Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 18, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-38817 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 155,925,363 | ||
Entity Common Stock, Shares Outstanding | 7,614,090 | ||
Auditor Firm ID | 613 | ||
Auditor Name | Yount, Hyde & Barbour, P.C. | ||
Auditor Location | Winchester, Virginia, USA | ||
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 - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 53,581 | $ 48,931 | [1] |
Federal funds sold | 60,932 | 81,669 | [1] |
Cash and cash equivalents | 114,513 | 130,600 | [1] |
Investment securities available-for-sale, at fair value | 59,928 | 62,631 | [1] |
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0, respectively. | 17,275 | 17,642 | |
Restricted securities, at amortized cost | 24,356 | 24,325 | |
Loans, net of allowance for credit losses of $16,506 and $14,114, respectively | 1,705,137 | 1,579,950 | |
Premises and equipment, net | 13,944 | 14,709 | [1] |
Accrued interest and other receivables | 12,390 | 9,581 | [1] |
Computer software, net of amortization | 14,657 | 9,149 | [1] |
Bank owned life insurance | 38,318 | 37,249 | [1] |
Other assets | 34,914 | 39,915 | [1] |
Total Assets | 2,035,432 | 1,925,751 | [1] |
Liabilities | |||
Non-interest bearing deposits | 364,606 | 550,690 | [1] |
Interest bearing demand deposits | 137,128 | 80,099 | [1] |
Savings and NOW deposits | 45,878 | 51,419 | [1] |
Money market deposits | 442,179 | 222,540 | [1] |
Time deposits | 696,336 | 608,141 | [1] |
Total deposits | 1,686,127 | 1,512,889 | [1] |
Federal funds purchased | 15,000 | 0 | |
Federal Home Loan Bank advances | 0 | 100,000 | |
Subordinated debt, net | 72,642 | 72,245 | [1] |
Allowance for credit losses on off-balance sheet credit exposure | 1,009 | 0 | |
Other liabilities | 39,137 | 42,335 | [1] |
Total Liabilities | 1,813,915 | 1,727,469 | [1] |
Commitments and contingencies (Note 13) | |||
Stockholders’ Equity | |||
Preferred stock, $1.00 par value, 2,000,000 shares authorized non-cumulative perpetual; 28,750 issued and outstanding as of December 31, 2023 and December 31, 2022 | 27,263 | 27,263 | |
Common stock, $4.00 par value, 10,000,000 shares authorized; issued and outstanding 7,527,415 shares (including 228,300 nonvested shares) for December 31, 2023 and 7,442,743 shares (including 259,036 nonvested shares) for December 31, 2022 | 29,198 | 28,736 | [1] |
Capital surplus | 65,985 | 63,999 | [1] |
Retained earnings | 106,549 | 86,830 | [1] |
Accumulated other comprehensive income (loss) | (7,478) | (8,546) | |
Total Stockholders’ Equity | 221,517 | 198,282 | [1] |
Total Liabilities and Stockholders’ Equity | $ 2,035,432 | $ 1,925,751 | [1] |
[1]Derived from audited consolidated financial statements. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for credit losses | $ 0 | $ 0 | |
Allowance for credit loss | $ 16,506 | $ 14,114 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | |
Preferred stock, shares outstanding (in shares) | 28,750 | 28,750 | |
Preferred stock, shares issued (in shares) | 28,750 | 28,750 | |
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) | 7,527,415 | 7,442,743 | [1] |
Common stock, shares issued (in shares) | 7,527,415 | 7,442,743 | [1] |
Common stock, shares nonvested (in shares) | 228,300 | 259,036 | [1] |
[1]Derived from audited consolidated financial statements. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Income | ||
Interest and fees on loans | $ 116,184 | $ 78,872 |
Interest and dividends on investments securities | ||
U.S. government agencies and corporations | 0 | 37 |
Mortgage-backed securities | 395 | 438 |
Other | 1,185 | 874 |
Interest on federal funds sold | 5,038 | 2,312 |
Total Interest Income | 124,123 | 83,845 |
Interest Expense | ||
Interest on interest bearing DDA deposits | 1,892 | 601 |
Interest on savings and NOW deposits | 546 | 203 |
Interest on money market deposits | 13,924 | 1,547 |
Interest on time deposits | 27,003 | 8,202 |
Interest on federal fund purchases | 299 | 0 |
Interest on Federal Home Loan Bank advances | 1,224 | 347 |
Interest on subordinated debt | 3,288 | 2,936 |
Total Interest Expense | 48,176 | 13,836 |
Net Interest Income | 75,947 | 70,009 |
Provision For Credit Losses - Loans | 1,943 | 2,398 |
Recovery of Credit Losses - Off-Balance Sheet Credit Exposure | (301) | 0 |
Net interest income after provision for (recovery of) credit losses | 74,305 | 67,611 |
Non-Interest Income | ||
Deposit account service charges | 2,149 | 2,420 |
Bank owned life insurance income | 1,069 | 1,008 |
Loan swap fee income | 0 | 619 |
Net gain on held-to-maturity securities | 0 | 4 |
Net loss on sale of loans | 0 | (168) |
Other fee income | 420 | 951 |
Total Non-Interest Income | 3,638 | 4,834 |
Non-Interest Expense | ||
Salaries and employee benefits | 28,267 | 23,801 |
Furniture and equipment expenses | 2,787 | 2,786 |
Advertising and marketing | 2,343 | 2,304 |
Occupancy expenses | 1,684 | 1,471 |
Outside services | 2,044 | 2,075 |
Franchise tax | 1,835 | 1,430 |
FDIC insurance | 1,131 | 637 |
Data processing | 1,328 | 1,303 |
Administrative expenses | 922 | 872 |
Other real estate expenses, net | 0 | 38 |
Other operating expenses | 2,778 | 2,340 |
Total Non-Interest Expense | 45,119 | 39,057 |
Income before income taxes | 32,824 | 33,388 |
Income Tax Expense | 6,239 | 6,714 |
Net Income | 26,585 | 26,674 |
Preferred Stock Dividends | 2,156 | 2,156 |
Net Income available to common shareholders | $ 24,429 | $ 24,518 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 3.25 | $ 3.26 |
Diluted (in dollars per share) | $ 3.25 | $ 3.26 |
US States and Political Subdivisions Debt Securities [Member] | ||
Interest and dividends on investments securities | ||
Tax-exempt securities | $ 1,065 | $ 1,058 |
Taxable securities | $ 256 | $ 254 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Comprehensive Income, net of taxes | ||
Net Income | $ 26,585 | $ 26,674 |
Other comprehensive gain (loss), net of tax expense (benefit): | ||
Unrealized gains (losses) on available for sale securities arising during the period (net of tax expense (benefit), $309 and ($2.6 million), respectively) | 1,062 | (8,759) |
Add: reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $2 and $4, respectively) | 6 | 16 |
Other comprehensive gain (loss) | 1,068 | (8,743) |
Comprehensive Income | $ 27,653 | $ 17,931 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized losses on available for sale securities arising during the period, tax benefit | $ 309 | $ (2,600) |
Reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity, tax | $ 2 | $ 4 |
Consolidated Statements of Stoc
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 | 407 | (407) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 2,519 | 0 | 0 | 2,519 | |||||||
Common stock repurchased | 0 | (1,137) | (5,781) | 0 | 0 | (6,918) | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (2,156) | 0 | (2,156) | |||||||
Dividends on common stock | 0 | 0 | 0 | (1,882) | 0 | (1,882) | |||||||
Net Income | 0 | 0 | 0 | 26,674 | 0 | 26,674 | |||||||
Other comprehensive gain | 0 | 0 | 0 | 0 | (8,743) | (8,743) | |||||||
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 | 470 | (470) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 2,491 | 0 | 0 | 2,491 | |||||||
Common stock repurchased | 0 | (8) | (35) | 0 | 0 | (43) | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (2,156) | 0 | (2,156) | |||||||
Dividends on common stock | 0 | 0 | 0 | (3,011) | 0 | (3,011) | |||||||
Net Income | 0 | 0 | 0 | 26,585 | 0 | 26,585 | |||||||
Other comprehensive gain | 0 | 0 | 0 | 0 | 1,068 | 1,068 | |||||||
Balance at Dec. 31, 2023 | $ 27,263 | $ 29,198 | $ 65,985 | $ 106,549 | $ (7,478) | $ 221,517 | |||||||
[1]Derived from audited consolidated financial statements. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Dividends on preferred stock, per share (in dollars per share) | $ 0.47 | $ 0.47 |
Dividends on common stock, per share (in dollars per share) | $ 0.4 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 26,585 | $ 26,674 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion, net | 2,268 | 2,083 |
Amortization of right-of-use assets | 477 | 496 |
Deferred income tax benefit | (191) | (894) |
Loss on sale of other real estate owned | 0 | 4 |
Loss on valuation of other real estate owned | 0 | 70 |
Loss on loans held for sale | 0 | 168 |
Loss on New Market Tax Credit investment operations | 251 | 0 |
Gain on disposal of premises and equipment | (129) | 0 |
Gain on called held-to-maturity securities | 0 | (4) |
Provision for credit losses, net | 1,642 | 2,398 |
Stock based compensation expense | 2,491 | 2,519 |
Income from bank owned life insurance | (1,069) | (1,008) |
Subordinated debt amortization expense | 397 | 328 |
Change in: | ||
Accrued interest receivable and other receivables | (2,803) | (1,861) |
Other assets | 4,912 | (22,407) |
Other liabilities | (3,198) | 24,978 |
Net cash provided by operating activities | 31,633 | 33,544 |
Cash Flows from Investing Activities | ||
Payments, available-for-sale securities | 3,696 | 6,634 |
Maturities, sales, called, refunded | 0 | 245,000 |
Purchases, available-for-sale securities | 0 | (226,215) |
Maturities, called, refunded | 265 | 2,595 |
Purchases of equity securities | (4,174) | (3,916) |
Purchases of restricted investment in bank stock | (7,059) | (9,123) |
Redemption of restricted investment in bank stock | 10,425 | 4,125 |
Net increase in loan portfolio | (128,025) | (240,756) |
Proceeds from sale of other real estate owned | 0 | 701 |
Proceeds from sale of premises and equipment | 129 | 0 |
Purchases of premises and equipment | (497) | (1,125) |
Computer software developed | (5,508) | (6,656) |
Net cash used in investing activities | (130,748) | (228,736) |
Cash Flows from Financing Activities | ||
Net increase (decrease) in non-interest deposits | (186,084) | 20,012 |
Net increase in interest bearing demand, savings, and time deposits | 359,322 | 80,914 |
Net increase (decrease) in Federal Home Loan Bank advances | (100,000) | 100,000 |
Net increase in federal funds purchased | 15,000 | 0 |
Net increase in subordinated debt | 0 | 42,623 |
Repurchase of common stock | (43) | (6,918) |
Cash dividends paid on preferred stock | (2,156) | (2,156) |
Cash dividends paid on common stock | (3,011) | (1,882) |
Net cash provided by financing activities | 83,028 | 232,593 |
Increase (decrease) in Cash and Cash Equivalents | (16,087) | 37,401 |
Cash and Cash Equivalents, beginning of period | 130,600 | 93,199 |
Cash and Cash Equivalents, end of period | 114,513 | 130,600 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 45,534 | 12,639 |
Cash paid during the period for income taxes | 7,280 | 6,381 |
Transfers from loans receivable to loans held for sale, at carrying value | 0 | 715 |
Net unrealized gain (loss) on securities available-for-sale | $ 1,371 | $ (11,373) |
Note 1 - Organization, Basis of
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 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 principal activity is the ownership and management of MainStreet Bank. On May 18, 2016, one October 12, 2021, On July 15, 2016, 1956, On April 18, 2019, 10 10” 12 1934. 2012, 2 1933, 12b 2. may We were 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 In August 2021, January 2022, MainStreet 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, 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”) as applicable to a smaller reporting company. Principles of Consolidation Cash and cash equivalents Investment securities December 31, 2023 December 31, 2022 no Debt securities which are not Debt securities held to maturity includes securities purchased with the ability and positive intent to hold to maturity. Debt securities are stated at historical cost adjusted for amortization of premiums and accretion of discount, and net of any allowance for credit losses. The Company measures expected credit losses on held-to-maturity (HTM) securities on a collective basis by major security type and credit ratings. Accrued interest receivable on these securities are excluded from the estimate of credit losses. 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 primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The adoption of CECL had an insignificant impact on the Company's held-to-maturity securities portfolio. Purchase premiums and discounts are amortized using the interest method over the term or first not not Restricted equity securities consist of the Federal Reserve Bank and Federal Home Loan Bank of Atlanta (“FHLB”) stock in the amount of $5.2 million and $1.3 million respectively, as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 not December 31, 2023 December 31, 2022 no December 31, 2023 December 31, 2023 not December 31, 2022 not Loans A loan’s past due status is based on the contractual due date of the most delinquent payment due. All loans which are 30 90 120 90 may first may no 1 2 3 The Company designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not not no Allowance for Credit Losses - Other Real Estate Owned ( OREO ) - may Interest income on loans may Generally, the Bank will return a loan to accrual status when all delinquent interest and principal becomes current and remains current for six Loan origination and commitment fees and certain related direct costs - Premises and equipment Computer software development Income taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not December 31, 2023 December 31, 2022 Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional income taxes in the statement of income. Comprehensive income Stock compensation plans 718, The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Sholes model is used to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. No stock options were granted during 2023 2022 Earnings per common share 260, December 31, 2023 2022 The only potential dilutive stock of the Bank as defined in FASB ASC 260 December 31, 2023 December 31, 2022 Off-balance sheet instruments Advertising and marketing expense Use of estimates The Company’s critical accounting policies relate to ( 1 2 3 Fair value of financial instruments 20. Derivative Financial Instruments not 19. Transfers of financial assets 1 2 3 not Revenue Recognition 606. 606 606 Deposit Account Service Charges. Other Service Charges and Fees. Interchange Income. Recently Adopted 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. The Company adopted ASC 326 January 1, 2023. December 31, 2022, not 326, not The following table illustrates the impact of ASC 326. January 1, 2023 (Dollars in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for Credit Losses Residential Real Estate $ 2,205 $ 2,146 $ 59 Commercial Real Estate 7,773 7,159 614 Construction and Land Development 3,366 3,347 19 Commercial & Industrial 1,590 1,418 172 Consumer 75 44 31 Total Allowance for Credit Losses on Loans $ 15,009 $ 14,114 $ 895 Liabilities: Allowance for Credit Losses Off-Balance Sheet Credit Exposure 1,310 — 1,310 Total Allowance for Credit Losses $ 16,319 $ 14,114 $ 2,205 The Company elected not 90 Allowance for Credit Losses (ACL) - Loans The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not The allowance for credit losses represents management's estimate of lifetime credit losses inherent in the loans as of the balance sheet date. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, concentrations or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values or vacancy rates, consumer price index and projected federal funds target rate and future unemployment rates. The allowance for credit losses on loans is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses on loans using the following methods: Portfolio segments are grouped in homogenous pools that mirror the loan pools described in Federal Financial Institutions Examination Council Call Report however we are able to group these pools into the following segments: • Commercial real estate loans carry risks of the client’s ability to repay the loan from the cash flow derived from the underlying real estate. Risks inherent in managing a commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate. Real estate security diminishes risks only to the extent that a market exists for the subject collateral. These risks are attempted to be mitigated by carefully underwriting loans of this type and by following appropriate loan-to-value standards • Construction loans and land improvement carry risks that the project will not not may, may may not may • Residential real estate mortgage loans, including equity lines of credit, carry risks associated with the continued creditworthiness of the borrower and the changes in the value of the collateral. • Commercial and industrial loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may may • Consumer secured loans (indirect lending) carry risks associated with the continued creditworthiness of the borrower and the value of the collateral (e.g., rapidly depreciating assets such as automobiles). These risks are attempted to be mitigated by following appropriate loan-to-value standards and an experienced management team for this type of portfolio. • Consumer unsecured loans carry risks associated with the continued credit-worthiness of the borrower. Consumer unsecured loans are more likely to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. For each homogenous loan pool, the Company elected to use the Weighted Average Remaining Life (“WARM”) methodology for calculating historical and future loss reserves. The WARM methodology calculates the average annual historical charge-off rate of a homogenous loan pool and multiplies that rate by the pool's remaining life to estimate the allowance for credit losses. Quantitative assumptions included are below: Remaining life 1 90 2 Loss Rate 0% no Loss Rate Lookback Historical Losses 2004 two four four Additionally, the allowance for credit losses on loans calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may not Loans that do not Allowance for Credit Losses - Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company classified off-balance sheet exposure in similar pools as the funded loan portfolio and determined that qualitative and quantitative risk factors assessed to the funded loan pool are also evident for the unfunded loan pool of similar type, adjusted for likelihood of funding and any other relevant metrics. The allowance for unfunded commitments is identified separately on the Company’s consolidated statement of financial condition. Allowance for Credit Losses - Held-to-Maturity Securities The Company measures expected credit losses on held-to-maturity (HTM) securities on a collective basis by major security type and credit ratings. Accrued interest receivable on these securities are excluded from the estimate of credit losses. 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 primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The adoption of CECL had an insignificant impact on the Company's held-to-maturity securities portfolio. Governance The Company’s Allowance Committee, contains representatives from both the Company’s finance and credit teams, is responsible for approving the Company’s estimate of expected credit losses. The Allowance Committee considers the quantitative model results and qualitative factors when approving the final ACL. The Company’s ACL model is subject to the Company’s model risk management standards. In December 2022, 2022 06, 848 848.” 2022 06 848. 848 848 2021, June 30, 2023. 2022 06 June 30, 2023 not Impact of Recently Issued Accounting Pronouncements During June 2016, 2016 13, 326 2016 13 January 1, 2023 not December 31, 2022 The Company is utilizing a third 326, not may In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In October 2023, 2023 06, not not June 30, 2027, not not not 2023 06 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 06 |
