Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 08, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001693577 | |
Entity Registrant Name | MainStreet Bancshares, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38817 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 81-2871064 | |
Entity Address, Address Line One | 10089 Fairfax Boulevard | |
Entity Address, City or Town | Fairfax | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22030 | |
City Area Code | 703 | |
Local Phone Number | 481-4567 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,527,295 | |
Depositary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock) | |
Trading Symbol | MNSBP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | MNSB | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 44,912 | $ 48,931 | [1] |
Federal funds sold | 76,271 | 81,669 | [1] |
Cash and cash equivalents | 121,183 | 130,600 | [1] |
Investment securities available-for-sale, at fair value | 56,726 | 62,631 | [1] |
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0, respectively. | 17,565 | 17,642 | |
Restricted securities, at amortized cost | 20,619 | 24,325 | |
Loans, net of allowance for credit losses of $15,626 and $14,114, respectively | 1,681,444 | 1,579,950 | |
Premises and equipment, net | 14,275 | 14,709 | [1] |
Accrued interest and other receivables | 11,184 | 9,581 | [1] |
Bank owned life insurance | 38,035 | 37,249 | [1] |
Computer software, net of amortization | 13,373 | 9,149 | [1] |
Other assets | 47,087 | 39,915 | [1] |
Total Assets | 2,021,491 | 1,925,751 | [1] |
Liabilities | |||
Non-interest bearing deposits | 394,859 | 550,690 | [1] |
Interest bearing demand deposits | 76,423 | 80,099 | [1] |
Savings and NOW deposits | 46,550 | 51,419 | [1] |
Money market deposits | 461,398 | 222,540 | [1] |
Time deposits | 703,960 | 608,141 | [1] |
Total deposits | 1,683,190 | 1,512,889 | [1] |
Federal Home Loan Bank advances | 0 | 100,000 | |
Subordinated debt, net | 72,543 | 72,245 | [1] |
Allowance for credit losses on off-balance sheet credit exposure | 1,552 | 0 | |
Other liabilities | 50,463 | 42,335 | [1] |
Total Liabilities | 1,807,748 | 1,727,469 | [1] |
Stockholders’ Equity | |||
Preferred stock, $1.00 par value, 2,000,000 shares authorized; 28,750 shares issued and outstanding at September 30, 2023 and December 31, 2022 | 27,263 | 27,263 | [1] |
Common stock, $4.00 par value, 10,000,000 shares authorized; issued and outstanding 7,524,877 shares (including 228,300 nonvested shares) at September 30, 2023 and 7,442,743 shares (including 259,036 nonvested shares) at December 31, 2022 | 29,188 | 28,736 | [1] |
Capital surplus | 65,407 | 63,999 | [1] |
Retained earnings | 102,694 | 86,830 | [1] |
Accumulated other comprehensive loss | (10,809) | (8,546) | |
Total Stockholders’ Equity | 213,743 | 198,282 | [1] |
Total Liabilities and Stockholders’ Equity | $ 2,021,491 | $ 1,925,751 | [1] |
[1]Derived from audited consolidated financial statements. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Allowance for credit losses | $ 0 | $ 0 | |
Allowance for credit loss | $ 15,626 | $ 14,114 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | [1] |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | [1] |
Preferred stock, shares outstanding (in shares) | 28,750 | 28,750 | [1] |
Preferred stock, shares issued (in shares) | 28,750 | 28,750 | [1] |
Common stock, par value (in dollars per share) | $ 4 | $ 4 | [1] |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | [1] |
Common stock, shares outstanding (in shares) | 7,524,877 | 7,442,743 | [1] |
Common stock, shares issued (in shares) | 7,524,877 | 7,442,743 | [1] |
Common stock, shares nonvested (in shares) | 228,300 | 259,036 | [1] |
[1]Derived from audited consolidated financial statements. |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Income | ||||
Interest and fees on loans | $ 29,750 | $ 20,261 | $ 85,336 | $ 54,900 |
Interest on investments securities | ||||
Taxable securities | 459 | 378 | 1,384 | 1,136 |
Tax-exempt securities | 268 | 261 | 797 | 796 |
Interest on federal funds sold and interest-bearing deposits | 1,217 | 1,013 | 3,528 | 1,241 |
Total Interest Income | 31,694 | 21,913 | 91,045 | 58,073 |
Interest Expense | ||||
Interest on interest-bearing DDA deposits | 240 | 175 | 834 | 345 |
Interest on savings and NOW deposits | 145 | 43 | 400 | 122 |
Interest on money market deposits | 4,156 | 496 | 8,285 | 766 |
Interest on time deposits | 7,526 | 2,275 | 18,747 | 5,236 |
Interest on federal funds borrowed | 35 | 0 | 274 | 0 |
Interest on Federal Home Loan Bank advances | 186 | 0 | 1,105 | 83 |
Interest on subordinated debt | 828 | 828 | 2,460 | 2,108 |
Total Interest Expense | 13,116 | 3,817 | 32,105 | 8,660 |
Net Interest Income | 18,578 | 18,096 | 58,940 | 49,413 |
Provision For (Recovery of) Credit Losses - Loans | (98) | 0 | 934 | 1,280 |
Provision for off-balance sheet credit losses, net | 353 | 0 | 242 | 0 |
Net Interest Income After Provision For (Recovery of) Credit Losses | 18,323 | 18,096 | 57,764 | 48,133 |
Non-Interest Income | ||||
Deposit account service charges | 514 | 601 | 1,639 | 1,810 |
Bank owned life insurance income | 272 | 254 | 786 | 755 |
Loan swap fee income | 0 | 518 | 0 | 619 |
Net gain on held-to-maturity securities | 0 | 0 | 0 | 4 |
Net loss on sale of loans | 0 | (211) | 0 | (168) |
Other fee income | 177 | 186 | 352 | 753 |
Total Non-Interest Income | 963 | 1,348 | 2,777 | 3,773 |
Non-Interest Expense | ||||
Salaries and employee benefits | 6,924 | 5,874 | 21,139 | 17,025 |
Furniture and equipment expenses | 713 | 760 | 1,983 | 2,076 |
Advertising and marketing | 577 | 704 | 2,072 | 1,684 |
Occupancy expenses | 375 | 400 | 1,287 | 1,093 |
Outside services | 697 | 611 | 1,691 | 1,545 |
Administrative expenses | 277 | 253 | 703 | 658 |
Other operating expenses | 1,866 | 1,291 | 5,109 | 4,268 |
Total Non-Interest Expense | 11,429 | 9,893 | 33,984 | 28,349 |
Income Before Income Taxes | 7,857 | 9,551 | 26,557 | 23,557 |
Income Tax Expense | 1,516 | 1,808 | 5,119 | 4,462 |
Net Income | 6,341 | 7,743 | 21,438 | 19,095 |
Preferred Stock Dividends | 539 | 539 | 1,617 | 1,617 |
Net Income Available To Common Shareholders | $ 5,802 | $ 7,204 | $ 19,821 | $ 17,478 |
Earnings Per Common Share: | ||||
Basic (in dollars per share) | $ 0.77 | $ 0.97 | $ 2.64 | $ 2.31 |
Diluted (in dollars per share) | $ 0.77 | $ 0.97 | $ 2.64 | $ 2.31 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Comprehensive Income, net of taxes | ||||
Net income | $ 6,341 | $ 7,743 | $ 21,438 | $ 19,095 |
Other comprehensive loss, net of tax benefit: | ||||
Unrealized losses on available for sale securities arising during the period (net of tax benefit, $687 and $850, respectively, for the three months ended September 30, and $687 and $2,641, respectively for the nine months ended September 30). | (2,465) | (3,199) | (2,268) | (9,965) |
Add: reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $0 and $1, respectively, for the three months ended September 30, and $1 and $3, respectively, for the nine months ended September 30). | 2 | 4 | 5 | 12 |
Other comprehensive loss | (2,463) | (3,195) | (2,263) | (9,953) |
Comprehensive Income | $ 3,878 | $ 4,548 | $ 19,175 | $ 9,142 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unrealized losses on available for sale securities arising during the period, tax benefit | $ 687 | $ 850 | $ 687 | $ 2,641 |
Reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity, tax | $ 0 | $ 1 | $ 1 | $ 3 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2021 | $ 27,263 | $ 29,466 | $ 67,668 | $ 64,194 | $ 197 | $ 188,788 | |||||||
Vesting of restricted stock | 0 | 399 | (399) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 1,743 | 0 | 0 | 1,743 | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (1,617) | 0 | (1,617) | |||||||
Dividends on common stock | 0 | 0 | 0 | (1,138) | 0 | (1,138) | |||||||
Net income | 0 | 0 | 0 | 19,095 | 0 | 19,095 | |||||||
Other comprehensive Income (loss) | 0 | 0 | 0 | 0 | (9,953) | (9,953) | |||||||
Common stock repurchased | 0 | (1,137) | (5,781) | 0 | 0 | (6,918) | |||||||
Balance at Sep. 30, 2022 | 27,263 | 28,728 | 63,231 | 80,534 | (9,756) | 190,000 | |||||||
Balance at Jun. 30, 2022 | 27,263 | 29,178 | 64,822 | 73,702 | (6,561) | 188,404 | |||||||
Vesting of restricted stock | 0 | 10 | (10) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 609 | 0 | 0 | 609 | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (539) | 0 | (539) | |||||||
Dividends on common stock | 0 | 0 | 0 | (372) | 0 | (372) | |||||||
Net income | 0 | 0 | 0 | 7,743 | 0 | 7,743 | |||||||
Other comprehensive Income (loss) | 0 | 0 | 0 | 0 | (3,195) | (3,195) | |||||||
Common stock repurchased | 0 | (460) | (2,190) | 0 | 0 | (2,650) | |||||||
Balance at Sep. 30, 2022 | 27,263 | 28,728 | 63,231 | 80,534 | (9,756) | 190,000 | |||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (1,699) | $ 0 | $ (1,699) | |||||||
Balance at Dec. 31, 2022 | 27,263 | 28,736 | 63,999 | 86,830 | (8,546) | 198,282 | [1] | ||||||
Vesting of restricted stock | 0 | 460 | (460) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 1,903 | 0 | 0 | 1,903 | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (1,617) | 0 | (1,617) | |||||||
Dividends on common stock | 0 | 0 | 0 | (2,258) | 0 | (2,258) | |||||||
Net income | 0 | 0 | 0 | 21,438 | 0 | 21,438 | |||||||
Other comprehensive Income (loss) | 0 | 0 | 0 | 0 | (2,263) | (2,263) | |||||||
Common stock repurchased | 0 | (8) | (35) | 0 | 0 | (43) | |||||||
Balance at Sep. 30, 2023 | 27,263 | 29,188 | 65,407 | 102,694 | (10,809) | 213,743 | |||||||
Balance at Jun. 30, 2023 | 27,263 | 29,177 | 64,768 | 97,646 | (8,346) | 210,508 | |||||||
Vesting of restricted stock | 0 | 11 | (11) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 650 | 0 | 0 | 650 | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (539) | 0 | (539) | |||||||
Dividends on common stock | 0 | 0 | 0 | (754) | 0 | (754) | |||||||
Net income | 0 | 0 | 0 | 6,341 | 0 | 6,341 | |||||||
Other comprehensive Income (loss) | 0 | 0 | 0 | 0 | (2,463) | (2,463) | |||||||
Balance at Sep. 30, 2023 | $ 27,263 | $ 29,188 | $ 65,407 | $ 102,694 | $ (10,809) | $ 213,743 | |||||||
[1]Derived from audited consolidated financial statements. |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Dividends on preferred stock, per share (in dollars per share) | $ 0.47 | $ 0.47 | $ 0.94 | $ 0.94 |
Dividends on common stock, per share (in dollars per share) | $ 0.1 | $ 0.05 | $ 0.3 | $ 0.15 |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 21,438 | $ 19,095 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion, net | 1,684 | 1,625 |
Deferred income tax expense (benefit) | 238 | (59) |
Provision for credit losses | 1,176 | 1,280 |
Writedown of other real estate owned | 0 | 70 |
Loss on sale of other real estate owned | 0 | 4 |
Loss on sale of loans | 0 | 168 |
Stock based compensation expense | 1,903 | 1,743 |
Income from bank owned life insurance | (786) | (755) |
Subordinated debt amortization expense | 298 | 229 |
Gain on disposal of premises and equipment | (129) | 0 |
Loss on New Market Tax Credit investment operations | 176 | 0 |
Gain on call of held-to-maturity securities | 0 | (4) |
Amortization of operating lease right-of-use assets | 239 | 233 |
Change in: | ||
Accrued interest receivable and other receivables | (1,597) | (572) |
Other assets | (5,520) | (26,875) |
Other liabilities | 7,188 | 26,688 |
Net cash provided by operating activities | 26,308 | 22,870 |
Cash Flows from Investing Activities | ||
Payments, available-for-sale securities | 2,666 | 5,783 |
Maturities, available-for-sale securities | 0 | 145,000 |
Purchases, available-for-sale securities | 0 | (226,215) |
Called, held-to-maturity securities | 0 | 2,595 |
Purchases of equity securities | (231) | (224) |
Proceeds on sale of loans | 0 | 868 |
Proceeds on sale of other real estate owned | 0 | 701 |
Purchases of restricted investment in bank stock | (5,974) | (4,873) |
Redemption of restricted investment in bank stock | 9,339 | 4,125 |
Net increase in loan portfolio | (103,323) | (108,627) |
Computer software developed | (4,224) | (4,765) |
Proceeds from sale of premises and equipment | 129 | 0 |
Purchases of premises and equipment | (490) | (614) |
Net cash used in investing activities | (102,108) | (186,246) |
Cash Flows from Financing Activities | ||
Net increase (decrease) in non-interest deposits | (155,831) | 35,338 |
Net increase in interest bearing demand, savings, and time deposits | 326,132 | 106,623 |
Net decrease in Federal Home Loan Bank advances | (100,000) | 0 |
Net increase in subordinated debt, net issuance costs | 0 | 42,623 |
Cash dividends paid on preferred stock | (1,617) | (1,617) |
Cash dividends paid on common stock | (2,258) | (1,138) |
Repurchases of common stock | (43) | (6,918) |
Net cash provided by financing activities | 66,383 | 174,911 |
Increase (Decrease) in Cash and Cash Equivalents | (9,417) | 11,535 |
Cash and Cash Equivalents, beginning of period | 130,600 | 93,199 |
