Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38817 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 81-2871064 | |
Entity Address, Address Line One | 10089 Fairfax Boulevard | |
Entity Address, City or Town | Fairfax | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22030 | |
City Area Code | 703 | |
Local Phone Number | 481-4567 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,617,213 | |
Series A Fixed-rate Non-cumulative Perpetual Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock) | |
Trading Symbol | MNSBP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | MNSB | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets | |||
Cash and due from banks | $ 49,208 | $ 53,581 | [1] |
Federal funds sold | 75,533 | 60,932 | [1] |
Cash and cash equivalents | 124,741 | 114,513 | [1] |
Investment securities available-for-sale, at fair value | 58,699 | 59,928 | [1] |
Investment securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0 and $0, respectively. | 17,251 | 17,275 | |
Restricted securities, at amortized cost | 23,924 | 24,356 | |
Loans, net of allowance for credit losses of $16,531 and $16,506, respectively | 1,727,110 | 1,705,137 | |
Premises and equipment, net | 14,081 | 13,944 | [1] |
Accrued interest and other receivables | 10,727 | 12,390 | [1] |
Bank owned life insurance | 38,609 | 38,318 | [1] |
Computer software, net of amortization | 15,691 | 14,657 | [1] |
Other assets | 39,182 | 34,914 | [1] |
Total Assets | 2,070,015 | 2,035,432 | [1] |
Liabilities | |||
Non-interest bearing demand deposits | 348,945 | 364,606 | |
Interest bearing demand deposits | 165,331 | 137,128 | [1] |
Savings and NOW deposits | 46,036 | 45,878 | [1] |
Money market deposits | 446,903 | 442,179 | [1] |
Time deposits | 725,520 | 696,336 | [1] |
Total deposits | 1,732,735 | 1,686,127 | [1] |
Federal funds purchased | 0 | 15,000 | |
Subordinated debt, net | 72,741 | 72,642 | [1] |
Allowance for credit losses on off-balance sheet credit exposure | 650 | 1,009 | |
Other liabilities | 40,768 | 39,137 | [1] |
Total Liabilities | 1,846,894 | 1,813,915 | [1] |
Stockholders’ Equity | |||
Preferred stock, $1.00 par value, 2,000,000 shares authorized; 28,750 shares issued and outstanding at March 31, 2024 and December 31, 2023 | 27,263 | 27,263 | |
Common stock, $4.00 par value, 10,000,000 shares authorized; issued and outstanding 7,614,090 shares (including 235,855 nonvested shares) at March 31, 2024 and 7,527,415 shares (including 228,300 nonvested shares) at December 31, 2023 | 29,514 | 29,198 | [1] |
Capital surplus | 65,940 | 65,985 | [1] |
Retained earnings | 108,334 | 106,549 | [1] |
Accumulated other comprehensive loss | (7,930) | (7,478) | |
Total Stockholders’ Equity | 223,121 | 221,517 | [1] |
Total Liabilities and Stockholders’ Equity | $ 2,070,015 | $ 2,035,432 | [1] |
[1]Derived from audited consolidated financial statements. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Allowance for credit losses | $ 0 | $ 0 | |
Allowance for credit loss | $ 16,531 | $ 16,506 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 | |
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 | |
Preferred Stock, Shares Issued (in shares) | 28,750 | 28,750 | |
Preferred Stock, Shares Outstanding (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) | 7,614,090 | 7,527,415 | [1] |
Common stock, shares issued (in shares) | 7,614,090 | 7,527,415 | [1] |
Common stock, shares nonvested (in shares) | 235,855 | 228,300 | [1] |
[1]Derived from audited consolidated financial statements. |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||
Interest and fees on loans | $ 30,487 | $ 26,731 |
Interest and dividends on investments securities | ||
Mortgage-backed securities | 102 | 118 |
Other | 269 | 336 |
Interest on federal funds sold and interest-bearing deposits | 1,182 | 1,132 |
Total Interest Income | 32,374 | 28,645 |
Interest Expense | ||
Interest on interest bearing DDA deposits | 1,860 | 343 |
Interest on savings and NOW deposits | 157 | 108 |
Interest on money market deposits | 5,178 | 1,203 |
Interest on time deposits | 8,833 | 4,144 |
Interest on federal funds purchased | 107 | 38 |
Interest on Federal Home Loan Bank advances | 46 | 906 |
Interest on subordinated debt | 820 | 812 |
Total Interest Expense | 17,001 | 7,554 |
Net Interest Income | 15,373 | 21,091 |
Provision For Credit Losses - Loans | 164 | 415 |
Recovery of off-balance sheet credit losses, net | (359) | (132) |
Net Interest Income After Provision For (Recovery of) Credit Losses | 15,568 | 20,808 |
Non-Interest Income | ||
Deposit account service charges | 469 | 590 |
Bank owned life insurance income | 292 | 255 |
Other fee income | 130 | 158 |
Total Non-Interest Income | 891 | 1,003 |
Non-Interest Expense | ||
Salaries and employee benefits | 7,488 | 7,621 |
Furniture and equipment expenses | 935 | 498 |
Advertising and marketing | 454 | 797 |
Occupancy expenses | 435 | 486 |
Outside services | 774 | 490 |
Administrative expenses | 242 | 215 |
Other operating expenses | 1,996 | 1,596 |
Total Non-Interest Expense | 12,324 | 11,703 |
Income Before Income Taxes | 4,135 | 10,108 |
Income Tax Expense | 830 | 1,957 |
Net Income | 3,305 | 8,151 |
Preferred Stock Dividends | 539 | 539 |
Net Income Available to Common Shareholders | $ 2,766 | $ 7,612 |
Earnings Per Common Share: | ||
Basic (in dollars per share) | $ 0.36 | $ 1.01 |
Diluted (in dollars per share) | $ 0.36 | $ 1.01 |
US States and Political Subdivisions Debt Securities [Member] | ||
Interest and dividends on investments securities | ||
Tax-exempt securities | $ 270 | $ 264 |
Taxable securities | $ 64 | $ 64 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Comprehensive Income, net of taxes | ||
Net Income | $ 3,305 | $ 8,151 |
Other comprehensive income (loss), net of tax expense (benefit): | ||
Unrealized gains (losses) on available for sale securities arising during the period (net of tax expense (benefit), ($109) and $254, respectively, for the three months ended March 31). | (452) | 880 |