Note 2 - Restrictions on Cash
Note 2 - Restrictions on Cash | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 2. On March 15, 2020, March 26, 2020. A certain amount of net transaction accounts, known as the "reserve requirement exemption amount," was subject to a reserve requirement ratio of zero 3 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 3. Investment securities available-for-sale was comprised of the following: December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 23,446 $ — $ (3,931 ) $ 19,515 Subordinated Debt 9,970 — (1,503 ) 8,467 Municipal Securities Taxable 10,649 — (2,342 ) 8,307 Tax-exempt 22,668 23 (1,949 ) 20,742 U.S. Governmental Agencies 2,932 3 (38 ) 2,897 Total $ 69,665 $ 26 $ (9,763 ) $ 59,928 Investment securities held-to-maturity was comprised of the following: December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities Tax-exempt $ 14,775 $ 19 $ (121 ) $ 14,673 Subordinated Debt 2,500 — (10 ) 2,490 Total $ 17,275 $ 19 $ (131 ) $ 17,163 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 - Held-to-Maturity (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 December 31, 2023 The following table presents the amortized cost of HTM securities as of December 31, 2023 December 31, 2022 (Dollars in thousands) Municipal Securities Subordinated Debt Total HTM securities December 31, 2023 Credit Rating: AAA/AA/A $ 14,775 $ — $ 14,775 Not Rated - Non Agency — 2,500 $ 2,500 Total $ 14,775 $ 2,500 $ 17,275 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 At December 31, 2023 30 December 31, 2023 The scheduled maturities of securities available-for-sale and held-to-maturity at December 31, 2023 December 31, 2023 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 318 $ 315 Due from one to five years 1,000 976 3,325 3,314 Due from after five to ten years 14,054 12,222 7,218 7,188 Due after ten years 54,611 46,730 6,414 6,346 Total $ 69,665 $ 59,928 $ 17,275 $ 17,163 Securities with a fair value of $16.1 million and $3.6 million at December 31, 2023 December 31, 2022 not As of December 31, 2023 December 31, 2022 no one 10% There were no December 31, 2023 2022 The following tables summarize the fair value and unrealized losses at December 31, 2023 December 31, 2022 December 31, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ — $ — $ 19,440 $ (3,931 ) $ 19,440 $ (3,931 ) Subordinated Debt — — 7,717 (1,503 ) 7,717 (1,503 ) Municipal Securities Taxable — — 8,307 (2,342 ) 8,307 (2,342 ) Tax-exempt 1,986 (34 ) 16,510 (1,915 ) 18,496 (1,949 ) U.S Governmental Agencies 1,515 (1 ) 845 (37 ) 2,360 (38 ) Total $ 3,501 $ (35 ) $ 52,819 $ (9,728 ) $ 56,320 $ (9,763 ) 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 ) The factors considered in evaluating securities for impairment include whether the Bank intends to sell the security, whether it is more likely than not not At December 31, 2023 12 December 31, 2023 twenty-four twenty-one 12 no 2023 2022 All municipal securities originally purchased as available for sale were transferred to held to maturity during 2013. December 31, 2023 December 31, 2022 For held-to-maturity securities, an allowance for credit losses is required to absorb estimated lifetime credit losses. The Company has assessed the risk of credit loss and has determined that no December 31, 2023 2022 |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4. Loans receivable were comprised of the following: (Dollars in thousands) December 31, 2023 December 31, 2022 Residential Real Estate: Single family $ 203,417 $ 178,615 Multifamily 271,040 215,624 Farmland 145 155 Commercial Real Estate: Owner-occupied 282,052 228,374 Non-owner occupied 461,775 472,354 Construction and Land Development 429,637 393,783 Commercial – Non Real-Estate: Commercial & industrial 75,415 97,351 Consumer – Non Real Estate: Unsecured 271 1,984 Secured 3,339 11,352 Total Gross Loans 1,727,091 1,599,592 Less: unearned fees (5,448 ) (5,528 ) Less: allowance for loan losses (16,506 ) (14,114 ) Net Loans $ 1,705,137 $ 1,579,950 The unsecured consumer loans above include $271,000 and $2.0 million of overdrafts reclassified as loans for the years ended December 31, 2023 December 31, 2022 There were nonaccrual loans of $1.0 million and $0 as of December 31, 2023 December 31, 2022 The following tables present the segments of the loan portfolio summarized by aging categories as of December 31, 2023 December 31, 2022 December 31, 2023 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due and Still Accruing Nonaccrual Current Loans Total Loans Receivable Residential Real Estate: Single Family $ — $ — $ — $ 149 $ 203,268 $ 203,417 Multifamily — — — — 271,040 271,040 Farmland — — — — 145 145 Commercial Real Estate: Owner occupied — — — — 282,052 282,052 Non-owner occupied — — — — 461,775 461,775 Construction & Land Development — — — — 429,637 429,637 Commercial – Non Real Estate: Commercial & industrial — — — 851 74,564 75,415 Consumer – Non Real Estate: Unsecured — — — — 271 271 Secured 25 — 4 — 3,310 3,339 Total $ 25 $ — $ 4 $ 1,000 $ 1,726,062 $ 1,727,091 December 31, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due and Still Accruing Nonaccrual Current Loans Total Loans Receivable 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 — 97,336 97,351 Consumer – Non Real Estate: Unsecured — — — — 1,984 1,984 Secured 11 12 6 — 11,323 11,352 Total $ 11 $ 12 $ 21 $ — $ 1,599,548 $ 1,599,592 |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 5. The following tables summarize the activity in the allowance for credit losses by loan class for the twelve December 31, 2023 2022 Allowance for Credit Losses By Portfolio Segment For the twelve December 31, 2023 Real Estate Residential Commercial Construction Commercial Consumer Total 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 — — — (462 ) (6 ) (468 ) Recoveries 7 — — — 15 22 Provision (recovery) 382 1,115 209 307 (70 ) 1,943 Ending Balance $ 2,594 $ 8,888 $ 3,575 $ 1,435 $ 14 $ 16,506 Allowance for Loan Losses By Portfolio Segment For the twelve December 31, 2022 Real Estate Residential Commercial Construction Commercial Consumer Total Beginning Balance $ 1,672 $ 5,689 $ 2,697 $ 1,540 $ 99 $ 11,697 Charge-offs — — — - 19 19 Provision (recovery) 474 1,470 650 (122 ) (74 ) 2,398 Ending Balance $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 Ending Balance: Individually evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively evaluated for Impairment $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 The Company maintains a general allowance for credit losses based on evaluating known and inherent risks in the loan portfolio, including management’s continuing analysis of the factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, actual loan loss experience, and current and anticipated economic conditions. The reserve is an estimate based upon factors and trends identified by management at the time the financial statements are prepared. The following table summarizes information in regard to impaired loans by loan portfolio class as of December 31, 2022 December 31, 2022 (Dollars in thousands) Recorded Unpaid Related With no related allowance recorded Residential Real Estate: Single family $ 149 $ 149 $ — Total $ 149 $ 149 $ — The following table presents additional information regarding the impaired loans for the year ended December 31, 2022 December 31, 2022 (Dollars in thousands) Average Interest With no related allowance recorded Residential Real Estate: Single family $ 149 $ 15 Total $ 149 $ 15 The following table is a summary of the Company’s nonaccrual loans by major categories for the periods indicated. CECL Incurred Loss December 31, 2023 December 31, 2022 (Dollars in thousands) Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Residential Real Estate: Single Family $ 149 $ — $ 149 $ — Commercial & industrial 851 — 851 — Total $ 1,000 $ — $ 1,000 $ — The Company recognized $57,792 of interest income on nonaccrual loans during the year ended December 31, 2023 The following table represents the accrued interest receivables written off by reversing interest income during the year ended December 31, 2023 (Dollars in thousands) For the Year Ended December 31, 2023 Residential Real Estate: Single Family $ 5 Commercial & industrial 128 Total $ 133 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: • 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. • Residential real estate mortgage loans, including equity lines of credit, are typically secured by first second • 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 The following table details the amortized cost of collateral dependent loans: (Dollars in thousands) As of December 31, 2023 Residential Real Estate: Single Family $ 346 Commercial Real Estate: Owner occupied 1,120 Commercial & industrial 851 Total $ 2,317 The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a weighted average remaining life model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one may The following table shows the amortized cost basis as of December 31, 2023 Term Extension December 31, 2023 (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Commercial Real Estate: Non-owner occupied $ 16,000 3.5% Extended term on interest only payments for six months. Commercial & industrial 315 0.4% Extended term for three months. Total $ 16,315 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. 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 table presents the risk category of loans by credit quality indicators by year of origination as of December 31, 2023 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Residential Real Estate - Single Family Pass $ 49,803 $ 17,502 $ 26,434 $ 33,134 $ 20,610 $ 20,542 $ 33,217 $ 201,242 Watch 298 — — 1,319 — — — 1,617 Special Mention — — — — — — — — Substandard — — — — 409 — 149 558 Total Residential Real Estate - Single Family $ 50,101 $ 17,502 $ 26,434 $ 34,453 $ 21,019 $ 20,542 $ 33,366 $ 203,417 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Multifamily Pass $ 28,346 $ 81,180 $ 60,156 $ 39,286 $ 27,270 $ 10,797 $ 24,005 $ 271,040 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Multifamily $ 28,346 $ 81,180 $ 60,156 $ 39,286 $ 27,270 $ 10,797 $ 24,005 $ 271,040 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 145 $ — $ 145 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 145 $ — $ 145 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Owner Occupied Pass $ 70,476 $ 55,222 $ 43,576 $ 39,621 $ 32,044 $ 37,360 $ 1,391 $ 279,690 Watch — — — — — — 1,242 1,242 Special Mention — — — — — — — — Substandard — — — — 1,120 — — 1,120 Total Commercial Real Estate - Owner Occupied $ 70,476 $ 55,222 $ 43,576 $ 39,621 $ 33,164 $ 37,360 $ 2,633 $ 282,052 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 23,091 $ 101,617 $ 51,291 $ 47,732 $ 17,827 $ 131,347 $ 32,122 $ 405,027 Watch — — — 960 12,768 19,282 — 33,010 Special Mention — — — 16,000 — — — 16,000 Substandard — — — — 7,738 — — 7,738 Total Commercial Real Estate - Non-Owner Occupied $ 23,091 $ 101,617 $ 51,291 $ 64,692 $ 38,333 $ 150,629 $ 32,122 $ 461,775 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction & Land Development Pass $ 6,158 $ 32,544 $ 13,612 $ 2,455 $ — $ 8,118 $ 333,417 $ 396,304 Watch 258 — — — — — 22,272 22,530 Special Mention — — — — — — — — Substandard — 1,454 — — — — 9,349 10,803 Total Construction & Land Development $ 6,416 $ 33,998 $ 13,612 $ 2,455 $ — $ 8,118 $ 365,038 $ 429,637 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 10,150 $ 5,271 $ 13,530 $ 3,495 $ 1,230 $ 10,132 $ 27,299 $ 71,107 Watch — — — — — 334 — 334 Special Mention — — — — — — 2,997 2,997 Substandard — — — — 536 353 88 977 Total Commercial & Industrial $ 10,150 $ 5,271 $ 13,530 $ 3,495 $ 1,766 $ 10,819 $ 30,384 $ 75,415 Current period gross write-offs $ — $ — $ — $ — $ 261 $ 201 $ — $ 462 Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 271 $ 271 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 271 $ 271 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Secured Pass $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ 3,339 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Secured $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ 3,339 Current period gross write-offs $ — $ — $ — $ — $ — $ 6 $ — $ 6 Total Pass $ 188,079 $ 293,588 $ 208,602 $ 165,774 $ 100,381 $ 219,938 $ 451,803 $ 1,628,165 Watch 556 — — 2,279 12,768 19,616 23,514 58,733 Special Mention — — — 16,000 — — 2,997 18,997 Substandard — 1,454 — — 9,803 353 9,586 21,196 Total loans $ 188,635 $ 293,588 $ 208,602 $ 168,053 $ 113,149 $ 239,560 $ 475,317 $ 1,727,091 Current period gross write-offs $ — $ — $ — $ — $ 261 $ 207 $ — $ 468 The following table presents the risk category of loans by credit quality indicators as of December 31, 2022 December 31, 2022 (Dollars in thousands) Pass Watch Special Mention Substandard Doubtful 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 Company maintains an allowance for 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 1. December 31, 2023 The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the year ended December 31, 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 Recovery of off-balance sheet credit losses, net (301 ) Balance, December 31, 2023 $ 1,009 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6. The Bank grants loans and letters of credit to its executive officers, directors and their affiliated entities. Such loans are made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated persons, and, in the opinion of management, do not The aggregate amount of such loans outstanding at December 31, 2023 December 31, 2022 2023 2022 2023 2022 December 31, 2023 December 31, 2022 y $2.2 million and $2.1 million, resp |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. Premises and equipment are summarized as follows at December 31: (Dollars in thousands) 2023 2022 Cost Building $ 13,005 $ 13,005 Land 2,856 2,856 Leasehold improvements 1,091 1,091 Furniture, fixtures and equipment 4,500 4,300 Computer software and equipment 1,931 1,856 23,383 23,108 Less accumulated depreciation (9,439 ) (8,399 ) Premises and equipment, net $ 13,944 $ 14,709 Depreciation and amortization charged to operations were $1.3 million and $1.3 million during the years ended December 31, 2023 December 31, 2022 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 8. The carrying amount of computer software developed was $14.7 million and $9.1 at December 31, 2023 December 31, 2022 December 31, 2023 2022 Years Ended December 31, 2023 December 31, 2022 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Computer software $ 14,657 $ — $ 9,149 $ — Total $ 14,657 $ — $ 9,149 $ — The Company is still in the 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 bases over the estimated useful life of the asset. As of December 31, 2023 not first 2024. |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9. Time deposits in denominations of $250,000 $445.6 million a December 31, 2023 2022 At December 31, 2023 (Dollars in thousands) Year ended December 31, 2024 $ 463,702 2025 113,313 2026 44,490 2027 74,831 Thereafter — Total $ 696,336 Wholesale deposits, as defined by the FDIC and pursuant to rule 12 337.6 December 31, 2023 December 31, 2022 |
