Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 07, 2022 | Jun. 30, 2021 | |
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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 Blvd. | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 220,700,000 | ||
Entity Common Stock, Shares Outstanding | 10,310,212 | ||
Auditor Name | HORNE LLP | ||
Auditor Location | Baton Rouge, Louisiana | ||
Auditor Firm ID | 171 | ||
ICFR Auditor Attestation Flag | true | ||
Ernst & Young LLP [Member] | |||
Document Information [Line Items] | |||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | New Orleans, Louisiana | ||
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 38,601 | $ 25,672 |
Interest-bearing balances due from other banks | 57,940 | 9,696 |
Federal funds sold | 500 | 0 |
Cash and cash equivalents | 97,041 | 35,368 |
Available for sale securities at fair value (amortized cost of $356,639 and $263,913, respectively) | 355,509 | 268,410 |
Held to maturity securities at amortized cost (estimated fair value of $10,727 and $12,649, respectively) | 10,255 | 12,434 |
Loans held for sale | 620 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 1,851,153 | 1,839,955 |
Equity securities | 16,803 | 16,599 |
Bank premises and equipment, net of accumulated depreciation of $19,149 and $15,830, respectively | 58,080 | 56,303 |
Other real estate owned, net | 2,653 | 663 |
Accrued interest receivable | 11,355 | 12,969 |
Deferred tax asset | 2,239 | 1,360 |
Goodwill and other intangible assets, net | 44,036 | 32,232 |
Bank owned life insurance | 51,074 | 38,908 |
Other assets | 12,385 | 5,980 |
Total assets | 2,513,203 | 2,321,181 |
Deposits: | ||
Noninterest-bearing | 585,465 | 448,230 |
Interest-bearing | 1,534,801 | 1,439,594 |
Total deposits | 2,120,266 | 1,887,824 |
Advances from Federal Home Loan Bank | 78,500 | 120,500 |
Repurchase agreements | 5,783 | 5,653 |
Subordinated debt, net of unamortized issuance costs | 42,989 | 42,897 |
Junior subordinated debt | 8,384 | 5,949 |
Accrued taxes and other liabilities | 14,683 | 15,074 |
Total liabilities | 2,270,605 | 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; 10,343,494 and 10,608,869 shares issued and outstanding, respectively | 10,343 | 10,609 |
Surplus | 154,932 | 159,485 |
Retained earnings | 76,160 | 71,385 |
Accumulated other comprehensive income | 1,163 | 1,805 |
Total stockholders’ equity | 242,598 | 243,284 |
Total liabilities and stockholders’ equity | $ 2,513,203 | $ 2,321,181 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities, amortized cost | $ 356,639 | $ 263,913 |
Held to maturity securities, far value | 10,727 | 12,649 |
Allowance for loan losses | 20,859 | 20,363 |
Bank premises and equipment, accumulated depreciation | $ 19,149 | $ 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) | 10,343,494 | 10,608,869 |
Common stock, shares issued (in shares) | 10,343,494 | 10,608,869 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTEREST INCOME | |||
Interest and fees on loans | $ 90,230 | $ 87,365 | $ 80,954 |
Interest on investment securities | 4,500 | 5,613 | 7,440 |
Other interest income | 812 | 816 | 1,049 |
Total interest income | 95,542 | 93,794 | 89,443 |
INTEREST EXPENSE | |||
Interest on deposits | 7,487 | 15,376 | 19,307 |
Interest on borrowings | 4,241 | 4,884 | 5,318 |
Total interest expense | 11,728 | 20,260 | 24,625 |
Net interest income | 83,814 | 73,534 | 64,818 |
Provision for loan losses | 22,885 | 11,160 | 1,908 |
Net interest income after provision for loan losses | 60,929 | 62,374 | 62,910 |
NONINTEREST INCOME | |||
Gain on sale of investment securities, net | 2,321 | 2,289 | 262 |
Loss on sale or disposition of fixed assets, net | (408) | (38) | (11) |
(Loss) gain on sale of other real estate owned, net | (5) | 12 | 2 |
Swap termination fee income | 1,835 | 0 | 0 |
Gain on sale of loans | 199 | 0 | 0 |
Income from bank owned life insurance | 1,146 | 894 | 703 |
Change in the fair value of equity securities | 214 | 268 | 341 |
Other operating income | 2,194 | 4,961 | 1,372 |
Total noninterest income | 12,042 | 12,096 | 6,216 |
Income before noninterest expense | 72,971 | 74,470 | 69,126 |
NONINTEREST EXPENSE | |||
Depreciation and amortization | 4,988 | 4,570 | 3,462 |
Salaries and employee benefits | 35,527 | 33,378 | 28,643 |
Occupancy | 2,753 | 2,236 | 1,837 |
Data processing | 3,112 | 3,069 | 2,360 |
Marketing | 275 | 333 | 260 |
Professional fees | 1,585 | 1,519 | 1,189 |
Acquisition expense | 2,448 | 1,062 | 2,090 |
Other operating expenses | 12,374 | 10,964 | 8,327 |
Total noninterest expense | 63,062 | 57,131 | 48,168 |
Income before income tax expense | 9,909 | 17,339 | 20,958 |
Income tax expense | 1,909 | 3,450 | 4,119 |
Net income | $ 8,000 | $ 13,889 | $ 16,839 |
EARNINGS PER SHARE | |||
Basic earnings per share (in dollars per share) | $ 0.77 | $ 1.27 | $ 1.68 |
Diluted earnings per share (in dollars per share) | 0.76 | 1.27 | 1.66 |
Dividends per share declared (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.23 |
Deposit Account [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 2,422 | $ 1,917 | $ 1,840 |
Bank Servicing [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | 204 | 379 | 593 |
Credit and Debit Card [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 1,920 | $ 1,414 | $ 1,114 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 8,000 | $ 13,889 | $ 16,839 |
Unrealized (loss) gain on investment securities: | |||
Unrealized (loss) gain, available for sale, net of tax (benefit) expense of ($694), $1,068, and $1,362, respectively | (2,611) | 4,017 | 5,123 |
Reclassification of realized gain, net of tax expense of $488, $481, and $56, respectively | (1,833) | (1,808) | (206) |
Unrealized loss, transfer from available for sale to held to maturity, net of tax benefit of $0 for all respective periods | (1) | (1) | (1) |
Fair value of derivative financial instruments | |||
Change in fair value of interest rate swap designated as a cash flow hedge, net of tax expense (benefit) of $1,396, ($610), and $14, respectively | 5,253 | (2,294) | 51 |
Reclassification of realized gain, interest rate swap termination, net of tax expense of $385, $0, and $0, respectively | (1,450) | 0 | 0 |
Total other comprehensive (loss) income | (642) | (86) | 4,967 |
Total comprehensive income | $ 7,358 | $ 13,803 | $ 21,806 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized (loss) gain, available for sale, tax | $ (694) | $ 1,068 | $ 1,362 |
Reclassification of realized gain, tax | 488 | 481 | 56 |
Unrealized loss, transfer from available for sale to held to maturity, tax benefit | 0 | 0 | 0 |
Change in fair value of interest rate swaps designated as a cash flow hedge, tax | 1,396 | (610) | 14 |
Reclassification of realized gain, interest rate swap termination, tax | $ 385 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2018 | $ 9,484 | $ 130,133 | $ 45,721 | $ (3,076) | $ 182,262 |
Common stock issued in offering, net of direct costs of $1,475 | 1,290 | 27,235 | 0 | 0 | 28,525 |
Common stock issued in acquisition, net of issuance costs | 764 | 17,873 | 0 | 0 | 18,637 |
Surrendered shares | (11) | (272) | 0 | 0 | (283) |
Shares repurchased | (360) | (7,966) | 0 | 0 | (8,326) |
Options exercised | 21 | 266 | 0 | 0 | 287 |
Dividends declared | 0 | 0 | (2,362) | 0 | (2,362) |
Stock-based compensation | 41 | 1,389 | 0 | 0 | 1,430 |
Net income | 0 | 0 | 16,839 | 0 | 16,839 |
Net change | 0 | 0 | 0 | 4,967 | 4,967 |
Stock issuance costs | (1,475) | ||||
Balance at Dec. 31, 2019 | 11,229 | 168,658 | 60,198 | 1,891 | 241,976 |
Surrendered shares | (15) | (299) | 0 | 0 | (314) |
Shares repurchased | (662) | (10,450) | 0 | 0 | (11,112) |
Options exercised | 3 | 43 | 0 | 0 | 46 |
Dividends declared | 0 | 0 | (2,702) | 0 | (2,702) |
Stock-based compensation | 54 | 1,590 | 0 | 0 | 1,644 |
Net income | 0 | 0 | 13,889 | 0 | 13,889 |
Net change | 0 | 0 | 0 | (86) | (86) |
Stock issuance costs | 0 | (57) | 0 | 0 | (57) |
Balance at Dec. 31, 2020 | 10,609 | 159,485 | 71,385 | 1,805 | 243,284 |
Surrendered shares | (19) | (348) | 0 | 0 | (367) |
Shares repurchased | (359) | (6,566) | 0 | 0 | (6,925) |
Options exercised | 47 | 685 | 0 | 0 | 732 |
Dividends declared | 0 | 0 | (3,225) | 0 | (3,225) |
Stock-based compensation | 65 | 1,676 | 0 | 0 | 1,741 |
Net income | 0 | 0 | 8,000 | 0 | 8,000 |
Net change | 0 | 0 | 0 | (642) | (642) |
Balance at Dec. 31, 2021 | $ 10,343 | $ 154,932 | $ 76,160 | $ 1,163 | $ 242,598 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Direct costs | $ 57 | $ 1,475 | |
Dividends per share declared (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.23 |
Dividends per share declared (in dollars per share) | $ 0.31 | $ 0.25 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 8,000 | $ 13,889 | $ 16,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,988 | 4,570 | 3,462 |
Provision for loan losses | 22,885 | 11,160 | 1,908 |
Amortization of purchase accounting adjustments | (1,560) | (1,112) | (1,425) |
Provision for other real estate owned | 0 | 30 | 18 |
Net amortization of securities | 3,484 | 2,825 | 712 |
Gain on sale of investment securities, net | (2,321) | (2,289) | (262) |
Loss on sale or disposition of fixed assets, net | 408 | 38 | 11 |
Loss (gain) on sale of other real estate owned, net | 5 | (12) | (2) |
FHLB stock dividend | (40) | (134) | (336) |
Stock-based compensation | 1,741 | 1,644 | 1,430 |
Deferred taxes | (547) | (1,388) | 153 |
Net change in value of bank owned life insurance | (1,143) | (894) | (703) |
Amortization of subordinated debt issuance costs | 92 | 71 | 53 |
Change in the fair value of equity securities | (214) | (268) | (341) |
Originations | (10,235) | 0 | 0 |
Proceeds from sales | 9,814 | 0 | 0 |
Gain on sale of loans | (199) | 0 | 0 |
Net change in: | |||
Accrued interest receivable | 2,451 | (5,056) | (1,925) |
Other assets | (3,086) | (953) | (2,015) |
Accrued taxes and other liabilities | (1,042) | (4,372) | 990 |
Net cash provided by operating activities | 33,481 | 17,749 | 18,567 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities available for sale | 137,803 | 56,466 | 65,834 |
Purchases of securities available for sale | (255,455) | (127,123) | (110,431) |
Proceeds from maturities, prepayments and calls of investment securities available for sale | 84,729 | 64,348 | 39,578 |
Proceeds from maturities, prepayments and calls of investment securities held to maturity | 2,149 | 1,938 | 1,623 |
Proceeds from redemption or sale of equity securities | 574 | 9,283 | 2,986 |
Purchases of equity securities | (523) | (6,165) | (7,040) |
Net decrease (increase) in loans | 86,967 | (124,736) | (162,025) |
Proceeds from sales of other real estate owned | 878 | 158 | 5,150 |
Purchases of other real estate owned | (501) | 0 | 0 |
Proceeds from insurance claims | 0 | 232 | 0 |
Proceeds from sales of fixed assets | 194 | 0 | 0 |
Purchases of fixed assets | (3,318) | (7,590) | (7,918) |
Purchase of bank owned life insurance | (8,000) | (6,000) | (5,023) |
Purchase of other investments | (233) | 0 | (95) |
Proceeds from sales of other investments | 0 | 1,762 | 0 |
Distributions from investments | 23 | 93 | 162 |
Net cash provided by (used in) investing activities | 53,399 | (148,143) | (103,063) |
Cash flows from financing activities | |||
Net increase in customer deposits | 25,946 | 143,318 | 153,403 |
Net increase (decrease) in repurchase agreements | 130 | 2,658 | (9,329) |
Net decrease in short-term FHLB advances | (42,000) | (8,000) | (86,400) |
Proceeds from long-term FHLB advances | 0 | 0 | 23,500 |
Repayment of long-term FHLB advances | 0 | (3,100) | (12,000) |
Cash dividends paid on common stock | (3,090) | (2,686) | (2,167) |
Payments to repurchase common stock | (6,925) | (11,112) | (8,326) |
Proceeds from common stock offering, net of issuance costs | 0 | 0 | 28,525 |
Proceeds from stock options exercised | 732 | 46 | 287 |
Proceeds from subordinated debt, net of issuance costs | 0 | 0 | 24,558 |
Payments of stock issuance costs | 0 | (57) | 0 |
Net cash (used in) provided by financing activities | (25,207) | 121,067 | 112,051 |
Net increase (decrease) in cash and cash equivalents | 61,673 | (9,327) | 27,555 |
Cash and cash equivalents, beginning of period | 35,368 | 44,695 | 17,140 |
Cash and cash equivalents, end of period | 97,041 | 35,368 | 44,695 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Income taxes | 4,207 | 4,336 | 4,190 |
Interest on deposits and borrowings | 11,817 | 20,702 | 24,396 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES | |||
Transfer from loans to other real estate owned | 521 | 41 | 133 |
Transfer from bank premises and equipment to other real estate owned | 1,850 | 665 | 0 |
Mainland Bank [Member] | |||
Cash flows from investing activities | |||
Cash acquired | 0 | 0 | 38,365 |
Bank of York [Member] | |||
Cash flows from investing activities | |||
Cash acquired | 0 | 0 | 35,771 |
Plains Capital Bank [Member] | |||
Cash flows from investing activities | |||
Cash paid for acquisition of business, net of cash acquired | 0 | (10,809) | 0 |
Cheaha Financial Group [Member] | |||
Cash flows from operating activities | |||
Net income | 3,600 | ||
Cash flows from investing activities | |||
Cash paid for acquisition of business, net of cash acquired | $ 8,112 | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations Investar Holding Corporation (the “Company”) is a financial holding company headquartered in Baton Rouge, Louisiana, that provides, through its wholly-owned subsidiary, Investar Bank, National Association (the “Bank”), full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses throughout its markets in south Louisiana, southeast Texas and Alabama. Basis of Presentation The consolidated financial statements of Investar Holding Corporation and its wholly-owned subsidiary, the Bank, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and to generally accepted practices within the banking industry. Segments While our chief decision maker monitors the revenue streams of the various banking products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one no 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 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 allowance for off-balance sheet credit losses, the fair value of stock-based compensation awards, 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 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 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. • 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. Unrealized holding gains and losses, net of tax, on available for sale 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 and equity securities are determined using the specific-identification method and average price method, respectively. 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 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 that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at the unpaid principal balance outstanding, net of purchase premiums or discounts, deferred income (net of costs), any direct principal charge-offs, and an allowance for loan losses. Interest on loans is calculated by using the effective interest rate on daily balances of the principal amount outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Loans are considered past due if the required principal and interest payments have not 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 See Treatment of Loan Modifications Pursuant to the CARES Act and Interagency Statement 1 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 See Acquisition Accounting Acquired Impaired Loans 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, the Company's 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, during 2020 2021, 19 not 90 4013 not 19 fourth 2021. Employee Retention Credit The CARES Act also provided for an Employee Retention Credit (“ERC”), which is a broad based refundable payroll tax credit that incentivized businesses to retain employees on the payroll during the COVID- 19 March 12, 2020 December 31, 2020. 2021, September 30, 2021. 19 fourth 2021, first 2021, December 31, 2021 Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. For loans carried at the lower of cost or fair value, gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. At December 31, 2021 , December 31, 2020 , Allowance for Loan Losses The adequacy of the allowance for loan losses is determined in accordance with GAAP. 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 uncollectable. 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 third 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 other liabilities in the consolidated balance sheet. At December 31, 2021 2020 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 December 31, 2021 2020 In addition, equity securities include marketable securities in corporate stocks and mutual funds and totaled $1.8 million and $1.7 million at December 31, 2021 2020 Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation, with the exception of land, which is stated at cost. Depreciation expense is computed using the straight-line method and is charged to expense over the estimated useful lives of 39 years for buildings, five three seven one five The Company leases certain branch locations under operating lease agreements. The Company also leases certain office facilities to outside parties under operating lessor agreements; however, such leases are not not may Other Real Estate Owned Real estate acquired through foreclosure, or other real estate owned on the consolidated balance sheets, is initially recorded at fair value at the time of foreclosure, less estimated selling cost, and any related write down is charged to the allowance for loan losses. Valuations are periodically performed by management and provisions for estimated losses on other real estate owned are charged to expense when fair value is determined to be less than the carrying value. Costs relative to the development and improvement of properties are capitalized to the extent realizable, whereas ordinary upkeep disbursements are charged to expense. The ability of the Company to recover the carrying value of real estate is based upon future sales of the other real estate owned. The ability to affect such sales is subject to market conditions and other factors, many of which are beyond the Company’s control. Operating income and expense of such properties is included in other operating income or expense, respectively, on the accompanying consolidated statements of income. Gain or loss on the disposition of such properties is included in noninterest income on the consolidated statements of income. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not 350, Intangibles Goodwill and Other Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment in accordance with FASB ASC Topic 360, Property, Plant, and Equipment. December 31, 2021 8, Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) policies that provide earnings to help cover the cost of employee benefit plans. The Company is the owner and beneficiary of the life insurance policies it purchased directly on a chosen group of employees. The policies are carried on the Company’s consolidated balance sheet at their cash surrender value and are subject to regulatory capital requirements. The determination of the cash surrender value includes a full evaluation of the contractual terms of each policy and assumes the surrender of policies on an individual-life by individual-life basis. Additionally, the Company periodically reviews the creditworthiness of the insurance companies that have underwritten the policies. Earnings accruing to the Company are derived from the general account investments of the insurance companies. Increases in the net cash surrender value of BOLI policies and insurance proceeds received are not Repurchase Agreements Securities sold under agreements to repurchase are secured borrowings treated as financing activities and are carried at the amounts at which the securities will be subsequently reacquired as specified in the respective agreements. Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC Topic 718, Compensation - Stock Compensation 15, Off-Balance Sheet Credit-Related Financial Instruments The Company accounts for its guarantees in accordance with the provisions of ASC Topic 460, Guarantees Derivative Financial Instruments ASC Topic 815, Derivatives and Hedging not In the course of its business operations, the Company is exposed to certain risks, including interest rate, liquidity and credit risk. The Company manages its risks through the use of derivative financial instruments, primarily through management of exposure due to the receipt or payment of future cash amounts based on interest rates. The Company’s derivative financial instruments manage the differences in the timing, amount and duration of expected cash receipts and payments. Derivatives which are designated and qualify as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. These methods are consistent with the Company’s approach to managing risk. Note 13, Income Taxes The provision for income taxes is based on amounts reported in the consolidated statements of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expenses are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are determined utilizing a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company has adopted accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. Revenue Recognition The Company recognizes revenue in the consolidated statements of income as it is earned and when collectability is reasonably assured. The primary source of revenue is interest income from interest-earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest-earning assets is based upon formulas from underlying loan agreements, securities contracts, or other similar contracts. Noninterest income is recognized on the accrual basis of accounting as services are provided or as transactions occur. Noninterest income includes fees from deposit accounts, merchant services, ATM and debit card fees, servicing fees, interchange fees, and other miscellaneous services and transactions. Earnings Per Share Basic earnings per share is calculated using the two two not Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options and warrants) were issued during the period, computed using the treasury stock method. Statements of Cash Flows For purposes of the statements of cash flows, cash and cash equivalents include cash and amounts due from banks and federal funds sold due to the short-term nature of these items. Comprehensive Income Comprehensive income includes net income and other comprehensive income or loss, which in the case of the Company includes unrealized gains and losses on securities and changes in the fair value of interest rate swaps, net of related income taxes. Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize the risk of loss. These concessions may 2011 2, Receivables (Topic 310 s Determination of Whether a Restructuring is a Troubled Debt Restructuring not not not If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for loan losses on these TDRs, the loan is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicators, the Company establishes specific reserves for these loans. 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. The fair value adjustment for performing acquired loans is accreted over the life of the loan using the effective interest method. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not Acquired Impaired Loans The Company accounts for acquired impaired loans under FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30, The excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. As required by ASC 310 30, not Share Repurchases The Louisiana Business Corporation Act does not December 31, 2021, 2020 2019 Reclassifications Certain reclassifications have been made to the 2020 2019 2021 Accounting Standards Adopted in 2021 FASB ASC Topics 321, 323, and 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 Recent Accounting Pronouncements This section briefly describes accounting standards that have been issued, but are 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 | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 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 Cheaha Financial Group, Inc. On April 1, 2021, The table below shows the allocation of the consideration paid for Cheaha’s common equity to the acquired identifiable assets and liabilities assumed and the goodwill generated from the transaction (dollars in thousands). The fair values listed below, primarily related to loans and deferred tax assets and liabilities, are subject to refinement for up to one Purchase price: Cash paid $ 41,067 Fair value of assets acquired: Cash and cash equivalents 49,179 Investment securities 60,938 Loans 120,395 Bank premises and equipment 5,407 Core deposit intangible asset 848 Bank owned life insurance 3,023 Other assets 1,012 Total assets acquired 240,802 Fair value of liabilities acquired: Deposits 206,986 Notes payable 2,327 Other liabilities 2,366 Total liabilities assumed 211,679 Fair value of net assets acquired 29,123 Goodwill $ 11,944 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 Cheaha total $134.8 million. Loans acquired from Cheaha that are considered to be purchased credit impaired loans had a balance of $0.2 million at the time of acquisition. The contractually required principal and interest payments of these loans total $0.2 million, of which $0.1 million is not The change in goodwill and other intangibles at December 31, 2021 December 31, 2020 Supplemental Unaudited Pro Forma Information The following unaudited supplemental pro forma information is presented to show estimated results assuming Cheaha was acquired as of January 1, 2020. not January 1, 2020 not December 31, 2021 Unaudited pro forma for the years ended December 31, (dollars in thousands) 2021 2020 Interest income $ 98,223 $ 104,656 Noninterest income 12,567 13,257 Net income 10,670 17,320 For the year ended December 31, 2021 , Cheaha added approximately $6.0 million, $0.8 million, and $3.6 million to interest income, noninterest income, and net income, respectively. Acquisition Expense Acquisition related costs of $2.4 million and $1.1 million are included in acquisition expenses in the accompanying consolidated statements of income for the years ended December 31, 2021 2020 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3. 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 Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Obligations of U.S. government agencies and corporations $ 21,143 $ 152 $ (27 ) $ 21,268 Obligations of state and political subdivisions 32,330 468 (213 ) 32,585 Corporate bonds 27,777 235 (345 ) 27,667 Residential mortgage-backed securities 200,696 711 (1,503 ) 199,904 Commercial mortgage-backed securities 74,693 369 (977 ) 74,085 Total $ 356,639 $ 1,935 $ (3,065 ) $ 355,509 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value 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 realized gains and losses are summarized below for the periods presented (dollars in thousands). Twelve months ended December 31, 2021 2020 2019 Proceeds from sales $ 137,803 $ 56,466 $ 65,834 Gross gains $ 2,323 $ 2,300 $ 608 Gross losses $ (2 ) $ (11 ) $ (346 ) 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 Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Obligations of state and political subdivisions $ 6,910 $ 367 $ — $ 7,277 Residential mortgage-backed securities 3,345 105 — 3,450 Total $ 10,255 $ 472 $ — $ 10,727 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value 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 December 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 (amounts in thousands, except number of securities). There were no December 31, 2021 December 31, 2020 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2021 Count Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government agencies and corporations 8 $ 1,438 $ (25 ) $ 668 $ (2 ) $ 2,106 $ (27 ) Obligations of state and political subdivisions 12 10,803 (213 ) — — 10,803 (213 ) Corporate bonds 22 10,197 (254 ) 2,409 (91 ) 12,606 (345 ) Residential mortgage-backed securities 150 156,862 (1,503 ) — — 156,862 (1,503 ) Commercial mortgage-backed securities 64 44,055 (941 ) 6,284 (36 ) 50,339 (977 ) Total 256 $ 223,355 $ (2,936 ) $ 9,361 $ (129 ) $ 232,716 $ (3,065 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2020 Count Fair Value Losses Fair Value Losses Fair Value Losses 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 December 31, 2021 2020 The amortized cost and approximate fair value of investment debt securities, by contractual maturity, 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 December 31, 2021 Cost Value Cost Value Due within one year $ 726 $ 726 $ 870 $ 902 Due after one year through five years 14,189 14,327 1,875 2,018 Due after five years through ten years 51,988 52,376 4,165 4,356 Due after ten years 289,736 288,080 3,345 3,451 Total debt securities $ 356,639 $ 355,509 $ 10,255 $ 10,727 Securities Available For Sale Securities Held to Maturity Amortized Fair Amortized Fair December 31, 2020 Cost Value Cost Value 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 December 31, 2021 December 31, 2020 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. The Company’s loan portfolio, excluding loans held for sale, consists of the following categories of loans as of the dates presented (dollars in thousands). December 31, 2021 2020 Construction and development $ 203,204 $ 206,011 1-4 Family 364,307 339,525 Multifamily 59,570 60,724 Farmland 20,128 26,547 Commercial real estate 896,377 812,395 Total mortgage loans on real estate 1,543,586 1,445,202 Commercial and industrial 310,831 394,497 Consumer 17,595 20,619 Total loans $ 1,872,012 $ 1,860,318 Unamortized premiums and discounts on loans, included in the total loans balances above, were $1.9 million and 1.8 million at December 31, 2021 2020 December 31, 2021 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 1, 2021 May 31, 2021. December 31, 2021 2020 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 The tables below provide an analysis of the aging of loans, excluding loans held for sale, as of the dates presented (dollars in thousands). December 31, 2021 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired Impaired Loans Total Loans Construction and development $ 202,850 $ 55 $ 11 $ — $ 288 $ 354 $ — $ 203,204 1-4 Family 360,434 1,933 182 — 1,410 3,525 348 364,307 Multifamily 59,570 — — — — — — 59,570 Farmland 18,348 — — — 79 79 1,701 20,128 Commercial real estate 881,575 170 86 — 13,910 14,166 636 896,377 Total mortgage loans on real estate 1,522,777 2,158 279 — 15,687 18,124 2,685 1,543,586 Commercial and industrial 295,323 4,044 57 53 11,354 15,508 — 310,831 Consumer 17,238 89 18 — 186 293 64 17,595 Total loans $ 1,835,338 $ 6,291 $ 354 $ 53 $ 27,227 $ 33,925 $ 2,749 $ 1,872,012 December 31, 2020 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired 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 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 Concentrations of Credit Substantially all of the Company’s loans and commitments have been granted to customers in the Company’s market areas in south Louisiana, southeast Texas and Alabama. The distribution of commitments to extend credit approximates the distribution of loans outstanding. 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 tables below present a summary of the Company’s loan portfolio, excluding loans held for sale, by category and credit quality indicator as of the dates presented (dollars in thousands). December 31, 2021 Special Pass Mention Substandard Doubtful Total Construction and development $ 200,788 $ 818 $ 1,598 $ — $ 203,204 1-4 Family 358,062 38 6,207 — 364,307 Multifamily 59,113 — 457 — 59,570 Farmland 18,348 — 1,780 — 20,128 Commercial real estate 872,951 3,891 19,535 — 896,377 Total mortgage loans on real estate 1,509,262 4,747 29,577 — 1,543,586 Commercial and industrial 290,677 2,523 16,941 690 310,831 Consumer 17,269 19 307 — 17,595 Total loans $ 1,817,208 $ 7,289 $ 46,825 $ 690 $ 1,872,012 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 December 31, 2021 2020 Loan Participations and Sold Loans Loan participations and whole loans sold to and serviced for others are not December 31, 2021 2020 December 31, 2021 2020 Loans to Related Parties In the ordinary course of business, the Company makes loans to related parties including its executive officers, principal shareholders, directors and their immediate family members, as well as to companies in which these individuals are principal owners. Loans outstanding to such related party borrowers amounted to approximately $97.6 million December 31, 2021 December 31, 2020 The table below shows the aggregate principal balance of loans to such related parties for the years ended December 31, 2021 2020 December 31, 2021 2020 Balance, beginning of period $ 96,390 $ 98,093 New loans/changes in relationship 26,475 12,443 Repayments/changes in relationship (25,259 ) (14,146 ) Balance, end of period $ 97,606 $ 96,390 Loans Acquired with Deteriorated Credit Quality The Company accounts for certain loans acquired as acquired impaired loans under ASC 310 30 There were no changes in the accretable yield on acquired impaired loans for the years ended December 31, 2021 2020 Allowance for Loan Losses The table below shows a summary of the activity in the allowance for loan losses for the years ended December 31, 2021, 2020 2019 December 31, 2021 2020 2019 Balance, beginning of period $ 20,363 $ 10,700 $ 9,454 Provision for loan losses 22,885 11,160 1,908 Loans charged-off (22,636 ) (1,754 ) (800 ) Recoveries 247 257 138 Balance, end of period $ 20,859 $ 20,363 $ 10,700 For the year ended December 31, 2021, one The following tables outline the activity in the allowance for loan losses by collateral type for the years ended December 31, 2021, 2020 2019 December 31, 2021, 2020 2019 December 31, 2021 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Charge-offs (283 ) (188 ) — (13 ) (10,280 ) (11,713 ) (159 ) (22,636 ) Recoveries 36 32 — — 6 72 101 247 Provision 219 123 84 (39 ) 11,132 11,494 (128 ) 22,885 Ending balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Ending allowance balance for loans individually evaluated for impairment — — — — — 468 96 564 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,347 3,337 673 173 9,354 3,943 258 20,085 Loans receivable: Balance of loans individually evaluated for impairment 529 1,995 — 79 16,685 13,321 182 32,791 Balance of loans acquired with deteriorated credit quality — 348 — 1,701 636 — 64 2,749 Balance of loans collectively evaluated for impairment 202,675 361,964 59,570 18,348 879,056 297,510 17,349 1,836,472 Total period-end balance $ 203,204 $ 364,307 $ 59,570 $ 20,128 $ 896,377 $ 310,831 $ 17,595 $ 1,872,012 December 31, 2020 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,201 $ 1,490 $ 387 $ 101 $ 4,424 $ 2,609 $ 488 $ 10,700 Charge-offs — (173 ) — — (51 ) (1,195 ) (335 ) (1,754 ) Recoveries 47 74 — — 8 50 78 257 Provision 1,127 1,979 202 334 4,115 3,094 309 11,160 Ending balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Ending allowance balance for loans individually evaluated for impairment — — — — — 80 130 210 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,375 3,370 589 225 8,496 4,478 410 19,943 Loans receivable: Balance of loans individually evaluated for impairment 782 2,280 — — 6,666 9,102 347 19,177 Balance of loans acquired with deteriorated credit quality — 381 — 1,701 1,791 246 38 4,157 Balance of loans collectively evaluated for impairment 205,229 336,864 60,724 24,846 803,938 385,149 20,234 1,836,984 Total period-end balance $ 206,011 $ 339,525 $ 60,724 $ 26,547 $ 812,395 $ 394,497 $ 20,619 $ 1,860,318 December 31, 2019 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,038 $ 1,465 $ 331 $ 81 $ 4,182 $ 1,641 $ 716 $ 9,454 Charge-offs (51 ) (62 ) — — (24 ) (252 ) (411 ) (800 ) Recoveries 27 27 — — 1 26 57 138 Provision 187 60 56 20 265 1,194 126 1,908 Ending balance $ 1,201 $ 1,490 $ 387 $ 101 $ 4,424 $ 2,609 $ 488 $ 10,700 Ending allowance balance for loans individually evaluated for impairment — — — — — — 141 141 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 1,201 1,490 387 101 4,424 2,609 347 10,559 Loans receivable: Balance of loans individually evaluated for impairment 247 1,662 — — 47 93 498 2,547 Balance of loans acquired with deteriorated credit quality — 445 — 2,264 1,632 13 38 4,392 Balance of loans collectively evaluated for impairment 197,550 319,382 60,617 25,516 729,381 323,680 28,910 1,685,036 Total period-end balance $ 197,797 $ 321,489 $ 60,617 $ 27,780 $ 731,060 $ 323,786 $ 29,446 $ 1,691,975 Impaired Loans The Company considers a loan to be impaired when, based on current information and events, the Company determines that it is probable 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). As of and for the year ended December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 529 $ 812 $ — $ 731 $ 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 9,395 10,941 — 9,166 152 Consumer 55 69 — 96 — Total 28,738 41,123 — 22,941 380 With related allowance recorded: Commercial and industrial 3,926 9,618 468 1,311 24 Consumer 127 164 96 146 — Total 4,053 9,782 564 1,457 24 Total loans: Construction and development 529 812 — 731 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 13,321 20,559 468 10,477 176 Consumer 182 233 96 242 — Total $ 32,791 $ 50,905 $ 564 $ 24,398 $ 404 As of and for the year ended December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 782 $ 800 $ — $ 887 $ 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 8,841 9,953 — 4,614 31 Consumer 126 143 — 227 1 Total 18,695 19,970 — 11,356 197 With related allowance recorded: Commercial and industrial 261 260 80 22 — Consumer 221 265 130 256 1 Total 482 525 210 278 1 Total loans: Construction and development 782 800 — 887 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 9,102 10,213 80 4,636 31 Consumer 347 408 130 483 2 Total $ 19,177 $ 20,495 $ 210 $ 11,634 $ 198 As of and for the year ended December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 247 $ 269 $ — $ 328 $ 14 1-4 Family 1,662 1,745 — 1,507 32 Multifamily — — — 36 — Commercial real estate 47 50 — 700 7 Total mortgage loans on real estate 1,956 2,064 — 2,571 53 Commercial and industrial 93 96 — 33 — Consumer 188 205 — 328 — Total 2,237 2,365 — 2,932 53 With related allowance recorded: Consumer 310 347 141 324 — Total 310 347 141 324 — Total loans: Construction and development 247 269 — 328 14 1-4 Family 1,662 1,745 — 1,507 32 Multifamily — — — 36 — Commercial real estate 47 50 — 700 7 Total mortgage loans on real estate 1,956 2,064 — 2,571 53 Commercial and industrial 93 96 — 33 — Consumer 498 552 141 652 — Total $ 2,547 $ 2,712 $ 141 $ 3,256 $ 53 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 consisted of 29 credits, totaling approximately $10.5 million at December 31, 2021 December 31, 2020 December 31, 2021 2020 none At December 31, 2021 2020 The table below presents the TDR pre- and post-modification outstanding recorded investments by loan categories for loans modified during the years ended December 31, 2021 2020 December 31, 2021 December 31, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled debt restructurings Contracts Investment Investment Contracts Investment Investment Construction and development — $ — $ — 1 $ 64 $ 64 Commercial real estate 1 28 28 8 5,833 5,833 Commercial and industrial 3 586 586 9 7,729 7,729 $ 614 $ 614 $ 13,626 $ 13,626 There were no twelve December 31, 2021 The following is a summary of accruing and nonaccrual TDRs and the related loan losses by portfolio type as of the dates presented (dollars in thousands). TDRs Related Accruing Nonaccrual Total Allowance December 31, 2021 Construction and development $ 242 $ — $ 242 $ — 1-4 Family 585 145 730 — Commercial real estate 2,775 915 3,690 — Commercial and industrial 1,976 3,885 5,861 — Total $ 5,578 $ 4,945 $ 10,523 $ — December 31, 2020 Construction and development $ 262 $ — $ 262 $ — 1-4 Family 665 161 826 — Commercial real estate 4,895 938 5,833 — Commercial and industrial 2,195 5,534 7,729 — Total $ 8,017 $ 6,633 $ 14,650 $ — The table below includes the average recorded investment and interest income recognized for TDRs for the years ended December 31, 2021, 2020 2019 TDRs Average Recorded Investment Interest Income Recognized December 31, 2021 Construction and development $ 251 $ 17 1-4 Family 775 28 Commercial real estate 5,358 174 Commercial and industrial 6,698 149 Total $ 13,082 $ 368 December 31, 2020 Construction and development $ 438 $ 14 1-4 Family 936 35 Commercial real estate 2,778 126 Commercial and industrial 1,075 53 Total $ 5,227 $ 228 December 31, 2019 Construction and development $ 515 $ 14 1-4 Family 1,014 51 Commercial real estate 264 7 Commercial and industrial 2 — Total $ 1,795 $ 72 |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 5. The table below shows the activity in other real estate owned for the years ended December 31, 2021 2020 Year ended Year ended December 31, 2021 December 31, 2020 Balance, beginning of period $ 663 $ 133 Additions 1,023 41 Transfers from bank premises and equipment 1,850 665 Sales of other real estate owned (883 ) (146 ) Write-downs — (30 ) Balance, end of period $ 2,653 $ 663 For the years ended December 31, 2021 2020 $53,000 a two 2021 one 2020, not December 31, 2021 2020 |
Note 6 - Bank Premises and Equi
Note 6 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. Bank premises and equipment consisted of the following as of the dates indicated (dollars in thousands). December 31, 2021 2020 Land $ 15,319 $ 13,530 Buildings and improvements 41,962 37,947 Furniture and equipment 13,792 13,196 Software 2,319 1,990 Construction-in-progress 483 1,619 Right-of-use asset 3,354 3,851 Less: Accumulated depreciation and amortization (19,149 ) (15,830 ) Bank premises and equipment, net $ 58,080 $ 56,303 Depreciation and amortization related to bank premises and equipment charged to noninterest expense was approximately $4.0 million, $3.6 million and $2.6 million for the years ended December 31, 2021, 2020 2019 , respectively. During the year ended December 31, 2021, |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7. 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 years ended December 31, 2021 2020 December 31, 2021 2020 Total operating lease cost $ 610 $ 599 Weighted average remaining lease term (in years) 7.8 8.6 Weighted average discount rate 2.8 % 2.8 % As of December 31, 2021 Future minimum lease payments due under non-cancelable operating leases at December 31, 2021 2022 $ 598 2023 595 2024 515 2025 476 2026 339 Thereafter 1,354 Total $ 3,877 At December 31, 2021 not not On May 29, 2020, first December 31, 2021 2020 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 8. The Company’s intangible assets consist of goodwill, core deposit intangible assets arising from acquisitions, and a trademark intangible. At December 31, 2021 2020 Additions and adjustments to goodwill were recorded during the years ended December 31, 2021 2020 2, December 31, 2021 2020 December 31, 2021 2020 In accordance with ASC 350, October 31, 2021 no Core deposit intangibles have finite lives and are being amortized over their estimated useful lives, which range from 10 to 15 years. The table below shows a summary of the core deposit intangible assets as of the dates presented (dollars in thousands). December 31, Core deposit intangibles 2021 2020 Gross carrying amount $ 7,486 $ 6,637 Accumulated amortization (3,638 ) (2,649 ) Net carrying amount $ 3,848 $ 3,988 Amortization expense for the core deposit intangible assets recorded in depreciation and amortization totaled approximately $1.0 million, $1.0 million, and $0.8 million for the years ended December 31, 2021, 2020 2019 The future amortization schedule for the Company’s core deposit intangible assets is displayed in the table below. The weighted average amortization period remaining for core deposit intangibles is 7.0 years. (dollars in thousands) 2022 $ 887 2023 761 2024 643 2025 528 2026 411 Thereafter 618 $ 3,848 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9. Deposits consisted of the following as of the dates presented (dollars in thousands). December 31, 2021 2020 Noninterest-bearing demand deposits $ 585,465 $ 448,230 Interest-bearing demand deposits 650,868 496,745 Brokered deposits — 80,017 Money market deposit accounts 255,501 186,307 Savings accounts 180,837 141,134 Time deposits 447,595 535,391 Total deposits $ 2,120,266 $ 1,887,824 The table below summarizes outstanding time deposits as of the dates indicated (dollars in thousands). December 31, 2021 2020 $0 to $99,999 $ 151,963 $ 161,957 $100,000 to $249,999 203,922 274,470 $250,000 and above 91,710 98,964 $ 447,595 $ 535,391 The contractual maturities of time deposits of $100,000 December 31, 2021 2020 Time remaining until maturity: Three months or less $ 71,728 $ 80,605 Over three through six months 52,784 75,974 Over six through twelve months 97,370 111,879 Over one year through three years 63,453 94,178 Over three years 10,297 10,798 $ 295,632 $ 373,434 The approximate scheduled maturities of time deposits for each of the next five 2022 $ 337,386 2023 71,806 2024 23,276 2025 12,106 2026 3,021 $ 447,595 Public fund deposits as of December 31, 2021 2020 December 31, 2021 2020 As of December 31, 2021 2020 ely $49.4 million an |