Add: reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity (net of tax, $0 and $0, respectively, for the three months ended March 31). | 0 | 2 |
Other comprehensive (loss) income | (452) | 882 |
Comprehensive Income | $ 2,853 | $ 9,033 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized losses on available for sale securities arising during the period, tax benefit | $ (109) | $ 254 |
Reclassification adjustment for amortization of unrealized losses on securities transferred from available for sale to held to maturity, tax | $ 0 | $ 0 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (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 | |||||||
Vesting of restricted stock | 0 | 449 | (449) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 663 | 0 | 0 | 663 | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (539) | 0 | (539) | |||||||
Dividends on common stock | 0 | 0 | 0 | (752) | 0 | (752) | |||||||
Net Income | 0 | 0 | 0 | 8,151 | 0 | 8,151 | |||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | 882 | 882 | |||||||
Balance at Mar. 31, 2023 | 27,263 | 29,185 | 64,213 | 91,991 | (7,664) | 204,988 | |||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2023 | $ 0 | $ 0 | $ 0 | $ (217) | $ 0 | $ (217) | |||||||
Balance at Dec. 31, 2023 | 27,263 | 29,198 | 65,985 | 106,549 | (7,478) | 221,517 | [1] | ||||||
Vesting of restricted stock | 0 | 408 | (408) | 0 | 0 | 0 | |||||||
Stock based compensation expense | 0 | 0 | 690 | 0 | 0 | 690 | |||||||
Common stock repurchased | 0 | (92) | (327) | 0 | 0 | (419) | |||||||
Dividends on preferred stock | 0 | 0 | 0 | (539) | 0 | (539) | |||||||
Dividends on common stock | 0 | 0 | 0 | (764) | 0 | (764) | |||||||
Net Income | 0 | 0 | 0 | 3,305 | 0 | 3,305 | |||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (452) | (452) | |||||||
Balance at Mar. 31, 2024 | $ 27,263 | $ 29,514 | $ 65,940 | $ 108,334 | $ (7,930) | $ 223,121 | |||||||
[1]Derived from audited consolidated financial statements. |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends on preferred stock, per share (in dollars per share) | $ 0.47 | $ 0.47 |
Dividends on common stock, per share (in dollars per share) | $ 0.1 | $ 0.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 3,305 | $ 8,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion, net | 750 | 560 |
Amortization of right-of-use assets | 123 | 79 |
Deferred income tax expense | 490 | 589 |
Loss (gain) on disposal of premises and equipment | 13 | (39) |
Provision for (recovery of) credit losses, net | (195) | 283 |
Stock based compensation expense | 690 | 663 |
Income from bank owned life insurance | (292) | (255) |
Subordinated debt amortization expense | 99 | 99 |
Change in: | ||
Accrued interest receivable and other receivables | 1,663 | (163) |
Other assets | (4,634) | 2,688 |
Other liabilities | 1,631 | (3,821) |
Net cash provided by operating activities | 3,643 | 8,834 |
Cash Flows from Investing Activities | ||
Payments, available-for-sale securities | 579 | 476 |
Purchases of equity securities | (110) | (82) |
Purchases of restricted investment in bank stock | (1,500) | (4,536) |
Redemption of restricted investment in bank stock | 1,425 | 6,375 |
Net increase in loan portfolio | (22,137) | (38,635) |
Proceeds from sale of premises and equipment | 83 | 39 |
Purchase of premises and equipment | (607) | (131) |
Computer software developed | (1,034) | (1,410) |
Net cash used in investing activities | (23,301) | (37,904) |
Cash Flows from Financing Activities | ||
Net decrease in non-interest deposits | (15,661) | (62,815) |
Net increase in interest bearing demand, savings, and time deposits | 62,269 | 182,214 |
Net decrease in Federal Home Loan Bank advances | 0 | (55,000) |
Net increase (decrease) in federal funds purchased | (15,000) | 60,696 |
Cash dividends paid on preferred stock | (539) | (539) |
Cash dividends paid on common stock | (764) | (752) |
Repurchases of common stock | (419) | 0 |
Net cash provided by financing activities | 29,886 | 123,804 |
Increase in Cash and Cash Equivalents | 10,228 | 94,734 |
Cash and Cash Equivalents, beginning of period | 114,513 | 130,600 |
Cash and Cash Equivalents, end of period | 124,741 | 225,334 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 16,279 | 5,243 |
Cash paid during the period for income taxes | 0 | 3,430 |
Net unrealized loss on securities available-for-sale | (561) | 1,134 |
Net cumulative change in accounting principle | $ (217) | $ (1,699) |
Note 1 - Organization, Basis of
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. Organization MainStreet Bancshares, Inc. (the “Company”) is a bank holding company incorporated under the laws of the Commonwealth of Virginia whose primary activity is the ownership and management of MainStreet Bank (the “Bank”). On October 12, 2021, 1956, On April 18, 2019, 10 10” 12 1934. 2012, 2 1933, 12b 2. may The Company was approved to list shares of our common stock on the Nasdaq Capital Market under our current symbol “MNSB” as of April 22, 2019. September 16, 2020. 1/40 th The Bank is headquartered in Fairfax, Virginia where it also operates a branch. The Bank was incorporated on March 28, 2003, March 16, 2004. May 26, 2004, In September 2021, January 2022, On October 25, 2021, second 2024. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10 not The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2023 10 March 20, 2024. three March 31, 2024 not may December 31, 2024 Use of estimates The Company’s critical accounting policies relate to ( 1 2 3 Recently Adopted Accounting Developments FASB Accounting Standards Update No. 2023 02, 323 2023 02" On March 29, 2023, 2023 02 2023 02 December 15, 2023, January 1, 2024, 2023 02 not Impact of Recently Issued Accounting Pronouncements In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 In March 2024, 2024 02, not December 15, 2024. first first not 2024 02 In March 2024, 2024 01, 718 718. December 15, 2024, not 2024 01 |
Note 2 - Investment Securities
