Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Parkway Acquisition Corp. | |
Entity Central Index Key | 0001657642 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,050,275 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 10,728 | $ 10,009 |
Interest-bearing deposits with banks | 44,760 | 84,863 |
Federal funds sold | 751 | 817 |
Investment securities available for sale | 89,557 | 33,507 |
Restricted equity securities | 2,209 | 2,416 |
Loans, net of allowance for loan losses of $5,051 at March 31, 2021 and $4,900 at December 31, 2020 | 692,634 | 659,195 |
Cash value of life insurance | 18,412 | 18,304 |
Properties and equipment, net | 26,691 | 26,591 |
Accrued interest receivable | 2,412 | 2,355 |
Core deposit intangible | 2,195 | 2,359 |
Goodwill | 3,257 | 3,257 |
Deferred tax assets, net | 1,828 | 1,019 |
Other assets | 11,391 | 10,695 |
Assets, Total | 906,825 | 855,387 |
Liabilities | ||
Noninterest-bearing | 261,734 | 231,852 |
Interest-bearing | 545,526 | 523,676 |
Total deposits | 807,260 | 755,528 |
FHLB advances | 10,000 | 10,000 |
Accrued interest payable | 148 | 124 |
Other liabilities | 4,720 | 4,629 |
Liabilities, Total | 822,128 | 770,281 |
Commitments and contingencies (Note 9) | ||
Stockholders’ Equity | ||
Preferred stock, no par value; 5,000,000 shares authorized, none issued | ||
Common stock, no par value; 25,000,000 shares authorized, 6,050,275 and 6,045,775 issued and outstanding at March 31, 2021 and December 31, 2020, respectively | ||
Surplus | 39,631 | 39,740 |
Retained earnings | 46,949 | 45,887 |
Accumulated other comprehensive loss | (1,883) | (521) |
Stockholders' Equity Attributable to Parent, Ending Balance | 84,697 | 85,106 |
Liabilities and Equity, Total | $ 906,825 | $ 855,387 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 5,051 | $ 4,900 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, issued (in shares) | 6,050,275 | 6,045,775 |
Common stock, outstanding (in shares) | 6,050,275 | 6,045,775 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | ||
Loans and fees on loans | $ 7,753 | $ 7,419 |
Interest-bearing deposits in banks | 37 | 127 |
Federal funds sold | 3 | |
Interest on taxable securities | 241 | 171 |
Interest on nontaxable securities | 9 | |
Dividends | 12 | 18 |
Interest and Dividend Income, Operating, Total | 8,052 | 7,738 |
Interest expense | ||
Deposits | 689 | 833 |
Interest on borrowings | 20 | 21 |
Interest Expense, Total | 709 | 854 |
Net interest income | 7,343 | 6,884 |
Provision for loan losses | 162 | 322 |
Net interest income after provision for loan losses | 7,181 | 6,562 |
Noninterest income | ||
Net realized gains on securities | 212 | |
Increase in cash value of life insurance | 108 | 108 |
Other income | 92 | 98 |
Noninterest Income, Total | 1,411 | 1,461 |
Noninterest expenses | ||
Salaries and employee benefits | 3,555 | 3,469 |
Occupancy and equipment | 914 | 783 |
Data processing expense | 496 | 416 |
FDIC Assessments | 77 | 15 |
Advertising | 110 | 106 |
Bank franchise tax | 126 | 110 |
Director fees | 60 | 70 |
Professional fees | 187 | 142 |
Telephone expense | 105 | 84 |
Core deposit intangible amortization | 164 | 193 |
Other expense | 491 | 541 |
Noninterest Expense, Total | 6,285 | 5,929 |
Net income before income taxes | 2,307 | 2,094 |
Income tax expense | 460 | 418 |
Net income | $ 1,847 | $ 1,676 |
Net income per share (in dollars per share) | $ 0.31 | $ 0.27 |
Weighted average shares outstanding (in shares) | 6,043,269 | 6,121,616 |
Dividends declared per share (in dollars per share) | $ 0.13 | $ 0.13 |
Deposit Account [Member] | ||
Noninterest income | ||
Noninterest income | $ 296 | $ 421 |
Financial Service, Other [Member] | ||
Noninterest income | ||
Noninterest income | 606 | 493 |
Mortgage Banking [Member] | ||
Noninterest income | ||
Noninterest income | $ 309 | $ 129 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 1,847 | $ 1,676 |
Unrealized gains (losses) on investment securities available for sale: | ||
Unrealized gains (losses) arising during the period | (1,724) | 163 |
Tax related to unrealized (gains) losses | 362 | (34) |
Reclassification of net realized gains during the period | (212) | |
Tax related to realized gains | 44 | |
Total other comprehensive loss | (1,362) | (39) |
Total comprehensive income | $ 485 | $ 1,637 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 6,137,275 | ||||
Balance at Dec. 31, 2019 | $ 40,752 | $ 41,600 | $ (924) | $ 81,428 | |
Net income | 1,676 | 1,676 | |||
Other comprehensive loss | (39) | (39) | |||
Dividends paid | (794) | (794) | |||
Common stock repurchased (in shares) | (70,000) | ||||
Common stock repurchased | (800) | (800) | |||
Balance (in shares) at Mar. 31, 2020 | 6,067,275 | ||||
Balance at Mar. 31, 2020 | 39,952 | 42,482 | (963) | $ 81,471 | |
Balance (in shares) at Dec. 31, 2020 | 6,045,775 | 6,045,775 | |||
Balance at Dec. 31, 2020 | 39,740 | 45,887 | (521) | $ 85,106 | |
Net income | 1,847 | 1,847 | |||
Other comprehensive loss | (1,362) | (1,362) | |||
Dividends paid | (785) | (785) | |||
Common stock repurchased (in shares) | (10,000) | ||||
Common stock repurchased | (109) | (109) | |||
Restricted stock issued (in shares) | 14,500 | ||||
Restricted stock issued | |||||
Balance (in shares) at Mar. 31, 2021 | 6,050,275 | 6,050,275 | |||
Balance at Mar. 31, 2021 | $ 39,631 | $ 46,949 | $ (1,883) | $ 84,697 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends paid per share (in dollars per share) | $ 0.13 | $ 0.13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 1,847 | $ 1,676 | |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation | 369 | 339 | |
Amortization of core deposit intangible | 164 | 193 | |
Accretion of loan discount and deposit premium, net | (232) | (506) | |
Provision for loan losses | 162 | 322 | |
Deferred income taxes | (447) | 25 | |
Net realized gains on securities | (212) | ||
Accretion of discount on securities, net of amortization of premiums | 74 | 75 | |
Deferred compensation | 5 | (1) | |
Changes in assets and liabilities: | |||
Cash value of life insurance | (108) | (108) | |
Accrued interest receivable | (57) | 136 | |
Other assets | (719) | (421) | |
Accrued interest payable | 24 | 72 | |
Other liabilities | 109 | (23) | |
Net cash provided by operating activities | 1,191 | 1,567 | |
Cash flows from investing activities | |||
Purchases | (60,792) | (4,748) | |
Sales | 7,798 | ||
Maturities/calls/paydowns | 2,944 | 749 | |
Sales (purchases) of restricted equity securities | 207 | (22) | |
Net increase in loans | (33,404) | (6,355) | |
Purchases of property and equipment | (469) | (2,852) | |
Net cash used in investing activities | (91,514) | (5,430) | |
Cash flows from financing activities | |||
Net increase in deposits | 51,767 | 10,154 | |
Common stock repurchased | (109) | (800) | |
Dividends paid | (785) | (794) | |
Net cash provided by financing activities | 50,873 | 8,560 | |
Net increase (decrease) in cash and cash equivalents | (39,450) | 4,697 | |
Cash and cash equivalents, beginning | 95,689 | 44,387 | $ 44,387 |
Cash and cash equivalents, ending | 56,239 | 49,084 | $ 95,689 |
Supplemental disclosure of cash flow information | |||
Interest paid | 685 | 782 | |
Taxes paid | |||
Supplemental disclosure of noncash investing activities | |||
Effect on equity of change in net unrealized gain on available for sale securities | (1,362) | (39) | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 11 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Organization Parkway Acquisition Corp. (“Parkway” or the “Company”) was incorporated as a Virginia corporation on November 2, 2015. November 6, 2015, 1.76 1.30 60% 40% July 1, 2016. March 13, 2017, . On March 1, 2018, July 1, 2018. 1.21 1,191,899 $15.5 The Bank was organized under the laws of the United States in 1900 twenty-four one The consolidated financial statements as of March 31, 2021 March 31, 2021 2020 December 31, 2020, 10 December 31, 2020. three March 31, 2021 not Critical Accounting Policies Management believes the policies with respect to the methodology for the determination of the allowance for loan losses, and asset impairment judgments involve a higher degree of complexity and require management to make difficult and subjective judgments, such as the recoverability of intangible assets and other-than-temporary impairment of investment securities, involve a higher degree of complexity and require management to make difficult and subjective judgements that often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptions or estimates could cause reported results to differ materially. These critical policies and their application are periodically reviewed with the Audit Committee and the Board of Directors. Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank, which is wholly owned. All significant, intercompany transactions and balances have been eliminated in consolidation. Business Segments The Company reports its activities as a single business segment. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment. Business Combinations Generally, acquisitions are accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations one one not No Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan and foreclosed real estate losses, management obtains independent appraisals for significant properties. Substantially all of the Bank's loan portfolio consists of loans in its market area. Accordingly, the ultimate collectability of a substantial portion of the Bank's loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. The regional economy is diverse, but influenced to an extent by the manufacturing and agricultural segments. While management uses available information to recognize loan and foreclosed real estate losses, future additions to the allowances may may may The Company seeks strategies that minimize the tax effect of implementing their business strategies. As such, judgments are made regarding the ultimate consequence of long-term tax planning strategies, including the likelihood of future recognition of deferred tax benefits. The Company's tax returns are subject to examination by both Federal and State authorities. Such examinations may Accounting for pension benefits, costs and related liabilities are developed using actuarial valuations. These valuations include key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. Material changes in pension costs may Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash and amounts due from banks (including cash items in process of collection), interest-bearing deposits with banks and federal funds sold. Trading Securities The Company does not not Securities Held to Maturity Bonds, notes, and debentures for which the Company has the positive intent and ability to hold to maturity are reported at amortized cost. The Company does not Securities Available for Sale Available for sale securities are reported at fair value and consist of bonds, notes, debentures, and certain equity securities not Unrealized holding gains and losses, net of tax, on available for sale securities are reported as a net amount in a separate component of accumulated other comprehensive income. Realized gains and losses on the sale of available for sale securities are determined using the specific-identification method. The amortization of premiums and accretion of discounts are recognized in interest income using the effective interest method over the period to maturity for discounts and the earlier of call date or maturity for premiums. Declines in the fair value of individual held to maturity and available for sale securities below cost that are other than temporary are reflected as write-downs of the individual securities to fair value. Related write-downs are included in earnings as realized losses. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal amount adjusted for any charge-offs and the allowance for loan losses. Loan origination costs are capitalized and recognized as an adjustment to yield over the life of the related loan. Interest is accrued and credited to income based on the principal amount outstanding. The accrual of interest on impaired loans is discontinued when, in management's opinion, the borrower may first Purchased Performing Loans no Purchased Credit-Impaired ( PCI ) Loans not may not A llowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance, or portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific, general and unallocated components. The specific component is calculated on an individual basis for larger-balance, non-homogeneous loans, which are considered impaired. A specific allowance is established when the discounted cash flows, collateral value (less disposal costs), or observable market price of the impaired loan is lower than its carrying value. The specific component of the allowance for smaller- balance loans whose terms have been modified in a troubled debt restructuring (“TDR”) is calculated on a pooled basis considering historical experience adjusted for qualitative factors. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not Troubled Debt Restructurings Under GAAP, the Bank is required to account for certain loan modifications or restructurings as “troubled debt restructurings” or "troubled debt restructured loans." In general, the modification or restructuring of a debt constitutes a troubled debt restructuring if the Bank for economic or legal reasons related to the borrower's financial difficulties grants a concession to the borrower that the Bank would not not not Operating, Accounting and Reporting Considerations related to COVID- 19 The COVID- 19 March 27, 2020. $2.2 19 not Accounting for Loan Modifications 4013 may 1 2 4 Paycheck Protection Program 7 December 27, 2020 2021 first second March 31, 2021. 3 Also, in response to the COVID- 19 March 22, 2020; April 7, 2020). not Accounting for Loan Modifications not may not 19 not 4 Past Due Reporting not not 19 not Nonaccrual Status and Charge-offs 19 not The Company began offering short-term loan modifications to assist borrowers during the COVID- 19 six 4013 not 19 19. 4013 six 12 August 3, 2020, 19. 4013 4013. 1 19 2 not 30 December 31, 2019; 3 March 1, 2020, 60 December 31, 2020. December 31, 2020 January 1, 2022 4013 not Small Business Administration Paycheck Protection Program The SBA-PPP is one March 27, 2020 19 February 15, 2020, August 8, 2020. eight 24 As a qualified SBA lender, we were automatically authorized to originate SBA-PPP loans and began taking applications on April 3, 2020. 1 2.5 2 $10.0 1.0%, two five six 100% Due to the unique nature of these provisions, SBA-PPP loans have been disclosed as a separate loan class. Origination fees received by the SBA are capitalized into the carrying amount of the loans. The deferred fee income, net of origination costs, is recognized over the life of the loan as an adjustment to yield using the straight-line method. The allowance for loan losses for SBA-PPP loans originated thru March 31, 2021 zero Property and Equipment Land is carried at cost. Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed principally by the straight-line method over the following estimated useful lives: Years Buildings and improvements 10 - 40 Furniture and equipment 5 - 12 Share-Based Compensation The Parkway Acquisition Corp. 2020 March 17, 2020 August 18, 2020 ( As of March 31, 2021, 8 Foreclosed Assets Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at fair value less anticipated cost to sell at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in foreclosure expense on the consolidated statements of income. Pension Plan Prior to the Cardinal merger, both the Bank and Bank of Floyd (“Floyd”) had qualified noncontributory defined benefit pension plans in place which covered substantially all of each bank's employees. The benefits in each plan are primarily based on years of service and earnings. Both the Bank's and Floyd's plans were amended to freeze benefit accruals for all eligible employees prior to the effective date of the Cardinal merger. The Bank's plan is a single-employer plan, the funded status of which is measured as the difference between the fair value of plan assets and the projected benefit obligation. Floyd's plan is a multi-employer plan for accounting purposes and is a multiple-employer plan under the Employee Retirement Income Security Act of 1974 Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Goodwill and Other Intangible Assets Goodwill arises from business combinations and is generally determined as the excess of fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquire, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not November 1 Other intangible assets consist of core deposit intangibles that represent the value of long-term deposit relationships acquired in a business combination. Core deposit intangibles are amortized over the estimated useful lives of the deposit accounts acquired. The core deposit intangible as a result of the Cardinal merger, is amortized over an estimated useful life of twenty seven Cash Value of Life Insurance The Bank is owner and beneficiary of life insurance policies on certain current and former employees and directors. The Company records these policies in the consolidated balance sheets at cash surrender value, with changes recorded in noninterest income in the consolidated statements of income. Revenue Recognition Service Charges on Deposit Accounts - Other Service Charges and Fees - ● Credit and Debit Card Fees - three March 31, 2021 2020 $96 $103 ● Insurance and Investment - three March 31, 2021 2020 $15 $9 Mortgage Origination Fees Leases We have performed an evaluation of our leasing contracts and activities. We have developed our methodology to estimate the right-of use assets and lease liabilities, which is based on the present value of lease payments. There was not 7 Income Taxes Provision for income taxes is based on amounts reported in the statements of income (after exclusion of non-taxable income such as interest on state and municipal securities) and consists of taxes currently due plus deferred taxes on temporary differences in the recognition of income and expense for tax and financial statement purposes. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not Advertising Expense The Company expenses advertising costs as they are incurred. Advertising expense for the years presented is not Basic Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits and dividends. Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on securities available for sale and changes in the funded status of the pension plan which are also recognized as separate components of equity. The accumulated balances related to each component of other comprehensive income (loss) are as follows: (dollars in thousands) Unrealized Gains And (Losses) On Available for Sale Securities Defined Benefit Pension Items Total Balance, December 31, 2019 $ 51 $ (975 ) $ (924 ) Other comprehensive income before reclassifications 129 - 129 Amounts reclassified from accumulated other comprehensive income, net of tax (168 ) - (168 ) Balance March 31, 2020 $ 12 $ (975 ) $ (963 ) Balance, December 31, 2020 $ 582 $ (1,103 ) $ (521 ) Other comprehensive income before reclassifications (1,362 ) - (1,362 ) Amounts reclassified from accumulated other comprehensive income, net of tax - - - Balance March 31, 2021 $ (780 ) $ (1,103 ) $ (1,883 ) Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under line of credit arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 10. Reclassification Certain reclassifications have been made to the prior years' financial statements to place them on a comparable basis with the current presentation. Net income and stockholders' equity previously reported were not Recent Accounting Pronouncements The following accounting standards may In June 2016, No. 2016 13 July 2019, December 31, 2022, October 16, 2019 In January 2017, not 2 not December 15, 2022. January 1, 2017. In May 2019, 2016 13, December 15, 2022. not In November 2019, 2016 13, Financial Instruments Credit Losses (Topic 326 not 2016 13, December 15, 2022, 2016 13. not In November 2019, not December 15, 2022, In December 2019, 740 December 15, 2020, not In February 2020, No. 119 not In March 2020, 2016. 2016 13 2023. not In March 2020, March 12, 2020 December 31, 2022. not In August 2020, December 15, 2023, no December 15, 2020, not In October 2020, not In October 2020, not December 15, 2020. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not |
Note 2 - Investment Securities
Note 2 - Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2. Debt and equity securities have been classified in the consolidated balance sheets according to management's intent. The amortized cost of securities and their approximate fair values at March 31, 2021 December 31, 2020 (dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2021 Available for sale: U.S. Government agencies $ 10,307 $ - $ (142 ) $ 10,165 Mortgage-backed securities 48,295 391 (777 ) 47,909 Corporate securities 1,500 - - 1,500 State and municipal securities 30,443 208 (668 ) 29,983 $ 90,545 $ 599 $ (1,587 ) $ 89,557 December 31, 2020 Available for sale: Mortgage-backed securities $ 15,212 $ 472 $ - $ 15,684 Corporate securities 1,500 - - 1,500 State and municipal securities 16,059 295 (31 ) 16,323 $ 32,771 $ 767 $ (31 ) $ 33,507 Restricted equity securities totaled $2.2 $2.4 March 31, 2021 December 31, 2020, may The following tables details unrealized losses and related fair values in the Company's available for sale investment securities portfolios. This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 December 31, 2020. Less Than 12 Months 12 Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2021 Available for sale: U.S. Government agencies $ 10,165 $ (142 ) $ - $ - $ 10,165 $ (142 ) Mortgage-backed securities 33,781 (777 ) - - 33,781 (777 ) Corporate securities - - - - - - State and municipal securities 18,133 (668 ) - - 18,133 (668 ) Total securities available for sale $ 62,079 $ (1,587 ) $ - $ - $ 62,079 $ (1,587 ) December 31, 2020 Available for sale: U.S. Government agencies $ - $ - $ - $ - $ - $ - Mortgage-backed securities - - - - - - Corporate securities - - - - - - State and municipal securities 3,694 (31 ) - - 3,694 (31 ) Total securities available for sale $ 3,694 $ (31 ) $ - $ - $ 3,694 $ (31 ) At March 31, 2021, 29 2.49 not not none March 31, 2021. no not There were no three March 31, 2021. $7.8 three March 31, 2020. no three March 31, 2021. $10 three March 31, 2020. three March 31, 2021 2020 Three Months Ended March 31 (dollars in thousands) 2021 2020 Realized gains $ - $ 212 Realized losses - - $ - $ 212 There were no may The scheduled maturities of securities available for sale at March 31, 2021, (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 1,302 $ 1,315 Due after one year through five years 5,270 5,343 Due after five years through ten years 25,192 24,985 Due after ten years 58,781 57,914 $ 90,545 $ 89,557 Maturities of mortgage-backed securities are based on contractual amounts. Actual maturity will vary as loans underlying the securities are prepaid. Investment securities with amortized cost of approximately $13.7 $14.1 March 31, 2021 December 31, 2020, |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3. The major components of loans in the consolidated balance sheets at March 31, 2021 December 31, 2020 (dollars in thousands) 2021 2020 Construction & development $ 45,901 $ 46,053 Farmland 32,430 32,449 Residential 284,763 279,893 Commercial mortgage 210,192 203,886 Commercial & agricultural 35,034 33,663 SBA-PPP 71,672 51,118 Consumer & other 17,693 17,033 Total loans 697,685 664,095 Allowance for loan losses (5,051 ) (4,900 ) Loans, net of allowance for loan losses $ 692,634 $ 659,195 As of March 31, 2021 December 31, 2020, 1 4 Small Business Administration Paycheck Protection Program Gross SBA-PPP loans totaling $75.2 $3.6 March 31, 2021. $52.5 $1.4 December 31, 2020. March 31, 2021 December 31, 2020 (dollars in thousands) March 31, 2021 # of SBA Balance Less SBA Tier Approved Mix Unearned Fees Mix $2 million to $10 million 3 0.17 % $ 9,237 12.89 % Over $350,000 to less than $2 million 31 1.73 % 15,158 21.15 % Up to $350,000 1,757 98.10 % 47,277 65.96 % Total 1,791 100.00 % $ 71,672 100.00 % (dollars in thousands) December 31, 2020 # of SBA Balance Less SBA Tier Approved Mix Unearned Fees Mix $2 million to $10 million 2 0.20 % $ 7,267 14.22 % Over $350,000 to less than $2 million 18 1.78 % 11,693 22.87 % Up to $350,000 988 98.02 % 32,158 62.91 % Total 1,008 100.00 % $ 51,118 100.00 % A summary of our SBA-PPP loans as of March 31, 2021 December 31, 2020 (dollars in thousands) March 31, 2021 # of SBA Balance Less Industry Approved Mix Unearned Fees Mix Manufacturing 84 4.69 % $ 13,108 18.29 % Retail Trade 167 9.33 % 4,245 5.92 % Construction 185 10.33 % 5,968 8.33 % Health Care & Social Assistance 83 4.63 % 5,558 7.76 % Accommodation & Retail Services 132 7.37 % 8,158 11.38 % Educational Services 12 0.67 % 7,362 10.27 % General & Other 1,128 62.98 % 27,273 38.05 % Total 1,791 100.00 % $ 71,672 100.00 % (dollars in thousands) December 31, 2020 # of SBA Balance Less Industry Approved Mix Unearned Fees Mix Manufacturing 74 7.34 % $ 14,327 28.03 % Retail Trade 134 13.29 % 5,247 10.26 % Construction 127 12.60 % 3,577 7.00 % Health Care & Social Assistance 73 7.24 % 3,550 6.94 % Accommodation & Retail Services 91 9.03 % 3,705 7.25 % Educational Services 7 0.70 % 4,825 9.44 % General & Other 502 49.80 % 15,887 31.08 % Total 1,008 100.00 % $ 51,118 100.00 % |
Note 4 - Allowance for Loan Los
Note 4 - Allowance for Loan Losses and Impaired Loans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4. Allowance for Loan Losses The allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management's comprehensive analysis of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability may not A provision for loan losses is charged against operations and is added to the allowance for loan losses based on quarterly comprehensive analyses of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. As noted in Note 1, zero March 31, 2021 December 31, 2020: Allowance for Loan Losses and Recorded Investment in Loans (dollars in thousands) Construction & Development Farmland Residential Commercial Mortgage Commercial & Agricultural Consumer & Other Total For the Three Months Ended March 31, 2021 Allowance for loan losses: Balance, December 31, 2020 $ 499 $ 406 $ 2,167 $ 1,421 $ 293 $ 114 $ 4,900 Charge-offs - - - - - (34 ) (34 ) Recoveries - - 2 - 1 20 23 Provision 3 (22 ) 78 136 (35 ) 2 162 Balance, March 31, 2021 $ 502 $ 384 $ 2,247 $ 1,557 $ 259 $ 102 $ 5,051 For the Three Months Ended March 31, 2020 Allowance for loan losses: Balance, December 31, 2019 $ 305 $ 487 $ 1,822 $ 924 $ 211 $ 144 $ 3,893 Charge-offs - - - - - (53 ) (53 ) Recoveries 4 - 8 65 2 11 90 Provision 32 (22 ) 168 65 33 46 322 Balance, March 31, 2020 $ 341 $ 465 $ 1,998 $ 1,054 $ 246 $ 148 $ 4,252 March 31, 2021 Allowance for loan losses: Ending Balance $ 502 $ 384 $ 2,247 $ 1,557 $ 259 $ 102 $ 5,051 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 502 $ 384 $ 2,247 $ 1,557 $ 259 $ 102 $ 5,051 Ending balance: purchased credit impaired loans $ - $ - $ - $ - $ - $ - $ - Loans outstanding: Ending Balance $ 45,901 $ 32,430 $ 284,763 $ 210,192 $ 35,034 $ 17,693 $ 626,013 Ending balance: individually evaluated for impairment $ 756 $ 2,439 $ - $ - $ - $ - $ 3,195 Ending balance: collectively evaluated for impairment $ 45,145 $ 29,991 $ 284,621 $ 210,082 $ 34,939 $ 17,693 $ 622,471 Ending balance: purchased credit impaired loans $ - $ - $ 142 $ 110 $ 95 $ - $ 347 December 31, 2020 Allowance for loan losses: Ending Balance $ 499 $ 406 $ 2,167 $ 1,421 $ 293 $ 114 $ 4,900 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 499 $ 406 $ 2,167 $ 1,421 $ 293 $ 114 $ 4,900 Ending balance: purchased credit impaired loans $ - $ - $ - $ - $ - $ - $ - Loans outstanding: Ending Balance $ 46,053 $ 32,449 $ 279,893 $ 203,886 $ 33,663 $ 17,033 $ 612,977 Ending balance: individually evaluated for impairment $ - $ 2,580 $ - $ - $ - $ - $ 2,580 Ending balance: collectively evaluated for impairment $ 46,053 $ 29,869 $ 279,751 $ 203,773 $ 33,567 $ 17,033 $ 610,046 Ending balance: purchased credit impaired loans $ - $ - $ 142 $ 113 $ 96 $ - $ 351 As of March 31, 2021 December 31, 2020, no Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help grade the quality of the Bank's loan portfolio. The Bank's loan ratings coincide with the “Substandard,” “Doubtful” and “Loss” classifications used by federal regulators in their examination of financial institutions. Generally, an asset is considered Substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. Substandard assets include those characterized by the distinct possibility that the insured financial institution will sustain some loss if the deficiencies are not not not one March 31, 2021 December 31, 2020, no The following table lists the loan grades utilized by the Bank and the corresponding total of outstanding loans in each category as of March 31, 2021 December 31, 2020: Credit Risk Profile by Internally Assigned Grades Loan Grades (dollars in thousands) Pass Watch Special Mention Substandard Total March 31, 2021 Real Estate Secured: Construction & development $ 44,767 $ - $ 120 $ 1,014 $ 45,901 Farmland 25,783 416 492 5,739 32,430 Residential 283,044 459 - 1,260 284,763 Commercial mortgage 193,096 8,295 5,546 3,255 210,192 Non-Real Estate Secured: Commercial & agricultural 34,098 362 133 441 35,034 SBA-PPP 71,672 - - - 71,672 Consumer & other 17,689 - - 4 17,693 Total $ 670,149 $ 9,532 $ 6,291 $ 11,713 $ 697,685 December 31, 2020 Real Estate Secured: Construction & development $ 44,909 $ 427 $ 122 $ 595 $ 46,053 Farmland 25,607 419 496 5,927 32,449 Residential 277,811 659 - 1,423 279,893 Commercial mortgage 188,156 8,692 3,647 3,391 203,886 Non-Real Estate Secured: Commercial & agricultural 32,467 468 161 567 33,663 SBA-PPP 51,118 - - - 51,118 Consumer & other 17,028 - - 5 17,033 Total $ 637,096 $ 10,665 $ 4,426 $ 11,908 $ 664,095 Loans may may first The following table presents an age analysis of nonaccrual and past due loans by category as of March 31, 2021 December 31, 2020: Analysis of Past Due and Nonaccrual Loans (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90+ Days Past Due and Still Accruing Nonaccrual Loans March 31, 2021 Real Estate Secured: Construction & development $ 467 $ - $ - $ 467 $ 45,434 $ 45,901 $ - $ 436 Farmland 305 - 797 1,102 31,328 32,430 - 1,641 Residential 292 46 224 562 284,201 284,763 - 531 Commercial mortgage 7 - 24 31 210,161 210,192 - 106 Non-Real Estate Secured: Commercial & agricultural 2 - 154 156 34,878 35,034 - 168 SBA-PPP - - - - 71,672 71,672 - - Consumer & other - 3 - 3 17,690 17,693 - - Total $ 1,073 $ 49 $ 1,199 $ 2,321 $ 695,364 $ 697,685 $ - $ 2,882 December 31, 2020 Real Estate Secured: Construction & development $ 71 $ - $ - $ 71 $ 45,982 $ 46,053 $ - $ 11 Farmland 100 - 914 1,014 31,435 32,449 - 3,937 Residential 386 29 240 655 279,238 279,893 - 557 Commercial mortgage - - 24 24 203,862 203,886 - 109 Non-Real Estate Secured: Commercial & agricultural 14 15 155 184 33,479 33,663 - 189 SBA-PPP - - - - 51,118 51,118 - - Consumer & other 7 - - 7 17,026 17,033 - - Total $ 578 $ 44 $ 1,333 $ 1,955 $ 662,140 $ 664,095 $ - $ 4,803 Impaired Loans A loan is considered impaired when it is probable that the Bank will be unable to collect all contractual principal and interest payments due in accordance with the original or modified terms of the loan agreement. Smaller balance homogenous loans may not may third third may As of March 31, 2021 December 31, 2020, $6.4 $6.2 March 31, 2021 December 31, 2020, $3.2 $2.6 March 31, 2021 December 31, 2020, $2.9 $2.6 not $3.8 $3.9 March 31, 2021 December 31, 2020, The categories of non-accrual loans and impaired loans overlap, although they are not Management collectively evaluates performing TDRs with a loan balance of $250,000 March 31, 2021 December 31, 2020, $3.2 $3.6 $189 $192 The following table is a summary of information related to impaired loans as of March 31, 2021 December 31, 2020: Impaired Loans Three months ended (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2021 With no related allowance recorded: Construction & development $ 426 $ 425 $ - $ 426 $ (5 ) Farmland 2,439 3,098 - 2,509 19 Residential - - - 38 8 Commercial mortgage - - - - - Commercial & agricultural - - - - - Consumer & other - - - 1 - Subtotal 2,865 3,523 - 2,974 22 With an allowance recorded: Construction & development 493 493 10 497 7 Farmland 127 143 2 127 2 Residential 2,836 3,012 174 2,848 39 Commercial mortgage 7 52 - 8 1 Commercial & agricultural 44 44 3 45 1 Consumer & other - - - - - Subtotal 3,507 3,744 189 3,525 50 Totals: Construction & development 919 918 10 923 2 Farmland 2,566 3,241 2 2,636 21 Residential 2,836 3,012 174 2,886 47 Commercial mortgage 7 52 - 8 1 Commercial & agricultural 44 44 3 45 1 Consumer & other - - - 1 - Total $ 6,372 $ 7,267 $ 189 $ 6,499 $ 72 1 Recorded investment is the loan balance, net of any charge-offs (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2020 With no related allowance recorded: Construction & development $ - $ - $ - $ - $ - Farmland 2,580 3,151 - 2,731 18 Residential - - - - - Commercial mortgage - - - - - Commercial & agricultural - - - - - Consumer & other - - - - - Subtotal 2,580 3,151 - 2,731 18 With an allowance recorded: Construction & development 501 501 27 522 31 Farmland 127 144 2 375 11 Residential 2,906 3,082 159 4,057 222 Commercial mortgage 8 53 1 10 3 Commercial & agricultural 46 46 3 49 3 Consumer & other 1 1 - 2 - Subtotal 3,589 3,827 192 5,015 270 Totals: Construction & development 501 501 27 522 31 Farmland 2,707 3,295 2 3,106 29 Residential 2,906 3,082 159 4,057 222 Commercial mortgage 8 53 1 10 3 Commercial & agricultural 46 46 3 49 3 Consumer & other 1 1 - 2 - Total $ 6,169 $ 6,978 $ 192 $ 7,746 $ 288 1 Recorded investment is the loan balance, net of any charge-offs Troubled Debt Restructuring A troubled debt restructured loan is a loan for which the Bank, for reasons related to the borrower's financial difficulties, grants a concession to the borrower that the Bank would not The loan terms which have been modified or restructured due to a borrower's financial difficulty, include but are not The following table sets forth information with respect to the Bank's troubled debt restructurings as of March 31, 2021 March 31, 2020: For the Three Months Ended March 31, 2021 (dollars in thousands) TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Construction & development - $ - $ - - $ - $ - Farmland - - - - - - Residential - - - - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other - - - - - - Total - $ - $ - - $ - $ - ( 1 30 During the three March 31, 2021, no For the Three Months Ended March 31, 2020 (dollars in thousands) TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Construction & development 1 $ 344 $ 344 - $ - $ - Farmland - - - - - - Residential - - - - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other - - - - - - Total 1 $ 344 $ 344 - $ - $ - ( 1 30 During the three March 31, 2020, one one No twelve March 31, 2020. Modifications in response to COVID- 19 The Company began offering short-term loan modifications to assist borrowers during the COVID- 19 six 19 19. six 12 not 19 not not 1 The Bank began receiving requests for loan deferments on March 23, 2020 March 31, 2021, 250 $66.5 March 31, 2021 December 31, 2020 (dollars in thousands) 2021 2020 Classification # of Loans Balance # of Loans Balance Commercial Loans w/ First Deferment Accommodation & Retail Services 2 $ 2,785 - $ - Construction - - 1 47 Agriculture 1 87 - - Commercial Loans w/ Second Deferment Accommodation & Retail Services - - 1 752 Retail Trade 1 159 - - Construction 2 83 1 36 Agriculture - - 2 603 Real Estate Rental - - 2 2,146 Commercial Loans w/ Third Deferment Accommodation & Retail Services - - 2 4,438 Manufacturing - - 1 153 Consumer Loans w/ First Deferment 4 235 7 782 Consumer Loans w/ Second Deferment - - 1 52 Total 10 $ 3,349 18 $ 9,009 Purchased Credit Impaired Loans During 2018, not March 31, 2021 December 31, 2020 (dollars in thousands) 2021 2020 Residential $ 142 $ 142 Commercial mortgage 110 113 Commercial & agricultural 95 96 Outstanding balance $ 347 $ 351 Carrying amount $ 347 $ 351 There was no There were no three March 31, 2021 December 31, 2020. not |
Note 5 - Employee Benefit Plan
Note 5 - Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 5. The Bank has a qualified noncontributory defined benefit pension plan that covers substantially all of its employees. Effective December 31, 2012, three March 31, 2021 2020. (dollars in thousands) Three Months Ended March 31, 2021 2020 Interest cost $ 36 $ 41 Expected return on plan assets (174 ) (157 ) Recognized net actuarial loss 9 7 Net periodic benefit cost $ (129 ) $ (109 ) It has been Company practice to contribute the maximum tax-deductible amount each year as determined by the plan administrator. As a result of prior year contributions exceeding the minimum requirements, a Prefunding Balance existed as of December 31, 2020 no 2021. not 2021. |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. Goodwill The change in goodwill during the three March 31, 2021 December 31, 2020 March 31, December 31, (dollars in thousands) 2021 2020 Beginning of year $ 3,257 $ 3,257 Measurement period adjustment - - Impairment - - End of the period $ 3,257 $ 3,257 Intangible Assets The following table presents the activity for the Company's core deposit intangible assets, which are the only identifiable intangible assets subject to amortization. Core deposit intangibles at March 31, 2021 December 31, 2020 March 31, December 31, (dollars in thousands) 2021 2020 Balance at beginning of year, net $ 2,359 $ 3,070 Amortization expense (164 ) (711 ) Net book value $ 2,195 $ 2,359 Aggregate amortization expense was $164 $193 three March 31, 2021 2020, |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7. On January 1, 2019, No. 2016 02 Leases (Topic 842 842. Contracts that commence subsequent to adoption are evaluated to determine whether they are or contain a lease in accordance with Topic 842. 842 not not 12 2021, Lease liabilities represent the Company's obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company's incremental borrowing rate in effect at the commencement date of the lease. For our incremental borrowing rate, we used the Federal Home Loan Bank rate available at the time of lease inception. The right-of-use assets represent the Company's right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The contracts in which the Company is lessee are with parties external to the Company and not March 31, December 31, (dollars in thousands) 2021 2020 Lease liabilities $ 657 $ 680 Right-of-use assets $ 657 $ 680 Weighted average remaining lease term (years) 6.93 7.10 Weighted average discount rate 2.43 % 2.45 % Three Months Ended March 31, (dollars in thousands) 2021 2020 Lease Expense Operating lease expense $ 38 $ 25 Short-term lease expense 9 16 Total lease expense $ 47 $ 41 Cash paid for amounts included in lease liabilities $ 38 $ 25 The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liabilities: (dollars in thousands) Nine months ending December 31, 2021 $ 115 Twelve months ending December 31, 2022 123 Twelve months ending December 31, 2023 82 Twelve months ending December 31, 2024 69 Twelve months ending December 31, 2025 72 Thereafter 258 Total undiscounted cash flows $ 719 Less discount (62 ) Lease liabilities $ 657 |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8. The Parkway Acquisition Corp. 2020 March 17, 2020 August 18, 2020 ( The purpose of the Plan is to promote the success of the Company and its subsidiaries by providing incentives to key employees and non-employee directors that will promote the identification of their personal interests with the long-term financial success of the Company and with growth in shareholder value, consistent with the Company's risk management practices. The Plan is designed to provide flexibility to the Company, including its subsidiaries, in its ability to attract, retain the services of, and motivate key employees and non-employee directors upon whose judgment, interest, and special effort the successful conduct of its operation is largely dependent. The Plan was effective on the Effective Date, and no may March 16, 2030. may not 300,000 No 2020 no December 31, 2020. On March 31, 2021, 14,500 $11.30 25% December 31, 2021, 25% December 31, 2022, 25% December 31, 2023, 25% December 31, 2024. March 31, 2021, $164 3.75 Grant Date Fair Value of Restricted Stock that Weighted Vested During Number of Average Grant The Year Shares Date Fair Value (in thousands) Unvested as of December 31, 2020 - $ - Granted 14,500 11.30 Vested - - $ - Forfeited - - Unvested as of March 31, 2021 14,500 $ 11.30 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9. Litigation In the normal course of business the Bank is involved in various legal proceedings. After consultation with legal counsel, management believes that any liability resulting from such proceedings will not Financial Instruments with Off-Balance Sheet Risk The Bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as for on-balance sheet instruments. A summary of the Bank's commitments at March 31, 2021 December 31, 2020 March 31, December 31, (dollars in thousands) 2021 2020 Commitments to extend credit $ 121,465 $ 111,778 Standby letters of credit 1,035 1,260 $ 122,500 $ 113,038 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third Concentrations of Credit Risk Substantially all of the Bank's loans, commitments to extend credit, and standby letters of credit have been granted to customers in the Bank's market area and such customers are generally depositors of the Bank. Investments in state and municipal securities involve governmental entities within and outside the Bank's market area. The concentrations of credit by type of loan are set forth in Note 3. not $5,000,000. |
Note 10 - Financial Instruments
Note 10 - Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 10. The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company's financial instruments not March 31, 2021 December 31, 2020. no For loans, the carrying amount is net of unearned income and the allowance for loan losses. In accordance with the prospective adoption of ASU No. 2016 01, March 31, 2021 December 31, 2020, Fair Value Measurements (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2021 Financial Instruments – Assets Net Loans $ 692,634 $ 688,117 $ - $ 687,921 $ 196 Financial Instruments – Liabilities Time Deposits 192,803 194,272 - 194,272 - FHLB Advances 10,000 9,849 9,849 - - December 31, 2020 Financial Instruments – Assets Net Loans $ 659,195 $ 653,454 $ - $ 653,255 $ 199 Financial Instruments – Liabilities Time Deposits 194,419 194,419 - 196,522 - FHLB Advances 10,000 9,765 9,765 - - The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may Fair Value Hierarchy Under FASB ASC 820, three Level 1 Level 2 not Level 3 one not may Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities Available for Sale Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not 1 2 3 Loans The Company does not not one not December 31, 2020, 2. no 3. Derivative Assets and Liabilities Derivative instruments held or issued by the Company for risk management purposes are traded in over-the-counter markets where quoted market prices are not third 2. 2 No March 31, 2021 December 31, 2020. Assets Recorded at Fair Value on a Recurring Basis (dollars in thousands) Total Level 1 Level 2 Level 3 March 31, 2021 Investment securities available for sale U.S. Government agencies $ 10,165 $ - $ 10,165 $ - Mortgage-backed securities 47,909 - 47,909 - Corporate securities 1,500 - 1,500 - State and municipal securities 29,983 - 29,983 - Total assets at fair value $ 89,557 $ - $ 89,557 $ - December 31, 2020 Investment securities available for sale Mortgage-backed securities $ 15,684 $ - $ 15,684 $ - Corporate securities 1,500 - 1,500 - State and municipal securities 16,323 - 16,323 - Total assets at fair value $ 33,507 $ - $ 33,507 $ - No March 31, 2021 December 31, 2020. no three March 31, 2021 December 31, 2020. Assets Recorded at Fair Value on a Nonrecurring Basis The Company may No March 31, 2021 December 31, 2020. (dollars in thousands) Total Level 1 Level 2 Level 3 March 31, 2021 Impaired loans $ 196 $ - $ - $ 196 Total assets at fair value $ 196 $ - $ - $ 196 (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Impaired loans $ 199 $ - $ - $ 199 Total assets at fair value $ 199 $ - $ - $ 199 For Level 3 March 31, 2021 December 31, 2020, Fair Value at March 31, 2021 Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Inputs General Range of Significant Unobservable Input Values Impaired Loans $ 196 $ 199 Appraised Value/Discounted Cash Flows/Market Value of Note Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0 – 10% |
Note 11 - Short-term Debt
Note 11 - Short-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 11. At March 31, 2021 December 31, 2020, no At March 31, 2021, $53.0 $203.8 |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 12. At March 31, 2021 December 31, 2020, $10.0 1 4 December 6, 2029. 0.819 June 7, 2021. |
Note 13 - Capital Requirements