Note 10 - Borrowed Funds
Note 10 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10. The Bank also has a credit availability agreement with the FHLB based on a percentage of total assets. As of December 31, 2023 December 31, 2023 1 4 The Company did not December 31, 2023 The average balance on FHLB advances for the years ended December 31, 2023 December 31, 2022 December 31, 2023 2022 December 31, 2023 2022 The Company had $15.0 million outstanding on its unsecured federal funds lines at December 31, 2023 The average balance on unsecured borrowing lines for the years ended December 31, 2023 December 31, 2022 December 31, 2023 2022 December 31, 2023 2022 December 31, 2022. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. The Company files tax returns in the U.S. federal jurisdiction and required states. With few exceptions, the Bank is no 2019. The Commonwealth of Virginia assesses a Bank Franchise Tax on banks instead of a state income tax. The Bank Franchise Tax expense is reported in non-interest expense and the tax’s calculation is unrelated to taxable income. The provision for income taxes consists of the following components: (Dollars in thousands) 2023 2022 Current expense $ 6,430 $ 7,608 Deferred (benefit) (191 ) (894 ) Total $ 6,239 $ 6,714 Income tax expense for the years ended December 31, 2023 2022 Year ended December 31, (Dollars in thousands) 2023 2022 Computed “expected” income tax expense $ 6,893 $ 7,012 Increase (decrease)in income taxes resulting from: Tax exempt Interest (136 ) (200 ) BOLI Income (225 ) (211 ) Low Income Housing Investment 386 130 State Income Taxes 649 637 Restricted Stock Adjustment (100 ) (119 ) Federal tax credits (1,317 ) (472 ) Other Adjustments 89 (63 ) Total $ 6,239 $ 6,714 The tax effects of temporary differences result in deferred tax assets and liabilities as presented below: December 31, (Dollars in thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 3,798 $ 3,238 Restricted stock 533 511 Net loan fees 1,253 1,268 Right-of-use liability 1,588 1,705 Accrued compensation 638 403 Unrealized losses on securities available-for-sale 2,240 2,555 Other 320 42 Gross deferred tax assets 10,370 9,722 Deferred tax liabilities: Depreciation 253 378 Prepaid expense 12 11 Right-of-use Asset 1,429 1,534 Internally developed software costs 527 153 Other 215 95 Gross deferred tax liabilities 2,436 2,171 Net deferred tax asset $ 7,934 $ 7,551 |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | N ote 12. Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders 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 Bank. 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 share includes unvested restricted shares of the Company’s common stock outstanding. Applicable guidance requires that outstanding unvested share-based payment awards that contain voting rights and rights to non-forfeitable dividends participate in undistributed earnings with common stockholders. For the Year Ended December 31, (Dollars in thousands) 2023 2022 Net income $ 26,585 $ 26,674 Preferred stock dividends (2,156 ) (2,156 ) Net income available to common shareholders $ 24,429 $ 24,518 Weighted average number of shares issued, basic and diluted 7,522,913 7,529,382 Earnings per common share: Basic and diluted earnings per common share $ 3.25 $ 3.26 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. The Bank’s financial statements do not The amounts of loan commitments and standby letters of credit are set forth in the following table as of December 31, 2023 2022 December 31, (Dollars in thousands) 2023 2022 Loan commitments $ 359,373 $ 435,751 Standby letters of credit $ 471 $ — Commitments to extend credit and standby letters of credit all include exposure to some credit loss in the event of nonperformance of the customer. The Bank’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded on the statements of financial condition. Because these instruments have fixed maturity dates, and because many of them expire without being drawn upon, they do not not 2023 2022 During 2020, December 31, 2025. During 2020, December 31, 2023 During 2022, 26, December 31, 2028. During 2023, 27, December 31, 2029. From time to time, we are a party to various litigation matters incidental to our ordinary conduct of our business. Management believes that none |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 14. The 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. The Company’s long-term lease agreements are classified as operating leases. 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 Information regarding the Company's leases as of and for the years ended December 31, 2023 2022 As of December 31, (Dollars in thousands) 2023 2022 Lease liabilities $ 6,902 $ 7,342 Right-of-use assets $ 6,211 $ 6,688 Weighted-average remaining lease term – operating leases (in months). 155.9 162.9 Weighted-average discount rate – operating leases 2.80 % 2.80 % For the year ended December 31, (Dollars in thousands) 2023 2022 Lease Cost Operating lease cost $ 677 $ 677 Total lease costs $ 677 $ 677 Cash paid for amounts included in measurement of lease liabilities $ 639 $ 623 The Company is the lessor for three two twelve not no As of December 31, 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 December 31, 2023 (Dollars in thousands) 2024 $ 654 2025 671 2026 689 2027 587 2028 594 Thereafter 4,967 Total undiscounted cash flows 8,162 Discount (1,260 ) Lease liabilities $ 6,902 |
Note 15 - Significant Concentra
Note 15 - Significant Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 15. Substantially all the Bank’s loans, commitments and standby letters of credit have been granted to customers located in the greater Washington, D.C. Metropolitan Area. The concentrations of credit by type of loan are set forth in Note 4. The Bank maintains its cash and federal funds sold in correspondent bank deposit accounts. The amount on deposit at December 31, 2023 not not |
Note 16 - Regulatory Matters
Note 16 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16. Information presented for December 31, 2023 December 31, 2022 January 1, 2015 The Basel III Capital Rules, a comprehensive capital framework for U.S. banking organizations, became effective for the Bank on January 1, 2015 2022 2023 1 1 1 December 31, 2023 The Bank’s actual capital amounts and ratios are presented in the table (dollars in thousands): Actual Capital Adequacy Purposes To Be Well Capitalized Under the Prompt Corrective Action Provision (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Total capital (to risk-weighted assets) $ 312,069 17.18% $ 145,300 ≥ 8.0% $ 181,625 ≥ 10.0% Common equity tier 1 capital (to risk-weighted assets) $ 294,553 16.22% $ 81,731 ≥ 4.5% $ 118,056 ≥ 6.5% Tier 1 capital (to risk-weighted assets) $ 294,553 16.22% $ 108,975 ≥ 6.0% $ 145,300 ≥ 8.0% Tier 1 capital (to average assets) $ 294,553 14.66% $ 80,375 ≥ 4.0% $ 100,469 ≥ 5.0% As of December 31, 2022 Total capital (to risk-weighted assets) $ 286,572 16.27% $ 140,929 ≥ 8.0% $ 176,161 ≥ 10.0% Common equity tier 1 capital (to risk-weighted assets) $ 272,458 15.47% $ 79,272 ≥ 4.5% $ 114,504 ≥ 6.5% Tier 1 capital (to risk-weighted assets) $ 272,458 15.47% $ 105,696 ≥ 6.0% $ 140,929 ≥ 8.0% Tier 1 capital (to average assets) $ 272,458 15.05% $ 72,435 ≥ 4.0% $ 90,544 ≥ 5.0% |
Note 17 - Defined Contribution
Note 17 - Defined Contribution Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 17. The Bank adopted a 401 October 1, 2004, January 1, 2010. 2023 2022 |
Note 18 - Stock Based Compensat
Note 18 - Stock Based Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 18. ASC Topic 718, Compensation Stock Compensation, December 31, 2023 December 31, 2022 On July 17, 2019, 2019 “2019 December 31, 2023 no 2019 2023 ten 2019 no 2016 2016 July 17, 2019 A summary of the status of the Bank’s nonvested restricted stock shares as of December 31, 2023 December 31, 2023 Nonvested Restricted Stock Shares Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 259,036 $ 22.05 Granted 90,686 26.44 Vested (117,408 ) 21.28 Forfeited (4,014 ) 24.35 Nonvested at December 31, 2023 228,300 $ 24.15 As of December 31, 2023 five December 31, 2023 2022 as $2.9 million and |
Note 19 - Derivatives and Risk
Note 19 - Derivatives and Risk Management Activities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 19. The Bank uses derivative financial instruments (or “derivatives”) primarily to assist customers with their risk management objectives. The Bank classifies these items as free standing derivatives consisting of customer accommodation interest rate loan swaps (or “interest rate loan swaps”). The Bank enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Bank 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 Bank 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 Banks’s derivative instruments as of December 31, 2023 December 31, 2022 December 31, 2023 Customer-related interest rate contracts (Dollars in thousands) Notional Amount Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 224,008 42 — $ 18,569 $ — Matched interest rate swap with counterparty $ 224,008 42 $ 18,569 — $ — December 31, 2022 Customer-related interest rate contracts (Dollars in thousands) Notional Amount 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. Interest rate swap fee income for the twelve December 31, 2023 2022 |
Note 20 - Fair Value Presentati
Note 20 - Fair Value Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 20. 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 December 31, 2023 December 31, 2022 2 one 3 Derivative asset (liability) interest rate swaps on loans As discussed in “Note 19: 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 December 31, 2023 December 31, 2022 December 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 19,515 $ — $ 19,515 Subordinated Debt — 8,217 250 8,467 Municipal Securities Taxable — 8,307 — 8,307 Tax-exempt — 20,742 — 20,742 U.S. Government Agencies — 2,897 — 2,897 Derivative asset – interest rate swap on loans — 18,569 — 18,569 Total $ — $ 78,247 $ 250 $ 78,497 Liabilities: Derivative liability – interest rate swap on loans — 18,569 — 18,569 Total $ — $ 18,569 $ — $ 18,569 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 Reconciliation of Level 3 Inputs Dollars in thousands Subordinated Debt December 31, 2022 fair value $ 250 December 31, 2023 fair value $ 250 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 following describes the valuation techniques used by the Bank to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: Individually evaluated Loans are individually evaluated when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not may 2 3. not 3 Other real estate owned Other real estate owned (“OREO”) is measured at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Bank. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Bank because of marketability, then the fair value is considered Level 3. The Bank did not December 31, 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 December 31, 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 $ 114,513 $ 114,513 $ 114,513 $ — $ — Restricted equity securities 24,356 24,356 — 24,356 — Securities: Available for sale 59,928 59,928 — 59,928 — Held to maturity 17,275 17,163 — 17,163 — Loans, net 1,705,137 1,701,418 — — 1,701,418 Derivative asset – interest rate swap on loans 18,569 18,569 — 18,569 — Bank owned life insurance 38,318 38,318 — 38,318 — Accrued interest receivable 10,725 10,725 — 10,725 — Liabilities: Deposits $ 1,686,127 $ 1,685,487 $ — $ 989,791 $ 695,696 Subordinated debt, net 72,642 56,513 — 56,513 — Federal funds purchased 15,000 14,968 — — 14,968 Derivative liability – interest rate swaps on loans 18,569 18,569 — 18,569 — Accrued interest payable 2,845 2,845 — 2,845 — 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 $ — $ — Restricted equity securities 24,325 24,325 — 24,325 — Securities: Available for sale 62,631 62,631 — 62,631 — Held to maturity 17,642 17,440 — 17,440 — 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 $ — $ 904,748 $ 599,121 Subordinated debt, net 72,245 64,235 — 64,235 — Advances from the FHLB 100,000 99,983 99,983 Derivative liability – interest rate swaps on loans 23,896 23,896 — 23,896 — Accrued interest payable 896 896 — 896 — Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not one no Fair value estimates are based on existing on-balance sheet and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not not not The above information should not may not no December 31, 2023 December 31, 2022 |
Note 21 - Other Real Estate Own
Note 21 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Real Estate Owned [Text Block] | Note 21. At December 31, 2023 2022 not December 31, 2023 2022 (Dollars in thousands) 2023 2022 Net loss on sales of real estate $ — $ 4 Loss on valuation, net — 70 Operating expenses (income), net of rental income — (36 ) Balance, end of year $ — $ 38 As of December 31, 2023 |
Note 22 - Accumulated Other Com
Note 22 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 22. The following table presents the cumulative balances of the components of accumulated other comprehensive loss net of deferred taxes, as of December 31, 2023 December 31, 2022 (Dollars in thousands) 2023 2022 Unrealized gain on securities $ (9,737 ) $ (11,108 ) Unrealized loss on securities transferred to HTM (6 ) (8 ) Tax effect 2,265 2,570 Total accumulated other comprehensive loss $ (7,478 ) $ (8,546 ) |
Note 23 - Capital
Note 23 - Capital | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 23. On September 15, 2020, 1/40th September 25, 2020, On October 22, 2020, September 18, 2019. December 31, 2020 December 31, 2022, not December 31, 2021. On May 18, 2022, October 22, 2020. December 31, 2023 December 31, 2022, |
Note 24 - Subordinated Notes
Note 24 - Subordinated Notes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 24. On April 6, 2021, 2016, April 15, 2031 April 15, 2026. three 302 360 twelve 30 April 15, 2026 April 15 October 15 April 15, July 15, October 15 January 15 On March 1, 2022, March 15, 2032 March 15, 2027. three 233 360 twelve 30 March 15, 2027 March 15 September 15 March 15, June 15, September 15 December 15 |
Note 25 - Condensed Parent Comp
Note 25 - Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 25. Condensed financial statements pertaining only to the Company are presented below. The investment in subsidiary is accounted for using the equity method of accounting. The payment of dividends by the subsidiary is restricted by various regulatory limitations. Banking regulations also prohibit extensions of credit to the parent company unless appropriately secured by assets. Condensed Parent Company Only Condensed Balance Sheet (Dollars in thousands) December 31, 2023 2022 ASSETS Cash on deposit with subsidiary $ 3,616 $ 5,077 Restricted securities, at cost 3,123 1,430 Investment in subsidiary 287,075 263,912 Other assets 1,190 124 Total Assets $ 295,004 $ 270,543 Liabilities: Other liabilities $ 845 $ 16 Subordinated debt, net of debt issuance costs 72,642 72,245 Stockholders’ equity 221,517 198,282 Total Liabilities and Stockholders’ Equity $ 295,004 $ 270,543 Condensed Statement of Income (Dollars in thousands) For the Year Ended December 31, 2023 2022 Income Dividends from subsidiary $ 5,166 $ 4,038 Expenses Subordinated debt interest expense 3,288 2,936 Non-interest expense 42 26 Total expenses 3,330 2,962 Undistributed earnings of subsidiary 23,546 24,797 Net income before income taxes $ 25,382 $ 25,873 Income tax benefit (1,203 ) (801 ) Net income $ 26,585 $ 26,674 Less: preferred stock dividends (2,156 ) (2,156 ) Net income available to common shareholders $ 24,429 $ 24,518 Condensed Statement of Cash Flows (Dollars in thousands) Year Ended December 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 26,585 $ 26,674 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (23,546 ) (24,797 ) Stock based compensation 2,491 2,519 Subordinated debt amortization expense 397 328 Decrease (increase) in other assets (1,063 ) 2,014 Increase (decrease) in other liabilities 829 (274 ) Net cash provided by operating activities 5,693 6,464 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of restricted equities (1,944 ) (1,430 ) Investment in bank subsidiary — (32,000 ) Net cash used in investing activities (1,944 ) (33,430 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of common stock (43 ) (6,918 ) Cash dividends paid on preferred stock (2,156 ) (2,156 ) Cash dividend paid on common stock (3,011 ) (1,882 ) Net increase in subordinated debt — 42,623 Net cash provided by (used in) financing activities (5,210 ) 31,667 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,461 ) 4,701 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,077 376 CASH AND CASH EQUIVALENTS, END OF YEAR $ 3,616 $ 5,077 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 principal activity is the ownership and management of MainStreet Bank. On May 18, 2016, one October 12, 2021, On July 15, 2016, 1956, On April 18, 2019, 10 10” 12 1934. 2012, 2 1933, 12b 2. may We were 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 In August 2021, January 2022, MainStreet 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, |