Note 2 - Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 2. The following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2024 December 31, 2023 not March 31, 2024 December 31, 2023 Investment securities available-for-sale was comprised of the following: March 31, 2024 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 23,026 $ — $ (4,254 ) $ 18,772 Subordinated Debt 9,970 — (1,469 ) 8,501 Municipal Securities: Taxable 10,643 — (2,352 ) 8,291 Tax-exempt 22,630 13 (2,206 ) 20,437 U.S. Governmental Agencies 2,728 2 (32 ) 2,698 Total $ 68,997 $ 15 $ (10,313 ) $ 58,699 Investment securities held-to-maturity was comprised of the following: March 31, 2024 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities: Tax-exempt $ 14,751 $ 5 $ (198 ) $ 14,558 Subordinated Debt 2,500 — (15 ) 2,485 Total $ 17,251 $ 5 $ (213 ) $ 17,043 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 Credit Quality Indicators and Allowance for Credit Losses - HTM For HTM securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis using security-level credit ratings. The Company’s HTM securities ACL was immaterial at March 31, 2024 December 31, 2023 The following table presents the amortized cost of HTM securities as of March 31, 2024 December 31, 2023 (Dollars in thousands) Municipal Securities Subordinated Debt Total HTM securities March 31, 2024 Credit Rating: AAA/AA/A $ 14,751 $ — $ 14,751 Not Rated - Non Agency — 2,500 2,500 Total $ 14,751 $ 2,500 $ 17,251 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 As of March 31, 2024 December 31, 2023 no 30 no March 31, 2024 December 31, 2023 The scheduled maturities of securities available-for-sale and held-to-maturity at March 31, 2024 March 31, 2024 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 687 $ 679 Due from one to five years 1,000 976 2,957 2,927 Due from after five to ten years 13,948 12,160 7,209 7,143 Due after ten years 54,049 45,563 6,398 6,294 Total $ 68,997 $ 58,699 $ 17,251 $ 17,043 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 $15.5 million and $16.1 million were pledged at March 31, 2024 December 31, 2023 The following tables summarize the unrealized loss positions of securities available-for-sale as of March 31, 2024 December 31, 2023 March 31, 2024 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ 72 $ (1 ) $ 18,677 $ (4,253 ) $ 18,749 $ (4,254 ) Subordinated Debt — — 7,751 (1,469 ) 7,751 (1,469 ) Municipal securities: Taxable — — 8,290 (2,352 ) 8,290 (2,352 ) Tax-exempt 643 (4 ) 17,222 (2,202 ) 17,865 (2,206 ) U.S Governmental Agencies 1,430 — 683 (32 ) 2,113 (32 ) Total $ 2,145 $ (5 ) $ 52,623 $ (10,308 ) $ 54,768 $ (10,313 ) December 31, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ — $ — $ 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 Government Agencies 1,515 (1 ) 845 (37 ) 2,360 (38 ) Total $ 3,501 $ (35 ) $ 52,819 $ (9,728 ) $ 56,320 $ (9,763 ) Unrealized losses on each of the major categories of securities have not not At March 31, 2024 one 12 twenty-three 12 March 31, 2024 twenty-one 12 March 31, 2024 two 12 twenty-eight 12 March 31, 2024 eleven 12 March 31, 2024 one 12 six 12 Certain municipal securities originally purchased as available for sale were transferred to held to maturity during 2013. December 31, 2023. The Company periodically invests in New Market Tax Credit opportunities, related primarily to certain community development projects. The Company receives tax credits related to these investments, for which the Company typically acts as a limited partner and therefore does not January 1, 2024, |
Note 3 - Loans Receivable
Note 3 - Loans Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3. Loans receivable were comprised of the following: (Dollars in thousands) March 31, 2024 December 31, 2023 Residential Real Estate: Single family $ 209,272 $ 203,417 Multifamily 242,577 271,040 Farmland 142 145 Commercial Real Estate: Owner-occupied 318,470 282,052 Non-owner occupied 494,917 461,775 Construction and Land Development 408,903 429,637 Commercial – Non Real-Estate: Commercial & Industrial 71,822 75,415 Consumer – Non Real-Estate: Unsecured 339 271 Secured 2,563 3,339 Total Gross Loans 1,749,005 1,727,091 Less: unearned fees, net (5,364 ) (5,448 ) Less: allowance for credit losses - loans (16,531 ) (16,506 ) Net Loans $ 1,727,110 $ 1,705,137 The unsecured consumer loans above include $339,000 and $271,000 of overdrafts reclassified as loans at March 31, 2024 December 31, 2023 The following tables present the amortized cost basis by segments of the loan portfolio summarized by aging categories as of March 31, 2024 December 31, 2023 March 31, 2024 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due and Still Accruing Nonaccrual Current Total Loans Receivable Residential Real Estate: Single Family $ — $ 1,273 $ — $ 149 $ 207,850 $ 209,272 Multifamily — — — — 242,577 242,577 Farmland — — — — 142 142 Commercial Real Estate: Owner occupied — — — — 318,470 318,470 Non-owner occupied — — — — 494,917 494,917 Construction & Land Development 2,228 350 — 8,272 398,053 408,903 Commercial – Non Real Estate: Commercial & Industrial — — — 842 70,980 71,822 Consumer – Non Real Estate: Unsecured — — — — 339 339 Secured — — — — 2,563 2,563 Total $ 2,228 $ 1,623 $ — $ 9,263 $ 1,735,891 $ 1,749,005 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 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 The following tables summarize the activity in the allowance for credit losses on loans by loan class for the three March 31, 2024 2023 Allowance for Credit Losses By Portfolio Segment Real Estate For the three months ended March 31, 2024 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 2,594 $ 8,888 $ 3,575 $ 1,435 $ 14 $ 16,506 Charge-offs (132 ) — — — (9 ) (141 ) Recoveries — — — — 2 2 Provision for (recovery of) credit losses 6 860 (248 ) (466 ) 12 164 Ending Balance $ 2,468 $ 9,748 $ 3,327 $ 969 $ 19 $ 16,531 Ending Balance: Real Estate For the three months ended March 31, 2023 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 Impact of adopting ASC 326 59 614 19 172 31 895 Recoveries 8 — — — 3 11 Provision for (recovery of) credit losses (18 ) 475 181 (170 ) (53 ) 415 Ending Balance $ 2,195 $ 8,248 $ 3,547 $ 1,420 $ 25 $ 15,435 The following table is a summary of the Company's nonaccrual loans by major categories for the periods indicated. March 31, 2024 (Dollars in thousands) Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Residential Real Estate: Single family $ 149 $ — $ 149 Construction and Land Development 8,272 — 8,272 Commercial and Industrial 842 — 842 Total $ 9,263 $ — $ 9,263 December 31, 2023 (Dollars in thousands) Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Residential Real Estate: Single family $ 149 $ — $ 149 Commercial and Industrial 851 — 851 Total $ 1,000 $ — $ 1,000 The following table represents the accrued interest receivables written off by reversing interest income during the three March 31, 2024 not three March 31, 2023 For the three months ended March 31, 2024 (Dollars in thousands) Residential Real Estate: Single family $ 8 Construction and Land Development 297 Commercial & Industrial 94 Total $ 399 The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: ● Residential real estate loans are typically secured by first second ● Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. ● Home equity lines of credit are generally secured by second ● Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no ● Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable, and other commercial property. (Dollars in thousands) March 31, 2024 Residential Real Estate: Single family $ 149 Construction and Land Development 10,850 Commercial and Industrial 842 Total $ 11,841 (Dollars in thousands) December 31, 2023 Residential Real Estate: Single family $ 346 Commercial Real Estate: Owner occupied 1,120 Commercial and industrial 851 Total $ 2,317 As of March 31, 2024 no 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 of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of loans and type of concession granted and describes the financial effect of the modifications made to borrowers experiencing financial difficulty for the three March 31, 2024 not three March 31, 2023. Term Extension (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Residential Real Estate: Single family $ 364 0.2 % Deferred loan payment for three months Construction & Land Development 12,057 2.9 % Extended term on interest only payments for six months Commercial & Industrial 743 1.0 % Extended term on interest only payments for three months Total $ 13,168 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, 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 Special Mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may not The following tables summarize the amortized cost basis by aggregate Pass and criticized categories of Special Mention and Substandard within the Company’s internal risk rating system by year of origination as of March 31, 2024 December 31, 2023 three March 31, 2024 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year March 31, 2024 (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans converted to term Total Residential Real Estate - Single Family Pass $ 1,511 $ 47,593 $ 24,429 $ 23,676 $ 36,816 $ 40,496 $ 30,191 $ — $ 204,712 Special Mention — — — — — — — — — Substandard — — — 3,576 835 — 149 — 4,560 Total Residential Real Estate - Single Family $ 1,511 $ 47,593 $ 24,429 $ 27,252 $ 37,651 $ 40,496 $ 30,340 $ — $ 209,272 Current period gross charge-offs $ — $ — $ — $ — $ — $ 132 $ — $ — $ 132 Residential Real Estate - Multifamily Pass $ 2,671 $ 28,346 $ 56,314 $ 56,885 $ 40,352 $ 36,923 $ 21,086 $ — $ 242,577 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential Real Estate - Multifamily $ 2,671 $ 28,346 $ 56,314 $ 56,885 $ 40,352 $ 36,923 $ 21,086 $ — $ 242,577 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 142 $ — $ — $ 142 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 142 $ — $ — $ 142 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Owner Occupied Pass $ 2,942 $ 68,176 $ 71,332 $ 42,121 $ 39,332 $ 75,466 $ 19,101 $ — $ 318,470 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Commercial Real Estate - Owner Occupied $ 2,942 $ 68,176 $ 71,332 $ 42,121 $ 39,332 $ 75,466 $ 19,101 $ — $ 318,470 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 16,951 $ 22,976 $ 131,891 $ 52,062 $ 47,381 $ 178,020 $ 29,671 $ — $ 478,952 Special Mention — — — — 15,965 — — — 15,965 Substandard — — — — — — — — — Total Commercial Real Estate - Non-Owner Occupied $ 16,951 $ 22,976 $ 131,891 $ 52,062 $ 63,346 $ 178,020 $ 29,671 $ — $ 494,917 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & Land Development Pass $ — $ 8,256 $ 22,406 $ 14,754 $ 2,452 $ 7,874 $ 342,311 $ — $ 398,053 Special Mention — — — — — — — — — Substandard — 1,124 1,454 — 8,272 — — — 10,850 Total Construction & Land Development $ — $ 9,380 $ 23,860 $ 14,754 $ 10,724 $ 7,874 $ 342,311 $ — $ 408,903 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 690 $ 9,213 $ 5,092 $ 9,895 $ 3,081 $ 10,157 $ 28,042 $ — $ 66,170 Special Mention — — — — — — — — — Substandard — — — 663 — 1,968 3,021 — 5,652 Total Commercial & Industrial $ 690 $ 9,213 $ 5,092 $ 10,558 $ 3,081 $ 12,125 $ 31,063 $ — $ 71,822 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 339 $ — $ 339 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 339 $ — $ 339 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Secured Pass $ 85 $ 52 $ 237 $ — $ 37 $ 2,069 $ 83 $ — $ 2,563 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Secured $ 85 $ 52 $ 237 $ — $ 37 $ 2,069 $ 83 $ — $ 2,563 Current period gross charge-offs $ — $ — $ — $ — $ — $ 3 $ 6 $ — $ 9 Total Pass $ 24,850 $ 184,612 $ 311,701 $ 199,393 $ 169,451 $ 351,147 $ 470,824 $ — $ 1,711,978 Special Mention — — — — 15,965 — — — 15,965 Substandard — 1,124 1,454 4,239 9,107 1,968 3,170 — 21,062 Total $ 24,850 $ 185,736 $ 313,155 $ 203,632 $ 194,523 $ 353,115 $ 473,994 $ — $ 1,749,005 Current period gross charge-offs $ — $ — $ — $ — $ — $ 135 $ 6 $ — $ 141 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans converted to term Total Residential Real Estate - Single Family Pass $ 50,101 $ 17,502 $ 26,434 $ 34,453 $ 20,610 $ 20,542 $ 33,217 $ — $ 202,859 