Document And Entity Information
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021shares | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001602658 | |
Entity Registrant Name | Investar Holding Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36522 | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 27-1560715 | |
Entity Address, Address Line One | 10500 Coursey Boulevard | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70816 | |
City Area Code | 225 | |
Local Phone Number | 227-2222 | |
Title of 12(b) Security | Common stock, $1.00 par value per share | |
Trading Symbol | ISTR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,413,331 | |
ALABAMA | ||
Document Information [Line Items] | ||
Entity Number of Employees | 319 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 29,970 | $ 25,672 |
Interest-bearing balances due from other banks | 69,400 | 9,696 |
Federal funds sold | 97 | 0 |
Cash and cash equivalents | 99,467 | 35,368 |
Available for sale securities at fair value (amortized cost of $299,310 and $263,913, respectively) | 301,433 | 268,410 |
Held to maturity securities at amortized cost (estimated fair value of $12,341 and $12,649, respectively) | 11,966 | 12,434 |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 1,825,547 | 1,839,955 |
Equity securities | 16,763 | 16,599 |
Bank premises and equipment, net of accumulated depreciation of $16,803 and $15,830, respectively | 56,631 | 56,303 |
Other real estate owned, net | 1,518 | 663 |
Accrued interest receivable | 12,868 | 12,969 |
Deferred tax asset | 0 | 1,360 |
Goodwill and other intangible assets, net | 32,001 | 32,232 |
Bank owned life insurance | 39,131 | 38,908 |
Other assets | 10,631 | 5,980 |
Total assets | 2,407,956 | 2,321,181 |
Deposits: | ||
Noninterest-bearing | 515,487 | 448,230 |
Interest-bearing | 1,494,393 | 1,439,594 |
Total deposits | 2,009,880 | 1,887,824 |
Advances from Federal Home Loan Bank | 82,500 | 120,500 |
Repurchase agreements | 4,274 | 5,653 |
Subordinated debt, net of unamortized issuance costs | 42,920 | 42,897 |
Junior subordinated debt | 5,962 | 5,949 |
Accrued taxes and other liabilities | 14,169 | 15,074 |
Total liabilities | 2,159,705 | 2,077,897 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, no par value per share; 5,000,000 shares authorized | 0 | 0 |
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 10,436,493 and 10,608,869 shares issued and outstanding, respectively | 10,436 | 10,609 |
Surplus | 155,822 | 159,485 |
Retained earnings | 75,998 | 71,385 |
Accumulated other comprehensive income | 5,995 | 1,805 |
Total stockholders’ equity | 248,251 | 243,284 |
Total liabilities and stockholders’ equity | $ 2,407,956 | $ 2,321,181 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale securities, amortized cost | $ 299,310 | $ 263,913 |
Held to maturity securities, far value | 12,341 | 12,649 |
Allowance for loan losses | 20,423 | 20,363 |
Bank premises and equipment, accumulated depreciation | $ 16,803 | $ 15,830 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 10,436,493 | 10,608,869 |
Common stock, shares issued (in shares) | 10,436,493 | 10,608,869 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 21,627 | $ 21,669 |
Interest on investment securities | 1,179 | 1,695 |
Other interest income | 163 | 257 |
Total interest income | 22,969 | 23,621 |
INTEREST EXPENSE | ||
Interest on deposits | 2,302 | 5,032 |
Interest on borrowings | 1,033 | 1,254 |
Total interest expense | 3,335 | 6,286 |
Net interest income | 19,634 | 17,335 |
Provision for loan losses | 400 | 3,760 |
Net interest income after provision for loan losses | 19,234 | 13,575 |
NONINTEREST INCOME | ||
Gain on sale of investment securities, net | 600 | 172 |
Loss on sale of fixed assets, net | (2) | 0 |
Gain on sale of other real estate owned, net | 0 | 26 |
Income from bank owned life insurance | 223 | 190 |
Change in the fair value of equity securities | 65 | (826) |
Other operating income | 536 | 541 |
Total noninterest income | 2,365 | 1,089 |
Income before noninterest expense | 21,599 | 14,664 |
NONINTEREST EXPENSE | ||
Depreciation and amortization | 1,206 | 1,033 |
Salaries and employee benefits | 8,695 | 7,953 |
Occupancy | 637 | 531 |
Data processing | 746 | 693 |
Marketing | 41 | 32 |
Professional fees | 358 | 394 |
Acquisition expense | 361 | 751 |
Other operating expenses | 2,765 | 2,520 |
Total noninterest expense | 14,809 | 13,907 |
Income before income tax expense | 6,790 | 757 |
Income tax expense | 1,430 | 149 |
Net income | $ 5,360 | $ 608 |
EARNINGS PER SHARE | ||
Basic earnings per share (in dollars per share) | $ 0.51 | $ 0.05 |
Diluted earnings per share (in dollars per share) | 0.51 | 0.05 |
Cash dividends declared per common share (in dollars per share) | $ 0.07 | $ 0.06 |
Deposit Account [Member] | ||
NONINTEREST INCOME | ||
Service charges on deposit accounts | $ 491 | $ 571 |
Bank Servicing [Member] | ||
NONINTEREST INCOME | ||
Service charges on deposit accounts | 64 | 120 |
Credit and Debit Card [Member] | ||
NONINTEREST INCOME | ||
Service charges on deposit accounts | $ 388 | $ 295 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 5,360 | $ 608 |
Unrealized (loss) gain on investment securities: | ||
Unrealized (loss) gain, available for sale, net of tax (benefit) expense of ($372) and $149, respectively | (1,401) | 562 |
Reclassification of realized gain, net of tax expense of $126 and $36, respectively | (474) | (136) |
Fair value of derivative financial instruments: | ||
Change in fair value of interest rate swaps designated as a cash flow hedge, net of tax expense (benefit) of $1,612 and ($667), respectively | 6,065 | (2,511) |
Total other comprehensive income (loss) | 4,190 | (2,085) |
Total comprehensive income (loss) | $ 9,550 | $ (1,477) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized (loss) gain, available for sale, tax | $ (372) | $ 149 |
Reclassification of realized gain, tax | 126 | 36 |
Change in fair value of interest rate swaps designated as a cash flow hedge, tax | $ 1,612 | $ (667) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2019 | $ 11,229 | $ 168,658 | $ 60,198 | $ 1,891 | $ 241,976 |
Stock issuance costs | 0 | (45) | 0 | 0 | (45) |
Surrendered shares | (13) | (279) | 0 | 0 | (292) |
Options exercised | 3 | 43 | 0 | 0 | 46 |
Dividends declared | 0 | 0 | (660) | 0 | (660) |
Stock-based compensation | 48 | 335 | 0 | 0 | 383 |
Shares repurchased | (327) | (6,332) | 0 | 0 | (6,659) |
Net income | 0 | 0 | 608 | 0 | 608 |
Other comprehensive loss, net | 0 | 0 | 0 | (2,085) | (2,085) |
Balance at Mar. 31, 2020 | 10,940 | 162,380 | 60,146 | (194) | 233,272 |
Balance at Dec. 31, 2020 | 10,609 | 159,485 | 71,385 | 1,805 | 243,284 |
Surrendered shares | (19) | (337) | 0 | 0 | (356) |
Options exercised | 8 | 107 | 0 | 0 | 115 |
Dividends declared | 0 | 0 | (747) | 0 | (747) |
Stock-based compensation | 64 | 336 | 0 | 0 | 400 |
Shares repurchased | (226) | (3,769) | 0 | 0 | (3,995) |
Net income | 0 | 0 | 5,360 | 0 | 5,360 |
Other comprehensive loss, net | 0 | 0 | 0 | 4,190 | 4,190 |
Balance at Mar. 31, 2021 | $ 10,436 | $ 155,822 | $ 75,998 | $ 5,995 | $ 248,251 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends per share declared (in dollars per share) | $ 0.07 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 5,360 | $ 608 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,206 | 1,033 |
Provision for loan losses | 400 | 3,760 |
Amortization of purchase accounting adjustments | (140) | (299) |
Net amortization of securities | 919 | 538 |
Gain on sale of investment securities, net | (600) | (172) |
Loss on sale of fixed assets, net | 2 | 0 |
Gain on sale of other real estate owned, net | 0 | (26) |
FHLB stock dividend | (11) | (715) |
Stock-based compensation | 400 | 383 |
Deferred taxes | 367 | (347) |
Net change in value of bank owned life insurance | (223) | (190) |
Amortization of subordinated debt issuance costs | 23 | 5 |
Change in the fair value of equity securities | (65) | 826 |
Net change in: | ||
Accrued interest receivable | 101 | (851) |
Other assets | 933 | (1,270) |
Accrued taxes and other liabilities | 782 | (2,500) |
Net cash provided by operating activities | 9,454 | 783 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available for sale | 17,123 | 16,572 |
Purchases of securities available for sale | (74,334) | (47,882) |
Proceeds from maturities, prepayments and calls of investment securities available for sale | 21,505 | 15,014 |
Proceeds from maturities, prepayments and calls of investment securities held to maturity | 458 | 151 |
Proceeds from redemption or sale of equity securities | 435 | 2,371 |
Purchases of equity securities | (523) | (820) |
Net decrease in loans | 13,789 | 6,322 |
Proceeds from sales of other real estate owned | 0 | 131 |
Purchases of other real estate owned | (501) | 0 |
Purchases of fixed assets | (1,429) | (1,759) |
Distributions from investments | 0 | 7 |
Cash paid for acquisition of PlainsCapital branches, net of cash acquired | 0 | (10,761) |
Net cash used in investing activities | (23,477) | (20,654) |
Cash flows from financing activities: | ||
Net increase (decrease) in customer deposits | 122,074 | (15,803) |
Net (decrease) increase in repurchase agreements | (1,379) | 737 |
Net (decrease) increase in short-term FHLB advances | (38,000) | 36,721 |
Repayments of long-term FHLB advances | 0 | (600) |
Cash dividends paid on common stock | (693) | (679) |
Proceeds from stock options and warrants exercised | 115 | 46 |
Payments to repurchase common stock | (3,995) | (6,659) |
Payments of stock issuance costs | 0 | (45) |
Net cash provided by financing activities | 78,122 | 13,718 |
Net change in cash and cash equivalents | 64,099 | (6,153) |
Cash and cash equivalents, beginning of period | 35,368 | 44,695 |
Cash and cash equivalents, end of period | $ 99,467 | $ 38,542 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Investar Holding Corporation (the “Company”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10 10 X. not three March 31, 2021 not may December 31, 2020 10 March 10, 2021. Nature of Operations The Company, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association (the “Bank”), a national bank, primarily to meet the needs of individuals and small to medium-sized businesses. The Company’s primary markets are in Louisiana, Texas and Alabama. At March 31, 2021 five Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. While management uses available information to recognize losses on loans, future additions to the allowance may may may Other estimates that are susceptible to significant change in the near term relate to the determination of other-than-temporary impairments of securities, and the fair value of financial instruments and goodwill. The ongoing COVID- 19 Investment Securities The Company’s investments in debt securities are accounted for in accordance with applicable guidance contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), which requires the classification of securities into one • Securities available for sale (“AFS”): available for sale securities consist of bonds, notes, and debentures that are available to meet the Company’s operating needs. These securities are reported at fair value. • Securities to be held to maturity (“HTM”): bonds, notes, and debentures for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for premiums and discounts that are recognized in interest income using the interest method over the period to maturity. Unrealized holding gains and losses, net of tax, on AFS debt securities are reported as a net amount in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses on the sale of debt securities are determined using the specific-identification method. The Company follows FASB guidance related to the recognition and presentation of other-than-temporary impairment. The guidance specifies that if an entity does not not not not not not not Equity Securities The Company is a member of the Federal Home Loan Bank (“FHLB”) system. Members of the FHLB are required to own a certain amount of stock based on the level of borrowings and other factors, and may March 31, 2021 December 31, 2020 In addition, equity securities include marketable securities in corporate stocks and mutual funds. The estimated fair value of equity securities totaled $1.8 million and $1.7 million at March 31, 2021 December 31, 2020 Loans The Company’s loan portfolio categories include real estate, commercial and consumer loans. Real estate loans are further categorized into construction and development, 1 4 third Loans for which management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off are stated at unpaid principal balances, adjusted by an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loans are ordinarily placed on nonaccrual when a loan is specifically determined to be impaired or when principal or interest is delinquent for 90 may not may The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not not The Company follows the FASB accounting guidance on sales of financial assets, which includes participating interests in loans. For loan participations that are structured in accordance with this guidance, the sold portions are recorded as a reduction of the loan portfolio. Loan participations that do not Treatment of Loan Modifications Pursuant to the CARES Act and Interagency Statement Section 4013 March 27, 2020 March 1, 2020 December 31, 2020 60 19 may not 30 December 31, 2019. not not 2021 December 27, 2020 January 1, 2022 60 In addition, our banking regulators and other financial regulators, on March 22, 2020 April 7, 2020, may 19 not 4013 may not not six 30 not not not Accordingly, we are offering short-term modifications made in response to COVID- 19 not 90 March 31, 2021, 90 December 31, 2020. 4013 not may Allowance for Loan Losses The allowance for loan losses is estimated through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb probable losses inherent in the loan portfolio as of the balance sheet date based on evaluations of the collectability of loans and prior loan loss experience. The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. Based on management’s review and observations made through qualitative review, management may may not In the ordinary course of business, the Bank enters into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. The reserve for unfunded lending commitments is included in accrued taxes and other liabilities in the consolidated balance sheet. At March 31, 2021 December 31, 2020 Acquisition Accounting Business combinations are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. If the fair value of the net assets received exceeds the consideration given, a bargain purchase gain is recognized. Fair values are subject to refinement for up to one Loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date. The fair value of loans acquired is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest prepayments, estimated payments, estimated default rates, estimated loss severity in the event of defaults, and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not 310 30, not 310 30 The Company accounts for acquired impaired loans under ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30 Reclassifications Certain reclassifications have been made to the 2020 2021 Concentrations of Credit Risk The Company’s loan portfolio consists of the various types of loans described in Note 5. not one Accounting Standards Adopted in 2021 FASB ASC Topics 321, 323, 815 Investments Equity Securities (Topic 321 Equity Method and Joint Ventures (Topic 323 815 ASU No. 2020 01. 2020 01 January 1, 2021. 321, 323, 815 2020 01 321 2020 01 not Accounting Pronouncements Not FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13. No. 2016 13 June 2016. 2016 13 2016 13 third 2016 13. The adoption of ASU 2016 13 2016 13 2016 13, This amendment was originally effective for fiscal years beginning after December 15, 2019, July 2019, October 2019, December 15, 2022, 2016 13 January 1, 2023. January 1, 2023 FASB ASC Topic 848 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Update No. 2020 04. March 2020, 2020 04, March 12, 2020, may December 31, 2022. |