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”) as applicable to a smaller reporting company. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Investment, Policy [Policy Text Block] | Investment securities December 31, 2023 December 31, 2022 no Debt securities which are not Debt securities held to maturity includes securities purchased with the ability and positive intent to hold to maturity. Debt securities are stated at historical cost adjusted for amortization of premiums and accretion of discount, and net of any allowance for credit losses. The Company measures expected credit losses on held-to-maturity (HTM) securities on a collective basis by major security type and credit ratings. Accrued interest receivable on these securities are excluded from the estimate of credit losses. 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 primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The adoption of CECL had an insignificant impact on the Company's held-to-maturity securities portfolio. Purchase premiums and discounts are amortized using the interest method over the term or first not not Restricted equity securities consist of the Federal Reserve Bank and Federal Home Loan Bank of Atlanta (“FHLB”) stock in the amount of $5.2 million and $1.3 million respectively, as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 not December 31, 2023 December 31, 2022 no December 31, 2023 December 31, 2023 not December 31, 2022 not |
Loans and Leases Receivable, Lease Financing, Policy [Policy Text Block] | Loans A loan’s past due status is based on the contractual due date of the most delinquent payment due. All loans which are 30 90 120 90 may first may no 1 2 3 The Company designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not not no |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses - |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned ( OREO ) - may |
Revenue Recognition, Interest [Policy Text Block] | Interest income on loans may Generally, the Bank will return a loan to accrual status when all delinquent interest and principal becomes current and remains current for six |
Financing Receivable, Fee and Interest Income [Policy Text Block] | Loan origination and commitment fees and certain related direct costs - |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment |
Capitalization of Internal Costs, Policy [Policy Text Block] | Computer software development |
Income Tax, Policy [Policy Text Block] | Income taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not December 31, 2023 December 31, 2022 Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional income taxes in the statement of income. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income |
Share-Based Payment Arrangement [Policy Text Block] | Stock compensation plans 718, The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Sholes model is used to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. No stock options were granted during 2023 2022 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share 260, December 31, 2023 2022 The only potential dilutive stock of the Bank as defined in FASB ASC 260 December 31, 2023 December 31, 2022 |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-balance sheet instruments |
Advertising Cost [Policy Text Block] | Advertising and marketing expense |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The Company’s critical accounting policies relate to ( 1 2 3 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments 20. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments not 19. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets 1 2 3 not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 606. 606 606 Deposit Account Service Charges. Other Service Charges and Fees. Interchange Income. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted 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. The Company adopted ASC 326 January 1, 2023. December 31, 2022, not 326, not The following table illustrates the impact of ASC 326. January 1, 2023 (Dollars in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for Credit Losses Residential Real Estate $ 2,205 $ 2,146 $ 59 Commercial Real Estate 7,773 7,159 614 Construction and Land Development 3,366 3,347 19 Commercial & Industrial 1,590 1,418 172 Consumer 75 44 31 Total Allowance for Credit Losses on Loans $ 15,009 $ 14,114 $ 895 Liabilities: Allowance for Credit Losses Off-Balance Sheet Credit Exposure 1,310 — 1,310 Total Allowance for Credit Losses $ 16,319 $ 14,114 $ 2,205 The Company elected not 90 Allowance for Credit Losses (ACL) - Loans The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not The allowance for credit losses represents management's estimate of lifetime credit losses inherent in the loans as of the balance sheet date. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, concentrations or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values or vacancy rates, consumer price index and projected federal funds target rate and future unemployment rates. The allowance for credit losses on loans is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses on loans using the following methods: Portfolio segments are grouped in homogenous pools that mirror the loan pools described in Federal Financial Institutions Examination Council Call Report however we are able to group these pools into the following segments: • Commercial real estate loans carry risks of the client’s ability to repay the loan from the cash flow derived from the underlying real estate. Risks inherent in managing a commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate. Real estate security diminishes risks only to the extent that a market exists for the subject collateral. These risks are attempted to be mitigated by carefully underwriting loans of this type and by following appropriate loan-to-value standards • Construction loans and land improvement carry risks that the project will not not may, may may not may • Residential real estate mortgage loans, including equity lines of credit, carry risks associated with the continued creditworthiness of the borrower and the changes in the value of the collateral. • Commercial and industrial loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may may • Consumer secured loans (indirect lending) carry risks associated with the continued creditworthiness of the borrower and the value of the collateral (e.g., rapidly depreciating assets such as automobiles). These risks are attempted to be mitigated by following appropriate loan-to-value standards and an experienced management team for this type of portfolio. • Consumer unsecured loans carry risks associated with the continued credit-worthiness of the borrower. Consumer unsecured loans are more likely to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy. For each homogenous loan pool, the Company elected to use the Weighted Average Remaining Life (“WARM”) methodology for calculating historical and future loss reserves. The WARM methodology calculates the average annual historical charge-off rate of a homogenous loan pool and multiplies that rate by the pool's remaining life to estimate the allowance for credit losses. Quantitative assumptions included are below: Remaining life 1 90 2 Loss Rate 0% no Loss Rate Lookback Historical Losses 2004 two four four Additionally, the allowance for credit losses on loans calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may not Loans that do not Allowance for Credit Losses - Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company classified off-balance sheet exposure in similar pools as the funded loan portfolio and determined that qualitative and quantitative risk factors assessed to the funded loan pool are also evident for the unfunded loan pool of similar type, adjusted for likelihood of funding and any other relevant metrics. The allowance for unfunded commitments is identified separately on the Company’s consolidated statement of financial condition. Allowance for Credit Losses - Held-to-Maturity Securities The Company measures expected credit losses on held-to-maturity (HTM) securities on a collective basis by major security type and credit ratings. Accrued interest receivable on these securities are excluded from the estimate of credit losses. 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 primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The adoption of CECL had an insignificant impact on the Company's held-to-maturity securities portfolio. Governance The Company’s Allowance Committee, contains representatives from both the Company’s finance and credit teams, is responsible for approving the Company’s estimate of expected credit losses. The Allowance Committee considers the quantitative model results and qualitative factors when approving the final ACL. The Company’s ACL model is subject to the Company’s model risk management standards. In December 2022, 2022 06, 848 848.” 2022 06 848. 848 848 2021, June 30, 2023. 2022 06 June 30, 2023 not Impact of Recently Issued Accounting Pronouncements During June 2016, 2016 13, 326 2016 13 January 1, 2023 not December 31, 2022 The Company is utilizing a third 326, not may In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In October 2023, 2023 06, not not June 30, 2027, not not not 2023 06 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 06 |
Note 1 - Organization, Basis _2
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 (Dollars in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for Credit Losses Residential Real Estate $ 2,205 $ 2,146 $ 59 Commercial Real Estate 7,773 7,159 614 Construction and Land Development 3,366 3,347 19 Commercial & Industrial 1,590 1,418 172 Consumer 75 44 31 Total Allowance for Credit Losses on Loans $ 15,009 $ 14,114 $ 895 Liabilities: Allowance for Credit Losses Off-Balance Sheet Credit Exposure 1,310 — 1,310 Total Allowance for Credit Losses $ 16,319 $ 14,114 $ 2,205 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 23,446 $ — $ (3,931 ) $ 19,515 Subordinated Debt 9,970 — (1,503 ) 8,467 Municipal Securities Taxable 10,649 — (2,342 ) 8,307 Tax-exempt 22,668 23 (1,949 ) 20,742 U.S. Governmental Agencies 2,932 3 (38 ) 2,897 Total $ 69,665 $ 26 $ (9,763 ) $ 59,928 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] | December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities Tax-exempt $ 14,775 $ 19 $ (121 ) $ 14,673 Subordinated Debt 2,500 — (10 ) 2,490 Total $ 17,275 $ 19 $ (131 ) $ 17,163 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 December 31, 2023 Credit Rating: AAA/AA/A $ 14,775 $ — $ 14,775 Not Rated - Non Agency — 2,500 $ 2,500 Total $ 14,775 $ 2,500 $ 17,275 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] | December 31, 2023 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 318 $ 315 Due from one to five years 1,000 976 3,325 3,314 Due from after five to ten years 14,054 12,222 7,218 7,188 Due after ten years 54,611 46,730 6,414 6,346 Total $ 69,665 $ 59,928 $ 17,275 $ 17,163 |
Gain (Loss) on Securities [Table Text Block] | December 31, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ — $ — $ 19,440 $ (3,931 ) $ 19,440 $ (3,931 ) Subordinated Debt — — 7,717 (1,503 ) 7,717 (1,503 ) Municipal Securities Taxable — — 8,307 (2,342 ) 8,307 (2,342 ) Tax-exempt 1,986 (34 ) 16,510 (1,915 ) 18,496 (1,949 ) U.S Governmental Agencies 1,515 (1 ) 845 (37 ) 2,360 (38 ) Total $ 3,501 $ (35 ) $ 52,819 $ (9,728 ) $ 56,320 $ (9,763 ) 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 ) |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) December 31, 2023 December 31, 2022 Residential Real Estate: Single family $ 203,417 $ 178,615 Multifamily 271,040 215,624 Farmland 145 155 Commercial Real Estate: Owner-occupied 282,052 228,374 Non-owner occupied 461,775 472,354 Construction and Land Development 429,637 393,783 Commercial – Non Real-Estate: Commercial & industrial 75,415 97,351 Consumer – Non Real Estate: Unsecured 271 1,984 Secured 3,339 11,352 Total Gross Loans 1,727,091 1,599,592 Less: unearned fees (5,448 ) (5,528 ) Less: allowance for loan losses (16,506 ) (14,114 ) Net Loans $ 1,705,137 $ 1,579,950 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due and Still Accruing Nonaccrual Current Loans Total Loans Receivable Residential Real Estate: Single Family $ — $ — $ — $ 149 $ 203,268 $ 203,417 Multifamily — — — — 271,040 271,040 Farmland — — — — 145 145 Commercial Real Estate: Owner occupied — — — — 282,052 282,052 Non-owner occupied — — — — 461,775 461,775 Construction & Land Development — — — — 429,637 429,637 Commercial – Non Real Estate: Commercial & industrial — — — 851 74,564 75,415 Consumer – Non Real Estate: Unsecured — — — — 271 271 Secured 25 — 4 — 3,310 3,339 Total $ 25 $ — $ 4 $ 1,000 $ 1,726,062 $ 1,727,091 December 31, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due and Still Accruing Nonaccrual Current Loans Total Loans Receivable 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 — 97,336 97,351 Consumer – Non Real Estate: Unsecured — — — — 1,984 1,984 Secured 11 12 6 — 11,323 11,352 Total $ 11 $ 12 $ 21 $ — $ 1,599,548 $ 1,599,592 |
Note 5 - Allowance for Loan L_2
Note 5 - Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate Residential Commercial Construction Commercial Consumer Total 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 — — — (462 ) (6 ) (468 ) Recoveries 7 — — — 15 22 Provision (recovery) 382 1,115 209 307 (70 ) 1,943 Ending Balance $ 2,594 $ 8,888 $ 3,575 $ 1,435 $ 14 $ 16,506 Real Estate Residential Commercial Construction Commercial Consumer Total Beginning Balance $ 1,672 $ 5,689 $ 2,697 $ 1,540 $ 99 $ 11,697 Charge-offs — — — - 19 19 Provision (recovery) 474 1,470 650 (122 ) (74 ) 2,398 Ending Balance $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 Ending Balance: Individually evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively evaluated for Impairment $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 (Dollars in thousands) Recorded Unpaid Related With no related allowance recorded Residential Real Estate: Single family $ 149 $ 149 $ — Total $ 149 $ 149 $ — December 31, 2022 (Dollars in thousands) Average Interest With no related allowance recorded Residential Real Estate: Single family $ 149 $ 15 Total $ 149 $ 15 |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss December 31, 2023 December 31, 2022 (Dollars in thousands) Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Residential Real Estate: Single Family $ 149 $ — $ 149 $ — Commercial & industrial 851 — 851 — Total $ 1,000 $ — $ 1,000 $ — |
Financing Receivable, Accrued Interest, Writeoff [Table Text Block] | (Dollars in thousands) For the Year Ended December 31, 2023 Residential Real Estate: Single Family $ 5 Commercial & industrial 128 Total $ 133 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | (Dollars in thousands) As of December 31, 2023 Residential Real Estate: Single Family $ 346 Commercial Real Estate: Owner occupied 1,120 Commercial & industrial 851 Total $ 2,317 |
Financing Receivable, Modified [Table Text Block] | Term Extension December 31, 2023 (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Commercial Real Estate: Non-owner occupied $ 16,000 3.5% Extended term on interest only payments for six months. Commercial & industrial 315 0.4% Extended term for three months. Total $ 16,315 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Year December 31, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Residential Real Estate - Single Family Pass $ 49,803 $ 17,502 $ 26,434 $ 33,134 $ 20,610 $ 20,542 $ 33,217 $ 201,242 Watch 298 — — 1,319 — — — 1,617 Special Mention — — — — — — — — Substandard — — — — 409 — 149 558 Total Residential Real Estate - Single Family $ 50,101 $ 17,502 $ 26,434 $ 34,453 $ 21,019 $ 20,542 $ 33,366 $ 203,417 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Multifamily Pass $ 28,346 $ 81,180 $ 60,156 $ 39,286 $ 27,270 $ 10,797 $ 24,005 $ 271,040 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Multifamily $ 28,346 $ 81,180 $ 60,156 $ 39,286 $ 27,270 $ 10,797 $ 24,005 $ 271,040 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 145 $ — $ 145 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 145 $ — $ 145 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Owner Occupied Pass $ 70,476 $ 55,222 $ 43,576 $ 39,621 $ 32,044 $ 37,360 $ 1,391 $ 279,690 Watch — — — — — — 1,242 1,242 Special Mention — — — — — — — — Substandard — — — — 1,120 — — 1,120 Total Commercial Real Estate - Owner Occupied $ 70,476 $ 55,222 $ 43,576 $ 39,621 $ 33,164 $ 37,360 $ 2,633 $ 282,052 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 23,091 $ 101,617 $ 51,291 $ 47,732 $ 17,827 $ 131,347 $ 32,122 $ 405,027 Watch — — — 960 12,768 19,282 — 33,010 Special Mention — — — 16,000 — — — 16,000 Substandard — — — — 7,738 — — 7,738 Total Commercial Real Estate - Non-Owner Occupied $ 23,091 $ 101,617 $ 51,291 $ 64,692 $ 38,333 $ 150,629 $ 32,122 $ 461,775 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction & Land Development Pass $ 6,158 $ 32,544 $ 13,612 $ 2,455 $ — $ 8,118 $ 333,417 $ 396,304 Watch 258 — — — — — 22,272 22,530 Special Mention — — — — — — — — Substandard — 1,454 — — — — 9,349 10,803 Total Construction & Land Development $ 6,416 $ 33,998 $ 13,612 $ 2,455 $ — $ 8,118 $ 365,038 $ 429,637 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 10,150 $ 5,271 $ 13,530 $ 3,495 $ 1,230 $ 10,132 $ 27,299 $ 71,107 Watch — — — — — 334 — 334 Special Mention — — — — — — 2,997 2,997 Substandard — — — — 536 353 88 977 Total Commercial & Industrial $ 10,150 $ 5,271 $ 13,530 $ 3,495 $ 1,766 $ 10,819 $ 30,384 $ 75,415 Current period gross write-offs $ — $ — $ — $ — $ 261 $ 201 $ — $ 462 Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 271 $ 271 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 271 $ 271 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Secured Pass $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ 3,339 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Total Consumer - Secured $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ 3,339 Current period gross write-offs $ — $ — $ — $ — $ — $ 6 $ — $ 6 Total Pass $ 188,079 $ 293,588 $ 208,602 $ 165,774 $ 100,381 $ 219,938 $ 451,803 $ 1,628,165 Watch 556 — — 2,279 12,768 19,616 23,514 58,733 Special Mention — — — 16,000 — — 2,997 18,997 Substandard — 1,454 — — 9,803 353 9,586 21,196 Total loans $ 188,635 $ 293,588 $ 208,602 $ 168,053 $ 113,149 $ 239,560 $ 475,317 $ 1,727,091 Current period gross write-offs $ — $ — $ — $ — $ 261 $ 207 $ — $ 468 December 31, 2022 (Dollars in thousands) Pass Watch Special Mention Substandard Doubtful 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 |
