Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 04, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 112,000,000 | ||
Entity Common Stock, Shares Outstanding | 9,781,946 | ||
Auditor Name | HORNE LLP | ||
Auditor Location | Baton Rouge, Louisiana | ||
Auditor Firm ID | 171 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 28,285 | $ 30,056 |
Interest-bearing balances due from other banks | 3,724 | 10,010 |
Federal funds sold | 0 | 193 |
Cash and cash equivalents | 32,009 | 40,259 |
Available for sale securities at fair value (amortized cost of $419,283 and $467,316, respectively) | 361,918 | 405,167 |
Held to maturity securities at amortized cost (estimated fair value of $20,513 and $7,922, respectively) | 20,472 | 8,305 |
Loans | 2,210,619 | 2,104,767 |
Less: allowance for credit losses | (30,540) | (24,364) |
Loans, net | 2,180,079 | 2,080,403 |
Equity securities | 14,597 | 27,254 |
Bank premises and equipment, net of accumulated depreciation of $19,476 and $22,025, respectively | 44,183 | 49,587 |
Other real estate owned, net | 4,438 | 682 |
Accrued interest receivable | 14,366 | 12,749 |
Deferred tax asset | 16,910 | 16,438 |
Goodwill and other intangible assets, net | 42,320 | 43,147 |
Bank owned life insurance | 58,797 | 57,379 |
Other assets | 25,066 | 12,437 |
Total assets | 2,815,155 | 2,753,807 |
Deposits: | ||
Noninterest-bearing | 448,752 | 580,741 |
Interest-bearing | 1,806,975 | 1,501,624 |
Total deposits | 2,255,727 | 2,082,365 |
Advances from Federal Home Loan Bank | 23,500 | 387,000 |
Borrowings under Bank Term Funding Program | 212,500 | 0 |
Repurchase agreements | 8,633 | 0 |
Subordinated debt, net of unamortized issuance costs | 44,320 | 44,225 |
Junior subordinated debt | 8,630 | 8,515 |
Accrued taxes and other liabilities | 35,077 | 15,920 |
Total liabilities | 2,588,387 | 2,538,025 |
Commitments and contingencies (Note 19) | ||
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; 9,748,067 and 9,901,847 shares issued and outstanding, respectively | 9,748 | 9,902 |
Surplus | 145,456 | 146,587 |
Retained earnings | 116,711 | 108,206 |
Accumulated other comprehensive loss | (45,147) | (48,913) |
Total stockholders’ equity | 226,768 | 215,782 |
Total liabilities and stockholders’ equity | $ 2,815,155 | $ 2,753,807 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale securities, amortized cost | $ 419,283 | $ 467,316 |
Held to maturity securities, far value | 20,513 | 7,922 |
Bank premises and equipment, accumulated depreciation | $ 19,476 | $ 22,025 |
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) | 9,748,067 | 9,901,847 |
Common stock, shares issued (in shares) | 9,748,067 | 9,901,847 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST INCOME | |||
Interest and fees on loans | $ 117,892 | $ 93,373 | $ 90,230 |
Interest on investment securities | |||
Taxable | 12,372 | 9,796 | 3,948 |
Tax-exempt | 693 | 482 | 552 |
Other interest income | 2,244 | 918 | 812 |
Total interest income | 133,201 | 104,569 | 95,542 |
INTEREST EXPENSE | |||
Interest on deposits | 42,072 | 6,250 | 7,487 |
Interest on borrowings | 16,609 | 8,534 | 4,241 |
Total interest expense | 58,681 | 14,784 | 11,728 |
Net interest income | 74,520 | 89,785 | 83,814 |
Provision for credit losses | (2,000) | 2,922 | 22,885 |
Net interest income after provision for credit losses | 76,520 | 86,863 | 60,929 |
NONINTEREST INCOME | |||
(Loss) gain on call or sale of investment securities, net | (323) | 6 | 2,321 |
Loss on sale or disposition of fixed assets, net | (1,323) | (258) | (408) |
(Loss) gain on sale of other real estate owned, net | (114) | 9 | (5) |
Swap termination fee income | 0 | 8,077 | 1,835 |
Gain on sale of loans | 75 | 37 | 199 |
Income from bank owned life insurance | 1,417 | 1,305 | 1,146 |
Change in the fair value of equity securities | (65) | (90) | 214 |
Income from insurance proceeds | 0 | 1,384 | 0 |
Other operating income | 2,070 | 2,680 | 2,194 |
Total noninterest income | 6,538 | 18,350 | 12,042 |
Income before noninterest expense | 83,058 | 105,213 | 72,971 |
NONINTEREST EXPENSE | |||
Depreciation and amortization | 3,780 | 4,435 | 4,988 |
Salaries and employee benefits | 37,143 | 34,974 | 35,527 |
Occupancy | 2,994 | 2,915 | 2,753 |
Data processing | 3,482 | 3,600 | 3,112 |
Marketing | 302 | 262 | 275 |
Professional fees | 1,933 | 1,774 | 1,585 |
Loss on early extinguishment of subordinated debt | 0 | 222 | 0 |
Acquisition expense | 0 | 0 | 2,448 |
Other operating expenses | 12,996 | 12,683 | 12,374 |
Total noninterest expense | 62,630 | 60,865 | 63,062 |
Income before income tax expense | 20,428 | 44,348 | 9,909 |
Income tax expense | 3,750 | 8,639 | 1,909 |
Net income | $ 16,678 | $ 35,709 | $ 8,000 |
EARNINGS PER SHARE | |||
Basic earnings per share (in dollars per share) | $ 1.69 | $ 3.54 | $ 0.77 |
Diluted earnings per share (in dollars per share) | 1.69 | 3.5 | 0.76 |
Cash dividends declared per common share (in dollars per share) | $ 0.395 | $ 0.365 | $ 0.31 |
Deposit Account [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 3,090 | $ 3,090 | $ 2,422 |
Bank Servicing [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | 14 | 74 | 204 |
Credit and Debit Card [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 1,697 | $ 2,036 | $ 1,920 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 16,678 | $ 35,709 | $ 8,000 |
Investment securities: | |||
Unrealized gain (loss), available for sale, net of tax expense (benefit) of $951, ($12,993), and ($694), respectively | 3,510 | (48,019) | (2,611) |
Reclassification of realized loss (gain), available for sale, net of tax benefit (expense) of $67, ($1), and ($488), respectively | 256 | (5) | (1,833) |
Unrealized loss, transfer from available for sale to held to maturity, net of tax benefit of $0 for all respective periods | 0 | (1) | (1) |
Derivative financial instruments: | |||
Change in fair value of interest rate swaps designated as cash flow hedges, net of tax expense of $0, $1,151, and $1,396, respectively | 0 | 4,329 | 5,253 |
Reclassification of realized gain, interest rate swap termination, net of tax expense of $0, $1,697, and $385, respectively | 0 | (6,380) | (1,450) |
Total other comprehensive income (loss) | 3,766 | (50,076) | (642) |
Total comprehensive income (loss) | $ 20,444 | $ (14,367) | $ 7,358 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrealized gain (loss) available for sale, tax | $ 951 | $ (12,993) | $ (694) |
Reclassification of realized gain, tax | 67 | (1) | (488) |
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 | 0 | 1,151 | 1,396 |
Reclassification of realized gain, interest rate swap termination, tax | $ 0 | $ 1,697 | $ 385 |
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, 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 |
Surrendered shares | (24) | (462) | 0 | 0 | (486) |
Shares repurchased | (519) | (10,021) | 0 | 0 | (10,540) |
Options exercised | 10 | 123 | 0 | 0 | 133 |
Dividends declared | 0 | 0 | (3,663) | 0 | (3,663) |
Stock-based compensation | 92 | 2,015 | 0 | 0 | 2,107 |
Net income | 0 | 0 | 35,709 | 0 | 35,709 |
Net change | 0 | 0 | 0 | (50,076) | (50,076) |
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | 0 | 0 | (4,295) | 0 | (4,295) |
Balance at Dec. 31, 2022 | 9,902 | 146,587 | 108,206 | (48,913) | 215,782 |
Surrendered shares | (22) | (330) | 0 | 0 | (352) |
Shares repurchased | (222) | (2,804) | 0 | 0 | (3,026) |
Options exercised | 8 | 97 | 0 | 0 | 105 |
Dividends declared | 0 | 0 | (3,878) | 0 | (3,878) |
Stock-based compensation | 82 | 1,906 | 0 | 0 | 1,988 |
Net income | 0 | 0 | 16,678 | 0 | 16,678 |
Net change | 0 | 0 | 0 | 3,766 | 3,766 |
Balance at Dec. 31, 2023 | $ 9,748 | $ 145,456 | $ 116,711 | $ (45,147) | $ 226,768 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends per share declared (in dollars per share) | $ 0.395 | $ 0.365 | $ 0.31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 16,678 | $ 35,709 | $ 8,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 3,780 | 4,435 | 4,988 |
Provision for credit losses | (2,000) | 2,922 | 22,885 |
Net accretion of purchase accounting adjustments | (274) | (95) | (1,560) |
Net (accretion) amortization of securities | (62) | 972 | 3,484 |
Loss (gain) on call or sale of investment securities, net | 323 | (6) | (2,321) |
Loss on sale or disposition of fixed assets, net | 1,323 | 258 | 408 |
Loss (gain) on sale of other real estate owned, net | 114 | (9) | 5 |
Gain on sale of loans | (75) | (37) | (199) |
Loss on early extinguishment of subordinated debt | 0 | 222 | 0 |
FHLB stock dividend | (642) | (152) | (40) |
Stock-based compensation | 1,988 | 2,107 | 1,741 |
Deferred taxes | (350) | (655) | (547) |
Net change in value of bank owned life insurance | (1,417) | (1,305) | (1,143) |
Amortization of subordinated debt issuance costs | 95 | 66 | 92 |
Change in the fair value of equity securities | 65 | 90 | (214) |
Originations | 0 | (624) | (10,235) |
Proceeds from sales | 0 | 1,281 | 9,814 |
Net change in: | |||
Accrued interest receivable | (518) | (1,394) | 2,451 |
Other assets | 5,772 | (1,732) | (3,086) |
Accrued taxes and other liabilities | 1,447 | 695 | (1,042) |
Net cash provided by operating activities | 26,247 | 42,748 | 33,481 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities available for sale | 14,974 | 0 | 137,803 |
Purchases of securities available for sale | (107,904) | (181,636) | (255,455) |
Purchases of securities held to maturity | (14,056) | 0 | 0 |
Proceeds from maturities, prepayments and calls of investment securities available for sale | 140,712 | 60,173 | 84,729 |
Proceeds from maturities, prepayments and calls of investment securities held to maturity | 1,879 | 1,933 | 2,149 |
Proceeds from redemption or sale of equity securities | 17,429 | 1,225 | 574 |
Purchases of equity securities | (4,196) | (11,615) | (523) |
Net decrease (increase) in loans | 41,999 | (225,090) | 86,967 |
Proceeds from sales of other real estate owned | 1,484 | 6,071 | 878 |
Purchases of other real estate owned | 0 | 0 | (501) |
Proceeds from sales of fixed assets | 42 | 4,692 | 194 |
Purchase of loans | (163,842) | 0 | 0 |
Purchases of fixed assets | (1,072) | (1,056) | (3,318) |
Purchases of bank owned life insurance | 0 | (5,000) | (8,000) |
Purchases of other investments | (617) | (718) | (233) |
Distributions from investments | 274 | 34 | 23 |
Cash paid for branch sale to First Community Bank, net of cash received | (596) | 0 | 0 |
Net cash (used in) provided by investing activities | (73,490) | (350,987) | 53,399 |
Cash flows from financing activities | |||
Net increase (decrease) in customer deposits | 188,125 | (38,249) | 25,946 |
Net increase (decrease) in repurchase agreements | 8,633 | (5,783) | 130 |
Net (decrease) increase in short-term FHLB advances | (333,500) | 333,500 | (42,000) |
Net increase in borrowings under the Bank Term Funding Program | 212,500 | 0 | 0 |
Repayment of long-term FHLB advances | (30,000) | (25,000) | 0 |
Cash dividends paid on common stock | (3,844) | (3,552) | (3,090) |
Payments to repurchase common stock | (3,026) | (10,540) | (6,925) |
Proceeds from stock options exercised | 105 | 133 | 732 |
Proceeds from subordinated debt, net of issuance costs | 0 | 19,548 | 0 |
Extinguishment of subordinated debt | 0 | (18,600) | 0 |
Net cash provided by (used in) financing activities | 38,993 | 251,457 | (25,207) |
Net (decrease) increase in cash and cash equivalents | (8,250) | (56,782) | 61,673 |
Cash and cash equivalents, beginning of period | 40,259 | 97,041 | 35,368 |
Cash and cash equivalents, end of period | 32,009 | 40,259 | 97,041 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Income taxes | 2,899 | 8,887 | 4,207 |
Interest on deposits and borrowings | 56,773 | 14,409 | 11,817 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES | |||
Transfer from loans to other real estate owned | 3,930 | 3,327 | 521 |
Transfer from bank premises and equipment to other real estate owned | 1,425 | 525 | 1,850 |
Cheaha Financial Group [Member] | |||
Cash flows from investing activities | |||
Cash paid for acquisition of business, net of cash acquired | 0 | 0 | 8,112 |
Held for Sale [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of loans | 0 | (37) | (199) |
First Community Bank [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of loans | $ (75) | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations Investar Holding Corporation 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 (together, the “Company”), 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 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 credit losses. While management uses available information to recognize credit losses on loans, future additions to the allowance may 2023,” 2016 13 January 1, 2023, 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 COVID- 19 2022 2023, 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 See “Allowance for Credit Losses” 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 credit 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 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” Employee Retention Credit The CARES Act 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 In the fourth 2022, second 2021, fourth 2021, first 2021, in noninter December 31, 2022 2021. Allowance for Credit Losses For reporting periods beginning on and after January 1, 2023, 2016 13: The Company’s allowance for credit losses is determined using a current expected credit loss (“CECL”) model. The allowance for credit losses represents the measurement of all expected credit losses for financial assets accounted for on an amortized cost basis. Expected losses at the reporting date are calculated based on historical experience, current conditions, and reasonable and supportable forecasts. The lifetime expected credit losses are recorded at the time the financial asset is originated or acquired and adjusted each period as a provision for credit losses for changes in expected lifetime credit losses. The Company developed a CECL model methodology that calculates expected credit losses over the life of the portfolio by analyzing the composition, characteristics and quality of the loan and securities portfolios, as well as prevailing economic conditions and forecasts. The Company’s CECL calculation estimates loan losses using a combination of discounted cash flow and remaining life analyses. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the model reverts back to the historical loss rates adjusted for qualitative factors related to current conditions using a four The allowance for credit losses is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. For modeling purposes, loan pools include: agriculture and farmland, automotive, commercial and industrial, construction and development, commercial real estate - nonowner-occupied and multifamily, commercial real estate - owner-occupied, credit cards, home equity lines of credit and junior liens, consumer, residential senior liens, and other loans, which primarily consist of public finance. Management periodically reassesses each pool to confirm that the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. For each pool of loans, the Company evaluates and applies qualitative adjustments to the calculated allowance for credit losses based on several factors, including, but not Loans that do not not The allowance for credit losses is established after input from management as well as our risk management department and our special assets committee. F third Expected credit losses on AFS securities are recorded in an allowance for credit losses when management does not not not not Declines in the fair value of AFS securities that are not Expected credit losses on HTM securities are recorded in an allowance for credit losses and estimated using a probability of loss model based on reasonable and supportable forecasts. HTM securities are evaluated on a collective basis by security type. In evaluating HTM securities in an unrealized loss position for credit losses, the Company considers the nature of the investments, the current market price, and the current interest rate environment, among other factors. See “Accounting Standards Adopted in 2023” For reporting periods prior to January 1, 2023, 2016 13: Prior to the adoption of CECL, the Company established an allowance for loan losses in an amount that management believed would 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 took 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 consisted of allocated and general components. The allocated component related to loans that were classified as impaired. For loans that were classified as impaired, an allowance was established when the discounted cash flows (or collateral value or observable market price) of the impaired loan was lower than the carrying value of that loan. The general component covered non-classified loans and was 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 Equity Securities Equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank of Atlanta (“FRB”) stock. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors and may December 31, 2023 2022 In addition, equity securities include marketable securities in corporate stocks and mutual funds which totaled $1.2 million at both December 31, 2023 2022 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 credit 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, 2023 7. 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 14. 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 12. 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, automated teller machine (“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, changes in the fair value of interest rate swaps, and the reclassification of realized gains on AFS securities and interest rate swap terminations to net income, net of related income taxes. Acquisition Accounting The Company follows the FASB ASC Topic 805 , Business Combinations 805” 805 Loans acquired in an asset acquisitions are recorded using the cost accumulation and allocation model whereby the cost of the acquisition is allocated on a relative fair value basis to the assets acquired. 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 credit losses is not The Company accounts for purchased credit deteriorated (“PCD”) assets under ASC Topic 326. Share Repurchases The Louisiana Business Corporation Act does not December 31, 2023, 2022 2021 Reclassifications Certain reclassifications have been made to the 2022 2021 2023 Accounting Standards Adopted in 2023 FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13 ASU 2016 13 ). 2016 13 January 1, 2023. 2016 13, See “Allowance for Credit Losses” above for additional information on the calculation of the allowance for credit losses under ASU 2016 13. The Company adopted ASU 2016 13 December 31, 2022 2016 13 CECL requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. not not 2016 13 not ASU 2016 13 The Company used the prospective transition approach for PCD loans that were previously classified as PCI and accounted for under ASC 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ” (“ASC 310 30” 2016 13, not The Company adopted ASU 2016 13 January 1, 2023, one December 31, 2022 Impact of ASU 2016-13 Adoption January 1, 2023 Assets: Allowance for credit losses $ (24,364 ) $ (5,865 ) $ (30,229 ) Deferred tax asset 16,438 1,142 17,580 Remaining purchase discount on loans (1) (818 ) 422 (396 ) Liabilities: Reserve for unfunded loan commitments (2) 372 (6 ) 366 Stockholders’ Equity Retained earnings 108,206 (4,295 ) 103,911 ( 1 For PCD loans, formerly classified as PCI, the Company applied the guidance under CECL using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify the purchase discount to the allowance for credit losses on January 1, 2023. ( 2 The allowance for credit losses on unfunded loan commitments is included in “Accrued taxes and other liabilities” in the accompanying consolidated balance sheets. The related provision for credit losses on unfunded loan commitments is included in “Provision for credit losses” in the accompanying consolidated statements of income for the year ended December 31, 2023. In addition, ASU 2016 13 not not not not 2016 13 not 2016 13 no 2016 13 not FASB ASC Topic 326 Financial Instruments Credit Losses, Troubled Debt Restructurings and Vintage Disclosures Update No. 2022 02 ASU 2022 02 ). 2022 02 January 1, 2023 2022 02 326 2016 13 2022 02 not FASB ASC Topic 848 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Update No. 2020 04 ( ASU 2020 04 ) and FASB ASC Topic 848 Reference Rate Reform: Deferral of the Sunset Date Update No. 2022 06 ASU 2022 06 ). March 2020, 2020 04, 2020 04 March 12, 2020 January 1, 2020 December 31, 2022. December 2022, 2022 06, 2020 04 December 31, 2022 December 31, 2024. 2022 06 not Recent Accounting Pronouncements This section briefly describes accounting standards that have been issued, but are not FASB “Disclosure Improvements” Update No. 2023 06 ASU 2023 06 October 2023, 2023 06, 2023 06 2023 06 X June 30, 2027, not X not 2023 06 not FASB ASC Topic 740 “Income Taxes - Improvements to Income Tax Disclosures” Update No. 2023 09 ASU 2023 09 December 2023, 2023 09, 2023 09 2023 09 December 15, 2024 not |
Note 2 - Investment Securities
Note 2 - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2. The amortized cost and approximate fair value of investment securities classified as AFS are summarized below as of the dates presented (dollars in thousands). December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 20,383 $ 100 $ (440 ) $ 20,043 Obligations of state and political subdivisions 18,768 11 (2,076 ) 16,703 Corporate bonds 30,097 — (3,741 ) 26,356 Residential mortgage-backed securities 274,950 14 (42,919 ) 232,045 Commercial mortgage-backed securities 75,085 208 (8,522 ) 66,771 Total $ 419,283 $ 333 $ (57,698 ) $ 361,918 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 30,370 $ 134 $ (699 ) $ 29,805 Obligations of state and political subdivisions 21,098 7 (2,727 ) 18,378 Corporate bonds 33,477 — (3,535 ) 29,942 Residential mortgage-backed securities 298,867 10 (47,026 ) 251,851 Commercial mortgage-backed securities 83,504 179 (8,492 ) 75,191 Total $ 467,316 $ 330 $ (62,479 ) $ 405,167 The Company calculates realized gains and losses on sales of debt securities under the specific identification method. Proceeds from sales of investment securities classified as AFS and gross gains and losses are summarized below for the periods presented (dollars in thousands). Twelve months ended December 31, 2023 2022 2021 Proceeds from sales $ 14,974 $ — $ 137,803 Gross gains $ 2 $ — $ 2,323 Gross losses $ (325 ) $ — $ (2 ) The amortized cost and approximate fair value of investment securities classified as HTM are summarized below as of the dates presented (dollars in thousands). December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of state and political subdivisions $ 18,163 $ 314 $ (82 ) $ 18,395 Residential mortgage-backed securities 2,309 — (191 ) 2,118 Total $ 20,472 $ 314 $ (273 ) $ 20,513 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of state and political subdivisions $ 5,538 $ 1 $ (127 ) $ 5,412 Residential mortgage-backed securities 2,767 — (257 ) 2,510 Total $ 8,305 $ 1 $ (384 ) $ 7,922 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, 2023 December 31, 2022 The approximate fair value of AFS securities and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands). Less than 12 Months 12 Months or More Total December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 1,268 $ (7 ) $ 9,284 $ (433 ) $ 10,552 $ (440 ) Obligations of state and political subdivisions — — 15,425 (2,076 ) 15,425 (2,076 ) Corporate bonds 468 (28 ) 25,888 (3,713 ) 26,356 (3,741 ) Residential mortgage-backed securities 2,705 (421 ) 228,415 (42,498 ) 231,120 (42,919 ) Commercial mortgage-backed securities 1,085 (35 ) 50,271 (8,487 ) 51,356 (8,522 ) Total $ 5,526 $ (491 ) $ 329,283 $ (57,207 ) $ 334,809 $ (57,698 ) Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 16,017 $ (688 ) $ 1,013 $ (11 ) $ 17,030 $ (699 ) Obligations of state and political subdivisions 13,695 (1,427 ) 4,524 (1,300 ) 18,219 (2,727 ) Corporate bonds 19,606 (1,170 ) 10,085 (2,365 ) 29,691 (3,535 ) Residential mortgage-backed securities 134,419 (18,122 ) 116,132 (28,904 ) 250,551 (47,026 ) Commercial mortgage-backed securities 27,181 (2,632 ) 32,432 (5,860 ) 59,613 (8,492 ) Total $ 210,918 $ (24,039 ) $ 164,186 $ (38,440 ) $ 375,104 $ (62,479 ) At December 31, 2023 12 The approximate fair value of HTM securities, and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands). Less than 12 Months 12 Months or More Total December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of state and political subdivisions $ — $ — $ 3,064 $ (82 ) $ 3,064 $ (82 ) Residential mortgage-backed securities — — 2,118 (191 ) 2,118 (191 ) Total $ — $ — $ 5,182 $ (273 ) $ 5,182 $ (273 ) Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of state and political subdivisions $ 3,536 $ (127 ) $ — $ — $ 3,536 $ (127 ) Residential mortgage-backed securities 2,510 (257 ) — — 2,510 (257 ) Total $ 6,046 $ (384 ) $ — $ — $ 6,046 $ (384 ) Unrealized losses are generally due to changes in market interest rates. The Company has the intent to hold these securities either until maturity or a forecasted recovery, and it is more likely than not not not December 31, 2023 2022 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 