total nonaccrual loans | 575 | 582 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, originated | 373 | 648 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, originated | 373 | 648 |
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, originated | 86,645 | 80,410 |
Loans and Finance Receivables [Member] | ||
Financing receivable, originated | 672,836 | 651,928 |
Total nonaccrual loans | 3,446 | 2,335 |
Loans and Finance Receivables [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, originated | 4,428 | 4,543 |
Loans and Finance Receivables [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, originated | 19 | 810 |
Loans and Finance Receivables [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 1,110 |
Loans and Finance Receivables [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, originated | 4,447 | 6,463 |
Loans and Finance Receivables [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, originated | 664,943 | 643,130 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | ||
Financing receivable, originated | 88,426 | 85,983 |
Total nonaccrual loans | 765 | 800 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 18 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 318 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, originated | 0 | 336 |
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, originated | 87,661 | 84,847 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | ||
Financing receivable, originated | 5,545 | 5,936 |
Total nonaccrual loans | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 28 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing receivable, originated | 0 | 0 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing receivable, originated | 0 | 28 |
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing receivable, originated | $ 5,545 | $ 5,908 |
Note 3 - Loans - Loans on Nonac
Note 3 - Loans - Loans on Nonaccrual Status (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Total nonaccrual loans | $ 3,446,000 | $ 2,335,000 |
Nonaccrual loans with no ACL | 2,681,000 | 1,571,000 |
Nonaccrual loan with acl | 765,000 | 764,000 |
Still accruing | 0 | 1,110,000 |
Loans and Finance Receivables [Member] | ||
Total nonaccrual loans | 3,446,000 | 2,335,000 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Total nonaccrual loans | 56,000 | 0 |
Nonaccrual loans with no ACL | 56,000 | |
Nonaccrual loan with acl | 0 | |
Still accruing | 0 | |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Total nonaccrual loans | 2,050,000 | 953,000 |
Nonaccrual loans with no ACL | 2,050,000 | 953,000 |
Nonaccrual loan with acl | 0 | 0 |
Still accruing | 0 | 1,110,000 |
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | ||
Total nonaccrual loans | 575,000 | 582,000 |
Nonaccrual loans with no ACL | 575,000 | 582,000 |
Nonaccrual loan with acl | 0 | 0 |
Still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | ||
Total nonaccrual loans | 765,000 | 800,000 |
Nonaccrual loans with no ACL | 0 | 36,000 |
Nonaccrual loan with acl | 765,000 | 764,000 |
Still accruing | $ 0 | $ 0 |
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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Beginning balance | $ 5,609 | ||
Ending balance | 5,796 | $ 5,609 | |
Loans and Finance Receivables [Member] | |||
Beginning balance | 5,609 | $ 7,145 | 7,145 |
Credit loss expense | 211 | ||
Charge-offs | (27) | (15) | |
Recoveries | 3 | 35 | |
Credit loss expense | 243 | ||
Ending balance | 5,796 | 4,802 | 5,609 |
Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | (2,606) | (2,606) | |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Beginning balance | 1,713 | 2,303 | 2,303 |
Credit loss expense | 23 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Credit loss expense | 43 | ||
Ending balance | 1,736 | 1,606 | 1,713 |
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) | (740) | |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Beginning balance | 2,034 | 2,607 | 2,607 |
Credit loss expense | 84 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Credit loss expense | 27 | ||
Ending balance | 2,118 | 1,742 | 2,034 |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | (892) | (892) | |
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | |||
Beginning balance | 559 | 922 | 922 |
Credit loss expense | 40 | ||
Charge-offs | 0 | 0 | (386) |
Recoveries | 0 | 0 | |
Credit loss expense | 21 | ||
Ending balance | 599 | 540 | 559 |
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Beginning balance | (403) | (403) | |
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | |||
Beginning balance | 1,272 | 1,223 | 1,223 |
Credit loss expense | 53 | ||
Charge-offs | 0 | 0 | (1) |
Recoveries | 0 | 33 | |
Credit loss expense | 143 | ||
Ending balance | 1,325 | 895 | 1,272 |
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) | (504) | |
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | |||
Beginning balance | 31 | 90 | 90 |
Credit loss expense | 11 | ||
Charge-offs | (27) | (15) | (46) |
Recoveries | 3 | 2 | |
Credit loss expense | 9 | ||
Ending balance | $ 18 | 19 | 31 |
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) | $ (67) |
Note 5 - Regulatory Capital - S