Note 10 - Securities Sold Under
Note 10 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 10. We utilize securities sold under agreements to repurchase (“repurchase agreements”) to facilitate the needs of our customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may Repurchase agreements mature on a daily basis. The total balance of repurchase agreements was $5.8 million and $5.7 million at December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021, 2020 2019 |
Note 11 - Subordinated Debt Sec
Note 11 - Subordinated Debt Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 11. On November 12, 2019, “2029 December 30, 2029. December 30, 2024, may 2029 2029 December 30, 2024, three 2029 three On March 24, 2017, “2027 March 30, 2027. March 30, 2022, may 2027 2027 March 30, 2022, The carrying value of subordinated debt was $43.0 million and $42.9 million at December 31, 2021 2020 December 31, 2021 2020 |
Note 12 - Other Borrowed Funds
Note 12 - Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12. Federal Home Loan Bank Advances FHLB advances and weighted average interest rates at the end of the period by contractual maturity are summarized as of the dates presented (dollars in thousands). Amount Weighted Average Rate December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Fixed rate advances maturing: 2021 $ — $ 42,000 — % 0.11 % 2024 23,500 23,500 1.81 1.81 2028 25,000 25,000 1.77 1.77 2033 30,000 30,000 1.88 1.88 $ 78,500 $ 120,500 1.82 % 1.23 % As of December 31, 2021 December 31, 2021 At December 31, 2021 2020 2028 2033 may Lines of Credit In addition, the Company has outstanding unsecured lines of credit with its correspondent banks available to assist in the management of short-term liquidity. Any balances drawn on these lines of credit mature daily. At December 31, 2021 2020 $60.0 million Junior Subordinated Debt The following table provides a summary of the Company’s junior subordinated debentures (dollars in thousands). Face Value Carrying Value Maturity Date Variable Interest Rate Interest Rate at December 31, 2021 First Community Louisiana Statutory Trust I $ 3,609 $ 3,609 June 2036 3-month LIBOR + 1.77% 1.97 % BOJ Bancshares Statutory Trust I 3,093 2,392 December 2034 3-month LIBOR + 1.90% 2.10 % Cheaha Statutory Trust I 3,093 2,383 September 2035 3-month LIBOR + 1.70% 1.90 % $ 9,795 $ 8,384 These debentures are unsecured obligations due to trusts that are unconsolidated subsidiaries. The debentures were issued in conjunction with the trusts’ issuances of obligated capital securities. The trusts used the proceeds from the issuances of their capital securities to buy floating rate junior subordinated deferrable interest debentures that bear the same interest rate and terms as the capital securities. These debentures are the trusts’ only assets and the interest payments from the debentures finance the distributions paid on the capital securities. These debentures rank junior and are subordinate in the right of payment to all other debt of the Company. As part of the purchase accounting adjustments made with the BOJ Bancshares Inc. acquisition on December 1, 2017, April 1, 2021, The debentures may not 20 no may The debentures are included on the consolidated balance sheets as liabilities; however, for regulatory purposes, the carrying values of these obligations are eligible for inclusion in Tier I regulatory capital, subject to certain limitations. The total carrying values of $8.4 million and $5.9 million were allowed in the calculation of Tier I regulatory capital at December 31, 2021 2020 |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 13. 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 December 31, 2021 December 31, 2020 December 31, 2020 no two In September 2021, December 31, 2021 December 31, 2021 For the year ended December 31, 2021 December 31, 2020 December 31, 2019 The fair value of the swap contracts consisted of gross assets of $2.6 million and gross liabilities of $29,000, netting to a fair value of $2.6 million recorded in “Other assets” in the accompanying consolidated balance sheet at December 31, 2021 December 31, 2020 December 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 other operating income re December 31, 2021, 2020 2019 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 14. EQUITY Preferred Stock The Company’s Articles of Incorporation give the Company’s board of directors the authority to issue up to 5,000,000 shares of preferred stock. At December 31, 2021 no Common Stock The Company’s Articles of Incorporation give the Company’s board of directors the authority to issue up to 40,000,000 shares of common stock. At December 31, 2021 December 31, 2020 2019 In addition, the Company repurchased 359,138, 661,504, and 359,906 shares of its common stock through its stock repurchase program at an average price of $19.24, $16.75, and $23.09 per share during the years ended December 31, 2021, 2020 2019 Dividend Restrictions. may may two may not Under the terms of the junior subordinated debentures, assumed through acquisition, the Company has the right at any time during the term of the debentures to defer the payment of interest. In the event that the Company elects to defer interest on the debentures, it may not, Under the terms of the Company’s 5.125% Fixed-to-Floating Rate Subordinated Notes due 2029, may not not These restrictions do not, not Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive income (loss), net is shown in the tables below (dollars in thousands). For the years ended December 31, 2021 2020 2019 Beginning of Period Net Change End of Period 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 $ (2,611 ) $ 4,882 $ 3,476 $ 4,017 $ 7,493 $ (1,647 ) $ 5,123 $ 3,476 Reclassification of realized gain, net (3,939 ) (1,833 ) (5,772 ) (2,131 ) (1,808 ) (3,939 ) (1,925 ) (206 ) (2,131 ) Unrealized gain (loss), transfer from available for sale to held to maturity, net 3 (1 ) 2 4 (1 ) 3 5 (1 ) 4 Change in fair value of interest rate swap designated as a cash flow hedge, net (1,752 ) 5,253 3,501 542 (2,294 ) (1,752 ) 491 51 542 Reclassification of realized gain on interest rate swap termination, net — (1,450 ) (1,450 ) — — — — — — Accumulated other comprehensive income (loss) $ 1,805 $ (642 ) $ 1,163 $ 1,891 $ (86 ) $ 1,805 $ (3,076 ) $ 4,967 $ 1,891 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 15. Equity Incentive Plan. 2017 2021, may may December 31, 2021 Stock Options During the years ended December 31, 2021, 2020 2019 one fifth first five The table below summarizes the Company’s stock option activity for the periods indicated. Stock Options Shares Weighted Average Price Weighted Average Remaining Contractual Term (Years) Outstanding at December 31, 2018 340,646 $ 15.98 6.49 Granted 36,984 24.40 Forfeited — — Exercised (20,416 ) 14.06 Outstanding at December 31, 2019 357,214 16.96 5.93 Granted 58,993 16.96 Forfeited (4,585 ) 21.36 Exercised (3,334 ) 14.00 Outstanding at December 31, 2020 408,288 17.66 5.57 Granted 38,450 20.72 Forfeited (30,869 ) 19.56 Exercised (47,388 ) 15.44 Outstanding at December 31, 2021 368,481 18.10 5.05 Exercisable at December 31, 2021 262,392 $ 16.55 3.96 The aggregate intrinsic value of stock options is calculated as the aggregate difference between the exercise price of the stock options and the fair market value of the Company’s common stock for those stock options having an exercise price lower than the fair market value of the Company’s common stock. At December 31, 2021 The Company uses a Black-Scholes option pricing model to estimate the fair value of stock-based awards. The Black-Scholes option pricing model incorporates various subjective assumptions, including expected term and expected volatility. Stock option expense in the accompanying consolidated statements of income for the years ended December 31, 2021, 2020 2019 December 31, 2021 The table below shows the assumptions used for the stock options granted during the years ended December 31, 2021 2020 2021 2020 Dividend yield 1.35 % 1.12 % Expected volatility 39.23 % 26.39 % Risk-free interest rate 1.25 % 0.99 % Expected term (in years) 6.5 6.5 Weighted average grant date fair value $ 7.23 $ 5.17 Restricted Stock and Restricted Stock Units Under the Plan, the Company may may not not five two Historically, the Company has granted restricted stock awards to Plan participants. Beginning in 2019, two five The Company granted a total of 129,082 RSUs to employees and directors for the year ended December 31, 2021 2021 five two The Company granted a total of 102,953 RSUs to employees and directors for the year ended December 31, 2020 2020 five two The Company granted a total of 79,439 shares of restricted stock to employees for the year ended December 31, 2019 2019 five two Compensation expense related to restricted stock and RSUs in the accompanying consolidated statements of income for the years ended December 31, 2021, 2020 2019 December 31, 2021, 2020 2019 December 31, 2021 The following table summarizes the restricted stock and RSU activity for the years ended December 31, 2021 December 31, 2020 December 31, 2021 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance, beginning of period 207,146 $ 22.23 168,216 $ 22.43 Granted 129,082 19.91 102,953 21.41 Forfeited (29,642 ) 21.79 (10,283 ) 22.16 Earned and issued (65,516 ) 21.64 (53,740 ) 21.29 Balance, end of period 241,070 $ 21.16 207,146 $ 22.23 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | NOTE 16. The Company maintains a 401 “401 twenty-one three 401 401 401 December 31, 2021, 2020 2019 The 401 401 December 31, 2020 2019. five two six 100% In 2019 2020 1986, 65, 10 The Company maintained a deferred compensation plan for a former employee of First Community Bank, a bank acquired by the Company in 2013. 2020. 2017. May 2030. April 1, 2021. 2018 2032. December 31, 2021 2020 $4.3 million December 31, 2021, 2020 2019 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 17. The income tax expense included in the consolidated statements of income is displayed in the table below for the years ended December 31, 2021, 2020 2019 December 31, 2021 2020 2019 Current federal income tax expense $ 2,315 $ 4,805 $ 3,951 Current state income tax expense 141 33 15 Deferred federal income tax expense (547 ) (1,388 ) 153 Total income tax expense $ 1,909 $ 3,450 $ 4,119 The provision for federal income taxes differs from that computed by applying the federal statutory rate of 21% as indicated in the following analysis for the years ended December 31, 2021, 2020 2019 December 31, 2021 2020 2019 Tax based on statutory rate $ 2,081 $ 3,641 $ 4,401 (Decrease) increase resulting from: Effect of tax-exempt income (348 ) (299 ) (250 ) Acquisition costs 72 — 32 Historical tax credits (54 ) 29 6 State taxes 141 33 15 Other 17 46 (85 ) Total income tax expense $ 1,909 $ 3,450 $ 4,119 Effective rate 19.3 % 19.9 % 19.7 % The Company records deferred income tax on the tax effect of changes in timing differences. The net deferred tax liability or asset was comprised of the following items as of the dates indicated (dollars in thousands). December 31, 2021 2020 Deferred tax liabilities: Depreciation $ (4,024 ) $ (3,746 ) FHLB stock dividend (71 ) (63 ) Unrealized gain on available for sale securities (309 ) (480 ) Basis difference in acquired assets and liabilities (1,233 ) (1,010 ) Operating lease right-of-use asset (704 ) (809 ) Other (167 ) (149 ) Gross deferred tax liability (6,508 ) (6,257 ) Deferred tax assets: Allowance for loan losses 4,502 4,012 Net operating loss carryforward 316 440 Deferred compensation 903 404 Basis difference in acquired assets and liabilities 709 380 Employee and director stock awards 553 524 Operating lease liability 725 828 Unearned loan fees 379 667 Employee Retention Credit 498 — Other 162 362 Gross deferred tax assets 8,747 7,617 Net deferred tax asset $ 2,239 $ 1,360 The Company acquired net operating loss (“NOL”) carryforwards through tax free acquisitions. As of December 31, 2021 December 31, 2020 December 31, 2021 2033 2039, 2023. The Company files income tax returns under U.S. federal jurisdiction and the states of Alabama, Florida, Texas and Louisiana, although the state of Louisiana does not December 31, 2018 December 31, 2021 ; and Alabama, Texas and Florida for tax years ended December 31, 2019 December 31, 2021 . |
Note 18 - Fair Values of Financ
Note 18 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 18. In accordance with FASB 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 At December 31, 2021 , the majority of our level 3 3 may Loans 3 Loans held for sale are measured using quoted market prices when available. If quoted market prices are not may 3 Deposit Liabilities 2 3 Short-Term Borrowings 2 Long-Term Borrowings, including Junior Subordinated Debt Securities 3 Subordinated Debt Securities 2 Derivative 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 below as of the dates indicated (dollars in thousands). Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2021 Assets: Obligations of U.S. government agencies and corporations $ 21,268 $ — $ 21,268 $ — Obligations of state and political subdivisions 32,585 — 10,471 22,114 Corporate bonds 27,667 — 27,179 488 Residential mortgage-backed securities 199,904 — 199,904 — Commercial mortgage-backed securities 74,085 — 74,085 — Equity securities 1,810 1,810 — — Derivative financial instruments 2,599 — 2,599 — Total assets $ 359,918 $ 1,810 $ 335,506 $ 22,602 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 $ — Equity securities balances in the table above do not The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may third 2021, 2 3 a. 3 Obligations of State and Political Corporate Subdivisions Bonds Total Balance at December 31, 2019 $ 19,375 $ — $ 19,375 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive (loss) income (859 ) — (859 ) Purchases — — — Sales — — — Maturities, prepayments, and calls — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance at December 31, 2020 $ 18,516 $ — $ 18,516 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive (loss) income (1,014 ) (4 ) (1,018 ) Purchases 5,000 — 5,000 Sales — — — Maturities, prepayments, and calls (388 ) — (388 ) Transfers into Level 3 — 492 492 Transfers out of Level 3 — — — Balance at December 31, 2021 $ 22,114 $ 488 $ 22,602 There were no 3 December 31, 2021 2020 December 31, 2021, 2020 2019 no The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 December 31, 2021 Estimated Range of Fair Value Valuation Technique Unobservable Inputs Discounts December 31, 2021 Obligations of state and political subdivisions $ 22,114 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 2% Corporate bonds 488 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 2% 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 values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. Fair Value of Assets Measured on a Nonrecurring Basis Quantitative information about assets measured at fair value on a nonrecurring basis based on significant unobservable inputs (level 3 no December 31, 2021 2020 Estimated Range of Weighted Average Fair Value Valuation Technique Unobservable Inputs Discounts Discount December 31, 2021 Impaired loans $ 12,703 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 10% - 100% 60% 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 at December 31, 2021 December 31, 2020 December 31, 2021 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 96,541 $ 96,541 $ 96,541 $ — $ — Federal funds sold 500 500 500 — — Investment securities 365,764 366,236 — 336,357 29,879 Equity securities 16,803 16,803 1,810 14,993 — Loans, net of allowance 1,851,153 1,866,657 — — 1,866,657 Loans held for sale 620 625 — — 625 Derivative financial instruments 2,599 2,599 — 2,599 — Financial liabilities: Deposits, noninterest-bearing $ 585,465 $ 585,465 $ — $ 585,465 $ — Deposits, interest-bearing 1,534,801 1,538,052 — — 1,538,052 FHLB short-term advances and repurchase agreements 5,783 5,783 — 5,783 — FHLB long-term advances 78,500 77,229 — — 77,229 Junior subordinated debt 8,384 8,384 — — 8,384 Subordinated debt 43,600 38,545 — 38,545 — 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 19 - Regulatory Matters
Note 19 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 19. The Company and Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Common Equity Tier 1, 1 1 As of December 31, 2021 2020 1 not no The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2021 December 31, 2020 Actual Capital Adequacy* Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Tier 1 leverage capital Investar Holding Corporation $ 206,899 8.12 % $ 101,983 4.00 % NA NA Investar Bank 244,541 9.60 101,851 4.00 127,313 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 197,399 9.45 146,291 7.00 NA NA Investar Bank 244,541 11.72 146,086 7.00 135,651 6.50 Tier 1 risk-based capital Investar Holding Corporation 206,899 9.90 177,639 8.50 NA NA Investar Bank 244,541 11.72 177,390 8.50 166,956 8.00 Total risk-based capital Investar Holding Corporation 271,416 12.99 219,436 10.50 NA NA Investar Bank 266,069 12.75 219,129 10.50 208,694 10.00 December 31, 2020 Tier 1 leverage capital Investar Holding Corporation $ 215,750 9.49 % $ 90,975 4.00 % NA NA Investar Bank 237,684 10.47 90,837 4.00 113,546 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 209,250 11.02 132,890 7.00 NA NA Investar Bank 237,684 12.53 132,750 7.00 123,268 6.50 Tier 1 risk-based capital Investar Holding Corporation 215,750 11.36 161,366 8.50 NA NA Investar Bank 237,684 12.53 161,196 8.50 151,714 8.00 Total risk-based capital Investar Holding Corporation 279,253 14.71 199,335 10.50 NA NA Investar Bank 258,291 13.62 199,125 10.50 189,642 10.00 *The minimum ratios and amounts under the column for Capital Adequacy for December 31, 2021 December 31, 2020 Applicable Federal statutes, regulations, and guidance impose restrictions on the amounts of dividends that may 2029 Common Stock Dividend Restrictions 14, In July 2013, These include: • Increased the Prompt Corrective Action Capital Category Thresholds to be deemed well-capitalized. • Established a Capital Conservation Buffer - The Capital Conservation Buffer was phased in through 2019. • Changes in risk-weighting of certain assets. • Opt-out Election of Accumulated Other Comprehensive Income from Common Equity Tier 1 Financial institutions became subject to the final rule on January 1, 2015, January 1, 2019. |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 20. 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 December 31, 2021 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). December 31, 2021 December 31, 2020 Loan commitments $ 349,701 $ 266,039 Standby letters of credit 18,259 14,420 Additionally, at December 31, 2021 Insurance The Company is obligated for certain costs associated with its insurance program for employee health. The Company is self-insured for a substantial portion of its potential claims. The Company recognizes its obligation associated with these costs, up to specified deductible limits, in the period in which a claim is incurred, including with respect to both reported claims and claims incurred but not Employment Agreements On August 1, 2020, The initial term of each Employment Agreement expires on August 1, 2023 one ninety 90 Legal Proceedings The nature of the business of the Company’s banking and other subsidiaries ordinarily results in a certain amount of claims, litigation, investigations, and legal and administrative cases and proceedings, which are considered incidental to the normal conduct of business. Some of these claims are against entities which the Company acquired in business acquisitions. The Company has asserted defenses to these claims and, with respect to such legal proceedings, intends to continue to defend itself, litigating or settling cases according to management’s judgment as to what is in the best interest of the Company and its shareholders. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may not not not not may not may As of the date of this filing, the Company believes the amount of losses associated with legal proceedings that it is reasonably possible to incur is not |
Note 21 - Transactions with Rel
Note 21 - Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 21. The Bank has made, and expects in the future to continue to make in the ordinary course of business, loans to directors and executive officers of the Company, the Bank, and their affiliates. In management’s opinion, these loans were made in the ordinary course of business at normal credit terms, including interest rate and collateral requirements, and do not 4, During 2021 2020 9, The Company has transactions with related parties for which the Company believes the terms and conditions are comparable to terms that would have been available from a third January 1, 2019, one On May 29, 2020, first 10500 one second third first The Company has engaged in a number of transactions with Joffrion Commercial Division, LLC (“JCD”), a commercial construction company owned and managed by Gordon H. Joffrion, one December 31, 2021, 2020 2019 |
Note 22 - Parent Only Balance S
Note 22 - Parent Only Balance Sheets, Statements of Operations and Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22. BALANCE SHEETS December 31, (dollars in thousands) 2021 2020 ASSETS Cash and due from banks $ 3,193 $ 19,678 Equity securities 1,333 1,178 Due from bank subsidiary 968 909 Investment in bank subsidiary 289,640 271,619 Investment in trust 295 202 Trademark intangible 100 100 Other assets 299 63 Total assets $ 295,828 $ 293,749 LIABILITIES Subordinated debt, net of unamortized issuance costs $ 42,989 $ 42,897 Junior subordinated debt 8,384 5,949 Accounts payable 87 167 Accrued interest payable 609 606 Dividend payable 829 694 Deferred tax liability 332 152 Total liabilities 53,230 50,465 STOCKHOLDERS’ EQUITY Common stock 10,343 10,609 Surplus 154,932 159,485 Retained earnings 76,160 71,385 Accumulated other comprehensive income 1,163 1,805 Total stockholders’ equity 242,598 243,284 Total liabilities and stockholders’ equity $ 295,828 $ 293,749 STATEMENTS OF OPERATIONS For the year ended December 31, (dollars in thousands) 2021 2020 REVENUE Dividends received from bank subsidiary $ 35,000 $ — Dividends on corporate stock 29 78 Partnership income — 19 Change in the fair value of equity securities 228 258 Interest income from investment in trust 5 5 Total revenue 35,262 360 EXPENSE Interest on borrowings 2,777 2,713 Management fees to bank subsidiary 360 360 Acquisition expense 22 72 Other expense 411 574 Total expense 3,570 3,719 Income (loss) before income taxes and equity in undistributed (loss) income of bank subsidiary 31,692 (3,359 ) Equity in undistributed (loss) income of bank subsidiary (24,440 ) 16,563 Income tax benefit 748 685 Net income $ 8,000 $ 13,889 STATEMENTS OF CASH FLOWS For the year ended December 31, (dollars in thousands) 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 8,000 $ 13,889 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of bank subsidiary 24,440 (16,563 ) Change in the fair value of equity securities (228 ) (258 ) Amortization of debt issuance costs and purchase accounting adjustments 200 123 Net change in: Due from bank subsidiary (59 ) (197 ) Other assets 18 10 Deferred tax asset 180 142 Accrued other liabilities 1,341 (23 ) Net cash provided by (used in) operating activities 33,892 (2,877 ) CASH FLOWS FROM INVESTING ACTIVITIES Distributions from investments — 77 Purchases of equity securities (500 ) (2,449 ) Proceeds from the sale of equity securities 574 3,144 Purchases of other investments (233 ) — Cash paid for acquisition of Cheaha Financial Group, net of cash acquired (40,935 ) — Net cash (used in) provided by investing activities (41,094 ) 772 CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid on common stock (3,090 ) (2,686 ) Payments to repurchase common stock (6,925 ) (11,112 ) Proceeds from stock options exercised 732 46 Net cash used in financing activities (9,283 ) (13,752 ) Net decrease in cash (16,485 ) (15,857 ) Cash and cash equivalents, beginning of period 19,678 35,535 Cash and cash equivalents, end of period $ 3,193 $ 19,678 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments for: Interest on borrowings $ 2,774 $ 2,571 |