December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 1,034 $ 1,027 $ 960 $ 961 Due after one year through five years 28,620 27,623 2,556 2,582 Due after five years through ten years 43,634 39,971 4,647 4,621 Due after ten years 345,995 293,297 12,309 12,349 Total debt securities $ 419,283 $ 361,918 $ 20,472 $ 20,513 Securities Available For Sale Securities Held to Maturity December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 1,082 $ 1,072 $ 915 $ 915 Due after one year through five years 32,452 31,394 960 961 Due after five years through ten years 52,093 48,229 3,663 3,536 Due after ten years 381,689 324,472 2,767 2,510 Total debt securities $ 467,316 $ 405,167 $ 8,305 $ 7,922 Accrued interest receivable on the Company’s investment securities was $1.7 million at both December 31, 2023 December 31, 2022 At December 31, 2023 December 31, 2022 |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3. The Company’s loan portfolio consists of the following categories of loans as of the dates presented (dollars in thousands). December 31, 2023 2022 Construction and development $ 190,371 $ 201,633 1-4 Family 413,786 401,377 Multifamily 105,946 81,812 Farmland 7,651 12,877 Commercial real estate 937,708 958,243 Total mortgage loans on real estate 1,655,462 1,655,942 Commercial and industrial 543,421 435,093 Consumer 11,736 13,732 Total loans $ 2,210,619 $ 2,104,767 Unamortized premiums and discounts on loans, included in the total loans balances above, were $0.2 million and $0.8 million at December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 The table below provides an analysis of the aging of loans as of December 31, 2023 December 31, 2023 Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total > 90 Days and Accruing Construction and development $ 189,746 $ — $ 55 $ 570 $ 190,371 $ — 1-4 Family 406,014 3,031 1,720 3,021 413,786 — Multifamily 105,946 — — — 105,946 — Farmland 7,651 — — — 7,651 — Commercial real estate 937,272 48 359 29 937,708 — Total mortgage loans on real estate 1,646,629 3,079 2,134 3,620 1,655,462 — Commercial and industrial 542,206 259 488 468 543,421 — Consumer 11,552 57 82 45 11,736 — Total loans $ 2,200,387 $ 3,395 $ 2,704 $ 4,133 $ 2,210,619 $ — The table below provides an analysis of nonaccrual loans as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (1) Nonaccrual with No Allowance for Credit Loss Nonaccrual with an Allowance for Credit Loss Total Nonaccrual Loans Interest Income Recognized on Nonaccrual Loans Total Nonaccrual Loans Construction and development $ 577 $ 212 $ 789 $ 42 $ 372 1-4 Family 2,937 1,241 4,178 26 1,207 Multifamily — — — — — Farmland — — — 10 62 Commercial real estate 216 — 216 416 6,032 Total mortgage loans on real estate 3,730 1,453 5,183 494 7,673 Commercial and industrial 59 409 468 997 2,183 Consumer 74 45 119 15 130 Total loans $ 3,863 $ 1,907 $ 5,770 $ 1,506 $ 9,986 ( 1 Nonaccrual loans previously reported as of December 31, 2022 310 30. The table below provides an analysis of the aging of loans as of December 31, 2022 ( December 31, 2022 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 $ 201,048 $ 101 $ — $ 112 $ 372 $ 585 $ — $ 201,633 1-4 Family 394,846 2,614 1,220 1,188 1,207 6,229 302 401,377 Multifamily 81,812 — — — — — — 81,812 Farmland 12,601 152 62 — 62 276 — 12,877 Commercial real estate 951,908 181 22 — 5,523 5,726 609 958,243 Total mortgage loans on real estate 1,642,215 3,048 1,304 1,300 7,164 12,816 911 1,655,942 Commercial and industrial 432,438 406 15 51 2,183 2,655 — 435,093 Consumer 13,347 171 27 — 130 328 57 13,732 Total loans $ 2,088,000 $ 3,625 $ 1,346 $ 1,351 $ 9,477 $ 15,799 $ 968 $ 2,104,767 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 when all the principal and interest amounts contractually due are brought current and payment of future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six December 31, 2023 one Collateral Dependent Loans Collateral dependent loans are loans for which the repayments, on the basis of the Company’s assessment at the reporting date, are expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Loans that do not December 31, 2023 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 Family 1 4 first not In the third 2023, Multifamily first Farmland may Commercial Real Estate may one Commercial and Industrial may may, Consumer may Refer to Note 1. 2023 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 table below presents the Company’s loan portfolio by year of origination, category, and credit quality indicator as of December 31, 2023 December 31, 2023 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Construction and development Pass $ 51,811 $ 83,668 $ 25,169 $ 2,661 $ 935 $ 4,012 $ 17,496 $ 185,752 Special Mention 3,063 — 767 — — — — 3,830 Substandard — 293 489 — — 7 — 789 Total construction and development $ 54,874 $ 83,961 $ 26,425 $ 2,661 $ 935 $ 4,019 $ 17,496 $ 190,371 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 Family Pass $ 43,047 $ 101,479 $ 85,340 $ 58,926 $ 26,836 $ 59,115 $ 33,454 $ 408,197 Special Mention — — 477 — — — — 477 Substandard 179 1,949 257 162 963 1,510 92 5,112 Total 1-4 family $ 43,226 $ 103,428 $ 86,074 $ 59,088 $ 27,799 $ 60,625 $ 33,546 $ 413,786 Current-period gross charge-offs $ (22 ) $ — $ — $ — $ (21 ) $ (3 ) $ — $ (46 ) Multifamily Pass $ 7,839 $ 64,932 $ 16,300 $ 5,045 $ 633 $ 6,969 $ 160 $ 101,878 Special Mention — — — — — 4,068 — 4,068 Substandard — — — — — — — — Total multifamily $ 7,839 $ 64,932 $ 16,300 $ 5,045 $ 633 $ 11,037 $ 160 $ 105,946 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Farmland Pass $ 1,762 $ 1,347 $ 727 $ 936 $ 775 $ 1,013 $ 1,015 $ 7,575 Special Mention — — — — — — — — Substandard — — — — — 76 — 76 Total farmland $ 1,762 $ 1,347 $ 727 $ 936 $ 775 $ 1,089 $ 1,015 $ 7,651 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 76,043 $ 269,311 $ 218,780 $ 175,604 $ 82,909 $ 105,083 $ 4,731 $ 932,461 Special Mention — — 181 — — — — 181 Substandard — — — 1,474 172 3,233 187 5,066 Total commercial real estate $ 76,043 $ 269,311 $ 218,961 $ 177,078 $ 83,081 $ 108,316 $ 4,918 $ 937,708 Current-period gross charge-offs $ — $ — $ — $ — $ (2 ) $ (25 ) $ — $ (27 ) Commercial and industrial Pass $ 60,123 $ 139,543 $ 31,459 $ 14,244 $ 7,439 $ 14,290 $ 273,208 $ 540,306 Special Mention — — — — — — 2,289 2,289 Substandard 49 78 154 7 416 8 114 826 Total commercial and industrial $ 60,172 $ 139,621 $ 31,613 $ 14,251 $ 7,855 $ 14,298 $ 275,611 $ 543,421 Current-period gross charge-offs $ — $ — $ (190 ) $ — $ (7 ) $ (31 ) $ (193 ) $ (421 ) Consumer Pass $ 4,881 $ 2,303 $ 1,611 $ 734 $ 250 $ 1,130 $ 658 $ 11,567 Special Mention — — — — — — — — Substandard 4 7 1 14 4 139 — 169 Total consumer $ 4,885 $ 2,310 $ 1,612 $ 748 $ 254 $ 1,269 $ 658 $ 11,736 Current-period gross charge-offs $ (119 ) $ (22 ) $ (10 ) $ (12 ) $ (5 ) $ (58 ) $ (22 ) $ (248 ) Total loans Pass $ 245,506 $ 662,583 $ 379,386 $ 258,150 $ 119,777 $ 191,612 $ 330,722 $ 2,187,736 Special Mention 3,063 — 1,425 — — 4,068 2,289 10,845 Substandard 232 2,327 901 1,657 1,555 4,973 393 12,038 Total loans $ 248,801 $ 664,910 $ 381,712 $ 259,807 $ 121,332 $ 200,653 $ 333,404 $ 2,210,619 Current-period gross charge-offs $ (141 ) $ (22 ) $ (200 ) $ (12 ) $ (35 ) $ (117 ) $ (215 ) $ (742 ) The table below presents the Company’s loan portfolio by category and credit quality indicator as of December 31, 2022 ( December 31, 2022 Pass Special Mention Substandard Doubtful Total Construction and development $ 198,967 $ 1,593 $ 1,073 $ — $ 201,633 1-4 Family 399,143 — 2,234 — 401,377 Multifamily 81,812 — — — 81,812 Farmland 12,815 — 62 — 12,877 Commercial real estate 942,927 6,101 9,215 — 958,243 Total mortgage loans on real estate 1,635,664 7,694 12,584 — 1,655,942 Commercial and industrial 427,430 5,140 2,336 187 435,093 Consumer 13,636 — 96 — 13,732 Total loans $ 2,076,730 $ 12,834 $ 15,016 $ 187 $ 2,104,767 The Company had no December 31, 2023 December 31, 2022 Loan Participations and Sold Loans Loa n participations and whole loans sold to and serviced for others are not d $16.9 million as of December 31, 2023 2022 , respectively. The unpaid principal balances of these loans were approxim d $92.9 million at December 31, 2023 2022 , respectively. 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 $46.0 million December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 The table below shows the aggregate principal balance of loans to such related parties for the years ended December 31, 2023 2022 December 31, 2023 2022 Balance, beginning of period $ 96,977 $ 97,606 New loans/changes in relationship 2,570 14,570 Repayments/changes in relationship (53,547 ) (15,199 ) Balance, end of period $ 46,000 $ 96,977 Allowance for Credit Losses The Company made the accounting policy election to exclude accrued interest receivable from the amortized cost of loans and the estimate of the allowance for credit losses. Accrued interest receivable on the Company’s loans was $12.7 million and $10.8 million at December 31, 2023 December 31, 2022 Refer to Note 1. 2023 2016 13. The table below shows a summary of the activity in the allowance for credit losses for the years ended December 31, 2023, 2022 2021 December 31, 2023 2022 2021 Balance, beginning of period $ 24,364 $ 20,859 $ 20,363 ASU 2016-13 adoption impact (1) 5,865 — — Provision for credit losses on loans (2)(3) (1,964 ) 2,922 22,885 Charge-offs (742 ) (633 ) (22,636 ) Recoveries 3,017 1,216 247 Balance, end of period $ 30,540 $ 24,364 $ 20,859 ( 1 On January 1, 2023, 2016 13, 1. 2016 13. December 31, 2023 ( 2 For the year ended December 31, 2023 ( 3 For the year ended December 31, 2021, one The following tables outline the activity in the allowance for credit losses by collateral type for the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 December 31, 2023 December 31, 2023 Construction & Development 1-4 Family Multifamily Farmland Commercial Real Estate Commercial & Industrial Consumer Total Allowance for credit losses: Beginning balance $ 2,555 $ 3,917 $ 999 $ 113 $ 10,718 $ 5,743 $ 319 $ 24,364 ASU 2016-13 adoption impact (75 ) 4,712 (84 ) (99 ) 676 793 (58 ) 5,865 Provision for credit losses on loans (84 ) 524 209 (12 ) (2,922 ) 213 108 (1,964 ) Charge-offs — (46 ) — — (27 ) (421 ) (248 ) (742 ) Recoveries 75 22 — — 2,246 592 82 3,017 Ending balance $ 2,471 $ 9,129 $ 1,124 $ 2 $ 10,691 $ 6,920 $ 203 $ 30,540 Ending allowance balance for loans individually evaluated for impairment 212 187 — — — 114 25 538 Ending allowance balance for loans collectively evaluated for impairment 2,259 8,942 1,124 2 10,691 6,806 178 30,002 Loans receivable: Balance of loans individually evaluated for impairment 789 4,178 — — 216 468 119 5,770 Balance of loans collectively evaluated for impairment 189,582 409,608 105,946 7,651 937,492 542,953 11,617 2,204,849 Total period-end balance $ 190,371 $ 413,786 $ 105,946 $ 7,651 $ 937,708 $ 543,421 $ 11,736 $ 2,210,619 December 31, 2022 Construction & Development 1-4 Family Multifamily Farmland Commercial Real Estate Commercial & Industrial Consumer Total Allowance for credit losses: Beginning balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Provision for credit losses on loans 160 477 326 (283 ) 1,331 797 114 2,922 Charge-offs — (11 ) — (54 ) 29 (397 ) (200 ) (633 ) Recoveries 48 114 — 67 4 932 51 1,216 Ending balance $ 2,555 $ 3,917 $ 999 $ 113 $ 10,718 $ 5,743 $ 319 $ 24,364 Ending allowance balance for loans individually evaluated for impairment 26 46 — — 36 112 63 283 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 2,529 3,871 999 113 10,682 5,631 256 24,081 Loans receivable: Balance of loans individually evaluated for impairment 591 1,479 — 62 5,936 2,241 130 10,439 Balance of loans acquired with deteriorated credit quality — 302 — — 609 — 57 968 Balance of loans collectively evaluated for impairment 201,042 399,596 81,812 12,815 951,698 432,852 13,545 2,093,360 Total period-end balance $ 201,633 $ 401,377 $ 81,812 $ 12,877 $ 958,243 $ 435,093 $ 13,732 $ 2,104,767 December 31, 2021 Construction & Development 1-4 Family Multifamily Farmland Commercial Real Estate Commercial & Industrial Consumer Total Allowance for credit losses: Beginning balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Provision for credit losses on loans 219 123 84 (39 ) 11,132 11,494 (128 ) 22,885 Charge-offs (283 ) (188 ) — (13 ) (10,280 ) (11,713 ) (159 ) (22,636 ) Recoveries 36 32 — — 6 72 101 247 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 Loan Modifications to Borrowers Experiencing Financial Difficulty In January 2023, 2022 02, 2022 02 January 1, 2023. 1. 2023. Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. During the year ended December 31, 2023 The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods. Pre-Adoption of CECL - Impaired Loans The Company considered a loan to be impaired when, based on current information and events, the Company determined that it was probable that it would not When the ultimate collectability of the total principal of an impaired loan was in doubt and the loan was on nonaccrual, all payments were applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan was not The following tables contain information on the Company’s impaired loans at December 31, 2022 2021 As of and for the year ended December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Construction and development $ 366 $ 375 $ — $ 300 $ 15 1-4 Family 1,005 1,082 — 821 17 Farmland 62 70 — 68 — Commercial real estate 5,746 21,016 — 10,515 28 Total mortgage loans on real estate 7,179 22,543 — 11,704 60 Commercial and industrial 1,996 2,530 — 6,868 70 Consumer 34 45 — 56 — Total 9,209 25,118 — 18,628 130 With related allowance recorded: Construction and development 225 498 26 225 — 1-4 Family 474 484 46 205 — Commercial real estate 190 190 36 32 — Total mortgage loans on real estate 889 1,172 108 462 — Commercial and industrial 245 292 112 421 — Consumer 96 123 63 96 — Total 1,230 1,587 283 979 — Total loans: Construction and development 591 873 26 525 15 1-4 Family 1,479 1,566 46 1,026 17 Farmland 62 70 — 68 — Commercial real estate 5,936 21,206 36 10,547 28 Total mortgage loans on real estate 8,068 23,715 108 12,166 60 Commercial and industrial 2,241 2,822 112 7,289 70 Consumer 130 168 63 152 — Total $ 10,439 $ 26,705 $ 283 $ 19,607 $ 130 As of and for the year ended December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income 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 Pre-Adoption of CECL - Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower’s financial difficulties, the Company granted a concession for other than an insignificant period of time to the borrower that the Company would not During the year ended December 31, 2022 three no twelve December 31, 2022 At December 31, 2022 The table below presents the TDR pre- and post-modification outstanding recorded investments by loan category for loans modified during the year ended December 31, 2022 December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Troubled debt restructurings Contracts Investment Investment Commercial real estate 1 $ 186 $ 186 Commercial and industrial 2 58 58 $ 244 $ 244 The following is a summary of accruing and nonaccrual TDRs and the related allowance by portfolio type at December 31, 2022 TDRs Related Accruing Nonaccrual Total Allowance December 31, 2022 Construction and development $ 219 $ — $ 219 $ — 1-4 Family 271 127 398 — Commercial real estate 413 804 1,217 — Commercial and industrial 58 1,092 1,150 — Total $ 961 $ 2,023 $ 2,984 $ — The table below includes the average recorded investment and interest income recognized for TDRs for the years ended December 31, 2022 2021 TDRs Average Recorded Investment Interest Income Recognized December 31, 2022 Construction and development $ 230 $ 15 1-4 Family 489 16 Commercial real estate 1,249 28 Commercial and industrial 3,511 70 Total $ 5,479 $ 129 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 |
Note 4 - Other Real Estate Owne
Note 4 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 4. The table below shows the activity in other real estate owned for the years ended December 31, 2023 2022 Year ended Year ended December 31, 2023 December 31, 2022 Balance, beginning of period $ 682 $ 2,653 Additions 3,930 3,327 Transfers from bank premises and equipment 1,425 525 Sales of other real estate owned (1,599 ) (5,823 ) Balance, end of period $ 4,438 $ 682 For the years ended December 31, 2023 2022, one third 2021 December 31, 2023 2022 December 31, 2023, one one “B ank premises and equipment, net” “O ther real estate owned, net” in the accompanying consolidated balance sheets not 2022, two one “B ank premises and equipment, net” “O ther real estate owned, net” in the accompanying consolidated balance sheets not December 31, 2023 2022 1 4 |
Note 5 - Bank Premises and Equi
Note 5 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5. Bank premises and equipment consisted of the following as of the dates indicated (dollars in thousands). December 31, 2023 2022 Land $ 10,206 $ 11,490 Buildings and improvements 39,198 40,799 Furniture and equipment 10,317 13,569 Software 1,668 2,334 Construction-in-progress 158 575 Right-of-use asset 2,112 2,845 Less: Accumulated depreciation and amortization (19,476 ) (22,025 ) Bank premises and equipment, net $ 44,183 $ 49,587 Depreciation and amortization related to Bank premises and equipment charged to noninterest expense million and $4.0 million for the years ended December 31, 2023, 2022 2021 , respectively. During the year ended December 31, 2023 one one “B ank premises and equipment, net” to “O ther real estate owned, net” in the accompanying consolidated balance sheets. The Company also ceased operation of 13 s during the third 2023. December 31, 2023 “L oss on sale or disposition of fixed assets, net” in the accompanying consolidated statements of income. During the year ended December 31, 2022 two three one , totaling $0.5 million, was reclassified from “B ank premises and equipment, net” to “O ther real estate owned, net” in the accompanying consolidated balance sheets. During the year ended December 31, 2022 “L oss on sale or disposition of fixed assets, net” in the accompanying consolidated statements of income. |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6. 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 lease agreements under which its branch locations are operated 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 lea se liabilities in “Bank premises a n ” “ ” 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, 2023 2022 December 31, 2023 2022 Total operating lease cost $ 441 $ 610 Weighted average remaining lease term (in years) 6.8 7.0 Weighted average discount rate 3.2 % 2.9 % At December 31, 2023 2022 Future minimum lease payments due under non-cancelable operating leases at December 31, 2023 2024 $ 381 2025 388 2026 339 2027 341 2028 341 Thereafter 671 Total $ 2,461 At December 31, 2023 not not The Bank owns its corporate headquarters building, the first one December 31, 2023, 2022 2021 On January 27, 2023, |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7. The Company’s intangible assets consist of goodwill, core deposit intangible assets arising from acquisitions, and a trademark intangible. At December 31, 2023 2022 ” in the accompanying consolidated balance sheets The carrying amount of goodwill at December 31, 2023 2022 December 31, 2023 2022 In accordance with ASC Topic 350, Intangibles Goodwill and Other ” October 31, 2023 no Core deposit intangibles have finite lives and are being amortized on an accelerated basis 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 2023 2022 Gross carrying amount $ 7,486 $ 7,486 Accumulated amortization (5,354 ) (4,527 ) Net carrying amount $ 2,132 $ 2,959 Amortization expense for the core deposit intangible assets recorded in “Depreciation and amortization ” December 31, 2023, 2022 2021 The future amortization schedule for the Company’s core deposit intangible assets is displayed in the table below (dollars in thousands). The weighted average amortization period remaining for core deposit intangibles is 5.4 years. 2024 624 2025 512 2026 398 2027 278 2028 161 Thereafter 159 $ 2,132 |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 8. Deposits consisted of the following as of the dates presented (dollars in thousands). December 31, 2023 2022 Noninterest-bearing demand deposits $ 448,752 $ 580,741 Interest-bearing demand deposits 489,604 565,598 Money market deposit accounts 179,366 208,596 Savings accounts 137,606 155,176 Brokered time deposits 269,102 9,990 Time deposits 731,297 562,264 Total deposits $ 2,255,727 $ 2,082,365 The approximate scheduled maturities of time deposits, including brokered time deposits, for each of the next five 2024 $ 762,456 2025 197,355 2026 29,803 2027 2,374 2028 8,411 $ 1,000,399 At December 31, 2023 2022 $250,000 Public fund deposits as of December 31, 2023 2022 December 31, 2023 2022 As of December 31, 2023 2022 ely $20.1 million an |
Note 9 - Securities Sold Under
Note 9 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 9. The Company utilizes 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. The Company monitors collateral levels on a continuous basis and may Repurchase agreements mature on a daily basis. At December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2023, 2022 2021 |
Note 10 - Subordinated Debt Sec
Note 10 - Subordinated Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 10. On April 6, 2022, 2032 “2032 100% 2032 2032 April 6, 2022 ( The 2032 April 15, 2032 April 6, 2022 April 15, 2027 April 15, 2027 2032 three 2032 2032 may three 2032 may April 15, 2027 not 100% Principal and interest on the 2032 2032 2032 2 The Company used the majority of the net proceeds to redeem its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2027 “2027 June 2022 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, 2027 2027 March 30, 2022, June 2022, 2027 100% June 30, 2022 2027 no The carrying value of subordinated debt was $44.3 million and $44.2 million at December 31, 2023 2022 December 31, 2023 2022 |
Note 11 - Other Borrowed Funds
Note 11 - Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11. 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Fixed rate advances maturing: 2023 $ — $ 333,500 — % 4.55 % 2024 23,500 23,500 1.81 1.81 2033 — 30,000 — 1.88 $ 23,500 $ 387,000 1.81 % 4.18 % As of December 31, 2023 December 31, 2023 At December 31, 2022 2033 December 31, 2023. Borrowings Under Bank Term Funding Program On March 12, 2023, one one December 31, 2023 December 31, 2023 fourth 2023, one Lines of Credit 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, 2023 2022 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, 2023 First Community Louisiana Statutory Trust I $ 3,609 $ 3,609 June 2036 3-month SOFR + Spread Adjustment of 0.26% + Margin of 1.77% 7.42 % BOJ Bancshares Statutory Trust I 3,093 2,504 December 2034 3-month SOFR + Spread Adjustment of 0.26% + Margin of 1.90% 7.55 % Cheaha Statutory Trust I 3,093 2,517 September 2035 3-month SOFR + Spread Adjustment of 0.26% + Margin of 1.70% 7.35 % $ 9,795 $ 8,630 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 $8.6 million and $8.5 million were allowed in the calculation of Tier I regulatory capital at December 31, 2023 2022 |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 12. As part of its liability management, the Company has historically utilized 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 two December 31, 2023 December 31, 2022 During the year ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 For the years ended December 31, 2022 December 31, 2021 There were no assets or liabilities recorded in the accompanying consolidated balance sheets at December 31, 2023 December 31, 2022 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” 820” not December 31, 2023, 2022 2021 December 31, 2023 December 31, 2023 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 13. 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, 2023 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, 2023 December 31, 2022 2021 In addition, the Company repurchased 222,448, 518,978, and 359,138 shares of its common stock through its stock repurchase program at an average price of $13.47, $20.27, and $19.24 per share during the years ended December 31, 2023, 2022 2021 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 Under the terms of the Company’s 5.125% Fixed-to-Floating Rate Subordinated Notes due 2032, These restrictions do not, not Accumulated Other Comprehensive (Loss) Income Activity within the balances in accumulated other comprehensive (loss) income, net is shown in the tables below (dollars in thousands). For the years ended December 31, 2023 2022 2021 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 (loss) gain, available for sale, net $ (43,137 ) $ 3,510 $ (39,627 ) $ 4,882 $ (48,019 ) $ (43,137 ) $ 7,493 $ (2,611 ) $ 4,882 Reclassification of realized (gain) loss, available for sale, net (5,777 ) 256 (5,521 ) (5,772 ) (5 ) (5,777 ) (3,939 ) (1,833 ) (5,772 ) Unrealized gain (loss), transfer from available for sale to held to maturity, net 1 — 1 2 (1 ) 1 3 (1 ) 2 Change in fair value of interest rate swaps designated as cash flow hedges, net 7,830 — 7,830 3,501 4,329 7,830 (1,752 ) 5,253 3,501 Reclassification of realized gain, interest rate swap termination, net (7,830 ) — (7,830 ) (1,450 ) (6,380 ) (7,830 ) — (1,450 ) (1,450 ) Accumulated other comprehensive (loss) income $ (48,913 ) $ 3,766 $ (45,147 ) $ 1,163 $ (50,076 ) $ (48,913 ) $ 1,805 $ (642 ) $ 1,163 |