Note 2 - Business Combinations
Note 2 - Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. PlainsCapital On February 21, 2020, two The table below shows the allocation of the consideration paid for certain assets, deposits and other liabilities associated with the Alice and Victoria, Texas locations of PlainsCapital and the goodwill generated from the transaction (dollars in thousands). Purchase price: Cash paid $ 11,162 Fair value of assets acquired: Cash and cash equivalents 353 Loans 45,299 Bank premises and equipment 2,770 Core deposit intangible asset 170 Other assets 163 Total assets acquired 48,755 Fair value of liabilities acquired: Deposits 36,973 Other liabilities 1,084 Total liabilities assumed 38,057 Fair value of net assets acquired 10,698 Goodwill $ 464 The fair value of net assets acquired includes a fair value adjustment to loans as of the acquisition date. The adjustment for the acquired loan portfolio is based on current market interest rates at the time of acquisition, and the Company’s initial evaluation of credit losses identified. The contractually required principal and interest payments of the loans acquired from PlainsCapital total $51.3 million. No Acquisition Expense Acquisition related costs of $0.4 million and $0.8 million are included in acquisition expenses in the accompanying consolidated statements of income for the three March 31, 2021 2020 three March 31, 2021, April 1, 2021. 12. three March 31, 2020, two |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. The following is a summary of the information used in the computation of basic and diluted earnings per share for the three March 31, 2021 2020 Three months ended March 31, 2021 2020 Earnings per common share - basic Net income $ 5,360 $ 608 Less: income allocated to participating securities (20 ) (3 ) Net income allocated to common shareholders 5,340 605 Weighted-average basic shares outstanding 10,509,468 11,143,078 Basic earnings per common share $ 0.51 $ 0.05 Earnings per common share - diluted Net income allocated to common shareholders $ 5,340 $ 605 Weighted-average basic shares outstanding 10,509,468 11,143,078 Dilutive effect of securities 57,705 68,265 Total weighted average diluted shares outstanding 10,567,173 11,211,343 Diluted earnings per common share $ 0.51 $ 0.05 The weighted average shares that have an antidilutive effect in the calculation of diluted earnings per common share and have been excluded from the computations above are shown below. Three months ended March 31, 2021 2020 Stock options — 3,782 Restricted stock awards 209 295 Restricted stock units 8,242 64,780 |
Note 4 - Investment Securities
Note 4 - Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. The amortized cost and approximate fair value of investment securities classified as AFS are summarized below as of the dates presented (dollars in thousands). Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2021 Obligations of U.S. government agencies and corporations $ 38,230 $ 160 $ (54 ) $ 38,336 Obligations of state and political subdivisions 22,094 712 (95 ) 22,711 Corporate bonds 29,206 433 (131 ) 29,508 Residential mortgage-backed securities 138,163 1,955 (752 ) 139,366 Commercial mortgage-backed securities 71,617 647 (752 ) 71,512 Total $ 299,310 $ 3,907 $ (1,784 ) $ 301,433 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2020 Obligations of U.S. government agencies and corporations $ 36,648 $ 201 $ (28 ) $ 36,821 Obligations of state and political subdivisions 21,650 490 (3 ) 22,137 Corporate bonds 27,583 348 (223 ) 27,708 Residential mortgage-backed securities 119,934 2,675 (11 ) 122,598 Commercial mortgage-backed securities 58,098 1,202 (154 ) 59,146 Total $ 263,913 $ 4,916 $ (419 ) $ 268,410 Proceeds from sales of investment securities AFS and gross gains and losses are summarized below for the periods presented (dollars in thousands). Three months ended March 31, 2021 2020 Proceeds from sale $ 17,123 $ 16,572 Gross gains $ 602 $ 182 Gross losses $ (2 ) $ (10 ) The amortized cost and approximate fair value of investment securities classified as HTM are summarized below as of the dates presented (dollars in thousands). Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2021 Obligations of state and political subdivisions $ 8,106 $ 217 $ — $ 8,323 Residential mortgage-backed securities 3,860 158 — 4,018 Total $ 11,966 $ 375 $ — $ 12,341 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2020 Obligations of state and political subdivisions $ 8,225 $ 12 $ — $ 8,237 Residential mortgage-backed securities 4,209 203 — 4,412 Total $ 12,434 $ 215 $ — $ 12,649 Securities are classified in the consolidated balance sheets according to management’s intent. The Company had no securities classified as trading as of March 31, 2021 December 31, 2020 The number of AFS securities, fair value, and unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands). There were no March 31, 2021 December 31, 2020 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2021 Obligations of U.S. government agencies and corporations 10 $ 6,658 $ (47 ) $ 5,754 $ (7 ) $ 12,412 $ (54 ) Obligations of state and political subdivisions 5 2,726 (95 ) — — 2,726 (95 ) Corporate bonds 15 3,921 (114 ) 1,983 (17 ) 5,904 (131 ) Residential mortgage-backed securities 40 56,937 (752 ) — — 56,937 (752 ) Commercial mortgage-backed securities 53 20,922 (624 ) 13,140 (128 ) 34,062 (752 ) Total 123 $ 91,164 $ (1,632 ) $ 20,877 $ (152 ) $ 112,041 $ (1,784 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2020 Obligations of U.S. government agencies and corporations 12 $ 9,080 $ (19 ) $ 4,043 $ (9 ) $ 13,123 $ (28 ) Obligations of state and political subdivisions 4 505 (3 ) 204 — 709 (3 ) Corporate bonds 22 6,970 (133 ) 2,559 (90 ) 9,529 (223 ) Residential mortgage-backed securities 6 11,070 (11 ) — — 11,070 (11 ) Commercial mortgage-backed securities 26 6,921 (57 ) 7,965 (97 ) 14,886 (154 ) Total 70 $ 34,546 $ (223 ) $ 14,771 $ (196 ) $ 49,317 $ (419 ) Unrealized losses are generally due to changes in interest rates. Beginning in the first 2020, 19 not not not March 31, 2021 December 31, 2020 The amortized cost and approximate fair value of debt securities, by contractual maturity (including mortgage-backed securities), are shown below as of the dates presented (dollars in thousands). Actual maturities may may Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value March 31, 2021 Due within one year $ 1,493 $ 1,503 $ 830 $ 851 Due after one year through five years 14,095 14,291 2,745 2,845 Due after five years through ten years 65,135 65,986 4,531 4,626 Due after ten years 218,587 219,653 3,860 4,019 Total debt securities $ 299,310 $ 301,433 $ 11,966 $ 12,341 Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value December 31, 2020 Due within one year $ 1,669 $ 1,691 $ 830 $ 832 Due after one year through five years 12,937 13,014 2,745 2,751 Due after five years through ten years 64,159 64,865 4,650 4,654 Due after ten years 185,148 188,840 4,209 4,412 Total debt securities $ 263,913 $ 268,410 $ 12,434 $ 12,649 At March 31, 2021 December 31, 2020 |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. The Company’s loan portfolio consists of the following categories of loans as of the dates presented (dollars in thousands). March 31, 2021 December 31, 2020 Construction and development $ 190,816 $ 206,011 1-4 Family 341,266 339,525 Multifamily 60,844 60,724 Farmland 24,145 26,547 Commercial real estate 829,880 812,395 Total mortgage loans on real estate 1,446,951 1,445,202 Commercial and industrial 380,534 394,497 Consumer 18,485 20,619 Total loans $ 1,845,970 $ 1,860,318 Unamortized premiums and discounts on loans, included in the total loans balances above, were $1.6 million and $1.8 million at March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 In the second 2020, 2020 19 100% 1% June 5, 2020, two June 5, 2020, five July 2020, June 30, 2020. July 6, 2020, August 8, 2020. December 27, 2020, $900 first second January 2021, March 31, 2021 May 31, 2021, 2021, $1.9 March 2021. March 31, 2021 December 31, 2020 The table below provides an analysis of the aging of loans as of the dates presented (dollars in thousands). March 31, 2021 Accruing 30-59 Days 60-89 Days 90 Days or More Total Past Due Acquired Current Past Due Past Due Past Due Nonaccrual & Nonaccrual Impaired Loans Total Loans Construction and development $ 190,249 $ 50 $ — $ — $ 517 $ 567 $ — $ 190,816 1-4 Family 338,679 1,186 89 61 876 2,212 375 341,266 Multifamily 60,844 — — — — — — 60,844 Farmland 22,141 — — — 303 303 1,701 24,145 Commercial real estate 826,077 79 — 40 3,150 3,269 534 829,880 Total mortgage loans on real estate 1,437,990 1,315 89 101 4,846 6,351 2,610 1,446,951 Commercial and industrial 373,092 77 20 1,604 5,741 7,442 — 380,534 Consumer 18,074 67 14 — 293 374 37 18,485 Total loans $ 1,829,156 $ 1,459 $ 123 $ 1,705 $ 10,880 $ 14,167 $ 2,647 $ 1,845,970 December 31, 2020 Accruing 30-59 Days 60-89 Days 90 Days or More Total Past Due Acquired Current Past Due Past Due Past Due Nonaccrual & Nonaccrual Impaired Loans Total Loans Construction and development $ 205,002 $ 488 $ — $ — $ 521 $ 1,009 $ — $ 206,011 1-4 Family 335,710 1,085 734 — 1,615 3,434 381 339,525 Multifamily 60,724 — — — — — — 60,724 Farmland 24,333 297 — 216 — 513 1,701 26,547 Commercial real estate 807,243 1,472 118 — 1,771 3,361 1,791 812,395 Total mortgage loans on real estate 1,433,012 3,342 852 216 3,907 8,317 3,873 1,445,202 Commercial and industrial 386,607 359 273 105 6,907 7,644 246 394,497 Consumer 20,135 79 21 — 346 446 38 20,619 Total loans $ 1,839,754 $ 3,780 $ 1,146 $ 321 $ 11,160 $ 16,407 $ 4,157 $ 1,860,318 Nonaccrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not may not may 90 not may not may six Certain borrowers are currently experiencing difficulties meeting their contractual payment obligations because of the adverse economic effects attributable to the COVID- 19 may 90 not 19 not 1. Loans Acquired with Deteriorated Credit Quality The Company accounts for certain loans acquired as acquired impaired loans under ASC 310 30 no three March 31, 2021 2020 Portfolio Segment Risk Factors The following describes the risk characteristics relevant to each of the Company’s loan portfolio segments. Construction and Development - one 1 4 - 1 4 not Multifamily Farmland may Commercial Real Estate may one Commercial and Industrial may may, Consumer may Credit Quality Indicators Loans are categorized 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 following definitions are utilized for risk ratings, which are consistent with the definitions used in supervisory guidance: Pass not Special Mention may Substandard not Doubtful Loss not not no not The table below presents the Company’s loan portfolio by category and credit quality indicator as of the dates presented (dollars in thousands). March 31, 2021 Special Pass Mention Substandard Doubtful Total Construction and development $ 189,087 $ 1,212 $ 517 $ — $ 190,816 1-4 Family 339,250 — 2,016 — 341,266 Multifamily 60,203 — 641 — 60,844 Farmland 22,141 — 2,004 — 24,145 Commercial real estate 814,704 4,978 10,198 — 829,880 Total mortgage loans on real estate 1,425,385 6,190 15,376 — 1,446,951 Commercial and industrial 355,582 2,259 22,046 647 380,534 Consumer 18,155 — 330 — 18,485 Total loans $ 1,799,122 $ 8,449 $ 37,752 $ 647 $ 1,845,970 December 31, 2020 Special Pass Mention Substandard Doubtful Total Construction and development $ 198,139 $ 7,352 $ 520 $ — $ 206,011 1-4 Family 337,829 — 1,696 — 339,525 Multifamily 60,724 — — — 60,724 Farmland 24,846 — 1,701 — 26,547 Commercial real estate 801,244 4,729 6,422 — 812,395 Total mortgage loans on real estate 1,422,782 12,081 10,339 — 1,445,202 Commercial and industrial 379,451 4,794 9,343 909 394,497 Consumer 20,235 — 384 — 20,619 Total loans $ 1,822,468 $ 16,875 $ 20,066 $ 909 $ 1,860,318 The Company had no loans that were classified as loss at March 31, 2021 December 31, 2020 Loan Participations and Sold Loans Loan participations and whole loans sold to and serviced for others are not March 31, 2021 December 31, 2020 $137.8 million March 31, 2021 December 31, 2020 Loans to Related Parties In the ordinary course of business, the Company makes loans to related parties including its executive officers, principal stockholders, directors and their immediate family members, as well as companies in which these individuals are principal owners. Loans outstanding to such related party borrowers amounted to approximately $94.7 million March 31, 2021 December 31, 2020 The table below shows the aggregate principal balance of loans to such related parties as of the dates presented (dollars in thousands). March 31, 2021 December 31, 2020 Balance, beginning of period $ 96,390 $ 98,093 New loans 3,545 12,443 Repayments and changes in relationship (5,211 ) (14,146 ) Balance, end of period $ 94,724 $ 96,390 Allowance for Loan Losses The table below shows a summary of the activity in the allowance for loan losses for the three March 31, 2021 2020 Three months ended March 31, 2021 2020 Balance, beginning of period $ 20,363 $ 10,700 Provision for loan losses 400 3,760 Loans charged off (405 ) (262 ) Recoveries 65 35 Balance, end of period $ 20,423 $ 14,233 The following tables outline the activity in the allowance for loan losses by collateral type for the three March 31, 2021 2020 March 31, 2021 2020 Three months ended March 31, 2021 Construction & Commercial Commercial & Development Farmland 1-4 Family Multifamily Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,375 $ 435 $ 3,370 $ 589 $ 8,496 $ 4,558 $ 540 $ 20,363 Provision (140 ) (40 ) 127 107 547 (122 ) (79 ) 400 Charge-offs — — (134 ) — — (215 ) (56 ) (405 ) Recoveries 10 — 6 — 2 5 42 65 Ending balance $ 2,245 $ 395 $ 3,369 $ 696 $ 9,045 $ 4,226 $ 447 $ 20,423 Ending allowance balance for loans individually evaluated for impairment — — — — 175 81 103 359 Ending allowance balance for loans acquired with deteriorated credit quality — 210 — — — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,245 185 3,369 696 8,870 4,145 344 19,854 Loans receivable: Balance of loans individually evaluated for impairment 774 302 1,532 — 6,654 8,159 298 17,719 Balance of loans acquired with deteriorated credit quality — 1,701 375 — 534 — 37 2,647 Balance of loans collectively evaluated for impairment 190,042 22,142 339,359 60,844 822,692 372,375 18,150 1,825,604 Total period-end balance $ 190,816 $ 24,145 $ 341,266 $ 60,844 $ 829,880 $ 380,534 $ 18,485 $ 1,845,970 Three months ended March 31, 2020 Construction & Commercial Commercial & Development Farmland 1-4 Family Multifamily Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,201 $ 101 $ 1,490 $ 387 $ 4,424 $ 2,609 $ 488 $ 10,700 Provision 340 62 1,003 (36 ) 1,439 683 269 3,760 Charge-offs — — (160 ) — — (7 ) (95 ) (262 ) Recoveries 13 — 4 — — 2 16 35 Ending balance $ 1,554 $ 163 $ 2,337 $ 351 $ 5,863 $ 3,287 $ 678 $ 14,233 Ending allowance balance for loans individually evaluated for impairment — — — — — 13 175 188 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 1,554 163 2,337 351 5,863 3,274 503 14,045 Loans receivable: Balance of loans individually evaluated for impairment 1,097 — 1,763 — 47 155 512 3,574 Balance of loans acquired with deteriorated credit quality — 2,264 405 — 1,564 1,042 38 5,313 Balance of loans collectively evaluated for impairment 190,500 27,109 326,562 61,709 774,743 312,653 27,631 1,720,907 Total period-end balance $ 191,597 $ 29,373 $ 328,730 $ 61,709 $ 776,354 $ 313,850 $ 28,181 $ 1,729,794 Impaired Loans The Company considers a loan to be impaired when, based on current information and events, the Company determines that it will not When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not The following tables contain information on the Company’s impaired loans, which include TDRs, discussed in more detail below, and nonaccrual loans individually evaluated for impairment for purposes of determining the allowance for loan losses. The average balances are calculated based on the month-end balances of the loans during the period reported (dollars in thousands). March 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 774 $ 782 $ — 1-4 Family 1,532 1,588 — Farmland 302 302 — Commercial real estate 5,341 5,410 — Total mortgage loans on real estate 7,949 8,082 — Commercial and industrial 8,074 9,325 — Consumer 127 145 — Total 16,150 17,552 — With related allowance recorded: Commercial real estate 1,313 1,344 175 Total mortgage loans on real estate 1,313 1,344 175 Commercial and industrial 85 85 81 Consumer 171 212 103 Total 1,569 1,641 359 Total loans: Construction and development 774 782 — 1-4 Family 1,532 1,588 — Farmland 302 302 — Commercial real estate 6,654 6,754 175 Total mortgage loans on real estate 9,262 9,426 175 Commercial and industrial 8,159 9,410 81 Consumer 298 357 103 Total $ 17,719 $ 19,193 $ 359 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 782 $ 800 $ — 1-4 Family 2,280 2,353 — Commercial real estate 6,666 6,721 — Total mortgage loans on real estate 9,728 9,874 — Commercial and industrial 8,841 9,953 — Consumer 126 143 — Total 18,695 19,970 — With related allowance recorded: Commercial and industrial 261 260 80 Consumer 221 265 130 Total 482 525 210 Total loans: Construction and development 782 800 — 1-4 Family 2,280 2,353 — Commercial real estate 6,666 6,721 — Total mortgage loans on real estate 9,728 9,874 — Commercial and industrial 9,102 10,213 80 Consumer 347 408 130 Total $ 19,177 $ 20,495 $ 210 Presented in the tables below is the average recorded investment of the impaired loans and the related amount of interest income recognized during the time within the period that the loans were impaired. The average balances are calculated based on the month-end balances of the loans during the periods reported (dollars in thousands). Three months ended March 31, 2021 2020 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Construction and development $ 777 $ 5 $ 528 $ 2 1-4 Family 1,541 9 1,754 2 Farmland 244 — — — Commercial real estate 5,370 46 47 — Total mortgage loans on real estate 7,932 60 2,329 4 Commercial and industrial 8,067 42 109 1 Consumer 120 — 185 1 Total 16,119 102 2,623 6 With related allowance recorded: Commercial real estate 1,326 — — — Total mortgage loans on real estate 1,326 — — — Commercial and industrial 202 — 13 — Consumer 177 — 312 1 Total 1,705 — 325 1 Total loans: Construction and development 777 5 528 2 1-4 Family 1,541 9 1,754 2 Farmland 244 — — — Commercial real estate 6,696 46 47 — Total mortgage loans on real estate 9,258 60 2,329 4 Commercial and industrial 8,269 42 122 1 Consumer 297 — 497 2 Total $ 17,824 $ 102 $ 2,948 $ 7 Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession for other than an insignificant period of time to the borrower that the Company would not may Loans classified as TDRs, consisting of 33 credits, totaled at March 31, 2021 , compared to 34 credits totaling $14.7 million at December 31, 2020 . At March 31, 2021 , twelve of the restructured loans were considered TDRs due to modification of terms through adjustments to maturity, nine restructured loans were considered TDRs due to principal payment forbearance paying interest only for a specified period of time, seven four one As of March 31, 2021 one December 31, 2020 There was one loan modified under TDR during the previous twelve three March 31, 2021 three March 31, 2020 At March 31, 2021 December 31, 2020 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. EQUITY Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive income (loss) is shown in the tables below (dollars in thousands). Three months ended March 31, 2021 2020 Beginning of Period Net Change End of Period Beginning of Period Net Change End of Period Unrealized gain (loss), available for sale, net $ 7,493 $ (1,401 ) $ 6,092 $ 3,476 $ 562 $ 4,038 Reclassification of realized gain, net (3,939 ) (474 ) (4,413 ) (2,131 ) (136 ) (2,267 ) Unrealized loss, transfer from available for sale to held to maturity, net 3 — 3 4 — 4 Change in fair value of interest rate swap designated as a cash flow hedge, net (1,752 ) 6,065 4,313 542 (2,511 ) (1,969 ) Accumulated other comprehensive income (loss) $ 1,805 $ 4,190 $ 5,995 $ 1,891 $ (2,085 ) $ (194 ) |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. As part of its liability management, the Company utilizes pay-fixed interest rate swaps to manage exposure against the variability in the expected future cash flows (future interest payments) attributable to changes in the 1 1 March 31, 2021 December 31, 2020 no For the three March 31, 2021 three March 31, 2020 The fair value of the swap contracts consisted of gross assets of $7.0 million and gross liabilities of $1.5 million, netting to a fair value of $5.5 million recorded in “Other assets” in the accompanying consolidated balance sheet at March 31, 2021 December 31, 2020 March 31, 2021 not Customer Derivatives Interest Rate Swaps The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to an interest rate swap agreement, which serves to effectively swap the customer’s variable-rate loan into a fixed-rate loan. The Company then enters into a corresponding swap agreement with a third third not 815, Derivatives and Hedging not may may 820, Fair Value Measurement and Disclosure 820” not three March 31, 2021 2020. |
Note 8 - Fair Values of Financi
Note 8 - Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. In accordance with ASC 820, not not may not not If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may Fair Value Hierarchy In accordance with ASC 820, three Level 1 Level 2 1, not Level 3 no A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: Cash and Due from Banks 1 Federal Funds Sold 1 Investment Securities and Equity Securities 1 1 If quoted market prices are not 2 3. Based on market reference data, which may may March 31, 2021 3 3 may Loans 3 Deposit Liabilities 2 3 Short-Term Borrowings 2 Long-Term Borrowings, including Junior Subordinated Debt Securities 3 Subordinated Debt Securities 2 Derivative Financial Instruments 2 Fair Value of Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized in the table below as of the dates indicated (dollars in thousands). Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Estimated Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2021 Assets: Obligations of U.S. government agencies and corporations $ 38,336 $ — $ 38,336 $ — Obligations of state and political subdivisions 22,711 — 4,762 17,949 Corporate bonds 29,508 — 29,508 — Residential mortgage-backed securities 139,366 — 139,366 — Commercial mortgage-backed securities 71,512 — 71,512 — Equity securities 1,800 1,800 — — Derivative financial instruments 5,461 — 5,461 — Total assets $ 308,694 $ 1,800 $ 288,945 $ 17,949 December 31, 2020 Assets: Obligations of U.S. government agencies and corporations $ 36,821 $ — $ 36,821 $ — Obligations of state and political subdivisions 22,137 — 3,621 18,516 Corporate bonds 27,708 — 27,708 — Residential mortgage-backed securities 122,598 — 122,598 — Commercial mortgage-backed securities 59,146 — 59,146 — Equity securities 1,670 1,670 — — Total assets $ 270,080 $ 1,670 $ 249,894 $ 18,516 Liabilities: Derivative financial instruments $ 2,216 $ — $ 2,216 $ — The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may 3 for the three March 31, 2021 2020 Obligations of State and Political Subdivisions Balance at December 31, 2020 $ 18,516 Realized gains (losses) included in earnings — Unrealized losses included in other comprehensive income (loss) (567 ) Purchases — Sales — Maturities, prepayments, and calls — Transfers into level 3 — Transfers out of level 3 — Balance at March 31, 2021 $ 17,949 Obligations of State and Political Subdivisions Balance at December 31, 2019 $ 19,375 Realized gains (losses) included in earnings — Unrealized losses included in other comprehensive income (loss) (2,502 ) Purchases — Sales — Maturities, prepayments, and calls — Transfers into level 3 — Transfers out of level 3 — Balance at March 31, 2020 $ 16,873 There were no 3 March 31, 2021 December 31, 2020 three March 31, 2021 2020 no The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 March 31, 2021 December 31, 2020 Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts March 31, 2021 Obligations of State and Political Subdivisions $ 17,949 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond Appraisal Adjustment (1) 0% December 31, 2020 Obligations of State and Political Subdivisions $ 18,516 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond Appraisal Adjustment (1) 0% - 0.4% ( 1 Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not 3 no March 31, 2021 December 31, 2020 Estimated Weighted Average Fair Value Valuation Technique Unobservable Inputs Range of Discounts Discount March 31, 2021 Impaired loans $ 1,146 Discounted cash flows, Underlying collateral value Collateral discounts and estimated costs to sell 5% - 13% 13% December 31, 2020 Impaired loans $ 259 Discounted cash flows, Underlying collateral value Collateral discounts and estimated costs to sell 2% - 100% 34% Other real estate owned 635 Underlying collateral value, Third party appraisals Collateral discounts and discount rates 4% 4% The estimated fair values of the Company’s financial instruments are summarized in the table below as of the dates indicated (dollars in thousands). March 31, 2021 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 99,370 $ 99,370 $ 99,370 $ — $ — Federal funds sold 97 97 97 — — Investment securities 313,399 313,774 — 287,502 26,272 Equity securities 16,763 16,763 1,800 14,963 — Loans, net of allowance 1,825,547 1,848,567 — 1,848,567 — Derivative financial instruments 5,461 5,461 — 5,461 — Financial liabilities: Deposits, noninterest-bearing $ 515,487 $ 515,487 $ — $ 515,487 $ — Deposits, interest-bearing 1,494,393 1,520,587 — — 1,520,587 FHLB short-term advances and repurchase agreements 8,274 8,274 — 8,274 — FHLB long-term advances 78,500 78,353 — — 78,353 Junior subordinated debt 5,962 2,556 — — 2,556 Subordinated debt 43,600 39,937 — 39,937 — December 31, 2020 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 35,368 $ 35,368 $ 35,368 $ — $ — Investment securities 280,844 281,059 — 254,306 26,753 Equity securities 16,599 16,599 1,670 14,929 — Loans, net of allowance 1,839,955 1,861,971 — — 1,861,971 Financial liabilities: Deposits, noninterest-bearing $ 448,230 $ 448,230 $ — $ 448,230 $ — Deposits, interest-bearing 1,439,594 1,504,644 — — 1,504,644 FHLB short-term advances and repurchase agreements 47,653 47,653 — 47,653 — FHLB long-term advances 78,500 82,101 — — 82,101 Junior subordinated debt 5,949 5,299 — — 5,299 Subordinated debt 43,600 42,336 — 42,336 — Derivative financial instruments 2,216 2,216 — 2,216 — |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The expense for income taxes and the effective tax rate included in the consolidated statements of income are shown in the table below for the periods presented (dollars in thousands). Three months ended March 31, 2021 2020 Income tax expense $ 1,430 $ 149 Effective tax rate 21.1 % 19.7 % For the three March 31, 2021 , the effective tax rate differs from the statutory tax rate of 21% primarily due to an increase in state taxes and the impact of share-based compensation . For the three March 31, 2020 , the effective tax rate differs from the statutory tax rate of 21% primarily due to tax exempt interest income earned on certain investment securities. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Unfunded Commitments The Company is a party to financial instruments with off-balance-sheet risk entered into in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit consisting of loan commitments and standby letters of credit, which are not March 31, 2021 December 31, 2020 Commitments to extend credit are agreements to lend money with fixed expiration dates or termination clauses. The Company applies the same credit standards used in the lending process when extending these commitments, and periodically reassesses the customer’s creditworthiness through ongoing credit reviews. Since some commitments are expected to expire without being drawn upon, the total commitment amounts do not one The table below shows the approximate amounts of the Company’s commitments to extend credit as of the dates presented (dollars in thousands). March 31, 2021 December 31, 2020 Commitments to extend credit Loan commitments $ 290,043 $ 266,039 Standby letters of credit 14,412 14,420 Additionally, at March 31, 2021 |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. The Company’s primary leasing activities relate to certain real estate leases entered into in support of the Company’s branch operations. The Company’s branch locations operated under lease agreements have all been designated as operating leases. The Company does not The Company determines if an arrangement is a lease at inception. Operating leases, with the exception of short-term leases, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in Bank premises and equipment, net and Accrued taxes and other liabilities, respectively, in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not may Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which the Company has elected to account for separately, as the non-lease component amounts are readily determinable. Quantitative information regarding the Company’s operating leases is presented below as of and for the three March 31, 2021 2020 March 31, 2021 2020 Total operating lease cost $ 152 $ 133 Weighted-average remaining lease term (in years) 8.4 9.2 Weighted-average discount rate 2.8 % 2.8 % At March 31, 2021 Future minimum lease payments due under non-cancelable operating leases at March 31, 2021 2021 $ 447 2022 598 2023 595 2024 515 2025 476 Thereafter 1,691 Total $ 4,322 At March 31, 2021 not not On May 29, 2020, first three March 31, 2021 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. On April 1, 2021, January 21, 2021, Under the terms of the Reorganization Agreement, each of the issued and outstanding shares of Cheaha common stock was converted into and represented the right to receive $80.00 in cash from the Company. In the aggregate, Cheaha’s shareholders received approximately $41.1 million in cash consideration as a result of the merger. As of March 31, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements of Investar Holding Corporation (the “Company”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10 10 X. not three March 31, 2021 not may December 31, 2020 10 March 10, 2021. |
Nature of Operations Policy [Policy Text Block] | Nature of Operations The Company, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association (the “Bank”), a national bank, primarily to meet the needs of individuals and small to medium-sized businesses. The Company’s primary markets are in Louisiana, Texas and Alabama. At March 31, 2021 five |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. While management uses available information to recognize losses on loans, future additions to the allowance may may may Other estimates that are susceptible to significant change in the near term relate to the determination of other-than-temporary impairments of securities, and the fair value of financial instruments and goodwill. The ongoing COVID- 19 |
Investment, Policy [Policy Text Block] | Investment Securities The Company’s investments in debt securities are accounted for in accordance with applicable guidance contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), which requires the classification of securities into one • Securities available for sale (“AFS”): available for sale securities consist of bonds, notes, and debentures that are available to meet the Company’s operating needs. These securities are reported at fair value. • Securities to be held to maturity (“HTM”): bonds, notes, and debentures for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for premiums and discounts that are recognized in interest income using the interest method over the period to maturity. Unrealized holding gains and losses, net of tax, on AFS debt securities are reported as a net amount in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses on the sale of debt securities are determined using the specific-identification method. The Company follows FASB guidance related to the recognition and presentation of other-than-temporary impairment. The guidance specifies that if an entity does not not not not not not not |
Marketable Securities, Policy [Policy Text Block] | Equity Securities The Company is a member of the Federal Home Loan Bank (“FHLB”) system. Members of the FHLB are required to own a certain amount of stock based on the level of borrowings and other factors, and may March 31, 2021 December 31, 2020 In addition, equity securities include marketable securities in corporate stocks and mutual funds. The estimated fair value of equity securities totaled $1.8 million and $1.7 million at March 31, 2021 December 31, 2020 |
Financing Receivable [Policy Text Block] | Loans The Company’s loan portfolio categories include real estate, commercial and consumer loans. Real estate loans are further categorized into construction and development, 1 4 third Loans for which management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off are stated at unpaid principal balances, adjusted by an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loans are ordinarily placed on nonaccrual when a loan is specifically determined to be impaired or when principal or interest is delinquent for 90 may not may The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not not The Company follows the FASB accounting guidance on sales of financial assets, which includes participating interests in loans. For loan participations that are structured in accordance with this guidance, the sold portions are recorded as a reduction of the loan portfolio. Loan participations that do not Treatment of Loan Modifications Pursuant to the CARES Act and Interagency Statement Section 4013 March 27, 2020 March 1, 2020 December 31, 2020 60 19 may not 30 December 31, 2019. not not 2021 December 27, 2020 January 1, 2022 60 In addition, our banking regulators and other financial regulators, on March 22, 2020 April 7, 2020, may 19 not 4013 may not not six 30 not not not Accordingly, we are offering short-term modifications made in response to COVID- 19 not 90 March 31, 2021, 90 December 31, 2020. 4013 not may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is estimated through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb probable losses inherent in the loan portfolio as of the balance sheet date based on evaluations of the collectability of loans and prior loan loss experience. The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. Based on management’s review and observations made through qualitative review, management may may not In the ordinary course of business, the Bank enters into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. The reserve for unfunded lending commitments is included in accrued taxes and other liabilities in the consolidated balance sheet. At March 31, 2021 December 31, 2020 |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting Business combinations are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. If the fair value of the net assets received exceeds the consideration given, a bargain purchase gain is recognized. Fair values are subject to refinement for up to one Loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date. The fair value of loans acquired is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest prepayments, estimated payments, estimated default rates, estimated loss severity in the event of defaults, and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not 310 30, not 310 30 The Company accounts for acquired impaired loans under ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2020 2021 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company’s loan portfolio consists of the various types of loans described in Note 5. not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 2021 FASB ASC Topics 321, 323, 815 Investments Equity Securities (Topic 321 Equity Method and Joint Ventures (Topic 323 815 ASU No. 2020 01. 2020 01 January 1, 2021. 321, 323, 815 2020 01 321 2020 01 not Accounting Pronouncements Not FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13. No. 2016 13 June 2016. 2016 13 2016 13 third 2016 13. The adoption of ASU 2016 13 2016 13 2016 13, This amendment was originally effective for fiscal years beginning after December 15, 2019, July 2019, October 2019, December 15, 2022, 2016 13 January 1, 2023. January 1, 2023 FASB ASC Topic 848 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Update No. 2020 04. March 2020, 2020 04, March 12, 2020, may December 31, 2022. |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase price: Cash paid $ 11,162 Fair value of assets acquired: Cash and cash equivalents 353 Loans 45,299 Bank premises and equipment 2,770 Core deposit intangible asset 170 Other assets 163 Total assets acquired 48,755 Fair value of liabilities acquired: Deposits 36,973 Other liabilities 1,084 Total liabilities assumed 38,057 Fair value of net assets acquired 10,698 Goodwill $ 464 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2021 2020 Earnings per common share - basic Net income $ 5,360 $ 608 Less: income allocated to participating securities (20 ) (3 ) Net income allocated to common shareholders 5,340 605 Weighted-average basic shares outstanding 10,509,468 11,143,078 Basic earnings per common share $ 0.51 $ 0.05 Earnings per common share - diluted Net income allocated to common shareholders $ 5,340 $ 605 Weighted-average basic shares outstanding 10,509,468 11,143,078 Dilutive effect of securities 57,705 68,265 Total weighted average diluted shares outstanding 10,567,173 11,211,343 Diluted earnings per common share $ 0.51 $ 0.05 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended March 31, 2021 2020 Stock options — 3,782 Restricted stock awards 209 295 Restricted stock units 8,242 64,780 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2021 Obligations of U.S. government agencies and corporations $ 38,230 $ 160 $ (54 ) $ 38,336 Obligations of state and political subdivisions 22,094 712 (95 ) 22,711 Corporate bonds 29,206 433 (131 ) 29,508 Residential mortgage-backed securities 138,163 1,955 (752 ) 139,366 Commercial mortgage-backed securities 71,617 647 (752 ) 71,512 Total $ 299,310 $ 3,907 $ (1,784 ) $ 301,433 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2020 Obligations of U.S. government agencies and corporations $ 36,648 $ 201 $ (28 ) $ 36,821 Obligations of state and political subdivisions 21,650 490 (3 ) 22,137 Corporate bonds 27,583 348 (223 ) 27,708 Residential mortgage-backed securities 119,934 2,675 (11 ) 122,598 Commercial mortgage-backed securities 58,098 1,202 (154 ) 59,146 Total $ 263,913 $ 4,916 $ (419 ) $ 268,410 |
Debt Securities, Available-for-sale [Table Text Block] | Three months ended March 31, 2021 2020 Proceeds from sale $ 17,123 $ 16,572 Gross gains $ 602 $ 182 Gross losses $ (2 ) $ (10 ) |
Debt Securities, Held-to-maturity [Table Text Block] | Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2021 Obligations of state and political subdivisions $ 8,106 $ 217 $ — $ 8,323 Residential mortgage-backed securities 3,860 158 — 4,018 Total $ 11,966 $ 375 $ — $ 12,341 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2020 Obligations of state and political subdivisions $ 8,225 $ 12 $ — $ 8,237 Residential mortgage-backed securities 4,209 203 — 4,412 Total $ 12,434 $ 215 $ — $ 12,649 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2021 Obligations of U.S. government agencies and corporations 10 $ 6,658 $ (47 ) $ 5,754 $ (7 ) $ 12,412 $ (54 ) Obligations of state and political subdivisions 5 2,726 (95 ) — — 2,726 (95 ) Corporate bonds 15 3,921 (114 ) 1,983 (17 ) 5,904 (131 ) Residential mortgage-backed securities 40 56,937 (752 ) — — 56,937 (752 ) Commercial mortgage-backed securities 53 20,922 (624 ) 13,140 (128 ) 34,062 (752 ) Total 123 $ 91,164 $ (1,632 ) $ 20,877 $ (152 ) $ 112,041 $ (1,784 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2020 Obligations of U.S. government agencies and corporations 12 $ 9,080 $ (19 ) $ 4,043 $ (9 ) $ 13,123 $ (28 ) Obligations of state and political subdivisions 4 505 (3 ) 204 — 709 (3 ) Corporate bonds 22 6,970 (133 ) 2,559 (90 ) 9,529 (223 ) Residential mortgage-backed securities 6 11,070 (11 ) — — 11,070 (11 ) Commercial mortgage-backed securities 26 6,921 (57 ) 7,965 (97 ) 14,886 (154 ) Total 70 $ 34,546 $ (223 ) $ 14,771 $ (196 ) $ 49,317 $ (419 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value March 31, 2021 Due within one year $ 1,493 $ 1,503 $ 830 $ 851 Due after one year through five years 14,095 14,291 2,745 2,845 Due after five years through ten years 65,135 65,986 4,531 4,626 Due after ten years 218,587 219,653 3,860 4,019 Total debt securities $ 299,310 $ 301,433 $ 11,966 $ 12,341 Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value December 31, 2020 Due within one year $ 1,669 $ 1,691 $ 830 $ 832 Due after one year through five years 12,937 13,014 2,745 2,751 Due after five years through ten years 64,159 64,865 4,650 4,654 Due after ten years 185,148 188,840 4,209 4,412 Total debt securities $ 263,913 $ 268,410 $ 12,434 $ 12,649 |