Note 13 - Capital Requirements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 13. The Company meets eligibility criteria of a small bank holding company in accordance with the Federal Reserve Board's Small Bank Holding Company Policy Statement, and is not March 31, 2021 December 31, 2020, January 1, 2015. Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio March 31, 2021 Total Capital (to risk weighted assets) $ 85,324 12.78 % $ 53,401 8.00 % $ 66,752 10.00 % Tier 1 Capital (to risk weighted assets) $ 80,237 12.02 % $ 40,051 6.00 % $ 53,401 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 80,237 12.02 % $ 30,038 4.50 % $ 43,388 6.50 % Tier 1 Capital (to average total assets) $ 80,237 9.25 % $ 34,713 4.00 % $ 43,391 5.00 % December 31, 2020 Total Capital (to risk weighted assets) $ 84,176 13.10 % $ 51,409 8.00 % $ 64,261 10.00 % Tier 1 Capital (to risk weighted assets) $ 79,240 12.33 % $ 38,557 6.00 % $ 51,409 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 79,240 12.33 % $ 28,918 4.50 % $ 41,770 6.50 % Tier 1 Capital (to average total assets) $ 79,240 9.50 % $ 33,354 4.00 % $ 41,692 5.00 % On September 17, 2019 In order to qualify for the CBLR framework, a community banking organization must have a Tier 1 9.00%, $10.0 not The CBLR framework was available for banks to use in their March 31, 2021, not may |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14. Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not no The Bank is participating in the next round of SBA-PPP loans that began in 2021 $46.5 May 12, 2021, $36.2 first 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Critical Accounting Policies Management believes the policies with respect to the methodology for the determination of the allowance for loan losses, and asset impairment judgments involve a higher degree of complexity and require management to make difficult and subjective judgments, such as the recoverability of intangible assets and other-than-temporary impairment of investment securities, involve a higher degree of complexity and require management to make difficult and subjective judgements that often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptions or estimates could cause reported results to differ materially. These critical policies and their application are periodically reviewed with the Audit Committee and the Board of Directors. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank, which is wholly owned. All significant, intercompany transactions and balances have been eliminated in consolidation. |
Segment Reporting, Policy [Policy Text Block] | Business Segments The Company reports its activities as a single business segment. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment. |
Business Combinations Policy [Policy Text Block] | Business Combinations Generally, acquisitions are accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations one one not No |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan and foreclosed real estate losses, management obtains independent appraisals for significant properties. Substantially all of the Bank's loan portfolio consists of loans in its market area. Accordingly, the ultimate collectability of a substantial portion of the Bank's loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. The regional economy is diverse, but influenced to an extent by the manufacturing and agricultural segments. While management uses available information to recognize loan and foreclosed real estate losses, future additions to the allowances may may may The Company seeks strategies that minimize the tax effect of implementing their business strategies. As such, judgments are made regarding the ultimate consequence of long-term tax planning strategies, including the likelihood of future recognition of deferred tax benefits. The Company's tax returns are subject to examination by both Federal and State authorities. Such examinations may Accounting for pension benefits, costs and related liabilities are developed using actuarial valuations. These valuations include key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. Material changes in pension costs may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash and amounts due from banks (including cash items in process of collection), interest-bearing deposits with banks and federal funds sold. |
Marketable Securities, Trading Securities [Policy Text Block] | Trading Securities The Company does not not |
Marketable Securities, Held-to-maturity Securities [Policy Text Block] | Securities Held to Maturity Bonds, notes, and debentures for which the Company has the positive intent and ability to hold to maturity are reported at amortized cost. The Company does not |
Marketable Securities, Available-for-sale Securities [Policy Text Block] | Securities Available for Sale Available for sale securities are reported at fair value and consist of bonds, notes, debentures, and certain equity securities not Unrealized holding gains and losses, net of tax, on available for sale securities are reported as a net amount in a separate component of accumulated other comprehensive income. Realized gains and losses on the sale of available for sale securities are determined using the specific-identification method. The amortization of premiums and accretion of discounts are recognized in interest income using the effective interest method over the period to maturity for discounts and the earlier of call date or maturity for premiums. Declines in the fair value of individual held to maturity and available for sale securities below cost that are other than temporary are reflected as write-downs of the individual securities to fair value. Related write-downs are included in earnings as realized losses. |
Policy Loans Receivable, Policy [Policy Text Block] | Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal amount adjusted for any charge-offs and the allowance for loan losses. Loan origination costs are capitalized and recognized as an adjustment to yield over the life of the related loan. Interest is accrued and credited to income based on the principal amount outstanding. The accrual of interest on impaired loans is discontinued when, in management's opinion, the borrower may first Purchased Performing Loans no Purchased Credit-Impaired ( PCI ) Loans not may not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | A llowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance, or portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific, general and unallocated components. The specific component is calculated on an individual basis for larger-balance, non-homogeneous loans, which are considered impaired. A specific allowance is established when the discounted cash flows, collateral value (less disposal costs), or observable market price of the impaired loan is lower than its carrying value. The specific component of the allowance for smaller- balance loans whose terms have been modified in a troubled debt restructuring (“TDR”) is calculated on a pooled basis considering historical experience adjusted for qualitative factors. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings Under GAAP, the Bank is required to account for certain loan modifications or restructurings as “troubled debt restructurings” or "troubled debt restructured loans." In general, the modification or restructuring of a debt constitutes a troubled debt restructuring if the Bank for economic or legal reasons related to the borrower's financial difficulties grants a concession to the borrower that the Bank would not not not |
Operating, Accounting and Reporting Considerations Related to COVID-19 [Policy Text Block] | Operating, Accounting and Reporting Considerations related to COVID- 19 The COVID- 19 March 27, 2020. $2.2 19 not Accounting for Loan Modifications 4013 may 1 2 4 Paycheck Protection Program 7 December 27, 2020 2021 first second March 31, 2021. 3 Also, in response to the COVID- 19 March 22, 2020; April 7, 2020). not Accounting for Loan Modifications not may not 19 not 4 Past Due Reporting not not 19 not Nonaccrual Status and Charge-offs 19 not The Company began offering short-term loan modifications to assist borrowers during the COVID- 19 six 4013 not 19 19. 4013 six 12 August 3, 2020, 19. 4013 4013. 1 19 2 not 30 December 31, 2019; 3 March 1, 2020, 60 December 31, 2020. December 31, 2020 January 1, 2022 4013 not |
SBA CARES Act Paycheck Protection Program, Policy [Policy Text Block] | Small Business Administration Paycheck Protection Program The SBA-PPP is one March 27, 2020 19 February 15, 2020, August 8, 2020. eight 24 As a qualified SBA lender, we were automatically authorized to originate SBA-PPP loans and began taking applications on April 3, 2020. 1 2.5 2 $10.0 1.0%, two five six 100% Due to the unique nature of these provisions, SBA-PPP loans have been disclosed as a separate loan class. Origination fees received by the SBA are capitalized into the carrying amount of the loans. The deferred fee income, net of origination costs, is recognized over the life of the loan as an adjustment to yield using the straight-line method. The allowance for loan losses for SBA-PPP loans originated thru March 31, 2021 zero |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Land is carried at cost. Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed principally by the straight-line method over the following estimated useful lives: Years Buildings and improvements 10 - 40 Furniture and equipment 5 - 12 |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Parkway Acquisition Corp. 2020 March 17, 2020 August 18, 2020 ( As of March 31, 2021, 8 |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Foreclosed Assets Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at fair value less anticipated cost to sell at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in foreclosure expense on the consolidated statements of income. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension Plan Prior to the Cardinal merger, both the Bank and Bank of Floyd (“Floyd”) had qualified noncontributory defined benefit pension plans in place which covered substantially all of each bank's employees. The benefits in each plan are primarily based on years of service and earnings. Both the Bank's and Floyd's plans were amended to freeze benefit accruals for all eligible employees prior to the effective date of the Cardinal merger. The Bank's plan is a single-employer plan, the funded status of which is measured as the difference between the fair value of plan assets and the projected benefit obligation. Floyd's plan is a multi-employer plan for accounting purposes and is a multiple-employer plan under the Employee Retirement Income Security Act of 1974 |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill arises from business combinations and is generally determined as the excess of fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquire, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not November 1 Other intangible assets consist of core deposit intangibles that represent the value of long-term deposit relationships acquired in a business combination. Core deposit intangibles are amortized over the estimated useful lives of the deposit accounts acquired. The core deposit intangible as a result of the Cardinal merger, is amortized over an estimated useful life of twenty seven |
Cash Value of Life Insurance [Policy Text Block] | Cash Value of Life Insurance The Bank is owner and beneficiary of life insurance policies on certain current and former employees and directors. The Company records these policies in the consolidated balance sheets at cash surrender value, with changes recorded in noninterest income in the consolidated statements of income. |
Revenue [Policy Text Block] | Revenue Recognition Service Charges on Deposit Accounts - Other Service Charges and Fees - â—Ź Credit and Debit Card Fees - three March 31, 2021 2020 $96 $103 â—Ź Insurance and Investment - three March 31, 2021 2020 $15 $9 Mortgage Origination Fees |
Lessee, Leases [Policy Text Block] | Leases We have performed an evaluation of our leasing contracts and activities. We have developed our methodology to estimate the right-of use assets and lease liabilities, which is based on the present value of lease payments. There was not 7 |
Income Tax, Policy [Policy Text Block] | Income Taxes Provision for income taxes is based on amounts reported in the statements of income (after exclusion of non-taxable income such as interest on state and municipal securities) and consists of taxes currently due plus deferred taxes on temporary differences in the recognition of income and expense for tax and financial statement purposes. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not |
Advertising Cost [Policy Text Block] | Advertising Expense The Company expenses advertising costs as they are incurred. Advertising expense for the years presented is not |
Earnings Per Share, Policy [Policy Text Block] | Basic Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits and dividends. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on securities available for sale and changes in the funded status of the pension plan which are also recognized as separate components of equity. The accumulated balances related to each component of other comprehensive income (loss) are as follows: (dollars in thousands) Unrealized Gains And (Losses) On Available for Sale Securities Defined Benefit Pension Items Total Balance, December 31, 2019 $ 51 $ (975 ) $ (924 ) Other comprehensive income before reclassifications 129 - 129 Amounts reclassified from accumulated other comprehensive income, net of tax (168 ) - (168 ) Balance March 31, 2020 $ 12 $ (975 ) $ (963 ) Balance, December 31, 2020 $ 582 $ (1,103 ) $ (521 ) Other comprehensive income before reclassifications (1,362 ) - (1,362 ) Amounts reclassified from accumulated other comprehensive income, net of tax - - - Balance March 31, 2021 $ (780 ) $ (1,103 ) $ (1,883 ) |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under line of credit arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 10. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain reclassifications have been made to the prior years' financial statements to place them on a comparable basis with the current presentation. Net income and stockholders' equity previously reported were not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following accounting standards may In June 2016, No. 2016 13 July 2019, December 31, 2022, October 16, 2019 In January 2017, not 2 not December 15, 2022. January 1, 2017. In May 2019, 2016 13, December 15, 2022. not In November 2019, 2016 13, Financial Instruments Credit Losses (Topic 326 not 2016 13, December 15, 2022, 2016 13. not In November 2019, not December 15, 2022, In December 2019, 740 December 15, 2020, not In February 2020, No. 119 not In March 2020, 2016. 2016 13 2023. not In March 2020, March 12, 2020 December 31, 2022. not In August 2020, December 15, 2023, no December 15, 2020, not In October 2020, not In October 2020, not December 15, 2020. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Useful Lives of Property, Plant and Equipment [Table Text Block] | Years Buildings and improvements 10 - 40 Furniture and equipment 5 - 12 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (dollars in thousands) Unrealized Gains And (Losses) On Available for Sale Securities Defined Benefit Pension Items Total Balance, December 31, 2019 $ 51 $ (975 ) $ (924 ) Other comprehensive income before reclassifications 129 - 129 Amounts reclassified from accumulated other comprehensive income, net of tax (168 ) - (168 ) Balance March 31, 2020 $ 12 $ (975 ) $ (963 ) Balance, December 31, 2020 $ 582 $ (1,103 ) $ (521 ) Other comprehensive income before reclassifications (1,362 ) - (1,362 ) Amounts reclassified from accumulated other comprehensive income, net of tax - - - Balance March 31, 2021 $ (780 ) $ (1,103 ) $ (1,883 ) |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2021 Available for sale: U.S. Government agencies $ 10,307 $ - $ (142 ) $ 10,165 Mortgage-backed securities 48,295 391 (777 ) 47,909 Corporate securities 1,500 - - 1,500 State and municipal securities 30,443 208 (668 ) 29,983 $ 90,545 $ 599 $ (1,587 ) $ 89,557 December 31, 2020 Available for sale: Mortgage-backed securities $ 15,212 $ 472 $ - $ 15,684 Corporate securities 1,500 - - 1,500 State and municipal securities 16,059 295 (31 ) 16,323 $ 32,771 $ 767 $ (31 ) $ 33,507 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than 12 Months 12 Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2021 Available for sale: U.S. Government agencies $ 10,165 $ (142 ) $ - $ - $ 10,165 $ (142 ) Mortgage-backed securities 33,781 (777 ) - - 33,781 (777 ) Corporate securities - - - - - - State and municipal securities 18,133 (668 ) - - 18,133 (668 ) Total securities available for sale $ 62,079 $ (1,587 ) $ - $ - $ 62,079 $ (1,587 ) December 31, 2020 Available for sale: U.S. Government agencies $ - $ - $ - $ - $ - $ - Mortgage-backed securities - - - - - - Corporate securities - - - - - - State and municipal securities 3,694 (31 ) - - 3,694 (31 ) Total securities available for sale $ 3,694 $ (31 ) $ - $ - $ 3,694 $ (31 ) |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended March 31 (dollars in thousands) 2021 2020 Realized gains $ - $ 212 Realized losses - - $ - $ 212 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 1,302 $ 1,315 Due after one year through five years 5,270 5,343 Due after five years through ten years 25,192 24,985 Due after ten years 58,781 57,914 $ 90,545 $ 89,557 |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) 2021 2020 Construction & development $ 45,901 $ 46,053 Farmland 32,430 32,449 Residential 284,763 279,893 Commercial mortgage 210,192 203,886 Commercial & agricultural 35,034 33,663 SBA-PPP 71,672 51,118 Consumer & other 17,693 17,033 Total loans 697,685 664,095 Allowance for loan losses (5,051 ) (4,900 ) Loans, net of allowance for loan losses $ 692,634 $ 659,195 (dollars in thousands) March 31, 2021 # of SBA Balance Less SBA Tier Approved Mix Unearned Fees Mix $2 million to $10 million 3 0.17 % $ 9,237 12.89 % Over $350,000 to less than $2 million 31 1.73 % 15,158 21.15 % Up to $350,000 1,757 98.10 % 47,277 65.96 % Total 1,791 100.00 % $ 71,672 100.00 % (dollars in thousands) December 31, 2020 # of SBA Balance Less SBA Tier Approved Mix Unearned Fees Mix $2 million to $10 million 2 0.20 % $ 7,267 14.22 % Over $350,000 to less than $2 million 18 1.78 % 11,693 22.87 % Up to $350,000 988 98.02 % 32,158 62.91 % Total 1,008 100.00 % $ 51,118 100.00 % (dollars in thousands) March 31, 2021 # of SBA Balance Less Industry Approved Mix Unearned Fees Mix Manufacturing 84 4.69 % $ 13,108 18.29 % Retail Trade 167 9.33 % 4,245 5.92 % Construction 185 10.33 % 5,968 8.33 % Health Care & Social Assistance 83 4.63 % 5,558 7.76 % Accommodation & Retail Services 132 7.37 % 8,158 11.38 % Educational Services 12 0.67 % 7,362 10.27 % General & Other 1,128 62.98 % 27,273 38.05 % Total 1,791 100.00 % $ 71,672 100.00 % (dollars in thousands) December 31, 2020 # of SBA Balance Less Industry Approved Mix Unearned Fees Mix Manufacturing 74 7.34 % $ 14,327 28.03 % Retail Trade 134 13.29 % 5,247 10.26 % Construction 127 12.60 % 3,577 7.00 % Health Care & Social Assistance 73 7.24 % 3,550 6.94 % Accommodation & Retail Services 91 9.03 % 3,705 7.25 % Educational Services 7 0.70 % 4,825 9.44 % General & Other 502 49.80 % 15,887 31.08 % Total 1,008 100.00 % $ 51,118 100.00 % |
Note 4 - Allowance for Loan L_2
Note 4 - Allowance for Loan Losses and Impaired Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) Construction & Development Farmland Residential Commercial Mortgage Commercial & Agricultural Consumer & Other Total For the Three Months Ended March 31, 2021 Allowance for loan losses: Balance, December 31, 2020 $ 499 $ 406 $ 2,167 $ 1,421 $ 293 $ 114 $ 4,900 Charge-offs - - - - - (34 ) (34 ) Recoveries - - 2 - 1 20 23 Provision 3 (22 ) 78 136 (35 ) 2 162 Balance, March 31, 2021 $ 502 $ 384 $ 2,247 $ 1,557 $ 259 $ 102 $ 5,051 For the Three Months Ended March 31, 2020 Allowance for loan losses: Balance, December 31, 2019 $ 305 $ 487 $ 1,822 $ 924 $ 211 $ 144 $ 3,893 Charge-offs - - - - - (53 ) (53 ) Recoveries 4 - 8 65 2 11 90 Provision 32 (22 ) 168 65 33 46 322 Balance, March 31, 2020 $ 341 $ 465 $ 1,998 $ 1,054 $ 246 $ 148 $ 4,252 March 31, 2021 Allowance for loan losses: Ending Balance $ 502 $ 384 $ 2,247 $ 1,557 $ 259 $ 102 $ 5,051 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 502 $ 384 $ 2,247 $ 1,557 $ 259 $ 102 $ 5,051 Ending balance: purchased credit impaired loans $ - $ - $ - $ - $ - $ - $ - Loans outstanding: Ending Balance $ 45,901 $ 32,430 $ 284,763 $ 210,192 $ 35,034 $ 17,693 $ 626,013 Ending balance: individually evaluated for impairment $ 756 $ 2,439 $ - $ - $ - $ - $ 3,195 Ending balance: collectively evaluated for impairment $ 45,145 $ 29,991 $ 284,621 $ 210,082 $ 34,939 $ 17,693 $ 622,471 Ending balance: purchased credit impaired loans $ - $ - $ 142 $ 110 $ 95 $ - $ 347 December 31, 2020 Allowance for loan losses: Ending Balance $ 499 $ 406 $ 2,167 $ 1,421 $ 293 $ 114 $ 4,900 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 499 $ 406 $ 2,167 $ 1,421 $ 293 $ 114 $ 4,900 Ending balance: purchased credit impaired loans $ - $ - $ - $ - $ - $ - $ - Loans outstanding: Ending Balance $ 46,053 $ 32,449 $ 279,893 $ 203,886 $ 33,663 $ 17,033 $ 612,977 Ending balance: individually evaluated for impairment $ - $ 2,580 $ - $ - $ - $ - $ 2,580 Ending balance: collectively evaluated for impairment $ 46,053 $ 29,869 $ 279,751 $ 203,773 $ 33,567 $ 17,033 $ 610,046 Ending balance: purchased credit impaired loans $ - $ - $ 142 $ 113 $ 96 $ - $ 351 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Loan Grades (dollars in thousands) Pass Watch Special Mention Substandard Total March 31, 2021 Real Estate Secured: Construction & development $ 44,767 $ - $ 120 $ 1,014 $ 45,901 Farmland 25,783 416 492 5,739 32,430 Residential 283,044 459 - 1,260 284,763 Commercial mortgage 193,096 8,295 5,546 3,255 210,192 Non-Real Estate Secured: Commercial & agricultural 34,098 362 133 441 35,034 SBA-PPP 71,672 - - - 71,672 Consumer & other 17,689 - - 4 17,693 Total $ 670,149 $ 9,532 $ 6,291 $ 11,713 $ 697,685 December 31, 2020 Real Estate Secured: Construction & development $ 44,909 $ 427 $ 122 $ 595 $ 46,053 Farmland 25,607 419 496 5,927 32,449 Residential 277,811 659 - 1,423 279,893 Commercial mortgage 188,156 8,692 3,647 3,391 203,886 Non-Real Estate Secured: Commercial & agricultural 32,467 468 161 567 33,663 SBA-PPP 51,118 - - - 51,118 Consumer & other 17,028 - - 5 17,033 Total $ 637,096 $ 10,665 $ 4,426 $ 11,908 $ 664,095 |
Financing Receivable, Past Due [Table Text Block] | (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90+ Days Past Due and Still Accruing Nonaccrual Loans March 31, 2021 Real Estate Secured: Construction & development $ 467 $ - $ - $ 467 $ 45,434 $ 45,901 $ - $ 436 Farmland 305 - 797 1,102 31,328 32,430 - 1,641 Residential 292 46 224 562 284,201 284,763 - 531 Commercial mortgage 7 - 24 31 210,161 210,192 - 106 Non-Real Estate Secured: Commercial & agricultural 2 - 154 156 34,878 35,034 - 168 SBA-PPP - - - - 71,672 71,672 - - Consumer & other - 3 - 3 17,690 17,693 - - Total $ 1,073 $ 49 $ 1,199 $ 2,321 $ 695,364 $ 697,685 $ - $ 2,882 December 31, 2020 Real Estate Secured: Construction & development $ 71 $ - $ - $ 71 $ 45,982 $ 46,053 $ - $ 11 Farmland 100 - 914 1,014 31,435 32,449 - 3,937 Residential 386 29 240 655 279,238 279,893 - 557 Commercial mortgage - - 24 24 203,862 203,886 - 109 Non-Real Estate Secured: Commercial & agricultural 14 15 155 184 33,479 33,663 - 189 SBA-PPP - - - - 51,118 51,118 - - Consumer & other 7 - - 7 17,026 17,033 - - Total $ 578 $ 44 $ 1,333 $ 1,955 $ 662,140 $ 664,095 $ - $ 4,803 |
Impaired Financing Receivables [Table Text Block] | Three months ended (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2021 With no related allowance recorded: Construction & development $ 426 $ 425 $ - $ 426 $ (5 ) Farmland 2,439 3,098 - 2,509 19 Residential - - - 38 8 Commercial mortgage - - - - - Commercial & agricultural - - - - - Consumer & other - - - 1 - Subtotal 2,865 3,523 - 2,974 22 With an allowance recorded: Construction & development 493 493 10 497 7 Farmland 127 143 2 127 2 Residential 2,836 3,012 174 2,848 39 Commercial mortgage 7 52 - 8 1 Commercial & agricultural 44 44 3 45 1 Consumer & other - - - - - Subtotal 3,507 3,744 189 3,525 50 Totals: Construction & development 919 918 10 923 2 Farmland 2,566 3,241 2 2,636 21 Residential 2,836 3,012 174 2,886 47 Commercial mortgage 7 52 - 8 1 Commercial & agricultural 44 44 3 45 1 Consumer & other - - - 1 - Total $ 6,372 $ 7,267 $ 189 $ 6,499 $ 72 (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2020 With no related allowance recorded: Construction & development $ - $ - $ - $ - $ - Farmland 2,580 3,151 - 2,731 18 Residential - - - - - Commercial mortgage - - - - - Commercial & agricultural - - - - - Consumer & other - - - - - Subtotal 2,580 3,151 - 2,731 18 With an allowance recorded: Construction & development 501 501 27 522 31 Farmland 127 144 2 375 11 Residential 2,906 3,082 159 4,057 222 Commercial mortgage 8 53 1 10 3 Commercial & agricultural 46 46 3 49 3 Consumer & other 1 1 - 2 - Subtotal 3,589 3,827 192 5,015 270 Totals: Construction & development 501 501 27 522 31 Farmland 2,707 3,295 2 3,106 29 Residential 2,906 3,082 159 4,057 222 Commercial mortgage 8 53 1 10 3 Commercial & agricultural 46 46 3 49 3 Consumer & other 1 1 - 2 - Total $ 6,169 $ 6,978 $ 192 $ 7,746 $ 288 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | (dollars in thousands) TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Construction & development - $ - $ - - $ - $ - Farmland - - - - - - Residential - - - - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other - - - - - - Total - $ - $ - - $ - $ - (dollars in thousands) TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Construction & development 1 $ 344 $ 344 - $ - $ - Farmland - - - - - - Residential - - - - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other - - - - - - Total 1 $ 344 $ 344 - $ - $ - |
Financing Receivable, Deferred Payments, Classification [Table Text Block] | (dollars in thousands) 2021 2020 Classification # of Loans Balance # of Loans Balance Commercial Loans w/ First Deferment Accommodation & Retail Services 2 $ 2,785 - $ - Construction - - 1 47 Agriculture 1 87 - - Commercial Loans w/ Second Deferment Accommodation & Retail Services - - 1 752 Retail Trade 1 159 - - Construction 2 83 1 36 Agriculture - - 2 603 Real Estate Rental - - 2 2,146 Commercial Loans w/ Third Deferment Accommodation & Retail Services - - 2 4,438 Manufacturing - - 1 153 Consumer Loans w/ First Deferment 4 235 7 782 Consumer Loans w/ Second Deferment - - 1 52 Total 10 $ 3,349 18 $ 9,009 |
Schedule of Business Acquisition, Carrying Amount of Acquired Loans [Table Text Block] | (dollars in thousands) 2021 2020 Residential $ 142 $ 142 Commercial mortgage 110 113 Commercial & agricultural 95 96 Outstanding balance $ 347 $ 351 Carrying amount $ 347 $ 351 |
Note 5 - Employee Benefit Plan
Note 5 - Employee Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (dollars in thousands) Three Months Ended March 31, 2021 2020 Interest cost $ 36 $ 41 Expected return on plan assets (174 ) (157 ) Recognized net actuarial loss 9 7 Net periodic benefit cost $ (129 ) $ (109 ) |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | March 31, December 31, (dollars in thousands) 2021 2020 Beginning of year $ 3,257 $ 3,257 Measurement period adjustment - - Impairment - - End of the period $ 3,257 $ 3,257 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, (dollars in thousands) 2021 2020 Balance at beginning of year, net $ 2,359 $ 3,070 Amortization expense (164 ) (711 ) Net book value $ 2,195 $ 2,359 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, December 31, (dollars in thousands) 2021 2020 Lease liabilities $ 657 $ 680 Right-of-use assets $ 657 $ 680 Weighted average remaining lease term (years) 6.93 7.10 Weighted average discount rate 2.43 % 2.45 % |
Lessee, Operating Lease, Disclosure [Table Text Block] | Three Months Ended March 31, (dollars in thousands) 2021 2020 Lease Expense Operating lease expense $ 38 $ 25 Short-term lease expense 9 16 Total lease expense $ 47 $ 41 Cash paid for amounts included in lease liabilities $ 38 $ 25 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (dollars in thousands) Nine months ending December 31, 2021 $ 115 Twelve months ending December 31, 2022 123 Twelve months ending December 31, 2023 82 Twelve months ending December 31, 2024 69 Twelve months ending December 31, 2025 72 Thereafter 258 Total undiscounted cash flows $ 719 Less discount (62 ) Lease liabilities $ 657 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Grant Date Fair Value of Restricted Stock that Weighted Vested During Number of Average Grant The Year Shares Date Fair Value (in thousands) Unvested as of December 31, 2020 - $ - Granted 14,500 11.30 Vested - - $ - Forfeited - - Unvested as of March 31, 2021 14,500 $ 11.30 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | March 31, December 31, (dollars in thousands) 2021 2020 Commitments to extend credit $ 121,465 $ 111,778 Standby letters of credit 1,035 1,260 $ 122,500 $ 113,038 |
Note 10 - Financial Instrumen_2
Note 10 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2021 Financial Instruments – Assets Net Loans $ 692,634 $ 688,117 $ - $ 687,921 $ 196 Financial Instruments – Liabilities Time Deposits 192,803 194,272 - 194,272 - FHLB Advances 10,000 9,849 9,849 - - December 31, 2020 Financial Instruments – Assets Net Loans $ 659,195 $ 653,454 $ - $ 653,255 $ 199 Financial Instruments – Liabilities Time Deposits 194,419 194,419 - 196,522 - FHLB Advances 10,000 9,765 9,765 - - |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (dollars in thousands) Total Level 1 Level 2 Level 3 March 31, 2021 Investment securities available for sale U.S. Government agencies $ 10,165 $ - $ 10,165 $ - Mortgage-backed securities 47,909 - 47,909 - Corporate securities 1,500 - 1,500 - State and municipal securities 29,983 - 29,983 - Total assets at fair value $ 89,557 $ - $ 89,557 $ - December 31, 2020 Investment securities available for sale Mortgage-backed securities $ 15,684 $ - $ 15,684 $ - Corporate securities 1,500 - 1,500 - State and municipal securities 16,323 - 16,323 - Total assets at fair value $ 33,507 $ - $ 33,507 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total Level 1 Level 2 Level 3 March 31, 2021 Impaired loans $ 196 $ - $ - $ 196 Total assets at fair value $ 196 $ - $ - $ 196 (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Impaired loans $ 199 $ - $ - $ 199 Total assets at fair value $ 199 $ - $ - $ 199 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value at March 31, 2021 Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Inputs General Range of Significant Unobservable Input Values Impaired Loans $ 196 $ 199 Appraised Value/Discounted Cash Flows/Market Value of Note Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0 – 10% |