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Multifamily Pass $ 28,346 $ 81,180 $ 60,156 $ 39,286 $ 27,270 $ 10,797 $ 24,005 $ — $ 271,040 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 145 $ — $ — $ 145 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 145 $ — $ — $ 145 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Owner Occupied Pass $ 70,476 $ 55,222 $ 43,576 $ 39,621 $ 32,044 $ 37,360 $ 2,633 $ — $ 280,932 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 23,091 $ 101,617 $ 51,291 $ 48,692 $ 30,595 $ 150,629 $ 32,122 $ — $ 438,037 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & Land Development Pass $ 6,416 $ 32,544 $ 13,612 $ 2,455 $ — $ 8,118 $ 355,689 $ — $ 418,834 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 10,150 $ 5,271 $ 13,530 $ 3,495 $ 1,230 $ 10,466 $ 27,299 $ — $ 71,441 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 charge-offs $ — $ — $ — $ — $ 261 $ 201 $ — $ — $ 462 Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 271 $ — $ 271 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 271 $ — $ 271 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Secured Pass $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ — $ 3,339 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Secured $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ — $ 3,339 Current period gross charge-offs $ — $ — $ — $ — $ — $ 6 $ — $ — $ 6 Total Pass $ 188,635 $ 293,588 $ 208,602 $ 168,053 $ 113,149 $ 239,554 $ 475,317 $ — $ 1,686,898 Special Mention — — — 16,000 — — 2,997 — 18,997 Substandard — 1,454 — — 9,803 353 9,586 — 21,196 Total $ 188,635 $ 295,042 $ 208,602 $ 184,053 $ 122,952 $ 239,907 $ 487,900 $ — $ 1,727,091 Current period gross charge-offs $ — $ — $ — $ — $ 261 $ 207 $ — $ — $ 468 Unfunded Commitments The Company maintains an allowance for credit losses on off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not three March 31, 2024 2023 (Dollars in thousands) Total Allowance for Credit Losses on Off-Balance Sheet Credit Exposure Balance, December 31, 2023 $ 1,009 Recovery of off-balance sheet credit losses, net (359 ) Balance, March 31, 2024 $ 650 (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 (132 ) Balance, March 31, 2023 $ 1,178 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 4. The carrying amount of computer software developed was $15.7 million and $14.7 million at March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 As of March 31, 2024 As of December 31, 2023 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Computer software $ 15,691 $ — $ 14,657 $ — Total $ 15,691 $ — $ 14,657 $ — The Company is still in the development stage of computer software where costs are capitalized. Capitalization ceases when the software is substantially complete and ready for its intended use. At that time the intangible asset will be amortized on a straight-line basis over the estimated useful life of the asset. As of March 31, 2024 not ten second 2024. |
Note 5 - Derivatives and Risk M
Note 5 - Derivatives and Risk Management Activities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 5. The Company uses derivative financial instruments (“derivatives”) primarily to assist customers with their risk management objectives. The Company classifies these items as free standing derivatives consisting of customer accommodation interest rate loan swaps (“interest rate loan swaps”). The Company enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Company simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Company receives a floating rate. These back-to-back interest rate loan swaps qualify as financial derivatives with fair values reported in “Other assets” and “Other liabilities” in the consolidated financial statements. Changes in fair value are recorded in other noninterest expense and net to zero The following tables summarize key elements of the Company’s derivative instruments as of March 31, 2024 December 31, 2023 March 31, 2024 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 220,939 41 $ — $ 22,374 $ — Matched interest rate swap with counterparty $ 220,939 41 $ 22,374 $ — $ — December 31, 2023 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of 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 $ — $ — The Company is able to recognize fee income upon execution of the interest rate swap contract. The Company did not three March 31, 2024 2023 |
Note 6 - Fair Value Presentatio
Note 6 - Fair Value Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. In accordance with FASB ASC 820, no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not may In accordance with the guidance, a hierarchy of valuation techniques is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Bank’s market assumptions. The three 820 two Level 1 Level 2 Level 3 one The following describes the valuation techniques used by the Bank to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1 not may 2 3 March 31, 2024 December 31, 2023 2 one 3. Derivative asset (liability) interest rate swaps on loans As discussed in “Note 5: third 2. The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of March 31, 2024 December 31, 2023 March 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 18,772 $ — $ 18,772 Subordinated Debt — 8,251 250 8,501 Municipal Securities: Taxable — 8,291 — 8,291 Tax-exempt — 20,437 — 20,437 U.S. Government Agencies — 2,698 — 2,698 Derivative asset – interest rate swap on loans — 22,374 — 22,374 Total $ — $ 80,823 $ 250 $ 81,073 Liabilities: Derivative liability – interest rate swap on loans $ — $ 22,374 $ — $ 22,374 Total $ — $ 22,374 $ — $ 22,374 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 During the three March 31, 2024 no three Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The Company did not March 31, 2024 December 31, 2023 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 March 31, 2024 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 $ 124,741 $ 124,741 $ 124,741 $ — $ — Securities: Available for sale 58,699 58,699 — 58,449 250 Held to maturity 17,251 17,043 — 17,043 — Restricted securities 23,924 23,924 — 23,924 — Loans, net 1,727,110 1,719,301 — — 1,719,301 Derivative asset – interest rate swap on loans 22,374 22,374 — 22,374 — Bank owned life insurance 38,609 38,609 — 38,609 — Accrued interest receivable 9,978 9,978 — 9,978 — Liabilities: Deposits $ 1,732,735 $ 1,732,891 $ — $ 1,007,215 $ 725,676 Subordinated debt, net 72,741 69,860 — 69,860 — Derivative liability – interest rate swaps on loans 22,374 22,374 — 22,374 — Accrued interest payable 3,008 3,008 — 3,008 — 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 — 59,678 250 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 — The above information should not may not third may not no March 31, 2024 December 31, 2023 |