Note 23 - Earnings Per Share
Note 23 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 23. The following is a summary of the information used in the computation of basic and diluted earnings per common share for the years ended December 31, 2021, 2020 2019 December 31, 2021 2020 2019 Earnings per common share - basic Net income $ 8,000 $ 13,889 $ 16,839 Less: income allocated to participating securities (21 ) (73 ) (164 ) Net income allocated to common shareholders 7,979 13,816 16,675 Weighted average basic shares outstanding 10,416,145 10,850,936 9,931,497 Basic earnings per common share $ 0.77 $ 1.27 $ 1.68 Earnings per common share - diluted Net income allocated to common shareholders $ 7,979 $ 13,816 $ 16,676 Weighted average basic shares outstanding 10,416,145 10,850,936 9,931,497 Dilutive effect of securities 84,157 14,911 99,521 Total weighted average diluted shares outstanding 10,500,302 10,865,847 10,031,018 Diluted earnings per common share $ 0.76 $ 1.27 $ 1.66 The weighted average number of 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. December 31, 2021 2020 2019 Stock options 869 71 — Restricted stock awards 431 10,968 388 Restricted stock units 20,828 62,754 7,550 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations Policy [Policy Text Block] | Nature of Operations Investar Holding Corporation (the “Company”) is a financial holding company headquartered in Baton Rouge, Louisiana, that provides, through its wholly-owned subsidiary, Investar Bank, National Association (the “Bank”), full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses throughout its markets in south Louisiana, southeast Texas and Alabama. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements of Investar Holding Corporation and its wholly-owned subsidiary, the Bank, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and to generally accepted practices within the banking industry. |
Segment Reporting, Policy [Policy Text Block] | Segments While our chief decision maker monitors the revenue streams of the various banking products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one no |
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 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 allowance for off-balance sheet credit losses, the fair value of stock-based compensation awards, 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 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 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. • 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. Unrealized holding gains and losses, net of tax, on available for sale 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 and equity securities are determined using the specific-identification method and average price method, respectively. 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 |
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 that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at the unpaid principal balance outstanding, net of purchase premiums or discounts, deferred income (net of costs), any direct principal charge-offs, and an allowance for loan losses. Interest on loans is calculated by using the effective interest rate on daily balances of the principal amount outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Loans are considered past due if the required principal and interest payments have not 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 See Treatment of Loan Modifications Pursuant to the CARES Act and Interagency Statement 1 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 See Acquisition Accounting Acquired Impaired Loans 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, the Company's 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, during 2020 2021, 19 not 90 4013 not 19 fourth 2021. |
Employee Retention Credit [Policy Text Block] | Employee Retention Credit The CARES Act also provided for an Employee Retention Credit (“ERC”), which is a broad based refundable payroll tax credit that incentivized businesses to retain employees on the payroll during the COVID- 19 March 12, 2020 December 31, 2020. 2021, September 30, 2021. 19 fourth 2021, first 2021, December 31, 2021 |
Financing Receivable, Held for Sale [Policy Text Block] | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. For loans carried at the lower of cost or fair value, gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. At December 31, 2021 , December 31, 2020 , |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The adequacy of the allowance for loan losses is determined in accordance with GAAP. 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 uncollectable. 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 third 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 other liabilities in the consolidated balance sheet. At December 31, 2021 2020 |
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 December 31, 2021 2020 In addition, equity securities include marketable securities in corporate stocks and mutual funds and totaled $1.8 million and $1.7 million at December 31, 2021 2020 |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation, with the exception of land, which is stated at cost. Depreciation expense is computed using the straight-line method and is charged to expense over the estimated useful lives of 39 years for buildings, five three seven one five The Company leases certain branch locations under operating lease agreements. The Company also leases certain office facilities to outside parties under operating lessor agreements; however, such leases are not not may |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned Real estate acquired through foreclosure, or other real estate owned on the consolidated balance sheets, is initially recorded at fair value at the time of foreclosure, less estimated selling cost, and any related write down is charged to the allowance for loan losses. Valuations are periodically performed by management and provisions for estimated losses on other real estate owned are charged to expense when fair value is determined to be less than the carrying value. Costs relative to the development and improvement of properties are capitalized to the extent realizable, whereas ordinary upkeep disbursements are charged to expense. The ability of the Company to recover the carrying value of real estate is based upon future sales of the other real estate owned. The ability to affect such sales is subject to market conditions and other factors, many of which are beyond the Company’s control. Operating income and expense of such properties is included in other operating income or expense, respectively, on the accompanying consolidated statements of income. Gain or loss on the disposition of such properties is included in noninterest income on the consolidated statements of income. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not 350, Intangibles Goodwill and Other Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment in accordance with FASB ASC Topic 360, Property, Plant, and Equipment. December 31, 2021 8, |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) policies that provide earnings to help cover the cost of employee benefit plans. The Company is the owner and beneficiary of the life insurance policies it purchased directly on a chosen group of employees. The policies are carried on the Company’s consolidated balance sheet at their cash surrender value and are subject to regulatory capital requirements. The determination of the cash surrender value includes a full evaluation of the contractual terms of each policy and assumes the surrender of policies on an individual-life by individual-life basis. Additionally, the Company periodically reviews the creditworthiness of the insurance companies that have underwritten the policies. Earnings accruing to the Company are derived from the general account investments of the insurance companies. Increases in the net cash surrender value of BOLI policies and insurance proceeds received are not |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Repurchase Agreements Securities sold under agreements to repurchase are secured borrowings treated as financing activities and are carried at the amounts at which the securities will be subsequently reacquired as specified in the respective agreements. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC Topic 718, Compensation - Stock Compensation 15, |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit-Related Financial Instruments The Company accounts for its guarantees in accordance with the provisions of ASC Topic 460, Guarantees |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments ASC Topic 815, Derivatives and Hedging not In the course of its business operations, the Company is exposed to certain risks, including interest rate, liquidity and credit risk. The Company manages its risks through the use of derivative financial instruments, primarily through management of exposure due to the receipt or payment of future cash amounts based on interest rates. The Company’s derivative financial instruments manage the differences in the timing, amount and duration of expected cash receipts and payments. Derivatives which are designated and qualify as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. These methods are consistent with the Company’s approach to managing risk. Note 13, |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is based on amounts reported in the consolidated statements of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expenses are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are determined utilizing a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company has adopted accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue in the consolidated statements of income as it is earned and when collectability is reasonably assured. The primary source of revenue is interest income from interest-earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest-earning assets is based upon formulas from underlying loan agreements, securities contracts, or other similar contracts. Noninterest income is recognized on the accrual basis of accounting as services are provided or as transactions occur. Noninterest income includes fees from deposit accounts, merchant services, ATM and debit card fees, servicing fees, interchange fees, and other miscellaneous services and transactions. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share is calculated using the two two not Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options and warrants) were issued during the period, computed using the treasury stock method. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statements of Cash Flows For purposes of the statements of cash flows, cash and cash equivalents include cash and amounts due from banks and federal funds sold due to the short-term nature of these items. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income includes net income and other comprehensive income or loss, which in the case of the Company includes unrealized gains and losses on securities and changes in the fair value of interest rate swaps, net of related income taxes. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize the risk of loss. These concessions may 2011 2, Receivables (Topic 310 s Determination of Whether a Restructuring is a Troubled Debt Restructuring not not not If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for loan losses on these TDRs, the loan is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicators, the Company establishes specific reserves for these loans. |
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. The fair value adjustment for performing acquired loans is accreted over the life of the loan using the effective interest method. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Acquired Impaired Loans The Company accounts for acquired impaired loans under FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30, The excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. As required by ASC 310 30, not |
Stockholders' Equity, Policy [Policy Text Block] | Share Repurchases The Louisiana Business Corporation Act does not December 31, 2021, 2020 2019 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2020 2019 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 2021 FASB ASC Topics 321, 323, and 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 Recent Accounting Pronouncements This section briefly describes accounting standards that have been issued, but are 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) | 12 Months Ended |
Dec. 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 Purchase price: Cash paid $ 41,067 Fair value of assets acquired: Cash and cash equivalents 49,179 Investment securities 60,938 Loans 120,395 Bank premises and equipment 5,407 Core deposit intangible asset 848 Bank owned life insurance 3,023 Other assets 1,012 Total assets acquired 240,802 Fair value of liabilities acquired: Deposits 206,986 Notes payable 2,327 Other liabilities 2,366 Total liabilities assumed 211,679 Fair value of net assets acquired 29,123 Goodwill $ 11,944 |
Business Acquisition, Pro Forma Information [Table Text Block] | Unaudited pro forma for the years ended December 31, (dollars in thousands) 2021 2020 Interest income $ 98,223 $ 104,656 Noninterest income 12,567 13,257 Net income 10,670 17,320 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Obligations of U.S. government agencies and corporations $ 21,143 $ 152 $ (27 ) $ 21,268 Obligations of state and political subdivisions 32,330 468 (213 ) 32,585 Corporate bonds 27,777 235 (345 ) 27,667 Residential mortgage-backed securities 200,696 711 (1,503 ) 199,904 Commercial mortgage-backed securities 74,693 369 (977 ) 74,085 Total $ 356,639 $ 1,935 $ (3,065 ) $ 355,509 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value 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] | Twelve months ended December 31, 2021 2020 2019 Proceeds from sales $ 137,803 $ 56,466 $ 65,834 Gross gains $ 2,323 $ 2,300 $ 608 Gross losses $ (2 ) $ (11 ) $ (346 ) |
Debt Securities, Held-to-maturity [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Obligations of state and political subdivisions $ 6,910 $ 367 $ — $ 7,277 Residential mortgage-backed securities 3,345 105 — 3,450 Total $ 10,255 $ 472 $ — $ 10,727 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value 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 December 31, 2021 Count Fair Value Losses Fair Value Losses Fair Value Losses Obligations of U.S. government agencies and corporations 8 $ 1,438 $ (25 ) $ 668 $ (2 ) $ 2,106 $ (27 ) Obligations of state and political subdivisions 12 10,803 (213 ) — — 10,803 (213 ) Corporate bonds 22 10,197 (254 ) 2,409 (91 ) 12,606 (345 ) Residential mortgage-backed securities 150 156,862 (1,503 ) — — 156,862 (1,503 ) Commercial mortgage-backed securities 64 44,055 (941 ) 6,284 (36 ) 50,339 (977 ) Total 256 $ 223,355 $ (2,936 ) $ 9,361 $ (129 ) $ 232,716 $ (3,065 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2020 Count Fair Value Losses Fair Value Losses Fair Value Losses 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 December 31, 2021 Cost Value Cost Value Due within one year $ 726 $ 726 $ 870 $ 902 Due after one year through five years 14,189 14,327 1,875 2,018 Due after five years through ten years 51,988 52,376 4,165 4,356 Due after ten years 289,736 288,080 3,345 3,451 Total debt securities $ 356,639 $ 355,509 $ 10,255 $ 10,727 Securities Available For Sale Securities Held to Maturity Amortized Fair Amortized Fair December 31, 2020 Cost Value Cost Value 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 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 Construction and development $ 203,204 $ 206,011 1-4 Family 364,307 339,525 Multifamily 59,570 60,724 Farmland 20,128 26,547 Commercial real estate 896,377 812,395 Total mortgage loans on real estate 1,543,586 1,445,202 Commercial and industrial 310,831 394,497 Consumer 17,595 20,619 Total loans $ 1,872,012 $ 1,860,318 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2021 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired Impaired Loans Total Loans Construction and development $ 202,850 $ 55 $ 11 $ — $ 288 $ 354 $ — $ 203,204 1-4 Family 360,434 1,933 182 — 1,410 3,525 348 364,307 Multifamily 59,570 — — — — — — 59,570 Farmland 18,348 — — — 79 79 1,701 20,128 Commercial real estate 881,575 170 86 — 13,910 14,166 636 896,377 Total mortgage loans on real estate 1,522,777 2,158 279 — 15,687 18,124 2,685 1,543,586 Commercial and industrial 295,323 4,044 57 53 11,354 15,508 — 310,831 Consumer 17,238 89 18 — 186 293 64 17,595 Total loans $ 1,835,338 $ 6,291 $ 354 $ 53 $ 27,227 $ 33,925 $ 2,749 $ 1,872,012 December 31, 2020 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired 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] | December 31, 2021 Special Pass Mention Substandard Doubtful Total Construction and development $ 200,788 $ 818 $ 1,598 $ — $ 203,204 1-4 Family 358,062 38 6,207 — 364,307 Multifamily 59,113 — 457 — 59,570 Farmland 18,348 — 1,780 — 20,128 Commercial real estate 872,951 3,891 19,535 — 896,377 Total mortgage loans on real estate 1,509,262 4,747 29,577 — 1,543,586 Commercial and industrial 290,677 2,523 16,941 690 310,831 Consumer 17,269 19 307 — 17,595 Total loans $ 1,817,208 $ 7,289 $ 46,825 $ 690 $ 1,872,012 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] | December 31, 2021 2020 Balance, beginning of period $ 96,390 $ 98,093 New loans/changes in relationship 26,475 12,443 Repayments/changes in relationship (25,259 ) (14,146 ) Balance, end of period $ 97,606 $ 96,390 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2021 2020 2019 Balance, beginning of period $ 20,363 $ 10,700 $ 9,454 Provision for loan losses 22,885 11,160 1,908 Loans charged-off (22,636 ) (1,754 ) (800 ) Recoveries 247 257 138 Balance, end of period $ 20,859 $ 20,363 $ 10,700 December 31, 2021 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Charge-offs (283 ) (188 ) — (13 ) (10,280 ) (11,713 ) (159 ) (22,636 ) Recoveries 36 32 — — 6 72 101 247 Provision 219 123 84 (39 ) 11,132 11,494 (128 ) 22,885 Ending balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Ending allowance balance for loans individually evaluated for impairment — — — — — 468 96 564 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,347 3,337 673 173 9,354 3,943 258 20,085 Loans receivable: Balance of loans individually evaluated for impairment 529 1,995 — 79 16,685 13,321 182 32,791 Balance of loans acquired with deteriorated credit quality — 348 — 1,701 636 — 64 2,749 Balance of loans collectively evaluated for impairment 202,675 361,964 59,570 18,348 879,056 297,510 17,349 1,836,472 Total period-end balance $ 203,204 $ 364,307 $ 59,570 $ 20,128 $ 896,377 $ 310,831 $ 17,595 $ 1,872,012 December 31, 2020 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,201 $ 1,490 $ 387 $ 101 $ 4,424 $ 2,609 $ 488 $ 10,700 Charge-offs — (173 ) — — (51 ) (1,195 ) (335 ) (1,754 ) Recoveries 47 74 — — 8 50 78 257 Provision 1,127 1,979 202 334 4,115 3,094 309 11,160 Ending balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Ending allowance balance for loans individually evaluated for impairment — — — — — 80 130 210 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,375 3,370 589 225 8,496 4,478 410 19,943 Loans receivable: Balance of loans individually evaluated for impairment 782 2,280 — — 6,666 9,102 347 19,177 Balance of loans acquired with deteriorated credit quality — 381 — 1,701 1,791 246 38 4,157 Balance of loans collectively evaluated for impairment 205,229 336,864 60,724 24,846 803,938 385,149 20,234 1,836,984 Total period-end balance $ 206,011 $ 339,525 $ 60,724 $ 26,547 $ 812,395 $ 394,497 $ 20,619 $ 1,860,318 December 31, 2019 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,038 $ 1,465 $ 331 $ 81 $ 4,182 $ 1,641 $ 716 $ 9,454 Charge-offs (51 ) (62 ) — — (24 ) (252 ) (411 ) (800 ) Recoveries 27 27 — — 1 26 57 138 Provision 187 60 56 20 265 1,194 126 1,908 Ending balance $ 1,201 $ 1,490 $ 387 $ 101 $ 4,424 $ 2,609 $ 488 $ 10,700 Ending allowance balance for loans individually evaluated for impairment — — — — — — 141 141 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 1,201 1,490 387 101 4,424 2,609 347 10,559 Loans receivable: Balance of loans individually evaluated for impairment 247 1,662 — — 47 93 498 2,547 Balance of loans acquired with deteriorated credit quality — 445 — 2,264 1,632 13 38 4,392 Balance of loans collectively evaluated for impairment 197,550 319,382 60,617 25,516 729,381 323,680 28,910 1,685,036 Total period-end balance $ 197,797 $ 321,489 $ 60,617 $ 27,780 $ 731,060 $ 323,786 $ 29,446 $ 1,691,975 |