Note 13 - Capital Requirements
Note 13 - Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio March 31, 2021 Total Capital (to risk weighted assets) $ 85,324 12.78 % $ 53,401 8.00 % $ 66,752 10.00 % Tier 1 Capital (to risk weighted assets) $ 80,237 12.02 % $ 40,051 6.00 % $ 53,401 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 80,237 12.02 % $ 30,038 4.50 % $ 43,388 6.50 % Tier 1 Capital (to average total assets) $ 80,237 9.25 % $ 34,713 4.00 % $ 43,391 5.00 % December 31, 2020 Total Capital (to risk weighted assets) $ 84,176 13.10 % $ 51,409 8.00 % $ 64,261 10.00 % Tier 1 Capital (to risk weighted assets) $ 79,240 12.33 % $ 38,557 6.00 % $ 51,409 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 79,240 12.33 % $ 28,918 4.50 % $ 41,770 6.50 % Tier 1 Capital (to average total assets) $ 79,240 9.50 % $ 33,354 4.00 % $ 41,692 5.00 % |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jul. 01, 2018USD ($)shares | Jul. 01, 2016 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Fees, Credit and Debit Cards | $ 96 | $ 103 | ||
Insurance Services Revenue, Total | $ 15 | $ 9 | ||
Grayson Bankshares, Inc [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 1.76 | |||
Grayson Bankshares, Inc [Member] | Parkway Acquisition Corp. [Member] | ||||
Ownership Percentage in Newly Issued Shares | 60.00% | |||
Cardinal Bankshares Corporation [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 1.3 | |||
Cardinal Bankshares Corporation [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||
Cardinal Bankshares Corporation [Member] | Parkway Acquisition Corp. [Member] | ||||
Ownership Percentage in Newly Issued Shares | 40.00% | |||
Great State Bank [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 1.21 | |||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 1,191,899 | |||
Stock Issued During Period, Value, Acquisitions | $ 15,500 | |||
Great State Bank [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Property and Equipment Useful Lives (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 40 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 12 years |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 85,106 | $ 81,428 |
Balance | 84,697 | 81,471 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 582 | 51 |
Other comprehensive income before reclassifications | (1,362) | 129 |
Amounts reclassified from accumulated other comprehensive income, net of tax | (168) | |
Balance | (780) | 12 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (1,103) | (975) |
Other comprehensive income before reclassifications | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | ||
Balance | (1,103) | (975) |
AOCI Attributable to Parent [Member] | ||
Balance | (521) | (924) |
Other comprehensive income before reclassifications | (1,362) | 129 |
Amounts reclassified from accumulated other comprehensive income, net of tax | (168) | |
Balance | $ (1,883) | $ (963) |
Note 2 - Investment Securitie_2
Note 2 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Restricted Investments | $ 2,209 | $ 2,416 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 29 | ||
Percentage of Debt Securities with Unrealized Losses Depreciated | 2.49% | ||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 0 | $ 7,800 | |
Available for Sale Securities Called, Gross Realized Losses | 0 | $ 10 | |
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 13,700 | $ 14,100 |
Note 2 - Investment Securitie_3
Note 2 - Investment Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized cost | $ 90,545 | $ 32,771 |
Unrealized gains | 599 | 767 |
Unrealized losses | (1,587) | (31) |
Fair value | 89,557 | 33,507 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 10,307 | |
Unrealized gains | ||
Unrealized losses | (142) | |
Fair value | 10,165 | |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost | 48,295 | 15,212 |
Unrealized gains | 391 | 472 |
Unrealized losses | (777) | |
Fair value | 47,909 | 15,684 |
Corporate Debt Securities [Member] | ||
Amortized cost | 1,500 | 1,500 |
Unrealized gains | ||
Unrealized losses | ||
Fair value | 1,500 | 1,500 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 30,443 | 16,059 |
Unrealized gains | 208 | 295 |
Unrealized losses | (668) | (31) |
Fair value | $ 29,983 | $ 16,323 |
Note 2 - Investment Securitie_4
Note 2 - Investment Securities - Continuous Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Less than 12 months, fair value | $ 62,079 | $ 3,694 |
Less than 12 months, unrealized losses | (1,587) | (31) |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Fair value | 62,079 | 3,694 |
Unrealized losses | (1,587) | (31) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 10,165 | |
Less than 12 months, unrealized losses | (142) | |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Fair value | 10,165 | |
Unrealized losses | (142) | |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months, fair value | 33,781 | |
Less than 12 months, unrealized losses | (777) | |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Fair value | 33,781 | |
Unrealized losses | (777) | |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | ||
Less than 12 months, unrealized losses | ||
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Fair value | ||
Unrealized losses | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 18,133 | 3,694 |
Less than 12 months, unrealized losses | (668) | (31) |
12 months or more, fair value | ||
12 months or more, unrealized losses | ||
Fair value | 18,133 | 3,694 |
Unrealized losses | $ (668) | $ (31) |
Note 2 - Investment Securitie_5
Note 2 - Investment Securities - Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Realized gains | $ 212 | |
Realized losses | ||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 212 |
Note 2 - Investment Securitie_6
Note 2 - Investment Securities - Maturities of Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Due in one year or less, amortized cost | $ 1,302 | |
Due in one year or less, fair value | 1,315 | |
Due after one year through five years, amortized cost | 5,270 | |
Due after one year through five years, fair value | 5,343 | |
Due after five years through ten years, amortized cost | 25,192 | |
Due after five years through ten years, fair value | 24,985 | |
Due after ten years, amortized cost | 58,781 | |
Due after ten years, fair value | 57,914 | |
Amortized cost | 90,545 | $ 32,771 |
Fair value | $ 89,557 | $ 33,507 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) - SBA PPP Loans [Member] - SBA CARES Act Paycheck Protection Program [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 30, 2020 |
Financing Receivable, before Allowance for Credit Loss, Total | $ 75.2 | $ 52.5 |
Loans and Leases Receivable, Deferred Income, Total | $ 3.6 | $ 1.4 |
Note 3 - Loans Receivable - Com
Note 3 - Loans Receivable - Components of Loans (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Loans receivable | $ 697,685 | $ 664,095 | ||
Allowance for loan losses | (5,051) | (4,900) | $ (4,252) | $ (3,893) |
Loans, net of allowance for loan losses | 692,634 | 659,195 | ||
Loans and Leases Receivable, Gross, Total | 697,685 | 664,095 | ||
Loans receivable, gross | 697,685 | 664,095 | ||
Construction and Development Loan [Member] | ||||
Loans receivable | 45,901 | 46,053 | ||
Allowance for loan losses | (502) | (499) | (341) | (305) |
Loans and Leases Receivable, Gross, Total | 45,901 | 46,053 | ||
Loans receivable, gross | 45,901 | 46,053 | ||
SBA PPP Loans [Member] | ||||
Loans receivable | $ 71,672 | $ 51,118 | ||
Number of SBA Loans | 1,791 | 1,008 | ||
Financing receivables, percent mix one | 100.00% | 100.00% | ||
Loans and Leases Receivable, Gross, Total | $ 71,672 | $ 51,118 | ||
Financing receivables, percent mix two | 100.00% | 100.00% | ||
Number of industry SBA loans | 1,791 | 1,008 | ||
Industry percentage mix one of SBA loans | 100.00% | 100.00% | ||
Loans receivable, gross | $ 71,672 | $ 51,118 | ||
Industry percentage mix two of SBA loans | 100.00% | 100.00% | ||
SBA PPP Loans [Member] | SBA Tier 1 [Member] | ||||
Loans receivable | $ 9,237 | $ 7,267 | ||
Number of SBA Loans | 3 | 2 | ||
Financing receivables, percent mix one | 0.17% | 0.20% | ||
Loans and Leases Receivable, Gross, Total | $ 9,237 | $ 7,267 | ||
Financing receivables, percent mix two | 12.89% | 14.22% | ||
Number of industry SBA loans | 3 | 2 | ||
Industry percentage mix one of SBA loans | 0.17% | 0.20% | ||
Loans receivable, gross | $ 9,237 | $ 7,267 | ||
Industry percentage mix two of SBA loans | 12.89% | 14.22% | ||
SBA PPP Loans [Member] | SBA Tier 2 [Member] | ||||
Loans receivable | $ 15,158 | $ 11,693 | ||
Number of SBA Loans | 31 | 18 | ||
Financing receivables, percent mix one | 1.73% | 1.78% | ||
Loans and Leases Receivable, Gross, Total | $ 15,158 | $ 11,693 | ||
Financing receivables, percent mix two | 21.15% | 22.87% | ||
Number of industry SBA loans | 31 | 18 | ||
Industry percentage mix one of SBA loans | 1.73% | 1.78% | ||
Loans receivable, gross | $ 15,158 | $ 11,693 | ||
Industry percentage mix two of SBA loans | 21.15% | 22.87% | ||
SBA PPP Loans [Member] | SBA Tier 3 [Member] | ||||
Loans receivable | $ 47,277 | $ 32,158 | ||
Number of SBA Loans | 1,757 | 988 | ||
Financing receivables, percent mix one | 98.10% | 98.02% | ||
Loans and Leases Receivable, Gross, Total | $ 47,277 | $ 32,158 | ||
Financing receivables, percent mix two | 65.96% | 62.91% | ||
Number of industry SBA loans | 1,757 | 988 | ||
Industry percentage mix one of SBA loans | 98.10% | 98.02% | ||
Loans receivable, gross | $ 47,277 | $ 32,158 | ||
Industry percentage mix two of SBA loans | 65.96% | 62.91% | ||
SBA PPP Loans [Member] | Manufacturing [Member] | ||||
Loans receivable | $ 13,108 | $ 14,327 | ||
Number of SBA Loans | 84 | 74 | ||
Financing receivables, percent mix one | 4.69% | 7.34% | ||
Loans and Leases Receivable, Gross, Total | $ 13,108 | $ 14,327 | ||
Financing receivables, percent mix two | 18.29% | 28.03% | ||
Number of industry SBA loans | 84 | 74 | ||
Industry percentage mix one of SBA loans | 4.69% | 7.34% | ||
Loans receivable, gross | $ 13,108 | $ 14,327 | ||
Industry percentage mix two of SBA loans | 18.29% | 28.03% | ||
SBA PPP Loans [Member] | Retail Trade [Member] | ||||
Loans receivable | $ 4,245 | $ 5,247 | ||
Number of SBA Loans | 167 | 134 | ||
Financing receivables, percent mix one | 9.33% | 13.29% | ||
Loans and Leases Receivable, Gross, Total | $ 4,245 | $ 5,247 | ||
Financing receivables, percent mix two | 5.92% | 10.26% | ||
Number of industry SBA loans | 167 | 134 | ||
Industry percentage mix one of SBA loans | 9.33% | 13.29% | ||
Loans receivable, gross | $ 4,245 | $ 5,247 | ||
Industry percentage mix two of SBA loans | 5.92% | 10.26% | ||
SBA PPP Loans [Member] | Constructing [Member] | ||||
Loans receivable | $ 5,968 | $ 3,577 | ||
Number of SBA Loans | 185 | 127 | ||
Financing receivables, percent mix one | 10.33% | 12.60% | ||
Loans and Leases Receivable, Gross, Total | $ 5,968 | $ 3,577 | ||
Financing receivables, percent mix two | 8.33% | 7.00% | ||
Number of industry SBA loans | 185 | 127 | ||
Industry percentage mix one of SBA loans | 10.33% | 12.60% | ||
Loans receivable, gross | $ 5,968 | $ 3,577 | ||
Industry percentage mix two of SBA loans | 8.33% | 7.00% | ||
SBA PPP Loans [Member] | Healthcare Sector [Member] | ||||
Loans receivable | $ 5,558 | $ 3,550 | ||
Number of SBA Loans | 83 | 73 | ||
Financing receivables, percent mix one | 4.63% | 7.24% | ||
Loans and Leases Receivable, Gross, Total | $ 5,558 | $ 3,550 | ||
Financing receivables, percent mix two | 7.76% | 6.94% | ||
Number of industry SBA loans | 83 | 73 | ||
Industry percentage mix one of SBA loans | 4.63% | 7.24% | ||
Loans receivable, gross | $ 5,558 | $ 3,550 | ||
Industry percentage mix two of SBA loans | 7.76% | 6.94% | ||
SBA PPP Loans [Member] | Accommodation and Retail Services [Member] | ||||
Loans receivable | $ 8,158 | $ 3,705 | ||
Number of SBA Loans | 132 | 91 | ||
Financing receivables, percent mix one | 7.37% | 9.03% | ||
Loans and Leases Receivable, Gross, Total | $ 8,158 | $ 3,705 | ||
Financing receivables, percent mix two | 11.38% | 7.25% | ||
Number of industry SBA loans | 132 | 91 | ||
Industry percentage mix one of SBA loans | 7.37% | 9.03% | ||
Loans receivable, gross | $ 8,158 | $ 3,705 | ||
Industry percentage mix two of SBA loans | 11.38% | 7.25% | ||
SBA PPP Loans [Member] | Education Services [Member] | ||||
Loans receivable | $ 7,362 | $ 4,825 | ||
Number of SBA Loans | 12 | 7 | ||
Financing receivables, percent mix one | 0.67% | 0.70% | ||
Loans and Leases Receivable, Gross, Total | $ 7,362 | $ 4,825 | ||
Financing receivables, percent mix two | 10.27% | 9.44% | ||
Number of industry SBA loans | 12 | 7 | ||
Industry percentage mix one of SBA loans | 0.67% | 0.70% | ||
Loans receivable, gross | $ 7,362 | $ 4,825 | ||
Industry percentage mix two of SBA loans | 10.27% | 9.44% | ||
SBA PPP Loans [Member] | General and Other [Member] | ||||
Loans receivable | $ 27,273 | $ 15,887 | ||
Number of SBA Loans | 1,128 | 502 | ||
Financing receivables, percent mix one | 62.98% | 49.80% | ||
Loans and Leases Receivable, Gross, Total | $ 27,273 | $ 15,887 | ||
Financing receivables, percent mix two | 38.05% | 31.08% | ||
Number of industry SBA loans | 1,128 | 502 | ||
Industry percentage mix one of SBA loans | 62.98% | 49.80% | ||
Loans receivable, gross | $ 27,273 | $ 15,887 | ||
Industry percentage mix two of SBA loans | 38.05% | 31.08% | ||
Farmland Loan [Member] | ||||
Loans receivable | $ 32,430 | $ 32,449 | ||
Allowance for loan losses | (384) | (406) | (465) | (487) |
Loans and Leases Receivable, Gross, Total | 32,430 | 32,449 | ||
Loans receivable, gross | 32,430 | 32,449 | ||
Residential Loan [Member] | ||||
Loans receivable | 284,763 | 279,893 | ||
Allowance for loan losses | (2,247) | (2,167) | (1,998) | (1,822) |
Loans and Leases Receivable, Gross, Total | 284,763 | 279,893 | ||
Loans receivable, gross | 284,763 | 279,893 | ||
Commercial Mortgage Loan [Member] | ||||
Loans receivable | 210,192 | 203,886 | ||
Allowance for loan losses | (1,557) | (1,421) | (1,054) | (924) |
Loans and Leases Receivable, Gross, Total | 210,192 | 203,886 | ||
Loans receivable, gross | 210,192 | 203,886 | ||
Commercial and Agricultural Loan [Member] | ||||
Loans receivable | 35,034 | 33,663 | ||
Allowance for loan losses | (259) | (293) | (246) | (211) |
Loans and Leases Receivable, Gross, Total | 35,034 | 33,663 | ||
Loans receivable, gross | 35,034 | 33,663 | ||
Consumer and Other Loan [Member] | ||||
Loans receivable | 17,693 | 17,033 | ||
Allowance for loan losses | (102) | (114) | $ (148) | $ (144) |
Loans and Leases Receivable, Gross, Total | 17,693 | 17,033 | ||
Loans receivable, gross | $ 17,693 | $ 17,033 |
Note 4 - Allowance for Loan L_3
Note 4 - Allowance for Loan Losses and Impaired Loans (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 5,051,000 | $ 4,252,000 | $ 4,900,000 | $ 3,893,000 |