Cash and Cash Equivalents, end of period | 121,183 | 104,734 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 29,581 | 7,869 |
Cash paid during the period for income taxes | 6,180 | 3,941 |
Net unrealized loss on securities available-for-sale | (2,955) | (12,606) |
Net cumulative change in accounting principle | $ (1,699) | $ 0 |
Note 1 - Organization, Basis of
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. Organization MainStreet Bancshares, Inc. (the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Virginia whose primary activity is the ownership and management of MainStreet Bank (the “Bank”). On October 12, 2021, 1956, On April 18, 2019, 10 10” 12 1934. 2012, 2 1933, 12b 2. may The Company was approved to list shares of our common stock on the Nasdaq Capital Market under our current symbol “MNSB” as of April 22, 2019. September 16, 2020. 1/40 th The Bank is headquartered in Fairfax, Virginia where it also operates a branch. The Bank was incorporated on March 28, 2003, March 16, 2004. May 26, 2004, In September 2021, January 2022, On October 25, 2021, first Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10 not The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2022 10 March 23, 2023. three nine September 30, 2023 not may December 31, 2023 Use of estimates The Company’s critical accounting policies relate to ( 1 2 3 Summary of Significant Accounting Policies Adoption of New Accounting Standards: January 1, 2023, 2016 13 326 not 842 326 not not The Company adopted ASC 326 January 1, 2023 January 1, 2023 326 January 1, 2023 326. Impact of Recently Issued Accounting Pronouncements In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 Recently Adopted Accounting Developments In June 2016, 2016 13, 326 2016 13 January 1, 2023. In March 2022, No. 2022 02, 326 2022 02 2016 13 2022 02 January 1, 2023. no |
Note 2 - Investment Securities
Note 2 - Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 2. The following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2023 December 31, 2022 not September 30, 2023 Investment securities available-for-sale was comprised of the following: September 30, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 24,402 $ — $ (5,231 ) $ 19,171 Subordinated Debt 9,970 — (1,692 ) 8,278 Municipal Securities: Taxable 10,656 — (2,997 ) 7,659 Tax-exempt 22,707 — (4,108 ) 18,599 U.S. Governmental Agencies 3,054 3 (38 ) 3,019 Total $ 70,789 $ 3 $ (14,066 ) $ 56,726 Investment securities held-to-maturity was comprised of the following: September 30, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities: Tax-exempt $ 15,065 $ — $ (744 ) $ 14,321 Subordinated Debt 2,500 — (9 ) 2,491 Total $ 17,565 $ — $ (753 ) $ 16,812 Investment securities available-for-sale was comprised of the following: December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 26,801 $ — $ (4,574 ) $ 22,227 Subordinated Debt 9,970 — (1,143 ) 8,827 Municipal Securities: Taxable 10,675 — (2,709 ) 7,966 Tax-exempt 22,823 10 (2,658 ) 20,175 U.S. Governmental Agencies 3,470 2 (36 ) 3,436 Total $ 73,739 $ 12 $ (11,120 ) $ 62,631 Investment securities held-to-maturity was comprised of the following: December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities: Tax-exempt $ 15,142 $ 35 $ (237 ) $ 14,940 Subordinated Debt 2,500 — — 2,500 Total $ 17,642 $ 35 $ (237 ) $ 17,440 Credit Quality Indicators and Allowance for Credit Losses - HTM For HTM securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis using security-level credit ratings. The Company’s HTM securities ACL was immaterial at September 30, 2023 The following table presents the amortized cost of HTM securities as of September 30, 2023 December 31, 2022 (Dollars in thousands) Municipal Securities Subordinated Debt Total HTM securities September 30, 2023 Credit Rating: AAA/AA/A $ 15,065 $ — $ 15,065 Not Rated - Non Agency — 2,500 2,500 Total $ 15,065 $ 2,500 $ 17,565 December 31, 2022 Credit Rating: AAA/AA/A $ 15,142 $ — $ 15,142 Not Rated - Non Agency — 2,500 2,500 Total $ 15,142 $ 2,500 $ 17,642 The scheduled maturities of securities available-for-sale and held-to-maturity at September 30, 2023 September 30, 2023 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 265 $ 264 Due from one to five years 1,000 955 3,643 3,547 Due from after five to ten years 14,100 11,834 7,227 7,063 Due after ten years 55,689 43,937 6,430 5,938 Total $ 70,789 $ 56,726 $ 17,565 $ 16,812 The scheduled maturities of securities available-for-sale and held-to-maturity at December 31, 2022 December 31, 2022 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 264 $ 262 Due from one to five years 1,000 963 1,073 1,073 Due from after five to ten years 13,056 11,583 9,828 9,819 Due after ten years 59,683 50,085 6,477 6,286 Total $ 73,739 $ 62,631 $ 17,642 $ 17,440 Securities with a fair value of $15.8 million and $3.6 million were pledged at September 30, 2023 December 31, 2022 The following tables summarize the unrealized loss positions of securities available-for-sale and held-to-maturity as of September 30, 2023 December 31, 2022 September 30, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ 72 $ (3 ) $ 19,099 $ (5,228 ) $ 19,171 $ (5,231 ) Subordinated Debt — — 7,528 (1,692 ) 7,528 (1,692 ) Municipal securities: Taxable — — 7,659 (2,997 ) 7,659 (2,997 ) Tax-exempt 3,885 (360 ) 14,714 (3,748 ) 18,599 (4,108 ) U.S Governmental Agencies — — 870 (38 ) 870 (38 ) Total $ 3,957 $ (363 ) $ 49,870 $ (13,703 ) $ 53,827 $ (14,066 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ 2,021 $ (151 ) $ 20,206 $ (4,423 ) $ 22,227 $ (4,574 ) Subordinated Debt 3,357 (393 ) 4,720 (750 ) 8,077 (1,143 ) Municipal Securities: Taxable 1,377 (198 ) 6,589 (2,511 ) 7,966 (2,709 ) Tax-exempt 11,028 (838 ) 7,663 (1,820 ) 18,691 (2,658 ) U.S Government Agencies 1,768 (2 ) 1,018 (34 ) 2,786 (36 ) Total $ 19,551 $ (1,582 ) $ 40,196 $ (9,538 ) $ 59,747 $ (11,120 ) Held-to-maturity: Municipal Securities: Tax-exempt $ 10,599 $ (237 ) $ — $ — $ 10,599 $ (237 ) Total $ 10,599 $ (237 ) $ — $ — $ 10,599 $ (237 ) Unrealized losses on each of the major categories of securities have not not At September 30, 2023 12 twenty-four 12 twenty-one 12 September 30, 2023 nine 12 12 September 30, 2023 seven 12 Certain municipal securities originally purchased as available for sale were transferred to held to maturity during 2013. September 30, 2023 December 31, 2022 The Company periodically invests in New Market Tax Credit opportunities, related primarily to certain community development projects. The Company receives tax credits related to these investments, for which the Company typically acts as a limited partner and therefore does not three nine September 30, 2023 |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3. Loans receivable were comprised of the following: (Dollars in thousands) September 30, 2023 December 31, 2022 Residential Real Estate: Single family $ 198,554 $ 178,615 Multifamily 264,233 215,624 Farmland 148 155 Commercial Real Estate: Owner-occupied 281,303 228,374 Non-owner occupied 453,312 472,354 Construction and Land Development 426,698 393,783 Commercial – Non Real-Estate: Commercial & Industrial 73,855 97,351 Consumer – Non Real-Estate: Unsecured 177 1,984 Secured 4,421 11,352 Total Gross Loans 1,702,701 1,599,592 Less: unearned fees, net (5,631 ) (5,528 ) Less: allowance for credit losses - loans (15,626 ) (14,114 ) Net Loans $ 1,681,444 $ 1,579,950 The unsecured consumer loans above include $177,000 and $2.0 million of overdrafts reclassified as loans at September 30, 2023 December 31, 2022 The following tables summarize the activity in the allowance for credit losses on loans by loan class for the three nine September 30, 2023 2022 Allowance for Credit Losses By Portfolio Segment Real Estate For the three months ended September 30, 2023 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 2,325 $ 8,184 $ 3,600 $ 1,919 $ 19 $ 16,047 Charge-offs — — — (324 ) — (324 ) Recoveries — — — — 1 1 Provision for (recovery of) credit losses 200 74 (14 ) (360 ) 2 (98 ) Ending Balance $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 For the nine months ended September 30, 2023 Beginning Balance, prior to adoption of ASC 326 $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 Impact of adopting ASC 326 59 614 19 172 31 895 Charge-offs — — — (325 ) (6 ) (331 ) Recoveries 8 — — — 6 14 Provision for (recovery of) credit losses 312 485 220 (30 ) (53 ) 934 Ending Balance $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 Real Estate For the three months ended September 30, 2022 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 1,994 $ 6,514 $ 3,044 $ 1,340 $ 90 $ 12,982 Recoveries — — — — 12 12 Provision for (recovery of) credit losses 20 203 73 (247 ) (49 ) — Ending Balance $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 For the nine months ended September 30, 2022 Beginning Balance $ 1,672 $ 5,689 $ 2,697 $ 1,540 $ 99 $ 11,697 Recoveries — — — — 17 17 Provision for (recovery of) credit losses 342 1,028 420 (447 ) (63 ) 1,280 Ending Balance $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 Credit quality risk ratings include regulatory classifications of Pass, Watch, Special Mention, Substandard, Doubtful and Loss. Loans classified as Pass have quality metrics to support that the loan will be repaid according to the terms established. Loans classified as Watch have similar characteristics as Pass loans with some emerging signs of financial weaknesses that should be monitored closer. Loans classified as Special Mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may not The following tables summarize the amortized cost basis by aggregate Pass and criticized categories of Watch, Special Mention, and Substandard within the Company’s internal risk rating system as of September 30, 2023 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year September 30, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Residential Real Estate - Single Family Pass $ 45,280 $ 18,769 $ 21,374 $ 33,482 $ 20,782 $ 22,514 $ 33,871 $ 196,072 Watch 312 — — 1,321 — — 149 1,782 Special Mention — — — — — — — — Substandard — — — — 436 264 — 700 Total Residential Real Estate - Single Family $ 45,592 $ 18,769 $ 21,374 $ 34,803 $ 21,218 $ 22,778 $ 34,020 $ 198,554 Residential Real Estate - Multifamily Pass $ 31,086 $ 81,414 $ 70,444 $ 39,891 $ 27,436 $ 10,842 $ 3,120 $ 264,233 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Multifamily $ 31,086 $ 81,414 $ 70,444 $ 39,891 $ 27,436 $ 10,842 $ 3,120 $ 264,233 Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 148 $ — $ 148 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 148 $ — $ 148 Commercial Real Estate - Owner Occupied Pass $ 67,348 $ 55,563 $ 43,882 $ 40,116 $ 32,683 $ 37,906 $ 2,679 $ 280,177 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — 1,126 — — 1,126 Total Commercial Real Estate - Owner Occupied $ 67,348 $ 55,563 $ 43,882 $ 40,116 $ 33,809 $ 37,906 $ 2,679 $ 281,303 Commercial Real Estate - Non-Owner Occupied Pass $ 18,132 $ 103,213 $ 50,553 $ 48,000 $ 17,931 $ 132,389 $ 24,738 $ 394,956 Watch — — — 964 12,847 20,183 — 33,994 Special Mention — — — 15,967 — — — 15,967 Substandard — — — — 7,769 626 — 8,395 Total Commercial Real Estate - Non-Owner Occupied $ 18,132 $ 103,213 $ 50,553 $ 64,931 $ 38,547 $ 153,198 $ 24,738 $ 453,312 Construction & Land Development Pass $ 12,112 $ 32,558 $ 13,884 $ 2,459 $ 5 $ 8,231 $ 335,495 $ 404,744 Watch — 1,454 — — — — 20,500 21,954 Special Mention — — — — — — — — Substandard — — — — — — — — Total Construction & Land Development $ 12,112 $ 34,012 $ 13,884 $ 2,459 $ 5 $ 8,231 $ 355,995 $ 426,698 Commercial & Industrial Pass $ 9,918 $ 5,446 $ 13,436 $ 3,768 $ 2,203 $ 10,972 $ 27,569 $ 73,312 Watch — — — — — — — — Special Mention — — — — — — — Substandard — — — — — 50 168 218 Doubtful — — — — — 259 66 325 Total Commercial & Industrial $ 9,918 $ 5,446 $ 13,436 $ 3,768 $ 2,203 $ 11,281 $ 27,803 $ 73,855 Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 177 $ 177 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 177 $ 177 Consumer - Secured Pass $ 28 $ 267 $ 4 $ 63 $ 1,637 $ 2,247 $ 175 $ 4,421 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Secured $ 28 $ 267 $ 4 $ 63 $ 1,637 $ 2,247 $ 175 $ 4,421 Total Pass $ 183,904 $ 297,230 $ 213,577 $ 167,779 $ 102,677 $ 225,249 $ 427,824 $ 1,618,240 Watch 312 1,454 — 2,285 12,847 20,183 20,649 57,730 Special Mention — — — 15,967 — — — 15,967 Substandard — — — — 9,331 940 168 10,439 Doubtful — — — — — 259 66 325 Total $ 184,216 $ 298,684 $ 213,577 $ 186,031 $ 124,855 $ 246,631 $ 448,707 $ 1,702,701 December 31, 2022 (Dollars in thousands) Pass Watch Special Mention Substandard Total Residential Real Estate: Single Family $ 178,172 $ — $ — $ 443 $ 178,615 Multifamily 215,624 — — — 215,624 Farmland 155 — — — 155 Commercial Real Estate: Owner occupied 227,231 — — 1,143 228,374 Non-owner occupied 439,537 24,897 — 7,920 472,354 Construction & Land Development 393,783 — — — 393,783 Commercial – Non Real Estate: Commercial & Industrial 97,246 97 — 8 97,351 Consumer – Non Real Estate: Unsecured 1,984 — — — 1,984 Secured 11,352 — — — 11,352 Total $ 1,565,084 $ 24,994 $ — $ 9,514 $ 1,599,592 The following tables present the amortized cost basis by segments of the loan portfolio summarized by aging categories as of September 30, 2023 December 31, 2022 September 30, 2023 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Nonaccrual Residential Real Estate: Single Family $ 841 $ — $ — $ 841 $ 197,713 $ 198,554 $ — Multifamily — — — — 264,233 264,233 — Farmland — — — — 148 148 — Commercial Real Estate: Owner occupied — — — — 281,303 281,303 — Non-owner occupied — — — — 453,312 453,312 — Construction & Land Development — — — — 426,698 426,698 — Commercial – Non Real Estate: Commercial & Industrial — — — — 73,530 73,855 325 Consumer – Non Real Estate: Unsecured — — — — 177 177 — Secured 5 — — 5 4,416 4,421 — Total $ 846 $ — $ — $ 846 $ 1,701,530 $ 1,702,701 $ 325 December 31, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Nonaccrual Residential Real Estate: Single Family $ — $ — $ — $ — $ 178,615 $ 178,615 $ — Multifamily — — — — 215,624 215,624 — Farmland — — — — 155 155 — Commercial Real Estate: Owner occupied — — — — 228,374 228,374 — Non-owner occupied — — — — 472,354 472,354 — Construction & Land Development — — — — 393,783 393,783 — Commercial – Non Real Estate: Commercial & Industrial — — 15 15 97,336 97,351 — Consumer – Non Real Estate: Unsecured — — — — 1,984 1,984 — Secured 11 12 6 29 11,323 11,352 — Total $ 11 $ 12 $ 21 $ 44 $ 1,599,548 $ 1,599,592 $ — There were no loans placed on nonaccrual with an allowance for credit losses as of September 30, 2023 December 31, 2022 The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: ● Residential real estate loans are typically secured by first second ● Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. ● Home equity lines of credit are generally secured by second ● Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no (Dollars in thousands) September 30, 2023 Residential Real Estate: Single family $ 487 Commercial Real Estate: Owner occupied 1,126 Non-owner occupied 625 Commercial and Industrial 325 Total $ 2,563 The Company did not three nine September 30, 2023 As of September 30, 2023 Prior to the adoption of ASC 326 January 1, 2023, December 31, 2022 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential Real Estate $ 394,394 $ 149 $ 394,245 Commercial Real Estate 700,728 — 700,728 Construction and Land Development 393,783 — 393,783 Commercial & Industrial 97,351 — 97,351 Consumer 13,336 — 13,336 Total $ 1,599,592 $ 149 $ 1,599,443 Prior to the adoption of ASU 2016 13, December 31, 2022: December 31, 2022 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential Real Estate: Single family $ 149 $ 149 $ — Total $ 149 $ 149 $ — The following table presents information related to the average recorded investment and interest income recognized on impaired loans, for the three September 30, 2023 For the three months ended September 30, 2023 (Dollars in thousands) Average Record Investment Interest Income Recognized With no related allowance recorded Residential Real Estate: Single family $ 504 $ 10 Commercial Real Estate: Owner Occupied 1,129 20 Non-owner Occupied 626 12 Commercial & Industrial 650 28 Total $ 2,909 $ 70 The following table presents information related to the average recorded investment and interest income recognized on impaired loans, for the nine September 30, 2023 For the nine months ended September 30, 2023 (Dollars in thousands) Average Record Investment Interest Income Recognized With no related allowance recorded Residential Real Estate: Single family $ 539 $ 30 Commercial Real Estate: Owner Occupied $ 1,134 $ 61 Non-owner Occupied 626 38 Commercial & Industrial 653 68 Total $ 2,952 $ 197 Unfunded Commitments The Company maintains an allowance for credit losses on off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not September 30, 2023 December 31, 2022 three September 30, 2023 (Dollars in thousands) Total Allowance for Credit Losses on Off-Balance Sheet Credit Exposure Balance, June 30, 2023 $ 1,199 Provision for off-balance sheet credit losses 353 Balance, September 30, 2023 $ 1,552 The following table presents the balance and activity in the allowance for credit losses for off-balance sheet credit exposure for the nine September 30, 2023 (Dollars in thousands) Total Allowance for Credit Losses on Off-Balance Sheet Credit Exposure Balance, December 31, 2022 $ — Adjustment to allowance for off-balance sheet credit losses upon adoption of ASU 2016-13 1,310 Provision for off-balance sheet credit losses, net 242 Balance, September 30, 2023 $ 1,552 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 4. The carrying amount of computer software developed was $13.4 million and $9.1 million at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 As of September 30, 2023 As of December 31, 2022 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Computer software $ 13,373 $ — $ 9,149 $ — Total $ 13,373 $ — $ 9,149 $ — The Company is still in the development stage of computer software where costs are capitalized. Capitalization ceases when the software is substantially complete and ready for its intended use. At that time the intangible asset will be amortized on a straight-line basis over the estimated useful life of the asset. As of September 30, 2023 not ten first 2024. |
Note 5 - Derivatives and Risk M
Note 5 - Derivatives and Risk Management Activities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 5. The Company uses derivative financial instruments (“derivatives”) primarily to assist customers with their risk management objectives. The Company classifies these items as free standing derivatives consisting of customer accommodation interest rate loan swaps (“interest rate loan swaps”). The Company enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Company simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Company receives a floating rate. These back-to-back interest rate loan swaps qualify as financial derivatives with fair values reported in “Other assets” and “Other liabilities” in the consolidated financial statements. Changes in fair value are recorded in other noninterest expense and net to zero The following tables summarize key elements of the Company’s derivative instruments as of September 30, 2023 December 31, 2022 September 30, 2023 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 239,312 44 $ — $ 28,313 $ — Matched interest rate swap with counterparty $ 239,312 44 $ 28,313 $ — $ — December 31, 2022 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 245,717 44 $ — $ 23,896 $ 3,034 Matched interest rate swap with counterparty $ 245,717 44 $ 23,896 $ — $ 3,034 The Company is able to recognize fee income upon execution of the interest rate swap contract. The Company did not three nine September 30, 2023 three nine September 30, 2022 |
Note 6 - Fair Value Presentatio
Note 6 - Fair Value Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. In accordance with FASB ASC 820, no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not may In accordance with the guidance, a hierarchy of valuation techniques is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Bank’s market assumptions. The three 820 two Level 1 Level 2 Level 3 one The following describes the valuation techniques used by the Bank to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1 not may 2 3 September 30, 2023 December 31, 2022 2 one 3. Derivative asset (liability) interest rate swaps on loans As discussed in “Note 5: third 2. The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of September 30, 2023 December 31, 2022 September 30, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 19,171 $ — $ 19,171 Subordinated Debt — 8,028 250 8,278 Municipal Securities: Taxable — 7,659 — 7,659 Tax-exempt — 18,599 — 18,599 U.S. Government Agencies — 3,019 — 3,019 Derivative asset – interest rate swap on loans — 28,313 — 28,313 Total $ — $ 84,789 $ 250 $ 85,039 Liabilities: Derivative liability – interest rate swap on loans $ — $ 28,313 $ — $ 28,313 Total $ — $ 28,313 $ — $ 28,313 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 22,227 $ — $ 22,227 Subordinated Debt — 8,577 250 8,827 Municipal Securities: Taxable — 7,966 — 7,966 Tax-exempt — 20,175 — 20,175 U.S. Government Agencies — 3,436 — 3,436 Derivative asset – interest rate swap on loans — 23,896 — 23,896 Total $ — $ 86,277 $ 250 $ 86,527 Liabilities: Derivative liability – interest rate swap on loans $ — $ 23,896 $ — $ 23,896 Total $ — $ 23,896 $ — $ 23,896 During the nine September 30, 2023 three Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The Company did not September 30, 2023 December 31, 2022 Fair Value of Financial Instruments FASB ASC 825, not 825 may not 2016 01, not The following tables reflect the carrying amounts and estimated fair values of the Company’s financial instruments whether or not September 30, 2023 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 121,183 $ 121,183 $ 121,183 $ — $ — Securities: Available for sale 56,726 56,726 — 56,726 — Held to maturity 17,565 16,812 — 16,812 — Restricted securities 20,619 20,619 — 20,619 — Loans, net 1,681,444 1,668,678 — — 1,668,678 Derivative asset – interest rate swap on loans 28,313 28,313 — 28,313 — Bank owned life insurance 38,035 38,035 — 38,035 — Accrued interest receivable 10,133 10,133 — 10,133 — Liabilities: Deposits $ 1,683,190 $ 1,677,844 $ — $ 979,230 $ 698,614 Subordinated debt, net 72,543 56,410 — 56,410 — Derivative liability – interest rate swaps on loans 28,313 28,313 — 28,313 — Accrued interest payable 2,740 2,740 — 2,740 — December 31, 2022 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 130,600 $ 130,600 $ 130,600 $ — $ — Securities: Available for sale 62,631 62,631 — 62,381 250 Held to maturity 17,642 17,440 — 17,440 — Restricted securities 24,325 24,325 — 24,325 — Loans, net 1,579,950 1,584,533 — — 1,584,533 Derivative asset – interest rate swap on loans 23,896 23,896 — 23,896 — Bank owned life insurance 37,249 37,249 — 37,249 — Accrued interest receivable 8,779 8,779 — 8,779 — Liabilities: Deposits $ 1,512,889 $ 1,503,869 $ — $ 904,978 $ 599,121 Advances from the FHLB 100,000 99,983 — — 99,983 Subordinated debt, net 72,245 64,235 — 64,235 — Derivative liability – interest rate swaps on loans 23,896 23,896 — 23,896 — Accrued interest payable 896 896 — 896 — The above information should not may not third may not no September 30, 2023 December 31, 2022 |
Note 7 - Earnings Per Common Sh
Note 7 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7. Basic earnings per common share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock which then shared in the earnings of the Company. There were no such potentially dilutive securities outstanding in 2023 2022. The weighted average number of shares used in the calculation of basic and diluted earnings per common share includes unvested restricted shares of the Company’s common stock outstanding. Applicable guidance requires that outstanding un-vested share-based payment awards that contain voting rights and rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands, except for share and per share data) 2023 2022 2023 2022 Net income $ 6,341 $ 7,743 $ 21,438 $ 19,095 Preferred stock dividends (539 ) (539 ) (1,617 ) (1,617 ) Net income available to common shareholders $ 5,802 $ 7,204 $ 19,821 $ 17,478 Weighted average number of common shares issued, basic and diluted 7,524,332 7,463,719 7,521,426 7,561,567 Earnings per common share: Basic and diluted earnings per common share $ 0.77 $ 0.97 $ 2.64 $ 2.31 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8. The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes, as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Unrealized loss on investment securities available-for-sale $ (14,063 ) $ (11,108 ) Unrealized loss on securities transferred to HTM (2 ) (8 ) Tax benefit 3,256 2,570 Total accumulated other comprehensive loss $ (10,809 ) $ (8,546 ) |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9. Right-of-use assets and lease liabilities are included in other assets and other liabilities, respectively, in the Consolidated Statements of Financial Condition. 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. The incremental borrowing rate was equal to the rate of borrowing from the FHLB that aligned with the term of the lease contract. 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. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not no Cash paid for amounts included in the measurement of lease liabilities during the nine September 30, 2023 nine September 30, 2023 2022 As of September 30, As of December 31, (Dollars in thousands) 2023 2022 Lease liabilities $ 7,014 $ 7,342 Right-of-use assets 6,332 6,688 Weighted-average remaining lease term – operating leases (in months). 