Note 14 - Stock-Based Compensat
Note 14 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 14. Equity Incentive Plan. 2017 2021, may may December 31, 2023 Stock Options During the years ended December 31, 2023, 2022 2021 one fifth first five The table below summarizes the Company’s stock option activity for the periods indicated. Shares Weighted Average Price Weighted Average Remaining Contractual Term (Years) 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 Granted 34,379 18.92 Forfeited (42,930 ) 21.36 Exercised (9,500 ) 14.00 Outstanding at December 31, 2022 350,430 17.89 4.19 Granted 34,497 13.96 Forfeited (50,822 ) 19.47 Exercised (7,500 ) 14.00 Outstanding at December 31, 2023 326,605 17.32 3.84 Exercisable at December 31, 2023 244,847 $ 17.17 2.44 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, 2023 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. Expected volatility was determined based on the historical volatilities of the Company. Stock option expense of $0.2 million is included in “Salaries and employee benefits” in the accompanying consolidated statements of income for each of the years ended December 31, 2023, 2022 2021 December 31, 2023 The table below shows the assumptions used for the stock options granted during the years ended December 31, 2023 2022 2023 2022 Dividend yield 2.72 % 1.70 % Expected volatility 38.31 % 38.74 % Risk-free interest rate 3.56 % 2.50 % Expected term (in years) 6.5 6.5 Weighted average grant date fair value $ 4.58 $ 6.69 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 172,736 RSUs to employees and directors for the year ended December 31, 2023 2023 five two The Company granted a total of 134,524 RSUs to employees and directors for the year ended December 31, 2022 2022 five two The Company granted a total of 129,082 RSUs to employees and directors for the year ended December 31, 2021 2021 five two Compensation expense related to restricted stock and RSUs included in the accompanying consolidated statements of income for the years ended December 31, 2023, 2022 2021 December 31, 2023 The following table summarizes the restricted stock and RSU activity for the years ended December 31, 2023 December 31, 2022 December 31, 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance, beginning of period 253,488 $ 20.19 241,070 $ 21.16 Granted 172,736 14.82 134,524 19.09 Forfeited (7,008 ) 20.53 (30,169 ) 20.34 Earned and issued (82,467 ) 20.42 (91,937 ) 21.14 Balance, end of period 336,749 $ 17.37 253,488 $ 20.19 |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block] | NOTE 15. The Company maintains a 401 “401 21 three 401 401 401 December 31, 2023, 2022 2021 The 401 401 The Company made Company stock contributions of $0.1 million in the year ended December 31, 2022. five two six 100% The Bank has entered into Salary Continuation Agreements (“SCA”) with certain officers of the Company. The SCAs represent unfunded, non-qualified deferred compensation arrangements under the Internal Revenue Code of 1986, 65, 10 The Company maintains a deferred compensation plan for a former employee of Citizens Bank (“Citizens”), a liability assumed in the Citizens acquisition in 2017. May 2030. April 1, 2021. 2018 2032. On November 4, 2022, then-current Chief Financial Officer separated from the Company, and t he Company s board of directors approved the continuation of his Split-Dollar Life Insurance Agreement following his separation date. Accordingly, in the fourth 2022, December 31, 2023 2022 , the Company had a liabil $5.2 million, respectively, included in “Accrued taxes and other liabilities” on the accompanying consolidated balance sheets related to these deferred compensation plans. Deferred compensation expenses related to these plans recognized for the December 31, 2023 2022 2021 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 16. Income tax expense is displayed in the table below for the years ended December 31, 2023, 2022 2021 December 31, 2023 2022 2021 Current federal income tax expense $ 3,971 $ 9,075 $ 2,315 Current state income tax expense 129 219 141 Deferred federal income tax expense (350 ) (655 ) (547 ) Total income tax expense $ 3,750 $ 8,639 $ 1,909 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, 2023, 2022 2021 December 31, 2023 2022 2021 Tax based on statutory rate $ 4,290 $ 9,313 $ 2,081 (Decrease) increase resulting from: Effect of tax-exempt income (830 ) (873 ) (348 ) Acquisition costs — — 72 Historical tax credits — — (54 ) State taxes 129 219 141 Other 161 (20 ) 17 Total income tax expense $ 3,750 $ 8,639 $ 1,909 Effective rate 18.4 % 19.5 % 19.3 % The Company records deferred income tax on the tax effect of changes in timing differences. The net deferred tax asset was comprised of the following items as of the dates indicated (dollars in thousands). December 31, 2023 2022 Deferred tax liabilities: Depreciation $ (3,072 ) $ (3,441 ) FHLB stock dividend (88 ) (103 ) Basis difference in acquired assets and liabilities (1,018 ) (1,129 ) Operating lease right-of-use asset (443 ) (598 ) Other (55 ) (46 ) Gross deferred tax liability (4,676 ) (5,317 ) Deferred tax assets: Allowance for credit losses 6,474 5,180 Unrealized loss on available for sale securities 12,216 13,235 Net operating loss carryforward 69 193 Deferred compensation 1,117 1,099 Basis difference in acquired assets and liabilities 270 440 Employee and director stock awards 580 576 Operating lease liability 463 619 Unearned loan fees 227 269 Other 170 144 Gross deferred tax asset 21,586 21,755 Net deferred tax asset $ 16,910 $ 16,438 The Company acquired net operating loss (“NOL”) carryforwards through tax free acquisitions. As of December 31, 2023 December 31, 2022 December 31, 2023 2033 2039, 2024, not December 31, 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, 2020 December 31, 2023; December 31, 2019 December 31, 2023. |
Note 17 - Fair Values of Financ
Note 17 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 17. In accordance with ASC 820, not not may not not If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may The Company also holds Small Business Investment Company qualified funds and other investment funds that do not 820, not December 31, 2023 December 31, 2022 re $3.4 million 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. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following methods and assumptions were used by the Company in estimating the fair value of assets and liabilities valued on a recurring basis: AFS Investment Securities and Exchange-Traded Equity Securities 1 1 If quoted market prices are not 2 3. Management monitors the current placement of securities in the fair value hierarchy to determine whether transfers between levels may may December 31, 2023 December 31, 2022 3 3 may Derivative Financial Instruments 2 Assets and liabilities measured at fair value on a recurring basis are summarized in the table below as of the dates indicated (dollars in thousands). Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2023 Assets: Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 20,043 $ — $ 20,043 $ — Obligations of state and political subdivisions 16,703 — 11,453 5,250 Corporate bonds 26,356 — 25,893 463 Residential mortgage-backed securities 232,045 — 232,045 — Commercial mortgage-backed securities 66,771 — 66,771 — Equity securities 1,180 1,180 — — Interest rate swaps - gross assets 17,325 — 17,325 — Total assets $ 380,423 $ 1,180 $ 373,530 $ 5,713 Liabilities: Interest rate swaps - gross liabilities 17,325 $ — $ 17,325 $ — December 31, 2022 Assets: Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 29,805 $ — $ 29,805 $ — Obligations of state and political subdivisions 18,378 — 12,413 5,965 Corporate bonds 29,942 — 29,463 479 Residential mortgage-backed securities 251,851 — 251,851 — Commercial mortgage-backed securities 75,191 — 75,191 — Equity securities 1,245 1,245 — — Total assets $ 406,412 $ 1,245 $ 398,723 $ 6,444 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may 3 Obligations of State and Political Subdivisions Corporate Bonds Total Balance at December 31, 2021 $ 22,114 $ 488 $ 22,602 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive loss (1,474 ) (9 ) (1,483 ) Purchases — — — Sales — — — Maturities, prepayments, and calls (4,840 ) — (4,840 ) Transfers into Level 3 — — — Transfers out of Level 3 (9,835 ) — (9,835 ) Balance at December 31, 2022 $ 5,965 $ 479 $ 6,444 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive income (689 ) (16 ) (705 ) Purchases — — — Sales — — — Maturities, prepayments, and calls (26 ) — (26 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance at December 31, 2023 $ 5,250 $ 463 $ 5,713 There were no liabilities measured at fair value on a recurring basis using level 3 December 31, 2023 2022 December 31, 2023, 2022 2021 The following table provides quantitative information about significant unobservable inputs used in fair value measurements of level 3 December 31, 2023 2022 Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts December 31, 2023 Obligations of state and political subdivisions $ 5,250 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 11% Corporate bonds 463 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 8% December 31, 2022 Obligations of state and political subdivisions $ 5,965 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 12% Corporate bonds 479 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 4% ( 1 Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not The following methods and assumptions were used by the Company in estimating the fair value of assets and liabilities valued on a nonrecurring basis: Loans Individually Evaluated – For collateral dependent loans where the borrower is experiencing financial difficulty, the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, which is based on third not not 3. Quantitative information about assets measured at fair value on a nonrecurring basis based on significant unobservable inputs (level 3 December 31, 2023 2022 Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount (2) December 31, 2023 Loans individually evaluated for impairment (1) $ 1,293 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 6% - 100% 29% December 31, 2022 Impaired loans $ 4,033 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 4% - 100% 53% ( 1 Loans individually evaluated that were re-measured during the period had a carrying value of $1.8 million and $4.2 million at December 31, 2023 December 31, 2022 ( 2 Weighted by relative fair value. Financial Instruments Accounting guidance requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not Cash and Due from Banks 1 Federal Funds Sold 1 Investment Securities and Equity Securities 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 Financial Instruments The estimated fair values of the Company’s financial instruments at December 31, 2023 December 31, 2022 December 31, 2023 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 32,009 $ 32,009 $ 32,009 $ — $ — Investment securities 382,390 382,431 — 358,323 24,108 Equity securities 14,597 14,597 1,180 13,417 — Loans, net of allowance 2,180,079 2,020,924 — — 2,020,924 Interest rate swaps - gross assets 17,325 17,325 — 17,325 — Financial liabilities: Deposits, noninterest-bearing $ 448,752 $ 448,752 $ — $ 448,752 $ — Deposits, interest-bearing 1,806,975 1,735,562 — — 1,735,562 Borrowings under BTFP and repurchase agreements 221,133 221,133 — 221,133 — FHLB long-term advances 23,500 22,945 — — 22,945 Junior subordinated debt 8,630 8,630 — — 8,630 Subordinated debt 45,000 44,544 — 44,544 — Interest rate swaps - gross liabilities 17,325 17,325 — 17,325 — December 31, 2022 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 40,066 $ 40,066 $ 40,066 $ — $ — Federal funds sold 193 193 193 — — Investment securities 413,472 413,089 — 401,233 11,856 Equity securities 27,254 27,254 1,245 26,009 — Loans, net of allowance 2,080,403 1,997,287 — — 1,997,287 Financial liabilities: Deposits, noninterest-bearing $ 580,741 $ 580,741 $ — $ 580,741 $ — Deposits, interest-bearing 1,501,624 1,314,407 — — 1,314,407 FHLB short-term advances 333,500 333,500 — 333,500 — FHLB long-term advances 53,500 52,147 — — 52,147 Junior subordinated debt 8,515 8,515 — — 8,515 Subordinated debt 45,000 42,980 — 42,980 — |
Note 18 - Regulatory Matters
Note 18 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 18. 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, 2023 2022 1 not no The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2023 December 31, 2022 Actual Capital Adequacy * Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Tier 1 leverage capital Investar Holding Corporation $ 239,095 8.35 % $ 114,563 4.00 % NA NA Investar Bank 280,687 9.81 114,468 4.00 143,085 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 229,595 9.51 169,031 7.00 NA NA Investar Bank 280,687 11.64 168,867 7.00 156,805 6.50 Tier 1 risk-based capital Investar Holding Corporation 239,095 9.90 205,251 8.50 NA NA Investar Bank 280,687 11.64 205,052 8.50 192,990 8.00 Total risk-based capital Investar Holding Corporation 313,574 12.99 253,546 10.50 NA NA Investar Bank 310,846 12.89 253,300 10.50 241,238 10.00 December 31, 2022 Tier 1 leverage capital Investar Holding Corporation $ 231,048 8.53 % $ 108,405 4.00 % NA NA Investar Bank 267,603 9.89 108,275 4.00 135,344 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 221,548 9.79 158,457 7.00 NA NA Investar Bank 267,603 11.83 158,355 7.00 147,044 6.50 Tier 1 risk-based capital Investar Holding Corporation 231,048 10.21 192,412 8.50 NA NA Investar Bank 267,603 11.83 192,288 8.50 180,977 8.00 Total risk-based capital Investar Holding Corporation 300,009 13.25 237,685 10.50 NA NA Investar Bank 292,339 12.92 237,532 10.50 226,221 10.00 *The minimum ratios and amounts under the column for Capital Adequacy for December 31, 2023 December 31, 2022 Applicable Federal statutes, regulations, and guidance impose restrictions on the amounts of dividends that may 2029 2032 Common Stock Dividend Restrictions 13. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 19. 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, 2023 2022 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 amounts of the Company’s commitments to extend credit as of the dates presented (dollars in thousands). December 31, 2023 December 31, 2022 Loan commitments $ 413,019 $ 333,040 Standby letters of credit 17,844 11,379 Additionally, at December 31, 2023 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, one ninety 90 On August 1, 2020, On November 4, 2022, November 4, 2022. 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 20 - Transactions with Rel
Note 20 - Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 20. 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 and the Bank, their affiliated companies, and other related persons. 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 3. During 2023 2022 8. The Company has participated in 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, 2021 one 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 not December 31, 2023 December 31, 2022. December 31, 2021. |
Note 21 - Parent Company Only F
Note 21 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 21. BALANCE SHEETS December 31, (dollars in thousands) 2023 2022 ASSETS Cash and due from banks $ 840 $ 6,153 Equity securities 752 823 Due from bank subsidiary 1,141 937 Investment in bank subsidiary 277,760 261,737 Investment in trust 295 295 Trademark intangible 100 100 Other assets 864 518 Total assets $ 281,752 $ 270,563 LIABILITIES Subordinated debt, net of unamortized issuance costs $ 44,320 $ 44,225 Junior subordinated debt 8,630 8,515 Accounts payable 228 253 Accrued interest payable 571 567 Dividend payable 975 941 Deferred tax liability 260 280 Total liabilities 54,984 54,781 STOCKHOLDERS’ EQUITY Common stock 9,748 9,902 Surplus 145,456 146,587 Retained earnings 116,711 108,206 Accumulated other comprehensive loss (45,147 ) (48,913 ) Total stockholders’ equity 226,768 215,782 Total liabilities and stockholders’ equity $ 281,752 $ 270,563 STATEMENTS OF INCOME For the years ended December 31, (dollars in thousands) 2023 2022 REVENUE Dividends received from bank subsidiary $ 3,300 $ 17,000 Dividends on corporate stock — 19 Change in the fair value of equity securities (71 ) (35 ) Interest income from investment in trust 22 11 Other operating income 138 — Total revenue 3,389 16,995 EXPENSE Interest on borrowings 3,216 3,137 Management fees to bank subsidiary 360 360 Loss on early extinguishment of subordinated debt — 222 Other expense 519 666 Total expense 4,095 4,385 (Loss) income before income tax expense and equity in undistributed income of bank subsidiary (706 ) 12,610 Equity in undistributed income of bank subsidiary 16,552 22,172 Income tax benefit 832 927 Net income $ 16,678 $ 35,709 STATEMENTS OF CASH FLOWS For the years ended December 31, (dollars in thousands) 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 16,678 $ 35,709 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of bank subsidiary (16,552 ) (22,172 ) Change in the fair value of equity securities 71 35 Amortization of subordinated debt issuance costs and purchase accounting adjustments 210 197 Loss on early extinguishment of subordinated debt — 222 Net change in: Due from bank subsidiary (204 ) 31 Other assets (84 ) 5 Deferred tax liability (20 ) (52 ) Accrued other liabilities 1,638 1,746 Net cash provided by operating activities 1,737 15,721 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of equity securities — (750 ) Proceeds from the sale of equity securities — 1,225 Purchases of other investments (285 ) (225 ) Net cash (used in) provided by investing activities (285 ) 250 CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid on common stock (3,844 ) (3,552 ) Payments to repurchase common stock (3,026 ) (10,540 ) Proceeds from stock options exercised 105 133 Proceeds from subordinated debt, net of issuance costs — 19,548 Extinguishment of subordinated debt — (18,600 ) Net cash used in financing activities (6,765 ) (13,011 ) Net (decrease) increase in cash (5,313 ) 2,960 Cash and cash equivalents, beginning of period 6,153 3,193 Cash and cash equivalents, end of period $ 840 $ 6,153 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments for: Interest on borrowings $ 3,212 $ 3,179 |
Note 22 - Earnings Per Share
Note 22 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 22. 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, 2023, 2022 2021 December 31, 2023 2022 2021 Earnings per common share - basic Net income $ 16,678 $ 35,709 $ 8,000 Less: income allocated to participating securities (1 ) (33 ) (21 ) Net income allocated to common shareholders 16,677 35,676 7,979 Weighted average basic shares outstanding 9,839,258 10,085,758 10,416,145 Basic earnings per common share $ 1.69 $ 3.54 $ 0.77 Earnings per common share - diluted Net income allocated to common shareholders $ 16,677 $ 35,676 $ 7,979 Weighted average basic shares outstanding 9,839,258 10,085,758 10,416,145 Dilutive effect of securities 2,583 94,951 84,157 Total weighted average diluted shares outstanding 9,841,841 10,180,709 10,500,302 Diluted earnings per common share $ 1.69 $ 3.50 $ 0.76 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, 2023 2022 2021 Stock options — 15,361 869 Restricted stock awards — 135 431 Restricted stock units 71,711 15,176 20,828 |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Pursuant to Item 408 none 10b5 1 10b5 1 December 31, 2023 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations Policy [Policy Text Block] | Nature of Operations Investar Holding Corporation 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 (together, the “Company”), 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 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 credit losses. While management uses available information to recognize credit losses on loans, future additions to the allowance may 2023,” 2016 13 January 1, 2023, 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 COVID- 19 2022 2023, |
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 See “Allowance for Credit Losses” |
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 credit 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 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” |
Employee Retention Credit [Policy Text Block] | Employee Retention Credit The CARES Act 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 In the fourth 2022, second 2021, fourth 2021, first 2021, in noninter December 31, 2022 2021. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses For reporting periods beginning on and after January 1, 2023, 2016 13: The Company’s allowance for credit losses is determined using a current expected credit loss (“CECL”) model. The allowance for credit losses represents the measurement of all expected credit losses for financial assets accounted for on an amortized cost basis. Expected losses at the reporting date are calculated based on historical experience, current conditions, and reasonable and supportable forecasts. The lifetime expected credit losses are recorded at the time the financial asset is originated or acquired and adjusted each period as a provision for credit losses for changes in expected lifetime credit losses. The Company developed a CECL model methodology that calculates expected credit losses over the life of the portfolio by analyzing the composition, characteristics and quality of the loan and securities portfolios, as well as prevailing economic conditions and forecasts. The Company’s CECL calculation estimates loan losses using a combination of discounted cash flow and remaining life analyses. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the model reverts back to the historical loss rates adjusted for qualitative factors related to current conditions using a four The allowance for credit losses is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. For modeling purposes, loan pools include: agriculture and farmland, automotive, commercial and industrial, construction and development, commercial real estate - nonowner-occupied and multifamily, commercial real estate - owner-occupied, credit cards, home equity lines of credit and junior liens, consumer, residential senior liens, and other loans, which primarily consist of public finance. Management periodically reassesses each pool to confirm that the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. For each pool of loans, the Company evaluates and applies qualitative adjustments to the calculated allowance for credit losses based on several factors, including, but not Loans that do not not The allowance for credit losses is established after input from management as well as our risk management department and our special assets committee. F third Expected credit losses on AFS securities are recorded in an allowance for credit losses when management does not not not not Declines in the fair value of AFS securities that are not Expected credit losses on HTM securities are recorded in an allowance for credit losses and estimated using a probability of loss model based on reasonable and supportable forecasts. HTM securities are evaluated on a collective basis by security type. In evaluating HTM securities in an unrealized loss position for credit losses, the Company considers the nature of the investments, the current market price, and the current interest rate environment, among other factors. See “Accounting Standards Adopted in 2023” For reporting periods prior to January 1, 2023, 2016 13: Prior to the adoption of CECL, the Company established an allowance for loan losses in an amount that management believed would 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 took 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 consisted of allocated and general components. The allocated component related to loans that were classified as impaired. For loans that were classified as impaired, an allowance was established when the discounted cash flows (or collateral value or observable market price) of the impaired loan was lower than the carrying value of that loan. The general component covered non-classified loans and was 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 |
Marketable Securities, Policy [Policy Text Block] | Equity Securities Equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank of Atlanta (“FRB”) stock. Members of the FHLB and FRB are required to own a certain amount of stock based on the level of borrowings and other factors and may December 31, 2023 2022 In addition, equity securities include marketable securities in corporate stocks and mutual funds which totaled $1.2 million at both December 31, 2023 2022 |
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 credit 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, 2023 7. |
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 14. |
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 12. |