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 Recovery of off-balance sheet credit losses, net (301 ) Balance, December 31, 2023 $ 1,009 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollars in thousands) 2023 2022 Cost Building $ 13,005 $ 13,005 Land 2,856 2,856 Leasehold improvements 1,091 1,091 Furniture, fixtures and equipment 4,500 4,300 Computer software and equipment 1,931 1,856 23,383 23,108 Less accumulated depreciation (9,439 ) (8,399 ) Premises and equipment, net $ 13,944 $ 14,709 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years Ended December 31, 2023 December 31, 2022 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Computer software $ 14,657 $ — $ 9,149 $ — Total $ 14,657 $ — $ 9,149 $ — |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (Dollars in thousands) Year ended December 31, 2024 $ 463,702 2025 113,313 2026 44,490 2027 74,831 Thereafter — Total $ 696,336 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollars in thousands) 2023 2022 Current expense $ 6,430 $ 7,608 Deferred (benefit) (191 ) (894 ) Total $ 6,239 $ 6,714 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, (Dollars in thousands) 2023 2022 Computed “expected” income tax expense $ 6,893 $ 7,012 Increase (decrease)in income taxes resulting from: Tax exempt Interest (136 ) (200 ) BOLI Income (225 ) (211 ) Low Income Housing Investment 386 130 State Income Taxes 649 637 Restricted Stock Adjustment (100 ) (119 ) Federal tax credits (1,317 ) (472 ) Other Adjustments 89 (63 ) Total $ 6,239 $ 6,714 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (Dollars in thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 3,798 $ 3,238 Restricted stock 533 511 Net loan fees 1,253 1,268 Right-of-use liability 1,588 1,705 Accrued compensation 638 403 Unrealized losses on securities available-for-sale 2,240 2,555 Other 320 42 Gross deferred tax assets 10,370 9,722 Deferred tax liabilities: Depreciation 253 378 Prepaid expense 12 11 Right-of-use Asset 1,429 1,534 Internally developed software costs 527 153 Other 215 95 Gross deferred tax liabilities 2,436 2,171 Net deferred tax asset $ 7,934 $ 7,551 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, (Dollars in thousands) 2023 2022 Net income $ 26,585 $ 26,674 Preferred stock dividends (2,156 ) (2,156 ) Net income available to common shareholders $ 24,429 $ 24,518 Weighted average number of shares issued, basic and diluted 7,522,913 7,529,382 Earnings per common share: Basic and diluted earnings per common share $ 3.25 $ 3.26 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, (Dollars in thousands) 2023 2022 Loan commitments $ 359,373 $ 435,751 Standby letters of credit $ 471 $ — |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | As of December 31, (Dollars in thousands) 2023 2022 Lease liabilities $ 6,902 $ 7,342 Right-of-use assets $ 6,211 $ 6,688 Weighted-average remaining lease term – operating leases (in months). 155.9 162.9 Weighted-average discount rate – operating leases 2.80 % 2.80 % For the year ended December 31, (Dollars in thousands) 2023 2022 Lease Cost Operating lease cost $ 677 $ 677 Total lease costs $ 677 $ 677 Cash paid for amounts included in measurement of lease liabilities $ 639 $ 623 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (Dollars in thousands) 2024 $ 654 2025 671 2026 689 2027 587 2028 594 Thereafter 4,967 Total undiscounted cash flows 8,162 Discount (1,260 ) Lease liabilities $ 6,902 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Capital Adequacy Purposes To Be Well Capitalized Under the Prompt Corrective Action Provision (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2023 Total capital (to risk-weighted assets) $ 312,069 17.18% $ 145,300 ≥ 8.0% $ 181,625 ≥ 10.0% Common equity tier 1 capital (to risk-weighted assets) $ 294,553 16.22% $ 81,731 ≥ 4.5% $ 118,056 ≥ 6.5% Tier 1 capital (to risk-weighted assets) $ 294,553 16.22% $ 108,975 ≥ 6.0% $ 145,300 ≥ 8.0% Tier 1 capital (to average assets) $ 294,553 14.66% $ 80,375 ≥ 4.0% $ 100,469 ≥ 5.0% As of December 31, 2022 Total capital (to risk-weighted assets) $ 286,572 16.27% $ 140,929 ≥ 8.0% $ 176,161 ≥ 10.0% Common equity tier 1 capital (to risk-weighted assets) $ 272,458 15.47% $ 79,272 ≥ 4.5% $ 114,504 ≥ 6.5% Tier 1 capital (to risk-weighted assets) $ 272,458 15.47% $ 105,696 ≥ 6.0% $ 140,929 ≥ 8.0% Tier 1 capital (to average assets) $ 272,458 15.05% $ 72,435 ≥ 4.0% $ 90,544 ≥ 5.0% |
Note 18 - Stock Based Compens_2
Note 18 - Stock Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Nonvested Restricted Stock Shares Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 259,036 $ 22.05 Granted 90,686 26.44 Vested (117,408 ) 21.28 Forfeited (4,014 ) 24.35 Nonvested at December 31, 2023 228,300 $ 24.15 |
Note 19 - Derivatives and Ris_2
Note 19 - Derivatives and Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2023 Customer-related interest rate contracts (Dollars in thousands) Notional Amount Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 224,008 42 — $ 18,569 $ — Matched interest rate swap with counterparty $ 224,008 42 $ 18,569 — $ — December 31, 2022 Customer-related interest rate contracts (Dollars in thousands) Notional Amount 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 20 - Fair Value Presenta_2
Note 20 - Fair Value Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 19,515 $ — $ 19,515 Subordinated Debt — 8,217 250 8,467 Municipal Securities Taxable — 8,307 — 8,307 Tax-exempt — 20,742 — 20,742 U.S. Government Agencies — 2,897 — 2,897 Derivative asset – interest rate swap on loans — 18,569 — 18,569 Total $ — $ 78,247 $ 250 $ 78,497 Liabilities: Derivative liability – interest rate swap on loans — 18,569 — 18,569 Total $ — $ 18,569 $ — $ 18,569 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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Reconciliation of Level 3 Inputs Dollars in thousands Subordinated Debt December 31, 2022 fair value $ 250 December 31, 2023 fair value $ 250 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 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 $ 114,513 $ 114,513 $ 114,513 $ — $ — Restricted equity securities 24,356 24,356 — 24,356 — Securities: Available for sale 59,928 59,928 — 59,928 — Held to maturity 17,275 17,163 — 17,163 — Loans, net 1,705,137 1,701,418 — — 1,701,418 Derivative asset – interest rate swap on loans 18,569 18,569 — 18,569 — Bank owned life insurance 38,318 38,318 — 38,318 — Accrued interest receivable 10,725 10,725 — 10,725 — Liabilities: Deposits $ 1,686,127 $ 1,685,487 $ — $ 989,791 $ 695,696 Subordinated debt, net 72,642 56,513 — 56,513 — Federal funds purchased 15,000 14,968 — — 14,968 Derivative liability – interest rate swaps on loans 18,569 18,569 — 18,569 — Accrued interest payable 2,845 2,845 — 2,845 — 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 $ — $ — Restricted equity securities 24,325 24,325 — 24,325 — Securities: Available for sale 62,631 62,631 — 62,631 — Held to maturity 17,642 17,440 — 17,440 — 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 $ — $ 904,748 $ 599,121 Subordinated debt, net 72,245 64,235 — 64,235 — Advances from the FHLB 100,000 99,983 99,983 Derivative liability – interest rate swaps on loans 23,896 23,896 — 23,896 — Accrued interest payable 896 896 — 896 — |
Note 21 - Other Real Estate O_2
Note 21 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Expenses Applicable To Other Real Estate Owned Table [Text Block] | (Dollars in thousands) 2023 2022 Net loss on sales of real estate $ — $ 4 Loss on valuation, net — 70 Operating expenses (income), net of rental income — (36 ) Balance, end of year $ — $ 38 |
Note 22 - Accumulated Other C_2
Note 22 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) 2023 2022 Unrealized gain on securities $ (9,737 ) $ (11,108 ) Unrealized loss on securities transferred to HTM (6 ) (8 ) Tax effect 2,265 2,570 Total accumulated other comprehensive loss $ (7,478 ) $ (8,546 ) |
Note 25 - Condensed Parent Co_2
Note 25 - Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2023 2022 ASSETS Cash on deposit with subsidiary $ 3,616 $ 5,077 Restricted securities, at cost 3,123 1,430 Investment in subsidiary 287,075 263,912 Other assets 1,190 124 Total Assets $ 295,004 $ 270,543 Liabilities: Other liabilities $ 845 $ 16 Subordinated debt, net of debt issuance costs 72,642 72,245 Stockholders’ equity 221,517 198,282 Total Liabilities and Stockholders’ Equity $ 295,004 $ 270,543 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 2023 2022 Income Dividends from subsidiary $ 5,166 $ 4,038 Expenses Subordinated debt interest expense 3,288 2,936 Non-interest expense 42 26 Total expenses 3,330 2,962 Undistributed earnings of subsidiary 23,546 24,797 Net income before income taxes $ 25,382 $ 25,873 Income tax benefit (1,203 ) (801 ) Net income $ 26,585 $ 26,674 Less: preferred stock dividends (2,156 ) (2,156 ) Net income available to common shareholders $ 24,429 $ 24,518 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 26,585 $ 26,674 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (23,546 ) (24,797 ) Stock based compensation 2,491 2,519 Subordinated debt amortization expense 397 328 Decrease (increase) in other assets (1,063 ) 2,014 Increase (decrease) in other liabilities 829 (274 ) Net cash provided by operating activities 5,693 6,464 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of restricted equities (1,944 ) (1,430 ) Investment in bank subsidiary — (32,000 ) Net cash used in investing activities (1,944 ) (33,430 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of common stock (43 ) (6,918 ) Cash dividends paid on preferred stock (2,156 ) (2,156 ) Cash dividend paid on common stock (3,011 ) (1,882 ) Net increase in subordinated debt — 42,623 Net cash provided by (used in) financing activities (5,210 ) 31,667 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,461 ) 4,701 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,077 376 CASH AND CASH EQUIVALENTS, END OF YEAR $ 3,616 $ 5,077 |
Note 1 - Organization, Basis _3
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements (Details Textual) | 12 Months Ended | ||||
Jan. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 15, 2020 $ / shares | ||
Common Stock, Shares Authorized (in shares) | shares | 10,000,000 | 10,000,000 | [1] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 4 | $ 4 | [1] | ||
Preferred Stock, Shares Authorized (in shares) | shares | 2,000,000 | 2,000,000 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | shares | 28,750 | 28,750 | |||
Depositary Shares, Fractional Interest in Preferred Stock, Denominator | 40 | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 17,275,000 | $ 17,642,000 | |||
Federal Reserve Bank Stock Percentage | 6% | ||||
Federal Home Loan Bank Requires Bank To Maintain Percentage Of Stock Equal To Outstanding Borrowings | 4.50% | ||||
Federal Home Loan Bank Stock Minimum Percentage Of Bank Assets | 0.20% | ||||
Non-Marketable Equity Securities | $ 6,400,000 | 6,100,000 | |||
Tax Benefit, Realization Threshold | 50% | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 0 | 0 | |||
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares | 7,522,913 | 7,529,382 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | shares | 0 | 0 | |||
Retained Earnings (Accumulated Deficit) | $ 106,549,000 | $ 86,830,000 | [1] | ||
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 | ||||
Financing Receivable, Allowance for Credit Loss, Increased (Decrease), Percentage | 0.02% | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||
Federal Reserve Bank [Member] | |||||
Equity Securities, FV-NI, Restricted | $ 5,200,000 | 4,800,000 | |||
Federal Home Loan Bank of Atlanta [Member] | |||||
Equity Securities, FV-NI, Restricted | 1,300,000 | 5,100,000 | |||
Community Bankers Bank Stock [Member] | |||||
Equity Securities, FV-NI, Restricted | 126,800 | 126,800 | |||
Low Income Housing Tax Credits [Member] | |||||
Equity Securities, FV-NI, Restricted | $ 8,200,000 | $ 6,700,000 | |||
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 1 - Organization, Basis _4
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for credit loss | $ 14,114 | $ 16,506 | $ 14,114 | $ 11,697 |
Allowance for credit losses on off-balance sheet credit exposure | 0 | 1,009 | 0 | |
Provision for credit losses, net | 14,114 | $ 1,642 | $ 2,398 | |
Residential Real Estate Loan [Member] | ||||
Allowance for credit loss | 2,146 | |||
Commercial Real Estate Loan [Member] | ||||
Allowance for credit loss | 7,159 | |||
Construction Loans [Member] | ||||
Allowance for credit loss | 3,347 | |||
Commercial and Industrial [Member] | ||||
Allowance for credit loss | 1,418 | |||
Consumer Loans [Member] | ||||
Allowance for credit loss | 44 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for credit loss | 15,009 | |||
Allowance for credit losses on off-balance sheet credit exposure | 1,310 | |||
Provision for credit losses, net | 16,319 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Real Estate Loan [Member] | ||||
Allowance for credit loss | 2,205 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate Loan [Member] | ||||
Allowance for credit loss | 7,773 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Construction Loans [Member] | ||||
Allowance for credit loss | 3,366 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial and Industrial [Member] | ||||
Allowance for credit loss | 1,590 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Loans [Member] | ||||
Allowance for credit loss | 75 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit loss | 895 | |||
Allowance for credit losses on off-balance sheet credit exposure | 1,310 | |||
Provision for credit losses, net | 2,205 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Real Estate Loan [Member] | ||||
Allowance for credit loss | 59 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Loan [Member] | ||||
Allowance for credit loss | 614 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction Loans [Member] | ||||
Allowance for credit loss | 19 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial [Member] | ||||
Allowance for credit loss | 172 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Loans [Member] | ||||
Allowance for credit loss | $ 31 |
Note 2 - Restrictions on Cash (
Note 2 - Restrictions on Cash (Details Textual) | 12 Months Ended | |
Mar. 15, 2020 | Dec. 31, 2023 | |
Federal Reserve, Reserve Requirement Ratio | 0% | |
Maximum [Member] | ||
Low Reserve Tranche, Reserve Requirement Ratio | 10% |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 17,275,000 | $ 17,642,000 |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,501,000 | 19,551,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 52,819,000 | 40,196,000 |
Debt Securities, Held-to-Maturity, Unamortized Unrecognized Holding Loss from Transfer | $ 0 | 8,228 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 5 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 2,000,000 | |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,515,000 | 1,768,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 7 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 845,000 | 1,018,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | 2,021,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 24 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 19,440,000 | 20,206,000 |
Subordinated Debt [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 2,500,000 | 2,500,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | 3,357,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 21 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 7,717,000 | 4,720,000 |
Taxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | 1,377,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 11 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 8,307,000 | 6,589,000 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 14,775,000 | 15,142,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,986,000 | 11,028,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 37 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 16,510,000 | 7,663,000 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale, Restricted | 16,100,000 | $ 3,600,000 |