Note 5 - Loans and Allowance _2
Note 5 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2021 December 31, 2020 Construction and development $ 190,816 $ 206,011 1-4 Family 341,266 339,525 Multifamily 60,844 60,724 Farmland 24,145 26,547 Commercial real estate 829,880 812,395 Total mortgage loans on real estate 1,446,951 1,445,202 Commercial and industrial 380,534 394,497 Consumer 18,485 20,619 Total loans $ 1,845,970 $ 1,860,318 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2021 Accruing 30-59 Days 60-89 Days 90 Days or More Total Past Due Acquired Current Past Due Past Due Past Due Nonaccrual & Nonaccrual Impaired Loans Total Loans Construction and development $ 190,249 $ 50 $ — $ — $ 517 $ 567 $ — $ 190,816 1-4 Family 338,679 1,186 89 61 876 2,212 375 341,266 Multifamily 60,844 — — — — — — 60,844 Farmland 22,141 — — — 303 303 1,701 24,145 Commercial real estate 826,077 79 — 40 3,150 3,269 534 829,880 Total mortgage loans on real estate 1,437,990 1,315 89 101 4,846 6,351 2,610 1,446,951 Commercial and industrial 373,092 77 20 1,604 5,741 7,442 — 380,534 Consumer 18,074 67 14 — 293 374 37 18,485 Total loans $ 1,829,156 $ 1,459 $ 123 $ 1,705 $ 10,880 $ 14,167 $ 2,647 $ 1,845,970 December 31, 2020 Accruing 30-59 Days 60-89 Days 90 Days or More Total Past Due Acquired Current Past Due Past Due Past Due Nonaccrual & Nonaccrual Impaired Loans Total Loans Construction and development $ 205,002 $ 488 $ — $ — $ 521 $ 1,009 $ — $ 206,011 1-4 Family 335,710 1,085 734 — 1,615 3,434 381 339,525 Multifamily 60,724 — — — — — — 60,724 Farmland 24,333 297 — 216 — 513 1,701 26,547 Commercial real estate 807,243 1,472 118 — 1,771 3,361 1,791 812,395 Total mortgage loans on real estate 1,433,012 3,342 852 216 3,907 8,317 3,873 1,445,202 Commercial and industrial 386,607 359 273 105 6,907 7,644 246 394,497 Consumer 20,135 79 21 — 346 446 38 20,619 Total loans $ 1,839,754 $ 3,780 $ 1,146 $ 321 $ 11,160 $ 16,407 $ 4,157 $ 1,860,318 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2021 Special Pass Mention Substandard Doubtful Total Construction and development $ 189,087 $ 1,212 $ 517 $ — $ 190,816 1-4 Family 339,250 — 2,016 — 341,266 Multifamily 60,203 — 641 — 60,844 Farmland 22,141 — 2,004 — 24,145 Commercial real estate 814,704 4,978 10,198 — 829,880 Total mortgage loans on real estate 1,425,385 6,190 15,376 — 1,446,951 Commercial and industrial 355,582 2,259 22,046 647 380,534 Consumer 18,155 — 330 — 18,485 Total loans $ 1,799,122 $ 8,449 $ 37,752 $ 647 $ 1,845,970 December 31, 2020 Special Pass Mention Substandard Doubtful Total Construction and development $ 198,139 $ 7,352 $ 520 $ — $ 206,011 1-4 Family 337,829 — 1,696 — 339,525 Multifamily 60,724 — — — 60,724 Farmland 24,846 — 1,701 — 26,547 Commercial real estate 801,244 4,729 6,422 — 812,395 Total mortgage loans on real estate 1,422,782 12,081 10,339 — 1,445,202 Commercial and industrial 379,451 4,794 9,343 909 394,497 Consumer 20,235 — 384 — 20,619 Total loans $ 1,822,468 $ 16,875 $ 20,066 $ 909 $ 1,860,318 |
Schedule of Related Party Transactions [Table Text Block] | March 31, 2021 December 31, 2020 Balance, beginning of period $ 96,390 $ 98,093 New loans 3,545 12,443 Repayments and changes in relationship (5,211 ) (14,146 ) Balance, end of period $ 94,724 $ 96,390 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three months ended March 31, 2021 2020 Balance, beginning of period $ 20,363 $ 10,700 Provision for loan losses 400 3,760 Loans charged off (405 ) (262 ) Recoveries 65 35 Balance, end of period $ 20,423 $ 14,233 Three months ended March 31, 2021 Construction & Commercial Commercial & Development Farmland 1-4 Family Multifamily Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,375 $ 435 $ 3,370 $ 589 $ 8,496 $ 4,558 $ 540 $ 20,363 Provision (140 ) (40 ) 127 107 547 (122 ) (79 ) 400 Charge-offs — — (134 ) — — (215 ) (56 ) (405 ) Recoveries 10 — 6 — 2 5 42 65 Ending balance $ 2,245 $ 395 $ 3,369 $ 696 $ 9,045 $ 4,226 $ 447 $ 20,423 Ending allowance balance for loans individually evaluated for impairment — — — — 175 81 103 359 Ending allowance balance for loans acquired with deteriorated credit quality — 210 — — — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,245 185 3,369 696 8,870 4,145 344 19,854 Loans receivable: Balance of loans individually evaluated for impairment 774 302 1,532 — 6,654 8,159 298 17,719 Balance of loans acquired with deteriorated credit quality — 1,701 375 — 534 — 37 2,647 Balance of loans collectively evaluated for impairment 190,042 22,142 339,359 60,844 822,692 372,375 18,150 1,825,604 Total period-end balance $ 190,816 $ 24,145 $ 341,266 $ 60,844 $ 829,880 $ 380,534 $ 18,485 $ 1,845,970 Three months ended March 31, 2020 Construction & Commercial Commercial & Development Farmland 1-4 Family Multifamily Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,201 $ 101 $ 1,490 $ 387 $ 4,424 $ 2,609 $ 488 $ 10,700 Provision 340 62 1,003 (36 ) 1,439 683 269 3,760 Charge-offs — — (160 ) — — (7 ) (95 ) (262 ) Recoveries 13 — 4 — — 2 16 35 Ending balance $ 1,554 $ 163 $ 2,337 $ 351 $ 5,863 $ 3,287 $ 678 $ 14,233 Ending allowance balance for loans individually evaluated for impairment — — — — — 13 175 188 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 1,554 163 2,337 351 5,863 3,274 503 14,045 Loans receivable: Balance of loans individually evaluated for impairment 1,097 — 1,763 — 47 155 512 3,574 Balance of loans acquired with deteriorated credit quality — 2,264 405 — 1,564 1,042 38 5,313 Balance of loans collectively evaluated for impairment 190,500 27,109 326,562 61,709 774,743 312,653 27,631 1,720,907 Total period-end balance $ 191,597 $ 29,373 $ 328,730 $ 61,709 $ 776,354 $ 313,850 $ 28,181 $ 1,729,794 |
Impaired Financing Receivables [Table Text Block] | March 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 774 $ 782 $ — 1-4 Family 1,532 1,588 — Farmland 302 302 — Commercial real estate 5,341 5,410 — Total mortgage loans on real estate 7,949 8,082 — Commercial and industrial 8,074 9,325 — Consumer 127 145 — Total 16,150 17,552 — With related allowance recorded: Commercial real estate 1,313 1,344 175 Total mortgage loans on real estate 1,313 1,344 175 Commercial and industrial 85 85 81 Consumer 171 212 103 Total 1,569 1,641 359 Total loans: Construction and development 774 782 — 1-4 Family 1,532 1,588 — Farmland 302 302 — Commercial real estate 6,654 6,754 175 Total mortgage loans on real estate 9,262 9,426 175 Commercial and industrial 8,159 9,410 81 Consumer 298 357 103 Total $ 17,719 $ 19,193 $ 359 December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 782 $ 800 $ — 1-4 Family 2,280 2,353 — Commercial real estate 6,666 6,721 — Total mortgage loans on real estate 9,728 9,874 — Commercial and industrial 8,841 9,953 — Consumer 126 143 — Total 18,695 19,970 — With related allowance recorded: Commercial and industrial 261 260 80 Consumer 221 265 130 Total 482 525 210 Total loans: Construction and development 782 800 — 1-4 Family 2,280 2,353 — Commercial real estate 6,666 6,721 — Total mortgage loans on real estate 9,728 9,874 — Commercial and industrial 9,102 10,213 80 Consumer 347 408 130 Total $ 19,177 $ 20,495 $ 210 Three months ended March 31, 2021 2020 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Construction and development $ 777 $ 5 $ 528 $ 2 1-4 Family 1,541 9 1,754 2 Farmland 244 — — — Commercial real estate 5,370 46 47 — Total mortgage loans on real estate 7,932 60 2,329 4 Commercial and industrial 8,067 42 109 1 Consumer 120 — 185 1 Total 16,119 102 2,623 6 With related allowance recorded: Commercial real estate 1,326 — — — Total mortgage loans on real estate 1,326 — — — Commercial and industrial 202 — 13 — Consumer 177 — 312 1 Total 1,705 — 325 1 Total loans: Construction and development 777 5 528 2 1-4 Family 1,541 9 1,754 2 Farmland 244 — — — Commercial real estate 6,696 46 47 — Total mortgage loans on real estate 9,258 60 2,329 4 Commercial and industrial 8,269 42 122 1 Consumer 297 — 497 2 Total $ 17,824 $ 102 $ 2,948 $ 7 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended March 31, 2021 2020 Beginning of Period Net Change End of Period Beginning of Period Net Change End of Period Unrealized gain (loss), available for sale, net $ 7,493 $ (1,401 ) $ 6,092 $ 3,476 $ 562 $ 4,038 Reclassification of realized gain, net (3,939 ) (474 ) (4,413 ) (2,131 ) (136 ) (2,267 ) Unrealized loss, transfer from available for sale to held to maturity, net 3 — 3 4 — 4 Change in fair value of interest rate swap designated as a cash flow hedge, net (1,752 ) 6,065 4,313 542 (2,511 ) (1,969 ) Accumulated other comprehensive income (loss) $ 1,805 $ 4,190 $ 5,995 $ 1,891 $ (2,085 ) $ (194 ) |
Note 8 - Fair Values of Finan_2
Note 8 - Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Estimated Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2021 Assets: Obligations of U.S. government agencies and corporations $ 38,336 $ — $ 38,336 $ — Obligations of state and political subdivisions 22,711 — 4,762 17,949 Corporate bonds 29,508 — 29,508 — Residential mortgage-backed securities 139,366 — 139,366 — Commercial mortgage-backed securities 71,512 — 71,512 — Equity securities 1,800 1,800 — — Derivative financial instruments 5,461 — 5,461 — Total assets $ 308,694 $ 1,800 $ 288,945 $ 17,949 December 31, 2020 Assets: Obligations of U.S. government agencies and corporations $ 36,821 $ — $ 36,821 $ — Obligations of state and political subdivisions 22,137 — 3,621 18,516 Corporate bonds 27,708 — 27,708 — Residential mortgage-backed securities 122,598 — 122,598 — Commercial mortgage-backed securities 59,146 — 59,146 — Equity securities 1,670 1,670 — — Total assets $ 270,080 $ 1,670 $ 249,894 $ 18,516 Liabilities: Derivative financial instruments $ 2,216 $ — $ 2,216 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Obligations of State and Political Subdivisions Balance at December 31, 2020 $ 18,516 Realized gains (losses) included in earnings — Unrealized losses included in other comprehensive income (loss) (567 ) Purchases — Sales — Maturities, prepayments, and calls — Transfers into level 3 — Transfers out of level 3 — Balance at March 31, 2021 $ 17,949 Obligations of State and Political Subdivisions Balance at December 31, 2019 $ 19,375 Realized gains (losses) included in earnings — Unrealized losses included in other comprehensive income (loss) (2,502 ) Purchases — Sales — Maturities, prepayments, and calls — Transfers into level 3 — Transfers out of level 3 — Balance at March 31, 2020 $ 16,873 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts March 31, 2021 Obligations of State and Political Subdivisions $ 17,949 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond Appraisal Adjustment (1) 0% December 31, 2020 Obligations of State and Political Subdivisions $ 18,516 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond Appraisal Adjustment (1) 0% - 0.4% Estimated Weighted Average Fair Value Valuation Technique Unobservable Inputs Range of Discounts Discount March 31, 2021 Impaired loans $ 1,146 Discounted cash flows, Underlying collateral value Collateral discounts and estimated costs to sell 5% - 13% 13% December 31, 2020 Impaired loans $ 259 Discounted cash flows, Underlying collateral value Collateral discounts and estimated costs to sell 2% - 100% 34% Other real estate owned 635 Underlying collateral value, Third party appraisals Collateral discounts and discount rates 4% 4% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2021 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 99,370 $ 99,370 $ 99,370 $ — $ — Federal funds sold 97 97 97 — — Investment securities 313,399 313,774 — 287,502 26,272 Equity securities 16,763 16,763 1,800 14,963 — Loans, net of allowance 1,825,547 1,848,567 — 1,848,567 — Derivative financial instruments 5,461 5,461 — 5,461 — Financial liabilities: Deposits, noninterest-bearing $ 515,487 $ 515,487 $ — $ 515,487 $ — Deposits, interest-bearing 1,494,393 1,520,587 — — 1,520,587 FHLB short-term advances and repurchase agreements 8,274 8,274 — 8,274 — FHLB long-term advances 78,500 78,353 — — 78,353 Junior subordinated debt 5,962 2,556 — — 2,556 Subordinated debt 43,600 39,937 — 39,937 — December 31, 2020 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 35,368 $ 35,368 $ 35,368 $ — $ — Investment securities 280,844 281,059 — 254,306 26,753 Equity securities 16,599 16,599 1,670 14,929 — Loans, net of allowance 1,839,955 1,861,971 — — 1,861,971 Financial liabilities: Deposits, noninterest-bearing $ 448,230 $ 448,230 $ — $ 448,230 $ — Deposits, interest-bearing 1,439,594 1,504,644 — — 1,504,644 FHLB short-term advances and repurchase agreements 47,653 47,653 — 47,653 — FHLB long-term advances 78,500 82,101 — — 82,101 Junior subordinated debt 5,949 5,299 — — 5,299 Subordinated debt 43,600 42,336 — 42,336 — Derivative financial instruments 2,216 2,216 — 2,216 — |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Income Tax Expense (Benefit) and Effective Income Tax Rate [Table Text Block] | Three months ended March 31, 2021 2020 Income tax expense $ 1,430 $ 149 Effective tax rate 21.1 % 19.7 % |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Other Commitments [Table Text Block] | March 31, 2021 December 31, 2020 Commitments to extend credit Loan commitments $ 290,043 $ 266,039 Standby letters of credit 14,412 14,420 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2021 2020 Total operating lease cost $ 152 $ 133 Weighted-average remaining lease term (in years) 8.4 9.2 Weighted-average discount rate 2.8 % 2.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 447 2022 598 2023 595 2024 515 2025 476 Thereafter 1,691 Total $ 4,322 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Equity Securities, FV-NI | $ 1,800 | $ 1,670 |