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, automated teller machine (“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, changes in the fair value of interest rate swaps, and the reclassification of realized gains on AFS securities and interest rate swap terminations to net income, net of related income taxes. |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting The Company follows the FASB ASC Topic 805 , Business Combinations 805” 805 Loans acquired in an asset acquisitions are recorded using the cost accumulation and allocation model whereby the cost of the acquisition is allocated on a relative fair value basis to the assets acquired. 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 credit losses is not The Company accounts for purchased credit deteriorated (“PCD”) assets under ASC Topic 326. |
Stockholders' Equity, Policy [Policy Text Block] | Share Repurchases The Louisiana Business Corporation Act does not December 31, 2023, 2022 2021 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2022 2021 2023 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 2023 FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13 ASU 2016 13 ). 2016 13 January 1, 2023. 2016 13, See “Allowance for Credit Losses” above for additional information on the calculation of the allowance for credit losses under ASU 2016 13. The Company adopted ASU 2016 13 December 31, 2022 2016 13 CECL requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. not not 2016 13 not ASU 2016 13 The Company used the prospective transition approach for PCD loans that were previously classified as PCI and accounted for under ASC 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ” (“ASC 310 30” 2016 13, not The Company adopted ASU 2016 13 January 1, 2023, one December 31, 2022 Impact of ASU 2016-13 Adoption January 1, 2023 Assets: Allowance for credit losses $ (24,364 ) $ (5,865 ) $ (30,229 ) Deferred tax asset 16,438 1,142 17,580 Remaining purchase discount on loans (1) (818 ) 422 (396 ) Liabilities: Reserve for unfunded loan commitments (2) 372 (6 ) 366 Stockholders’ Equity Retained earnings 108,206 (4,295 ) 103,911 ( 1 For PCD loans, formerly classified as PCI, the Company applied the guidance under CECL using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify the purchase discount to the allowance for credit losses on January 1, 2023. ( 2 The allowance for credit losses on unfunded loan commitments is included in “Accrued taxes and other liabilities” in the accompanying consolidated balance sheets. The related provision for credit losses on unfunded loan commitments is included in “Provision for credit losses” in the accompanying consolidated statements of income for the year ended December 31, 2023. In addition, ASU 2016 13 not not not not 2016 13 not 2016 13 no 2016 13 not FASB ASC Topic 326 Financial Instruments Credit Losses, Troubled Debt Restructurings and Vintage Disclosures Update No. 2022 02 ASU 2022 02 ). 2022 02 January 1, 2023 2022 02 326 2016 13 2022 02 not FASB ASC Topic 848 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Update No. 2020 04 ( ASU 2020 04 ) and FASB ASC Topic 848 Reference Rate Reform: Deferral of the Sunset Date Update No. 2022 06 ASU 2022 06 ). March 2020, 2020 04, 2020 04 March 12, 2020 January 1, 2020 December 31, 2022. December 2022, 2022 06, 2020 04 December 31, 2022 December 31, 2024. 2022 06 not Recent Accounting Pronouncements This section briefly describes accounting standards that have been issued, but are not FASB “Disclosure Improvements” Update No. 2023 06 ASU 2023 06 October 2023, 2023 06, 2023 06 2023 06 X June 30, 2027, not X not 2023 06 not FASB ASC Topic 740 “Income Taxes - Improvements to Income Tax Disclosures” Update No. 2023 09 ASU 2023 09 December 2023, 2023 09, 2023 09 2023 09 December 15, 2024 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | December 31, 2022 Impact of ASU 2016-13 Adoption January 1, 2023 Assets: Allowance for credit losses $ (24,364 ) $ (5,865 ) $ (30,229 ) Deferred tax asset 16,438 1,142 17,580 Remaining purchase discount on loans (1) (818 ) 422 (396 ) Liabilities: Reserve for unfunded loan commitments (2) 372 (6 ) 366 Stockholders’ Equity Retained earnings 108,206 (4,295 ) 103,911 |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 20,383 $ 100 $ (440 ) $ 20,043 Obligations of state and political subdivisions 18,768 11 (2,076 ) 16,703 Corporate bonds 30,097 — (3,741 ) 26,356 Residential mortgage-backed securities 274,950 14 (42,919 ) 232,045 Commercial mortgage-backed securities 75,085 208 (8,522 ) 66,771 Total $ 419,283 $ 333 $ (57,698 ) $ 361,918 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 30,370 $ 134 $ (699 ) $ 29,805 Obligations of state and political subdivisions 21,098 7 (2,727 ) 18,378 Corporate bonds 33,477 — (3,535 ) 29,942 Residential mortgage-backed securities 298,867 10 (47,026 ) 251,851 Commercial mortgage-backed securities 83,504 179 (8,492 ) 75,191 Total $ 467,316 $ 330 $ (62,479 ) $ 405,167 |
Debt Securities, Available-for-Sale [Table Text Block] | Twelve months ended December 31, 2023 2022 2021 Proceeds from sales $ 14,974 $ — $ 137,803 Gross gains $ 2 $ — $ 2,323 Gross losses $ (325 ) $ — $ (2 ) |
Debt Securities, Held-to-Maturity [Table Text Block] | December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of state and political subdivisions $ 18,163 $ 314 $ (82 ) $ 18,395 Residential mortgage-backed securities 2,309 — (191 ) 2,118 Total $ 20,472 $ 314 $ (273 ) $ 20,513 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Obligations of state and political subdivisions $ 5,538 $ 1 $ (127 ) $ 5,412 Residential mortgage-backed securities 2,767 — (257 ) 2,510 Total $ 8,305 $ 1 $ (384 ) $ 7,922 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 1,268 $ (7 ) $ 9,284 $ (433 ) $ 10,552 $ (440 ) Obligations of state and political subdivisions — — 15,425 (2,076 ) 15,425 (2,076 ) Corporate bonds 468 (28 ) 25,888 (3,713 ) 26,356 (3,741 ) Residential mortgage-backed securities 2,705 (421 ) 228,415 (42,498 ) 231,120 (42,919 ) Commercial mortgage-backed securities 1,085 (35 ) 50,271 (8,487 ) 51,356 (8,522 ) Total $ 5,526 $ (491 ) $ 329,283 $ (57,207 ) $ 334,809 $ (57,698 ) Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 16,017 $ (688 ) $ 1,013 $ (11 ) $ 17,030 $ (699 ) Obligations of state and political subdivisions 13,695 (1,427 ) 4,524 (1,300 ) 18,219 (2,727 ) Corporate bonds 19,606 (1,170 ) 10,085 (2,365 ) 29,691 (3,535 ) Residential mortgage-backed securities 134,419 (18,122 ) 116,132 (28,904 ) 250,551 (47,026 ) Commercial mortgage-backed securities 27,181 (2,632 ) 32,432 (5,860 ) 59,613 (8,492 ) Total $ 210,918 $ (24,039 ) $ 164,186 $ (38,440 ) $ 375,104 $ (62,479 ) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of state and political subdivisions $ — $ — $ 3,064 $ (82 ) $ 3,064 $ (82 ) Residential mortgage-backed securities — — 2,118 (191 ) 2,118 (191 ) Total $ — $ — $ 5,182 $ (273 ) $ 5,182 $ (273 ) Less than 12 Months 12 Months or More Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of state and political subdivisions $ 3,536 $ (127 ) $ — $ — $ 3,536 $ (127 ) Residential mortgage-backed securities 2,510 (257 ) — — 2,510 (257 ) Total $ 6,046 $ (384 ) $ — $ — $ 6,046 $ (384 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available For Sale Securities Held to Maturity December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 1,034 $ 1,027 $ 960 $ 961 Due after one year through five years 28,620 27,623 2,556 2,582 Due after five years through ten years 43,634 39,971 4,647 4,621 Due after ten years 345,995 293,297 12,309 12,349 Total debt securities $ 419,283 $ 361,918 $ 20,472 $ 20,513 Securities Available For Sale Securities Held to Maturity December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 1,082 $ 1,072 $ 915 $ 915 Due after one year through five years 32,452 31,394 960 961 Due after five years through ten years 52,093 48,229 3,663 3,536 Due after ten years 381,689 324,472 2,767 2,510 Total debt securities $ 467,316 $ 405,167 $ 8,305 $ 7,922 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 Construction and development $ 190,371 $ 201,633 1-4 Family 413,786 401,377 Multifamily 105,946 81,812 Farmland 7,651 12,877 Commercial real estate 937,708 958,243 Total mortgage loans on real estate 1,655,462 1,655,942 Commercial and industrial 543,421 435,093 Consumer 11,736 13,732 Total loans $ 2,210,619 $ 2,104,767 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total > 90 Days and Accruing Construction and development $ 189,746 $ — $ 55 $ 570 $ 190,371 $ — 1-4 Family 406,014 3,031 1,720 3,021 413,786 — Multifamily 105,946 — — — 105,946 — Farmland 7,651 — — — 7,651 — Commercial real estate 937,272 48 359 29 937,708 — Total mortgage loans on real estate 1,646,629 3,079 2,134 3,620 1,655,462 — Commercial and industrial 542,206 259 488 468 543,421 — Consumer 11,552 57 82 45 11,736 — Total loans $ 2,200,387 $ 3,395 $ 2,704 $ 4,133 $ 2,210,619 $ — December 31, 2022 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 $ 201,048 $ 101 $ — $ 112 $ 372 $ 585 $ — $ 201,633 1-4 Family 394,846 2,614 1,220 1,188 1,207 6,229 302 401,377 Multifamily 81,812 — — — — — — 81,812 Farmland 12,601 152 62 — 62 276 — 12,877 Commercial real estate 951,908 181 22 — 5,523 5,726 609 958,243 Total mortgage loans on real estate 1,642,215 3,048 1,304 1,300 7,164 12,816 911 1,655,942 Commercial and industrial 432,438 406 15 51 2,183 2,655 — 435,093 Consumer 13,347 171 27 — 130 328 57 13,732 Total loans $ 2,088,000 $ 3,625 $ 1,346 $ 1,351 $ 9,477 $ 15,799 $ 968 $ 2,104,767 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2023 December 31, 2022 (1) Nonaccrual with No Allowance for Credit Loss Nonaccrual with an Allowance for Credit Loss Total Nonaccrual Loans Interest Income Recognized on Nonaccrual Loans Total Nonaccrual Loans Construction and development $ 577 $ 212 $ 789 $ 42 $ 372 1-4 Family 2,937 1,241 4,178 26 1,207 Multifamily — — — — — Farmland — — — 10 62 Commercial real estate 216 — 216 416 6,032 Total mortgage loans on real estate 3,730 1,453 5,183 494 7,673 Commercial and industrial 59 409 468 997 2,183 Consumer 74 45 119 15 130 Total loans $ 3,863 $ 1,907 $ 5,770 $ 1,506 $ 9,986 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Total Construction and development Pass $ 51,811 $ 83,668 $ 25,169 $ 2,661 $ 935 $ 4,012 $ 17,496 $ 185,752 Special Mention 3,063 — 767 — — — — 3,830 Substandard — 293 489 — — 7 — 789 Total construction and development $ 54,874 $ 83,961 $ 26,425 $ 2,661 $ 935 $ 4,019 $ 17,496 $ 190,371 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — 1-4 Family Pass $ 43,047 $ 101,479 $ 85,340 $ 58,926 $ 26,836 $ 59,115 $ 33,454 $ 408,197 Special Mention — — 477 — — — — 477 Substandard 179 1,949 257 162 963 1,510 92 5,112 Total 1-4 family $ 43,226 $ 103,428 $ 86,074 $ 59,088 $ 27,799 $ 60,625 $ 33,546 $ 413,786 Current-period gross charge-offs $ (22 ) $ — $ — $ — $ (21 ) $ (3 ) $ — $ (46 ) Multifamily Pass $ 7,839 $ 64,932 $ 16,300 $ 5,045 $ 633 $ 6,969 $ 160 $ 101,878 Special Mention — — — — — 4,068 — 4,068 Substandard — — — — — — — — Total multifamily $ 7,839 $ 64,932 $ 16,300 $ 5,045 $ 633 $ 11,037 $ 160 $ 105,946 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Farmland Pass $ 1,762 $ 1,347 $ 727 $ 936 $ 775 $ 1,013 $ 1,015 $ 7,575 Special Mention — — — — — — — — Substandard — — — — — 76 — 76 Total farmland $ 1,762 $ 1,347 $ 727 $ 936 $ 775 $ 1,089 $ 1,015 $ 7,651 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 76,043 $ 269,311 $ 218,780 $ 175,604 $ 82,909 $ 105,083 $ 4,731 $ 932,461 Special Mention — — 181 — — — — 181 Substandard — — — 1,474 172 3,233 187 5,066 Total commercial real estate $ 76,043 $ 269,311 $ 218,961 $ 177,078 $ 83,081 $ 108,316 $ 4,918 $ 937,708 Current-period gross charge-offs $ — $ — $ — $ — $ (2 ) $ (25 ) $ — $ (27 ) Commercial and industrial Pass $ 60,123 $ 139,543 $ 31,459 $ 14,244 $ 7,439 $ 14,290 $ 273,208 $ 540,306 Special Mention — — — — — — 2,289 2,289 Substandard 49 78 154 7 416 8 114 826 Total commercial and industrial $ 60,172 $ 139,621 $ 31,613 $ 14,251 $ 7,855 $ 14,298 $ 275,611 $ 543,421 Current-period gross charge-offs $ — $ — $ (190 ) $ — $ (7 ) $ (31 ) $ (193 ) $ (421 ) Consumer Pass $ 4,881 $ 2,303 $ 1,611 $ 734 $ 250 $ 1,130 $ 658 $ 11,567 Special Mention — — — — — — — — Substandard 4 7 1 14 4 139 — 169 Total consumer $ 4,885 $ 2,310 $ 1,612 $ 748 $ 254 $ 1,269 $ 658 $ 11,736 Current-period gross charge-offs $ (119 ) $ (22 ) $ (10 ) $ (12 ) $ (5 ) $ (58 ) $ (22 ) $ (248 ) Total loans Pass $ 245,506 $ 662,583 $ 379,386 $ 258,150 $ 119,777 $ 191,612 $ 330,722 $ 2,187,736 Special Mention 3,063 — 1,425 — — 4,068 2,289 10,845 Substandard 232 2,327 901 1,657 1,555 4,973 393 12,038 Total loans $ 248,801 $ 664,910 $ 381,712 $ 259,807 $ 121,332 $ 200,653 $ 333,404 $ 2,210,619 Current-period gross charge-offs $ (141 ) $ (22 ) $ (200 ) $ (12 ) $ (35 ) $ (117 ) $ (215 ) $ (742 ) December 31, 2022 Pass Special Mention Substandard Doubtful Total Construction and development $ 198,967 $ 1,593 $ 1,073 $ — $ 201,633 1-4 Family 399,143 — 2,234 — 401,377 Multifamily 81,812 — — — 81,812 Farmland 12,815 — 62 — 12,877 Commercial real estate 942,927 6,101 9,215 — 958,243 Total mortgage loans on real estate 1,635,664 7,694 12,584 — 1,655,942 Commercial and industrial 427,430 5,140 2,336 187 435,093 Consumer 13,636 — 96 — 13,732 Total loans $ 2,076,730 $ 12,834 $ 15,016 $ 187 $ 2,104,767 |
Schedule of Related Party Transactions [Table Text Block] | December 31, 2023 2022 Balance, beginning of period $ 96,977 $ 97,606 New loans/changes in relationship 2,570 14,570 Repayments/changes in relationship (53,547 ) (15,199 ) Balance, end of period $ 46,000 $ 96,977 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2023 2022 2021 Balance, beginning of period $ 24,364 $ 20,859 $ 20,363 ASU 2016-13 adoption impact (1) 5,865 — — Provision for credit losses on loans (2)(3) (1,964 ) 2,922 22,885 Charge-offs (742 ) (633 ) (22,636 ) Recoveries 3,017 1,216 247 Balance, end of period $ 30,540 $ 24,364 $ 20,859 December 31, 2023 Construction & Development 1-4 Family Multifamily Farmland Commercial Real Estate Commercial & Industrial Consumer Total Allowance for credit losses: Beginning balance $ 2,555 $ 3,917 $ 999 $ 113 $ 10,718 $ 5,743 $ 319 $ 24,364 ASU 2016-13 adoption impact (75 ) 4,712 (84 ) (99 ) 676 793 (58 ) 5,865 Provision for credit losses on loans (84 ) 524 209 (12 ) (2,922 ) 213 108 (1,964 ) Charge-offs — (46 ) — — (27 ) (421 ) (248 ) (742 ) Recoveries 75 22 — — 2,246 592 82 3,017 Ending balance $ 2,471 $ 9,129 $ 1,124 $ 2 $ 10,691 $ 6,920 $ 203 $ 30,540 Ending allowance balance for loans individually evaluated for impairment 212 187 — — — 114 25 538 Ending allowance balance for loans collectively evaluated for impairment 2,259 8,942 1,124 2 10,691 6,806 178 30,002 Loans receivable: Balance of loans individually evaluated for impairment 789 4,178 — — 216 468 119 5,770 Balance of loans collectively evaluated for impairment 189,582 409,608 105,946 7,651 937,492 542,953 11,617 2,204,849 Total period-end balance $ 190,371 $ 413,786 $ 105,946 $ 7,651 $ 937,708 $ 543,421 $ 11,736 $ 2,210,619 December 31, 2022 Construction & Development 1-4 Family Multifamily Farmland Commercial Real Estate Commercial & Industrial Consumer Total Allowance for credit losses: Beginning balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Provision for credit losses on loans 160 477 326 (283 ) 1,331 797 114 2,922 Charge-offs — (11 ) — (54 ) 29 (397 ) (200 ) (633 ) Recoveries 48 114 — 67 4 932 51 1,216 Ending balance $ 2,555 $ 3,917 $ 999 $ 113 $ 10,718 $ 5,743 $ 319 $ 24,364 Ending allowance balance for loans individually evaluated for impairment 26 46 — — 36 112 63 283 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 2,529 3,871 999 113 10,682 5,631 256 24,081 Loans receivable: Balance of loans individually evaluated for impairment 591 1,479 — 62 5,936 2,241 130 10,439 Balance of loans acquired with deteriorated credit quality — 302 — — 609 — 57 968 Balance of loans collectively evaluated for impairment 201,042 399,596 81,812 12,815 951,698 432,852 13,545 2,093,360 Total period-end balance $ 201,633 $ 401,377 $ 81,812 $ 12,877 $ 958,243 $ 435,093 $ 13,732 $ 2,104,767 December 31, 2021 Construction & Development 1-4 Family Multifamily Farmland Commercial Real Estate Commercial & Industrial Consumer Total Allowance for credit losses: Beginning balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Provision for credit losses on loans 219 123 84 (39 ) 11,132 11,494 (128 ) 22,885 Charge-offs (283 ) (188 ) — (13 ) (10,280 ) (11,713 ) (159 ) (22,636 ) Recoveries 36 32 — — 6 72 101 247 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 |
Schedule of Impaired Financing Receivables [Table Text Block] | As of and for the year ended December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Construction and development $ 366 $ 375 $ — $ 300 $ 15 1-4 Family 1,005 1,082 — 821 17 Farmland 62 70 — 68 — Commercial real estate 5,746 21,016 — 10,515 28 Total mortgage loans on real estate 7,179 22,543 — 11,704 60 Commercial and industrial 1,996 2,530 — 6,868 70 Consumer 34 45 — 56 — Total 9,209 25,118 — 18,628 130 With related allowance recorded: Construction and development 225 498 26 225 — 1-4 Family 474 484 46 205 — Commercial real estate 190 190 36 32 — Total mortgage loans on real estate 889 1,172 108 462 — Commercial and industrial 245 292 112 421 — Consumer 96 123 63 96 — Total 1,230 1,587 283 979 — Total loans: Construction and development 591 873 26 525 15 1-4 Family 1,479 1,566 46 1,026 17 Farmland 62 70 — 68 — Commercial real estate 5,936 21,206 36 10,547 28 Total mortgage loans on real estate 8,068 23,715 108 12,166 60 Commercial and industrial 2,241 2,822 112 7,289 70 Consumer 130 168 63 152 — Total $ 10,439 $ 26,705 $ 283 $ 19,607 $ 130 As of and for the year ended December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income 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 |
Financing Receivable, Modified [Table Text Block] | December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Troubled debt restructurings Contracts Investment Investment Commercial real estate 1 $ 186 $ 186 Commercial and industrial 2 58 58 $ 244 $ 244 |
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, 2022 Construction and development $ 219 $ — $ 219 $ — 1-4 Family 271 127 398 — Commercial real estate 413 804 1,217 — Commercial and industrial 58 1,092 1,150 — Total $ 961 $ 2,023 $ 2,984 $ — |
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, 2022 Construction and development $ 230 $ 15 1-4 Family 489 16 Commercial real estate 1,249 28 Commercial and industrial 3,511 70 Total $ 5,479 $ 129 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 |
Note 4 - Other Real Estate Ow_2
Note 4 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Year ended Year ended December 31, 2023 December 31, 2022 Balance, beginning of period $ 682 $ 2,653 Additions 3,930 3,327 Transfers from bank premises and equipment 1,425 525 Sales of other real estate owned (1,599 ) (5,823 ) Balance, end of period $ 4,438 $ 682 |
Note 5 - Bank Premises and Eq_2
Note 5 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land $ 10,206 $ 11,490 Buildings and improvements 39,198 40,799 Furniture and equipment 10,317 13,569 Software 1,668 2,334 Construction-in-progress 158 575 Right-of-use asset 2,112 2,845 Less: Accumulated depreciation and amortization (19,476 ) (22,025 ) Bank premises and equipment, net $ 44,183 $ 49,587 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2023 2022 Total operating lease cost $ 441 $ 610 Weighted average remaining lease term (in years) 6.8 7.0 Weighted average discount rate 3.2 % 2.9 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 381 2025 388 2026 339 2027 341 2028 341 Thereafter 671 Total $ 2,461 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, Core deposit intangibles 2023 2022 Gross carrying amount $ 7,486 $ 7,486 Accumulated amortization (5,354 ) (4,527 ) Net carrying amount $ 2,132 $ 2,959 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 624 2025 512 2026 398 2027 278 2028 161 Thereafter 159 $ 2,132 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2023 2022 Noninterest-bearing demand deposits $ 448,752 $ 580,741 Interest-bearing demand deposits 489,604 565,598 Money market deposit accounts 179,366 208,596 Savings accounts 137,606 155,176 Brokered time deposits 269,102 9,990 Time deposits 731,297 562,264 Total deposits $ 2,255,727 $ 2,082,365 |
Scheduled Maturities of Time Deposits Table [Table Text Block] | 2024 $ 762,456 2025 197,355 2026 29,803 2027 2,374 2028 8,411 $ 1,000,399 |
Note 11 - Other Borrowed Funds
Note 11 - Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | Amount Weighted Average Rate December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Fixed rate advances maturing: 2023 $ — $ 333,500 — % 4.55 % 2024 23,500 23,500 1.81 1.81 2033 — 30,000 — 1.88 $ 23,500 $ 387,000 1.81 % 4.18 % |
Schedule of Subordinated Borrowing [Table Text Block] | Face Value Carrying Value Maturity Date Variable Interest Rate Interest Rate at December 31, 2023 First Community Louisiana Statutory Trust I $ 3,609 $ 3,609 June 2036 3-month SOFR + Spread Adjustment of 0.26% + Margin of 1.77% 7.42 % BOJ Bancshares Statutory Trust I 3,093 2,504 December 2034 3-month SOFR + Spread Adjustment of 0.26% + Margin of 1.90% 7.55 % Cheaha Statutory Trust I 3,093 2,517 September 2035 3-month SOFR + Spread Adjustment of 0.26% + Margin of 1.70% 7.35 % $ 9,795 $ 8,630 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2023 2022 2021 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 (loss) gain, available for sale, net $ (43,137 ) $ 3,510 $ (39,627 ) $ 4,882 $ (48,019 ) $ (43,137 ) $ 7,493 $ (2,611 ) $ 4,882 Reclassification of realized (gain) loss, available for sale, net (5,777 ) 256 (5,521 ) (5,772 ) (5 ) (5,777 ) (3,939 ) (1,833 ) (5,772 ) Unrealized gain (loss), transfer from available for sale to held to maturity, net 1 — 1 2 (1 ) 1 3 (1 ) 2 Change in fair value of interest rate swaps designated as cash flow hedges, net 7,830 — 7,830 3,501 4,329 7,830 (1,752 ) 5,253 3,501 Reclassification of realized gain, interest rate swap termination, net (7,830 ) — (7,830 ) (1,450 ) (6,380 ) (7,830 ) — (1,450 ) (1,450 ) Accumulated other comprehensive (loss) income $ (48,913 ) $ 3,766 $ (45,147 ) $ 1,163 $ (50,076 ) $ (48,913 ) $ 1,805 $ (642 ) $ 1,163 |
Note 14 - Stock-Based Compens_2
Note 14 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Price Weighted Average Remaining Contractual Term (Years) 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 Granted 34,379 18.92 Forfeited (42,930 ) 21.36 Exercised (9,500 ) 14.00 Outstanding at December 31, 2022 350,430 17.89 4.19 Granted 34,497 13.96 Forfeited (50,822 ) 19.47 Exercised (7,500 ) 14.00 Outstanding at December 31, 2023 326,605 17.32 3.84 Exercisable at December 31, 2023 244,847 $ 17.17 2.44 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 Dividend yield 2.72 % 1.70 % Expected volatility 38.31 % 38.74 % Risk-free interest rate 3.56 % 2.50 % Expected term (in years) 6.5 6.5 Weighted average grant date fair value $ 4.58 $ 6.69 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | December 31, 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance, beginning of period 253,488 $ 20.19 241,070 $ 21.16 Granted 172,736 14.82 134,524 19.09 Forfeited (7,008 ) 20.53 (30,169 ) 20.34 Earned and issued (82,467 ) 20.42 (91,937 ) 21.14 Balance, end of period 336,749 $ 17.37 253,488 $ 20.19 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2023 2022 2021 Current federal income tax expense $ 3,971 $ 9,075 $ 2,315 Current state income tax expense 129 219 141 Deferred federal income tax expense (350 ) (655 ) (547 ) Total income tax expense $ 3,750 $ 8,639 $ 1,909 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2023 2022 2021 Tax based on statutory rate $ 4,290 $ 9,313 $ 2,081 (Decrease) increase resulting from: Effect of tax-exempt income (830 ) (873 ) (348 ) Acquisition costs — — 72 Historical tax credits — — (54 ) State taxes 129 219 141 Other 161 (20 ) 17 Total income tax expense $ 3,750 $ 8,639 $ 1,909 Effective rate 18.4 % 19.5 % 19.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax liabilities: Depreciation $ (3,072 ) $ (3,441 ) FHLB stock dividend (88 ) (103 ) Basis difference in acquired assets and liabilities (1,018 ) (1,129 ) Operating lease right-of-use asset (443 ) (598 ) Other (55 ) (46 ) Gross deferred tax liability (4,676 ) (5,317 ) Deferred tax assets: Allowance for credit losses 6,474 5,180 Unrealized loss on available for sale securities 12,216 13,235 Net operating loss carryforward 69 193 Deferred compensation 1,117 1,099 Basis difference in acquired assets and liabilities 270 440 Employee and director stock awards 580 576 Operating lease liability 463 619 Unearned loan fees 227 269 Other 170 144 Gross deferred tax asset 21,586 21,755 Net deferred tax asset $ 16,910 $ 16,438 |
Note 17 - Fair Values of Fina_2