Financial Asset, Equal to or Greater than 30 Days Past Due [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 0 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Schedule of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Amortized cost, available-for-sale | $ 69,665 | $ 73,739 | |
Gross unrealized gains, available-for-sale | 26 | 12 | |
Gross unrealized losses, available-for-sale | (9,763) | (11,120) | |
Fair value, available-for-sale | 59,928 | 62,631 | [1] |
Collateralized Mortgage-Backed Securities [Member] | |||
Amortized cost, available-for-sale | 23,446 | 26,801 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (3,931) | (4,574) | |
Fair value, available-for-sale | 19,515 | 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 | (1,503) | (1,143) | |
Fair value, available-for-sale | 8,467 | 8,827 | |
Taxable Municipal Bonds [Member] | |||
Amortized cost, available-for-sale | 10,649 | 10,675 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (2,342) | (2,709) | |
Fair value, available-for-sale | 8,307 | 7,966 | |
Nontaxable Municipal Bonds [Member] | |||
Amortized cost, available-for-sale | 22,668 | 22,823 | |
Gross unrealized gains, available-for-sale | 23 | 10 | |
Gross unrealized losses, available-for-sale | (1,949) | (2,658) | |
Fair value, available-for-sale | 20,742 | 20,175 | |
US Government Agencies Debt Securities [Member] | |||
Amortized cost, available-for-sale | 2,932 | 3,470 | |
Gross unrealized gains, available-for-sale | 3 | 2 | |
Gross unrealized losses, available-for-sale | (38) | (36) | |
Fair value, available-for-sale | $ 2,897 | $ 3,436 | |
[1]Derived from audited consolidated financial statements. |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Schedule of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 17,275 | $ 17,642 |
Gross unrealized gains, held-to-maturity | 19 | 35 |
Gross unrealized losses, held-to-maturity | (131) | (237) |
Fair value, held-to-maturity | 17,163 | 17,440 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 14,775 | 15,142 |
Gross unrealized gains, held-to-maturity | 19 | 35 |
Gross unrealized losses, held-to-maturity | (121) | (237) |
Fair value, held-to-maturity | 14,673 | 14,940 |
Subordinated Debt [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 2,500 | 2,500 |
Gross unrealized gains, held-to-maturity | 0 | 0 |
Gross unrealized losses, held-to-maturity | (10) | 0 |
Fair value, held-to-maturity | $ 2,490 | $ 2,500 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Schedule of Held-to-maturity Investment Securities with Credit Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Held-to-maturity, Amortized cost | $ 17,275 | $ 17,642 |
Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 14,775 | 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 | 14,775 | 15,142 |
Nontaxable Municipal Bonds [Member] | Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 14,775 | 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 3 - Investment Securitie_6
Note 3 - Investment Securities - Schedule of Maturities of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Due in one year or less, available-for-sale, amortized cost | $ 0 | ||
Due in one year or less, available-for-sale, fair value | 0 | ||
Due in one year or less, held-to-maturity, amortized cost | 318 | ||
Due in one year or less, held-to-maturity, fair value | 315 | ||
Due from one to five years, available-for-sale, amortized cost | 1,000 | ||
Due from one to five years, available-for-sale, fair value | 976 | ||
Due from one to five years, held-to-maturity, amortized cost | 3,325 | ||
Due from one to five years, held-to-maturity, fair value | 3,314 | ||
Due from after five to ten years, available-for-sale, amortized cost | 14,054 | ||
Due from after five to ten years, available-for-sale, fair value | 12,222 | ||
Due from after five to ten years, held-to-maturity, amortized cost | 7,218 | ||
Due from after five to ten years, held-to-maturity, fair value | 7,188 | ||
Due after ten years, available-for-sale, amortized cost | 54,611 | ||
Due after ten years, available-for-sale, fair value | 46,730 | ||
Due after ten years, held-to-maturity, amortized cost | 6,414 | ||
Due after ten years, held-to-maturity, fair value | 6,346 | ||
Total, available-for-sale, amortized cost | 69,665 | $ 73,739 | |
Total, available-for-sale, fair value | 59,928 | 62,631 | [1] |
Total, held-to-maturity, amortized cost | 17,275 | 17,642 | |
Total, held-to-maturity, fair value | $ 17,163 | $ 17,440 | |
[1]Derived from audited consolidated financial statements. |
Note 3 - Investment Securitie_7
Note 3 - Investment Securities - Summary of Unrealized Loss Positions (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale, less than 12 months, fair value | $ 3,501,000 | $ 19,551,000 |
Available-for-sale, less than 12 months, unrealized loss | (35,000) | (1,582,000) |
Available-for-sale, more than 12 months, fair value | 52,819,000 | 40,196,000 |
Available-for-sale, more than 12 months, unrealized loss | (9,728,000) | (9,538,000) |
Available-for-sale, fair value | 56,320,000 | 59,747,000 |
Available-for-sale, unrealized loss | (9,763,000) | (11,120,000) |
Available-for-sale, fair value | 56,320,000 | 59,747,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale, less than 12 months, fair value | 0 | 2,021,000 |
Available-for-sale, less than 12 months, unrealized loss | 0 | (151,000) |
Available-for-sale, more than 12 months, fair value | 19,440,000 | 20,206,000 |
Available-for-sale, more than 12 months, unrealized loss | (3,931,000) | (4,423,000) |
Available-for-sale, fair value | 19,440,000 | 22,227,000 |
Available-for-sale, unrealized loss | (3,931,000) | (4,574,000) |
Available-for-sale, fair value | 19,440,000 | 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 | 7,717,000 | 4,720,000 |
Available-for-sale, more than 12 months, unrealized loss | (1,503,000) | (750,000) |
Available-for-sale, fair value | 7,717,000 | 8,077,000 |
Available-for-sale, unrealized loss | (1,503,000) | (1,143,000) |
Available-for-sale, fair value | 7,717,000 | 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 | 8,307,000 | 6,589,000 |
Available-for-sale, more than 12 months, unrealized loss | (2,342,000) | (2,511,000) |
Available-for-sale, fair value | 8,307,000 | 7,966,000 |
Available-for-sale, unrealized loss | (2,342,000) | (2,709,000) |
Available-for-sale, fair value | 8,307,000 | 7,966,000 |
Nontaxable Municipal Bonds [Member] | ||
Available-for-sale, less than 12 months, fair value | 1,986,000 | 11,028,000 |
Available-for-sale, less than 12 months, unrealized loss | (34,000) | (838,000) |
Available-for-sale, more than 12 months, fair value | 16,510,000 | 7,663,000 |
Available-for-sale, more than 12 months, unrealized loss | (1,915,000) | (1,820,000) |
Available-for-sale, fair value | 18,496,000 | 18,691,000 |
Available-for-sale, unrealized loss | (1,949,000) | (2,658,000) |
Available-for-sale, fair value | 18,496,000 | 18,691,000 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale, less than 12 months, fair value | 1,515,000 | 1,768,000 |
Available-for-sale, less than 12 months, unrealized loss | (1,000) | (2,000) |
Available-for-sale, more than 12 months, fair value | 845,000 | 1,018,000 |
Available-for-sale, more than 12 months, unrealized loss | (37,000) | (34,000) |
Available-for-sale, fair value | 2,360,000 | 2,786,000 |
Available-for-sale, unrealized loss | (38,000) | (36,000) |
Available-for-sale, fair value | $ 2,360,000 | $ 2,786,000 |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposit Liabilities Reclassified as Loans Receivable | $ 271,000 | $ 2,000,000 |
Financing Receivable, Nonaccrual | $ 1,000,000 | $ 0 |
Note 4 - Loans Receivable - Sch
Note 4 - Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Total Gross Loans | $ 1,727,091 | $ 1,599,592 | ||
Less: unearned fees | (5,448) | (5,528) | ||
Less: allowance for loan losses | (16,506) | $ (14,114) | (14,114) | $ (11,697) |
Net Loans | 1,705,137 | 1,579,950 | ||
Commercial and Industrial [Member] | ||||
Less: allowance for loan losses | $ (1,418) | |||
Residential Portfolio Segment [Member] | ||||
Less: allowance for loan losses | (2,594) | (2,146) | (1,672) | |
Residential Portfolio Segment [Member] | Single Family [Member] | ||||
Total Gross Loans | 203,417 | 178,615 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||
Total Gross Loans | 271,040 | 215,624 | ||
Residential Portfolio Segment [Member] | Farmland [Member] | ||||
Total Gross Loans | 145 | 155 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Less: allowance for loan losses | (8,888) | (7,159) | (5,689) | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||||
Total Gross Loans | 282,052 | 228,374 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||
Total Gross Loans | 461,775 | 472,354 | ||
Construction and Land Development [Member] | ||||
Total Gross Loans | 429,637 | 393,783 | ||
Less: allowance for loan losses | (3,575) | (3,347) | (2,697) | |
Commercial Portfolio Segment [Member] | ||||
Less: allowance for loan losses | (1,435) | (1,418) | (1,540) | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Total Gross Loans | 75,415 | 97,351 | ||
Consumer Portfolio Segment [Member] | ||||
Less: allowance for loan losses | (14) | (44) | $ (99) | |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||||
Total Gross Loans | 271 | 1,984 | ||
Consumer Portfolio Segment [Member] | Secured [Member] | ||||
Total Gross Loans | $ 3,339 | $ 11,352 |
Note 4 - Loans Receivable - Seg
Note 4 - Loans Receivable - Segments of the Loan Portfolio by Aging Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total Gross Loans | $ 1,727,091 | $ 1,599,592 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 25 | 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 | 4 | 21 |
Financial Asset, Past Due [Member] | ||
Total Gross Loans | 1,000 | 0 |
Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 1,726,062 | 1,599,548 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Total Gross Loans | 203,417 | 178,615 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 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 | 149 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 203,268 | 178,615 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Total Gross Loans | 271,040 | 215,624 |
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 | 271,040 | 215,624 |
Residential Portfolio Segment [Member] | Farmland [Member] | ||
Total Gross Loans | 145 | 155 |
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 | 145 | 155 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Total Gross Loans | 282,052 | 228,374 |
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 | 282,052 | 228,374 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Total Gross Loans | 461,775 | 472,354 |
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 | 461,775 | 472,354 |
Construction and Land Development [Member] | ||
Total Gross Loans | 429,637 | 393,783 |
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 | 429,637 | 393,783 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total Gross Loans | 75,415 | 97,351 |
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 | 851 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 74,564 | 97,336 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||
Total Gross Loans | 271 | 1,984 |
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 | 271 | 1,984 |
Consumer Portfolio Segment [Member] | Secured [Member] | ||
Total Gross Loans | 3,339 | 11,352 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 25 | 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 | 4 | 6 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | $ 3,310 | $ 11,323 |
Note 5 - Allowance for Loan L_3
Note 5 - Allowance for Loan Losses (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | |
Financing Receivable, Nonaccrual, Interest Income | $ 57,792 | ||
Off-Balance-Sheet, Credit Loss, Liability | 1,009,000 | $ 0 | $ 0 |
Other Liabilities [Member] | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 1,000,000 |
Note 5 - Allowance for Loan L_4
Note 5 - Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning Balance | $ 14,114 | $ 11,697 |
Charge-offs | (468) | (19) |
Recoveries | 22 | |
Provision For Credit Losses - Loans | 1,943 | 2,398 |
Ending Balance | 16,506 | 14,114 |
Charge-offs | 468 | 19 |
Individually evaluated for Impairment | 0 | |
Collectively evaluated for Impairment | 14,114 | |
Accounting Standards Update 2016-13 [Member] | ||
Beginning Balance | 895 | |
Ending Balance | 895 | |
Residential Portfolio Segment [Member] | ||
Beginning Balance | 2,146 | 1,672 |
Charge-offs | 0 | 0 |
Recoveries | 7 | |
Provision For Credit Losses - Loans | 382 | 474 |
Ending Balance | 2,594 | 2,146 |
Charge-offs | 0 | 0 |
Individually evaluated for Impairment | 0 | |
Collectively evaluated for Impairment | 2,146 | |
Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Beginning Balance | 59 | |
Ending Balance | 59 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning Balance | 7,159 | 5,689 |
Charge-offs | 0 | 0 |
Recoveries | 0 | |
Provision For Credit Losses - Loans | 1,115 | 1,470 |
Ending Balance | 8,888 | 7,159 |
Charge-offs | 0 | 0 |
Individually evaluated for Impairment | 0 | |
Collectively evaluated for Impairment | 7,159 | |
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Beginning Balance | 614 | |
Ending Balance | 614 | |
Construction and Land Development [Member] | ||
Beginning Balance | 3,347 | 2,697 |
Charge-offs | 0 | 0 |
Recoveries | 0 | |
Provision For Credit Losses - Loans | 209 | 650 |
Ending Balance | 3,575 | 3,347 |
Charge-offs | 0 | 0 |
Individually evaluated for Impairment | 0 | |
Collectively evaluated for Impairment | 3,347 | |
Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | ||
Beginning Balance | 19 | |
Ending Balance | 19 | |
Commercial Portfolio Segment [Member] | ||
Beginning Balance | 1,418 | 1,540 |
Charge-offs | (462) | 0 |
Recoveries | 0 | |
Provision For Credit Losses - Loans | 307 | (122) |
Ending Balance | 1,435 | 1,418 |
Charge-offs | 462 | 0 |
Individually evaluated for Impairment | 0 | |
Collectively evaluated for Impairment | 1,418 | |
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Beginning Balance | 172 | |
Ending Balance | 172 | |
Consumer Portfolio Segment [Member] | ||
Beginning Balance | 44 | 99 |
Charge-offs | (6) | (19) |
Recoveries | 15 | |
Provision For Credit Losses - Loans | (70) | (74) |
Ending Balance | 14 | 44 |
Charge-offs | 6 | 19 |
Individually evaluated for Impairment | 0 | |
Collectively evaluated for Impairment | 44 | |
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Beginning Balance | $ 31 | |
Ending Balance | $ 31 |
Note 5 - Allowance for Loan L_5
Note 5 - Allowance for Loan Losses - Summary of Impaired Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
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 | 149 |
Interest income recognized, with no related allowance recorded | 15 |
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 | 149 |
Interest income recognized, with no related allowance recorded | $ 15 |
Note 5 - Allowance for Loan L_6
Note 5 - Allowance for Loan Losses - Summary of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual, No Allowance | $ 1,000 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual | 1,000 | $ 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Nonaccrual, No Allowance | 149 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual | 149 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Nonaccrual, No Allowance | 851 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual | $ 851 | $ 0 |
Note 5 - Allowance for Loan L_7
Note 5 - Allowance for Loan Losses - Accrued Interest Receivable Written Off of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accrued Interest, Writeoff | $ 133 |
Residential Portfolio Segment [Member] | Single Family [Member] | |
Accrued Interest, Writeoff | 5 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |
Accrued Interest, Writeoff | $ 128 |
Note 5 - Allowance for Loan L_8
Note 5 - Allowance for Loan Losses - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral dependent loans | $ 1,727,091 | $ 1,599,592 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Collateral dependent loans | 203,417 | 178,615 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Collateral dependent loans | 282,052 | $ 228,374 |
Collateral Pledged [Member] | Residential Portfolio Segment [Member] | Single Family [Member] | ||
Collateral dependent loans | 346 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 2,317 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Collateral dependent loans | 1,120 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Collateral dependent loans | $ 851 |
Note 5 - Allowance for Loan L_9
Note 5 - Allowance for Loan Losses - Summary of Modified Financing Receivables (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Amortized Cost Basis | $ 16,315 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Extended Maturity on Interest Only Payments [Member] | |
Amortized Cost Basis | $ 16,000 |
% of Total Loan Type | 3.50% |
Term increase (Month) | 6 months |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Extended Maturity [Member] | |
Amortized Cost Basis | $ 315 |
% of Total Loan Type | 0.40% |
Term increase (Month) | 3 months |
Note 5 - Allowance for Loan _10
Note 5 - Allowance for Loan Losses - Summary of Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 188,635 | |
Financing Receivable, Year Two | 293,588 | |
Financing Receivable, Year Three | 208,602 | |