Financing Receivable, Short-Term Modification | $ 11,200 | $ 5,900 |
Financing Receivables, Short-Term Modification, Percent | 0.60% | 0.30% |
Financing Receivable, Commitment to Lend | $ 300 | $ 200 |
Equity Securities in Correspondent Banks [Member] | ||
Equity Securities, FV-NI | 15,000 | 14,900 |
Corporate Stock and Mutual Funds [Member] | ||
Equity Securities, FV-NI | $ 1,800 | $ 1,700 |
LOUISIANA | ||
Number of Stores | 24 | |
TEXAS | ||
Number of Stores | 5 | |
ALABAMA | ||
Number of Stores | 6 | |
Entity Number of Employees | 319 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) $ in Thousands | Feb. 21, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Payments to Acquire Businesses, Gross | $ 0 | $ 10,761 | |
Business Combination, Acquisition Related Costs | $ 361 | $ 751 | |
Plains Capital Bank [Member] | |||
Payments to Acquire Businesses, Gross | $ 11,162 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 48,755 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Finance Receivables | 45,299 | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 36,973 | ||
Goodwill, Ending Balance | $ 464 | ||
Number of Branch Locations | 2 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $ 51,300 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Acquired Identifiable Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 21, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash paid | $ 0 | $ 10,761 | |
Plains Capital Bank [Member] | |||
Cash paid | $ 11,162 | ||
Cash and cash equivalents | 353 | ||
Loans | 45,299 | ||
Bank premises and equipment | 2,770 | ||
Core deposit intangible asset | 170 | ||
Other assets | 163 | ||
Total assets acquired | 48,755 | ||
Deposits | 36,973 | ||
Other liabilities | 1,084 | ||
Total liabilities assumed | 38,057 | ||
Fair value of net assets acquired | 10,698 | ||
Goodwill | $ 464 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 5,360 | $ 608 |
Less: income allocated to participating securities | 20 | 3 |
Net income allocated to common shareholders | $ 5,340 | $ 605 |
Weighted-average basic shares outstanding (in shares) | 10,509,468 | 11,143,078 |
Basic earnings per common share (in dollars per share) | $ 0.51 | $ 0.05 |
Net income allocated to common shareholders | $ 5,340 | $ 605 |
Dilutive effect of securities (in shares) | 57,705 | 68,265 |
Total weighted average diluted shares outstanding (in shares) | 10,567,173 | 11,211,343 |
Diluted earnings per common share (in dollars per share) | $ 0.51 | $ 0.05 |
Note 3 - Earnings Per Share - A
Note 3 - Earnings Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities (in shares) | 0 | 3,782 |
Restricted Stock [Member] | ||
Antidilutive Securities (in shares) | 209 | 295 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) | 8,242 | 64,780 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 101,000 | $ 84,600 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as AFS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 299,310 | $ 263,913 |
Gross Unrealized Gains | 3,907 | 4,916 |
Gross Unrealized Losses | (1,784) | (419) |
Investment securities | 301,433 | 268,410 |
US Government Corporations and Agencies Securities [Member] | ||
Amortized Cost | 38,230 | 36,648 |
Gross Unrealized Gains | 160 | 201 |
Gross Unrealized Losses | (54) | (28) |
Investment securities | 38,336 | 36,821 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 22,094 | 21,650 |
Gross Unrealized Gains | 712 | 490 |
Gross Unrealized Losses | (95) | (3) |
Investment securities | 22,711 | 22,137 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 29,206 | 27,583 |
Gross Unrealized Gains | 433 | 348 |
Gross Unrealized Losses | (131) | (223) |
Investment securities | 29,508 | 27,708 |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 138,163 | 119,934 |
Gross Unrealized Gains | 1,955 | 2,675 |
Gross Unrealized Losses | (752) | (11) |
Investment securities | 139,366 | 122,598 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | 71,617 | 58,098 |
Gross Unrealized Gains | 647 | 1,202 |
Gross Unrealized Losses | (752) | (154) |
Investment securities | $ 71,512 | $ 59,146 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Sales of Investments Classified as AFS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from sale | $ 17,123 | $ 16,572 |
Gross gains | 602 | 182 |
Gross losses | $ (2) | $ (10) |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as HTM (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 11,966 | $ 12,434 |
Gross Unrealized Gains | 375 | 215 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 12,341 | 12,649 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 8,106 | 8,225 |
Gross Unrealized Gains | 217 | 12 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 8,323 | 8,237 |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 3,860 | 4,209 |
Gross Unrealized Gains | 158 | 203 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 4,018 | $ 4,412 |
Note 4 - Investment Securitie_6
Note 4 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as AFS (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Count | 123 | 70 |
Less than 12 Months, Fair Value | $ 91,164 | $ 34,546 |
Less than 12 Months, Unrealized Losses | (1,632) | (223) |
12 Months or More, Fair Value | 20,877 | 14,771 |
12 Months or More, Unrealized Losses | (152) | (196) |
Fair Value | 112,041 | 49,317 |
Unrealized Losses | $ (1,784) | $ (419) |
US Government Corporations and Agencies Securities [Member] | ||
Count | 10 | 12 |
Less than 12 Months, Fair Value | $ 6,658 | $ 9,080 |
Less than 12 Months, Unrealized Losses | (47) | (19) |
12 Months or More, Fair Value | 5,754 | 4,043 |
12 Months or More, Unrealized Losses | (7) | (9) |
Fair Value | 12,412 | 13,123 |
Unrealized Losses | $ (54) | $ (28) |
US States and Political Subdivisions Debt Securities [Member] | ||
Count | 5 | 4 |
Less than 12 Months, Fair Value | $ 2,726 | $ 505 |
Less than 12 Months, Unrealized Losses | (95) | (3) |
12 Months or More, Fair Value | 0 | 204 |
12 Months or More, Unrealized Losses | 0 | 0 |
Fair Value | 2,726 | 709 |
Unrealized Losses | $ (95) | $ (3) |
Corporate Debt Securities [Member] | ||
Count | 15 | 22 |
Less than 12 Months, Fair Value | $ 3,921 | $ 6,970 |
Less than 12 Months, Unrealized Losses | (114) | (133) |
12 Months or More, Fair Value | 1,983 | 2,559 |
12 Months or More, Unrealized Losses | (17) | (90) |
Fair Value | 5,904 | 9,529 |
Unrealized Losses | $ (131) | $ (223) |
Residential Mortgage Backed Securities [Member] | ||
Count | 40 | 6 |
Less than 12 Months, Fair Value | $ 56,937 | $ 11,070 |
Less than 12 Months, Unrealized Losses | (752) | (11) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Fair Value | 56,937 | 11,070 |
Unrealized Losses | $ (752) | $ (11) |
Commercial Mortgage Backed Securities [Member] | ||
Count | 53 | 26 |
Less than 12 Months, Fair Value | $ 20,922 | $ 6,921 |
Less than 12 Months, Unrealized Losses | (624) | (57) |
12 Months or More, Fair Value | 13,140 | 7,965 |
12 Months or More, Unrealized Losses | (128) | (97) |
Fair Value | 34,062 | 14,886 |
Unrealized Losses | $ (752) | $ (154) |
Note 4 - Investment Securitie_7
Note 4 - Investment Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Due within one year, AFS, amortized cost | $ 1,493 | $ 1,669 |
Due within one year, AFS, fair value | 1,503 | 1,691 |
Due within one year, HTM, amortized cost | 830 | 830 |
Due within one year, HTM, fair value | 851 | 832 |
Due after one year through five years, AFS, amortized cost | 14,095 | 12,937 |
Due after one year through five years, AFS, fair value | 14,291 | 13,014 |
Due after one year through five years, HTM, amortized cost | 2,745 | 2,745 |
Due after one year through five years, HTM, fair value | 2,845 | 2,751 |
Due after five years through ten years, AFS, amortized cost | 65,135 | 64,159 |
Due after five years through ten years, AFS, fair value | 65,986 | 64,865 |
Due after five years through ten years, HTM, amortized cost | 4,531 | 4,650 |
Due after five years through ten years, HTM, fair value | 4,626 | 4,654 |
Due after ten years, AFS, amortized cost | 218,587 | 185,148 |
Due after ten years, AFS, fair value | 219,653 | 188,840 |
Due after ten years, HTM, amortized cost | 3,860 | 4,209 |
Due after ten years, HTM, fair value | 4,019 | 4,412 |
Total debt securities, AFS, amortized cost | 299,310 | 263,913 |
Total debt securities, AFS, fair value | 301,433 | 268,410 |
Total debt securities, HTM, amortized cost | 11,966 | 12,434 |
Total debt securities, HTM, fair value | $ 12,341 | $ 12,649 |
Note 5 - Loans and Allowance _3
Note 5 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Unamortized Loan Fee (Cost) and Purchase Premium (Discount), Total | $ 1,600 | $ 1,800 | ||
Financing Receivable, Deferred Commitment Fee | 4,100 | 3,200 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,845,970 | 1,860,318 | ||
Loan Participations and Whole Loans Sold to and Serviced for Others Not on Balance Sheet | 50,300 | 53,500 | ||
Loan Participations and Whole Loans Sold to and Serviced For Others Unpaid Principal Balance | 137,800 | 154,000 | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 94,724 | $ 96,390 | $ 98,093 | |
Financing Receivable, Modifications, Number of Contracts | 33 | 34 | ||
Financing Receivable, Troubled Debt Restructuring | $ 13,800 | $ 14,700 | ||
Financing Receivable, Modifications, Subsequent Default, Nonaccrual Status, Number Of Contracts | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | |||
Extended Maturity [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 12 | |||
Payment Deferral [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 9 | |||
Contractual Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 7 | |||
Principal Forgiveness [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 1,000,000 | |||
Unlikely to be Collected Financing Receivable [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 0 | |||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 380,534 | $ 394,497 | ||
Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,446,951 | 1,445,202 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 829,880 | 812,395 | ||
Financing Receivable, Modifications, Subsequent Default, Nonaccrual Status, Number Of Contracts | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 1,300 | |||
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 106,600 | $ 94,500 |
Note 5 - Loans and Allowance _4
Note 5 - Loans and Allowance for Loan Losses - Summary of Loans by Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,845,970 | $ 1,860,318 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,446,951 | 1,445,202 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 190,816 | 206,011 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 341,266 | 339,525 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 60,844 | 60,724 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 24,145 | 26,547 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 829,880 | 812,395 |
Commercial Portfolio Segment [Member] | ||
Loans | 380,534 | 394,497 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 18,485 | $ 20,619 |
Note 5 - Loans and Allowance _5
Note 5 - Loans and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,845,970 | $ 1,860,318 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 14,167 | 16,407 |
Nonaccrual | 10,880 | 11,160 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 2,647 | 4,157 |
Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 1,829,156 | 1,839,754 |
Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 1,459 | 3,780 |
Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 123 | 1,146 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 1,705 | 321 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,446,951 | 1,445,202 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 6,351 | 8,317 |
Nonaccrual | 4,846 | 3,907 |
Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 2,610 | 3,873 |
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 1,437,990 | 1,433,012 |
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 1,315 | 3,342 |
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 89 | 852 |
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 101 | 216 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 190,816 | 206,011 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 567 | 1,009 |
Nonaccrual | 517 | 521 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 190,249 | 205,002 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 50 | 488 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 341,266 | 339,525 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 2,212 | 3,434 |
Nonaccrual | 876 | 1,615 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 375 | 381 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 338,679 | 335,710 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 1,186 | 1,085 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 89 | 734 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 61 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 60,844 | 60,724 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Nonaccrual | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 60,844 | 60,724 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 24,145 | 26,547 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 303 | 513 |
Nonaccrual | 303 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 1,701 | 1,701 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 22,141 | 24,333 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 297 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 216 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 829,880 | 812,395 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 3,269 | 3,361 |