Note 17 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Assets: Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 20,043 $ — $ 20,043 $ — Obligations of state and political subdivisions 16,703 — 11,453 5,250 Corporate bonds 26,356 — 25,893 463 Residential mortgage-backed securities 232,045 — 232,045 — Commercial mortgage-backed securities 66,771 — 66,771 — Equity securities 1,180 1,180 — — Interest rate swaps - gross assets 17,325 — 17,325 — Total assets $ 380,423 $ 1,180 $ 373,530 $ 5,713 Liabilities: Interest rate swaps - gross liabilities 17,325 $ — $ 17,325 $ — December 31, 2022 Assets: Obligations of the U.S. Treasury and U.S. government agencies and corporations $ 29,805 $ — $ 29,805 $ — Obligations of state and political subdivisions 18,378 — 12,413 5,965 Corporate bonds 29,942 — 29,463 479 Residential mortgage-backed securities 251,851 — 251,851 — Commercial mortgage-backed securities 75,191 — 75,191 — Equity securities 1,245 1,245 — — Total assets $ 406,412 $ 1,245 $ 398,723 $ 6,444 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Obligations of State and Political Subdivisions Corporate Bonds Total Balance at December 31, 2021 $ 22,114 $ 488 $ 22,602 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive loss (1,474 ) (9 ) (1,483 ) Purchases — — — Sales — — — Maturities, prepayments, and calls (4,840 ) — (4,840 ) Transfers into Level 3 — — — Transfers out of Level 3 (9,835 ) — (9,835 ) Balance at December 31, 2022 $ 5,965 $ 479 $ 6,444 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive income (689 ) (16 ) (705 ) Purchases — — — Sales — — — Maturities, prepayments, and calls (26 ) — (26 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance at December 31, 2023 $ 5,250 $ 463 $ 5,713 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts December 31, 2023 Obligations of state and political subdivisions $ 5,250 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 11% Corporate bonds 463 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 8% December 31, 2022 Obligations of state and political subdivisions $ 5,965 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 12% Corporate bonds 479 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 4% Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount (2) December 31, 2023 Loans individually evaluated for impairment (1) $ 1,293 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 6% - 100% 29% December 31, 2022 Impaired loans $ 4,033 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 4% - 100% 53% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 32,009 $ 32,009 $ 32,009 $ — $ — Investment securities 382,390 382,431 — 358,323 24,108 Equity securities 14,597 14,597 1,180 13,417 — Loans, net of allowance 2,180,079 2,020,924 — — 2,020,924 Interest rate swaps - gross assets 17,325 17,325 — 17,325 — Financial liabilities: Deposits, noninterest-bearing $ 448,752 $ 448,752 $ — $ 448,752 $ — Deposits, interest-bearing 1,806,975 1,735,562 — — 1,735,562 Borrowings under BTFP and repurchase agreements 221,133 221,133 — 221,133 — FHLB long-term advances 23,500 22,945 — — 22,945 Junior subordinated debt 8,630 8,630 — — 8,630 Subordinated debt 45,000 44,544 — 44,544 — Interest rate swaps - gross liabilities 17,325 17,325 — 17,325 — December 31, 2022 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 40,066 $ 40,066 $ 40,066 $ — $ — Federal funds sold 193 193 193 — — Investment securities 413,472 413,089 — 401,233 11,856 Equity securities 27,254 27,254 1,245 26,009 — Loans, net of allowance 2,080,403 1,997,287 — — 1,997,287 Financial liabilities: Deposits, noninterest-bearing $ 580,741 $ 580,741 $ — $ 580,741 $ — Deposits, interest-bearing 1,501,624 1,314,407 — — 1,314,407 FHLB short-term advances 333,500 333,500 — 333,500 — FHLB long-term advances 53,500 52,147 — — 52,147 Junior subordinated debt 8,515 8,515 — — 8,515 Subordinated debt 45,000 42,980 — 42,980 — |
Note 18 - Regulatory Matters (T
Note 18 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Tier 1 leverage capital Investar Holding Corporation $ 239,095 8.35 % $ 114,563 4.00 % NA NA Investar Bank 280,687 9.81 114,468 4.00 143,085 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 229,595 9.51 169,031 7.00 NA NA Investar Bank 280,687 11.64 168,867 7.00 156,805 6.50 Tier 1 risk-based capital Investar Holding Corporation 239,095 9.90 205,251 8.50 NA NA Investar Bank 280,687 11.64 205,052 8.50 192,990 8.00 Total risk-based capital Investar Holding Corporation 313,574 12.99 253,546 10.50 NA NA Investar Bank 310,846 12.89 253,300 10.50 241,238 10.00 December 31, 2022 Tier 1 leverage capital Investar Holding Corporation $ 231,048 8.53 % $ 108,405 4.00 % NA NA Investar Bank 267,603 9.89 108,275 4.00 135,344 5.00 Common Equity Tier 1 risk-based capital Investar Holding Corporation 221,548 9.79 158,457 7.00 NA NA Investar Bank 267,603 11.83 158,355 7.00 147,044 6.50 Tier 1 risk-based capital Investar Holding Corporation 231,048 10.21 192,412 8.50 NA NA Investar Bank 267,603 11.83 192,288 8.50 180,977 8.00 Total risk-based capital Investar Holding Corporation 300,009 13.25 237,685 10.50 NA NA Investar Bank 292,339 12.92 237,532 10.50 226,221 10.00 |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Commitments [Table Text Block] | December 31, 2023 December 31, 2022 Loan commitments $ 413,019 $ 333,040 Standby letters of credit 17,844 11,379 |
Note 21 - Parent Company Only_2
Note 21 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | BALANCE SHEETS December 31, (dollars in thousands) 2023 2022 ASSETS Cash and due from banks $ 840 $ 6,153 Equity securities 752 823 Due from bank subsidiary 1,141 937 Investment in bank subsidiary 277,760 261,737 Investment in trust 295 295 Trademark intangible 100 100 Other assets 864 518 Total assets $ 281,752 $ 270,563 LIABILITIES Subordinated debt, net of unamortized issuance costs $ 44,320 $ 44,225 Junior subordinated debt 8,630 8,515 Accounts payable 228 253 Accrued interest payable 571 567 Dividend payable 975 941 Deferred tax liability 260 280 Total liabilities 54,984 54,781 STOCKHOLDERS’ EQUITY Common stock 9,748 9,902 Surplus 145,456 146,587 Retained earnings 116,711 108,206 Accumulated other comprehensive loss (45,147 ) (48,913 ) Total stockholders’ equity 226,768 215,782 Total liabilities and stockholders’ equity $ 281,752 $ 270,563 |
Condensed Income Statement [Table Text Block] | STATEMENTS OF INCOME For the years ended December 31, (dollars in thousands) 2023 2022 REVENUE Dividends received from bank subsidiary $ 3,300 $ 17,000 Dividends on corporate stock — 19 Change in the fair value of equity securities (71 ) (35 ) Interest income from investment in trust 22 11 Other operating income 138 — Total revenue 3,389 16,995 EXPENSE Interest on borrowings 3,216 3,137 Management fees to bank subsidiary 360 360 Loss on early extinguishment of subordinated debt — 222 Other expense 519 666 Total expense 4,095 4,385 (Loss) income before income tax expense and equity in undistributed income of bank subsidiary (706 ) 12,610 Equity in undistributed income of bank subsidiary 16,552 22,172 Income tax benefit 832 927 Net income $ 16,678 $ 35,709 |
Condensed Cash Flow Statement [Table Text Block] | STATEMENTS OF CASH FLOWS For the years ended December 31, (dollars in thousands) 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 16,678 $ 35,709 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of bank subsidiary (16,552 ) (22,172 ) Change in the fair value of equity securities 71 35 Amortization of subordinated debt issuance costs and purchase accounting adjustments 210 197 Loss on early extinguishment of subordinated debt — 222 Net change in: Due from bank subsidiary (204 ) 31 Other assets (84 ) 5 Deferred tax liability (20 ) (52 ) Accrued other liabilities 1,638 1,746 Net cash provided by operating activities 1,737 15,721 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of equity securities — (750 ) Proceeds from the sale of equity securities — 1,225 Purchases of other investments (285 ) (225 ) Net cash (used in) provided by investing activities (285 ) 250 CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid on common stock (3,844 ) (3,552 ) Payments to repurchase common stock (3,026 ) (10,540 ) Proceeds from stock options exercised 105 133 Proceeds from subordinated debt, net of issuance costs — 19,548 Extinguishment of subordinated debt — (18,600 ) Net cash used in financing activities (6,765 ) (13,011 ) Net (decrease) increase in cash (5,313 ) 2,960 Cash and cash equivalents, beginning of period 6,153 3,193 Cash and cash equivalents, end of period $ 840 $ 6,153 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments for: Interest on borrowings $ 3,212 $ 3,179 |
Note 22 - Earnings Per Share (T
Note 22 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | December 31, 2023 2022 2021 Earnings per common share - basic Net income $ 16,678 $ 35,709 $ 8,000 Less: income allocated to participating securities (1 ) (33 ) (21 ) Net income allocated to common shareholders 16,677 35,676 7,979 Weighted average basic shares outstanding 9,839,258 10,085,758 10,416,145 Basic earnings per common share $ 1.69 $ 3.54 $ 0.77 Earnings per common share - diluted Net income allocated to common shareholders $ 16,677 $ 35,676 $ 7,979 Weighted average basic shares outstanding 9,839,258 10,085,758 10,416,145 Dilutive effect of securities 2,583 94,951 84,157 Total weighted average diluted shares outstanding 9,841,841 10,180,709 10,500,302 Diluted earnings per common share $ 1.69 $ 3.50 $ 0.76 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2023 2022 2021 Stock options — 15,361 869 Restricted stock awards — 135 431 Restricted stock units 71,711 15,176 20,828 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Reportable Segments | 1 | |||
Maximum Retention Credit Per Employee | $ 5,000 | |||
Retention Credit Per Employee Per Quarter | $ 7,000 | |||
Retention Credit Per Quarter, Percentage of Wages | 70% | |||
Maximum Amount of Wages Per Quarter Qualified for Retention Credit | $ 10,000 | |||
Equity Securities, FV-NI, Cost | $ 27,254,000 | $ 14,597,000 | ||
Goodwill and Intangible Asset Impairment, Total | $ 0 | |||
Minimum [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years | ||
Maximum [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 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 | $ 26,000,000 | $ 13,400,000 | ||
Corporate Stock and Mutual Funds [Member] | ||||
Equity Securities, FV-NI, Cost | $ 1,200,000 | |||
NonInterest Expense [Member] | ||||
Payroll Taxes Reduction Amount | $ 2,300,000 | $ 1,900,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - ASU 2016-13 Cumulative Effect Adjustment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Allowance for credit losses | $ 30,540 | $ 24,364 | $ 20,859 | $ 20,363 | |||||
Deferred tax asset | 16,910 | 16,438 | |||||||
Retained earnings | 116,711 | 108,206 | |||||||
Other Liabilities [Member] | |||||||||
Reserve for unfunded loan commitments(2) | $ 300 | 400 | |||||||
Accounting Standards Update 2016-13 [Member] | |||||||||
Allowance for credit losses | (24,364) | ||||||||
Deferred tax asset | 16,438 | ||||||||
Remaining purchase discount on loans(1) | [1] | (818) | |||||||
Retained earnings | 108,206 | ||||||||
Accounting Standards Update 2016-13 [Member] | Other Liabilities [Member] | |||||||||
Reserve for unfunded loan commitments(2) | [2] | 372 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Allowance for credit losses | $ (5,865) | $ 5,865 | [3] | $ 0 | [3] | $ 0 | [3] | ||
Deferred tax asset | 1,142 | ||||||||
Remaining purchase discount on loans(1) | [1] | 422 | |||||||
Retained earnings | (4,295) | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Other Liabilities [Member] | |||||||||
Reserve for unfunded loan commitments(2) | [2] | (6) | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||||
Allowance for credit losses | (30,229) | ||||||||
Deferred tax asset | 17,580 | ||||||||
Remaining purchase discount on loans(1) | [1] | (396) | |||||||
Retained earnings | 103,911 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Other Liabilities [Member] | |||||||||
Reserve for unfunded loan commitments(2) | [2] | $ 366 | |||||||
[1]For PCD loans, formerly classified as PCI, the Company applied the guidance under CECL using the prospective transition approach. As a result, the Company adjusted the amortized cost basis of the PCD loans to reclassify the purchase discount to the allowance for credit losses on January 1, 2023.[2]The allowance for credit losses on unfunded loan commitments is included in “Accrued taxes and other liabilities” in the accompanying consolidated balance sheets. The related provision for credit losses on unfunded loan commitments is included in “Provision for credit losses” in the accompanying consolidated statements of income for the year ended December 31, 2023.[3]On January 1, 2023, the Company adopted ASU 2016-13, which introduced a new model known as CECL. Refer to Note 1. Summary of Significant Accounting Policies for more information on the adoption of ASU 2016-13. Amounts as of December 31, 2023 reflect the impact of adopting the CECL accounting standard and the Company’s transition from a probable incurred loss methodology to the current expected credit loss methodology. Prior period amounts represent the allowance for loan losses under the probable incurred loss methodology. |
Note 2 - Investment Securitie_2
Note 2 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Trading, and Equity Securities, FV-NI | $ 0 | $ 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 698 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Percent of Securities Cost Basis | 14.70% | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Percent of Amortized Cost of Investment Securities Portfolio | 13.80% | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 682 | |
Debt Securities, Accrued Interest, after Allowance for Credit Loss | 1,700 | |
Asset Not Pledged as Collateral and Asset Pledged as Collateral without Right [Member] | ||
Debt Securities | $ 296,200 | $ 165,700 |
Note 2 - Investment Securitie_3
Note 2 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as AFS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 419,283 | $ 467,316 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 333 | 330 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (57,698) | (62,479) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 361,918 | 405,167 |
US Government Corporations and Agencies Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 20,383 | 30,370 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 100 | 134 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (440) | (699) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 20,043 | 29,805 |
US States and Political Subdivisions Debt Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 18,768 | 21,098 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 11 | 7 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (2,076) | (2,727) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 16,703 | 18,378 |
Corporate Debt Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 30,097 | 33,477 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (3,741) | (3,535) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 26,356 | 29,942 |
Residential Mortgage-Backed Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 274,950 | 298,867 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 14 | 10 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (42,919) | (47,026) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 232,045 | 251,851 |
Commercial Mortgage-Backed Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 75,085 | 83,504 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 208 | 179 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (8,522) | (8,492) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 66,771 | $ 75,191 |
Note 2 - Investment Securitie_4
Note 2 - Investment Securities - Sales of Investments Classified as AFS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sales | $ 14,974 | $ 0 | $ 137,803 |
Gross gains | 2 | 0 | 2,323 |
Gross losses | $ (325) | $ 0 | $ (2) |
Note 2 - Investment Securitie_5
Note 2 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as HTM (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 20,472 | $ 8,305 |
Gross Unrealized Gains | 314 | 1 |
Gross Unrealized Losses | (273) | (384) |
Fair Value | 20,513 | 7,922 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 18,163 | 5,538 |
Gross Unrealized Gains | 314 | 1 |
Gross Unrealized Losses | (82) | (127) |
Fair Value | 18,395 | 5,412 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized Cost | 2,309 | 2,767 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (191) | (257) |
Fair Value | $ 2,118 | $ 2,510 |
Note 2 - Investment Securitie_6
Note 2 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as AFS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 5,526 | $ 210,918 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (491) | (24,039) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 329,283 | 164,186 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (57,207) | (38,440) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 334,809 | 375,104 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (57,698) | (62,479) |
US Government Corporations and Agencies Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 1,268 | 16,017 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (7) | (688) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 9,284 | 1,013 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (433) | (11) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 10,552 | 17,030 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (440) | (699) |
US States and Political Subdivisions Debt Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 13,695 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | (1,427) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 15,425 | 4,524 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (2,076) | (1,300) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 15,425 | 18,219 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (2,076) | (2,727) |
Corporate Debt Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 468 | 19,606 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (28) | (1,170) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 25,888 | 10,085 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (3,713) | (2,365) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 26,356 | 29,691 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (3,741) | (3,535) |
Residential Mortgage-Backed Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 2,705 | 134,419 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (421) | (18,122) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 228,415 | 116,132 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (42,498) | (28,904) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 231,120 | 250,551 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (42,919) | (47,026) |
Commercial Mortgage-Backed Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 1,085 | 27,181 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (35) | (2,632) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 50,271 | 32,432 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | (8,487) | (5,860) |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 51,356 | 59,613 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ (8,522) | $ (8,492) |
Note 2 - Investment Securitie_7
Note 2 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as HTM (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 12 months, fair value | $ 0 | $ 6,046 |
Less than 12 months, unrealized losses | 0 | (384) |
12 months or more, fair value | 5,182 | 0 |
12 months or more, unrealized losses | (273) | 0 |
Total, fair value | 5,182 | 6,046 |
Total, unrealized losses | (273) | (384) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 0 | 3,536 |
Less than 12 months, unrealized losses | 0 | (127) |
12 months or more, fair value | 3,064 | 0 |
12 months or more, unrealized losses | (82) | 0 |
Total, fair value | 3,064 | 3,536 |
Total, unrealized losses | (82) | (127) |
Residential Mortgage-Backed Securities [Member] | ||
Less than 12 months, fair value | 0 | 2,510 |
Less than 12 months, unrealized losses | 0 | (257) |
12 months or more, fair value | 2,118 | 0 |
12 months or more, unrealized losses | (191) | 0 |
Total, fair value | 2,118 | 2,510 |
Total, unrealized losses | $ (191) | $ (257) |
Note 2 - Investment Securitie_8
Note 2 - Investment Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due within one year, AFS, amortized cost | $ 1,034 | $ 1,082 |
Due within one year, AFS, fair value | 1,027 | 1,072 |
Due within one year, HTM, amortized cost | 960 | 915 |
Due within one year, HTM, fair value | 961 | 915 |
Due after one year through five years, AFS, amortized cost | 28,620 | 32,452 |
Due after one year through five years, AFS, fair value | 27,623 | 31,394 |
Due after one year through five years, HTM, amortized cost | 2,556 | 960 |
Due after one year through five years, HTM, fair value | 2,582 | 961 |
Due after five years through ten years, AFS, amortized cost | 43,634 | 52,093 |
Due after five years through ten years, AFS, fair value | 39,971 | 48,229 |
Due after five years through ten years, HTM, amortized cost | 4,647 | 3,663 |
Due after five years through ten years, HTM, fair value | 4,621 | 3,536 |
Due after ten years, AFS, amortized cost | 345,995 | 381,689 |
Due after ten years, AFS, fair value | 293,297 | 324,472 |
Due after ten years, HTM, amortized cost | 12,309 | 2,767 |
Due after ten years, HTM, fair value | 12,349 | 2,510 |
Total debt securities, AFS, amortized cost | 419,283 | 467,316 |
Total debt securities, AFS, fair value | 361,918 | 405,167 |
Total debt securities, HTM, amortized cost | 20,472 | 8,305 |
Total debt securities, HTM, fair value | $ 20,513 | $ 7,922 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Credit Losses (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 200,000 | $ 800,000 | ||
Financing Receivable, Deferred Commitment Fee | 1,100,000 | 1,300,000 | ||
Financing Receivable, Nonaccrual, Acquired With Credit Impairment | 500,000 | |||
Financing Receivable, before Allowance for Credit Loss | 2,210,619,000 | 2,104,767,000 | $ 1,872,012,000 | |
Loan Participations and Whole Loans Sold to and Serviced for Others Not on Balance Sheet | 25,900,000 | 16,900,000 | ||
Loan Participations and Whole Loans Sold to and Serviced For Others Unpaid Principal Balance | 99,800,000 | 92,900,000 | ||
Loans and Leases Receivable, Related Parties | 46,000,000 | 96,977,000 | 97,606,000 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 12,700,000 | 10,800,000 | ||
Financing Receivable, Credit Loss, Expense (Reversal) | [1],[2] | (1,964,000) | 2,922,000 | 22,885,000 |
Financing Receivable, Modified, Commitment to Lend | 0 | |||
Hurricane [Member] | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 21,600,000 | |||
Unfunded Loan Commitment [Member] | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (36,000) | |||
Nonperforming Financial Instruments [Member] | ||||
Loans and Leases Receivable, Related Parties | 0 | 0 | ||
Doubtful [Member] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 0 | 187,000 | ||
Unlikely to be Collected Financing Receivable [Member] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 0 | |||
[1]For the year ended December 31, 2021, the provision for loan losses includes a $21.6 million impairment recorded for one of the Company’s loan relationships as a result of Hurricane Ida. The corresponding loan balances in the same amount were then charged off.[2]For the year ended December 31, 2023, the $2.0 million negative provision for credit losses on the consolidated statement of income includes a $2.0 million negative provision for loan losses and a $36,000 negative provision for unfunded loan commitments. |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Credit Losses - Summary of Loans by Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 2,210,619 | $ 2,104,767 | $ 1,872,012 |
Real Estate Portfolio Segment [Member] | |||
Loans | 1,655,462 | 1,655,942 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 190,371 | 201,633 | 203,204 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Loans | 413,786 | 401,377 | 364,307 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Loans | 105,946 | 81,812 | 59,570 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Loans | 7,651 | 12,877 | 20,128 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Loans | 937,708 | 958,243 | 896,377 |
Commercial Portfolio Segment [Member] | |||
Loans | 543,421 | 435,093 | 310,831 |
Consumer Portfolio Segment [Member] | |||
Loans | $ 11,736 | $ 13,732 | $ 17,595 |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 2,210,619 | $ 2,104,767 | $ 1,872,012 |
Nonaccrual | 5,770 | 9,986 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 15,799 | ||
Nonaccrual | 9,477 | ||
Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 968 | 2,749 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 2,200,387 | ||
Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 2,088,000 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,395 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 3,625 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2,704 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,346 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 4,133 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,351 | ||
Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | |||
Loans | 1,655,462 | 1,655,942 | |
Nonaccrual | 5,183 | 7,673 | |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 12,816 | ||
Nonaccrual | 7,164 | ||
Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 911 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 1,646,629 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,642,215 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,079 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 3,048 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2,134 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,304 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 3,620 | ||
Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,300 | ||
Real Estate Portfolio Segment [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 190,371 | 201,633 | 203,204 |