Impaired Financing Receivables [Table Text Block] | As of and for the year ended December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 529 $ 812 $ — $ 731 $ 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 9,395 10,941 — 9,166 152 Consumer 55 69 — 96 — Total 28,738 41,123 — 22,941 380 With related allowance recorded: Commercial and industrial 3,926 9,618 468 1,311 24 Consumer 127 164 96 146 — Total 4,053 9,782 564 1,457 24 Total loans: Construction and development 529 812 — 731 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 13,321 20,559 468 10,477 176 Consumer 182 233 96 242 — Total $ 32,791 $ 50,905 $ 564 $ 24,398 $ 404 As of and for the year ended December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 782 $ 800 $ — $ 887 $ 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 8,841 9,953 — 4,614 31 Consumer 126 143 — 227 1 Total 18,695 19,970 — 11,356 197 With related allowance recorded: Commercial and industrial 261 260 80 22 — Consumer 221 265 130 256 1 Total 482 525 210 278 1 Total loans: Construction and development 782 800 — 887 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 9,102 10,213 80 4,636 31 Consumer 347 408 130 483 2 Total $ 19,177 $ 20,495 $ 210 $ 11,634 $ 198 As of and for the year ended December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 247 $ 269 $ — $ 328 $ 14 1-4 Family 1,662 1,745 — 1,507 32 Multifamily — — — 36 — Commercial real estate 47 50 — 700 7 Total mortgage loans on real estate 1,956 2,064 — 2,571 53 Commercial and industrial 93 96 — 33 — Consumer 188 205 — 328 — Total 2,237 2,365 — 2,932 53 With related allowance recorded: Consumer 310 347 141 324 — Total 310 347 141 324 — Total loans: Construction and development 247 269 — 328 14 1-4 Family 1,662 1,745 — 1,507 32 Multifamily — — — 36 — Commercial real estate 47 50 — 700 7 Total mortgage loans on real estate 1,956 2,064 — 2,571 53 Commercial and industrial 93 96 — 33 — Consumer 498 552 141 652 — Total $ 2,547 $ 2,712 $ 141 $ 3,256 $ 53 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2021 December 31, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled debt restructurings Contracts Investment Investment Contracts Investment Investment Construction and development — $ — $ — 1 $ 64 $ 64 Commercial real estate 1 28 28 8 5,833 5,833 Commercial and industrial 3 586 586 9 7,729 7,729 $ 614 $ 614 $ 13,626 $ 13,626 |
Summary of Accruing and Nonaccrual Troubled Debt Restructurings and Related Loan Losses By Portfolio Type Table [Table Text Block] | TDRs Related Accruing Nonaccrual Total Allowance December 31, 2021 Construction and development $ 242 $ — $ 242 $ — 1-4 Family 585 145 730 — Commercial real estate 2,775 915 3,690 — Commercial and industrial 1,976 3,885 5,861 — Total $ 5,578 $ 4,945 $ 10,523 $ — December 31, 2020 Construction and development $ 262 $ — $ 262 $ — 1-4 Family 665 161 826 — Commercial real estate 4,895 938 5,833 — Commercial and industrial 2,195 5,534 7,729 — Total $ 8,017 $ 6,633 $ 14,650 $ — |
Schedule of Average Recorded Investment and Interest Income Recognized For Troubled Debt Restructurings [Table Text Block | TDRs Average Recorded Investment Interest Income Recognized December 31, 2021 Construction and development $ 251 $ 17 1-4 Family 775 28 Commercial real estate 5,358 174 Commercial and industrial 6,698 149 Total $ 13,082 $ 368 December 31, 2020 Construction and development $ 438 $ 14 1-4 Family 936 35 Commercial real estate 2,778 126 Commercial and industrial 1,075 53 Total $ 5,227 $ 228 December 31, 2019 Construction and development $ 515 $ 14 1-4 Family 1,014 51 Commercial real estate 264 7 Commercial and industrial 2 — Total $ 1,795 $ 72 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Year ended Year ended December 31, 2021 December 31, 2020 Balance, beginning of period $ 663 $ 133 Additions 1,023 41 Transfers from bank premises and equipment 1,850 665 Sales of other real estate owned (883 ) (146 ) Write-downs — (30 ) Balance, end of period $ 2,653 $ 663 |
Note 6 - Bank Premises and Eq_2
Note 6 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Land $ 15,319 $ 13,530 Buildings and improvements 41,962 37,947 Furniture and equipment 13,792 13,196 Software 2,319 1,990 Construction-in-progress 483 1,619 Right-of-use asset 3,354 3,851 Less: Accumulated depreciation and amortization (19,149 ) (15,830 ) Bank premises and equipment, net $ 58,080 $ 56,303 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2021 2020 Total operating lease cost $ 610 $ 599 Weighted average remaining lease term (in years) 7.8 8.6 Weighted average discount rate 2.8 % 2.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 598 2023 595 2024 515 2025 476 2026 339 Thereafter 1,354 Total $ 3,877 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, Core deposit intangibles 2021 2020 Gross carrying amount $ 7,486 $ 6,637 Accumulated amortization (3,638 ) (2,649 ) Net carrying amount $ 3,848 $ 3,988 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in thousands) 2022 $ 887 2023 761 2024 643 2025 528 2026 411 Thereafter 618 $ 3,848 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2021 2020 Noninterest-bearing demand deposits $ 585,465 $ 448,230 Interest-bearing demand deposits 650,868 496,745 Brokered deposits — 80,017 Money market deposit accounts 255,501 186,307 Savings accounts 180,837 141,134 Time deposits 447,595 535,391 Total deposits $ 2,120,266 $ 1,887,824 |
Summary of Outstanding Time Deposits Table [Table Text Block] | December 31, 2021 2020 $0 to $99,999 $ 151,963 $ 161,957 $100,000 to $249,999 203,922 274,470 $250,000 and above 91,710 98,964 $ 447,595 $ 535,391 |
Time Deposit Maturities [Table Text Block] | December 31, 2021 2020 Time remaining until maturity: Three months or less $ 71,728 $ 80,605 Over three through six months 52,784 75,974 Over six through twelve months 97,370 111,879 Over one year through three years 63,453 94,178 Over three years 10,297 10,798 $ 295,632 $ 373,434 |
Scheduled Maturities of Time Deposits Table [Table Text Block] | 2022 $ 337,386 2023 71,806 2024 23,276 2025 12,106 2026 3,021 $ 447,595 |
Note 12 - Other Borrowed Funds
Note 12 - Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | Amount Weighted Average Rate December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Fixed rate advances maturing: 2021 $ — $ 42,000 — % 0.11 % 2024 23,500 23,500 1.81 1.81 2028 25,000 25,000 1.77 1.77 2033 30,000 30,000 1.88 1.88 $ 78,500 $ 120,500 1.82 % 1.23 % |
Schedule of Subordinated Borrowing [Table Text Block] | Face Value Carrying Value Maturity Date Variable Interest Rate Interest Rate at December 31, 2021 First Community Louisiana Statutory Trust I $ 3,609 $ 3,609 June 2036 3-month LIBOR + 1.77% 1.97 % BOJ Bancshares Statutory Trust I 3,093 2,392 December 2034 3-month LIBOR + 1.90% 2.10 % Cheaha Statutory Trust I 3,093 2,383 September 2035 3-month LIBOR + 1.70% 1.90 % $ 9,795 $ 8,384 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2021 2020 2019 Beginning of Period Net Change End of Period 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 $ (2,611 ) $ 4,882 $ 3,476 $ 4,017 $ 7,493 $ (1,647 ) $ 5,123 $ 3,476 Reclassification of realized gain, net (3,939 ) (1,833 ) (5,772 ) (2,131 ) (1,808 ) (3,939 ) (1,925 ) (206 ) (2,131 ) Unrealized gain (loss), transfer from available for sale to held to maturity, net 3 (1 ) 2 4 (1 ) 3 5 (1 ) 4 Change in fair value of interest rate swap designated as a cash flow hedge, net (1,752 ) 5,253 3,501 542 (2,294 ) (1,752 ) 491 51 542 Reclassification of realized gain on interest rate swap termination, net — (1,450 ) (1,450 ) — — — — — — Accumulated other comprehensive income (loss) $ 1,805 $ (642 ) $ 1,163 $ 1,891 $ (86 ) $ 1,805 $ (3,076 ) $ 4,967 $ 1,891 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Shares Weighted Average Price Weighted Average Remaining Contractual Term (Years) Outstanding at December 31, 2018 340,646 $ 15.98 6.49 Granted 36,984 24.40 Forfeited — — Exercised (20,416 ) 14.06 Outstanding at December 31, 2019 357,214 16.96 5.93 Granted 58,993 16.96 Forfeited (4,585 ) 21.36 Exercised (3,334 ) 14.00 Outstanding at December 31, 2020 408,288 17.66 5.57 Granted 38,450 20.72 Forfeited (30,869 ) 19.56 Exercised (47,388 ) 15.44 Outstanding at December 31, 2021 368,481 18.10 5.05 Exercisable at December 31, 2021 262,392 $ 16.55 3.96 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Dividend yield 1.35 % 1.12 % Expected volatility 39.23 % 26.39 % Risk-free interest rate 1.25 % 0.99 % Expected term (in years) 6.5 6.5 Weighted average grant date fair value $ 7.23 $ 5.17 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | December 31, 2021 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance, beginning of period 207,146 $ 22.23 168,216 $ 22.43 Granted 129,082 19.91 102,953 21.41 Forfeited (29,642 ) 21.79 (10,283 ) 22.16 Earned and issued (65,516 ) 21.64 (53,740 ) 21.29 Balance, end of period 241,070 $ 21.16 207,146 $ 22.23 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2021 2020 2019 Current federal income tax expense $ 2,315 $ 4,805 $ 3,951 Current state income tax expense 141 33 15 Deferred federal income tax expense (547 ) (1,388 ) 153 Total income tax expense $ 1,909 $ 3,450 $ 4,119 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2021 2020 2019 Tax based on statutory rate $ 2,081 $ 3,641 $ 4,401 (Decrease) increase resulting from: Effect of tax-exempt income (348 ) (299 ) (250 ) Acquisition costs 72 — 32 Historical tax credits (54 ) 29 6 State taxes 141 33 15 Other 17 46 (85 ) Total income tax expense $ 1,909 $ 3,450 $ 4,119 Effective rate 19.3 % 19.9 % 19.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax liabilities: Depreciation $ (4,024 ) $ (3,746 ) FHLB stock dividend (71 ) (63 ) Unrealized gain on available for sale securities (309 ) (480 ) Basis difference in acquired assets and liabilities (1,233 ) (1,010 ) Operating lease right-of-use asset (704 ) (809 ) Other (167 ) (149 ) Gross deferred tax liability (6,508 ) (6,257 ) Deferred tax assets: Allowance for loan losses 4,502 4,012 Net operating loss carryforward 316 440 Deferred compensation 903 404 Basis difference in acquired assets and liabilities 709 380 Employee and director stock awards 553 524 Operating lease liability 725 828 Unearned loan fees 379 667 Employee Retention Credit 498 — Other 162 362 Gross deferred tax assets 8,747 7,617 Net deferred tax asset $ 2,239 $ 1,360 |
Note 18 - Fair Values of Fina_2
Note 18 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2021 Assets: Obligations of U.S. government agencies and corporations $ 21,268 $ — $ 21,268 $ — Obligations of state and political subdivisions 32,585 — 10,471 22,114 Corporate bonds 27,667 — 27,179 488 Residential mortgage-backed securities 199,904 — 199,904 — Commercial mortgage-backed securities 74,085 — 74,085 — Equity securities 1,810 1,810 — — Derivative financial instruments 2,599 — 2,599 — Total assets $ 359,918 $ 1,810 $ 335,506 $ 22,602 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 Corporate Subdivisions Bonds Total Balance at December 31, 2019 $ 19,375 $ — $ 19,375 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive (loss) income (859 ) — (859 ) Purchases — — — Sales — — — Maturities, prepayments, and calls — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance at December 31, 2020 $ 18,516 $ — $ 18,516 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive (loss) income (1,014 ) (4 ) (1,018 ) Purchases 5,000 — 5,000 Sales — — — Maturities, prepayments, and calls (388 ) — (388 ) Transfers into Level 3 — 492 492 Transfers out of Level 3 — — — Balance at December 31, 2021 $ 22,114 $ 488 $ 22,602 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Estimated Range of Fair Value Valuation Technique Unobservable Inputs Discounts December 31, 2021 Obligations of state and political subdivisions $ 22,114 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 2% Corporate bonds 488 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 2% 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 Range of Weighted Average Fair Value Valuation Technique Unobservable Inputs Discounts Discount December 31, 2021 Impaired loans $ 12,703 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 10% - 100% 60% 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] | December 31, 2021 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 96,541 $ 96,541 $ 96,541 $ — $ — Federal funds sold 500 500 500 — — Investment securities 365,764 366,236 — 336,357 29,879 Equity securities 16,803 16,803 1,810 14,993 — Loans, net of allowance 1,851,153 1,866,657 — — 1,866,657 Loans held for sale 620 625 — — 625 Derivative financial instruments 2,599 2,599 — 2,599 — Financial liabilities: Deposits, noninterest-bearing $ 585,465 $ 585,465 $ — $ 585,465 $ — Deposits, interest-bearing 1,534,801 1,538,052 — — 1,538,052 FHLB short-term advances and repurchase agreements 5,783 5,783 — 5,783 — FHLB long-term advances 78,500 77,229 — — 77,229 Junior subordinated debt 8,384 8,384 — — 8,384 Subordinated debt 43,600 38,545 — 38,545 — 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 19 - Regulatory Matters (T
Note 19 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Capital Adequacy* Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Tier 1 leverage capital Investar Holding Corporation $ 206,899 8.12 % $ 101,983 4.00 % NA NA Investar Bank 244,541 9.60 101,851 4.00 127,313 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 197,399 9.45 146,291 7.00 NA NA Investar Bank 244,541 11.72 146,086 7.00 135,651 6.50 Tier 1 risk-based capital Investar Holding Corporation 206,899 9.90 177,639 8.50 NA NA Investar Bank 244,541 11.72 177,390 8.50 166,956 8.00 Total risk-based capital Investar Holding Corporation 271,416 12.99 219,436 10.50 NA NA Investar Bank 266,069 12.75 219,129 10.50 208,694 10.00 December 31, 2020 Tier 1 leverage capital Investar Holding Corporation $ 215,750 9.49 % $ 90,975 4.00 % NA NA Investar Bank 237,684 10.47 90,837 4.00 113,546 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 209,250 11.02 132,890 7.00 NA NA Investar Bank 237,684 12.53 132,750 7.00 123,268 6.50 Tier 1 risk-based capital Investar Holding Corporation 215,750 11.36 161,366 8.50 NA NA Investar Bank 237,684 12.53 161,196 8.50 151,714 8.00 Total risk-based capital Investar Holding Corporation 279,253 14.71 199,335 10.50 NA NA Investar Bank 258,291 13.62 199,125 10.50 189,642 10.00 |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Commitments [Table Text Block] | December 31, 2021 December 31, 2020 Loan commitments $ 349,701 $ 266,039 Standby letters of credit 18,259 14,420 |
Note 22 - Parent Only Balance_2
Note 22 - Parent Only Balance Sheets, Statements of Operations and Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | BALANCE SHEETS December 31, (dollars in thousands) 2021 2020 ASSETS Cash and due from banks $ 3,193 $ 19,678 Equity securities 1,333 1,178 Due from bank subsidiary 968 909 Investment in bank subsidiary 289,640 271,619 Investment in trust 295 202 Trademark intangible 100 100 Other assets 299 63 Total assets $ 295,828 $ 293,749 LIABILITIES Subordinated debt, net of unamortized issuance costs $ 42,989 $ 42,897 Junior subordinated debt 8,384 5,949 Accounts payable 87 167 Accrued interest payable 609 606 Dividend payable 829 694 Deferred tax liability 332 152 Total liabilities 53,230 50,465 STOCKHOLDERS’ EQUITY Common stock 10,343 10,609 Surplus 154,932 159,485 Retained earnings 76,160 71,385 Accumulated other comprehensive income 1,163 1,805 Total stockholders’ equity 242,598 243,284 Total liabilities and stockholders’ equity $ 295,828 $ 293,749 |
Condensed Income Statement [Table Text Block] | STATEMENTS OF OPERATIONS For the year ended December 31, (dollars in thousands) 2021 2020 REVENUE Dividends received from bank subsidiary $ 35,000 $ — Dividends on corporate stock 29 78 Partnership income — 19 Change in the fair value of equity securities 228 258 Interest income from investment in trust 5 5 Total revenue 35,262 360 EXPENSE Interest on borrowings 2,777 2,713 Management fees to bank subsidiary 360 360 Acquisition expense 22 72 Other expense 411 574 Total expense 3,570 3,719 Income (loss) before income taxes and equity in undistributed (loss) income of bank subsidiary 31,692 (3,359 ) Equity in undistributed (loss) income of bank subsidiary (24,440 ) 16,563 Income tax benefit 748 685 Net income $ 8,000 $ 13,889 |
Condensed Cash Flow Statement [Table Text Block] | STATEMENTS OF CASH FLOWS For the year ended December 31, (dollars in thousands) 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 8,000 $ 13,889 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of bank subsidiary 24,440 (16,563 ) Change in the fair value of equity securities (228 ) (258 ) Amortization of debt issuance costs and purchase accounting adjustments 200 123 Net change in: Due from bank subsidiary (59 ) (197 ) Other assets 18 10 Deferred tax asset 180 142 Accrued other liabilities 1,341 (23 ) Net cash provided by (used in) operating activities 33,892 (2,877 ) CASH FLOWS FROM INVESTING ACTIVITIES Distributions from investments — 77 Purchases of equity securities (500 ) (2,449 ) Proceeds from the sale of equity securities 574 3,144 Purchases of other investments (233 ) — Cash paid for acquisition of Cheaha Financial Group, net of cash acquired (40,935 ) — Net cash (used in) provided by investing activities (41,094 ) 772 CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid on common stock (3,090 ) (2,686 ) Payments to repurchase common stock (6,925 ) (11,112 ) Proceeds from stock options exercised 732 46 Net cash used in financing activities (9,283 ) (13,752 ) Net decrease in cash (16,485 ) (15,857 ) Cash and cash equivalents, beginning of period 19,678 35,535 Cash and cash equivalents, end of period $ 3,193 $ 19,678 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments for: Interest on borrowings $ 2,774 $ 2,571 |
Note 23 - Earnings Per Share (T
Note 23 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | December 31, 2021 2020 2019 Earnings per common share - basic Net income $ 8,000 $ 13,889 $ 16,839 Less: income allocated to participating securities (21 ) (73 ) (164 ) Net income allocated to common shareholders 7,979 13,816 16,675 Weighted average basic shares outstanding 10,416,145 10,850,936 9,931,497 Basic earnings per common share $ 0.77 $ 1.27 $ 1.68 Earnings per common share - diluted Net income allocated to common shareholders $ 7,979 $ 13,816 $ 16,676 Weighted average basic shares outstanding 10,416,145 10,850,936 9,931,497 Dilutive effect of securities 84,157 14,911 99,521 Total weighted average diluted shares outstanding 10,500,302 10,865,847 10,031,018 Diluted earnings per common share $ 0.76 $ 1.27 $ 1.66 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2021 2020 2019 Stock options 869 71 — Restricted stock awards 431 10,968 388 Restricted stock units 20,828 62,754 7,550 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Reportable Segments | 1 | ||
Maximum Retention Credit Per Employee | $ 5,000 | ||
Retention Credit Per Employee Per Quarter | $ 7,000 | $ 7,000 | |
Retention Credit Per Quarter, Percentage of Wages | 70.00% | 70.00% | |
Maximum Amount of Wages Per Quarter Qualified for Retention Credit | $ 10,000 | $ 10,000 | |
Financing Receivable, Held-for-Sale | 620,000 | 620,000 | 0 |
Financing Receivable, Commitment to Lend | 700,000 | 700,000 | 200,000 |
Equity Securities, FV-NI, Cost | 16,803,000 | 16,803,000 | 16,599,000 |
Goodwill and Intangible Asset Impairment, Total | $ 0 | 0 | |
Minimum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Maximum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
Building [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||
Computer Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Computer Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Equity Securities, Held In Correspondent Banks [Member] | |||
Equity Securities, FV-NI, Cost | 15,000,000 | $ 15,000,000 | 14,900,000 |
Corporate Stock and Mutual Funds [Member] | |||
Equity Securities, FV-NI, Cost | 1,800,000 | $ 1,800,000 | $ 1,700,000 |
NonInterest Expense [Member] | |||
Payroll Taxes Reduction Amount | $ 1,900,000 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) $ in Thousands | Apr. 01, 2021USD ($) | Feb. 21, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Goodwill, Ending Balance | $ 40,100 | $ 28,100 | |||
Business Combination, Acquisition Related Costs | 2,448 | 1,062 | $ 2,090 | ||
Interest and Dividend Income, Operating, Total | 95,542 | 93,794 | 89,443 | ||
Noninterest Income, Total | 12,042 | 12,096 | 6,216 | ||
Net Income (Loss) Attributable to Parent, Total | 8,000 | $ 13,889 | $ 16,839 | ||
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 | ||||
Cheaha Financial Group [Member] | |||||
Payments to Acquire Businesses, Gross | $ 41,067 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 240,802 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Finance Receivables | 120,395 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 206,986 | ||||
Goodwill, Ending Balance | $ 11,944 | ||||
Number of Branch Locations | 4 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $ 134,800 | ||||
Business Combination, Acquisition Related Costs | 2,400 | ||||
Interest and Dividend Income, Operating, Total | 6,000 | ||||
Noninterest Income, Total | 800 | ||||
Net Income (Loss) Attributable to Parent, Total | $ 3,600 | ||||
Cheaha Financial Group [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 200 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 200 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | $ 100 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Acquired Identifiable Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Feb. 21, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | $ 40,100 | $ 28,100 | ||
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 | |||
Cheaha Financial Group [Member] | ||||
Cash paid | $ 41,067 | |||
Cash and cash equivalents | 49,179 | |||
Loans | 120,395 | |||
Bank premises and equipment | 5,407 | |||
Core deposit intangible asset | 848 | |||
Other assets | 1,012 | |||
Total assets acquired | 240,802 | |||
Deposits | 206,986 | |||
Other liabilities | 2,366 | |||
Total liabilities assumed | 211,679 | |||
Fair value of net assets acquired | 29,123 | |||
Goodwill | 11,944 | |||
Investment securities | 60,938 | |||
Bank owned life insurance | 3,023 | |||
Notes payable | $ 2,327 |
Note 2 - Business Combination_4
Note 2 - Business Combinations - Pro Forma Information (Details) - Cheaha Financial Group [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 98,223 | $ 104,656 |
Noninterest income | 12,567 | 13,257 |
Net income | $ 10,670 | $ 17,320 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 |
Pledged Financial Instruments, Not Separately Reported, Securities, Total | $ 118,200 | $ 84,600 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as AFS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 356,639 | $ 263,913 |
Gross Unrealized Gains | 1,935 | 4,916 |
Gross Unrealized Losses | (3,065) | (419) |
Fair Value | 355,509 | 268,410 |
US Government Corporations and Agencies Securities [Member] | ||
Amortized Cost | 21,143 | 36,648 |
Gross Unrealized Gains | 152 | 201 |
Gross Unrealized Losses | (27) | (28) |
Fair Value | 21,268 | 36,821 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 32,330 | 21,650 |
Gross Unrealized Gains | 468 | 490 |