Nonaccrual | 3,150 | 1,771 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 534 | 1,791 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 826,077 | 807,243 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 79 | 1,472 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 0 | 118 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 40 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 380,534 | 394,497 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 7,442 | 7,644 |
Nonaccrual | 5,741 | 6,907 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 246 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 373,092 | 386,607 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 77 | 359 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 20 | 273 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 1,604 | 105 |
Consumer Portfolio Segment [Member] | ||
Loans | 18,485 | 20,619 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 374 | 446 |
Nonaccrual | 293 | 346 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 37 | 38 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 18,074 | 20,135 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 67 | 79 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | 14 | 21 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Past Due | $ 0 | $ 0 |
Note 5 - Loans and Allowance _6
Note 5 - Loans and Allowance for Loan Losses - Loan Portfolio by Category and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,845,970 | $ 1,860,318 |
Pass [Member] | ||
Loans | 1,799,122 | 1,822,468 |
Special Mention [Member] | ||
Loans | 8,449 | 16,875 |
Substandard [Member] | ||
Loans | 37,752 | 20,066 |
Doubtful [Member] | ||
Loans | 647 | 909 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,446,951 | 1,445,202 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,425,385 | 1,422,782 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 6,190 | 12,081 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 15,376 | 10,339 |
Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 190,816 | 206,011 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 189,087 | 198,139 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | 1,212 | 7,352 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | 517 | 520 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 341,266 | 339,525 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Pass [Member] | ||
Loans | 339,250 | 337,829 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Substandard [Member] | ||
Loans | 2,016 | 1,696 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 60,844 | 60,724 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Pass [Member] | ||
Loans | 60,203 | 60,724 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Substandard [Member] | ||
Loans | 641 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 24,145 | 26,547 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Loans | 22,141 | 24,846 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | ||
Loans | 2,004 | 1,701 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 829,880 | 812,395 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Pass [Member] | ||
Loans | 814,704 | 801,244 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Special Mention [Member] | ||
Loans | 4,978 | 4,729 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Substandard [Member] | ||
Loans | 10,198 | 6,422 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 380,534 | 394,497 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 355,582 | 379,451 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 2,259 | 4,794 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 22,046 | 9,343 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 647 | 909 |
Consumer Portfolio Segment [Member] | ||
Loans | 18,485 | 20,619 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 18,155 | 20,235 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 330 | 384 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 0 |
Note 5 - Loans and Allowance _7
Note 5 - Loans and Allowance for Loan Losses - Loans to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 96,390 | $ 98,093 |
New loans | 3,545 | 12,443 |
Repayments and changes in relationship | (5,211) | (14,146) |
Balance, end of period | $ 94,724 | $ 96,390 |
Note 5 - Loans and Allowance _8
Note 5 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Balance, beginning of period | $ 20,363 | $ 10,700 | |||
Provision for loan losses | 400 | 3,760 | |||
Loans charged off | (405) | (262) | |||
Recoveries | 65 | 35 | |||
Balance, end of period | 20,423 | 14,233 | |||
Ending allowance balance for loans individually evaluated for impairment | $ 359 | $ 188 | |||
Allowance for loan losses | 20,363 | 14,233 | 20,423 | $ 20,363 | 14,233 |
Ending allowance balance for loans collectively evaluated for impairment | 19,854 | 14,045 | |||
Balance of loans individually evaluated for impairment | 17,719 | 3,574 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 1,825,547 | 1,839,955 | 5,313 | ||
Balance of loans collectively evaluated for impairment | 1,825,604 | 1,720,907 | |||
Total period-end balance | 1,845,970 | 1,729,794 | |||
Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 210 | 0 | |||
Allowance for loan losses | 210 | 0 | 210 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 2,647 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Balance, beginning of period | 2,375 | 1,201 | |||
Provision for loan losses | (140) | 340 | |||
Loans charged off | 0 | 0 | |||
Recoveries | 10 | 13 | |||
Balance, end of period | 2,245 | 1,554 | |||
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |||
Allowance for loan losses | 2,245 | 1,554 | 2,245 | 2,375 | 1,554 |
Ending allowance balance for loans collectively evaluated for impairment | 2,245 | 1,554 | |||
Balance of loans individually evaluated for impairment | 774 | 1,097 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 0 | ||||
Balance of loans collectively evaluated for impairment | 190,042 | 190,500 | |||
Total period-end balance | 190,816 | 191,597 | |||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 0 | 0 | |||
Allowance for loan losses | 0 | 0 | 0 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 0 | ||||
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||||
Balance, beginning of period | 435 | 101 | |||
Provision for loan losses | (40) | 62 | |||
Loans charged off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, end of period | 395 | 163 | |||
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |||
Allowance for loan losses | 395 | 163 | 395 | 435 | 163 |
Ending allowance balance for loans collectively evaluated for impairment | 185 | 163 | |||
Balance of loans individually evaluated for impairment | 302 | 0 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 2,264 | ||||
Balance of loans collectively evaluated for impairment | 22,142 | 27,109 | |||
Total period-end balance | 24,145 | 29,373 | |||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 210 | 0 | |||
Allowance for loan losses | 210 | 0 | 210 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 1,701 | ||||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||||
Balance, beginning of period | 3,370 | 1,490 | |||
Provision for loan losses | 127 | 1,003 | |||
Loans charged off | (134) | (160) | |||
Recoveries | 6 | 4 | |||
Balance, end of period | 3,369 | 2,337 | |||
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |||
Allowance for loan losses | 3,369 | 2,337 | 3,369 | 3,370 | 2,337 |
Ending allowance balance for loans collectively evaluated for impairment | 3,369 | 2,337 | |||
Balance of loans individually evaluated for impairment | 1,532 | 1,763 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 405 | ||||
Balance of loans collectively evaluated for impairment | 339,359 | 326,562 | |||
Total period-end balance | 341,266 | 328,730 | |||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 0 | 0 | |||
Allowance for loan losses | 0 | 0 | 0 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 375 | ||||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | |||||
Balance, beginning of period | 589 | 387 | |||
Provision for loan losses | 107 | (36) | |||
Loans charged off | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance, end of period | 696 | 351 | |||
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |||
Allowance for loan losses | 696 | 351 | 696 | 589 | 351 |
Ending allowance balance for loans collectively evaluated for impairment | 696 | 351 | |||
Balance of loans individually evaluated for impairment | 0 | 0 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 0 | ||||
Balance of loans collectively evaluated for impairment | 60,844 | 61,709 | |||
Total period-end balance | 60,844 | 61,709 | |||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 0 | 0 | |||
Allowance for loan losses | 0 | 0 | 0 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 0 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||||
Balance, beginning of period | 8,496 | 4,424 | |||
Provision for loan losses | 547 | 1,439 | |||
Loans charged off | 0 | 0 | |||
Recoveries | 2 | 0 | |||
Balance, end of period | 9,045 | 5,863 | |||
Ending allowance balance for loans individually evaluated for impairment | 175 | 0 | |||
Allowance for loan losses | 9,045 | 5,863 | 9,045 | 8,496 | 5,863 |
Ending allowance balance for loans collectively evaluated for impairment | 8,870 | 5,863 | |||
Balance of loans individually evaluated for impairment | 6,654 | 47 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 1,564 | ||||
Balance of loans collectively evaluated for impairment | 822,692 | 774,743 | |||
Total period-end balance | 829,880 | 776,354 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 0 | 0 | |||
Allowance for loan losses | 0 | 0 | 0 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 534 | ||||
Commercial Portfolio Segment [Member] | |||||
Balance, beginning of period | 4,558 | 2,609 | |||
Provision for loan losses | (122) | 683 | |||
Loans charged off | (215) | (7) | |||
Recoveries | 5 | 2 | |||
Balance, end of period | 4,226 | 3,287 | |||
Ending allowance balance for loans individually evaluated for impairment | 81 | 13 | |||
Allowance for loan losses | 4,226 | 3,287 | 4,226 | 4,558 | 3,287 |
Ending allowance balance for loans collectively evaluated for impairment | 4,145 | 3,274 | |||
Balance of loans individually evaluated for impairment | 8,159 | 155 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 1,042 | ||||
Balance of loans collectively evaluated for impairment | 372,375 | 312,653 | |||
Total period-end balance | 380,534 | 313,850 | |||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 0 | 0 | |||
Allowance for loan losses | 0 | 0 | 0 | 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 0 | ||||
Consumer Portfolio Segment [Member] | |||||
Balance, beginning of period | 540 | 488 | |||
Provision for loan losses | (79) | 269 | |||
Loans charged off | (56) | (95) | |||
Recoveries | 42 | 16 | |||
Balance, end of period | 447 | 678 | |||
Ending allowance balance for loans individually evaluated for impairment | 103 | 175 | |||
Allowance for loan losses | 447 | 678 | 447 | $ 540 | 678 |
Ending allowance balance for loans collectively evaluated for impairment | 344 | 503 | |||
Balance of loans individually evaluated for impairment | 298 | 512 | |||
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | 38 | ||||
Balance of loans collectively evaluated for impairment | 18,150 | 27,631 | |||
Total period-end balance | 18,485 | 28,181 | |||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Balance, end of period | 0 | 0 | |||
Allowance for loan losses | $ 0 | $ 0 | 0 | $ 0 | |
Loans, net of allowance for loan losses of $20,423 and $20,363, respectively | $ 37 |
Note 5 - Loans and Allowance _9
Note 5 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Recorded investment, with no related allowance recorded | $ 16,150 | $ 18,695 | |
Unpaid principal balance, with no related allowance recorded | 17,552 | 19,970 | |
Recorded investment, with related allowance recorded | 1,569 | 482 | |
Unpaid principal balance, with related allowance recorded | 1,641 | 525 | |
Related allowance | 359 | 210 | |
Recorded investment | 17,719 | 19,177 | |
Unpaid principal balance | 19,193 | 20,495 | |
Average recorded investment, with no related allowance recorded | 16,119 | $ 2,623 | |
Interest income recognized, with no related allowance recorded | 102 | 6 | |
Average recorded investment, with related allowance recorded | 1,705 | 325 | |
Interest income recognized, with related allowance recorded | 0 | 1 | |
Average recorded investment | 17,824 | 2,948 | |
Interest income recognized | 102 | 7 | |
Real Estate Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 7,949 | 9,728 | |
Unpaid principal balance, with no related allowance recorded | 8,082 | 9,874 | |
Recorded investment, with related allowance recorded | 1,313 | ||
Unpaid principal balance, with related allowance recorded | 1,344 | ||
Related allowance | 175 | 0 | |
Recorded investment | 9,262 | 9,728 | |
Unpaid principal balance | 9,426 | 9,874 | |
Average recorded investment, with no related allowance recorded | 7,932 | 2,329 | |
Interest income recognized, with no related allowance recorded | 60 | 4 | |
Average recorded investment, with related allowance recorded | 1,326 | 0 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 9,258 | 2,329 | |
Interest income recognized | 60 | 4 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, with no related allowance recorded | 774 | 782 | |
Unpaid principal balance, with no related allowance recorded | 782 | 800 | |
Related allowance | 0 | 0 | |
Recorded investment | 774 | 782 | |
Unpaid principal balance | 782 | 800 | |
Average recorded investment, with no related allowance recorded | 777 | 528 | |
Interest income recognized, with no related allowance recorded | 5 | 2 | |
Average recorded investment | 777 | 528 | |