Note 7 - Earnings Per Common Sh
Note 7 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7. Basic earnings per common share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock which then shared in the earnings of the Company. There were no 2024 2023 The weighted average number of shares used in the calculation of basic and diluted earnings per common share includes unvested restricted shares of the Company’s common stock outstanding. Applicable guidance requires that outstanding un-vested share-based payment awards that contain voting rights and rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. For the Three Months Ended March 31, (Dollars in thousands, except for share and per share data) 2024 2023 Net income $ 3,305 $ 8,151 Preferred stock dividends (539 ) (539 ) Net income available to common shareholders $ 2,766 $ 7,612 Weighted average number of common shares issued, basic and diluted 7,611,990 7,517,213 Earnings per common share: Basic and diluted earnings per common share $ 0.36 $ 1.01 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8. The following table presents the cumulative balances of the components of accumulated other comprehensive loss, net of deferred taxes, as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Unrealized loss on investment securities available-for-sale $ (10,298 ) $ (9,737 ) Unrealized loss on securities transferred to HTM — (6 ) Tax benefit 2,368 2,265 Total accumulated other comprehensive loss $ (7,930 ) $ (7,478 ) |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9. Right-of-use assets and lease liabilities are included in other assets and other liabilities, respectively, in the Consolidated Statements of Financial Condition. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. The incremental borrowing rate was equal to the rate of borrowing from the FHLB that aligned with the term of the lease contract. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs, and any incentives received from the lessor. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not no Cash paid for amounts included in the measurement of lease liabilities during the three March 31, 2024 2023 three March 31, 2024 2023 As of March 31, As of December 31, (Dollars in thousands) 2024 2023 Lease liabilities $ 6,842 $ 6,902 Right-of-use assets 6,143 6,211 Weighted-average remaining lease term – operating leases (in months). 152.6 155.9 Weighted-average discount rate – operating leases 2.82 % 2.80 % For the three months For the three months (Dollars in thousands) 2024 2023 Lease Cost Operating lease cost $ 171 $ 121 Total lease costs $ 171 $ 121 Cash paid for amounts included in measurement of lease liabilities $ 163 $ 111 The Company is the lessor for three two twelve not no As of March 31, 2024 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 March 31, 2024 (Dollars in thousands) 2024 $ 616 2025 691 2026 709 2027 587 2028 594 Thereafter 4,363 Total undiscounted cash flows $ 7,560 Discount (718 ) Lease liabilities $ 6,842 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | OTHER |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2024 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Collateralized Mortgage Backed $ 23,026 $ — $ (4,254 ) $ 18,772 Subordinated Debt 9,970 — (1,469 ) 8,501 Municipal Securities: Taxable 10,643 — (2,352 ) 8,291 Tax-exempt 22,630 13 (2,206 ) 20,437 U.S. Governmental Agencies 2,728 2 (32 ) 2,698 Total $ 68,997 $ 15 $ (10,313 ) $ 58,699 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 |
Debt Securities, Held-to-Maturity [Table Text Block] | March 31, 2024 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal Securities: Tax-exempt $ 14,751 $ 5 $ (198 ) $ 14,558 Subordinated Debt 2,500 — (15 ) 2,485 Total $ 17,251 $ 5 $ (213 ) $ 17,043 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 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | (Dollars in thousands) Municipal Securities Subordinated Debt Total HTM securities March 31, 2024 Credit Rating: AAA/AA/A $ 14,751 $ — $ 14,751 Not Rated - Non Agency — 2,500 2,500 Total $ 14,751 $ 2,500 $ 17,251 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2024 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 687 $ 679 Due from one to five years 1,000 976 2,957 2,927 Due from after five to ten years 13,948 12,160 7,209 7,143 Due after ten years 54,049 45,563 6,398 6,294 Total $ 68,997 $ 58,699 $ 17,251 $ 17,043 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] | March 31, 2024 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ 72 $ (1 ) $ 18,677 $ (4,253 ) $ 18,749 $ (4,254 ) Subordinated Debt — — 7,751 (1,469 ) 7,751 (1,469 ) Municipal securities: Taxable — — 8,290 (2,352 ) 8,290 (2,352 ) Tax-exempt 643 (4 ) 17,222 (2,202 ) 17,865 (2,206 ) U.S Governmental Agencies 1,430 — 683 (32 ) 2,113 (32 ) Total $ 2,145 $ (5 ) $ 52,623 $ (10,308 ) $ 54,768 $ (10,313 ) December 31, 2023 Less than 12 Months 12 Months or Longer Total (Dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available-for-sale: Collateralized Mortgage Backed $ — $ — $ 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 Government Agencies 1,515 (1 ) 845 (37 ) 2,360 (38 ) Total $ 3,501 $ (35 ) $ 52,819 $ (9,728 ) $ 56,320 $ (9,763 ) |
Note 3 - Loans Receivable (Tabl