Gross Unrealized Losses | (213) | (3) |
Fair Value | 32,585 | 22,137 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 27,777 | 27,583 |
Gross Unrealized Gains | 235 | 348 |
Gross Unrealized Losses | (345) | (223) |
Fair Value | 27,667 | 27,708 |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 200,696 | 119,934 |
Gross Unrealized Gains | 711 | 2,675 |
Gross Unrealized Losses | (1,503) | (11) |
Fair Value | 199,904 | 122,598 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | 74,693 | 58,098 |
Gross Unrealized Gains | 369 | 1,202 |
Gross Unrealized Losses | (977) | (154) |
Fair Value | $ 74,085 | $ 59,146 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Sales of Investments Classified as AFS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Proceeds from sales | $ 137,803 | $ 56,466 | $ 65,834 |
Gross gains | 2,323 | 2,300 | 608 |
Gross losses | $ (2) | $ (11) | $ (346) |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as HTM (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 10,255 | $ 12,434 |
Gross Unrealized Gains | 472 | 215 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 10,727 | 12,649 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 6,910 | 8,225 |
Gross Unrealized Gains | 367 | 12 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7,277 | 8,237 |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 3,345 | 4,209 |
Gross Unrealized Gains | 105 | 203 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 3,450 | $ 4,412 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as AFS (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Count | 256 | 70 |
Less than 12 Months, Fair Value | $ 223,355 | $ 34,546 |
Less than 12 Months, Unrealized Losses | (2,936) | (223) |
12 Months or More, Fair Value | 9,361 | 14,771 |
12 Months or More, Unrealized Losses | (129) | (196) |
Fair Value | 232,716 | 49,317 |
Unrealized Losses | $ (3,065) | $ (419) |
US Government Corporations and Agencies Securities [Member] | ||
Count | 8 | 12 |
Less than 12 Months, Fair Value | $ 1,438 | $ 9,080 |
Less than 12 Months, Unrealized Losses | (25) | (19) |
12 Months or More, Fair Value | 668 | 4,043 |
12 Months or More, Unrealized Losses | (2) | (9) |
Fair Value | 2,106 | 13,123 |
Unrealized Losses | $ (27) | $ (28) |
US States and Political Subdivisions Debt Securities [Member] | ||
Count | 12 | 4 |
Less than 12 Months, Fair Value | $ 10,803 | $ 505 |
Less than 12 Months, Unrealized Losses | (213) | (3) |
12 Months or More, Fair Value | 0 | 204 |
12 Months or More, Unrealized Losses | 0 | 0 |
Fair Value | 10,803 | 709 |
Unrealized Losses | $ (213) | $ (3) |
Corporate Debt Securities [Member] | ||
Count | 22 | 22 |
Less than 12 Months, Fair Value | $ 10,197 | $ 6,970 |
Less than 12 Months, Unrealized Losses | (254) | (133) |
12 Months or More, Fair Value | 2,409 | 2,559 |
12 Months or More, Unrealized Losses | (91) | (90) |
Fair Value | 12,606 | 9,529 |
Unrealized Losses | $ (345) | $ (223) |
Residential Mortgage Backed Securities [Member] | ||
Count | 150 | 6 |
Less than 12 Months, Fair Value | $ 156,862 | $ 11,070 |
Less than 12 Months, Unrealized Losses | (1,503) | (11) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Fair Value | 156,862 | 11,070 |
Unrealized Losses | $ (1,503) | $ (11) |
Commercial Mortgage Backed Securities [Member] | ||
Count | 64 | 26 |
Less than 12 Months, Fair Value | $ 44,055 | $ 6,921 |
Less than 12 Months, Unrealized Losses | (941) | (57) |
12 Months or More, Fair Value | 6,284 | 7,965 |
12 Months or More, Unrealized Losses | (36) | (97) |
Fair Value | 50,339 | 14,886 |
Unrealized Losses | $ (977) | $ (154) |
Note 3 - Investment Securitie_7
Note 3 - Investment Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due within one year, AFS, amortized cost | $ 726 | $ 1,669 |
Due within one year, AFS, fair value | 726 | 1,691 |
Due within one year, HTM, amortized cost | 870 | 830 |
Due within one year, HTM, fair value | 902 | 832 |
Due after one year through five years, AFS, amortized cost | 14,189 | 12,937 |
Due after one year through five years, AFS, fair value | 14,327 | 13,014 |
Due after one year through five years, HTM, amortized cost | 1,875 | 2,745 |
Due after one year through five years, HTM, fair value | 2,018 | 2,751 |
Due after five years through ten years, AFS, amortized cost | 51,988 | 64,159 |
Due after five years through ten years, AFS, fair value | 52,376 | 64,865 |
Due after five years through ten years, HTM, amortized cost | 4,165 | 4,650 |
Due after five years through ten years, HTM, fair value | 4,356 | 4,654 |
Due after ten years, AFS, amortized cost | 289,736 | 185,148 |
Due after ten years, AFS, fair value | 288,080 | 188,840 |
Due after ten years, HTM, amortized cost | 3,345 | 4,209 |
Due after ten years, HTM, fair value | 3,451 | 4,412 |
Total debt securities, AFS, amortized cost | 356,639 | 263,913 |
Total debt securities, AFS, fair value | 355,509 | 268,410 |
Total debt securities, HTM, amortized cost | 10,255 | 12,434 |
Total debt securities, HTM, fair value | $ 10,727 | $ 12,649 |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Unamortized Loan Fee (Cost) and Purchase Premium (Discount), Total | $ 1,900 | $ 1,800 | |
Financing Receivable, Deferred Commitment Fee | 1,800 | 3,200 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,872,012 | 1,860,318 | |
Loan Participations and Whole Loans Sold to and Serviced for Others Not on Balance Sheet | 33,000 | 53,500 | |
Loan Participations and Whole Loans Sold to and Serviced For Others Unpaid Principal Balance | 91,900 | 154,000 | |
Loans and Leases Receivable, Related Parties, Ending Balance | 97,606 | 96,390 | $ 98,093 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | $ 0 | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 29 | 34 | |
Financing Receivable, Troubled Debt Restructuring | $ 10,523 | $ 14,650 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||
Extended Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 8 | ||
Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 6 | ||
Payment Deferral [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Principal Forgiveness [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Hurricane Ida [Member] | |||
Provision for Loan and Lease Losses, Total | $ 21,600 | ||
Unlikely to be Collected Financing Receivable [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 310,831 | $ 394,497 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 9 | |
Financing Receivable, Troubled Debt Restructuring | $ 5,861 | $ 7,729 | |
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 23,300 | $ 94,500 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans by Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,872,012 | $ 1,860,318 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,543,586 | 1,445,202 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 203,204 | 206,011 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 364,307 | 339,525 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 59,570 | 60,724 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 20,128 | 26,547 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 896,377 | 812,395 |
Commercial Portfolio Segment [Member] | ||
Loans | 310,831 | 394,497 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 17,595 | $ 20,619 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,872,012 | $ 1,860,318 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 33,925 | 16,407 |
Nonaccrual | 27,227 | 11,160 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 1,835,338 | 1,839,754 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 6,291 | 3,780 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 354 | 1,146 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 53 | 321 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 2,749 | 4,157 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,543,586 | 1,445,202 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 18,124 | 8,317 |
Nonaccrual | 15,687 | 3,907 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 1,522,777 | 1,433,012 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 2,158 | 3,342 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 279 | 852 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 216 |
Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 2,685 | 3,873 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 203,204 | 206,011 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 354 | 1,009 |
Nonaccrual | 288 | 521 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 202,850 | 205,002 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 55 | 488 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 11 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 364,307 | 339,525 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 3,525 | 3,434 |
Nonaccrual | 1,410 | 1,615 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 360,434 | 335,710 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 1,933 | 1,085 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 182 | 734 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 348 | 381 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 59,570 | 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, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 59,570 | 60,724 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 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] | Farmland [Member] | ||
Loans | 20,128 | 26,547 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 79 | 513 |
Nonaccrual | 79 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 18,348 | 24,333 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 297 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 216 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 1,701 | 1,701 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 896,377 | 812,395 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 14,166 | 3,361 |
Nonaccrual | 13,910 | 1,771 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 881,575 | 807,243 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 170 | 1,472 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 86 | 118 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 636 | 1,791 |
Commercial Portfolio Segment [Member] | ||
Loans | 310,831 | 394,497 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 15,508 | 7,644 |
Nonaccrual | 11,354 | 6,907 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 295,323 | 386,607 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 4,044 | 359 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 57 | 273 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 53 | 105 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 246 |
Consumer Portfolio Segment [Member] | ||
Loans | 17,595 | 20,619 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 293 | 446 |
Nonaccrual | 186 | 346 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 17,238 | 20,135 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 89 | 79 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 18 | 21 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | $ 64 | $ 38 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Loan Losses - Loan Portfolio by Category and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 1,872,012 | $ 1,860,318 |
Pass [Member] | ||
Loans | 1,817,208 | 1,822,468 |
Special Mention [Member] | ||
Loans | 7,289 | 16,875 |
Substandard [Member] | ||
Loans | 46,825 | 20,066 |
Doubtful [Member] | ||
Loans | 690 | 909 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,543,586 | 1,445,202 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,509,262 | 1,422,782 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 4,747 | 12,081 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 29,577 | 10,339 |
Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 203,204 | 206,011 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 200,788 | 198,139 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | 818 | 7,352 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | 1,598 | 520 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 364,307 | 339,525 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Pass [Member] | ||
Loans | 358,062 | 337,829 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Special Mention [Member] | ||
Loans | 38 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Substandard [Member] | ||
Loans | 6,207 | 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 | 59,570 | 60,724 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Pass [Member] | ||
Loans | 59,113 | 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 | 457 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 20,128 | 26,547 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Loans | 18,348 | 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 | 1,780 | 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 | 896,377 | 812,395 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Pass [Member] | ||
Loans | 872,951 | 801,244 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Special Mention [Member] | ||
Loans | 3,891 | 4,729 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Substandard [Member] | ||
Loans | 19,535 | 6,422 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 310,831 | 394,497 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 290,677 | 379,451 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 2,523 | 4,794 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 16,941 | 9,343 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 690 | 909 |
Consumer Portfolio Segment [Member] | ||
Loans | 17,595 | 20,619 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 17,269 | 20,235 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 19 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 307 | 384 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Loan Losses - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 96,390 | $ 98,093 |
New loans/changes in relationship | 26,475 | 12,443 |
Repayments/changes in relationship | (25,259) | (14,146) |
Balance, end of period | $ 97,606 | $ 96,390 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, beginning of period | $ 20,363 | $ 10,700 | $ 9,454 |
Provision for loan losses | 22,885 | 11,160 | 1,908 |
Loans charged-off | (22,636) | (1,754) | (800) |
Recoveries | 247 | 257 | 138 |
Balance, end of period | 20,859 | 20,363 | 10,700 |
Ending allowance balance for loans individually evaluated for impairment | 564 | 210 | 141 |
Allowance for loan losses | 20,859 | 20,363 | 10,700 |
Ending allowance balance for loans collectively evaluated for impairment | 20,085 | 19,943 | 10,559 |
Balance of loans individually evaluated for impairment | 32,791 | 19,177 | 2,547 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 1,851,153 | 1,839,955 | |
Balance of loans collectively evaluated for impairment | 1,836,472 | 1,836,984 | 1,685,036 |
Total period-end balance | 1,872,012 | 1,860,318 | 1,691,975 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 210 | 0 | |
Balance, end of period | 210 | 210 | 0 |
Allowance for loan losses | 210 | 210 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 2,749 | 4,157 | 4,392 |
Commercial Portfolio Segment [Member] | |||
Balance, beginning of period | 4,558 | 2,609 | 1,641 |
Provision for loan losses | 11,494 | 3,094 | 1,194 |
Loans charged-off | (11,713) | (1,195) | (252) |
Recoveries | 72 | 50 | 26 |
Balance, end of period | 4,411 | 4,558 | 2,609 |
Ending allowance balance for loans individually evaluated for impairment | 468 | 80 | 0 |
Allowance for loan losses | 4,411 | 4,558 | 2,609 |
Ending allowance balance for loans collectively evaluated for impairment | 3,943 | 4,478 | 2,609 |
Balance of loans individually evaluated for impairment | 13,321 | 9,102 | 93 |
Balance of loans collectively evaluated for impairment | 297,510 | 385,149 | 323,680 |
Total period-end balance | 310,831 | 394,497 | 323,786 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 0 | 246 | 13 |
Consumer Portfolio Segment [Member] | |||
Balance, beginning of period | 540 | 488 | 716 |
Provision for loan losses | (128) | 309 | 126 |
Loans charged-off | (159) | (335) | (411) |
Recoveries | 101 | 78 | 57 |
Balance, end of period | 354 | 540 | 488 |
Ending allowance balance for loans individually evaluated for impairment | 96 | 130 | 141 |
Allowance for loan losses | 354 | 540 | 488 |
Ending allowance balance for loans collectively evaluated for impairment | 258 | 410 | 347 |
Balance of loans individually evaluated for impairment | 182 | 347 | 498 |
Balance of loans collectively evaluated for impairment | 17,349 | 20,234 | 28,910 |
Total period-end balance | 17,595 | 20,619 | 29,446 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 64 | 38 | 38 |
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 2,375 | 1,201 | 1,038 |
Provision for loan losses | 219 | 1,127 | 187 |
Loans charged-off | (283) | 0 | (51) |
Recoveries | 36 | 47 | 27 |
Balance, end of period | 2,347 | 2,375 | 1,201 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 2,347 | 2,375 | 1,201 |
Ending allowance balance for loans collectively evaluated for impairment | 2,347 | 2,375 | 1,201 |
Balance of loans individually evaluated for impairment | 529 | 782 | 247 |
Balance of loans collectively evaluated for impairment | 202,675 | 205,229 | 197,550 |
Total period-end balance | 203,204 | 206,011 | 197,797 |
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 0 | 0 | 0 |
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 3,370 | 1,490 | 1,465 |
Provision for loan losses | 123 | 1,979 | 60 |
Loans charged-off | (188) | (173) | (62) |
Recoveries | 32 | 74 | 27 |
Balance, end of period | 3,337 | 3,370 | 1,490 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 3,337 | 3,370 | 1,490 |
Ending allowance balance for loans collectively evaluated for impairment | 3,337 | 3,370 | 1,490 |
Balance of loans individually evaluated for impairment | 1,995 | 2,280 | 1,662 |
Balance of loans collectively evaluated for impairment | 361,964 | 336,864 | 319,382 |
Total period-end balance | 364,307 | 339,525 | 321,489 |
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 348 | 381 | 445 |
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 589 | 387 | 331 |
Provision for loan losses | 84 | 202 | 56 |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 673 | 589 | 387 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 673 | 589 | 387 |
Ending allowance balance for loans collectively evaluated for impairment | 673 | 589 | 387 |
Balance of loans individually evaluated for impairment | 0 | 0 | 0 |
Balance of loans collectively evaluated for impairment | 59,570 | 60,724 | 60,617 |
Total period-end balance | 59,570 | 60,724 | 60,617 |
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 0 | 0 | 0 |
Farmland [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 435 | 101 | 81 |
Provision for loan losses | (39) | 334 | 20 |
Loans charged-off | (13) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 383 | 435 | 101 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 383 | 435 | 101 |
Ending allowance balance for loans collectively evaluated for impairment | 173 | 225 | 101 |
Balance of loans individually evaluated for impairment | 79 | 0 | 0 |
Balance of loans collectively evaluated for impairment | 18,348 | 24,846 | 25,516 |
Total period-end balance | 20,128 | 26,547 | 27,780 |
Farmland [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 210 | 0 | |
Balance, end of period | 210 | 210 | 0 |
Allowance for loan losses | 210 | 210 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | 1,701 | 1,701 | 2,264 |
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 8,496 | 4,424 | 4,182 |
Provision for loan losses | 11,132 | 4,115 | 265 |
Loans charged-off | (10,280) | (51) | (24) |
Recoveries | 6 | 8 | 1 |
Balance, end of period | 9,354 | 8,496 | 4,424 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 9,354 | 8,496 | 4,424 |
Ending allowance balance for loans collectively evaluated for impairment | 9,354 | 8,496 | 4,424 |
Balance of loans individually evaluated for impairment | 16,685 | 6,666 | 47 |
Balance of loans collectively evaluated for impairment | 879,056 | 803,938 | 729,381 |
Total period-end balance | 896,377 | 812,395 | 731,060 |
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $20,859 and $20,363, respectively | $ 636 | $ 1,791 | $ 1,632 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Recorded investment, with no related allowance recorded | $ 28,738 | $ 18,695 | $ 2,237 |
Unpaid principal balance, with no related allowance recorded | 41,123 | 19,970 | 2,365 |
With no related allowance recorded, Average Recorded Investment | 22,941 | 11,356 | 2,932 |
With no related allowance recorded, Interest Income Recognized | 380 | 197 | 53 |
Recorded investment, with related allowance recorded | 4,053 | 482 | 310 |
Unpaid principal balance, with related allowance recorded | 9,782 | 525 | 347 |
Related allowance | 564 | 210 | 141 |
With related allowance recorded, Average Recorded Investment | 1,457 | 278 | 324 |
With related allowance recorded, Interest Income Recognized | 24 | 1 | 0 |
Recorded investment | 32,791 | 19,177 | 2,547 |
Unpaid principal balance | 50,905 | 20,495 | 2,712 |
Average Recorded Investment | 24,398 | 11,634 | 3,256 |
Interest Income Recognized | 404 | 198 | 53 |
Real Estate Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 19,288 | 9,728 | 1,956 |
Unpaid principal balance, with no related allowance recorded | 30,113 | 9,874 | 2,064 |
With no related allowance recorded, Average Recorded Investment | 13,679 | 6,515 | 2,571 |
With no related allowance recorded, Interest Income Recognized | 228 | 165 | 53 |
Related allowance | 0 | 0 | 0 |
Recorded investment | 19,288 | 9,728 | 1,956 |
Unpaid principal balance | 30,113 | 9,874 | 2,064 |
Average Recorded Investment | 13,679 | 6,515 | 2,571 |
Interest Income Recognized | 228 | 165 | 53 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, with no related allowance recorded | 529 | 782 | 247 |
Unpaid principal balance, with no related allowance recorded | 812 | 800 | 269 |
With no related allowance recorded, Average Recorded Investment | 731 | 887 | 328 |
With no related allowance recorded, Interest Income Recognized | 17 | 13 | 14 |
Related allowance | 0 | 0 | 0 |
Recorded investment | 529 | 782 | 247 |
Unpaid principal balance | 812 | 800 | 269 |
Average Recorded Investment | 731 | 887 | 328 |
Interest Income Recognized | 17 | 13 | 14 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Recorded investment, with no related allowance recorded | 1,995 | 2,280 | 1,662 |
Unpaid principal balance, with no related allowance recorded | 2,081 | 2,353 | 1,745 |
With no related allowance recorded, Average Recorded Investment | 1,965 | 2,172 | 1,507 |
With no related allowance recorded, Interest Income Recognized | 30 | 26 | 32 |