Note 5 - Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Tier 1 Leverage Capital, actual amount | $ 88,744 | $ 86,576 |
Tier 1 Leverage Capital, actual percentage | 0.1035 | 0.1015 |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount | $ 34,301 | $ 34,133 |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Percentage | 0.04 | 0.04 |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Amount | $ 42,876 | $ 42,666 |
Tier 1 Leverage Capital, For Well Capitalized Purposes, Percentage | 0.05 | 0.05 |
Common Equity Tier 1 Risk-based Capital, actual amount | $ 88,744 | $ 86,576 |
Common Equity Tier 1 Risk-based Capital, actual percentage | 0.1316 | 0.1318 |
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 30,352 | $ 29,566 |
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 | $ 43,842 | $ 42,706 |
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage | 6.50% | 6.50% |
Tier 1 Risk-based Capital, actual amount | $ 88,744 | $ 86,576 |
Tier 1 Risk-based Capital, actual percentage | 0.1316 | 0.1318 |
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 40,470 | $ 39,421 |
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage | 0.06 | 0.06 |
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount | $ 53,960 | $ 52,561 |
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage | 0.08 | 0.08 |
Total Risk-based Capital, actual amount | $ 94,540 | $ 92,185 |
Total Risk-based Capital, actual percentage | 0.1402 | 0.1403 |
Total Risk-based Capital, For Capital Adequacy Purposes, Amount | $ 53,960 | $ 52,561 |
Total Risk-based Capital, For Well Capitalized Purposes, Amount | $ 67,450 | $ 65,702 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net earnings, basic | $ 1,931 | $ 2,501 |
Weighted-average Shares, basic (in shares) | 3,275,401 | 3,175,807 |
Net earnings, per share amount, basic (in dollars per share) | $ 0.59 | $ 0.79 |
Effect of dilutive securities-incremental shares from assumed conversion of stock options (in shares) | 23,154 | 34,205 |
Net earnings, diluted | $ 1,931 | $ 2,501 |
Weighted-average Shares, diluted (in shares) | 3,298,555 | 3,210,012 |
Net earnings, per share amount, diluted (in dollars per share) | $ 0.59 | $ 0.78 |
Note 7 - Stock Benefit Plans (D
Note 7 - Stock Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 20, 2015 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,776,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 2 months 12 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,790 | 3,834 | 71,917 | |
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) | 127,349 | |||
Share-Based Payment Arrangement, Expense | $ 119,000 | $ 83,000 | ||
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 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 42,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |||
The 2015 Stock Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 113,000 | 38,000 | ||
Directors' Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 74,805 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 28,008 | |||
Share-Based Payment Arrangement, Expense | $ 41,000 | $ 40,000 | ||
Stock Consideration on Percentage of Common Stock Received Upon Cash Fees | 110% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,654 | 1,573 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Outstanding, Balance (in shares) | 222,100 | 251,367 | 235,450 |
Weighted-average Exercise Price, Outstanding (in dollars per share) | $ 20.33 | $ 19.99 | $ 20.67 |
Number of Options, exercised (in shares) | (23,940) | (15,867) | (3,350) |
Weighted-average Exercise Price, exercised (in dollars per share) | $ 20.09 | $ 17.25 | $ 20.09 |
Number of Options, forfeited (in shares) | (250) | (50) | (10,000) |
Weighted-average Exercise Price, forfeited (in dollars per share) | $ (20.09) | $ (20.09) | $ (28.4) |
Weighted-average Exercise Price, exercised (in dollars per share) | (20.09) | (17.25) | (20.09) |
Weighted-average Exercise Price, forfeited (in dollars per share) | $ 20.09 | $ 20.09 | $ 28.4 |
Outstanding, Balance (in shares) | 197,910 | 235,450 | 222,100 |
Weighted-average Exercise Price, Outstanding (in dollars per share) | $ 20.36 | $ 20.67 | $ 20.33 |
Weighted-average Remaining Contractual Term, Outstanding (Year) | 2 years 4 months 24 days | ||
Aggregate Intrinsic Value, Outstanding | $ 287,000 | ||
Number of Options, Exercisable (in shares) | 188,710 | ||
Weighted-average Exercise Price, Exercisable (in dollars per share) | $ 20.19 | ||
Weighted-average Remaining Contractual Term, Exercisable (Year) | 2 years 3 months 18 days | ||
Aggregate Intrinsic Value, Exercisable | $ 281,000 |
Note 7 - Stock Benefit Plans _2
Note 7 - Stock Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Non-vested restricted stock outstanding, shares (in shares) | 77,636 | 14,203 | 12,803 |
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ 22.99 | $ 25.3 | $ 26.18 |
Non-vested restricted stock outstanding, grant date fair value | $ 1,785,000 | $ 359,000 | $ 335,000 |
Non-vested restricted stock granted (in shares) | 9,790 | 3,834 | 71,917 |
Non-vested restricted stock issued, weighted average grant date fair value (in dollars per share) | $ 23.21 | $ 26.08 | $ 22.5 |
Non-vested restricted stock granted, grant date fair value | $ 227,000 | $ 100,000 | $ 1,618,000 |