158.3 162.9 Weighted-average discount rate – operating leases 2.80 % 2.80 % For the nine months ended September 30, For the nine months ended September 30, (Dollars in thousands) 2023 2022 Lease Cost Operating lease cost $ 363 $ 363 Total lease costs $ 363 $ 363 Cash paid for amounts included in measurement of lease liabilities $ 336 $ 327 The Company is the lessor for three two twelve not no As of September 30, 2023 not A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of September 30, 2023 (Dollars in thousands) 2023 $ 161 2024 654 2025 671 2026 689 2027 587 Thereafter 5,561 Total undiscounted cash flows $ 8,323 Discount (1,309 ) Lease liabilities $ 7,014 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Organization [Policy Text Block] | Organization MainStreet Bancshares, Inc. (the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Virginia whose primary activity is the ownership and management of MainStreet Bank (the “Bank”). On October 12, 2021, 1956, On April 18, 2019, 10 10” 12 1934. 2012, 2 1933, 12b 2. may The Company was approved to list shares of our common stock on the Nasdaq Capital Market under our current symbol “MNSB” as of April 22, 2019. September 16, 2020. 1/40 th The Bank is headquartered in Fairfax, Virginia where it also operates a branch. The Bank was incorporated on March 28, 2003, March 16, 2004. May 26, 2004, In September 2021, January 2022, On October 25, 2021, first |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10 not The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2022 10 March 23, 2023. three nine September 30, 2023 not may December 31, 2023 |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The Company’s critical accounting policies relate to ( 1 2 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Summary of Significant Accounting Policies Adoption of New Accounting Standards: January 1, 2023, 2016 13 326 not 842 326 not not The Company adopted ASC 326 January 1, 2023 January 1, 2023 326 January 1, 2023 326. Impact of Recently Issued Accounting Pronouncements In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 Recently Adopted Accounting Developments In June 2016, 2016 13, 326 2016 13 January 1, 2023. In March 2022, No. 2022 02, 326 2022 02 2016 13 2022 02 January 1, 2023. no |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | September 30, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 24,402 $ — $ (5,231 ) $ 19,171 Subordinated Debt 9,970 — (1,692 ) 8,278 Municipal Securities: Taxable 10,656 — (2,997 ) 7,659 Tax-exempt 22,707 — (4,108 ) 18,599 U.S. Governmental Agencies 3,054 3 (38 ) 3,019 Total $ 70,789 $ 3 $ (14,066 ) $ 56,726 December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 26,801 $ — $ (4,574 ) $ 22,227 Subordinated Debt 9,970 — (1,143 ) 8,827 Municipal Securities: Taxable 10,675 — (2,709 ) 7,966 Tax-exempt 22,823 10 (2,658 ) 20,175 U.S. Governmental Agencies 3,470 2 (36 ) 3,436 Total $ 73,739 $ 12 $ (11,120 ) $ 62,631 |
Debt Securities, Held-to-Maturity [Table Text Block] | September 30, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities: Tax-exempt $ 15,065 $ — $ (744 ) $ 14,321 Subordinated Debt 2,500 — (9 ) 2,491 Total $ 17,565 $ — $ (753 ) $ 16,812 December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities: Tax-exempt $ 15,142 $ 35 $ (237 ) $ 14,940 Subordinated Debt 2,500 — — 2,500 Total $ 17,642 $ 35 $ (237 ) $ 17,440 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | (Dollars in thousands) Municipal Securities Subordinated Debt Total HTM securities September 30, 2023 Credit Rating: AAA/AA/A $ 15,065 $ — $ 15,065 Not Rated - Non Agency — 2,500 2,500 Total $ 15,065 $ 2,500 $ 17,565 December 31, 2022 Credit Rating: AAA/AA/A $ 15,142 $ — $ 15,142 Not Rated - Non Agency — 2,500 2,500 Total $ 15,142 $ 2,500 $ 17,642 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 265 $ 264 Due from one to five years 1,000 955 3,643 3,547 Due from after five to ten years 14,100 11,834 7,227 7,063 Due after ten years 55,689 43,937 6,430 5,938 Total $ 70,789 $ 56,726 $ 17,565 $ 16,812 December 31, 2022 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 264 $ 262 Due from one to five years 1,000 963 1,073 1,073 Due from after five to ten years 13,056 11,583 9,828 9,819 Due after ten years 59,683 50,085 6,477 6,286 Total $ 73,739 $ 62,631 $ 17,642 $ 17,440 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ 72 $ (3 ) $ 19,099 $ (5,228 ) $ 19,171 $ (5,231 ) Subordinated Debt — — 7,528 (1,692 ) 7,528 (1,692 ) Municipal securities: Taxable — — 7,659 (2,997 ) 7,659 (2,997 ) Tax-exempt 3,885 (360 ) 14,714 (3,748 ) 18,599 (4,108 ) U.S Governmental Agencies — — 870 (38 ) 870 (38 ) Total $ 3,957 $ (363 ) $ 49,870 $ (13,703 ) $ 53,827 $ (14,066 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ 2,021 $ (151 ) $ 20,206 $ (4,423 ) $ 22,227 $ (4,574 ) Subordinated Debt 3,357 (393 ) 4,720 (750 ) 8,077 (1,143 ) Municipal Securities: Taxable 1,377 (198 ) 6,589 (2,511 ) 7,966 (2,709 ) Tax-exempt 11,028 (838 ) 7,663 (1,820 ) 18,691 (2,658 ) U.S Government Agencies 1,768 (2 ) 1,018 (34 ) 2,786 (36 ) Total $ 19,551 $ (1,582 ) $ 40,196 $ (9,538 ) $ 59,747 $ (11,120 ) Held-to-maturity: Municipal Securities: Tax-exempt $ 10,599 $ (237 ) $ — $ — $ 10,599 $ (237 ) Total $ 10,599 $ (237 ) $ — $ — $ 10,599 $ (237 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) September 30, 2023 December 31, 2022 Residential Real Estate: Single family $ 198,554 $ 178,615 Multifamily 264,233 215,624 Farmland 148 155 Commercial Real Estate: Owner-occupied 281,303 228,374 Non-owner occupied 453,312 472,354 Construction and Land Development 426,698 393,783 Commercial – Non Real-Estate: Commercial & Industrial 73,855 97,351 Consumer – Non Real-Estate: Unsecured 177 1,984 Secured 4,421 11,352 Total Gross Loans 1,702,701 1,599,592 Less: unearned fees, net (5,631 ) (5,528 ) Less: allowance for credit losses - loans (15,626 ) (14,114 ) Net Loans $ 1,681,444 $ 1,579,950 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate For the three months ended September 30, 2023 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 2,325 $ 8,184 $ 3,600 $ 1,919 $ 19 $ 16,047 Charge-offs — — — (324 ) — (324 ) Recoveries — — — — 1 1 Provision for (recovery of) credit losses 200 74 (14 ) (360 ) 2 (98 ) Ending Balance $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 For the nine months ended September 30, 2023 Beginning Balance, prior to adoption of ASC 326 $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 Impact of adopting ASC 326 59 614 19 172 31 895 Charge-offs — — — (325 ) (6 ) (331 ) Recoveries 8 — — — 6 14 Provision for (recovery of) credit losses 312 485 220 (30 ) (53 ) 934 Ending Balance $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,525 $ 8,258 $ 3,586 $ 1,235 $ 22 $ 15,626 Real Estate For the three months ended September 30, 2022 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 1,994 $ 6,514 $ 3,044 $ 1,340 $ 90 $ 12,982 Recoveries — — — — 12 12 Provision for (recovery of) credit losses 20 203 73 (247 ) (49 ) — Ending Balance $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 For the nine months ended September 30, 2022 Beginning Balance $ 1,672 $ 5,689 $ 2,697 $ 1,540 $ 99 $ 11,697 Recoveries — — — — 17 17 Provision for (recovery of) credit losses 342 1,028 420 (447 ) (63 ) 1,280 Ending Balance $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 Ending Balance: Individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Collectively evaluated for credit loss $ 2,014 $ 6,717 $ 3,117 $ 1,093 $ 53 $ 12,994 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Year September 30, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Residential Real Estate - Single Family Pass $ 45,280 $ 18,769 $ 21,374 $ 33,482 $ 20,782 $ 22,514 $ 33,871 $ 196,072 Watch 312 — — 1,321 — — 149 1,782 Special Mention — — — — — — — — Substandard — — — — 436 264 — 700 Total Residential Real Estate - Single Family $ 45,592 $ 18,769 $ 21,374 $ 34,803 $ 21,218 $ 22,778 $ 34,020 $ 198,554 Residential Real Estate - Multifamily Pass $ 31,086 $ 81,414 $ 70,444 $ 39,891 $ 27,436 $ 10,842 $ 3,120 $ 264,233 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Multifamily $ 31,086 $ 81,414 $ 70,444 $ 39,891 $ 27,436 $ 10,842 $ 3,120 $ 264,233 Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 148 $ — $ 148 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 148 $ — $ 148 Commercial Real Estate - Owner Occupied Pass $ 67,348 $ 55,563 $ 43,882 $ 40,116 $ 32,683 $ 37,906 $ 2,679 $ 280,177 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — 1,126 — — 1,126 Total Commercial Real Estate - Owner Occupied $ 67,348 $ 55,563 $ 43,882 $ 40,116 $ 33,809 $ 37,906 $ 2,679 $ 281,303 Commercial Real Estate - Non-Owner Occupied Pass $ 18,132 $ 103,213 $ 50,553 $ 48,000 $ 17,931 $ 132,389 $ 24,738 $ 394,956 Watch — — — 964 12,847 20,183 — 33,994 Special Mention — — — 15,967 — — — 15,967 Substandard — — — — 7,769 626 — 8,395 Total Commercial Real Estate - Non-Owner Occupied $ 18,132 $ 103,213 $ 50,553 $ 64,931 $ 38,547 $ 153,198 $ 24,738 $ 453,312 Construction & Land Development Pass $ 12,112 $ 32,558 $ 13,884 $ 2,459 $ 5 $ 8,231 $ 335,495 $ 404,744 Watch — 1,454 — — — — 20,500 21,954 Special Mention — — — — — — — — Substandard — — — — — — — — Total Construction & Land Development $ 12,112 $ 34,012 $ 13,884 $ 2,459 $ 5 $ 8,231 $ 355,995 $ 426,698 Commercial & Industrial Pass $ 9,918 $ 5,446 $ 13,436 $ 3,768 $ 2,203 $ 10,972 $ 27,569 $ 73,312 Watch — — — — — — — — Special Mention — — — — — — — Substandard — — — — — 50 168 218 Doubtful — — — — — 259 66 325 Total Commercial & Industrial $ 9,918 $ 5,446 $ 13,436 $ 3,768 $ 2,203 $ 11,281 $ 27,803 $ 73,855 Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 177 $ 177 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 177 $ 177 Consumer - Secured Pass $ 28 $ 267 $ 4 $ 63 $ 1,637 $ 2,247 $ 175 $ 4,421 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Secured $ 28 $ 267 $ 4 $ 63 $ 1,637 $ 2,247 $ 175 $ 4,421 Total Pass $ 183,904 $ 297,230 $ 213,577 $ 167,779 $ 102,677 $ 225,249 $ 427,824 $ 1,618,240 Watch 312 1,454 — 2,285 12,847 20,183 20,649 57,730 Special Mention — — — 15,967 — — — 15,967 Substandard — — — — 9,331 940 168 10,439 Doubtful — — — — — 259 66 325 Total $ 184,216 $ 298,684 $ 213,577 $ 186,031 $ 124,855 $ 246,631 $ 448,707 $ 1,702,701 December 31, 2022 (Dollars in thousands) Pass Watch Special Mention Substandard Total Residential Real Estate: Single Family $ 178,172 $ — $ — $ 443 $ 178,615 Multifamily 215,624 — — — 215,624 Farmland 155 — — — 155 Commercial Real Estate: Owner occupied 227,231 — — 1,143 228,374 Non-owner occupied 439,537 24,897 — 7,920 472,354 Construction & Land Development 393,783 — — — 393,783 Commercial – Non Real Estate: Commercial & Industrial 97,246 97 — 8 97,351 Consumer – Non Real Estate: Unsecured 1,984 — — — 1,984 Secured 11,352 — — — 11,352 Total $ 1,565,084 $ 24,994 $ — $ 9,514 $ 1,599,592 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Nonaccrual Residential Real Estate: Single Family $ 841 $ — $ — $ 841 $ 197,713 $ 198,554 $ — Multifamily — — — — 264,233 264,233 — Farmland — — — — 148 148 — Commercial Real Estate: Owner occupied — — — — 281,303 281,303 — Non-owner occupied — — — — 453,312 453,312 — Construction & Land Development — — — — 426,698 426,698 — Commercial – Non Real Estate: Commercial & Industrial — — — — 73,530 73,855 325 Consumer – Non Real Estate: Unsecured — — — — 177 177 — Secured 5 — — 5 4,416 4,421 — Total $ 846 $ — $ — $ 846 $ 1,701,530 $ 1,702,701 $ 325 December 31, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Nonaccrual Residential Real Estate: Single Family $ — $ — $ — $ — $ 178,615 $ 178,615 $ — Multifamily — — — — 215,624 215,624 — Farmland — — — — 155 155 — Commercial Real Estate: Owner occupied — — — — 228,374 228,374 — Non-owner occupied — — — — 472,354 472,354 — Construction & Land Development — — — — 393,783 393,783 — Commercial – Non Real Estate: Commercial & Industrial — — 15 15 97,336 97,351 — Consumer – Non Real Estate: Unsecured — — — — 1,984 1,984 — Secured 11 12 6 29 11,323 11,352 — Total $ 11 $ 12 $ 21 $ 44 $ 1,599,548 $ 1,599,592 $ — |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | (Dollars in thousands) September 30, 2023 Residential Real Estate: Single family $ 487 Commercial Real Estate: Owner occupied 1,126 Non-owner occupied 625 Commercial and Industrial 325 Total $ 2,563 |
Schedule of Loans Receivable by Impairment Method [Table Text Block] | December 31, 2022 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential Real Estate $ 394,394 $ 149 $ 394,245 Commercial Real Estate 700,728 — 700,728 Construction and Land Development 393,783 — 393,783 Commercial & Industrial 97,351 — 97,351 Consumer 13,336 — 13,336 Total $ 1,599,592 $ 149 $ 1,599,443 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential Real Estate: Single family $ 149 $ 149 $ — Total $ 149 $ 149 $ — For the three months ended September 30, 2023 (Dollars in thousands) Average Record Investment Interest Income Recognized With no related allowance recorded Residential Real Estate: Single family $ 504 $ 10 Commercial Real Estate: Owner Occupied 1,129 20 Non-owner Occupied 626 12 Commercial & Industrial 650 28 Total $ 2,909 $ 70 For the nine months ended September 30, 2023 (Dollars in thousands) Average Record Investment Interest Income Recognized With no related allowance recorded Residential Real Estate: Single family $ 539 $ 30 Commercial Real Estate: Owner Occupied $ 1,134 $ 61 Non-owner Occupied 626 38 Commercial & Industrial 653 68 Total $ 2,952 $ 197 (Dollars in thousands) Total Allowance for Credit Losses on Off-Balance Sheet Credit Exposure Balance, June 30, 2023 $ 1,199 Provision for off-balance sheet credit losses 353 Balance, September 30, 2023 $ 1,552 |