Related allowance | 0 | 0 | 0 |
Recorded investment | 1,995 | 2,280 | 1,662 |
Unpaid principal balance | 2,081 | 2,353 | 1,745 |
Average Recorded Investment | 1,965 | 2,172 | 1,507 |
Interest Income Recognized | 30 | 26 | 32 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Recorded investment, with no related allowance recorded | 79 | ||
Unpaid principal balance, with no related allowance recorded | 81 | ||
With no related allowance recorded, Average Recorded Investment | 193 | ||
With no related allowance recorded, Interest Income Recognized | 0 | ||
Related allowance | 0 | ||
Recorded investment | 79 | ||
Unpaid principal balance | 81 | ||
Average Recorded Investment | 193 | ||
Interest Income Recognized | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Recorded investment, with no related allowance recorded | 16,685 | 6,666 | 47 |
Unpaid principal balance, with no related allowance recorded | 27,139 | 6,721 | 50 |
With no related allowance recorded, Average Recorded Investment | 10,790 | 3,456 | 700 |
With no related allowance recorded, Interest Income Recognized | 181 | 126 | 7 |
Related allowance | 0 | 0 | 0 |
Recorded investment | 16,685 | 6,666 | 47 |
Unpaid principal balance | 27,139 | 6,721 | 50 |
Average Recorded Investment | 10,790 | 3,456 | 700 |
Interest Income Recognized | 181 | 126 | 7 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Recorded investment, with no related allowance recorded | 0 | ||
Unpaid principal balance, with no related allowance recorded | 0 | ||
With no related allowance recorded, Average Recorded Investment | 36 | ||
With no related allowance recorded, Interest Income Recognized | 0 | ||
Related allowance | 0 | ||
Recorded investment | 0 | ||
Average Recorded Investment | 36 | ||
Interest Income Recognized | 0 | ||
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 9,395 | 8,841 | 93 |
Unpaid principal balance, with no related allowance recorded | 10,941 | 9,953 | 96 |
With no related allowance recorded, Average Recorded Investment | 9,166 | 4,614 | 33 |
With no related allowance recorded, Interest Income Recognized | 152 | 31 | 0 |
Recorded investment, with related allowance recorded | 3,926 | 261 | |
Unpaid principal balance, with related allowance recorded | 9,618 | 260 | |
Related allowance | 468 | 80 | 0 |
With related allowance recorded, Average Recorded Investment | 1,311 | 22 | |
With related allowance recorded, Interest Income Recognized | 24 | 0 | |
Recorded investment | 13,321 | 9,102 | 93 |
Unpaid principal balance | 20,559 | 10,213 | 96 |
Average Recorded Investment | 10,477 | 4,636 | 33 |
Interest Income Recognized | 176 | 31 | 0 |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 55 | 126 | 188 |
Unpaid principal balance, with no related allowance recorded | 69 | 143 | 205 |
With no related allowance recorded, Average Recorded Investment | 96 | 227 | 328 |
With no related allowance recorded, Interest Income Recognized | 0 | 1 | 0 |
Recorded investment, with related allowance recorded | 127 | 221 | 310 |
Unpaid principal balance, with related allowance recorded | 164 | 265 | 347 |
Related allowance | 96 | 130 | 141 |
With related allowance recorded, Average Recorded Investment | 146 | 256 | 324 |
With related allowance recorded, Interest Income Recognized | 0 | 1 | 0 |
Recorded investment | 182 | 347 | 498 |
Unpaid principal balance | 233 | 408 | 552 |
Average Recorded Investment | 242 | 483 | 652 |
Interest Income Recognized | $ 0 | $ 2 | $ 0 |
Note 4 - Loans And Allowance_10
Note 4 - Loans And Allowance For Loan Losses - Summary of TDR Pre- and Post-modification Outstanding Recorded Investments by Loan Categories (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Contracts | 29 | 34 |
Pre- Modification Outstanding Recorded Investment | $ 614 | $ 13,626 |
Post- Modification Outstanding Recorded Investment | $ 614 | $ 13,626 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Number of Contracts | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 64 |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 64 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Number of Contracts | 1 | 8 |
Pre- Modification Outstanding Recorded Investment | $ 28 | $ 5,833 |
Post- Modification Outstanding Recorded Investment | $ 28 | $ 5,833 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 3 | 9 |
Pre- Modification Outstanding Recorded Investment | $ 586 | $ 7,729 |
Post- Modification Outstanding Recorded Investment | $ 586 | $ 7,729 |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Loan Losses - Summary of Accruing and Nonaccrual TDRs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
TDRs loans | $ 10,523 | $ 14,650 |
Construction Loans [Member] | ||
TDRs loans | 242 | 262 |
1-4 Family [Member] | ||
TDRs loans | 730 | 826 |
Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 3,690 | 5,833 |
Commercial Portfolio Segment [Member] | ||
TDRs loans | 5,861 | 7,729 |
Accruing Troubled Debt Restructurings [Member] | ||
TDRs loans | 5,578 | 8,017 |
Accruing Troubled Debt Restructurings [Member] | Construction Loans [Member] | ||
TDRs loans | 242 | 262 |
Accruing Troubled Debt Restructurings [Member] | 1-4 Family [Member] | ||
TDRs loans | 585 | 665 |
Accruing Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 2,775 | 4,895 |
Accruing Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | ||
TDRs loans | 1,976 | 2,195 |
Nonaccrual Troubled Debt Restructurings [Member] | ||
TDRs loans | 4,945 | 6,633 |
Nonaccrual Troubled Debt Restructurings [Member] | Construction Loans [Member] | ||
TDRs loans | 0 | 0 |
Nonaccrual Troubled Debt Restructurings [Member] | 1-4 Family [Member] | ||
TDRs loans | 145 | 161 |
Nonaccrual Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 915 | 938 |
Nonaccrual Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | ||
TDRs loans | 3,885 | 5,534 |
Related Allowance [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | Construction Loans [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | 1-4 Family [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | Commercial Portfolio Segment [Member] | ||
TDRs loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance_12
Note 4 - Loans and Allowance For Loan Losses - Summary of Average Recorded Investment and Interest Income Recognized for TDRs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Average Recorded Investment | $ 24,398 | $ 11,634 | $ 3,256 |
Interest Income Recognized | 404 | 198 | 53 |
Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 10,477 | 4,636 | 33 |
Interest Income Recognized | 176 | 31 | 0 |
TDR [Member] | |||
Average Recorded Investment | 13,082 | 5,227 | 1,795 |
Interest Income Recognized | 368 | 228 | 72 |
TDR [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Average Recorded Investment | 5,358 | 2,778 | 264 |
Interest Income Recognized | 174 | 126 | 7 |
TDR [Member] | Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 6,698 | 1,075 | 2 |
Interest Income Recognized | 149 | 53 | 0 |
Construction Loans [Member] | TDR [Member] | |||
Average Recorded Investment | 251 | 438 | 515 |
Interest Income Recognized | 17 | 14 | 14 |
1-4 Family [Member] | TDR [Member] | |||
Average Recorded Investment | 775 | 936 | 1,014 |
Interest Income Recognized | $ 28 | $ 35 | $ 51 |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Repossessed Assets, Total | $ 2,653,000 | $ 663,000 |
Mortgage Loans in Process of Foreclosure, Amount | 1,300,000 | 1,700,000 |
Acquired Loans [Member] | ||
Repossessed Assets, Total | $ 53,000 | $ 41,000 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned - Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 663 | $ 133 |
Additions | 1,023 | 41 |
Transfers from bank premises and equipment | 1,850 | 665 |
Sales of other real estate owned | (883) | (146) |
Write-downs | 0 | (30) |
Balance, end of period | $ 2,653 | $ 663 |
Note 6 - Bank Premises and Eq_3
Note 6 - Bank Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 4,988 | $ 4,570 | $ 3,462 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (408) | (38) | (11) |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | |||
Number of Bank Branches Closed | 2 | ||
Property, Plant and Equipment, Gross, Ending Balance | $ 1,900 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | (400) | ||
Bank Premises and Equipment [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 4,000 | $ 3,600 | $ 2,600 |
Note 6 - Bank Premises and Eq_4
Note 6 - Bank Premises and Equipment - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Right-of-use asset, gross | $ 3,354 | $ 3,851 |
Less: Accumulated depreciation and amortization | (19,149) | (15,830) |
Bank premises and equipment, net | 58,080 | 56,303 |
Land [Member] | ||
Bank premises and equipment, gross | 15,319 | 13,530 |
Building and Building Improvements [Member] | ||
Bank premises and equipment, gross | 41,962 | 37,947 |
Furniture and Fixtures [Member] | ||
Bank premises and equipment, gross | 13,792 | 13,196 |
Software and Software Development Costs [Member] | ||
Bank premises and equipment, gross | 2,319 | 1,990 |
Construction in Progress [Member] | ||
Bank premises and equipment, gross | $ 483 | $ 1,619 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Lease Income, Total | $ 0.3 | $ 0.2 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 10 years | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 3.4 | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 3.5 |
Note 7 - Leases - Quantitative
Note 7 - Leases - Quantitative Information Regarding Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total operating lease cost | $ 610 | $ 599 |
Weighted average remaining lease term (in years) (Year) | 7 years 9 months 18 days | 8 years 7 months 6 days |
Weighted average discount rate | 2.80% | 2.80% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payment (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 598 |
2023 | 595 |
2024 | 515 |
2025 | 476 |
2026 | 339 |
Thereafter | 1,354 |
Total | $ 3,877 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets, Net (Including Goodwill), Total | $ 44,036 | $ 32,232 | |
Goodwill and Intangible Asset Impairment, Total | 0 | 0 | |
Goodwill, Ending Balance | 40,100 | 28,100 | |
Indefinite-Lived Trademarks | 100 | 100 | |
Depreciation and Amortization [Member] | |||
Amortization of Intangible Assets, Total | $ 1,000 | $ 1,000 | $ 800 |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 7 years | ||
Minimum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Maximum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross carrying amount | $ 7,486 | $ 6,637 |
Accumulated amortization | (3,638) | (2,649) |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,848 | $ 3,988 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Amortization Schedule for Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,848 | $ 3,988 |
Core Deposits [Member] | ||
2022 | 887 | |
2023 | 761 | |
2024 | 643 | |
2025 | 528 | |
2026 | 411 | |
Thereafter | 618 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,848 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits Public Funds Amount | $ 117.8 | $ 86.6 |
Security Owned and Pledged as Collateral, Fair Value, Total | 107.2 | 72.7 |
Related Party Deposit Liabilities | $ 49.4 | $ 38.8 |
Note 9 - Deposits - Deposits (D
Note 9 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noninterest-bearing | $ 585,465 | $ 448,230 |
Interest-bearing demand deposits | 650,868 | 496,745 |
Brokered deposits | 0 | 80,017 |
Money market deposit accounts | 255,501 | 186,307 |
Savings accounts | 180,837 | 141,134 |
Time deposits | 447,595 | 535,391 |
Total deposits | $ 2,120,266 | $ 1,887,824 |
Note 9 - Deposits - Summarizes
Note 9 - Deposits - Summarizes Outstanding Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
$0 to $99,999 | $ 151,963 | $ 161,957 |
$100,000 to $249,999 | 203,922 | 274,470 |
$250,000 and above | 91,710 | 98,964 |
Time Deposits, Total | $ 447,595 | $ 535,391 |
Note 9 - Deposits - Contractual
Note 9 - Deposits - Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Three months or less | $ 71,728 | $ 80,605 |
Over three through six months | 52,784 | 75,974 |
Over six through twelve months | 97,370 | 111,879 |
Over one year through three years | 63,453 | 94,178 |
Over three years | 10,297 | 10,798 |
Time Deposits, $100,000 or More, Total | $ 295,632 | $ 373,434 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturates of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 337,386 | |
2023 | 71,806 | |
2024 | 23,276 | |
2025 | 12,106 | |
2026 | 3,021 | |
Time Deposits, Total | $ 447,595 | $ 535,391 |
Note 10 - Securities Sold Und_2
Note 10 - Securities Sold Under Agreements to Repurchase (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Securities Sold under Agreements to Repurchase, Total | $ 5,783 | $ 5,653 | |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 11,000 | $ 6,300 | |
Assets Sold under Agreements to Repurchase, Interest Rate | 0.15% | 0.20% | |
Assets Sold under Agreements to Repurchase, Weighted Average Interest Rate | 0.21% | 0.30% | 1.32% |
Note 11 - Subordinated Debt S_2
Note 11 - Subordinated Debt Securities (Details Textual) - USD ($) $ in Thousands | Nov. 12, 2019 | May 24, 2017 | Dec. 31, 2021 | Dec. 31, 2020 |
Subordinated Debt, Ending Balance | $ 42,989 | $ 42,897 | ||
Subordinated Debt [Member] | ||||
Debt Instrument, Face Amount | $ 25,000 | $ 18,600 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 6.00% | 5.125% | |
Debt Issuance Costs, Net, Total | $ 600 | 700 | ||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.49% | 3.945% | ||
Subordinated Debt, Ending Balance | $ 43,000 | $ 42,900 |
Note 12 - Other Borrowed Fund_2
Note 12 - Other Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 845,900 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 8,384 | $ 5,949 |
Secured Debt [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 60,000 | 60,000 |
Long-term Line of Credit, Total | 0 | $ 0 |
Loan Portfolio [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 932,400 | |
Securities Investment [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,300 |
Note 12 - Other Borrowed Fund_3
Note 12 - Other Borrowed Funds - Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2021 | $ 0 | $ 42,000 |
2021, weighted average rate | 0.00% | 0.11% |
2024 | $ 23,500 | $ 23,500 |
2024, weighted average rate | 1.81% | 1.81% |
2028 | $ 25,000 | $ 25,000 |
2028, weighted average rate | 1.77% | 1.77% |
2033 | $ 30,000 | $ 30,000 |
2033, weighted average rate | 1.88% | 1.88% |
Advances from Federal Home Loan Banks, Total | $ 78,500 | $ 120,500 |
Weighted average rate | 1.82% | 1.23% |
Note 12 - Other Borrowing Funds
Note 12 - Other Borrowing Funds - Junior Subordinated Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Face Value | $ 9,795 | |
Carrying Value | 8,384 | $ 5,949 |
First Community Louisiana Statutory Trust I [Member] | ||
Face Value | 3,609 | |
Carrying Value | $ 3,609 | |
Interest rate | 1.97% | |
First Community Louisiana Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable Interest Rate | 1.77% | |
BOJ Bancshares Statutory Trust I [Member] | ||
Face Value | $ 3,093 | |
Carrying Value | $ 2,392 | |
Interest rate | 2.10% | |
BOJ Bancshares Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable Interest Rate | 1.90% | |
Cheaha Statutory Trust I [Member] | ||
Face Value | $ 3,093 | |
Carrying Value | $ 2,383 | |
Interest rate | 1.90% | |
Cheaha Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable Interest Rate | 1.70% |
Note 13 - Derivative Financia_2
Note 13 - Derivative Financial Instruments (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 1,450,000 | $ 0 | $ 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 385,000 | 0 | 0 | |
Interest Income, Swap Termination Fees | $ 1,835,000 | 0 | 0 | |
Interest Rate Swap [Member] | ||||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge (Year) | 7 years 7 months 6 days | |||
Interest Income, Swap Termination Fees | $ 1,800,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 5,300,000 | (2,300,000) | 51,000 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,400,000 | (600,000) | $ 14,000 | |
Interest Rate Swap [Member] | Swap Termination Fees [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 1,400,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 400,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative, Notional Amount | 0 | 80,000,000 | ||
Derivative, Terminated, Notional Amount | $ 150,000,000 | |||
Derivative Liability, Fair Value, Gross Liability, Total | 2,600,000 | 2,800,000 | ||
Derivative Liability, Fair Value, Gross Asset | 29,000 | 600,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 2,100,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Total | 2,600,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Total | (2,200,000) | |||
Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative, Notional Amount | $ 115,000,000 | $ 140,000,000 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Details Textual) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 12, 2019 | May 24, 2017 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | |||
Common Stock, Shares Authorized (in shares) | 40,000,000 | 40,000,000 | |||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 10,343,494 | 10,608,869 | 11,228,775 | ||
Subordinated Debt [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | 6.00% | ||
Common Stock [Member] | |||||
Stock Repurchased During Period, Shares (in shares) | 359,138 | 661,504 | 359,906 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 19.24 | $ 16.75 | $ 23.09 |
Note 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 243,284 | $ 241,976 | $ 182,262 |
Net change | (642) | (86) | 4,967 |
Balance | 242,598 | 243,284 | 241,976 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | 7,493 | 3,476 | (1,647) |
Net change | (2,611) | 4,017 | 5,123 |
Balance | 4,882 | 7,493 | 3,476 |
Accumulated Net Realized Gain (Loss) On Reclassification [Member] | |||
Balance | (3,939) | (2,131) | (1,925) |
Net change | (1,833) | (1,808) | (206) |
Balance | (5,772) | (3,939) | (2,131) |
Accumulated Net (Loss) On Transfer of Available For Sale Securities To Held To Maturity [Member] | |||
Balance | 3 | 4 | 5 |
Net change | (1) | (1) | (1) |
Balance | 2 | 3 | 4 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (1,752) | 542 | 491 |
Net change | 5,253 | (2,294) | 51 |
Balance | 3,501 | (1,752) | 542 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Reclassification, Parent [Member] | |||
Balance | 0 | 0 | 0 |
Net change | (1,450) | 0 | 0 |
Balance | (1,450) | 0 | 0 |
AOCI Attributable to Parent [Member] | |||
Balance | 1,805 | 1,891 | (3,076) |
Net change | (642) | (86) | 4,967 |
Balance | $ 1,163 | $ 1,805 | $ 1,891 |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 38,450 | 58,993 | 36,984 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0.8 | ||
Stock or Unit Option Plan Expense | 0.2 | $ 0.2 | $ 0.3 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0.3 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | ||
Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 129,082 | 102,953 | |
Share-based Payment Arrangement, Expense | $ 1.6 | $ 1.4 | 1.1 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3.7 | $ 3.4 | $ 2.8 |
Key Personnel [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 38,450 | 58,993 | 36,984 |
Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Key Personnel [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 5 years | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 2 years | ||
Employees and Directors [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 129,082 | 102,953 | 79,439 |
Employees and Directors [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 105,294 | 91,268 | 68,430 |
Employees and Directors [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | 2 years | 2 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,788 | 11,685 | 11,009 |
A 2017 Long Term Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 723,762 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, shares (in shares) | 408,288 | 357,214 | 340,646 | |
Outstanding, weighted average price (in dollars per share) | $ 17.66 | $ 16.96 | $ 15.98 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 18 days | 5 years 6 months 25 days | 5 years 11 months 4 days | 6 years 5 months 26 days |
Granted, shares (in shares) | 38,450 | 58,993 | 36,984 | |
Granted, weighted average price (in dollars per share) | $ 20.72 | $ 16.96 | $ 24.40 | |
Forfeited, shares (in shares) | (30,869) | (4,585) | 0 | |
Forfeited, weighted average price (in dollars per share) | $ 19.56 | $ 21.36 | $ 0 | |
Exercised, shares (in shares) | (47,388) | (3,334) | (20,416) | |
Exercised, weighted average price (in dollars per share) | $ 15.44 | $ 14 | $ 14.06 | |
Outstanding, shares (in shares) | 368,481 | 408,288 | 357,214 | 340,646 |
Outstanding, weighted average price (in dollars per share) | $ 18.10 | $ 17.66 | $ 16.96 | $ 15.98 |
Exercisable, shares (in shares) | 262,392 | |||
Exercisable, weighted average price (in dollars per share) | $ 16.55 | |||
Exercisable, weighted average remaining contractual term (Year) | 3 years 11 months 15 days |
Note 15 - Stock-Based Compens_5
Note 15 - Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend yield | 1.35% | 1.12% |
Expected volatility | 39.23% | 26.39% |
Risk-free interest rate | 1.25% | 0.99% |
Expected term (in years) (Year) | 6 years 6 months | 6 years 6 months |
Weighted average grant date fair value (in dollars per share) | $ 7.23 | $ 5.17 |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation Summarizes Restricted Stock and RSU Activity (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, shares (in shares) | 207,146 | 168,216 |
Balance, beginning of period, weighted average grant date fair value (in dollars per share) | $ 22.23 | $ 22.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 129,082 | 102,953 |
Granted, weighted average grant date fair value (in dollars per share) | $ 19.91 | $ 21.41 |
Forfeited, shares (in shares) | (29,642) | (10,283) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 21.79 | $ 22.16 |
Earned and issued, shares (in shares) | (65,516) | (53,740) |
Earned and issued, weighted average grant date fair value (in dollars per share) | $ 21.64 | $ 21.29 |
Balance, shares (in shares) | 241,070 | 207,146 |
Balance, end of period, weighted average grant date fair value (in dollars per share) | $ 21.16 | $ 22.23 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | Apr. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan, Eligibility For Participation Requisite Age Of Employees (Year) | 21 years | |||
Minimum Service Period for Participation in Defined Benefit Plan (Month) | 3 months | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Defined Contribution Plan, Cost | $ 1 | $ 0.9 | $ 0.8 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0.2 | 0.2 | ||