Note 3 - Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollars in thousands) March 31, 2024 December 31, 2023 Residential Real Estate: Single family $ 209,272 $ 203,417 Multifamily 242,577 271,040 Farmland 142 145 Commercial Real Estate: Owner-occupied 318,470 282,052 Non-owner occupied 494,917 461,775 Construction and Land Development 408,903 429,637 Commercial – Non Real-Estate: Commercial & Industrial 71,822 75,415 Consumer – Non Real-Estate: Unsecured 339 271 Secured 2,563 3,339 Total Gross Loans 1,749,005 1,727,091 Less: unearned fees, net (5,364 ) (5,448 ) Less: allowance for credit losses - loans (16,531 ) (16,506 ) Net Loans $ 1,727,110 $ 1,705,137 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2024 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due and Still Accruing Nonaccrual Current Total Loans Receivable Residential Real Estate: Single Family $ — $ 1,273 $ — $ 149 $ 207,850 $ 209,272 Multifamily — — — — 242,577 242,577 Farmland — — — — 142 142 Commercial Real Estate: Owner occupied — — — — 318,470 318,470 Non-owner occupied — — — — 494,917 494,917 Construction & Land Development 2,228 350 — 8,272 398,053 408,903 Commercial – Non Real Estate: Commercial & Industrial — — — 842 70,980 71,822 Consumer – Non Real Estate: Unsecured — — — — 339 339 Secured — — — — 2,563 2,563 Total $ 2,228 $ 1,623 $ — $ 9,263 $ 1,735,891 $ 1,749,005 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 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 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate For the three months ended March 31, 2024 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 2,594 $ 8,888 $ 3,575 $ 1,435 $ 14 $ 16,506 Charge-offs (132 ) — — — (9 ) (141 ) Recoveries — — — — 2 2 Provision for (recovery of) credit losses 6 860 (248 ) (466 ) 12 164 Ending Balance $ 2,468 $ 9,748 $ 3,327 $ 969 $ 19 $ 16,531 Ending Balance: Real Estate For the three months ended March 31, 2023 Residential Commercial Construction Commercial Consumer Total (Dollars in thousands) Beginning Balance $ 2,146 $ 7,159 $ 3,347 $ 1,418 $ 44 $ 14,114 Impact of adopting ASC 326 59 614 19 172 31 895 Recoveries 8 — — — 3 11 Provision for (recovery of) credit losses (18 ) 475 181 (170 ) (53 ) 415 Ending Balance $ 2,195 $ 8,248 $ 3,547 $ 1,420 $ 25 $ 15,435 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2024 (Dollars in thousands) Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Residential Real Estate: Single family $ 149 $ — $ 149 Construction and Land Development 8,272 — 8,272 Commercial and Industrial 842 — 842 Total $ 9,263 $ — $ 9,263 December 31, 2023 (Dollars in thousands) Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Residential Real Estate: Single family $ 149 $ — $ 149 Commercial and Industrial 851 — 851 Total $ 1,000 $ — $ 1,000 |
Financing Receivable, Accrued Interest, Writeoff [Table Text Block] | For the three months ended March 31, 2024 (Dollars in thousands) Residential Real Estate: Single family $ 8 Construction and Land Development 297 Commercial & Industrial 94 Total $ 399 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | (Dollars in thousands) March 31, 2024 Residential Real Estate: Single family $ 149 Construction and Land Development 10,850 Commercial and Industrial 842 Total $ 11,841 (Dollars in thousands) December 31, 2023 Residential Real Estate: Single family $ 346 Commercial Real Estate: Owner occupied 1,120 Commercial and industrial 851 Total $ 2,317 |
Financing Receivable, Modified [Table Text Block] | Term Extension (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Residential Real Estate: Single family $ 364 0.2 % Deferred loan payment for three months Construction & Land Development 12,057 2.9 % Extended term on interest only payments for six months Commercial & Industrial 743 1.0 % Extended term on interest only payments for three months Total $ 13,168 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Year March 31, 2024 (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans converted to term Total Residential Real Estate - Single Family Pass $ 1,511 $ 47,593 $ 24,429 $ 23,676 $ 36,816 $ 40,496 $ 30,191 $ — $ 204,712 Special Mention — — — — — — — — — Substandard — — — 3,576 835 — 149 — 4,560 Total Residential Real Estate - Single Family $ 1,511 $ 47,593 $ 24,429 $ 27,252 $ 37,651 $ 40,496 $ 30,340 $ — $ 209,272 Current period gross charge-offs $ — $ — $ — $ — $ — $ 132 $ — $ — $ 132 Residential Real Estate - Multifamily Pass $ 2,671 $ 28,346 $ 56,314 $ 56,885 $ 40,352 $ 36,923 $ 21,086 $ — $ 242,577 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential Real Estate - Multifamily $ 2,671 $ 28,346 $ 56,314 $ 56,885 $ 40,352 $ 36,923 $ 21,086 $ — $ 242,577 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 142 $ — $ — $ 142 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 142 $ — $ — $ 142 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Owner Occupied Pass $ 2,942 $ 68,176 $ 71,332 $ 42,121 $ 39,332 $ 75,466 $ 19,101 $ — $ 318,470 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Commercial Real Estate - Owner Occupied $ 2,942 $ 68,176 $ 71,332 $ 42,121 $ 39,332 $ 75,466 $ 19,101 $ — $ 318,470 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 16,951 $ 22,976 $ 131,891 $ 52,062 $ 47,381 $ 178,020 $ 29,671 $ — $ 478,952 Special Mention — — — — 15,965 — — — 15,965 Substandard — — — — — — — — — Total Commercial Real Estate - Non-Owner Occupied $ 16,951 $ 22,976 $ 131,891 $ 52,062 $ 63,346 $ 178,020 $ 29,671 $ — $ 494,917 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & Land Development Pass $ — $ 8,256 $ 22,406 $ 14,754 $ 2,452 $ 7,874 $ 342,311 $ — $ 398,053 Special Mention — — — — — — — — — Substandard — 1,124 1,454 — 8,272 — — — 10,850 Total Construction & Land Development $ — $ 9,380 $ 23,860 $ 14,754 $ 10,724 $ 7,874 $ 342,311 $ — $ 408,903 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 690 $ 9,213 $ 5,092 $ 9,895 $ 3,081 $ 10,157 $ 28,042 $ — $ 66,170 Special Mention — — — — — — — — — Substandard — — — 663 — 1,968 3,021 — 5,652 Total Commercial & Industrial $ 690 $ 9,213 $ 5,092 $ 10,558 $ 3,081 $ 12,125 $ 31,063 $ — $ 71,822 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 339 $ — $ 339 