Interest income recognized | 5 | 2 | |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Recorded investment, with no related allowance recorded | 1,532 | 2,280 | |
Unpaid principal balance, with no related allowance recorded | 1,588 | 2,353 | |
Related allowance | 0 | 0 | |
Recorded investment | 1,532 | 2,280 | |
Unpaid principal balance | 1,588 | 2,353 | |
Average recorded investment, with no related allowance recorded | 1,541 | 1,754 | |
Interest income recognized, with no related allowance recorded | 9 | 2 | |
Average recorded investment | 1,541 | 1,754 | |
Interest income recognized | 9 | 2 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Recorded investment, with no related allowance recorded | 302 | ||
Unpaid principal balance, with no related allowance recorded | 302 | ||
Related allowance | 0 | ||
Recorded investment | 302 | ||
Unpaid principal balance | 302 | ||
Average recorded investment, with no related allowance recorded | 244 | 0 | |
Interest income recognized, with no related allowance recorded | 0 | 0 | |
Average recorded investment | 244 | 0 | |
Interest income recognized | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Recorded investment, with no related allowance recorded | 5,341 | 6,666 | |
Unpaid principal balance, with no related allowance recorded | 5,410 | 6,721 | |
Recorded investment, with related allowance recorded | 1,313 | ||
Unpaid principal balance, with related allowance recorded | 1,344 | ||
Related allowance | 175 | 0 | |
Recorded investment | 6,654 | 6,666 | |
Unpaid principal balance | 6,754 | 6,721 | |
Average recorded investment, with no related allowance recorded | 5,370 | 47 | |
Interest income recognized, with no related allowance recorded | 46 | 0 | |
Average recorded investment, with related allowance recorded | 1,326 | 0 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 6,696 | 47 | |
Interest income recognized | 46 | 0 | |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 8,074 | 8,841 | |
Unpaid principal balance, with no related allowance recorded | 9,325 | 9,953 | |
Recorded investment, with related allowance recorded | 85 | 261 | |
Unpaid principal balance, with related allowance recorded | 85 | 260 | |
Related allowance | 81 | 80 | |
Recorded investment | 8,159 | 9,102 | |
Unpaid principal balance | 9,410 | 10,213 | |
Average recorded investment, with no related allowance recorded | 8,067 | 109 | |
Interest income recognized, with no related allowance recorded | 42 | 1 | |
Average recorded investment, with related allowance recorded | 202 | 13 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 8,269 | 122 | |
Interest income recognized | 42 | 1 | |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 127 | 126 | |
Unpaid principal balance, with no related allowance recorded | 145 | 143 | |
Recorded investment, with related allowance recorded | 171 | 221 | |
Unpaid principal balance, with related allowance recorded | 212 | 265 | |
Related allowance | 103 | 130 | |
Recorded investment | 298 | 347 | |
Unpaid principal balance | 357 | $ 408 | |
Average recorded investment, with no related allowance recorded | 120 | 185 | |
Interest income recognized, with no related allowance recorded | 0 | 1 | |
Average recorded investment, with related allowance recorded | 177 | 312 | |
Interest income recognized, with related allowance recorded | 0 | 1 | |
Average recorded investment | 297 | 497 | |
Interest income recognized | $ 0 | $ 2 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 243,284 | $ 241,976 |
Net Change | 4,190 | (2,085) |
Balance | 248,251 | 233,272 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 7,493 | 3,476 |
Net Change | (1,401) | 562 |
Balance | 6,092 | 4,038 |
Reclassification of Realized Gain, Net [Member] | ||
Balance | (3,939) | (2,131) |
Net Change | (474) | (136) |
Balance | (4,413) | (2,267) |
Unrealized Gain (Loss), Transfer from Available for Sale to Held to Maturity, Net [Member] | ||
Balance | 3 | 4 |
Net Change | 0 | 0 |
Balance | 3 | 4 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (1,752) | 542 |
Net Change | 6,065 | (2,511) |
Balance | 4,313 | (1,969) |
AOCI Attributable to Parent [Member] | ||
Balance | 1,805 | 1,891 |
Net Change | 4,190 | (2,085) |
Balance | $ 5,995 | $ (194) |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge (Year) | 9 years 4 months 24 days | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 5,995 | $ 1,805 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 4,300 | ||
Interest Rate Swap [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain, before Reclassification and Tax | 6,100 | $ 2,500 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,600 | $ 700 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | 80,000 | 80,000 | |
Derivative Liability, Fair Value, Gross Asset | 7,000 | 600 | |
Derivative Liability, Fair Value, Gross Liability, Total | 1,500 | 2,800 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | 5,500 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | (2,200) | ||
Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | $ 140,000 | $ 140,000 |
Note 8 - Fair Values of Finan_3
Note 8 - Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment securities | $ 301,433 | $ 268,410 |
Equity securities | 1,800 | 1,670 |
Derivative financial instruments | 5,461 | |
Total assets | 308,694 | 270,080 |
Derivative financial instruments | 2,216 | |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,800 | 1,670 |
Derivative financial instruments | 0 | |
Total assets | 1,800 | 1,670 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 5,461 | |
Total assets | 288,945 | 249,894 |
Derivative financial instruments | 2,216 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Total assets | 17,949 | 18,516 |
Derivative financial instruments | 0 | |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities | 38,336 | 36,821 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 38,336 | 36,821 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities | 22,711 | 22,137 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 4,762 | 3,621 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 17,949 | 18,516 |
Corporate Debt Securities [Member] | ||
Investment securities | 29,508 | 27,708 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 29,508 | 27,708 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities | 139,366 | 122,598 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 139,366 | 122,598 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities | 71,512 | 59,146 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 71,512 | 59,146 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | $ 0 | $ 0 |
Note 8 - Fair Values of Finan_4
Note 8 - Fair Values of Financial Instruments - Reconciliation for Assets Measured at Fair Value on Recurring Basis Using significant Unobservable Inputs (Details) - US Government Corporations and Agencies Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 18,516 | $ 19,375 |
Realized gains (losses) included in earnings | 0 | 0 |
Unrealized gains (losses) included in other comprehensive income (loss) | (567) | (2,502) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | 0 | 0 |
Transfers into level 3 | 0 | 0 |
Transfers out of level 3 | 0 | 0 |
Balance | $ 17,949 | $ 16,873 |
Note 8 - Fair Values of Finan_5
Note 8 - Fair Values of Financial Instruments - Quantitative Information About Significant Unobservable Inputs Used in Fair Value Measurement (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Investment securities | $ 301,433 | $ 268,410 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | |||
Impaired loans | $ 1,146 | $ 259 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Minimum [Member] | |||
Impaired loans, measurement input | 0.05 | 0.02 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Maximum [Member] | |||
Impaired loans, measurement input | 0.13 | 1 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Weighted Average [Member] | |||
Impaired loans, measurement input | 0.13 | 0.34 | |
Valuation Technique, Third Party Appraisal [Member] | Measurement Input, Collateral Discounts and Discount Rates [Member] | |||
Other real estate owned | $ 635 | ||
Other real estate owned, measurement input | 0.04 | ||
Valuation Technique, Third Party Appraisal [Member] | Measurement Input, Collateral Discounts and Discount Rates [Member] | Weighted Average [Member] | |||
Other real estate owned, measurement input | 0.04 | ||
US Government Corporations and Agencies Securities [Member] | |||
Investment securities | $ 38,336 | $ 36,821 | |
US Government Corporations and Agencies Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | |||
Investment securities | [1] | $ 17,949 | $ 18,516 |
Investment securities, measurement input | [1] | 0 | |
US Government Corporations and Agencies Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | Minimum [Member] | |||
Investment securities, measurement input | [1] | 0 | |
US Government Corporations and Agencies Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | Maximum [Member] | |||
Investment securities, measurement input | [1] | 0.004 | |
[1] | Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. |
Note 8 - Fair Values of Finan_6
Note 8 - Fair Values of Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment securities | $ 301,433 | $ 268,410 |
Equity securities | 1,800 | 1,670 |
Derivative financial instruments | 5,461 | |
Junior subordinated debt | 5,962 | 5,949 |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,800 | 1,670 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 5,461 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Reported Value Measurement [Member] | ||
Cash and due from banks | 99,370 | 35,368 |
Federal funds sold | 97 | |
Investment securities | 313,399 | 280,844 |
Equity securities | 16,763 | 16,599 |
Loans, net of allowance | 1,825,547 | 1,839,955 |
Derivative financial instruments | 5,461 | 2,216 |
Deposits, noninterest-bearing | 515,487 | 448,230 |
Deposits, interest-bearing | 1,494,393 | 1,439,594 |
FHLB short-term advances and repurchase agreements | 8,274 | 47,653 |
FHLB long-term advances | 78,500 | 78,500 |
Junior subordinated debt | 5,962 | 5,949 |
Subordinated debt | 43,600 | 43,600 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 99,370 | 35,368 |
Federal funds sold | 97 | |
Investment securities | 313,774 | 281,059 |
Equity securities | 16,763 | 16,599 |
Loans, net of allowance | 1,848,567 | 1,861,971 |
Derivative financial instruments | 5,461 | 2,216 |
Deposits, noninterest-bearing | 515,487 | 448,230 |
Deposits, interest-bearing | 1,520,587 | 1,504,644 |
FHLB short-term advances and repurchase agreements | 8,274 | 47,653 |
FHLB long-term advances | 78,353 | 82,101 |
Junior subordinated debt | 2,556 | 5,299 |
Subordinated debt | 39,937 | 42,336 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 99,370 | 35,368 |
Federal funds sold | 97 | |
Investment securities | 0 | 0 |
Equity securities | 1,800 | 1,670 |
Loans, net of allowance | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 0 | 0 |
FHLB short-term advances and repurchase agreements | 0 | 0 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | |
Investment securities | 287,502 | 254,306 |
Equity securities | 14,963 | 14,929 |
Loans, net of allowance | 1,848,567 | 0 |
Derivative financial instruments | 5,461 | 2,216 |
Deposits, noninterest-bearing | 515,487 | 448,230 |
Deposits, interest-bearing | 0 | 0 |
FHLB short-term advances and repurchase agreements | 8,274 | 47,653 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 39,937 | 42,336 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | |
Investment securities | 26,272 | 26,753 |
Equity securities | 0 | 0 |
Loans, net of allowance | 0 | 1,861,971 |
Derivative financial instruments | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 1,520,587 | 1,504,644 |
FHLB short-term advances and repurchase agreements | 0 | 0 |
FHLB long-term advances | 78,353 | 82,101 |
Junior subordinated debt | 2,556 | 5,299 |
Subordinated debt | $ 0 | $ 0 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 9 - Income Taxes - Expense
Note 9 - Income Taxes - Expense for Income Taxes and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income tax expense | $ 1,430 | $ 149 |
Effective tax rate | 21.10% | 19.70% |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Commitment to Lend | $ 0.3 | $ 0.2 |
Commitment to Fund Investment in SBIC Qualified Funds | 1 | |
Other Liabilities [Member] | ||
Financing Receivable, Commitment to Lend | $ 0.3 | $ 0.2 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Commitments to extend credit | $ 290,043 | $ 266,039 |
Standby Letters of Credit [Member] | ||
Commitments to extend credit | $ 14,412 | $ 14,420 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Operating Lease, Right-of-Use Asset | $ 3,700,000 |
Operating Lease, Liability, Total | 3,800,000 |
Operating Lease, Lease Income, Total | $ 79,000 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 11 years |
Note 11 - Leases - Quantitative
Note 11 - Leases - Quantitative Information Regarding Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total operating lease cost | $ 152 | $ 133 |
Weighted-average remaining lease term (in years) (Year) | 8 years 4 months 24 days | 9 years 2 months 12 days |
Weighted-average discount rate | 2.80% | 2.80% |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payment (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 447 |
2022 | 598 |
2023 | 595 |
2024 | 515 |
2025 | 476 |
Thereafter | 1,691 |
Total | $ 4,322 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Payments to Acquire Businesses, Gross | $ 0 | $ 10,761 | ||
Assets, Total | 2,407,956 | $ 2,321,181 | ||
Financing Receivable, after Allowance for Credit Loss, Total | 1,825,547 | $ 5,313 | 1,839,955 | |
Deposits, Total | 2,009,880 | $ 1,887,824 | ||
Cheaha Financial Group [Member] | ||||
Assets, Total | 238,000 | |||
Financing Receivable, after Allowance for Credit Loss, Total | 120,000 | |||
Deposits, Total | $ 206,000 | |||
Cheaha Financial Group [Member] | Subsequent Event [Member] | ||||
Business Acquisition, Share Price (in dollars per share) | $ 80 | |||
Payments to Acquire Businesses, Gross | $ 41,100 |