Nonaccrual | 789 | 372 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 585 | ||
Nonaccrual | 372 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 189,746 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 201,048 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 101 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 55 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 570 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 112 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Loans | 413,786 | 401,377 | 364,307 |
Nonaccrual | 4,178 | 1,207 | |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 6,229 | ||
Nonaccrual | 1,207 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 302 | 348 | |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 406,014 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 394,846 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 3,031 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 2,614 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 1,720 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,220 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 3,021 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 1,188 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Loans | 105,946 | 81,812 | 59,570 |
Nonaccrual | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Nonaccrual | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 105,946 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 81,812 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Loans | 7,651 | 12,877 | 20,128 |
Nonaccrual | 0 | 62 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 276 | ||
Nonaccrual | 62 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | 1,701 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 7,651 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 12,601 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 152 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 62 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Loans | 937,708 | 958,243 | |
Nonaccrual | 216 | 6,032 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 5,726 | ||
Nonaccrual | 5,523 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 609 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 937,272 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 951,908 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 48 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 181 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 359 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 22 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 29 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans | 543,421 | 435,093 | 310,831 |
Nonaccrual | 468 | 2,183 | |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 2,655 | ||
Nonaccrual | 2,183 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 542,206 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 432,438 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 259 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 406 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 488 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 15 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 468 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 51 | ||
Commercial Portfolio Segment [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | |||
Loans | 11,736 | 13,732 | 17,595 |
Nonaccrual | 119 | 130 | |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 328 | ||
Nonaccrual | 130 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 57 | $ 64 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 11,552 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 13,347 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 57 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 171 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 82 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 27 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 45 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | $ 0 | ||
Consumer Portfolio Segment [Member] | Greater Than Ninety Days and Accruing [Member] | |||
Loans | $ 0 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Nonaccrual with no allowance | $ 3,863 | |
Nonaccrual with allowance | 1,907 | |
Nonaccrual loans | 5,770 | $ 9,986 |
Nonaccrual, interest income | 1,506 | |
Real Estate Portfolio Segment [Member] | ||
Nonaccrual with no allowance | 3,730 | |
Nonaccrual with allowance | 1,453 | |
Nonaccrual loans | 5,183 | 7,673 |
Nonaccrual, interest income | 494 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual with no allowance | 577 | |
Nonaccrual with allowance | 212 | |
Nonaccrual loans | 789 | 372 |
Nonaccrual, interest income | 42 | |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Nonaccrual with no allowance | 2,937 | |
Nonaccrual with allowance | 1,241 | |
Nonaccrual loans | 4,178 | 1,207 |
Nonaccrual, interest income | 26 | |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Nonaccrual with no allowance | 0 | |
Nonaccrual with allowance | 0 | |
Nonaccrual loans | 0 | 0 |
Nonaccrual, interest income | 0 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Nonaccrual with no allowance | 0 | |
Nonaccrual with allowance | 0 | |
Nonaccrual loans | 0 | 62 |
Nonaccrual, interest income | 10 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Nonaccrual with no allowance | 216 | |
Nonaccrual with allowance | 0 | |
Nonaccrual loans | 216 | 6,032 |
Nonaccrual, interest income | 416 | |
Commercial Portfolio Segment [Member] | ||
Nonaccrual with no allowance | 59 | |
Nonaccrual with allowance | 409 | |
Nonaccrual loans | 468 | 2,183 |
Nonaccrual, interest income | 997 | |
Consumer Portfolio Segment [Member] | ||
Nonaccrual with no allowance | 74 | |
Nonaccrual with allowance | 45 | |
Nonaccrual loans | 119 | $ 130 |
Nonaccrual, interest income | $ 15 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Credit Losses - Loan Portfolio by Category and Credit Quality Indicator (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current year | $ 248,801 | ||
Year two | 664,910 | ||
Year three | 381,712 | ||
Year four | 259,807 | ||
Year five | 121,332 | ||
Prior | 200,653 | ||
Revolving loans | 333,404 | ||
Revolving loans converted to term loans | 2,210,619 | ||
Current-period gross charge-offs, current year | 141 | ||
Current-period gross charge-offs, year two | 22 | ||
Current-period gross charge-offs, year three | 200 | ||
Current-period gross charge-offs, year four | 12 | ||
Current-period gross charge-offs, year five | 35 | ||
Current-period gross charge-offs, prior | 117 | ||
Current-period gross charge-offs, revolving | 215 | ||
Current-period gross charge-offs, revolving loans converted to term | 742 | ||
Loans | 2,210,619 | $ 2,104,767 | $ 1,872,012 |
Pass [Member] | |||
Current year | 245,506 | ||
Year two | 662,583 | ||
Year three | 379,386 | ||
Year four | 258,150 | ||
Year five | 119,777 | ||
Prior | 191,612 | ||
Revolving loans | 330,722 | ||
Revolving loans converted to term loans | 2,187,736 | ||
Loans | 2,076,730 | ||
Special Mention [Member] | |||
Current year | 3,063 | ||
Year two | 0 | ||
Year three | 1,425 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 4,068 | ||
Revolving loans | 2,289 | ||
Revolving loans converted to term loans | 10,845 | ||
Loans | 12,834 | ||
Substandard [Member] | |||
Current year | 232 | ||
Year two | 2,327 | ||
Year three | 901 | ||
Year four | 1,657 | ||
Year five | 1,555 | ||
Prior | 4,973 | ||
Revolving loans | 393 | ||
Revolving loans converted to term loans | 12,038 | ||
Loans | 15,016 | ||
Doubtful [Member] | |||
Loans | 0 | 187 | |
Real Estate Portfolio Segment [Member] | |||
Loans | 1,655,462 | 1,655,942 | |
Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans | 1,635,664 | ||
Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 7,694 | ||
Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 12,584 | ||
Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Current year | 54,874 | ||
Year two | 83,961 | ||
Year three | 26,425 | ||
Year four | 2,661 | ||
Year five | 935 | ||
Prior | 4,019 | ||
Revolving loans | 17,496 | ||
Revolving loans converted to term loans | 190,371 | ||
Current-period gross charge-offs, current year | 0 | ||
Current-period gross charge-offs, year two | 0 | ||
Current-period gross charge-offs, year three | 0 | ||
Current-period gross charge-offs, year four | 0 | ||
Current-period gross charge-offs, year five | 0 | ||
Current-period gross charge-offs, prior | 0 | ||
Current-period gross charge-offs, revolving | 0 | ||
Current-period gross charge-offs, revolving loans converted to term | 0 | ||
Loans | 190,371 | 201,633 | 203,204 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Current year | 51,811 | ||
Year two | 83,668 | ||
Year three | 25,169 | ||
Year four | 2,661 | ||
Year five | 935 | ||
Prior | 4,012 | ||
Revolving loans | 17,496 | ||
Revolving loans converted to term loans | 185,752 | ||
Loans | 198,967 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Current year | 3,063 | ||
Year two | 0 | ||
Year three | 767 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 3,830 | ||
Loans | 1,593 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Current year | 0 | ||
Year two | 293 | ||
Year three | 489 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 7 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 789 | ||
Loans | 1,073 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Current year | 43,226 | ||
Year two | 103,428 | ||
Year three | 86,074 | ||
Year four | 59,088 | ||
Year five | 27,799 | ||
Prior | 60,625 | ||
Revolving loans | 33,546 | ||
Revolving loans converted to term loans | 413,786 | ||
Current-period gross charge-offs, current year | 22 | ||
Current-period gross charge-offs, year two | 0 | ||
Current-period gross charge-offs, year three | 0 | ||
Current-period gross charge-offs, year four | 0 | ||
Current-period gross charge-offs, year five | 21 | ||
Current-period gross charge-offs, prior | 3 | ||
Current-period gross charge-offs, revolving | 0 | ||
Current-period gross charge-offs, revolving loans converted to term | 46 | ||
Loans | 413,786 | 401,377 | 364,307 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Pass [Member] | |||
Current year | 43,047 | ||
Year two | 101,479 | ||
Year three | 85,340 | ||
Year four | 58,926 | ||
Year five | 26,836 | ||
Prior | 59,115 | ||
Revolving loans | 33,454 | ||
Revolving loans converted to term loans | 408,197 | ||
Loans | 399,143 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Special Mention [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 477 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 477 | ||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Substandard [Member] | |||
Current year | 179 | ||
Year two | 1,949 | ||
Year three | 257 | ||
Year four | 162 | ||
Year five | 963 | ||
Prior | 1,510 | ||
Revolving loans | 92 | ||
Revolving loans converted to term loans | 5,112 | ||
Loans | 2,234 | ||
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | |||
Current year | 7,839 | ||
Year two | 64,932 | ||
Year three | 16,300 | ||
Year four | 5,045 | ||
Year five | 633 | ||
Prior | 11,037 | ||
Revolving loans | 160 | ||
Revolving loans converted to term loans | 105,946 | ||
Current-period gross charge-offs, current year | 0 | ||
Current-period gross charge-offs, year two | 0 | ||
Current-period gross charge-offs, year three | 0 | ||
Current-period gross charge-offs, year four | 0 | ||
Current-period gross charge-offs, year five | 0 | ||
Current-period gross charge-offs, prior | 0 | ||
Current-period gross charge-offs, revolving | 0 | ||
Current-period gross charge-offs, revolving loans converted to term | 0 | ||
Loans | 105,946 | 81,812 | 59,570 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Pass [Member] | |||
Current year | 7,839 | ||
Year two | 64,932 | ||
Year three | 16,300 | ||
Year four | 5,045 | ||
Year five | 633 | ||
Prior | 6,969 | ||
Revolving loans | 160 | ||
Revolving loans converted to term loans | 101,878 | ||
Loans | 81,812 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Special Mention [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 4,068 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 4,068 | ||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Substandard [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Current year | 1,762 | ||
Year two | 1,347 | ||
Year three | 727 | ||
Year four | 936 | ||
Year five | 775 | ||
Prior | 1,089 | ||
Revolving loans | 1,015 | ||
Revolving loans converted to term loans | 7,651 | ||
Current-period gross charge-offs, current year | 0 | ||
Current-period gross charge-offs, year two | 0 | ||
Current-period gross charge-offs, year three | 0 | ||
Current-period gross charge-offs, year four | 0 | ||
Current-period gross charge-offs, year five | 0 | ||
Current-period gross charge-offs, prior | 0 | ||
Current-period gross charge-offs, revolving | 0 | ||
Current-period gross charge-offs, revolving loans converted to term | 0 | ||
Loans | 7,651 | 12,877 | 20,128 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | |||
Current year | 1,762 | ||
Year two | 1,347 | ||
Year three | 727 | ||
Year four | 936 | ||
Year five | 775 | ||
Prior | 1,013 | ||
Revolving loans | 1,015 | ||
Revolving loans converted to term loans | 7,575 | ||
Loans | 12,815 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 76 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 76 | ||
Loans | 62 | ||
Real Estate Portfolio Segment [Member] | Farmland [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Current year | 76,043 | ||
Year two | 269,311 | ||
Year three | 218,961 | ||
Year four | 177,078 | ||
Year five | 83,081 | ||
Prior | 108,316 | ||
Revolving loans | 4,918 | ||
Revolving loans converted to term loans | 937,708 | ||
Current-period gross charge-offs, current year | 0 | ||
Current-period gross charge-offs, year two | 0 | ||
Current-period gross charge-offs, year three | 0 | ||
Current-period gross charge-offs, year four | 0 | ||
Current-period gross charge-offs, year five | 2 | ||
Current-period gross charge-offs, prior | 25 | ||
Current-period gross charge-offs, revolving | 0 | ||
Current-period gross charge-offs, revolving loans converted to term | 27 | ||
Loans | 937,708 | 958,243 | 896,377 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Pass [Member] | |||
Current year | 76,043 | ||
Year two | 269,311 | ||
Year three | 218,780 | ||
Year four | 175,604 | ||
Year five | 82,909 | ||
Prior | 105,083 | ||
Revolving loans | 4,731 | ||
Revolving loans converted to term loans | 932,461 | ||
Loans | 942,927 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Special Mention [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 181 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 181 | ||
Loans | 6,101 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Substandard [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 1,474 | ||
Year five | 172 | ||
Prior | 3,233 | ||
Revolving loans | 187 | ||
Revolving loans converted to term loans | 5,066 | ||
Loans | 9,215 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | |||
Current year | 60,172 | ||
Year two | 139,621 | ||
Year three | 31,613 | ||
Year four | 14,251 | ||
Year five | 7,855 | ||
Prior | 14,298 | ||
Revolving loans | 275,611 | ||
Revolving loans converted to term loans | 543,421 | ||
Current-period gross charge-offs, current year | 0 | ||
Current-period gross charge-offs, year two | 0 | ||
Current-period gross charge-offs, year three | 190 | ||
Current-period gross charge-offs, year four | 0 | ||
Current-period gross charge-offs, year five | 7 | ||
Current-period gross charge-offs, prior | 31 | ||
Current-period gross charge-offs, revolving | 193 | ||
Current-period gross charge-offs, revolving loans converted to term | 421 | ||
Loans | 543,421 | 435,093 | 310,831 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Current year | 60,123 | ||
Year two | 139,543 | ||
Year three | 31,459 | ||
Year four | 14,244 | ||
Year five | 7,439 | ||
Prior | 14,290 | ||
Revolving loans | 273,208 | ||
Revolving loans converted to term loans | 540,306 | ||
Loans | 427,430 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 2,289 | ||
Revolving loans converted to term loans | 2,289 | ||
Loans | 5,140 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Current year | 49 | ||
Year two | 78 | ||
Year three | 154 | ||
Year four | 7 | ||
Year five | 416 | ||
Prior | 8 | ||
Revolving loans | 114 | ||
Revolving loans converted to term loans | 826 | ||
Loans | 2,336 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 187 | ||
Consumer Portfolio Segment [Member] | |||
Current year | 4,885 | ||
Year two | 2,310 | ||
Year three | 1,612 | ||
Year four | 748 | ||
Year five | 254 | ||
Prior | 1,269 | ||
Revolving loans | 658 | ||
Revolving loans converted to term loans | 11,736 | ||
Current-period gross charge-offs, current year | 119 | ||
Current-period gross charge-offs, year two | 22 | ||
Current-period gross charge-offs, year three | 10 | ||
Current-period gross charge-offs, year four | 12 | ||
Current-period gross charge-offs, year five | 5 | ||
Current-period gross charge-offs, prior | 58 | ||
Current-period gross charge-offs, revolving | 22 | ||
Current-period gross charge-offs, revolving loans converted to term | 248 | ||
Loans | 11,736 | 13,732 | $ 17,595 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Current year | 4,881 | ||
Year two | 2,303 | ||
Year three | 1,611 | ||
Year four | 734 | ||
Year five | 250 | ||
Prior | 1,130 | ||
Revolving loans | 658 | ||
Revolving loans converted to term loans | 11,567 | ||
Loans | 13,636 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Current year | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 0 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | 0 | ||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Current year | 4 | ||
Year two | 7 | ||
Year three | 1 | ||
Year four | 14 | ||
Year five | 4 | ||
Prior | 139 | ||
Revolving loans | 0 | ||
Revolving loans converted to term loans | $ 169 | ||
Loans | 96 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | $ 0 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Credit Losses - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of period | $ 96,977 | $ 97,606 |
New loans/changes in relationship | 2,570 | 14,570 |
Repayments/changes in relationship | (53,547) | (15,199) |
Balance, end of period | $ 46,000 | $ 96,977 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | ||||
Balance, beginning of period | $ 24,364 | $ 20,859 | $ 20,363 | ||||
Provision for credit losses on loans(2)(3) | [1],[2] | (1,964) | 2,922 | 22,885 | |||
Charge-offs | (742) | (633) | (22,636) | ||||
Recoveries | 3,017 | 1,216 | 247 | ||||
Balance, end of period | 30,540 | 24,364 | 20,859 | ||||
Charge-offs | (742) | (633) | (22,636) | ||||
Ending allowance balance for loans individually evaluated for impairment | 538 | 283 | 564 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 30,002 | 24,081 | 20,085 | ||||
Balance of loans individually evaluated for impairment | 5,770 | 10,439 | 32,791 | ||||
Balance of loans collectively evaluated for impairment | 2,204,849 | 2,093,360 | 1,836,472 | ||||
Loans | 2,210,619 | 2,104,767 | 1,872,012 | ||||
Allowance for credit losses | 30,540 | 24,364 | 20,859 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance, beginning of period | 0 | 210 | |||||
Balance, end of period | 0 | 210 | |||||
Loans | 968 | 2,749 | |||||
Allowance for credit losses | 0 | 210 | |||||
Real Estate Portfolio Segment [Member] | |||||||
Loans | 1,655,462 | 1,655,942 | |||||
Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 911 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Balance, beginning of period | 5,743 | 4,411 | 4,558 | ||||
Provision for credit losses on loans(2)(3) | 213 | 797 | 11,494 | ||||
Recoveries | 592 | 932 | 72 | ||||
Balance, end of period | 6,920 | 5,743 | 4,411 | ||||
Charge-offs | (421) | (397) | (11,713) | ||||
Ending allowance balance for loans individually evaluated for impairment | 114 | 112 | 468 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 6,806 | 5,631 | 3,943 | ||||
Balance of loans individually evaluated for impairment | 468 | 2,241 | 13,321 | ||||
Balance of loans collectively evaluated for impairment | 542,953 | 432,852 | 297,510 | ||||
Loans | 543,421 | 435,093 | 310,831 | ||||
Allowance for credit losses | 6,920 | 5,743 | 4,411 | ||||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance, beginning of period | 0 | 0 | |||||
Balance, end of period | 0 | 0 | |||||
Loans | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | |||||
Consumer Portfolio Segment [Member] | |||||||
Balance, beginning of period | 319 | 354 | 540 | ||||
Provision for credit losses on loans(2)(3) | 108 | 114 | (128) | ||||
Recoveries | 82 | 51 | 101 | ||||
Balance, end of period | 203 | 319 | 354 | ||||
Charge-offs | (248) | (200) | (159) | ||||
Ending allowance balance for loans individually evaluated for impairment | 25 | 63 | 96 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 178 | 256 | 258 | ||||
Balance of loans individually evaluated for impairment | 119 | 130 | 182 | ||||
Balance of loans collectively evaluated for impairment | 11,617 | 13,545 | 17,349 | ||||
Loans | 11,736 | 13,732 | 17,595 | ||||
Allowance for credit losses | 203 | 319 | 354 | ||||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance, beginning of period | 0 | 0 | |||||
Balance, end of period | 0 | 0 | |||||
Loans | 57 | 64 | |||||
Allowance for credit losses | 0 | 0 | |||||
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 2,555 | 2,347 | 2,375 | ||||
Provision for credit losses on loans(2)(3) | (84) | 160 | 219 | ||||
Recoveries | 75 | 48 | 36 | ||||
Balance, end of period | 2,471 | 2,555 | 2,347 | ||||
Charge-offs | 0 | 0 | (283) | ||||
Ending allowance balance for loans individually evaluated for impairment | 212 | 26 | 0 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 2,259 | 2,529 | 2,347 | ||||
Balance of loans individually evaluated for impairment | 789 | 591 | 529 | ||||
Balance of loans collectively evaluated for impairment | 189,582 | 201,042 | 202,675 | ||||
Loans | 190,371 | 201,633 | 203,204 | ||||
Allowance for credit losses | 2,471 | 2,555 | 2,347 | ||||
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 | |||||
Loans | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | |||||
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 3,917 | 3,337 | 3,370 | ||||
Provision for credit losses on loans(2)(3) | 524 | 477 | 123 | ||||
Recoveries | 22 | 114 | 32 | ||||
Balance, end of period | 9,129 | 3,917 | 3,337 | ||||
Charge-offs | (46) | (11) | (188) | ||||
Ending allowance balance for loans individually evaluated for impairment | 187 | 46 | 0 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 8,942 | 3,871 | 3,337 | ||||
Balance of loans individually evaluated for impairment | 4,178 | 1,479 | 1,995 | ||||
Balance of loans collectively evaluated for impairment | 409,608 | 399,596 | 361,964 | ||||
Loans | 413,786 | 401,377 | 364,307 | ||||
Allowance for credit losses | 9,129 | 3,917 | 3,337 | ||||
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 | |||||
Loans | 302 | 348 | |||||
Allowance for credit losses | 0 | 0 | |||||
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 999 | 673 | 589 | ||||
Provision for credit losses on loans(2)(3) | 209 | 326 | 84 | ||||
Recoveries | 0 | 0 | 0 | ||||
Balance, end of period | 1,124 | 999 | 673 | ||||
Charge-offs | 0 | 0 | 0 | ||||
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 1,124 | 999 | 673 | ||||
Balance of loans individually evaluated for impairment | 0 | 0 | 0 | ||||
Balance of loans collectively evaluated for impairment | 105,946 | 81,812 | 59,570 | ||||
Loans | 105,946 | 81,812 | 59,570 | ||||
Allowance for credit losses | 1,124 | 999 | 673 | ||||
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 | |||||
Loans | 0 | 0 | |||||
Allowance for credit losses | 0 | 0 | |||||
Farmland [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 113 | 383 | 435 | ||||
Provision for credit losses on loans(2)(3) | (12) | (283) | (39) | ||||
Recoveries | 0 | 67 | 0 | ||||
Balance, end of period | 2 | 113 | 383 | ||||
Charge-offs | 0 | (54) | (13) | ||||
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 2 | 113 | 173 | ||||
Balance of loans individually evaluated for impairment | 0 | 62 | 79 | ||||
Balance of loans collectively evaluated for impairment | 7,651 | 12,815 | 18,348 | ||||
Loans | 7,651 | 12,877 | 20,128 | ||||
Allowance for credit losses | 2 | 113 | 383 | ||||
Farmland [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Balance, beginning of period | 0 | 210 | |||||
Balance, end of period | 0 | 210 | |||||
Loans | 0 | 1,701 | |||||
Allowance for credit losses | 0 | 210 | |||||
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 10,718 | 9,354 | 8,496 | ||||
Provision for credit losses on loans(2)(3) | (2,922) | 1,331 | 11,132 | ||||
Recoveries | 2,246 | 4 | 6 | ||||
Balance, end of period | 10,691 | 10,718 | 9,354 | ||||
Charge-offs | (27) | 29 | (10,280) | ||||
Ending allowance balance for loans individually evaluated for impairment | 0 | 36 | 0 | ||||
Ending allowance balance for loans collectively evaluated for impairment | 10,691 | 10,682 | 9,354 | ||||
Balance of loans individually evaluated for impairment | 216 | 5,936 | 16,685 | ||||
Balance of loans collectively evaluated for impairment | 937,492 | 951,698 | 879,056 | ||||