Financing Receivable, Year Four | 168,053 | |
Financing Receivable, Year Five | 113,149 | |
Financing Receivable Prior | 239,560 | |
Financing Receivable, Revolving | 475,317 | |
Collateral dependent loans | 1,727,091 | $ 1,599,592 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 261 | |
Current period gross write-offs, prior | 207 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 468 | 19 |
Total Gross Loans | 1,727,091 | 1,599,592 |
Pass [Member] | ||
Financing Receivable, Year One | 188,079 | |
Financing Receivable, Year Two | 293,588 | |
Financing Receivable, Year Three | 208,602 | |
Financing Receivable, Year Four | 165,774 | |
Financing Receivable, Year Five | 100,381 | |
Financing Receivable Prior | 219,938 | |
Financing Receivable, Revolving | 451,803 | |
Collateral dependent loans | 1,628,165 | |
Total Gross Loans | 1,565,084 | |
Watch [Member] | ||
Financing Receivable, Year One | 556 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 2,279 | |
Financing Receivable, Year Five | 12,768 | |
Financing Receivable Prior | 19,616 | |
Financing Receivable, Revolving | 23,514 | |
Collateral dependent loans | 58,733 | |
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 | 16,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 2,997 | |
Collateral dependent loans | 18,997 | |
Total Gross Loans | 0 | |
Substandard [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 | 9,803 | |
Financing Receivable Prior | 353 | |
Financing Receivable, Revolving | 9,586 | |
Collateral dependent loans | 21,196 | |
Total Gross Loans | 9,514 | |
Doubtful [Member] | ||
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | ||
Current period gross write-offs, total | 0 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Financing Receivable, Year One | 50,101 | |
Financing Receivable, Year Two | 17,502 | |
Financing Receivable, Year Three | 26,434 | |
Financing Receivable, Year Four | 34,453 | |
Financing Receivable, Year Five | 21,019 | |
Financing Receivable Prior | 20,542 | |
Financing Receivable, Revolving | 33,366 | |
Collateral dependent loans | 203,417 | 178,615 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
Total Gross Loans | 203,417 | 178,615 |
Residential Portfolio Segment [Member] | Single Family [Member] | Pass [Member] | ||
Financing Receivable, Year One | 49,803 | |
Financing Receivable, Year Two | 17,502 | |
Financing Receivable, Year Three | 26,434 | |
Financing Receivable, Year Four | 33,134 | |
Financing Receivable, Year Five | 20,610 | |
Financing Receivable Prior | 20,542 | |
Financing Receivable, Revolving | 33,217 | |
Collateral dependent loans | 201,242 | |
Total Gross Loans | 178,172 | |
Residential Portfolio Segment [Member] | Single Family [Member] | Watch [Member] | ||
Financing Receivable, Year One | 298 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 1,319 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 1,617 | |
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 | 409 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 149 | |
Collateral dependent loans | 558 | |
Total Gross Loans | 443 | |
Residential Portfolio Segment [Member] | Single Family [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Year One | 28,346 | |
Financing Receivable, Year Two | 81,180 | |
Financing Receivable, Year Three | 60,156 | |
Financing Receivable, Year Four | 39,286 | |
Financing Receivable, Year Five | 27,270 | |
Financing Receivable Prior | 10,797 | |
Financing Receivable, Revolving | 24,005 | |
Collateral dependent loans | 271,040 | 215,624 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
Total Gross Loans | 271,040 | 215,624 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Year One | 28,346 | |
Financing Receivable, Year Two | 81,180 | |
Financing Receivable, Year Three | 60,156 | |
Financing Receivable, Year Four | 39,286 | |
Financing Receivable, Year Five | 27,270 | |
Financing Receivable Prior | 10,797 | |
Financing Receivable, Revolving | 24,005 | |
Collateral dependent loans | 271,040 | |
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] | Multifamily [Member] | Doubtful [Member] | ||
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 | 145 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 145 | 155 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
Total Gross Loans | 145 | 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 | 145 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 145 | |
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 | |
Residential Portfolio Segment [Member] | Farmland [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Current period gross write-offs, total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Financing Receivable, Year One | 70,476 | |
Financing Receivable, Year Two | 55,222 | |
Financing Receivable, Year Three | 43,576 | |
Financing Receivable, Year Four | 39,621 | |
Financing Receivable, Year Five | 33,164 | |
Financing Receivable Prior | 37,360 | |
Financing Receivable, Revolving | 2,633 | |
Collateral dependent loans | 282,052 | 228,374 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
Total Gross Loans | 282,052 | 228,374 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 70,476 | |
Financing Receivable, Year Two | 55,222 | |
Financing Receivable, Year Three | 43,576 | |
Financing Receivable, Year Four | 39,621 | |
Financing Receivable, Year Five | 32,044 | |
Financing Receivable Prior | 37,360 | |
Financing Receivable, Revolving | 1,391 | |
Collateral dependent loans | 279,690 | |
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 | 1,242 | |
Collateral dependent loans | 1,242 | |
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 | 1,120 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 1,120 | |
Total Gross Loans | 1,143 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Year One | 23,091 | |
Financing Receivable, Year Two | 101,617 | |
Financing Receivable, Year Three | 51,291 | |
Financing Receivable, Year Four | 64,692 | |
Financing Receivable, Year Five | 38,333 | |
Financing Receivable Prior | 150,629 | |
Financing Receivable, Revolving | 32,122 | |
Collateral dependent loans | 461,775 | 472,354 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
Total Gross Loans | 461,775 | 472,354 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 23,091 | |
Financing Receivable, Year Two | 101,617 | |
Financing Receivable, Year Three | 51,291 | |
Financing Receivable, Year Four | 47,732 | |
Financing Receivable, Year Five | 17,827 | |
Financing Receivable Prior | 131,347 | |
Financing Receivable, Revolving | 32,122 | |
Collateral dependent loans | 405,027 | |
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 | 960 | |
Financing Receivable, Year Five | 12,768 | |
Financing Receivable Prior | 19,282 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 33,010 | |
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 | 16,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 16,000 | |
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 | 7,738 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 7,738 | |
Total Gross Loans | 7,920 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Construction and Land Development [Member] | ||
Collateral dependent loans | 429,637 | 393,783 |
Current period gross write-offs, total | 0 | 0 |
Total Gross Loans | 429,637 | 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 | |
Construction and Land Development [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Commercial Portfolio Segment [Member] | ||
Current period gross write-offs, total | 462 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Year One | 10,150 | |
Financing Receivable, Year Two | 5,271 | |
Financing Receivable, Year Three | 13,530 | |
Financing Receivable, Year Four | 3,495 | |
Financing Receivable, Year Five | 1,766 | |
Financing Receivable Prior | 10,819 | |
Financing Receivable, Revolving | 30,384 | |
Collateral dependent loans | 75,415 | 97,351 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 261 | |
Current period gross write-offs, prior | 201 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 462 | |
Total Gross Loans | 75,415 | 97,351 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Year One | 10,150 | |
Financing Receivable, Year Two | 5,271 | |
Financing Receivable, Year Three | 13,530 | |
Financing Receivable, Year Four | 3,495 | |
Financing Receivable, Year Five | 1,230 | |
Financing Receivable Prior | 10,132 | |
Financing Receivable, Revolving | 27,299 | |
Collateral dependent loans | 71,107 | |
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 | 334 | |
Financing Receivable, Revolving | 0 | |
Collateral dependent loans | 334 | |
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 | 2,997 | |
Collateral dependent loans | 2,997 | |
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 | 536 | |
Financing Receivable Prior | 353 | |
Financing Receivable, Revolving | 88 | |
Collateral dependent loans | 977 | |
Total Gross Loans | 8 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | ||
Current period gross write-offs, total | 6 | 19 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||
Collateral dependent loans | 271 | 1,984 |
Total Gross Loans | 271 | 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] | Unsecured, Non Real Estate [Member] | Doubtful [Member] | ||
Total Gross Loans | 0 | |
Consumer Portfolio Segment [Member] | Secured [Member] | ||
Financing Receivable, Year One | 55 | |
Financing Receivable, Year Two | 252 | |
Financing Receivable, Year Three | 3 | |
Financing Receivable, Year Four | 51 | |
Financing Receivable, Year Five | 1,400 | |
Financing Receivable Prior | 1,497 | |
Financing Receivable, Revolving | 81 | |
Collateral dependent loans | 3,339 | 11,352 |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 6 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 6 | |
Total Gross Loans | 3,339 | 11,352 |
Consumer Portfolio Segment [Member] | Secured [Member] | Pass [Member] | ||
Financing Receivable, Year One | 55 | |
Financing Receivable, Year Two | 252 | |
Financing Receivable, Year Three | 3 | |
Financing Receivable, Year Four | 51 | |
Financing Receivable, Year Five | 1,400 | |
Financing Receivable Prior | 1,497 | |
Financing Receivable, Revolving | 81 | |
Collateral dependent loans | 3,339 | |
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] | Secured [Member] | Doubtful [Member] | ||
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 | 271 | |
Collateral dependent loans | 271 | |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
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 | 271 | |
Collateral dependent loans | 271 | |
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 | 6,416 | |
Financing Receivable, Year Two | 33,998 | |
Financing Receivable, Year Three | 13,612 | |
Financing Receivable, Year Four | 2,455 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 8,118 | |
Financing Receivable, Revolving | 365,038 | |
Collateral dependent loans | 429,637 | |
Current period gross write-offs, current | 0 | |
Current period gross write-offs, year one | 0 | |
Current period gross write-offs, year two | 0 | |
Current period gross write-offs, year three | 0 | |
Current period gross write-offs, year four | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | |
Construction [Member] | Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable, Year One | 6,158 | |
Financing Receivable, Year Two | 32,544 | |
Financing Receivable, Year Three | 13,612 | |
Financing Receivable, Year Four | 2,455 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 8,118 | |
Financing Receivable, Revolving | 333,417 | |
Collateral dependent loans | 396,304 | |
Construction [Member] | Construction and Land Development [Member] | Watch [Member] | ||
Financing Receivable, Year One | 258 | |
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 | 22,272 | |
Collateral dependent loans | 22,530 | |
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 | 1,454 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable Prior | 0 | |
Financing Receivable, Revolving | 9,349 | |
Collateral dependent loans | $ 10,803 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties | $ 280,957 | $ 556,240 |
Loans and Leases Receivable, Related Parties, Additions | 74,589 | 4,900 |
Repayments of Related Party Debt | 349,872 | 91,300 |
Related Party Deposit Liabilities | $ 2,200,000 | $ 2,100,000 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Depletion and Amortization | $ 1.3 | $ 1.3 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Schedule Of Premises And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Premises and equipment, Gross | $ 23,383 | $ 23,108 | |
Less accumulated depreciation | (9,439) | (8,399) | |
Premises and equipment, net | 13,944 | 14,709 | [1] |
Building [Member] | |||
Premises and equipment, Gross | 13,005 | 13,005 | |
Land [Member] | |||
Premises and equipment, Gross | 2,856 | 2,856 | |
Leasehold Improvements [Member] | |||
Premises and equipment, Gross | 1,091 | 1,091 | |
Furniture and Fixtures [Member] | |||
Premises and equipment, Gross | 4,500 | 4,300 | |
Computer Software and Equipment [Member] | |||
Premises and equipment, Gross | $ 1,931 | $ 1,856 | |
[1]Derived from audited consolidated financial statements. |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 14,657 | $ 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets, Gross | 14,657 | 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Note 8 - Intangible Assets - Ch
Note 8 - Intangible Assets - Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 14,657 | $ 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets, Gross | 14,657 | 9,149 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits $250,000 or More | $ 445.6 | $ 374.8 |
Interest-Bearing Domestic Deposit, Brokered | $ 574.9 | $ 324.2 |
Note 9 - Deposits - Schedule of
Note 9 - Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
2024 | $ 463,702 | ||
2025 | 113,313 | ||
2026 | 44,490 | ||
2027 | 74,831 | ||
Thereafter | 0 | ||
Total | $ 696,336 | $ 608,141 | |
[1]Derived from audited consolidated financial statements. |
Note 10 - Borrowed Funds (Detai
Note 10 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 504,600 | |
Borrowed Funds, Loans Pledged As Collateral | 1,500,000 | |
Advance from Federal Home Loan Bank | 0 | |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | $ 25,000 | $ 24,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 4.90% | 1.45% |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 0% | 4.31% |
Federal Funds Purchased | $ 15,000 | $ 0 |
Federal Funds Purchased, Average Amount Outstanding | $ 5,600 | $ 2,000,000 |
Federal Funds Purchased, Weighted Average Interest Rate Paid at Period End | 5.65% | 0% |
Weighted Average [Member] | ||
Federal Funds Purchased, Average Rate Paid | 5.36% | 1.59% |
Note 11 - Income Taxes - Schedu
Note 11 - Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current expense | $ 6,430 | $ 7,608 |
Deferred income tax benefit | (191) | (894) |
Total | $ 6,239 | $ 6,714 |
Note 11 - Income Taxes - Sche_2
Note 11 - Income Taxes - Schedule of Income Tax Expense Differed From Federal Statutory Rate Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Computed “expected” income tax expense | $ 6,893 | $ 7,012 |
Tax exempt Interest | (136) | (200) |
BOLI Income | (225) | (211) |
Low Income Housing Investment | 386 | 130 |
State Income Taxes | 649 | 637 |
Restricted Stock Adjustment | (100) | (119) |
Federal tax credits | (1,317) | (472) |
Other Adjustments | 89 | (63) |
Total | $ 6,239 | $ 6,714 |
Note 11 - Income Taxes - Sche_3
Note 11 - Income Taxes - Schedule of Tax Effects of Temporary Differences Result in Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 3,798 | $ 3,238 |
Restricted stock | 533 | 511 |
Net loan fees | 1,253 | 1,268 |
Right-of-use liability | 1,588 | 1,705 |
Accrued compensation | 638 | 403 |
Unrealized losses on securities available-for-sale | 2,240 | 2,555 |
Other | 320 | 42 |
Gross deferred tax assets | 10,370 | 9,722 |
Depreciation | 253 | 378 |
Prepaid expense | 12 | 11 |
Right-of-use Asset | 1,429 | 1,534 |
Internally developed software costs | 527 | 153 |
Other | 215 | 95 |
Gross deferred tax liabilities | 2,436 | 2,171 |
Net deferred tax asset | $ 7,934 | $ 7,551 |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 0 | 0 |
Note 12 - Earnings Per Common_4
Note 12 - Earnings Per Common Share - Calculation of Basic and Dilutes Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income | $ 26,585 | $ 26,674 |
Preferred stock dividends | (2,156) | (2,156) |
Net income available to common shareholders | $ 24,429 | $ 24,518 |
Weighted average number of shares issued, basic and diluted (in shares) | 7,522,913 | 7,529,382 |
Earnings per common share: | ||
Basic and diluted earnings per common share (in dollars per share) | $ 3.25 | $ 3.26 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Housing Equity Fund Of Virginia XXIV LLC [Member] | |||
Contractual Obligation, Total | $ 5,000,000 | ||
Washington Housing Initiative Impact Pool LLC [Member] | |||
Contractual Obligation, Total | $ 2,000,000 | ||
Commitment Funded Balance | $ 1,400,000 | ||
Commitment Unfunded Balance | 600,000 | ||
VCDC Equity Fund [Member] | |||
Contractual Obligation, Total | $ 2,000,000 | $ 2,000,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Summary of Amount of Loan Commitments and Standby Letters of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Loan commitments | $ 359,373 | $ 435,751 |
Standby Letters of Credit [Member] | ||