Off-Balance-Sheet Credit Exposure [Table Text Block] | (Dollars in thousands) Total Allowance for Credit Losses on Off-Balance Sheet Credit Exposure Balance, December 31, 2022 $ — Adjustment to allowance for off-balance sheet credit losses upon adoption of ASU 2016-13 1,310 Provision for off-balance sheet credit losses, net 242 Balance, September 30, 2023 $ 1,552 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of September 30, 2023 As of December 31, 2022 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Computer software $ 13,373 $ — $ 9,149 $ — Total $ 13,373 $ — $ 9,149 $ — |
Note 5 - Derivatives and Risk_2
Note 5 - Derivatives and Risk Management Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2023 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 239,312 44 $ — $ 28,313 $ — Matched interest rate swap with counterparty $ 239,312 44 $ 28,313 $ — $ — December 31, 2022 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 245,717 44 $ — $ 23,896 $ 3,034 Matched interest rate swap with counterparty $ 245,717 44 $ 23,896 $ — $ 3,034 |
Note 6 - Fair Value Presentat_2
Note 6 - Fair Value Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 19,171 $ — $ 19,171 Subordinated Debt — 8,028 250 8,278 Municipal Securities: Taxable — 7,659 — 7,659 Tax-exempt — 18,599 — 18,599 U.S. Government Agencies — 3,019 — 3,019 Derivative asset – interest rate swap on loans — 28,313 — 28,313 Total $ — $ 84,789 $ 250 $ 85,039 Liabilities: Derivative liability – interest rate swap on loans $ — $ 28,313 $ — $ 28,313 Total $ — $ 28,313 $ — $ 28,313 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 22,227 $ — $ 22,227 Subordinated Debt — 8,577 250 8,827 Municipal Securities: Taxable — 7,966 — 7,966 Tax-exempt — 20,175 — 20,175 U.S. Government Agencies — 3,436 — 3,436 Derivative asset – interest rate swap on loans — 23,896 — 23,896 Total $ — $ 86,277 $ 250 $ 86,527 Liabilities: Derivative liability – interest rate swap on loans $ — $ 23,896 $ — $ 23,896 Total $ — $ 23,896 $ — $ 23,896 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2023 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 121,183 $ 121,183 $ 121,183 $ — $ — Securities: Available for sale 56,726 56,726 — 56,726 — Held to maturity 17,565 16,812 — 16,812 — Restricted securities 20,619 20,619 — 20,619 — Loans, net 1,681,444 1,668,678 — — 1,668,678 Derivative asset – interest rate swap on loans 28,313 28,313 — 28,313 — Bank owned life insurance 38,035 38,035 — 38,035 — Accrued interest receivable 10,133 10,133 — 10,133 — Liabilities: Deposits $ 1,683,190 $ 1,677,844 $ — $ 979,230 $ 698,614 Subordinated debt, net 72,543 56,410 — 56,410 — Derivative liability – interest rate swaps on loans 28,313 28,313 — 28,313 — Accrued interest payable 2,740 2,740 — 2,740 — December 31, 2022 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 130,600 $ 130,600 $ 130,600 $ — $ — Securities: Available for sale 62,631 62,631 — 62,381 250 Held to maturity 17,642 17,440 — 17,440 — Restricted securities 24,325 24,325 — 24,325 — Loans, net 1,579,950 1,584,533 — — 1,584,533 Derivative asset – interest rate swap on loans 23,896 23,896 — 23,896 — Bank owned life insurance 37,249 37,249 — 37,249 — Accrued interest receivable 8,779 8,779 — 8,779 — Liabilities: Deposits $ 1,512,889 $ 1,503,869 $ — $ 904,978 $ 599,121 Advances from the FHLB 100,000 99,983 — — 99,983 Subordinated debt, net 72,245 64,235 — 64,235 — Derivative liability – interest rate swaps on loans 23,896 23,896 — 23,896 — Accrued interest payable 896 896 — 896 — |
Note 7 - Earnings Per Common _2
Note 7 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollars in thousands, except for share and per share data) 2023 2022 2023 2022 Net income $ 6,341 $ 7,743 $ 21,438 $ 19,095 Preferred stock dividends (539 ) (539 ) (1,617 ) (1,617 ) Net income available to common shareholders $ 5,802 $ 7,204 $ 19,821 $ 17,478 Weighted average number of common shares issued, basic and diluted 7,524,332 7,463,719 7,521,426 7,561,567 Earnings per common share: Basic and diluted earnings per common share $ 0.77 $ 0.97 $ 2.64 $ 2.31 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, 2023 December 31, 2022 Unrealized loss on investment securities available-for-sale $ (14,063 ) $ (11,108 ) Unrealized loss on securities transferred to HTM (2 ) (8 ) Tax benefit 3,256 2,570 Total accumulated other comprehensive loss $ (10,809 ) $ (8,546 ) |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | As of September 30, As of December 31, (Dollars in thousands) 2023 2022 Lease liabilities $ 7,014 $ 7,342 Right-of-use assets 6,332 6,688 Weighted-average remaining lease term – operating leases (in months). 158.3 162.9 Weighted-average discount rate – operating leases 2.80 % 2.80 % For the nine months ended September 30, For the nine months ended September 30, (Dollars in thousands) 2023 2022 Lease Cost Operating lease cost $ 363 $ 363 Total lease costs $ 363 $ 363 Cash paid for amounts included in measurement of lease liabilities $ 336 $ 327 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (Dollars in thousands) 2023 $ 161 2024 654 2025 671 2026 689 2027 587 Thereafter 5,561 Total undiscounted cash flows $ 8,323 Discount (1,309 ) Lease liabilities $ 7,014 |
Note 1 - Organization, Basis _2
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements (Details Textual) | 9 Months Ended | ||||||||
Jan. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 12, 2021 $ / shares shares | ||
Common Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | [1] | 10,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 4 | $ 4 | [1] | $ 4 | |||||
Preferred Stock, Shares Authorized (in shares) | shares | 2,000,000 | 2,000,000 | [1] | 2,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1 | $ 1 | [1] | $ 1 | |||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | shares | 28,750 | 28,750 | [1] | ||||||
Depositary Shares, Fractional Interest in Preferred Stock, Denominator | 40 | ||||||||
Retained Earnings (Accumulated Deficit) | $ 102,694,000 | $ 86,830,000 | [1] | ||||||
Equity, Attributable to Parent | $ 213,743,000 | $ 210,508,000 | 198,282,000 | [1] | $ 190,000,000 | $ 188,404,000 | $ 188,788,000 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Retained Earnings (Accumulated Deficit) | $ (1,700,000) | ||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,200,000 | ||||||||
Deferred Tax Assets, Net of Valuation Allowance | 506,000 | ||||||||
Unfunded Commitments Reserve | 2,200,000 | ||||||||
Equity, Attributable to Parent | $ (1,700,000) | $ (1,699,000) | |||||||
Series A Fixed-rate Non-cumulative Perpetual Preferred Stock [Member] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||||||||
[1]Derived from audited consolidated financial statements. |
Note 2 - Investment Securitie_2
Note 2 - Investment Securities (Details Textual) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 3,957,000 | $ 3,957,000 | $ 19,551,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 49,870,000 | 49,870,000 | 40,196,000 |
Debt Securities, Held-to-Maturity, Unamortized Unrecognized Holding Loss from Transfer | 2,056 | 2,056 | 8,228 |
Tax Credit Investment Operational Losses | $ 87,000 | $ 176,000 | |
Collateralized Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1 | 1 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 72,000 | $ 72,000 | 2,021,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 24 | 24 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 19,099,000 | $ 19,099,000 | 20,206,000 |
Subordinated Debt [Member] | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 | 3,357,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 21 | 21 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 7,528,000 | $ 7,528,000 | 4,720,000 |
Municipal Bonds [Member] | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 9 | 9 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 14,200,000 | $ 14,200,000 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 37 | 37 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 26,400,000 | $ 26,400,000 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 | 1,768,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 7 | 7 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 870,000 | $ 870,000 | 1,018,000 |
Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-Sale, Restricted | $ 15,800,000 | $ 15,800,000 | $ 3,600,000 |
Note 2 - Investment Securitie_3
Note 2 - Investment Securities - Schedule of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Amortized cost, available-for-sale | $ 70,789 | $ 73,739 | |
Gross unrealized gains, available-for-sale | 3 | 12 | |
Gross unrealized losses, available-for-sale | (14,066) | (11,120) | |
Fair value, available-for-sale | 56,726 | 62,631 | [1] |
Collateralized Mortgage-Backed Securities [Member] | |||
Amortized cost, available-for-sale | 24,402 | 26,801 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (5,231) | (4,574) | |
Fair value, available-for-sale | 19,171 | 22,227 | |
Subordinated Debt [Member] | |||
Amortized cost, available-for-sale | 9,970 | 9,970 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (1,692) | (1,143) | |
Fair value, available-for-sale | 8,278 | 8,827 | |
Taxable Municipal Bonds [Member] | |||
Amortized cost, available-for-sale | 10,656 | 10,675 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (2,997) | (2,709) | |
Fair value, available-for-sale | 7,659 | 7,966 | |
Nontaxable Municipal Bonds [Member] | |||
Amortized cost, available-for-sale | 22,707 | 22,823 | |
Gross unrealized gains, available-for-sale | 0 | 10 | |
Gross unrealized losses, available-for-sale | (4,108) | (2,658) | |
Fair value, available-for-sale | 18,599 | 20,175 | |
US Government Agencies Debt Securities [Member] | |||
Amortized cost, available-for-sale | 3,054 | 3,470 | |
Gross unrealized gains, available-for-sale | 3 | 2 | |
Gross unrealized losses, available-for-sale | (38) | (36) | |
Fair value, available-for-sale | $ 3,019 | $ 3,436 | |
[1]Derived from audited consolidated financial statements. |
Note 2 - Investment Securitie_4
Note 2 - Investment Securities - Schedule of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost, held-to-maturity | $ 17,565 | $ 17,642 |
Gross unrealized gains, held-to-maturity | 0 | 35 |
Gross unrealized losses, held-to-maturity | (753) | (237) |
Fair value, held-to-maturity | 16,812 | 17,440 |
Nontaxable Municipal Bonds [Member] | ||
Amortized cost, held-to-maturity | 15,065 | 15,142 |
Gross unrealized gains, held-to-maturity | 0 | 35 |
Gross unrealized losses, held-to-maturity | (744) | (237) |
Fair value, held-to-maturity | 14,321 | 14,940 |
Subordinated Debt [Member] | ||
Amortized cost, held-to-maturity | 2,500 | 2,500 |
Gross unrealized gains, held-to-maturity | 0 | 0 |
Gross unrealized losses, held-to-maturity | (9) | 0 |
Fair value, held-to-maturity | $ 2,491 | $ 2,500 |
Note 2 - Investment Securitie_5
Note 2 - Investment Securities - Schedule of Held-to-maturity Investment Securities with Credit Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Held-to-maturity, Amortized cost | $ 17,565 | $ 17,642 |
Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 15,065 | 15,142 |
Not Rated - Non Agency [Member] | ||
Held-to-maturity, Amortized cost | 2,500 | 2,500 |
Nontaxable Municipal Bonds [Member] | ||
Held-to-maturity, Amortized cost | 15,065 | 15,142 |
Nontaxable Municipal Bonds [Member] | Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 15,065 | 15,142 |
Nontaxable Municipal Bonds [Member] | Not Rated - Non Agency [Member] | ||
Held-to-maturity, Amortized cost | 0 | 0 |
Subordinated Debt [Member] | ||
Held-to-maturity, Amortized cost | 2,500 | 2,500 |
Subordinated Debt [Member] | Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 0 | 0 |
Subordinated Debt [Member] | Not Rated - Non Agency [Member] | ||
Held-to-maturity, Amortized cost | $ 2,500 | $ 2,500 |
Note 2 - Investment Securitie_6
Note 2 - Investment Securities - Schedule of Maturities of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Due in one year or less, available-for-sale, amortized cost | $ 0 | $ 0 | |
Due in one year or less, available-for-sale, fair value | 0 | 0 | |
Due in one year or less, held-to-maturity, amortized cost | 265 | 264 | |
Due in one year or less, held-to-maturity, fair value | 264 | 262 | |
Due from one to five years, available-for-sale, amortized cost | 1,000 | 1,000 | |
Due from one to five years, available-for-sale, fair value | 955 | 963 | |
Due from one to five years, held-to-maturity, amortized cost | 3,643 | 1,073 | |
Due from one to five years, held-to-maturity, fair value | 3,547 | 1,073 | |
Due from after five to ten years, available-for-sale, amortized cost | 14,100 | 13,056 | |