Loans | 937,708 | 958,243 | 896,377 | ||||
Allowance for credit losses | 10,691 | 10,718 | 9,354 | ||||
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 | |||||
Loans | 609 | 636 | |||||
Allowance for credit losses | 0 | 0 | |||||
Accounting Standards Update 2016-13 [Member] | |||||||
Balance, beginning of period | (24,364) | ||||||
Balance, end of period | (24,364) | ||||||
Allowance for credit losses | (24,364) | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Balance, beginning of period | [3] | 5,865 | 0 | 0 | |||
Balance, end of period | [3] | 5,865 | 0 | ||||
Allowance for credit losses | 5,865 | [3] | $ 0 | [3] | $ (5,865) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | |||||||
Balance, beginning of period | 793 | ||||||
Balance, end of period | 793 | ||||||
Allowance for credit losses | 793 | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||
Balance, beginning of period | (58) | ||||||
Balance, end of period | (58) | ||||||
Allowance for credit losses | (58) | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction Loans [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | (75) | ||||||
Balance, end of period | (75) | ||||||
Allowance for credit losses | (75) | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 1-4 Family [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | 4,712 | ||||||
Balance, end of period | 4,712 | ||||||
Allowance for credit losses | 4,712 | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | (84) | ||||||
Balance, end of period | (84) | ||||||
Allowance for credit losses | (84) | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Farmland [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | (99) | ||||||
Balance, end of period | (99) | ||||||
Allowance for credit losses | (99) | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | |||||||
Balance, beginning of period | $ 676 | ||||||
Balance, end of period | 676 | ||||||
Allowance for credit losses | $ 676 | ||||||
[1]For the year ended December 31, 2021, the provision for loan losses includes a $21.6 million impairment recorded for one of the Company’s loan relationships as a result of Hurricane Ida. The corresponding loan balances in the same amount were then charged off.[2]For the year ended December 31, 2023, the $2.0 million negative provision for credit losses on the consolidated statement of income includes a $2.0 million negative provision for loan losses and a $36,000 negative provision for unfunded loan commitments.[3]On January 1, 2023, the Company adopted ASU 2016-13, which introduced a new model known as CECL. Refer to Note 1. Summary of Significant Accounting Policies for more information on the adoption of ASU 2016-13. Amounts as of December 31, 2023 reflect the impact of adopting the CECL accounting standard and the Company’s transition from a probable incurred loss methodology to the current expected credit loss methodology. Prior period amounts represent the allowance for loan losses under the probable incurred loss methodology. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Recorded investment, with no related allowance recorded | $ 9,209 | $ 28,738 |
Unpaid principal balance, with no related allowance recorded | 25,118 | 41,123 |
With no related allowance recorded, Average Recorded Investment | 18,628 | 22,941 |
With no related allowance recorded, Interest Income Recognized | 130 | 380 |
Recorded investment, with related allowance recorded | 1,230 | 4,053 |
Unpaid principal balance, with related allowance recorded | 1,587 | 9,782 |
Related allowance | 283 | 564 |
With related allowance recorded, Average Recorded Investment | 979 | 1,457 |
With related allowance recorded, Interest Income Recognized | 0 | 24 |
Recorded investment | 10,439 | 32,791 |
Unpaid principal balance | 26,705 | 50,905 |
Average recorded investment | 19,607 | 24,398 |
Total loans, Interest Income Recognized | 130 | 404 |
Real Estate Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 7,179 | 19,288 |
Unpaid principal balance, with no related allowance recorded | 22,543 | 30,113 |
With no related allowance recorded, Average Recorded Investment | 11,704 | 13,679 |
With no related allowance recorded, Interest Income Recognized | 60 | 228 |
Recorded investment, with related allowance recorded | 889 | |
Unpaid principal balance, with related allowance recorded | 1,172 | |
Related allowance | 108 | 0 |
With related allowance recorded, Average Recorded Investment | 462 | |
With related allowance recorded, Interest Income Recognized | 0 | |
Recorded investment | 8,068 | 19,288 |
Unpaid principal balance | 23,715 | 30,113 |
Average recorded investment | 12,166 | 13,679 |
Total loans, Interest Income Recognized | 60 | 228 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no related allowance recorded | 366 | 529 |
Unpaid principal balance, with no related allowance recorded | 375 | 812 |
With no related allowance recorded, Average Recorded Investment | 300 | 731 |
With no related allowance recorded, Interest Income Recognized | 15 | 17 |
Recorded investment, with related allowance recorded | 225 | |
Unpaid principal balance, with related allowance recorded | 498 | |
Related allowance | 26 | 0 |
With related allowance recorded, Average Recorded Investment | 225 | |
With related allowance recorded, Interest Income Recognized | 0 | |
Recorded investment | 591 | 529 |
Unpaid principal balance | 873 | 812 |
Average recorded investment | 525 | 731 |
Total loans, Interest Income Recognized | 15 | 17 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Recorded investment, with no related allowance recorded | 1,005 | 1,995 |
Unpaid principal balance, with no related allowance recorded | 1,082 | 2,081 |
With no related allowance recorded, Average Recorded Investment | 821 | 1,965 |
With no related allowance recorded, Interest Income Recognized | 17 | 30 |
Recorded investment, with related allowance recorded | 474 | |
Unpaid principal balance, with related allowance recorded | 484 | |
Related allowance | 46 | 0 |
With related allowance recorded, Average Recorded Investment | 205 | |
With related allowance recorded, Interest Income Recognized | 0 | |
Recorded investment | 1,479 | 1,995 |
Unpaid principal balance | 1,566 | 2,081 |
Average recorded investment | 1,026 | 1,965 |
Total loans, Interest Income Recognized | 17 | 30 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Recorded investment, with no related allowance recorded | 62 | 79 |
Unpaid principal balance, with no related allowance recorded | 70 | 81 |
With no related allowance recorded, Average Recorded Investment | 68 | 193 |
With no related allowance recorded, Interest Income Recognized | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 62 | 79 |
Unpaid principal balance | 70 | 81 |
Average recorded investment | 68 | 193 |
Total loans, Interest Income Recognized | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Recorded investment, with no related allowance recorded | 5,746 | 16,685 |
Unpaid principal balance, with no related allowance recorded | 21,016 | 27,139 |
With no related allowance recorded, Average Recorded Investment | 10,515 | 10,790 |
With no related allowance recorded, Interest Income Recognized | 28 | 181 |
Recorded investment, with related allowance recorded | 190 | |
Unpaid principal balance, with related allowance recorded | 190 | |
Related allowance | 36 | 0 |
With related allowance recorded, Average Recorded Investment | 32 | |
With related allowance recorded, Interest Income Recognized | 0 | |
Recorded investment | 5,936 | 16,685 |
Unpaid principal balance | 21,206 | 27,139 |
Average recorded investment | 10,547 | 10,790 |
Total loans, Interest Income Recognized | 28 | 181 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 1,996 | 9,395 |
Unpaid principal balance, with no related allowance recorded | 2,530 | 10,941 |
With no related allowance recorded, Average Recorded Investment | 6,868 | 9,166 |
With no related allowance recorded, Interest Income Recognized | 70 | 152 |
Recorded investment, with related allowance recorded | 245 | 3,926 |
Unpaid principal balance, with related allowance recorded | 292 | 9,618 |
Related allowance | 112 | 468 |
With related allowance recorded, Average Recorded Investment | 421 | 1,311 |
With related allowance recorded, Interest Income Recognized | 0 | 24 |
Recorded investment | 2,241 | 13,321 |
Unpaid principal balance | 2,822 | 20,559 |
Average recorded investment | 7,289 | 10,477 |
Total loans, Interest Income Recognized | 70 | 176 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 34 | 55 |
Unpaid principal balance, with no related allowance recorded | 45 | 69 |
With no related allowance recorded, Average Recorded Investment | 56 | 96 |
With no related allowance recorded, Interest Income Recognized | 0 | 0 |
Recorded investment, with related allowance recorded | 96 | 127 |
Unpaid principal balance, with related allowance recorded | 123 | 164 |
Related allowance | 63 | 96 |
With related allowance recorded, Average Recorded Investment | 96 | 146 |
With related allowance recorded, Interest Income Recognized | 0 | 0 |
Recorded investment | 130 | 182 |
Unpaid principal balance | 168 | 233 |
Average recorded investment | 152 | 242 |
Total loans, Interest Income Recognized | $ 0 | $ 0 |
Note 3 - Loans And Allowance_10
Note 3 - 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, 2022 USD ($) | |
Pre- Modification Outstanding Recorded Investment | $ 244 |
Post- Modification Outstanding Recorded Investment | $ 244 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |
Number of Contracts | 1 |
Pre- Modification Outstanding Recorded Investment | $ 186 |
Post- Modification Outstanding Recorded Investment | $ 186 |
Commercial Portfolio Segment [Member] | |
Number of Contracts | 2 |
Pre- Modification Outstanding Recorded Investment | $ 58 |
Post- Modification Outstanding Recorded Investment | $ 58 |
Note 3 - Loans and Allowance_11
Note 3 - Loans and Allowance for Loan Losses - Summary of Accruing and Nonaccrual TDRs (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
TDRs loans | $ 2,984 |
Construction Loans [Member] | |
TDRs loans | 219 |
1-4 Family [Member] | |
TDRs loans | 398 |
Commercial Real Estate Portfolio Segment [Member] | |
TDRs loans | 1,217 |
Commercial Portfolio Segment [Member] | |
TDRs loans | 1,150 |
Accruing Troubled Debt Restructurings [Member] | |
TDRs loans | 961 |
Accruing Troubled Debt Restructurings [Member] | Construction Loans [Member] | |
TDRs loans | 219 |
Accruing Troubled Debt Restructurings [Member] | 1-4 Family [Member] | |
TDRs loans | 271 |
Accruing Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | |
TDRs loans | 413 |
Accruing Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | |
TDRs loans | 58 |
Nonaccrual Troubled Debt Restructurings [Member] | |
TDRs loans | 2,023 |
Nonaccrual Troubled Debt Restructurings [Member] | Construction Loans [Member] | |
TDRs loans | 0 |
Nonaccrual Troubled Debt Restructurings [Member] | 1-4 Family [Member] | |
TDRs loans | 127 |
Nonaccrual Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | |
TDRs loans | 804 |
Nonaccrual Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | |
TDRs loans | 1,092 |
Related Allowance [Member] | |
TDRs loans | 0 |
Related Allowance [Member] | Construction Loans [Member] | |
TDRs loans | 0 |
Related Allowance [Member] | 1-4 Family [Member] | |
TDRs loans | 0 |
Related Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | |
TDRs loans | 0 |
Related Allowance [Member] | Commercial Portfolio Segment [Member] | |
TDRs loans | $ 0 |
Note 3 - Loans and Allowance_12
Note 3 - 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, 2022 | Dec. 31, 2021 | |
Average recorded investment | $ 19,607 | $ 24,398 |
Total loans, Interest Income Recognized | 130 | 404 |
Commercial Portfolio Segment [Member] | ||
Average recorded investment | 7,289 | 10,477 |
Total loans, Interest Income Recognized | 70 | 176 |
TDR [Member] | ||
Average recorded investment | 5,479 | 13,082 |
Total loans, Interest Income Recognized | 129 | 368 |
TDR [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 1,249 | 5,358 |
Total loans, Interest Income Recognized | 28 | 174 |
TDR [Member] | Commercial Portfolio Segment [Member] | ||
Average recorded investment | 3,511 | 6,698 |
Total loans, Interest Income Recognized | 70 | 149 |
Construction Loans [Member] | TDR [Member] | ||
Average recorded investment | 230 | 251 |
Total loans, Interest Income Recognized | 15 | 17 |
1-4 Family [Member] | TDR [Member] | ||
Average recorded investment | 489 | 775 |
Total loans, Interest Income Recognized | $ 16 | $ 28 |
Note 4 - Other Real Estate Ow_3
Note 4 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Real Estate Owned, Transfers From Properties Related To Impaired Loans | $ 2,700 | $ 1,600 |
Repossessed Assets | 4,438 | 682 |
Mortgage Loans in Process of Foreclosure, Amount | 500 | 600 |
Acquired Loans [Member] | ||
Repossessed Assets | $ 300 | $ 1,700 |
Note 4 - Other Real Estate Ow_4
Note 4 - Other Real Estate Owned - Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of period | $ 682 | $ 2,653 |
Additions | 3,930 | 3,327 |
Transfers from bank premises and equipment | 1,425 | 525 |
Sales of other real estate owned | (1,599) | (5,823) |
Balance, end of period | $ 4,438 | $ 682 |
Note 5 - Bank Premises and Eq_3
Note 5 - Bank Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Depreciation, Depletion and Amortization, Nonproduction | $ 3,780 | $ 4,435 | $ 4,988 |
Gain (Loss) on Disposition of Property Plant Equipment | $ (1,323) | $ (258) | (408) |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | |||
Number of Bank Branches Closed | 1 | 2 | |
Property, Plant and Equipment, Gross | $ 1,400 | $ 500 | |
Gain (Loss) on Disposition of Property Plant Equipment | 1,300 | 300 | |
Bank Premises and Equipment [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction | $ 3,000 | $ 3,500 | $ 4,000 |
Note 5 - Bank Premises and Eq_4
Note 5 - Bank Premises and Equipment - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Right-of-use asset, gross | $ 2,112 | $ 2,845 |
Less: Accumulated depreciation and amortization | (19,476) | (22,025) |
Bank premises and equipment, net | 44,183 | 49,587 |
Land [Member] | ||
Bank premises and equipment, gross | 10,206 | 11,490 |
Building and Building Improvements [Member] | ||
Bank premises and equipment, gross | 39,198 | 40,799 |
Furniture and Fixtures [Member] | ||
Bank premises and equipment, gross | 10,317 | 13,569 |
Software and Software Development Costs [Member] | ||
Bank premises and equipment, gross | 1,668 | 2,334 |
Construction in Progress [Member] | ||
Bank premises and equipment, gross | $ 158 | $ 575 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | |||
Jan. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Operating Lease, Lease Income | $ 400 | $ 300 | $ 300 | ||
Occupancy, Net | $ 300 | $ 2,994 | $ 2,915 | $ 2,753 | |
Minimum [Member] | |||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | ||||
Maximum [Member] | |||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 8 years | ||||
Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 2,100 | 2,800 | 2,800 | ||
Other Liabilities [Member] | |||||
Operating Lease, Liability | $ 2,200 | $ 2,900 | $ 2,900 |
Note 6 - Leases - Quantitative
Note 6 - Leases - Quantitative Information Regarding Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total operating lease cost | $ 441 | $ 610 |
Weighted average remaining lease term (in years) (Year) | 6 years 9 months 18 days | 7 years |
Weighted average discount rate | 3.20% | 2.90% |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payment (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 381 |
2025 | 388 |
2026 | 339 |
2027 | 341 |
2028 | 341 |
Thereafter | 671 |
Total | $ 2,461 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Including Goodwill) | $ 42,320 | $ 43,147 | |
Goodwill and Intangible Asset Impairment, Total | 0 | ||
Goodwill | 40,100 | 40,100 | |
Indefinite-Lived Trademarks | 100 | 100 | |
Depreciation and Amortization [Member] | |||
Amortization of Intangible Assets | $ 800 | $ 900 | $ 1,000 |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years 4 months 24 days | ||
Minimum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years | |
Maximum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 15 years |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 7,486 | $ 7,486 |
Accumulated amortization | (5,354) | (4,527) |
Finite-Lived Intangible Assets, Net | $ 2,132 | $ 2,959 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Amortization Schedule for Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2028 | $ 161 | |
Finite-Lived Intangible Assets, Net | 2,132 | $ 2,959 |
Core Deposits [Member] | ||
2024 | 624 | |
2025 | 512 | |
2026 | 398 | |
2027 | 278 | |
Thereafter | 159 | |
Finite-Lived Intangible Assets, Net | $ 2,132 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits 250,000 and Above | $ 178,100 | $ 155,800 |
Deposits Public Funds Amount | 134,800 | 167,500 |
Debt Securities, Available-for-Sale | 361,918 | 405,167 |
Related Party Deposit Liabilities | 20,100 | 29,900 |
Asset Pledged as Collateral [Member] | Deposits [Member] | ||
Debt Securities, Available-for-Sale | $ 110,100 | $ 165,500 |
Note 8 - Deposits - Deposits (D
Note 8 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Noninterest-bearing | $ 448,752 | $ 580,741 |
Interest-bearing demand deposits | 489,604 | 565,598 |
Money market deposit accounts | 179,366 | 208,596 |
Savings accounts | 137,606 | 155,176 |
Brokered time deposits | 269,102 | 9,990 |
Time deposits | 731,297 | 562,264 |
Total deposits | $ 2,255,727 | $ 2,082,365 |
Note 8 - Deposits - Scheduled M
Note 8 - Deposits - Scheduled Maturates of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 762,456 |
2025 | 197,355 |
2026 | 29,803 |
2027 | 2,374 |
2028 | 8,411 |
Time Deposits | $ 1,000,399 |
Note 9 - Securities Sold Unde_2
Note 9 - Securities Sold Under Agreements to Repurchase (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Securities Sold under Agreements to Repurchase | $ 8,600 | $ 0 | |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 9,000 | ||
Assets Sold under Agreements to Repurchase, Interest Rate | 0.13% | ||
Assets Sold under Agreements to Repurchase, Weighted Average Interest Rate | 0.13% | 0.15% | 0.21% |
Note 10 - Subordinated Debt S_2
Note 10 - Subordinated Debt Securities (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Apr. 06, 2022 | Nov. 12, 2019 | May 24, 2017 | Dec. 31, 2023 | Dec. 31, 2022 |
Subordinated Debt | $ 44,320 | $ 44,225 | ||||
Subordinated Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 20,000 | $ 25,000 | $ 18,600 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | 6% | 5.125% | ||
Extinguishment of Debt, Amount | $ 18,600 | |||||
Subordinated Debt | $ 44,300 | 44,200 | ||||
Debt Issuance Costs, Net | $ 700 | $ 800 | ||||
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.77% | |||||
Subordinated Debt [Member] | London Interbank Offer Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.49% | 3.945% |
Note 11 - Other Borrowed Fund_2
Note 11 - Other Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 12, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 919,500 | ||
Other Short-Term Borrowings | 212,500 | $ 0 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 8,630 | 8,515 | |
Secured Debt [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 60,000 | 60,000 | |
Long-Term Line of Credit | 0 | $ 0 | |
Bank Term Funding Program [Member] | |||
Other Short-Term Borrowings | $ 212,500 | ||
Debt, Weighted Average Interest Rate | 4.83% | ||
Line of Credit Facility, Remaining Borrowing Capacity | 58,500 | ||
Loan Portfolio [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 975,400 |
Note 11 - Other Borrowed Fund_3
Note 11 - Other Borrowed Funds - Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2023 | $ 0 | $ 333,500 |
2023, weighted average rate | 0% | 4.55% |
2024 | $ 23,500 | $ 23,500 |
2024, weighted average rate | 1.81% | 1.81% |
2033 | $ 0 | $ 30,000 |
2033, weighted average rate | 0% | 1.88% |
Advance from Federal Home Loan Bank | $ 23,500 | $ 387,000 |
Weighted average rate | 1.81% | 4.18% |
Note 11 - Other Borrowing Funds
Note 11 - Other Borrowing Funds - Junior Subordinated Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Face Value | $ 9,795 | |
Carrying Value | 8,630 | $ 8,515 |
First Community Louisiana Statutory Trust I [Member] | ||
Face Value | 3,609 | |
Carrying Value | $ 3,609 | |
Interest rate | 7.42% | |
First Community Louisiana Statutory Trust I [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Variable Interest Rate | 1.77% | |
BOJ Bancshares Statutory Trust I [Member] | ||
Face Value | $ 3,093 | |
Carrying Value | $ 2,504 | |
Interest rate | 7.55% | |
BOJ Bancshares Statutory Trust I [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Variable Interest Rate | 1.90% | |
Cheaha Statutory Trust I [Member] | ||
Face Value | $ 3,093 | |
Carrying Value | $ 2,517 | |
Interest rate | 7.35% | |
Cheaha Statutory Trust I [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Variable Interest Rate | 1.70% |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 0 | $ 6,380 | $ 1,450 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0 | 1,697 | 385 |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | 174,900 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4,300 | 5,300 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,200 | 1,400 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Derivative Asset | 17,325 | ||
Interest Rate Swap [Member] | Other Assets [Member] | |||
Derivative Asset | 17,300 | ||
Interest Rate Swap [Member] | Accrued Taxes and Other Liabilities [Member] | |||
Derivative Asset | 17,300 | ||
Interest Rate Swap [Member] | Swap Termination Fees [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 6,400 | 1,400 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1,700 | 400 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | 0 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | |
Derivative, Terminated, Notional Amount | 115,000 | $ 150,000 | |
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 0 | 0 | |
Offsetting Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 174,900 | ||
Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | $ 0 |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity (Details Textual) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 06, 2022 | 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 (in shares) | 9,748,067 | 9,901,847 | 10,343,494 | |||
Subordinated Debt [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | 5.125% | 6% | ||
Common Stock [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 222,448 | 518,978 | 359,138 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 13.47 | $ 20.27 | $ 19.24 |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 215,782 | $ 242,598 | $ 243,284 |
Net change | 3,766 | (50,076) | (642) |
Balance | 226,768 | 215,782 | 242,598 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (43,137) | 4,882 | 7,493 |
Net change | 3,510 | (48,019) | (2,611) |
Balance | (39,627) | (43,137) | 4,882 |
Accumulated Net Realized Gain (Loss) On Reclassification [Member] | |||
Balance | (5,777) | (5,772) | (3,939) |
Net change | 256 | (5) | (1,833) |
Balance | (5,521) | (5,777) | (5,772) |
Accumulated Net (Loss) On Transfer of Available For Sale Securities To Held To Maturity [Member] | |||
Balance | 1 | 2 | 3 |
Net change | 0 | (1) | (1) |
Balance | 1 | 1 | 2 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 7,830 | 3,501 | (1,752) |
Net change | 0 | 4,329 | 5,253 |
Balance | 7,830 | 7,830 | 3,501 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Reclassification, Parent [Member] | |||
Balance | (7,830) | (1,450) | 0 |
Net change | 0 | (6,380) | (1,450) |
Balance | (7,830) | (7,830) | (1,450) |
AOCI Attributable to Parent [Member] | |||
Balance | (48,913) | 1,163 | 1,805 |
Net change | 3,766 | (50,076) | (642) |
Balance | $ (45,147) | $ (48,913) | $ 1,163 |
Note 14 - Stock-Based Compens_3
Note 14 - Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 34,497 | 34,379 | 38,450 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 0.1 | ||
Stock or Unit Option Plan Expense | 0.2 | ||
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) | 3 years 2 months 12 days | ||
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) | 172,736 | 134,524 | |
Share-Based Payment Arrangement, Expense | $ 1.8 | $ 2 | $ 1.6 |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4.3 | ||
Key Personnel [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 34,497 | 34,379 | 38,450 |
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% | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 5 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 172,736 | ||
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 | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 153,467 | ||
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) | 134,524 | 129,082 | |
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) | 114,554 | 105,294 | |
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) | 19,269 | 19,970 | 23,788 |
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) | 450,058 |
Note 14 - Stock-Based Compens_4
Note 14 - Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, shares (in shares) | 350,430 | 368,481 | 408,288 | |
Outstanding, weighted average price (in dollars per share) | $ 17.89 | $ 18.1 | $ 17.66 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years 10 months 2 days | 4 years 2 months 8 days | 5 years 18 days | 5 years 6 months 25 days |