Provision for Loan and Lease Losses, Total | 162,000 | $ 322,000 | ||
Loans and Leases Receivable, Gross, Total | 697,685,000 | 664,095,000 | ||
Impaired Financing Receivable, Recorded Investment, Total | 6,372,000 | 6,169,000 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,865,000 | 2,580,000 | ||
Financing Receivable, Troubled Debt Restructuring | 3,800,000 | 3,900,000 | ||
Financing Receivable, Troubled Debt Restructuring, Collectively Evaluated for impairment | 3,200,000 | 3,600,000 | ||
Financing Receivable, Troubled Debt Restructuring, Related Allowance | $ 189,000 | 192,000 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | |||
Financing Receivable, Outstanding Loan Payments Approved for Deferment | $ 66,500,000 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 0 | 0 | ||
Purchase Credit Impaired Loans | 0 | 0 | ||
Maximum [Member] | ||||
Financing Receivable, Troubled Debt Restructuring | 250,000 | |||
Collateral Pledged [Member] | ||||
Impaired Financing Receivable, Recorded Investment, Total | 3,200,000 | 2,600,000 | ||
Doubtful [Member] | ||||
Loans and Leases Receivable, Gross, Total | 0 | 0 | ||
Unallocated Financing Receivables [Member] | ||||
Provision for Loan and Lease Losses, Total | 0 | 0 | ||
SBA PPP Loans [Member] | ||||
Loans and Leases Receivable, Gross, Total | 71,672,000 | $ 51,118,000 | ||
SBA PPP Loans [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 |
Note 4 - Allowance for Loan L_4
Note 4 - Allowance for Loan Losses and Impaired Loans - Allowance for Loan Losses and Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Balance | $ 4,900 | $ 3,893 | $ 3,893 |
Charge-offs | (34) | (53) | |
Recoveries | 23 | 90 | |
Provision for Loan and Lease Losses, Total | 162 | 322 | |
Balance | 5,051 | 4,252 | 4,900 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 5,051 | ||
Loans receivable, gross | 697,685 | 664,095 | |
Construction and Development Loan [Member] | |||
Balance | 499 | 305 | 305 |
Charge-offs | |||
Recoveries | 4 | ||
Provision for Loan and Lease Losses, Total | 3 | 32 | |
Balance | 502 | 341 | 499 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 502 | 499 | |
Loans receivable, gross | 45,901 | 46,053 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | 756 | ||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 45,145 | 46,053 | |
Construction and Development Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | |||
Farmland Loan [Member] | |||
Balance | 406 | 487 | 487 |
Charge-offs | |||
Recoveries | |||
Provision for Loan and Lease Losses, Total | (22) | (22) | |
Balance | 384 | 465 | 406 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 384 | 406 | |
Loans receivable, gross | 32,430 | 32,449 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | 2,439 | 2,580 | |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 29,991 | 29,869 | |
Farmland Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | |||
Residential Loan [Member] | |||
Balance | 2,167 | 1,822 | 1,822 |
Charge-offs | |||
Recoveries | 2 | 8 | |
Provision for Loan and Lease Losses, Total | 78 | 168 | |
Balance | 2,247 | 1,998 | 2,167 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 2,247 | 2,167 | |
Loans receivable, gross | 284,763 | 279,893 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | |||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 284,621 | 279,751 | |
Residential Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | 142 | 142 | |
Commercial Mortgage Loan [Member] | |||
Balance | 1,421 | 924 | 924 |
Charge-offs | |||
Recoveries | 65 | ||
Provision for Loan and Lease Losses, Total | 136 | 65 | |
Balance | 1,557 | 1,054 | 1,421 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 1,557 | 1,421 | |
Loans receivable, gross | 210,192 | 203,886 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | |||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 210,082 | 203,773 | |
Commercial Mortgage Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | 110 | 113 | |
Commercial and Agricultural Loan [Member] | |||
Balance | 293 | 211 | 211 |
Charge-offs | |||
Recoveries | 1 | 2 | |
Provision for Loan and Lease Losses, Total | (35) | 33 | |
Balance | 259 | 246 | 293 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 259 | 293 | |
Loans receivable, gross | 35,034 | 33,663 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | |||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 34,939 | 33,567 | |
Commercial and Agricultural Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | 95 | 96 | |
Consumer and Other Loan [Member] | |||
Balance | 114 | 144 | 144 |
Charge-offs | (34) | (53) | |
Recoveries | 20 | 11 | |
Provision for Loan and Lease Losses, Total | 2 | 46 | |
Balance | 102 | $ 148 | 114 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 102 | 114 | |
Loans receivable, gross | 17,693 | 17,033 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | |||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 17,693 | 17,033 | |
Consumer and Other Loan [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | |||
Loans Excluding SBA PPP Loans [Member] | |||
Balance | 4,900 | ||
Balance | 4,900 | ||
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 4,900 | ||
Loans receivable, gross | 626,013 | 612,977 | |
Allowance for loan losses, ending balance: individually evaluated for impairment | 3,195 | 2,580 | |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 622,471 | 610,046 | |
Loans Excluding SBA PPP Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance | |||
Balance | |||
Loans receivable, gross | $ 347 | $ 351 |
Note 4 - Allowance for Loan L_5
Note 4 - Allowance for Loan Losses and Impaired Loans - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 697,685 | $ 664,095 |
Construction and Development Loan [Member] | ||
Loans receivable | 45,901 | 46,053 |
Farmland Loan [Member] | ||
Loans receivable | 32,430 | 32,449 |
Residential Loan [Member] | ||
Loans receivable | 284,763 | 279,893 |
Commercial Mortgage Loan [Member] | ||
Loans receivable | 210,192 | 203,886 |
Commercial and Agricultural Loan [Member] | ||
Loans receivable | 35,034 | 33,663 |
SBA PPP Loans [Member] | ||
Loans receivable | 71,672 | 51,118 |
Consumer and Other Loan [Member] | ||
Loans receivable | 17,693 | 17,033 |
Pass [Member] | ||
Loans receivable | 670,149 | 637,096 |
Pass [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 44,767 | 44,909 |
Pass [Member] | Farmland Loan [Member] | ||
Loans receivable | 25,783 | 25,607 |
Pass [Member] | Residential Loan [Member] | ||
Loans receivable | 283,044 | 277,811 |
Pass [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 193,096 | 188,156 |
Pass [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 34,098 | 32,467 |
Pass [Member] | SBA PPP Loans [Member] | ||
Loans receivable | 71,672 | 51,118 |
Pass [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | 17,689 | 17,028 |
Watch [Member] | ||
Loans receivable | 9,532 | 10,665 |
Watch [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 427 | |
Watch [Member] | Farmland Loan [Member] | ||
Loans receivable | 416 | 419 |
Watch [Member] | Residential Loan [Member] | ||
Loans receivable | 459 | 659 |
Watch [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 8,295 | 8,692 |
Watch [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 362 | 468 |
Watch [Member] | SBA PPP Loans [Member] | ||
Loans receivable | ||
Watch [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | ||
Special Mention [Member] | ||
Loans receivable | 6,291 | 4,426 |
Special Mention [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 120 | 122 |
Special Mention [Member] | Farmland Loan [Member] | ||
Loans receivable | 492 | 496 |
Special Mention [Member] | Residential Loan [Member] | ||
Loans receivable | ||
Special Mention [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 5,546 | 3,647 |
Special Mention [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 133 | 161 |
Special Mention [Member] | SBA PPP Loans [Member] | ||
Loans receivable | ||
Special Mention [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | ||
Substandard [Member] | ||
Loans receivable | 11,713 | 11,908 |
Substandard [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 1,014 | 595 |
Substandard [Member] | Farmland Loan [Member] | ||
Loans receivable | 5,739 | 5,927 |
Substandard [Member] | Residential Loan [Member] | ||
Loans receivable | 1,260 | 1,423 |
Substandard [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 3,255 | 3,391 |
Substandard [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 441 | 567 |
Substandard [Member] | SBA PPP Loans [Member] | ||
Loans receivable | ||
Substandard [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | $ 4 | $ 5 |
Note 4 - Allowance for Loan L_6
Note 4 - Allowance for Loan Losses and Impaired Loans - Analysis of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Past due | $ 2,321 | $ 1,955 |
Current | 695,364 | 662,140 |
Loans receivable | 697,685 | 664,095 |
Past due and still accruing | ||
Nonaccrual loans | 2,882 | 4,803 |
Current | 695,364 | 662,140 |
Construction and Development Loan [Member] | ||
Past due | 467 | 71 |
Current | 45,434 | 45,982 |
Loans receivable | 45,901 | 46,053 |
Past due and still accruing | ||
Nonaccrual loans | 436 | 11 |
Current | 45,434 | 45,982 |
Farmland Loan [Member] | ||
Past due | 1,102 | 1,014 |
Current | 31,328 | 31,435 |
Loans receivable | 32,430 | 32,449 |
Past due and still accruing | ||
Nonaccrual loans | 1,641 | 3,937 |
Current | 31,328 | 31,435 |
Residential Loan [Member] | ||
Past due | 562 | 655 |
Current | 284,201 | 279,238 |
Loans receivable | 284,763 | 279,893 |
Past due and still accruing | ||
Nonaccrual loans | 531 | 557 |
Current | 284,201 | 279,238 |
Commercial Mortgage Loan [Member] | ||
Past due | 31 | 24 |
Current | 210,161 | 203,862 |
Loans receivable | 210,192 | 203,886 |
Past due and still accruing | ||
Nonaccrual loans | 106 | 109 |
Current | 210,161 | 203,862 |
Commercial and Agricultural Loan [Member] | ||
Past due | 156 | 184 |
Current | 34,878 | 33,479 |
Loans receivable | 35,034 | 33,663 |
Past due and still accruing | ||
Nonaccrual loans | 168 | 189 |
Current | 34,878 | 33,479 |
SBA PPP Loans [Member] | ||
Past due | ||
Current | 71,672 | 51,118 |
Loans receivable | 71,672 | 51,118 |
Past due and still accruing | ||
Nonaccrual loans | ||
Current | 71,672 | 51,118 |
Consumer and Other Loan [Member] | ||
Past due | 3 | 7 |
Current | 17,690 | 17,026 |
Loans receivable | 17,693 | 17,033 |
Past due and still accruing | ||
Nonaccrual loans | ||
Current | 17,690 | 17,026 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 1,073 | 578 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction and Development Loan [Member] | ||
Past due | 467 | 71 |
Financial Asset, 30 to 59 Days Past Due [Member] | Farmland Loan [Member] | ||
Past due | 305 | 100 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Loan [Member] | ||
Past due | 292 | 386 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Mortgage Loan [Member] | ||
Past due | 7 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Agricultural Loan [Member] | ||
Past due | 2 | 14 |
Financial Asset, 30 to 59 Days Past Due [Member] | SBA PPP Loans [Member] | ||
Past due | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer and Other Loan [Member] | ||
Past due | 7 | |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 49 | 44 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction and Development Loan [Member] | ||
Past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Farmland Loan [Member] | ||
Past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Loan [Member] | ||
Past due | 46 | 29 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Mortgage Loan [Member] | ||
Past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Agricultural Loan [Member] | ||
Past due | 15 | |
Financial Asset, 60 to 89 Days Past Due [Member] | SBA PPP Loans [Member] | ||
Past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer and Other Loan [Member] | ||
Past due | 3 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 1,199 | 1,333 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction and Development Loan [Member] | ||
Past due | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Farmland Loan [Member] | ||
Past due | 797 | 914 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Loan [Member] | ||
Past due | 224 | 240 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Mortgage Loan [Member] | ||
Past due | 24 | 24 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Agricultural Loan [Member] | ||
Past due | 154 | 155 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | SBA PPP Loans [Member] | ||
Past due | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other Loan [Member] | ||
Past due |
Note 4 - Allowance for Loan L_7
Note 4 - Allowance for Loan Losses and Impaired Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Recorded investment with no related allowance | $ 2,865 | $ 2,580 | |
Unpaid principal balance with no related allowance | 3,523 | 3,151 | |
Average recorded investment with no related allowance | 2,974 | 2,731 | |
Interest income recognized with no related allowance | (22) | (18) | |
Interest income recognized with no related allowance | 22 | 18 | |
Recorded investment with related allowance | [1] | 3,507 | 3,589 |
Unpaid principal balance with related allowance | 3,744 | 3,827 | |
Related allowance | 189 | 192 | |
Average recorded investment with related allowance | 3,525 | 5,015 | |
Interest income recognized with related allowance | 50 | 270 | |
Recorded investment | 6,372 | 6,169 | |
Unpaid principal balance | 7,267 | 6,978 | |
Average recorded investment | 6,499 | 7,746 | |
Interest income recognized | 72 | 288 | |
Construction and Development Loan [Member] | |||
Recorded investment with no related allowance | [1] | 426 | |
Unpaid principal balance with no related allowance | 425 | ||
Average recorded investment with no related allowance | 426 | ||
Interest income recognized with no related allowance | (5) | ||
Interest income recognized with no related allowance | 5 | ||
Recorded investment with related allowance | [1] | 493 | 501 |
Unpaid principal balance with related allowance | 493 | 501 | |
Related allowance | 10 | 27 | |
Average recorded investment with related allowance | 497 | 522 | |
Interest income recognized with related allowance | 7 | 31 | |
Recorded investment | [1] | 919 | 501 |
Unpaid principal balance | 918 | 501 | |
Average recorded investment | 923 | 522 | |
Interest income recognized | 2 | 31 | |
Farmland Loan [Member] | |||
Recorded investment with no related allowance | [1] | 2,439 | 2,580 |
Unpaid principal balance with no related allowance | 3,098 | 3,151 | |
Average recorded investment with no related allowance | 2,509 | 2,731 | |
Interest income recognized with no related allowance | (19) | (18) | |
Interest income recognized with no related allowance | 19 | 18 | |
Recorded investment with related allowance | [1] | 127 | 127 |
Unpaid principal balance with related allowance | 143 | 144 | |
Related allowance | 2 | 2 | |
Average recorded investment with related allowance | 127 | 375 | |
Interest income recognized with related allowance | 2 | 11 | |
Recorded investment | [1] | 2,566 | 2,707 |