Due from after five to ten years, available-for-sale, fair value | 11,834 | 11,583 | |
Due from after five to ten years, held-to-maturity, amortized cost | 7,227 | 9,828 | |
Due from after five to ten years, held-to-maturity, fair value | 7,063 | 9,819 | |
Due after ten years, available-for-sale, amortized cost | 55,689 | 59,683 | |
Due after ten years, available-for-sale, fair value | 43,937 | 50,085 | |
Due after ten years, held-to-maturity, amortized cost | 6,430 | 6,477 | |
Due after ten years, held-to-maturity, fair value | 5,938 | 6,286 | |
Total, available-for-sale, amortized cost | 70,789 | 73,739 | |
Total, available-for-sale, fair value | 56,726 | 62,631 | [1] |
Total, held-to-maturity, amortized cost | 17,565 | 17,642 | |
Total, held-to-maturity, fair value | $ 16,812 | $ 17,440 | |
[1]Derived from audited consolidated financial statements. |
Note 2 - Investment Securitie_7
Note 2 - Investment Securities - Summary of Unrealized Loss Positions (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale, less than 12 months, fair value | $ 3,957,000 | $ 19,551,000 |
Available-for-sale, less than 12 months, unrealized loss | (363,000) | (1,582,000) |
Available-for-sale, more than 12 months, fair value | 49,870,000 | 40,196,000 |
Available-for-sale, more than 12 months, unrealized loss | (13,703,000) | (9,538,000) |
Available-for-sale, fair value | 53,827,000 | 59,747,000 |
Available-for-sale, unrealized loss | (14,066,000) | (11,120,000) |
Available-for-sale, fair value | 53,827,000 | 59,747,000 |
Held-to-maturity, less than 12 months, fair value | 10,599,000 | |
Held-to-maturity, less than 12 months, unrealized loss | (237,000) | |
Held-to-maturity, more than 12 months, fair value | 0 | |
Held-to-maturity, more than 12 months, unrealized loss | 0 | |
Held-to-maturity, fair value | 10,599,000 | |
Held-to-maturity, unrealized loss | (237,000) | |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale, less than 12 months, fair value | 72,000 | 2,021,000 |
Available-for-sale, less than 12 months, unrealized loss | (3,000) | (151,000) |
Available-for-sale, more than 12 months, fair value | 19,099,000 | 20,206,000 |
Available-for-sale, more than 12 months, unrealized loss | (5,228,000) | (4,423,000) |
Available-for-sale, fair value | 19,171,000 | 22,227,000 |
Available-for-sale, unrealized loss | (5,231,000) | (4,574,000) |
Available-for-sale, fair value | 19,171,000 | 22,227,000 |
Subordinated Debt [Member] | ||
Available-for-sale, less than 12 months, fair value | 0 | 3,357,000 |
Available-for-sale, less than 12 months, unrealized loss | 0 | (393,000) |
Available-for-sale, more than 12 months, fair value | 7,528,000 | 4,720,000 |
Available-for-sale, more than 12 months, unrealized loss | (1,692,000) | (750,000) |
Available-for-sale, fair value | 7,528,000 | 8,077,000 |
Available-for-sale, unrealized loss | (1,692,000) | (1,143,000) |
Available-for-sale, fair value | 7,528,000 | 8,077,000 |
Taxable Municipal Bonds [Member] | ||
Available-for-sale, less than 12 months, fair value | 0 | 1,377,000 |
Available-for-sale, less than 12 months, unrealized loss | 0 | (198,000) |
Available-for-sale, more than 12 months, fair value | 7,659,000 | 6,589,000 |
Available-for-sale, more than 12 months, unrealized loss | (2,997,000) | (2,511,000) |
Available-for-sale, fair value | 7,659,000 | 7,966,000 |
Available-for-sale, unrealized loss | (2,997,000) | (2,709,000) |
Available-for-sale, fair value | 7,659,000 | 7,966,000 |
Nontaxable Municipal Bonds [Member] | ||
Available-for-sale, less than 12 months, fair value | 3,885,000 | 11,028,000 |
Available-for-sale, less than 12 months, unrealized loss | (360,000) | (838,000) |
Available-for-sale, more than 12 months, fair value | 14,714,000 | 7,663,000 |
Available-for-sale, more than 12 months, unrealized loss | (3,748,000) | (1,820,000) |
Available-for-sale, fair value | 18,599,000 | 18,691,000 |
Available-for-sale, unrealized loss | (4,108,000) | (2,658,000) |
Available-for-sale, fair value | 18,599,000 | 18,691,000 |
Held-to-maturity, less than 12 months, fair value | 10,599,000 | |
Held-to-maturity, less than 12 months, unrealized loss | (237,000) | |
Held-to-maturity, more than 12 months, fair value | 0 | |
Held-to-maturity, more than 12 months, unrealized loss | 0 | |
Held-to-maturity, fair value | 10,599,000 | |
Held-to-maturity, unrealized loss | (237,000) | |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale, less than 12 months, fair value | 0 | 1,768,000 |
Available-for-sale, less than 12 months, unrealized loss | 0 | (2,000) |
Available-for-sale, more than 12 months, fair value | 870,000 | 1,018,000 |
Available-for-sale, more than 12 months, unrealized loss | (38,000) | (34,000) |
Available-for-sale, fair value | 870,000 | 2,786,000 |
Available-for-sale, unrealized loss | (38,000) | (36,000) |
Available-for-sale, fair value | $ 870,000 | $ 2,786,000 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Deposit Liabilities Reclassified as Loans Receivable | $ 177,000 | $ 177,000 | $ 2,000,000 | |
Financing Receivable, Nonaccrual | 325,000 | 325,000 | 0 | |
Financing Receivable, Modified in Period, Amount | 0 | 0 | ||
Off-Balance-Sheet, Credit Loss, Liability | 1,552,000 | 1,552,000 | $ 1,199,000 | 0 |
Other Liabilities [Member] | ||||
Off-Balance-Sheet, Credit Loss, Liability | 1,600,000 | 1,600,000 | 0 | |
Real Estate Loan [Member] | ||||
Loans in Process of Foreclosure, Amount | 0 | 0 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Financing Receivable, Nonaccrual | $ 0 | $ 0 | $ 0 |
Note 3 - Loans Receivable - Sch
Note 3 - Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Total Gross Loans | $ 1,702,701 | $ 1,599,592 | ||||
Less: unearned fees, net | (5,631) | (5,528) | ||||
Less: allowance for credit losses - loans | (15,626) | $ (16,047) | (14,114) | $ (12,994) | $ (12,982) | $ (11,697) |
Net Loans | 1,681,444 | 1,579,950 | ||||
Residential Portfolio Segment [Member] | ||||||
Less: allowance for credit losses - loans | (2,525) | (2,325) | (2,146) | (2,014) | (1,994) | (1,672) |
Residential Portfolio Segment [Member] | Single Family [Member] | ||||||
Total Gross Loans | 198,554 | 178,615 | ||||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||||
Total Gross Loans | 264,233 | 215,624 | ||||
Residential Portfolio Segment [Member] | Farmland [Member] | ||||||
Total Gross Loans | 148 | 155 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Less: allowance for credit losses - loans | (8,258) | (8,184) | (7,159) | (6,717) | (6,514) | (5,689) |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||||||
Total Gross Loans | 281,303 | 228,374 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||||
Total Gross Loans | 453,312 | 472,354 | ||||
Construction and Land Development [Member] | ||||||
Total Gross Loans | 426,698 | 393,783 | ||||
Less: allowance for credit losses - loans | (3,586) | (3,600) | (3,347) | (3,117) | (3,044) | (2,697) |
Commercial Portfolio Segment [Member] | ||||||
Less: allowance for credit losses - loans | (1,235) | (1,919) | (1,418) | (1,093) | (1,340) | (1,540) |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||||
Total Gross Loans | 73,855 | 97,351 | ||||
Consumer Portfolio Segment [Member] | ||||||
Less: allowance for credit losses - loans | (22) | $ (19) | (44) | $ (53) | $ (90) | $ (99) |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||||||
Total Gross Loans | 177 | 1,984 | ||||
Consumer Portfolio Segment [Member] | Secured [Member] | ||||||
Total Gross Loans | $ 4,421 | $ 11,352 |
Note 3 - Loans Receivable - Sum
Note 3 - Loans Receivable - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning Balance | $ 16,047 | $ 12,982 | $ 14,114 | $ 11,697 |
Charge-offs | (324) | (331) | ||
Recoveries | 1 | 12 | 14 | 17 |
Provision For (Recovery of) Credit Losses - Loans | (98) | 0 | 934 | 1,280 |
Ending Balance | 15,626 | 12,994 | 15,626 | 12,994 |
Individually evaluated for credit loss | 0 | 0 | 0 | 0 |
Collectively evaluated for credit loss | 15,626 | 12,994 | 15,626 | 12,994 |
Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 895 | |||
Residential Portfolio Segment [Member] | ||||
Beginning Balance | 2,325 | 1,994 | 2,146 | 1,672 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | 8 | 0 |
Provision For (Recovery of) Credit Losses - Loans | 200 | 20 | 312 | 342 |
Ending Balance | 2,525 | 2,014 | 2,525 | 2,014 |
Individually evaluated for credit loss | 0 | 0 | 0 | 0 |
Collectively evaluated for credit loss | 2,525 | 2,014 | 2,525 | 2,014 |
Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 59 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning Balance | 8,184 | 6,514 | 7,159 | 5,689 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 |
Provision For (Recovery of) Credit Losses - Loans | 74 | 203 | 485 | 1,028 |
Ending Balance | 8,258 | 6,717 | 8,258 | 6,717 |
Individually evaluated for credit loss | 0 | 0 | 0 | 0 |
Collectively evaluated for credit loss | 8,258 | 6,717 | 8,258 | 6,717 |
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 614 | |||
Construction and Land Development [Member] | ||||
Beginning Balance | 3,600 | 3,044 | 3,347 | 2,697 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 |
Provision For (Recovery of) Credit Losses - Loans | (14) | 73 | 220 | 420 |
Ending Balance | 3,586 | 3,117 | 3,586 | 3,117 |
Individually evaluated for credit loss | 0 | 0 | 0 | 0 |
Collectively evaluated for credit loss | 3,586 | 3,117 | 3,586 | 3,117 |
Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 19 | |||
Commercial Portfolio Segment [Member] | ||||
Beginning Balance | 1,919 | 1,340 | 1,418 | 1,540 |
Charge-offs | (324) | (325) | ||
Recoveries | 0 | 0 | 0 | 0 |
Provision For (Recovery of) Credit Losses - Loans | (360) | (247) | (30) | (447) |
Ending Balance | 1,235 | 1,093 | 1,235 | 1,093 |
Individually evaluated for credit loss | 0 | 0 | 0 | 0 |
Collectively evaluated for credit loss | 1,235 | 1,093 | 1,235 | 1,093 |
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | 172 | |||
Consumer Portfolio Segment [Member] | ||||
Beginning Balance | 19 | 90 | 44 | 99 |
Charge-offs | 0 | (6) | ||
Recoveries | 1 | 12 | 6 | 17 |
Provision For (Recovery of) Credit Losses - Loans | 2 | (49) | (53) | (63) |
Ending Balance | 22 | 53 | 22 | 53 |
Individually evaluated for credit loss | 0 | 0 | 0 | 0 |
Collectively evaluated for credit loss | $ 22 | $ 53 | 22 | $ 53 |
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Beginning Balance | $ 31 |
Note 3 - Loans Receivable - S_2
Note 3 - Loans Receivable - Summary of Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Year One | $ 184,216 | |
Financing Receivable, Year Two | 298,684 | |
Financing Receivable, Year Three | 213,577 | |
Financing Receivable, Year Four | 186,031 | |
Financing Receivable, Year Five | 124,855 | |
Financing Receivable Prior | 246,631 | |
Financing Receivable, Revolving | 448,707 | |
Collateral dependent loans | 1,702,701 | $ 1,599,592 |
Total Gross Loans | 1,702,701 | 1,599,592 |
Pass [Member] | ||
Financing Receivable, Year One | 183,904 | |
Financing Receivable, Year Two | 297,230 | |
Financing Receivable, Year Three | 213,577 | |
Financing Receivable, Year Four | 167,779 | |
Financing Receivable, Year Five | 102,677 | |
Financing Receivable Prior | 225,249 | |
Financing Receivable, Revolving | 427,824 | |
Collateral dependent loans | 1,618,240 | |
Total Gross Loans | 1,565,084 | |
Watch [Member] | ||
Financing Receivable, Year One | 312 | |
Financing Receivable, Year Two | 1,454 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 2,285 | |
Financing Receivable, Year Five | 12,847 | |
Financing Receivable Prior | 20,183 | |
Financing Receivable, Revolving | 20,649 | |
Collateral dependent loans | 57,730 | |
Total Gross Loans | 24,994 | |
Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 15,967 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 15,967 | |
Total Gross Loans | 0 | |
Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 9,331 | |
Financing Receivable Prior | 940 | |
Financing Receivable, Revolving | 168 | |
Collateral dependent loans | 10,439 | |
Total Gross Loans | 9,514 | |
Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 259 | |
Financing Receivable, Revolving | 66 | |
Collateral dependent loans | 325 | |
Residential Portfolio Segment [Member] | ||
Collateral dependent loans | 394,394 | |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Financing Receivable, Year One | 45,592 | |
Financing Receivable, Year Two | 18,769 | |
Financing Receivable, Year Three | 21,374 | |
Financing Receivable, Year Four | 34,803 | |
Financing Receivable, Year Five | 21,218 | |
Financing Receivable Prior | 22,778 | |
Financing Receivable, Revolving | 34,020 | |
Collateral dependent loans | 198,554 | 178,615 |
Total Gross Loans | 198,554 | 178,615 |
Residential Portfolio Segment [Member] | Single Family [Member] | Pass [Member] | ||
Financing Receivable, Year One | 45,280 | |
Financing Receivable, Year Two | 18,769 | |
Financing Receivable, Year Three | 21,374 | |
Financing Receivable, Year Four | 33,482 | |
Financing Receivable, Year Five | 20,782 | |
Financing Receivable Prior | 22,514 | |
Financing Receivable, Revolving | 33,871 | |