Defined Contribution Plan, Employers Discretionary Contribution, Annual Vesting Percentage | 20.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount, Award Vesting Period (Year) | 5 years | |||
Defined Contribution Plan, Award Requisite Service Period (Year) | 2 years | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount Total Award Vesting Period (Year) | 6 years | |||
Deferred Compensation Arrangement With Individual, Requisite Age Of Employees (Year) | 65 years | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Month) | 120 months | |||
Deferred Compensation Arrangement With Individual, Reduced Payments, Maximum Age Upon Termination (Year) | 65 years | |||
Deferred Compensation Arrangement With Individual, Monthly Distribution | $ 2 | |||
Deferred Compensation Liability, Current and Noncurrent, Total | 4.3 | 1.9 | ||
Salaries and Employee Benefits [Member] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 0.7 | $ 0.4 | $ 0.7 | |
Citizens Bancshares Inc [Member] | ||||
Deferred Compensation Arrangement With Individual, Monthly Distribution | $ 2 | |||
Cheaha Financial Group [Member] | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Month) | 15 years | |||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 1.7 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Operating Loss Carryforwards, Total | $ 1.5 | $ 2.1 | |
Tax Year 2033 [Member] | |||
Operating Loss Carryforwards Subject to Expiration | 0.2 | ||
Tax Year 2039 [Member] | |||
Operating Loss Carryforwards Subject to Expiration | $ 1.3 |
Note 17 - Income Taxes - Income
Note 17 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current federal income tax expense | $ 2,315 | $ 4,805 | $ 3,951 |
Current state income tax expense | 141 | 33 | 15 |
Deferred federal income tax expense | (547) | (1,388) | 153 |
Total income tax expense | $ 1,909 | $ 3,450 | $ 4,119 |
Note 17 - Income Taxes - Summar
Note 17 - Income Taxes - Summary of Provision for Federal Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax based on statutory rate | $ 2,081 | $ 3,641 | $ 4,401 |
Effect of tax-exempt income | (348) | (299) | (250) |
Acquisition costs | 72 | 0 | 32 |
Historical tax credits | (54) | 29 | 6 |
State taxes | 141 | 33 | 15 |
Other | 17 | 46 | (85) |
Total income tax expense | $ 1,909 | $ 3,450 | $ 4,119 |
Effective rate | 19.30% | 19.90% | 19.70% |
Note 17 - Income Taxes - Summ_2
Note 17 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Depreciation | $ (4,024) | $ (3,746) |
FHLB stock dividend | (71) | (63) |
Unrealized gain on available for sale securities | (309) | (480) |
Basis difference in acquired assets and liabilities | (1,233) | (1,010) |
Operating lease right-of-use asset | (704) | (809) |
Other | (167) | (149) |
Gross deferred tax liability | (6,508) | (6,257) |
Allowance for loan losses | 4,502 | 4,012 |
Net operating loss carryforward | 316 | 440 |
Deferred compensation | 903 | 404 |
Basis difference in acquired assets and liabilities | 709 | 380 |
Employee and director stock awards | 553 | 524 |
Operating lease liability | 725 | 828 |
Unearned loan fees | 379 | 667 |
Employee Retention Credit | 498 | 0 |
Other | 162 | 362 |
Gross deferred tax assets | 8,747 | 7,617 |
Net deferred tax asset | $ 2,239 | $ 1,360 |
Note 18 - Fair Values of Fina_3
Note 18 - Fair Values of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 | $ 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 500 |
Note 18 - Fair Values of Fina_4
Note 18 - Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value | $ 355,509 | $ 268,410 |
Equity securities | 1,810 | 1,670 |
Derivative financial instruments | 2,599 | |
Total assets | 359,918 | 270,080 |
Derivative financial instruments | 2,216 | |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,810 | 1,670 |
Derivative financial instruments | 0 | |
Total assets | 1,810 | 1,670 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 2,599 | |
Total assets | 335,506 | 249,894 |
Derivative financial instruments | 2,216 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Total assets | 22,602 | 18,516 |
Derivative financial instruments | 0 | |
US Government Corporations and Agencies Securities [Member] | ||
Fair Value | 21,268 | 36,821 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 21,268 | 36,821 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value | 32,585 | 22,137 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 10,471 | 3,621 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 22,114 | 18,516 |
Corporate Debt Securities [Member] | ||
Fair Value | 27,667 | 27,708 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 27,179 | 27,708 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 488 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Fair Value | 199,904 | 122,598 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 199,904 | 122,598 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value | 74,085 | 59,146 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 74,085 | 59,146 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 0 | $ 0 |
Note 18 - Fair Values of Fina_5
Note 18 - Fair Values of Financial Instruments - Reconciliation for Assets Measured at Fair Value on Recurring Basis Using significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 18,516 | $ 19,375 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized losses included in other comprehensive (loss) income | (1,018) | (859) |
Purchases | 5,000 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (388) | 0 |
Transfers into Level 3 | 492 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Balance | 22,602 | 18,516 |
US States and Political Subdivisions Debt Securities [Member] | ||
Balance | 18,516 | 19,375 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized losses included in other comprehensive (loss) income | (1,014) | (859) |
Purchases | 5,000 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (388) | 0 |
Transfers into Level 3 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Balance | 22,114 | 18,516 |
Corporate Debt Securities [Member] | ||
Balance | 0 | 0 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized losses included in other comprehensive (loss) income | (4) | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | 0 | 0 |
Transfers into Level 3 | 492 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Balance | $ 488 | $ 0 |
Note 18 - Fair Values of Fina_6
Note 18 - Fair Values of Financial Instruments - Quantitative Information About Significant Unobservable Inputs Used in Fair Value Measurement (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value | $ 355,509 | $ 268,410 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value | 32,585 | 22,137 | |
Corporate Debt Securities [Member] | |||
Fair Value | 27,667 | 27,708 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value | [1] | $ 22,114 | $ 18,516 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | |||
Investment securities, measurement input | [1] | 0 | 0 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | |||
Investment securities, measurement input | [1] | 0.02 | 0.004 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | Corporate Debt Securities [Member] | |||
Fair Value | [1] | $ 488 | |
Investment securities, measurement input | [1] | 0.02 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | |||
Impaired loans | $ 12,703 | $ 259 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Minimum [Member] | |||
Impaired loans, measurement input | 0.10 | 0.02 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Maximum [Member] | |||
Impaired loans, measurement input | 1 | 1 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Weighted Average [Member] | |||
Impaired loans, measurement input | 0.60 | 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 | ||
[1] | Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. |
Note 18 - Fair Values of Fina_7
Note 18 - Fair Values of Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value | $ 355,509 | $ 268,410 |
Equity securities | 1,810 | 1,670 |
Derivative financial instruments | 2,599 | |
Junior subordinated debt | 8,384 | 5,949 |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,810 | 1,670 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Reported Value Measurement [Member] | ||
Cash and due from banks | 96,541 | 35,368 |
Federal funds sold | 500 | |
Fair Value | 365,764 | 280,844 |
Equity securities | 16,803 | 16,599 |
Loans, net of allowance | 1,851,153 | 1,839,955 |
Loans held for sale | 620 | |
Derivative financial instruments | 2,599 | 2,216 |
Deposits, noninterest-bearing | 585,465 | 448,230 |
Deposits, interest-bearing | 1,534,801 | 1,439,594 |
FHLB short-term advances and repurchase agreements | 5,783 | 47,653 |
FHLB long-term advances | 78,500 | 78,500 |
Junior subordinated debt | 8,384 | 5,949 |
Subordinated debt | 43,600 | 43,600 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 96,541 | 35,368 |
Federal funds sold | 500 | |
Fair Value | 366,236 | 281,059 |
Equity securities | 16,803 | 16,599 |
Loans, net of allowance | 1,866,657 | 1,861,971 |
Loans held for sale | 625 | |
Derivative financial instruments | 2,599 | 2,216 |
Deposits, noninterest-bearing | 585,465 | 448,230 |
Deposits, interest-bearing | 1,538,052 | 1,504,644 |
FHLB short-term advances and repurchase agreements | 5,783 | 47,653 |
FHLB long-term advances | 77,229 | 82,101 |
Junior subordinated debt | 8,384 | 5,299 |
Subordinated debt | 38,545 | 42,336 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 96,541 | 35,368 |
Federal funds sold | 500 | |
Fair Value | 0 | 0 |
Equity securities | 1,810 | 1,670 |
Loans, net of allowance | 0 | 0 |
Loans held for sale | 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 | |
Fair Value | 336,357 | 254,306 |
Equity securities | 14,993 | 14,929 |
Loans, net of allowance | 0 | 0 |
Loans held for sale | 0 | |
Derivative financial instruments | 2,599 | 2,216 |
Deposits, noninterest-bearing | 585,465 | 448,230 |
Deposits, interest-bearing | 0 | 0 |
FHLB short-term advances and repurchase agreements | 5,783 | 47,653 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 38,545 | 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 | |
Fair Value | 29,879 | 26,753 |
Equity securities | 0 | 0 |
Loans, net of allowance | 1,866,657 | 1,861,971 |
Loans held for sale | 625 | |
Derivative financial instruments | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 1,538,052 | 1,504,644 |
FHLB short-term advances and repurchase agreements | 0 | 0 |
FHLB long-term advances | 77,229 | 82,101 |
Junior subordinated debt | 8,384 | 5,299 |
Subordinated debt | $ 0 | $ 0 |
Note 19 - Regulatory Matters (D
Note 19 - Regulatory Matters (Details Textual) | Dec. 31, 2021 | Dec. 31, 2020 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | 0.025 |
Note 19 - Regulatory Matters -
Note 19 - Regulatory Matters - Summary of Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Parent Company [Member] | |||
Tier 1 leverage capital, actual amount | $ 206,899 | $ 215,750 | |
Tier 1 leverage capital, actual ratio | 0.0812 | 0.0949 | |
Tier 1 leverage capital, capital adequacy amount | [1] | $ 101,983 | $ 90,975 |
Tier 1 leverage capital, capital adequacy ratio | [1] | 4.00% | 4.00% |
Common Equity Tier 1 risk-based capital, actual amount | $ 197,399 | $ 209,250 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.0945 | 0.1102 | |
Common Equity Tier 1 risk-based capital, capital adequacy amount | [1] | $ 146,291 | $ 132,890 |
Common Equity Tier 1 risk-based capital, capital adequacy ratio | [1] | 7.00% | 7.00% |
Tier 1 risk-based capital, actual amount | $ 206,899 | $ 215,750 | |
Tier 1 risk-based capital, actual ratio | 0.0990 | 0.1136 | |
Tier 1 risk-based capital, capital adequacy amount | [1] | $ 177,639 | $ 161,366 |
Tier 1 risk-based capital, capital adequacy ratio | [1] | 8.50% | 8.50% |
Total risk-based capital, actual amount | $ 271,416 | $ 279,253 | |
Total risk-based capital, actual ratio | 0.1299 | 0.1471 | |
Total risk-based capital, capital adequacy amount | [1] | $ 219,436 | $ 199,335 |
Total risk-based capital, capital adequacy ratio | [1] | 10.50% | 10.50% |
Subsidiaries [Member] | |||
Tier 1 leverage capital, actual amount | $ 244,541 | $ 237,684 | |
Tier 1 leverage capital, actual ratio | 0.0960 | 0.1047 | |
Tier 1 leverage capital, capital adequacy amount | [1] | $ 101,851 | $ 90,837 |
Tier 1 leverage capital, capital adequacy ratio | [1] | 4.00% | 4.00% |
Tier 1 leverage capital, well capitalized amount | $ 127,313 | $ 113,546 | |
Tier 1 leverage capital, well capitalized ratio | 0.0500 | 0.0500 | |
Common Equity Tier 1 risk-based capital, actual amount | $ 244,541 | $ 237,684 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.1172 | 0.1253 | |
Common Equity Tier 1 risk-based capital, capital adequacy amount | [1] | $ 146,086 | $ 132,750 |
Common Equity Tier 1 risk-based capital, capital adequacy ratio | [1] | 7.00% | 7.00% |
Common Equity Tier 1 risk-based capital, well capitalized amount | $ 135,651 | $ 123,268 | |
Common Equity Tier 1 risk-based capital, well capitalized ratio | 0.0650 | 0.0650 | |
Tier 1 risk-based capital, actual amount | $ 244,541 | $ 237,684 | |
Tier 1 risk-based capital, actual ratio | 0.1172 | 0.1253 | |
Tier 1 risk-based capital, capital adequacy amount | [1] | $ 177,390 | $ 161,196 |
Tier 1 risk-based capital, capital adequacy ratio | [1] | 8.50% | 8.50% |
Tier 1 risk-based capital, well capitalized amount | $ 166,956 | $ 151,714 | |
Tier 1 risk-based capital, well capitalized ratio | 0.0800 | 0.0800 | |
Total risk-based capital, actual amount | $ 266,069 | $ 258,291 | |
Total risk-based capital, actual ratio | 0.1275 | 0.1362 | |
Total risk-based capital, capital adequacy amount | [1] | $ 219,129 | $ 199,125 |
Total risk-based capital, capital adequacy ratio | [1] | 10.50% | 10.50% |
Total risk-based capital, well capitalized amount | $ 208,694 | $ 189,642 | |
Total risk-based capital, well capitalized ratio | 0.1000 | 0.1000 | |
[1] | The minimum ratios and amounts under the column for Capital Adequacy for December 31, 2021 and December 31, 2020 reflect the minimum regulatory capital ratios imposed under Basel III plus the fully phased-in capital conservation buffer of 2.5%. |
Note 20 - Commitments and Con_3
Note 20 - Commitments and Contingencies (Details Textual) - USD ($) | Aug. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Commitment to Lend | $ 700,000 | $ 200,000 | |
Commitment to Fund Investment in SBIC Qualified Funds | 1,900,000 | ||
Chief Executive Officer [Member] | |||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 510,000 | ||
Chief Financial Officer [Member] | |||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 285,000 | ||
Other Liabilities [Member] | |||
Financing Receivable, Commitment to Lend | $ 700,000 | $ 200,000 |
Note 20 - Commitments and Con_4
Note 20 - Commitments and Contingencies - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Commitments to extend credit | $ 349,701 | $ 266,039 |
Standby Letters of Credit [Member] | ||
Commitments to extend credit | $ 18,259 | $ 14,420 |
Note 21 - Transactions with R_2
Note 21 - Transactions with Related Parties (Details Textual) - USD ($) $ in Millions | May 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Court Plaza Investments, LLC [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1.8 | |||
Joffrion Commercial Division, LLC (JCD) [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0.1 | $ 0.9 | $ 0.3 |
Note 22 - Parent Only Balance_3
Note 22 - Parent Only Balance Sheets, Statements of Operations and Statements of Cash Flows - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Cash and due from banks | $ 38,601 | $ 25,672 | ||
Equity securities | 16,803 | 16,599 | ||
Trademark intangible | 100 | 100 | ||
Other assets | 12,385 | 5,980 | ||
Total assets | 2,513,203 | 2,321,181 | ||
LIABILITIES | ||||
Subordinated debt, net of unamortized issuance costs | 42,989 | 42,897 | ||
Carrying Value | 8,384 | 5,949 | ||
Total liabilities | 2,270,605 | 2,077,897 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 10,343,494 and 10,608,869 shares issued and outstanding, respectively | 10,343 | 10,609 | ||
Retained earnings | 76,160 | 71,385 | ||
Accumulated other comprehensive income | 1,163 | 1,805 | ||
Total stockholders’ equity | 242,598 | 243,284 | $ 241,976 | $ 182,262 |
Total liabilities and stockholders’ equity | 2,513,203 | 2,321,181 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 3,193 | 19,678 | ||
Equity securities | 1,333 | 1,178 | ||
Due from bank subsidiary | 968 | 909 | ||
Investment in bank subsidiary | 289,640 | 271,619 | ||
Investment in trust | 295 | 202 | ||
Trademark intangible | 100 | 100 | ||
Other assets | 299 | 63 | ||
Total assets | 295,828 | 293,749 | ||
LIABILITIES | ||||
Subordinated debt, net of unamortized issuance costs | 42,989 | 42,897 | ||
Carrying Value | 8,384 | 5,949 | ||
Accounts payable | 87 | 167 | ||
Accrued interest payable | 609 | 606 | ||
Dividend payable | 829 | 694 | ||
Deferred tax liability | 332 | 152 | ||
Total liabilities | 53,230 | 50,465 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 10,343,494 and 10,608,869 shares issued and outstanding, respectively | 10,343 | 10,609 | ||
Surplus | 154,932 | 159,485 | ||
Retained earnings | 76,160 | 71,385 | ||
Accumulated other comprehensive income | 1,163 | 1,805 | ||
Total stockholders’ equity | 242,598 | 243,284 | ||
Total liabilities and stockholders’ equity | $ 295,828 | $ 293,749 |
Note 22 - Parent Only Balance_4
Note 22 - Parent Only Balance Sheets, Statements of Operations and Statements of Cash Flows - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | |||
Change in the fair value of equity securities | $ 214 | $ 268 | $ 341 |
EXPENSE | |||
Interest on borrowings | 4,241 | 4,884 | 5,318 |
Acquisition expense | 2,448 | 1,062 | 2,090 |
Income tax benefit | (1,909) | (3,450) | (4,119) |
Net income | 8,000 | 13,889 | $ 16,839 |
Parent Company [Member] | |||
REVENUE | |||
Dividends received from bank subsidiary | 35,000 | 0 | |
Dividends on corporate stock | 29 | 78 | |
Partnership income | 0 | 19 | |
Change in the fair value of equity securities | 228 | 258 | |
Interest income from investment in trust | 5 | 5 | |
Total revenue | 35,262 | 360 | |
EXPENSE | |||
Interest on borrowings | 2,777 | 2,713 | |
Management fees to bank subsidiary | 360 | 360 | |
Acquisition expense | 22 | 72 | |
Other expense | 411 | 574 | |
Total expense | 3,570 | 3,719 | |
Income (loss) before income taxes and equity in undistributed (loss) income of bank subsidiary | 31,692 | (3,359) | |
Equity in undistributed (loss) income of bank subsidiary | (24,440) | 16,563 | |
Income tax benefit | 748 | 685 | |
Net income | $ 8,000 | $ 13,889 |
Note 22 - Parent Only Balance_5
Note 22 - Parent Only Balance Sheets, Statements of Operations and Statements of Cash Flows - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 8,000 | $ 13,889 | $ 16,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Change in the fair value of equity securities | (214) | (268) | (341) |
Amortization of subordinated debt issuance costs | 92 | 71 | 53 |
Net change in: | |||
Other assets | (3,086) | (953) | (2,015) |
Accrued other liabilities | (1,042) | (4,372) | 990 |
Net cash provided by operating activities | 33,481 | 17,749 | 18,567 |
Cash flows from investing activities | |||
Distributions from investments | 23 | 93 | 162 |
Purchases of equity securities | (523) | (6,165) | (7,040) |
Purchase of other investments | (233) | 0 | (95) |
Net cash provided by (used in) investing activities | 53,399 | (148,143) | (103,063) |
Cash flows from financing activities | |||
Cash dividends paid on common stock | (3,090) | (2,686) | (2,167) |
Payments to repurchase common stock | (6,925) | (11,112) | (8,326) |
Proceeds from stock options exercised | 732 | 46 | 287 |
Net cash (used in) provided by financing activities | (25,207) | 121,067 | 112,051 |
Net increase (decrease) in cash and cash equivalents | 61,673 | (9,327) | 27,555 |
Cash and cash equivalents, beginning of period | 35,368 | 44,695 | 17,140 |
Cash and cash equivalents, end of period | 97,041 | 35,368 | 44,695 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | 11,817 | 20,702 | 24,396 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 8,000 | 13,889 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of bank subsidiary | 24,440 | (16,563) | |
Change in the fair value of equity securities | (228) | (258) | |
Amortization of subordinated debt issuance costs | 200 | 123 | |
Net change in: | |||
Due from bank subsidiary | (59) | (197) | |
Other assets | 18 | 10 | |
Deferred tax asset | 180 | 142 | |
Accrued other liabilities | 1,341 | (23) | |
Net cash provided by operating activities | 33,892 | (2,877) | |
Cash flows from investing activities | |||
Distributions from investments | 0 | 77 | |
Purchases of equity securities | (500) | (2,449) | |
Proceeds from the sale of equity securities | 574 | 3,144 | |
Purchase of other investments | (233) | 0 | |
Cash paid for acquisition of Cheaha Financial Group, net of cash acquired | (40,935) | 0 | |
Net cash provided by (used in) investing activities | (41,094) | 772 | |
Cash flows from financing activities | |||
Cash dividends paid on common stock | (3,090) | (2,686) | |
Payments to repurchase common stock | (6,925) | (11,112) | |
Proceeds from stock options exercised | 732 | 46 | |
Net cash (used in) provided by financing activities | (9,283) | (13,752) | |
Net increase (decrease) in cash and cash equivalents | (16,485) | (15,857) | |
Cash and cash equivalents, beginning of period | 19,678 | 35,535 | |
Cash and cash equivalents, end of period | 3,193 | 19,678 | $ 35,535 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | $ 2,774 | $ 2,571 |
Note 23 - Earnings Per Share -
Note 23 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 8,000 | $ 13,889 | $ 16,839 |
Less: income allocated to participating securities | (21) | (73) | (164) |
Net income allocated to common shareholders | $ 7,979 | $ 13,816 | $ 16,675 |
Weighted average basic shares outstanding (in shares) | 10,416,145 | 10,850,936 | 9,931,497 |
Basic earnings per common share (in dollars per share) | $ 0.77 | $ 1.27 | $ 1.68 |
Net income allocated to common shareholders | $ 7,979 | $ 13,816 | $ 16,676 |
Dilutive effect of securities (in shares) | 84,157 | 14,911 | 99,521 |
Total weighted average diluted shares outstanding (in shares) | 10,500,302 | 10,865,847 | 10,031,018 |
Diluted earnings per common share (in dollars per share) | $ 0.76 | $ 1.27 | $ 1.66 |
Note 23 - Earnings Per Share _2
Note 23 - Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities (in shares) | 869 | 71 | 0 |
Restricted Stock [Member] | |||
Antidilutive Securities (in shares) | 431 | 10,968 | 388 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 20,828 | 62,754 | 7,550 |