Unpaid principal balance | 3,241 | 3,295 | |
Average recorded investment | 2,636 | 3,106 | |
Interest income recognized | 21 | 29 | |
Residential Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | 38 | ||
Interest income recognized with no related allowance | (8) | ||
Interest income recognized with no related allowance | 8 | ||
Recorded investment with related allowance | [1] | 2,836 | 2,906 |
Unpaid principal balance with related allowance | 3,012 | 3,082 | |
Related allowance | 174 | 159 | |
Average recorded investment with related allowance | 2,848 | 4,057 | |
Interest income recognized with related allowance | 39 | 222 | |
Recorded investment | [1] | 2,836 | 2,906 |
Unpaid principal balance | 3,012 | 3,082 | |
Average recorded investment | 2,886 | 4,057 | |
Interest income recognized | 47 | 222 | |
Commercial Mortgage Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | |||
Interest income recognized with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 7 | 8 |
Unpaid principal balance with related allowance | 52 | 53 | |
Related allowance | 1 | ||
Average recorded investment with related allowance | 8 | 10 | |
Interest income recognized with related allowance | 1 | 3 | |
Recorded investment | [1] | 7 | 8 |
Unpaid principal balance | 52 | 53 | |
Average recorded investment | 8 | 10 | |
Interest income recognized | 1 | 3 | |
Commercial and Agricultural Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | |||
Interest income recognized with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 44 | 46 |
Unpaid principal balance with related allowance | 44 | 46 | |
Related allowance | 3 | 3 | |
Average recorded investment with related allowance | 45 | 49 | |
Interest income recognized with related allowance | 1 | 3 | |
Recorded investment | [1] | 44 | 46 |
Unpaid principal balance | 44 | 46 | |
Average recorded investment | 45 | 49 | |
Interest income recognized | 1 | 3 | |
Consumer and Other Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | 1 | ||
Interest income recognized with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 1 | |
Unpaid principal balance with related allowance | 1 | ||
Related allowance | |||
Average recorded investment with related allowance | 2 | ||
Interest income recognized with related allowance | |||
Recorded investment | [1] | 1 | |
Unpaid principal balance | 1 | ||
Average recorded investment | 1 | 2 | |
Interest income recognized | |||
[1] | Recorded investment is the loan balance, net of any charge-offs |
Note 4 - Allowance for Loan L_8
Note 4 - Allowance for Loan Losses and Impaired Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | ||
Number of contracts | 1 | ||
Premodification | $ 344 | ||
Postmodification | $ 344 | ||
Number of contracts, subsequently defaulted | 0 | 0 | |
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
Construction and Development Loan [Member] | |||
Number of contracts | 1 | ||
Premodification | $ 344 | ||
Postmodification | $ 344 | ||
Number of contracts, subsequently defaulted | [1] | ||
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
Farmland Loan [Member] | |||
Number of contracts | |||
Premodification | |||
Postmodification | |||
Number of contracts, subsequently defaulted | [1] | ||
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
Residential Loan [Member] | |||
Number of contracts | |||
Premodification | |||
Postmodification | |||
Number of contracts, subsequently defaulted | [1] | ||
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
Commercial Mortgage Loan [Member] | |||
Number of contracts | |||
Premodification | |||
Postmodification | |||
Number of contracts, subsequently defaulted | [1] | ||
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
Commercial and Agricultural Loan [Member] | |||
Number of contracts | |||
Premodification | |||
Postmodification | |||
Number of contracts, subsequently defaulted | [1] | ||
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
Consumer and Other Loan [Member] | |||
Number of contracts | |||
Premodification | |||
Postmodification | |||
Number of contracts, subsequently defaulted | [1] | ||
Premodification, subsequently defaulted | [1] | ||
Postmodification, subsequently defaulted | [1] | ||
[1] | Loans past due 30 days or more are considered to be in default. |
Note 4 - Allowance for Loan L_9
Note 4 - Allowance for Loan Losses and Impaired Loans - Loans Remained in Deferment Status (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Number of loans | 10 | 18 |
Balance | $ 3,349 | $ 9,009 |
Customer Loans With First Deferment Portfolio Segment [Member] | ||
Number of loans | 4 | 7 |
Balance | $ 235 | $ 782 |
Customer Loans With Second Deferment Portfolio Segment [Member] | ||
Number of loans | 1 | |
Balance | $ 52 | |
Accommodation and Retail Services [Member] | Commercial Loans With First Deferment Portfolio Segment [Member] | ||
Number of loans | 2 | |
Balance | $ 2,785 | |
Accommodation and Retail Services [Member] | Commercial Loans With Second Deferment Portfolio Segment [Member] | ||
Number of loans | 1 | |
Balance | $ 752 | |
Accommodation and Retail Services [Member] | Commercial Loans With Third Deferment Portfolio Segment [Member] | ||
Number of loans | 2 | |
Balance | $ 4,438 | |
Construction Loans [Member] | Commercial Loans With First Deferment Portfolio Segment [Member] | ||
Number of loans | 1 | |
Balance | $ 47 | |
Agricultural [Member] | Commercial Loans With First Deferment Portfolio Segment [Member] | ||
Number of loans | 1 | |
Balance | $ 87 | |
Agricultural [Member] | Commercial Loans With Second Deferment Portfolio Segment [Member] | ||
Number of loans | 2 | |
Balance | $ 603 | |
Retail Trade [Member] | Commercial Loans With Second Deferment Portfolio Segment [Member] | ||
Number of loans | 1 | |
Balance | $ 159 | |
Constructing [Member] | Commercial Loans With Second Deferment Portfolio Segment [Member] | ||
Number of loans | 2 | 1 |
Balance | $ 83 | $ 36 |
Commercial Real Estate [Member] | Commercial Loans With Second Deferment Portfolio Segment [Member] | ||
Number of loans | 2 | |
Balance | $ 2,146 | |
Manufacturing [Member] | Commercial Loans With Third Deferment Portfolio Segment [Member] | ||
Number of loans | 1 | |
Balance | $ 153 |
Note 4 - Allowance for Loan _10
Note 4 - Allowance for Loan Losses and Impaired Loans - Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Outstanding balance | $ 347 | $ 351 |
Carrying amount | 347 | 351 |
Residential Loan [Member] | ||
Outstanding balance | 142 | 142 |
Commercial Mortgage Loan [Member] | ||
Outstanding balance | 110 | 113 |
Commercial and Agricultural Loan [Member] | ||
Outstanding balance | $ 95 | $ 96 |
Note 5 - Employee Benefit Pla_2
Note 5 - Employee Benefit Plan - Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest cost | $ 36 | $ 41 |
Expected return on plan assets | (174) | (157) |
Recognized net actuarial loss | 9 | 7 |
Net periodic benefit cost | $ (129) | $ (109) |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 164 | $ 193 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Beginning of year | $ 3,257 | $ 3,257 |
Measurement period adjustment | ||
Impairment | ||
End of the period | $ 3,257 | $ 3,257 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Net book value, balance | $ 2,359 | |
Net book value, balance | 2,195 | $ 2,359 |
Core Deposits [Member] | ||
Net book value, balance | 2,359 | 3,070 |
Amortization expense | (164) | (711) |
Net book value, balance | $ 2,195 | $ 2,359 |
Note 7 - Leases - Present Infor
Note 7 - Leases - Present Information About Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Right-of-use assets | $ 657 | $ 680 |
Weighted average remaining lease term (years) (Year) | 6 years 339 days | 7 years 36 days |
Weighted average discount rate | 2.43% | 2.45% |
Other Liabilities [Member] | ||
Lease liabilities | $ 657 | $ 680 |
Note 7 - Leases - Lease expense
Note 7 - Leases - Lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease expense | $ 38 | $ 25 |
Short-term lease expense | 9 | 16 |
Total lease expense | 47 | 41 |
Cash paid for amounts included in lease liabilities | $ 38 | $ 25 |
Note 7 - Leases - Maturity Sche
Note 7 - Leases - Maturity Schedule of Undiscounted Cash flow (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Nine months ending December 31, 2021 | $ 115 | |
Twelve months ending December 31, 2022 | 123 | |
Twelve months ending December 31, 2023 | 82 | |
Twelve months ending December 31, 2024 | 69 | |
Twelve months ending December 31, 2025 | 72 | |
Thereafter | 258 | |
Total undiscounted cash flows | 719 | |
Less discount | (62) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 657 | $ 680 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 14,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.30 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 164 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 273 days | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 300,000 |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Balance (in shares) | shares | |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 14,500 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.30 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested | $ | |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Balance (in shares) | shares | 14,500 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 11.30 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 5,000,000 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Summary of Bank's Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial instruments with off balance sheet risk | $ 122,500 | $ 113,038 |
Commitments to Extend Credit [Member] | ||
Financial instruments with off balance sheet risk | 121,465 | 111,778 |
Standby Letters of Credit [Member] | ||
Financial instruments with off balance sheet risk | $ 1,035 | $ 1,260 |
Note 10 - Financial Instrumen_3
Note 10 - Financial Instruments (Details Textual) xbrli-pure in Thousands, $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Number of Derivative Instruments Held | 0 | 0 |
Repossessed Assets, Total | $ 0 | $ 0 |
Fair Value, Recurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 10 - Financial Instrumen_4
Note 10 - Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Net Loans | $ 692,634 | $ 659,195 |
Time Deposits | 192,803 | 194,419 |
FHLB Advances | 10,000 | 10,000 |
Time Deposits | 192,803 | 194,419 |
Estimate of Fair Value Measurement [Member] | ||
Net Loans | 688,117 | 653,454 |
Time Deposits | 194,272 | 194,419 |
FHLB Advances | 9,849 | 9,765 |
Time Deposits | 194,272 | 194,419 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Net Loans | ||
Time Deposits | ||
FHLB Advances | 9,849 | 9,765 |
Time Deposits | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Net Loans | 687,921 | 653,255 |
Time Deposits | 194,272 | 196,522 |
FHLB Advances | ||
Time Deposits | 194,272 | 196,522 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Net Loans | 196 | 199 |
Time Deposits | ||
FHLB Advances | ||
Time Deposits |
Note 10 - Financial Instrumen_5
Note 10 - Financial Instruments - Assets Recorded at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale | $ 89,557 | $ 33,507 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 89,557 | 33,507 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale | 10,165 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 10,165 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Collateralized Mortgage Backed Securities [Member] | ||
Investment securities available for sale | 47,909 | 15,684 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 47,909 | 15,684 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | ||
Investment securities available for sale | 1,500 | 1,500 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 1,500 | 1,500 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale | 29,983 | 16,323 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 29,983 | 16,323 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale |
Note 10 - Financial Instrumen_6
Note 10 - Financial Instruments - Assets Recorded at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Impaired Loans [Member] | ||
Assets at fair value | $ 196 | $ 199 |
Fair Value, Nonrecurring [Member] | ||
Assets at fair value | 196 | 199 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | 196 | 199 |
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | ||
Assets at fair value | 196 | 199 |
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | $ 196 | $ 199 |
Note 10 - Financial Instrumen_7
Note 10 - Financial Instruments - Significant Unobservable Inputs Used Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, significant unobservable inputs | 0 | |
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, significant unobservable inputs | 0.1 | |
Impaired Loans [Member] | ||
Assets at fair value | $ 196 | $ 199 |
Note 11 - Short-term Debt (Deta
Note 11 - Short-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt, Total | $ 0 | $ 0 |
Unsecured Lines of Credit [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 53,000 | |
Unsecured Lines of Credit [Member] | Federal Home Loan Bank [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 203,800 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Advances from Federal Home Loan Banks, Total | $ 10 | $ 10 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.819% |
Note 13 - Capital Requirement_2
Note 13 - Capital Requirements - Capital Amounts and Ratios (Details) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Capital | $ 85,324 | $ 84,176 |
Capital, ratio | 0.1278 | 0.131 |
Capital required for capital adequacy | $ 53,401 | $ 51,409 |
Capital required for capital adequacy, ratio | 0.08 | 0.08 |
Capital required to be well capitalized | $ 66,752 | $ 64,261 |
Capital required to be well capitalized, ratio | 0.1 | 0.1 |
Tier 1 capital risk | $ 80,237 | $ 79,240 |
Tier 1 capital risk, raio | 0.1202 | 0.1233 |
Tier 1 Capital risk required for capital adequacy | $ 40,051 | $ 38,557 |
Tier 1 Capital risk required for capital adequacy, ratio | 0.06 | 0.06 |
Tier 1 Capital risk required to be well capitalized | $ 53,401 | $ 51,409 |
Tier 1 Capital risk required to be well capitalized, ratio | 0.08 | 0.08 |
Common equity Tier 1 | $ 80,237 | $ 79,240 |
Common equity Tier 1, raio | 0.1202 | 0.1233 |
Common equity Tier 1 required for capital adequacy | $ 30,038 | $ 28,918 |
Common equity Tier 1 required for capital adequacy, raio | 0.045 | 0.045 |
Common equity Tier 1 required to be well capitalized | $ 43,388 | $ 41,770 |
Common equity Tier 1 required to be well capitalized, ratio | 0.065 | 0.065 |
Tier 1 capital average | $ 80,237 | $ 79,240 |
Tier 1 capital average, ratio | 0.0925 | 0.095 |
Tier 1 capital average required for capital adequacy | $ 34,713 | $ 33,354 |
Tier 1 capital average required for capital adequacy, ratio | 0.04 | 0.04 |
Tier 1 capital average required to be well capitalized | $ 43,391 | $ 41,692 |
Tier 1 capital average required to be well capitalized, ratio | 0.05 | 0.05 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - SBA CARES Act Paycheck Protection Program [Member] $ in Millions | May 12, 2021USD ($) |
Loans and Leases Receivable, Authorized Amount | $ 46.5 |
Financing Receivable, Loans Originated, Amount | $ 36.2 |