Loan commitments | $ 471 | $ 0 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Lessor, Operating Lease, Number of Leases | 3 |
Operating Lease, Lease Income Per Month | $ 7,500 |
Finance Lease, Liability, Total | $ 0 |
Note 14 - Leases - Lease Cost (
Note 14 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted-average remaining lease term – operating leases (in months). (Month) | 155 months 27 days | 162 months 27 days |
Weighted-average discount rate – operating leases | 2.80% | 2.80% |
Operating lease cost | $ 677 | $ 677 |
Total lease costs | 677 | 677 |
Cash paid for amounts included in measurement of lease liabilities | 639 | 623 |
Other Liabilities [Member] | ||
Lease liabilities | 6,902 | 7,342 |
Other Assets [Member] | ||
Right-of-use assets | $ 6,211 | $ 6,688 |
Note 14 - Leases - Maturity Ana
Note 14 - Leases - Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 654 | |
2025 | 671 | |
2026 | 689 | |
2027 | 587 | |
2028 | 594 | |
Thereafter | 4,967 | |
Total undiscounted cash flows | 8,162 | |
Discount | (1,260) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 6,902 | $ 7,342 |
Note 15 - Significant Concent_2
Note 15 - Significant Concentrations of Credit Risk (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Cash, Uninsured Amount | $ 61.8 |
Note 16 - Regulatory Matters (D
Note 16 - Regulatory Matters (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Capital Conservation Buffer Percentage | 2.50% | 2.50% |
Note 16 - Regulatory Matters -
Note 16 - Regulatory Matters - Schedule of Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Total capital (to risk-weighted assets), Actual, Amount | $ 312,069 | $ 286,572 |
Total capital (to risk-weighted assets), Actual, Ratio | 0.1718 | 0.1627 |
Total capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 145,300 | $ 140,929 |
Total capital (to risk-weighted assets) | 0.08 | 0.08 |
Total capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amoun | $ 181,625 | $ 176,161 |
Total capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 0.10 | 0.10 |
Common equity tier 1 capital (to risk-weighted assets), Actual, Amount | $ 294,553 | $ 272,458 |
Common equity tier 1 capital (to risk-weighted assets), Actual, Ratio | 0.1622 | 0.1547 |
Common equity tier 1 capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 81,731 | $ 79,272 |
Common equity tier 1 capital (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 118,056 | $ 114,504 |
Common equity tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 294,553 | $ 272,458 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 0.1622 | 0.1547 |
Tier 1 capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 108,975 | $ 105,696 |
Tier 1 capital (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 0.06 | 0.06 |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 145,300 | $ 140,929 |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 0.08 | 0.08 |
Tier 1 capital (to average assets) | $ 294,553 | $ 272,458 |
Tier 1 capital (to average assets), Actual, Amount | 0.1466 | 0.1505 |
Tier 1 capital (to average assets), Capital Adequacy Purposes, Amount | $ 80,375 | $ 72,435 |
Tier 1 capital (to average assets), Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
Tier 1 capital (to average assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 100,469 | $ 90,544 |
Tier 1 capital (to average assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 0.05 | 0.05 |
Note 17 - Defined Contributio_2
Note 17 - Defined Contribution Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 01, 2004 | Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 15% | ||
Defined Contribution Plan, Bank Match, Maximum Matching Percentage of Contribution | 5% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 901,513 | $ 616,721 |
Note 18 - Stock Based Compens_3
Note 18 - Stock Based Compensation Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,686 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 4,014 | |
Restricted Stock [Member] | ||
Share-Based Payment Arrangement, Expense | $ 2.5 | $ 2.5 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3.9 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 5 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.9 | $ 2 |
Restricted Stock [Member] | Two Thousand Nineteen Equity Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,686 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 4,014 | |
Restricted Stock [Member] | Two Thousand Nineteen Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 10 years |
Note 18 - Stock Based Compens_4
Note 18 - Stock Based Compensation Plan -Share Based Compensation Restricted Stock and Restricted Stock Unit (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Balance (in shares) | shares | 259,036 |
Balance (in dollars per share) | $ / shares | $ 22.05 |
Granted (in shares) | shares | 90,686 |
Granted (in dollars per share) | $ / shares | $ 26.44 |
Vested (in shares) | shares | (117,408) |
Vested (in dollars per share) | $ / shares | $ 21.28 |
Forfeited (in shares) | shares | (4,014) |
Forfeited (in dollars per share) | $ / shares | $ 24.35 |
Balance (in shares) | shares | 228,300 |
Balance (in dollars per share) | $ / shares | $ 24.15 |
Note 19 - Derivatives and Ris_3
Note 19 - Derivatives and Risk Management Activities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative, Excluded Component, Gain, Recognized in Earnings | $ 0 | $ 619,000 |
Note 19 - Derivatives and Ris_4
Note 19 - Derivatives and Risk Management Activities - Summary of Derivative Instruments (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Matched Interest Rate Swap with Borrower [Member] | ||
Notional amount | $ 224,008 | $ 245,717 |
Positions | 42 | 44 |
Derivative assets | $ 0 | $ 0 |
Derivative liabilities | 18,569 | 23,896 |
Collateral pledges | 0 | 3,034 |
Matched Interest Rate Swap With Counterparty [Member] | ||
Notional amount | $ 224,008 | $ 245,717 |
Positions | 42 | 44 |
Derivative assets | $ 18,569 | $ 23,896 |
Derivative liabilities | 0 | 0 |
Collateral pledges | $ 0 | $ 3,034 |
Note 20 - Fair Value Presenta_3
Note 20 - Fair Value Presentation (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 20 - Fair Value Presenta_4
Note 20 - Fair Value Presentation - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Available for sale | $ 59,928 | $ 62,631 | [1] |
Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 19,515 | 22,227 | |
Subordinated Debt [Member] | |||
Available for sale | 8,467 | 8,827 | |
Taxable Municipal Bonds [Member] | |||
Available for sale | 8,307 | 7,966 | |
Nontaxable Municipal Bonds [Member] | |||
Available for sale | 20,742 | 20,175 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale | 2,897 | 3,436 | |
Fair Value, Recurring [Member] | |||
Total | 78,497 | 86,527 | |
Total | 18,569 | 23,896 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 18,569 | 23,896 | |
Derivative liability – interest rate swaps on loans | 18,569 | 23,896 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 19,515 | 22,227 | |
Fair Value, Recurring [Member] | Subordinated Debt [Member] | |||
Available for sale | 8,467 | 8,827 | |
Fair Value, Recurring [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 8,307 | 7,966 | |
Fair Value, Recurring [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 20,742 | 20,175 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 2,897 | 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 | 78,247 | 86,277 | |
Total | 18,569 | 23,896 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 18,569 | 23,896 | |
Derivative liability – interest rate swaps on loans | 18,569 | 23,896 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 19,515 | 22,227 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | |||
Available for sale | 8,217 | 8,577 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 8,307 | 7,966 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 20,742 | 20,175 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 2,897 | 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 20 - Fair Value Presenta_5
Note 20 - Fair Value Presentation - Schedule of Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Balance | $ 250 | $ 250 |
Note 20 - Fair Value Presenta_6
Note 20 - Fair Value Presentation - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted equity securities | $ 24,356 | $ 24,325 | |
Available for sale | 59,928 | 62,631 | [1] |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 114,513 | 130,600 | |
Restricted equity securities | 24,356 | 24,325 | |
Available for sale | 59,928 | 62,631 | |
Held to maturity | 17,275 | 17,642 | |
Loans, net | 1,705,137 | 1,579,950 | |
Derivative asset – interest rate swap on loans | 18,569 | 23,896 | |
Bank owned life insurance | 38,318 | 37,249 | |
Accrued interest receivable | 10,725 | 8,779 | |
Deposits | 1,686,127 | 1,512,889 | |
Subordinated debt, net | 72,642 | 72,245 | |
Federal funds purchased | 15,000 | ||
Derivative liability – interest rate swaps on loans | 18,569 | 23,896 | |
Accrued interest payable | 2,845 | 896 | |
Advances from the FHLB | 100,000 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 114,513 | 130,600 | |
Restricted equity securities | 24,356 | 24,325 | |
Available for sale | 59,928 | 62,631 | |
Held to maturity | 17,163 | 17,440 | |
Loans, net | 1,701,418 | 1,584,533 | |
Derivative asset – interest rate swap on loans | 18,569 | 23,896 | |
Bank owned life insurance | 38,318 | 37,249 | |
Accrued interest receivable | 10,725 | 8,779 | |
Deposits | 1,685,487 | 1,503,869 | |
Subordinated debt, net | 56,513 | 64,235 | |
Federal funds purchased | 14,968 | ||
Derivative liability – interest rate swaps on loans | 18,569 | 23,896 | |
Accrued interest payable | 2,845 | 896 | |
Advances from the FHLB | 99,983 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 114,513 | 130,600 | |
Restricted equity securities | 0 | 0 | |
Available for sale | 0 | 0 | |
Held to maturity | 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 | |
Federal funds purchased | 0 | ||
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Advances from the FHLB | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted equity securities | 24,356 | 24,325 | |
Available for sale | 59,928 | 62,631 | |
Held to maturity | 17,163 | 17,440 | |
Loans, net | 0 | 0 | |
Derivative asset – interest rate swap on loans | 18,569 | 23,896 | |
Bank owned life insurance | 38,318 | 37,249 | |
Accrued interest receivable | 10,725 | 8,779 | |
Deposits | 989,791 | 904,748 | |
Subordinated debt, net | 56,513 | 64,235 | |
Federal funds purchased | 0 | ||
Derivative liability – interest rate swaps on loans | 18,569 | 23,896 | |
Accrued interest payable | 2,845 | 896 | |
Advances from the FHLB | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted equity securities | 0 | 0 | |
Available for sale | 0 | 0 | |
Held to maturity | 0 | 0 | |
Loans, net | 1,701,418 | 1,584,533 | |
Derivative asset – interest rate swap on loans | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Deposits | 695,696 | 599,121 | |
Subordinated debt, net | 0 | 0 | |
Federal funds purchased | 14,968 | ||
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 21 - Other Real Estate O_3
Note 21 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Real Estate | $ 0 | $ 0 |
Other Real Estate Loans Foreclosure | $ 0 |
Note 21 - Other Real Estate O_4
Note 21 - Other Real Estate Owned - Expenses Applicable to Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss on sale of other real estate owned | $ 0 | $ 4 |
Loss on valuation, net | 0 | 70 |
Operating expenses (income), net of rental income | 0 | (36) |
Balance, end of year | $ 0 | $ 38 |
Note 22 - Accumulated Other C_3
Note 22 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unrealized gain on securities | $ (9,737) | $ (11,108) |
Tax effect | 2,265 | 2,570 |
Total accumulated other comprehensive loss | (7,478) | (8,546) |
AOCI, Accumulated Gain (Loss), Debt Securities, Transfer to Held-to-Maturity, Parent [Member] | ||
Unrealized gain on securities | $ (6) | $ (8) |
Note 23 - Capital (Details Text
Note 23 - Capital (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Sep. 15, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 18, 2022 | Oct. 22, 2020 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 | $ 1 | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | 1,000 | ||||||
Stock Repurchased During Period, Value | $ 43 | $ 6,918 | |||||
Depositary Shares [Member] | |||||||
Preferred Stock, Liquidation Preference Per Depositary Share (in dollars per share) | $ 25 | ||||||
Depositary Shares, Dividend Fixed Rate Percentage | 7.50% | ||||||
Depositary Shares [Member] | Over-Allotment Option [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 150,000 | ||||||
Common Stock [Member] | |||||||
Stock Repurchased During Period, Shares (in shares) | 4,000,000 | 0 | 12,800,000 | ||||
Stock Repurchased During Period, Value | 8 | $ 1,137 | |||||
Common Stock [Member] | The May 18, 2022 Repurchase Program [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 7,500 | ||||||
Stock Repurchased During Period, Value | $ 43,000,000 | $ 3,000 | |||||
Common Stock [Member] | Maximum [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 17,000 | ||||||
Depositary Shares [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,000,000 |
Note 24 - Subordinated Notes (D
Note 24 - Subordinated Notes (Details Textual) - Fixed-To-Floating Rate Subordinated Notes [Member] - USD ($) $ in Millions | Mar. 01, 2022 | Apr. 06, 2021 |
Debt Instrument, Face Amount | $ 43.8 | $ 30 |
Debt Instrument, Interest Rate, Stated Percentage | 4% | 3.75% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Points on Variable Rate | 2.33% | 3.02% |
Note 25 - Condensed Parent Co_3
Note 25 - Condensed Parent Company Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted securities, at amortized cost | $ 24,356 | $ 24,325 | ||
Other assets | 34,914 | 39,915 | [1] | |
Total Assets | 2,035,432 | 1,925,751 | [1] | |
Other liabilities | 39,137 | 42,335 | [1] | |
Subordinated debt, net | 72,642 | 72,245 | [1] | |
Stockholders’ equity | 221,517 | 198,282 | [1] | $ 188,788 |
Total Liabilities and Stockholders’ Equity | 2,035,432 | 1,925,751 | [1] | |
Parent Company [Member] | ||||
Cash on deposit with subsidiary | 3,616 | 5,077 | ||
Restricted securities, at amortized cost | 3,123 | 1,430 | ||
Investment in subsidiary | 287,075 | 263,912 | ||
Other assets | 1,190 | 124 | ||
Total Assets | 295,004 | 270,543 | ||
Other liabilities | 845 | 16 | ||
Subordinated debt, net | 72,642 | 72,245 | ||
Stockholders’ equity | 221,517 | 198,282 | ||
Total Liabilities and Stockholders’ Equity | $ 295,004 | $ 270,543 | ||
[1]Derived from audited consolidated financial statements. |
Note 25 - Condensed Parent Co_4
Note 25 - Condensed Parent Company Financial Statements - Condensed Statement of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest on subordinated debt | $ 3,288 | $ 2,936 |
Non-interest expense | 45,119 | 39,057 |
Net income before income taxes | 32,824 | 33,388 |
Income Tax Expense | 6,239 | 6,714 |
Net Income | 26,585 | 26,674 |
Preferred Stock Dividends | 2,156 | 2,156 |
Net Income available to common shareholders | 24,429 | 24,518 |
Parent Company [Member] | ||
Dividends from subsidiary | 5,166 | 4,038 |
Interest on subordinated debt | 3,288 | 2,936 |
Non-interest expense | 42 | 26 |
Total expenses | 3,330 | 2,962 |
Undistributed earnings of subsidiary | 23,546 | 24,797 |
Net income before income taxes | 25,382 | 25,873 |
Income Tax Expense | (1,203) | (801) |
Net Income | 26,585 | 26,674 |
Preferred Stock Dividends | (2,156) | (2,156) |
Net Income available to common shareholders | $ 24,429 | $ 24,518 |
Note 25 - Condensed Parent Co_5
Note 25 - Condensed Parent Company Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income | $ 26,585 | $ 26,674 |
Stock based compensation | 2,491 | 2,519 |
Other assets | 4,912 | (22,407) |
Increase (decrease) in other liabilities | (3,198) | 24,978 |
Net cash provided by operating activities | 31,633 | 33,544 |
Purchases of restricted investment in bank stock | (7,059) | (9,123) |
Net cash used in investing activities | (130,748) | (228,736) |
Repurchase of common stock | (43) | (6,918) |
Cash dividends paid on preferred stock | (2,156) | (2,156) |
Cash dividends paid on common stock | (3,011) | (1,882) |
Net cash provided by financing activities | 83,028 | 232,593 |
Increase (decrease) in Cash and Cash Equivalents | (16,087) | 37,401 |
Parent Company [Member] | ||
Net Income | 26,585 | 26,674 |
Equity in undistributed earnings of subsidiary | (23,546) | (24,797) |
Stock based compensation | 2,491 | 2,519 |
Subordinated debt amortization expense | 397 | 328 |
Other assets | (1,063) | 2,014 |
Increase (decrease) in other liabilities | 829 | (274) |
Net cash provided by operating activities | 5,693 | 6,464 |
Purchases of restricted investment in bank stock | (1,944) | (1,430) |
Investment in bank subsidiary | 0 | (32,000) |
Net cash used in investing activities | (1,944) | (33,430) |
Repurchase of common stock | (43) | (6,918) |
Cash dividends paid on preferred stock | (2,156) | (2,156) |
Cash dividends paid on common stock | (3,011) | (1,882) |
Net increase in subordinated debt | 0 | 42,623 |
Net cash provided by financing activities | (5,210) | 31,667 |
Increase (decrease) in Cash and Cash Equivalents | (1,461) | 4,701 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 5,077 | 376 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 3,616 | $ 5,077 |