Collateral dependent loans | 196,072 | |
Total Gross Loans | 178,172 | |
Residential Portfolio Segment [Member] | Single Family [Member] | Watch [Member] | ||
Financing Receivable, Year One | 312 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 1,321 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 149 | |
Collateral dependent loans | 1,782 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Single Family [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Single Family [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 436 | |
Financing Receivable Prior | 264 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 700 | |
Total Gross Loans | 443 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Year One | 31,086 | |
Financing Receivable, Year Two | 81,414 | |
Financing Receivable, Year Three | 70,444 | |
Financing Receivable, Year Four | 39,891 | |
Financing Receivable, Year Five | 27,436 | |
Financing Receivable Prior | 10,842 | |
Financing Receivable, Revolving | 3,120 | |
Collateral dependent loans | 264,233 | 215,624 |
Total Gross Loans | 264,233 | 215,624 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Year One | 31,086 | |
Financing Receivable, Year Two | 81,414 | |
Financing Receivable, Year Three | 70,444 | |
Financing Receivable, Year Four | 39,891 | |
Financing Receivable, Year Five | 27,436 | |
Financing Receivable Prior | 10,842 | |
Financing Receivable, Revolving | 3,120 | |
Collateral dependent loans | 264,233 | |
Total Gross Loans | 215,624 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Farmland [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 148 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 148 | 155 |
Total Gross Loans | 148 | 155 |
Residential Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 148 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 148 | |
Total Gross Loans | 155 | |
Residential Portfolio Segment [Member] | Farmland [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 700,728 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Financing Receivable, Year One | 67,348 | |
Financing Receivable, Year Two | 55,563 | |
Financing Receivable, Year Three | 43,882 | |
Financing Receivable, Year Four | 40,116 | |
Financing Receivable, Year Five | 33,809 | |
Financing Receivable Prior | 37,906 | |
Financing Receivable, Revolving | 2,679 | |
Collateral dependent loans | 281,303 | 228,374 |
Total Gross Loans | 281,303 | 228,374 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 67,348 | |
Financing Receivable, Year Two | 55,563 | |
Financing Receivable, Year Three | 43,882 | |
Financing Receivable, Year Four | 40,116 | |
Financing Receivable, Year Five | 32,683 | |
Financing Receivable Prior | 37,906 | |
Financing Receivable, Revolving | 2,679 | |
Collateral dependent loans | 280,177 | |
Total Gross Loans | 227,231 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 1,126 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 1,126 | |
Total Gross Loans | 1,143 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Year One | 18,132 | |
Financing Receivable, Year Two | 103,213 | |
Financing Receivable, Year Three | 50,553 | |
Financing Receivable, Year Four | 64,931 | |
Financing Receivable, Year Five | 38,547 | |
Financing Receivable Prior | 153,198 | |
Financing Receivable, Revolving | 24,738 | |
Collateral dependent loans | 453,312 | 472,354 |
Total Gross Loans | 453,312 | 472,354 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 18,132 | |
Financing Receivable, Year Two | 103,213 | |
Financing Receivable, Year Three | 50,553 | |
Financing Receivable, Year Four | 48,000 | |
Financing Receivable, Year Five | 17,931 | |
Financing Receivable Prior | 132,389 | |
Financing Receivable, Revolving | 24,738 | |
Collateral dependent loans | 394,956 | |
Total Gross Loans | 439,537 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 964 | |
Financing Receivable, Year Five | 12,847 | |
Financing Receivable Prior | 20,183 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 33,994 | |
Total Gross Loans | 24,897 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 15,967 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 15,967 | |
Total Gross Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 7,769 | |
Financing Receivable Prior | 626 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 8,395 | |
Total Gross Loans | 7,920 | |
Construction and Land Development [Member] | ||
Collateral dependent loans | 426,698 | 393,783 |
Total Gross Loans | 426,698 | 393,783 |
Construction and Land Development [Member] | Pass [Member] | ||
Total Gross Loans | 393,783 | |
Construction and Land Development [Member] | Watch [Member] | ||
Total Gross Loans | 0 | |
Construction and Land Development [Member] | Special Mention [Member] | ||
Total Gross Loans | 0 | |
Construction and Land Development [Member] | Substandard [Member] | ||
Total Gross Loans | 0 | |
Commercial Portfolio Segment [Member] | ||
Collateral dependent loans | 97,351 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Year One | 9,918 | |
Financing Receivable, Year Two | 5,446 | |
Financing Receivable, Year Three | 13,436 | |
Financing Receivable, Year Four | 3,768 | |
Financing Receivable, Year Five | 2,203 | |
Financing Receivable Prior | 11,281 | |
Financing Receivable, Revolving | 27,803 | |
Collateral dependent loans | 73,855 | 97,351 |
Total Gross Loans | 73,855 | 97,351 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Year One | 9,918 | |
Financing Receivable, Year Two | 5,446 | |
Financing Receivable, Year Three | 13,436 | |
Financing Receivable, Year Four | 3,768 | |
Financing Receivable, Year Five | 2,203 | |
Financing Receivable Prior | 10,972 | |
Financing Receivable, Revolving | 27,569 | |
Collateral dependent loans | 73,312 | |
Total Gross Loans | 97,246 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 97 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | ||
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 50 | |
Financing Receivable, Revolving | 168 | |
Collateral dependent loans | 218 | |
Total Gross Loans | 8 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 259 | |
Financing Receivable, Revolving | 66 | |
Collateral dependent loans | 325 | |
Consumer Portfolio Segment [Member] | ||
Collateral dependent loans | 13,336 | |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||
Collateral dependent loans | 177 | 1,984 |
Total Gross Loans | 177 | 1,984 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Pass [Member] | ||
Total Gross Loans | 1,984 | |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Watch [Member] | ||
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Special Mention [Member] | ||
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Substandard [Member] | ||
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | Secured [Member] | ||
Financing Receivable, Year One | 28 | |
Financing Receivable, Year Two | 267 | |
Financing Receivable, Year Three | 4 | |
Financing Receivable, Year Four | 63 | |
Financing Receivable, Year Five | 1,637 | |
Financing Receivable Prior | 2,247 | |
Financing Receivable, Revolving | 175 | |
Collateral dependent loans | 4,421 | 11,352 |
Total Gross Loans | 4,421 | 11,352 |
Consumer Portfolio Segment [Member] | Secured [Member] | Pass [Member] | ||
Financing Receivable, Year One | 28 | |
Financing Receivable, Year Two | 267 | |
Financing Receivable, Year Three | 4 | |
Financing Receivable, Year Four | 63 | |
Financing Receivable, Year Five | 1,637 | |
Financing Receivable Prior | 2,247 | |
Financing Receivable, Revolving | 175 | |
Collateral dependent loans | 4,421 | |
Total Gross Loans | 11,352 | |
Consumer Portfolio Segment [Member] | Secured [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | Secured [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | Secured [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Total Gross Loans | $ 0 | |
Consumer Portfolio Segment [Member] | Unsecured [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 177 | |
Collateral dependent loans | 177 | |
Consumer Portfolio Segment [Member] | Unsecured [Member] | Pass [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 177 | |
Collateral dependent loans | 177 | |
Consumer Portfolio Segment [Member] | Unsecured [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Consumer Portfolio Segment [Member] | Unsecured [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Construction [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Year One | 12,112 | |
Financing Receivable, Year Two | 34,012 | |
Financing Receivable, Year Three | 13,884 | |
Financing Receivable, Year Four | 2,459 | |
Financing Receivable, Year Five | 5 | |
Financing Receivable Prior | 8,231 | |
Financing Receivable, Revolving | 355,995 | |
Collateral dependent loans | 426,698 | |
Construction [Member] | Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable, Year One | 12,112 | |
Financing Receivable, Year Two | 32,558 | |
Financing Receivable, Year Three | 13,884 | |
Financing Receivable, Year Four | 2,459 | |
Financing Receivable, Year Five | 5 | |
Financing Receivable Prior | 8,231 | |
Financing Receivable, Revolving | 335,495 | |
Collateral dependent loans | 404,744 | |
Construction [Member] | Construction and Land Development [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 1,454 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 20,500 | |
Collateral dependent loans | 21,954 | |
Construction [Member] | Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 0 | |
Construction [Member] | Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | $ 0 |
Note 3 - Loans Receivable - Seg
Note 3 - Loans Receivable - Segments of the Loan Portfolio by Aging Categories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total Gross Loans | $ 1,702,701 | $ 1,599,592 |
Nonaccrual | 325 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 846 | 11 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 12 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 21 |
Financial Asset, Past Due [Member] | ||
Total Gross Loans | 846 | 44 |
Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 1,701,530 | 1,599,548 |
Residential Portfolio Segment [Member] | ||
Total Gross Loans | 394,394 | |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Total Gross Loans | 198,554 | 178,615 |
Nonaccrual | 0 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 841 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 841 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 197,713 | 178,615 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Total Gross Loans | 264,233 | 215,624 |
Nonaccrual | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 264,233 | 215,624 |
Residential Portfolio Segment [Member] | Farmland [Member] | ||
Total Gross Loans | 148 | 155 |
Nonaccrual | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 148 | 155 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total Gross Loans | 700,728 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Total Gross Loans | 281,303 | 228,374 |
Nonaccrual | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 281,303 | 228,374 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Total Gross Loans | 453,312 | 472,354 |
Nonaccrual | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 453,312 | 472,354 |
Construction and Land Development [Member] | ||
Total Gross Loans | 426,698 | 393,783 |
Nonaccrual | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 426,698 | 393,783 |
Commercial Portfolio Segment [Member] | ||
Total Gross Loans | 97,351 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total Gross Loans | 73,855 | 97,351 |
Nonaccrual | 325 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 15 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 15 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 73,530 | 97,336 |
Consumer Portfolio Segment [Member] | ||
Total Gross Loans | 13,336 | |
Nonaccrual | 0 | |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||
Total Gross Loans | 177 | 1,984 |
Nonaccrual | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 177 | 1,984 |
Consumer Portfolio Segment [Member] | Secured [Member] | ||
Total Gross Loans | 4,421 | 11,352 |
Nonaccrual | 0 | |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 5 | 11 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 12 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 6 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 5 | 29 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | $ 4,416 | $ 11,323 |
Note 3 - Loans Receivable - S_3
Note 3 - Loans Receivable - Schedule of Collateral Dependent Loans (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Collateral dependent loans | $ 1,702,701,000 | $ 1,599,592,000 |
Residential Portfolio Segment [Member] | ||
Collateral dependent loans | 394,394,000 | |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Collateral dependent loans | 198,554,000 | 178,615,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 700,728,000 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Collateral dependent loans | 281,303,000 | 228,374,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Collateral dependent loans | 453,312,000 | $ 472,354,000 |