Restricted stock shares vested (in shares) | (5,234) | (5,234) | (806) |
Restricted stock shares vested, weighted average grant date fair value (in dollars per share) | $ (25.1) | $ (23.71) | $ (26.06) |
Restricted stock vested, grant date fair value | $ (131,000) | $ (124,000) | $ (21,000) |
Forfeited (in shares) | (6,278) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ (23.42) | ||
Forfeited, grant date fair value | $ (147,000) | ||
Non-vested restricted stock outstanding, shares (in shares) | 82,192 | 12,803 | 77,636 |
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) | $ 22.88 | $ 26.18 | $ 22.99 |
Non-vested restricted stock granted, grant date fair value | $ 1,881,000 | $ 335,000 | $ 1,785,000 |
Note 8 - Other Borrowings (Deta
Note 8 - Other Borrowings (Details Textual) - Revolving Credit Facility [Member] - Thomasville National Bank [Member] - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2020 | Dec. 31, 2023 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | $ 15,000,000 | ||
Debt Instrument, Term (Year) | 5 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
Long-Term Line of Credit | $ 0 | $ 0 | ||
Interest Expense, Debt | $ 0 | $ 111,000 |
Note 9 - Federal Home Loan Ba_3
Note 9 - Federal Home Loan Bank Advances and Other Borrowings (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 96,900,000 | |
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-Term | $ 255,000 | $ 0 |
Note 9 - Federal Home Loan Ba_4
Note 9 - Federal Home Loan Bank Advances and Other Borrowings - Maturity Schedule (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
2024, amount | $ 15 | |
2024, amount | $ 5 | $ 10 |
2025, interest rate | 4.18% | |
2025, amount | 5 | |
Amount | $ 20 | $ 15 |
Minimum [Member] | ||
2024, interest rate | 4.48% | |
Maximum [Member] | ||
2024, interest rate | 5.48% |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Stand-alone derivatives | $ 19,456 | $ 19,548 |
Weighted-average pay rate - interest rate swaps | 3.68% | 3.68% |
Weighted-average receive rate - interest rate swaps | 7.75% | 7.75% |
Weighted-average maturity (in years) - interest rate swaps (Year) | 11 years 3 months 18 days | 11 years 7 months 6 days |
Stand-alone derivatives - interest rate swaps (other assets) | $ 2,509 | $ 2,253 |
Stand-alone derivatives - interest rate swaps (other liabilities) | $ (2,509) | $ (2,253) |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Debt securities available for sale | $ 117,413 | $ 124,475 |
Loans held for sale | 3,583 | 5,288 |
Accrued interest receivable | 3,465 | 3,114 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 23,474 | 28,416 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 117,413 | 124,475 |
Debt securities held to maturity | 11,861 | 11,850 |
Derivative contract assets | 2,509 | 2,253 |
Derivative contract liabilities | 2,509 | 2,253 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 3,583 | 5,288 |
Loans, net | 666,826 | 646,127 |
Federal Home Loan Bank stock | 1,548 | 1,283 |
Accrued interest receivable | 3,465 | 3,114 |
Bank-owned life insurance | 17,021 | 16,921 |
Deposits | 751,713 | 748,688 |
FHLB Advances | 20,000 | 15,000 |
Off-Balance Sheet Items | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 23,474 | 28,416 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt securities available for sale | 117,413 | 124,475 |
Debt securities held to maturity | 10,328 | 10,358 |
Derivative contract assets | 2,509 | 2,253 |
Derivative contract liabilities | 2,509 | 2,253 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | 3,640 | 5,371 |
Loans, net | 580,748 | 557,847 |
Federal Home Loan Bank stock | 1,548 | 1,283 |
Accrued interest receivable | 3,465 | 3,114 |
Bank-owned life insurance | 17,021 | 16,921 |
Deposits | 752,561 | 749,411 |
FHLB Advances | 19,881 | 14,848 |
Off-Balance Sheet Items | $ 0 | $ 0 |
Note 11 - Fair Value of Finan_4
Note 11 - Fair Value of Financial Instruments - Fair Values and Fair Value Measurement Method of Financial Instruments (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Other Assets | $ 7,296 | $ 6,755 |
Liabilities [Abstract] | ||
Other Liabilities | $ 5,714 | $ 5,474 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Note 12 - Off-balance Sheet F_3
Note 12 - Off-balance Sheet Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Off-Balance-Sheet, Credit Loss, Liability | $ 0 | $ 0 |
Standby Financial Letters of Credit [Member] | ||
Debt Instrument, Term (Year) | 1 year | |
Debt Instrument, Collateral Amount | $ 642,000 | |
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 | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Commitments to Extend Credit [Member] | |
Contractual amounts with off-balance-sheet risk | $ 8,885 |
Construction Loans In Process [Member] | |
Contractual amounts with off-balance-sheet risk | 34,733 |
Unused lines of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 81,806 |
Standby Financial Letters of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 2,230 |
Performance Standby Letters Of Credit [Member] | |
Contractual amounts with off-balance-sheet risk | 89 |
Guaranteed Accounts [Member] | |
Contractual amounts with off-balance-sheet risk | $ 1,276 |