Granted, shares (in shares) | 34,497 | 34,379 | 38,450 | |
Granted, weighted average price (in dollars per share) | $ 13.96 | $ 18.92 | $ 20.72 | |
Forfeited, shares (in shares) | (50,822) | (42,930) | (30,869) | |
Forfeited, weighted average price (in dollars per share) | $ 19.47 | $ 21.36 | $ 19.56 | |
Exercised, shares (in shares) | (7,500) | (9,500) | (47,388) | |
Exercised, weighted average price (in dollars per share) | $ 14 | $ 14 | $ 15.44 | |
Outstanding, shares (in shares) | 326,605 | 350,430 | 368,481 | 408,288 |
Outstanding, weighted average price (in dollars per share) | $ 17.32 | $ 17.89 | $ 18.1 | $ 17.66 |
Exercisable, shares (in shares) | 244,847 | |||
Exercisable, weighted average price (in dollars per share) | $ 17.17 | |||
Exercisable, weighted average remaining contractual term (Year) | 2 years 5 months 8 days |
Note 14 - Stock-Based Compens_5
Note 14 - Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Dividend yield | 2.72% | 1.70% |
Expected volatility | 38.31% | 38.74% |
Risk-free interest rate | 3.56% | 2.50% |
Expected term (in years) (Year) | 6 years 6 months | 6 years 6 months |
Weighted average grant date fair value (in dollars per share) | $ 4.58 | $ 6.69 |
Note 14 - Stock-Based Compens_6
Note 14 - Stock-Based Compensation Summarizes Restricted Stock and RSU Activity (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, shares (in shares) | 253,488 | 241,070 |
Balance, beginning of period, weighted average grant date fair value (in dollars per share) | $ 20.19 | $ 21.16 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 172,736 | 134,524 |
Granted, weighted average grant date fair value (in dollars per share) | $ 14.82 | $ 19.09 |
Forfeited, shares (in shares) | (7,008) | (30,169) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 20.53 | $ 20.34 |
Earned and issued, shares (in shares) | (82,467) | (91,937) |
Earned and issued, weighted average grant date fair value (in dollars per share) | $ 20.42 | $ 21.14 |
Balance, shares (in shares) | 336,749 | 253,488 |
Balance, end of period, weighted average grant date fair value (in dollars per share) | $ 17.37 | $ 20.19 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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% | ||||
Defined Contribution Plan, Cost | $ 1 | $ 1 | $ 1 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.1 | ||||
Defined Contribution Plan, Employers Discretionary Contribution, Annual Vesting Percentage | 20% | 20% | |||
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 | $ 2 | |||
Deferred Compensation Liability, Current and Noncurrent, Total | 5.2 | 5.3 | 5.2 | ||
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense | $ 0.2 | ||||
Salaries and Employee Benefits [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0.2 | $ 1 | $ 0.7 | ||
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 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Operating Loss Carryforwards | $ 0.3 | $ 0.9 | |
Tax Year 2033 [Member] | |||
Operating Loss Carryforwards Subject to Expiration | 4,000 | ||
Tax Year 2039 [Member] | |||
Operating Loss Carryforwards Subject to Expiration | $ 0.3 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current federal income tax expense | $ 3,971 | $ 9,075 | $ 2,315 |
Current state income tax expense | 129 | 219 | 141 |
Deferred federal income tax expense | (350) | (655) | (547) |
Total income tax expense | $ 3,750 | $ 8,639 | $ 1,909 |
Note 16 - Income Taxes - Summar
Note 16 - Income Taxes - Summary of Provision for Federal Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax based on statutory rate | $ 4,290 | $ 9,313 | $ 2,081 |
Effect of tax-exempt income | (830) | (873) | (348) |
Acquisition costs | 0 | 0 | 72 |
Historical tax credits | 0 | 0 | (54) |
State taxes | 129 | 219 | 141 |
Other | 161 | (20) | 17 |
Total income tax expense | $ 3,750 | $ 8,639 | $ 1,909 |
Effective rate | 18.40% | 19.50% | 19.30% |
Note 16 - Income Taxes - Summ_2
Note 16 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Depreciation | $ (3,072) | $ (3,441) |
FHLB stock dividend | (88) | (103) |
Basis difference in acquired assets and liabilities | (1,018) | (1,129) |
Operating lease right-of-use asset | (443) | (598) |
Other | (55) | (46) |
Gross deferred tax liability | (4,676) | (5,317) |
Allowance for credit losses | 6,474 | 5,180 |
Unrealized loss on available for sale securities | 12,216 | 13,235 |
Net operating loss carryforward | 69 | 193 |
Deferred compensation | 1,117 | 1,099 |
Basis difference in acquired assets and liabilities | 270 | 440 |
Employee and director stock awards | 580 | 576 |
Operating lease liability | 463 | 619 |
Unearned loan fees | 227 | 269 |
Other | 170 | 144 |
Gross deferred tax asset | 21,586 | 21,755 |
Net deferred tax asset | $ 16,910 | $ 16,438 |
Note 17 - Fair Values of Fina_3
Note 17 - Fair Values of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Financing Receivable, Impaired During Period Gross | 1,800 | 4,200 |
Financing Receivable, Impaired During Period, Allowance For Credit Losses, Individually Evaluated For Impairment | 500 | 200 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Other Assets [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Investments, Fair Value Disclosure | $ 3,400 | $ 2,800 |
Note 17 - Fair Values of Fina_4
Note 17 - Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 361,918 | $ 405,167 |
Equity securities | 1,180 | 1,245 |
Total assets | 380,423 | 406,412 |
Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 17,325 | |
Interest rate swaps - gross liabilities | 17,325 | |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,180 | 1,245 |
Total assets | 1,180 | 1,245 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 0 | |
Interest rate swaps - gross liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Total assets | 373,530 | 398,723 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 17,325 | |
Interest rate swaps - gross liabilities | 17,325 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Total assets | 5,713 | 6,444 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 0 | |
Interest rate swaps - gross liabilities | 0 | |
US Government Corporations and Agencies Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 20,043 | 29,805 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 20,043 | 29,805 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 16,703 | 18,378 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 11,453 | 12,413 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 5,250 | 5,965 |
Corporate Debt Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 26,356 | 29,942 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 25,893 | 29,463 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 463 | 479 |
Residential Mortgage-Backed Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 232,045 | 251,851 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 232,045 | 251,851 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 66,771 | 75,191 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 66,771 | 75,191 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 0 | $ 0 |
Note 17 - Fair Values of Fina_5
Note 17 - 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, 2023 | Dec. 31, 2022 | |
Balance | $ 6,444 | $ 22,602 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Unrealized losses included in other comprehensive loss | (705) | (1,483) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (26) | (4,840) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | (9,835) |
Balance | 5,713 | 6,444 |
US States and Political Subdivisions Debt Securities [Member] | ||
Balance | 5,965 | 22,114 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Unrealized losses included in other comprehensive loss | (689) | (1,474) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (26) | (4,840) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | (9,835) |
Balance | 5,250 | 5,965 |
Corporate Debt Securities [Member] | ||
Balance | 479 | 488 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 |
Unrealized losses included in other comprehensive loss | (16) | (9) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance | $ 463 | $ 479 |
Note 17 - Fair Values of Fina_6
Note 17 - Fair Values of Financial Instruments - Quantitative Information About Significant Unobservable Inputs Used in Fair Value Measurement (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 361,918 | $ 405,167 | |||
Loans individually evaluated for impairment(1) | 5,770 | 10,439 | $ 32,791 | ||
Estimate of Fair Value Measurement [Member] | |||||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 382,431 | 413,089 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 16,703 | 18,378 | |||
Corporate Debt Securities [Member] | |||||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 26,356 | 29,942 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | |||||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 479 | ||||
Investment securities, measurement input | [1] | 0.04 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | [1] | $ 5,250 | $ 5,965 | ||
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] | 0.11 | 0.12 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | Corporate Debt Securities [Member] | |||||
Obligations of the U.S. Treasury and U.S. government agencies and corporations | [1] | $ 463 | |||
Investment securities, measurement input | [1] | 0.08 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | |||||
Impaired loans | $ 4,033 | ||||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Estimate of Fair Value Measurement [Member] | |||||
Loans individually evaluated for impairment(1) | [2] | $ 1,293 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Minimum [Member] | |||||
Impaired loans, measurement input | 6,000 | 0.04 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Maximum [Member] | |||||
Impaired loans, measurement input | 100,000 | 1 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Weighted Average [Member] | |||||
Impaired loans, measurement input | 29,000 | [3] | 0.53 | ||
[1]Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates.[2]Loans individually evaluated that were re-measured during the period had a carrying value of $1.0 million and $4.2 million at September 30, 2023 and December 31, 2022, respectively, with related allowance for credit losses of $0.4 million and $0.2 million as of such dates.[3]Weighted by relative fair value. |
Note 17 - Fair Values of Fina_7
Note 17 - Fair Values of Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | $ 361,918 | $ 405,167 |
Equity securities | 1,180 | 1,245 |
Junior subordinated debt | 8,630 | 8,515 |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,180 | 1,245 |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 32,009 | 40,066 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 382,390 | 413,472 |
Equity securities | 14,597 | 27,254 |
Loans, net of allowance | 2,180,079 | 2,080,403 |
Deposits, noninterest-bearing | 448,752 | 580,741 |
Deposits, interest-bearing | 1,806,975 | 1,501,624 |
Borrowings under BTFP and repurchase agreements | 221,133 | |
FHLB long-term advances | 23,500 | 53,500 |
Junior subordinated debt | 8,630 | 8,515 |
Subordinated debt | 45,000 | 45,000 |
Federal funds sold | 193 | |
FHLB short-term advances | 333,500 | |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 17,325 | |
Interest rate swaps - gross liabilities | 17,325 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 32,009 | 40,066 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 382,431 | 413,089 |
Equity securities | 14,597 | 27,254 |
Loans, net of allowance | 2,020,924 | 1,997,287 |
Deposits, noninterest-bearing | 448,752 | 580,741 |
Deposits, interest-bearing | 1,735,562 | 1,314,407 |
Borrowings under BTFP and repurchase agreements | 221,133 | |
FHLB long-term advances | 22,945 | 52,147 |
Junior subordinated debt | 8,630 | 8,515 |
Subordinated debt | 44,544 | 42,980 |
Federal funds sold | 193 | |
FHLB short-term advances | 333,500 | |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 17,325 | |
Interest rate swaps - gross liabilities | 17,325 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 32,009 | 40,066 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 0 | 0 |
Equity securities | 1,180 | 1,245 |
Loans, net of allowance | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 0 | 0 |
Borrowings under BTFP and repurchase agreements | 0 | |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 0 | 0 |
Federal funds sold | 193 | |
FHLB short-term advances | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 0 | |
Interest rate swaps - gross liabilities | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 358,323 | 401,233 |
Equity securities | 13,417 | 26,009 |
Loans, net of allowance | 0 | 0 |
Deposits, noninterest-bearing | 448,752 | 580,741 |
Deposits, interest-bearing | 0 | 0 |
Borrowings under BTFP and repurchase agreements | 221,133 | |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 44,544 | 42,980 |
Federal funds sold | 0 | |
FHLB short-term advances | 333,500 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 17,325 | |
Interest rate swaps - gross liabilities | 17,325 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Obligations of the U.S. Treasury and U.S. government agencies and corporations | 24,108 | 11,856 |
Equity securities | 0 | 0 |
Loans, net of allowance | 2,020,924 | 1,997,287 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 1,735,562 | 1,314,407 |
Borrowings under BTFP and repurchase agreements | 0 | |
FHLB long-term advances | 22,945 | 52,147 |
Junior subordinated debt | 8,630 | 8,515 |
Subordinated debt | 0 | 0 |
Federal funds sold | 0 | |
FHLB short-term advances | $ 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps - gross assets | 0 | |
Interest rate swaps - gross liabilities | $ 0 |
Note 18 - Regulatory Matters (D
Note 18 - Regulatory Matters (Details Textual) | Dec. 31, 2023 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 |
Note 18 - Regulatory Matters -
Note 18 - Regulatory Matters - Summary of Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Parent Company [Member] | |||
Tier 1 leverage capital, actual amount | $ 239,095 | $ 231,048 | |
Tier 1 leverage capital, actual ratio | 0.0835 | 0.0853 | |
Tier 1 leverage capital, capital adequacy amount | [1] | $ 114,563 | $ 108,405 |
Tier 1 leverage capital, capital adequacy ratio | [1] | 4% | 4% |
Common Equity Tier 1 risk-based capital, actual amount | $ 229,595 | $ 221,548 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.0951 | 0.0979 | |
Common Equity Tier 1 risk-based capital, capital adequacy amount | [1] | $ 169,031 | $ 158,457 |
Common Equity Tier 1 risk-based capital, capital adequacy ratio | [1] | 7% | 7% |
Tier 1 risk-based capital, actual amount | $ 239,095 | $ 231,048 | |
Tier 1 risk-based capital, actual ratio | 0.099 | 0.1021 | |
Tier 1 risk-based capital, capital adequacy amount | [1] | $ 205,251 | $ 192,412 |
Tier 1 risk-based capital, capital adequacy ratio | [1] | 8.50% | 8.50% |
Total risk-based capital, actual amount | $ 313,574 | $ 300,009 | |
Total risk-based capital, actual ratio | 0.1299 | 0.1325 | |
Total risk-based capital, capital adequacy amount | [1] | $ 253,546 | $ 237,685 |
Total risk-based capital, capital adequacy ratio | [1] | 10.50% | 10.50% |
Subsidiaries [Member] | |||
Tier 1 leverage capital, actual amount | $ 280,687 | $ 267,603 | |
Tier 1 leverage capital, actual ratio | 0.0981 | 0.0989 | |
Tier 1 leverage capital, capital adequacy amount | [1] | $ 114,468 | $ 108,275 |
Tier 1 leverage capital, capital adequacy ratio | [1] | 4% | 4% |
Tier 1 leverage capital, well capitalized amount | $ 143,085 | $ 135,344 | |
Tier 1 leverage capital, well capitalized ratio | 0.05 | 0.05 | |
Common Equity Tier 1 risk-based capital, actual amount | $ 280,687 | $ 267,603 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.1164 | 0.1183 | |
Common Equity Tier 1 risk-based capital, capital adequacy amount | [1] | $ 168,867 | $ 158,355 |
Common Equity Tier 1 risk-based capital, capital adequacy ratio | [1] | 7% | 7% |
Common Equity Tier 1 risk-based capital, well capitalized amount | $ 156,805 | $ 147,044 | |
Common Equity Tier 1 risk-based capital, well capitalized ratio | 0.065 | 0.065 | |
Tier 1 risk-based capital, actual amount | $ 280,687 | $ 267,603 | |
Tier 1 risk-based capital, actual ratio | 0.1164 | 0.1183 | |
Tier 1 risk-based capital, capital adequacy amount | [1] | $ 205,052 | $ 192,288 |
Tier 1 risk-based capital, capital adequacy ratio | [1] | 8.50% | 8.50% |
Tier 1 risk-based capital, well capitalized amount | $ 192,990 | $ 180,977 | |
Tier 1 risk-based capital, well capitalized ratio | 0.08 | 0.08 | |
Total risk-based capital, actual amount | $ 310,846 | $ 292,339 | |
Total risk-based capital, actual ratio | 0.1289 | 0.1292 | |
Total risk-based capital, capital adequacy amount | [1] | $ 253,300 | $ 237,532 |
Total risk-based capital, capital adequacy ratio | [1] | 10.50% | 10.50% |
Total risk-based capital, well capitalized amount | $ 241,238 | $ 226,221 | |
Total risk-based capital, well capitalized ratio | 0.10 | 0.10 | |
[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 19 - Commitments and Con_3
Note 19 - Commitments and Contingencies (Details Textual) - USD ($) | Aug. 01, 2020 | Dec. 31, 2023 | Dec. 31, 2022 |
Commitment to Fund Investment in SBIC Qualified Funds | $ 1,300,000 | ||
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 | $ 300,000 | $ 400,000 |
Note 19 - Commitments and Con_4
Note 19 - Commitments and Contingencies - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Commitments to extend credit | $ 413,019 | $ 333,040 |
Standby Letters of Credit [Member] | ||
Commitments to extend credit | $ 17,844 | $ 11,379 |
Note 20 - Transactions with R_2
Note 20 - Transactions with Related Parties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Joffrion Commercial Division, LLC (JCD) [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 100 |
Note 21 - Parent Company Only_3
Note 21 - Parent Company Only Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Cash and due from banks | $ 28,285 | $ 30,056 | ||
Equity securities | 14,597 | 27,254 | ||
Trademark intangible | 100 | 100 | ||
Other assets | 25,066 | 12,437 | ||
Total assets | 2,815,155 | 2,753,807 | ||
LIABILITIES | ||||
Subordinated debt, net of unamortized issuance costs | 44,320 | 44,225 | ||
Carrying Value | 8,630 | 8,515 | ||
Total liabilities | 2,588,387 | 2,538,025 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,748,067 and 9,901,847 shares issued and outstanding, respectively | 9,748 | 9,902 | ||
Retained earnings | 116,711 | 108,206 | ||
Accumulated other comprehensive loss | (45,147) | (48,913) | ||
Total stockholders’ equity | 226,768 | 215,782 | $ 242,598 | $ 243,284 |
Total liabilities and stockholders’ equity | 2,815,155 | 2,753,807 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 840 | 6,153 | ||
Equity securities | 752 | 823 | ||
Due from bank subsidiary | 1,141 | 937 | ||
Investment in bank subsidiary | 277,760 | 261,737 | ||
Investment in trust | 295 | 295 | ||
Trademark intangible | 100 | 100 | ||
Other assets | 864 | 518 | ||
Total assets | 281,752 | 270,563 | ||
LIABILITIES | ||||
Subordinated debt, net of unamortized issuance costs | 44,320 | 44,225 | ||
Carrying Value | 8,630 | 8,515 | ||
Accounts payable | 228 | 253 | ||
Accrued interest payable | 571 | 567 | ||
Dividend payable | 975 | 941 | ||
Deferred tax liability | 260 | 280 | ||
Total liabilities | 54,984 | 54,781 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,748,067 and 9,901,847 shares issued and outstanding, respectively | 9,748 | 9,902 | ||
Surplus | 145,456 | 146,587 | ||
Retained earnings | 116,711 | 108,206 | ||
Accumulated other comprehensive loss | (45,147) | (48,913) | ||
Total stockholders’ equity | 226,768 | 215,782 | ||
Total liabilities and stockholders’ equity | $ 281,752 | $ 270,563 |
Note 21 - Parent Company Only_4
Note 21 - Parent Company Only Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE | |||
Change in the fair value of equity securities | $ (65) | $ (90) | $ 214 |
EXPENSE | |||
Interest on borrowings | 16,609 | 8,534 | 4,241 |
Loss on early extinguishment of subordinated debt | 0 | 222 | 0 |
(Loss) income before income tax expense and equity in undistributed income of bank subsidiary | (706) | 12,610 | |
Income tax benefit | (3,750) | (8,639) | (1,909) |
Net income | 16,678 | 35,709 | $ 8,000 |
Parent Company [Member] | |||
REVENUE | |||
Dividends received from bank subsidiary | 3,300 | 17,000 | |
Dividends on corporate stock | 0 | 19 | |
Change in the fair value of equity securities | (71) | (35) | |
Interest income from investment in trust | 22 | 11 | |
Other operating income | 138 | 0 | |
Total revenue | 3,389 | 16,995 | |
EXPENSE | |||
Interest on borrowings | 3,216 | 3,137 | |
Management fees to bank subsidiary | 360 | 360 | |
Loss on early extinguishment of subordinated debt | 0 | 222 | |
Other expense | 519 | 666 | |
Total expense | 4,095 | 4,385 | |
Equity in undistributed income of bank subsidiary | 16,552 | 22,172 | |
Income tax benefit | 832 | 927 | |
Net income | $ 16,678 | $ 35,709 |
Note 21 - Parent Company Only_5
Note 21 - Parent Company Only Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 16,678 | $ 35,709 | $ 8,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Change in the fair value of equity securities | 65 | 90 | (214) |
Amortization of subordinated debt issuance costs | 95 | 66 | 92 |
Loss on early extinguishment of subordinated debt | 0 | 222 | 0 |
Net change in: | |||
Other assets | 5,772 | (1,732) | (3,086) |
Deferred tax liability | (20) | (52) | |
Accrued other liabilities | 1,447 | 695 | (1,042) |
Net cash provided by operating activities | 26,247 | 42,748 | 33,481 |
Cash flows from investing activities | |||
Purchases of equity securities | (4,196) | (11,615) | (523) |
Purchases of other investments | (617) | (718) | (233) |
Net cash (used in) provided by investing activities | (73,490) | (350,987) | 53,399 |
Cash flows from financing activities | |||
Cash dividends paid on common stock | (3,844) | (3,552) | (3,090) |
Payments to repurchase common stock | (3,026) | (10,540) | (6,925) |
Proceeds from stock options exercised | 105 | 133 | 732 |
Proceeds from subordinated debt, net of issuance costs | 0 | 19,548 | 0 |
Extinguishment of subordinated debt | 0 | (18,600) | 0 |
Net cash provided by (used in) financing activities | 38,993 | 251,457 | (25,207) |
Net (decrease) increase in cash and cash equivalents | (8,250) | (56,782) | 61,673 |
Cash and cash equivalents, beginning of period | 40,259 | 97,041 | 35,368 |
Cash and cash equivalents, end of period | 32,009 | 40,259 | 97,041 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | 56,773 | 14,409 | 11,817 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 16,678 | 35,709 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of bank subsidiary | (16,552) | (22,172) | |
Change in the fair value of equity securities | 71 | 35 | |
Amortization of subordinated debt issuance costs | 210 | 197 | |
Loss on early extinguishment of subordinated debt | 0 | 222 | |
Net change in: | |||
Due from bank subsidiary | (204) | 31 | |
Other assets | (84) | 5 | |
Accrued other liabilities | 1,638 | 1,746 | |
Net cash provided by operating activities | 1,737 | 15,721 | |
Cash flows from investing activities | |||
Purchases of equity securities | 0 | (750) | |
Proceeds from the sale of equity securities | 0 | 1,225 | |
Purchases of other investments | (285) | (225) | |
Net cash (used in) provided by investing activities | (285) | 250 | |
Cash flows from financing activities | |||
Cash dividends paid on common stock | (3,844) | (3,552) | |
Payments to repurchase common stock | (3,026) | (10,540) | |
Proceeds from stock options exercised | 105 | 133 | |
Proceeds from subordinated debt, net of issuance costs | 0 | 19,548 | |
Extinguishment of subordinated debt | 0 | (18,600) | |
Net cash provided by (used in) financing activities | (6,765) | (13,011) | |
Net (decrease) increase in cash and cash equivalents | (5,313) | 2,960 | |
Cash and cash equivalents, beginning of period | 6,153 | 3,193 | |
Cash and cash equivalents, end of period | 840 | 6,153 | $ 3,193 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | $ 3,212 | $ 3,179 |
Note 22 - Earnings Per Share -
Note 22 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 16,678 | $ 35,709 | $ 8,000 |
Less: income allocated to participating securities | (1) | (33) | (21) |
Net income allocated to common shareholders | $ 16,677 | $ 35,676 | $ 7,979 |
Weighted average basic shares outstanding (in shares) | 9,839,258 | 10,085,758 | 10,416,145 |
Basic earnings per common share (in dollars per share) | $ 1.69 | $ 3.54 | $ 0.77 |
Net income allocated to common shareholders | $ 16,677 | $ 35,676 | $ 7,979 |
Dilutive effect of securities (in shares) | 2,583 | 94,951 | 84,157 |
Total weighted average diluted shares outstanding (in shares) | 9,841,841 | 10,180,709 | 10,500,302 |
Diluted earnings per common share (in dollars per share) | $ 1.69 | $ 3.5 | $ 0.76 |
Note 22 - Earnings Per Share _2
Note 22 - Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities (in shares) | 0 | 15,361 | 869 |
Restricted Stock [Member] | |||
Antidilutive Securities (in shares) | 0 | 135 | 431 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 71,711 | 15,176 | 20,828 |