Collateral Pledged [Member] | Residential Portfolio Segment [Member] | Single Family [Member] | ||
Collateral dependent loans | 487,000 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 2,563,000 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Collateral dependent loans | 1,126 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Collateral dependent loans | 625,000 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Collateral dependent loans | $ 325,000 |
Note 3 - Loans Receivable - S_4
Note 3 - Loans Receivable - Summary of Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total Gross Loans | $ 1,702,701 | $ 1,599,592 |
Loans individually evaluated for impairment | 149 | |
Loans collectively evaluated for impairment | 1,599,443 | |
Residential Portfolio Segment [Member] | ||
Total Gross Loans | 394,394 | |
Loans individually evaluated for impairment | 149 | |
Loans collectively evaluated for impairment | 394,245 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Total Gross Loans | 700,728 | |
Loans individually evaluated for impairment | 0 | |
Loans collectively evaluated for impairment | 700,728 | |
Construction and Land Development [Member] | ||
Total Gross Loans | $ 426,698 | 393,783 |
Loans individually evaluated for impairment | 0 | |
Loans collectively evaluated for impairment | 393,783 | |
Commercial Portfolio Segment [Member] | ||
Total Gross Loans | 97,351 | |
Loans individually evaluated for impairment | 0 | |
Loans collectively evaluated for impairment | 97,351 | |
Consumer Portfolio Segment [Member] | ||
Total Gross Loans | 13,336 | |
Loans individually evaluated for impairment | 0 | |
Loans collectively evaluated for impairment | $ 13,336 |
Note 3 - Loans Receivable - S_5
Note 3 - Loans Receivable - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Recorded investment, with no related allowance recorded | $ 149 | |||||
Unpaid principal balance, with no related allowance recorded | 149 | |||||
Average recorded investment, with no related allowance recorded | $ 2,909 | $ 2,952 | ||||
Interest income recognized, with no related allowance recorded | 70 | 197 | ||||
Balance | $ 1,199 | 0 | ||||
Provision for off-balance sheet credit losses, net | 353 | $ 0 | 353 | 242 | $ 0 | |
Balance | 1,552 | $ 1,552 | 1,552 | |||
Residential Portfolio Segment [Member] | Single Family [Member] | ||||||
Recorded investment, with no related allowance recorded | 149 | |||||
Unpaid principal balance, with no related allowance recorded | $ 149 | |||||
Average recorded investment, with no related allowance recorded | 504 | 539 | ||||
Interest income recognized, with no related allowance recorded | 10 | 30 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||||||
Average recorded investment, with no related allowance recorded | 1,129 | 1,134 | ||||
Interest income recognized, with no related allowance recorded | 20 | 61 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||||
Average recorded investment, with no related allowance recorded | 626 | 626 | ||||
Interest income recognized, with no related allowance recorded | 12 | 38 | ||||
Commercial Portfolio Segment [Member] | ||||||
Average recorded investment, with related allowance recorded | 653 | |||||
Interest income recognized, with related allowance recorded | $ 68 | |||||
Commercial Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||||
Average recorded investment, with related allowance recorded | 650 | |||||
Interest income recognized, with related allowance recorded | $ 28 |
Note 3 - Loans Receivable - All
Note 3 - Loans Receivable - Allowance for Credit Loss - Off-balance Sheet Credit Exposure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 1,199 | $ 0 | |||
Provision for off-balance sheet credit losses, net | $ 353 | $ 0 | 353 | 242 | $ 0 |
Balance | $ 1,552 | $ 1,552 | 1,552 | ||
Accounting Standards Update 2016-13 [Member] | |||||
Balance | $ 1,310 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 13,373 | $ 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets, Gross | 13,373 | 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 4 - Intangible Assets - Ch
Note 4 - Intangible Assets - Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 13,373 | $ 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets, Gross | 13,373 | 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Note 5 - Derivatives and Risk_3
Note 5 - Derivatives and Risk Management Activities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative, Excluded Component, Gain, Recognized in Earnings | $ 0 | $ 518,000 | $ 0 | $ 619,000 |
Note 5 - Derivatives and Risk_4
Note 5 - Derivatives and Risk Management Activities - Summary of Derivative Instruments (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Matched Interest Rate Swap with Borrower [Member] | ||
Notional amount | $ 239,312 | $ 245,717 |
Positions | 44 | 44 |
Derivative assets | $ 0 | $ 0 |
Derivative liabilities | 28,313 | 23,896 |
Collateral pledges | 0 | 3,034 |
Matched Interest Rate Swap With Counterparty [Member] | ||
Notional amount | $ 239,312 | $ 245,717 |
Positions | 44 | 44 |
Derivative assets | $ 28,313 | $ 23,896 |
Derivative liabilities | 0 | 0 |
Collateral pledges | $ 0 | $ 3,034 |
Note 6 - Fair Value Presentat_3
Note 6 - Fair Value Presentation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 85,039 | $ 86,527 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | |
Assets, Fair Value Disclosure | $ 250 | $ 250 |
Note 6 - Fair Value Presentat_4
Note 6 - Fair Value Presentation - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Available for sale | $ 56,726 | $ 62,631 | [1] |
Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 19,171 | 22,227 | |
Subordinated Debt [Member] | |||
Available for sale | 8,278 | 8,827 | |
Taxable Municipal Bonds [Member] | |||
Available for sale | 7,659 | 7,966 | |
Nontaxable Municipal Bonds [Member] | |||
Available for sale | 18,599 | 20,175 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale | 3,019 | 3,436 | |
Fair Value, Recurring [Member] | |||
Total | 85,039 | 86,527 | |
Total | 28,313 | 23,896 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 28,313 | 23,896 | |
Derivative liability – interest rate swaps on loans | 28,313 | 23,896 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 19,171 | 22,227 | |
Fair Value, Recurring [Member] | Subordinated Debt [Member] | |||
Available for sale | 8,278 | 8,827 | |
Fair Value, Recurring [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 7,659 | 7,966 | |
Fair Value, Recurring [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 18,599 | 20,175 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 3,019 | 3,436 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total | 0 | 0 | |
Total | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Subordinated Debt [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total | 84,789 | 86,277 | |
Total | 28,313 | 23,896 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 28,313 | 23,896 | |
Derivative liability – interest rate swaps on loans | 28,313 | 23,896 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 19,171 | 22,227 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | |||
Available for sale | 8,028 | 8,577 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 7,659 | 7,966 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 18,599 | 20,175 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 3,019 | 3,436 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total | 250 | 250 | |
Total | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debt [Member] | |||
Available for sale | 250 | 250 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | $ 0 | $ 0 | |
[1]Derived from audited consolidated financial statements. |
Note 6 - Fair Value Presentat_5
Note 6 - Fair Value Presentation - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Available for sale | $ 56,726 | $ 62,631 | [1] |
Restricted securities | 20,619 | 24,325 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 121,183 | 130,600 | |
Available for sale | 56,726 | 62,631 | |
Held to maturity | 17,565 | 17,642 | |
Restricted securities | 20,619 | 24,325 | |
Loans, net | 1,681,444 | 1,579,950 | |
Derivative asset – interest rate swap on loans | 28,313 | 23,896 | |
Bank owned life insurance | 38,035 | 37,249 | |
Accrued interest receivable | 10,133 | 8,779 | |
Deposits | 1,683,190 | 1,512,889 | |
Subordinated debt, net | 72,543 | 72,245 | |
Derivative liability – interest rate swaps on loans | 28,313 | 23,896 | |
Accrued interest payable | 2,740 | 896 | |
Advances from the FHLB | 100,000 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 121,183 | 130,600 | |
Available for sale | 56,726 | 62,631 | |
Held to maturity | 16,812 | 17,440 | |
Restricted securities | 20,619 | 24,325 | |
Loans, net | 1,668,678 | 1,584,533 | |
Derivative asset – interest rate swap on loans | 28,313 | 23,896 | |
Bank owned life insurance | 38,035 | 37,249 | |
Accrued interest receivable | 10,133 | 8,779 | |
Deposits | 1,677,844 | 1,503,869 | |
Subordinated debt, net | 56,410 | 64,235 | |
Derivative liability – interest rate swaps on loans | 28,313 | 23,896 | |
Accrued interest payable | 2,740 | 896 | |
Advances from the FHLB | 99,983 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 121,183 | 130,600 | |
Available for sale | 0 | 0 | |
Held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 0 | 0 | |
Derivative asset – interest rate swap on loans | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Deposits | 0 | 0 | |
Subordinated debt, net | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Advances from the FHLB | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Available for sale | 56,726 | 62,381 | |
Held to maturity | 16,812 | 17,440 | |
Restricted securities | 20,619 | 24,325 | |
Loans, net | 0 | 0 | |
Derivative asset – interest rate swap on loans | 28,313 | 23,896 | |
Bank owned life insurance | 38,035 | 37,249 | |
Accrued interest receivable | 10,133 | 8,779 | |
Deposits | 979,230 | 904,978 | |
Subordinated debt, net | 56,410 | 64,235 | |
Derivative liability – interest rate swaps on loans | 28,313 | 23,896 | |
Accrued interest payable | 2,740 | 896 | |
Advances from the FHLB | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Available for sale | 0 | 250 | |
Held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 1,668,678 | 1,584,533 | |
Derivative asset – interest rate swap on loans | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Deposits | 698,614 | 599,121 | |
Subordinated debt, net | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Accrued interest payable | $ 0 | 0 | |
Advances from the FHLB | $ 99,983 | ||
[1]Derived from audited consolidated financial statements. |
Note 7 - Earnings Per Common _3
Note 7 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 0 | 0 |
Note 7 - Earnings Per Common _4
Note 7 - Earnings Per Common Share - Calculation of Basic and Dilutes Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 6,341 | $ 7,743 | $ 21,438 | $ 19,095 |
Preferred stock dividends | (539) | (539) | (1,617) | (1,617) |
Net Income Available To Common Shareholders | $ 5,802 | $ 7,204 | $ 19,821 | $ 17,478 |
Weighted average number of common shares issued, basic and diluted (in shares) | 7,524,332 | 7,463,719 | 7,521,426 | 7,561,567 |
Earnings Per Common Share: | ||||
Basic and diluted earnings per common share (in dollars per share) | $ 0.77 | $ 0.97 | $ 2.64 | $ 2.31 |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Unrealized loss on investment securities available-for-sale | $ (14,063) | $ (11,108) |
Tax benefit | 3,256 | 2,570 |
Total accumulated other comprehensive loss | (10,809) | (8,546) |
AOCI, Accumulated Gain (Loss), Debt Securities, Transfer to Held-to-Maturity, Parent [Member] | ||
Unrealized loss on investment securities available-for-sale | $ (2) | $ (8) |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Operating Lease, Payments | $ 336,000 | $ 327,000 |
Operating Lease, Expense | $ 363,000 | $ 363,000 |
Lessor, Operating Lease, Number of Leases | 3 | |
Operating Lease, Lease Income Per Month | $ 6,000 | |
Finance Lease, Liability, Total | $ 0 |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Lease liabilities | $ 7,014,000 | $ 7,342,000 | |
Right-of-use assets | $ 6,332,000 | $ 6,688,000 | |
Weighted-average remaining lease term – operating leases (in months). (Year) | 158 years 3 months 18 days | 162 years 10 months 24 days | |
Weighted-average discount rate – operating leases | 2.80% | 2.80% | |
Operating lease cost | $ 363,000 | $ 363,000 | |
Total lease costs | 363,000 | 363,000 | |
Cash paid for amounts included in measurement of lease liabilities | $ 336,000 | $ 327,000 |
Note 9 - Leases - Maturity Anal
Note 9 - Leases - Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2023 | $ 161 | |
2024 | 654 | |
2025 | 671 | |
2026 | 689 | |
2027 | 587 | |
Thereafter | 5,561 | |
Total undiscounted cash flows | 8,323 | |
Discount | (1,309) | |
Lease liabilities | $ 7,014 | $ 7,342 |