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 339 $ — $ 339 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Secured Pass $ 85 $ 52 $ 237 $ — $ 37 $ 2,069 $ 83 $ — $ 2,563 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Secured $ 85 $ 52 $ 237 $ — $ 37 $ 2,069 $ 83 $ — $ 2,563 Current period gross charge-offs $ — $ — $ — $ — $ — $ 3 $ 6 $ — $ 9 Total Pass $ 24,850 $ 184,612 $ 311,701 $ 199,393 $ 169,451 $ 351,147 $ 470,824 $ — $ 1,711,978 Special Mention — — — — 15,965 — — — 15,965 Substandard — 1,124 1,454 4,239 9,107 1,968 3,170 — 21,062 Total $ 24,850 $ 185,736 $ 313,155 $ 203,632 $ 194,523 $ 353,115 $ 473,994 $ — $ 1,749,005 Current period gross charge-offs $ — $ — $ — $ — $ — $ 135 $ 6 $ — $ 141 Term Loans Amortized Cost Basis by Origination Year December 31, 2023 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans converted to term Total Residential Real Estate - Single Family Pass $ 50,101 $ 17,502 $ 26,434 $ 34,453 $ 20,610 $ 20,542 $ 33,217 $ — $ 202,859 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Multifamily Pass $ 28,346 $ 81,180 $ 60,156 $ 39,286 $ 27,270 $ 10,797 $ 24,005 $ — $ 271,040 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential Real Estate - Farmland Pass $ — $ — $ — $ — $ — $ 145 $ — $ — $ 145 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Residential Real Estate - Farmland $ — $ — $ — $ — $ — $ 145 $ — $ — $ 145 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Owner Occupied Pass $ 70,476 $ 55,222 $ 43,576 $ 39,621 $ 32,044 $ 37,360 $ 2,633 $ — $ 280,932 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Non-Owner Occupied Pass $ 23,091 $ 101,617 $ 51,291 $ 48,692 $ 30,595 $ 150,629 $ 32,122 $ — $ 438,037 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & Land Development Pass $ 6,416 $ 32,544 $ 13,612 $ 2,455 $ — $ 8,118 $ 355,689 $ — $ 418,834 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 charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 10,150 $ 5,271 $ 13,530 $ 3,495 $ 1,230 $ 10,466 $ 27,299 $ — $ 71,441 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 charge-offs $ — $ — $ — $ — $ 261 $ 201 $ — $ — $ 462 Consumer - Unsecured Pass $ — $ — $ — $ — $ — $ — $ 271 $ — $ 271 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Unsecured $ — $ — $ — $ — $ — $ — $ 271 $ — $ 271 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer - Secured Pass $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ — $ 3,339 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total Consumer - Secured $ 55 $ 252 $ 3 $ 51 $ 1,400 $ 1,497 $ 81 $ — $ 3,339 Current period gross charge-offs $ — $ — $ — $ — $ — $ 6 $ — $ — $ 6 Total Pass $ 188,635 $ 293,588 $ 208,602 $ 168,053 $ 113,149 $ 239,554 $ 475,317 $ — $ 1,686,898 Special Mention — — — 16,000 — — 2,997 — 18,997 Substandard — 1,454 — — 9,803 353 9,586 — 21,196 Total $ 188,635 $ 295,042 $ 208,602 $ 184,053 $ 122,952 $ 239,907 $ 487,900 $ — $ 1,727,091 Current period gross charge-offs $ — $ — $ — $ — $ 261 $ 207 $ — $ — $ 468 |
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, 2023 $ 1,009 Recovery of off-balance sheet credit losses, net (359 ) Balance, March 31, 2024 $ 650 (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 (132 ) Balance, March 31, 2023 $ 1,178 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of March 31, 2024 As of December 31, 2023 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Computer software $ 15,691 $ — $ 14,657 $ — Total $ 15,691 $ — $ 14,657 $ — |
Note 5 - Derivatives and Risk_2
Note 5 - Derivatives and Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | March 31, 2024 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of Positions Assets Liabilities Collateral Pledges Matched interest rate swap with borrower $ 220,939 41 $ — $ 22,374 $ — Matched interest rate swap with counterparty $ 220,939 41 $ 22,374 $ — $ — December 31, 2023 Customer-related interest rate contracts Dollars in thousands) Notional Amount Number of 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 $ — $ — |
Note 6 - Fair Value Presentat_2
Note 6 - Fair Value Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Collateralized Mortgage Backed $ — $ 18,772 $ — $ 18,772 Subordinated Debt — 8,251 250 8,501 Municipal Securities: Taxable — 8,291 — 8,291 Tax-exempt — 20,437 — 20,437 U.S. Government Agencies — 2,698 — 2,698 Derivative asset – interest rate swap on loans — 22,374 — 22,374 Total $ — $ 80,823 $ 250 $ 81,073 Liabilities: Derivative liability – interest rate swap on loans $ — $ 22,374 $ — $ 22,374 Total $ — $ 22,374 $ — $ 22,374 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 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 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 $ 124,741 $ 124,741 $ 124,741 $ — $ — Securities: Available for sale 58,699 58,699 — 58,449 250 Held to maturity 17,251 17,043 — 17,043 — Restricted securities 23,924 23,924 — 23,924 — Loans, net 1,727,110 1,719,301 — — 1,719,301 Derivative asset – interest rate swap on loans 22,374 22,374 — 22,374 — Bank owned life insurance 38,609 38,609 — 38,609 — Accrued interest receivable 9,978 9,978 — 9,978 — Liabilities: Deposits $ 1,732,735 $ 1,732,891 $ — $ 1,007,215 $ 725,676 Subordinated debt, net 72,741 69,860 — 69,860 — Derivative liability – interest rate swaps on loans 22,374 22,374 — 22,374 — Accrued interest payable 3,008 3,008 — 3,008 — 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 — 59,678 250 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 — |
Note 7 - Earnings Per Common _2
Note 7 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, (Dollars in thousands, except for share and per share data) 2024 2023 Net income $ 3,305 $ 8,151 Preferred stock dividends (539 ) (539 ) Net income available to common shareholders $ 2,766 $ 7,612 Weighted average number of common shares issued, basic and diluted 7,611,990 7,517,213 Earnings per common share: Basic and diluted earnings per common share $ 0.36 $ 1.01 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, 2024 December 31, 2023 Unrealized loss on investment securities available-for-sale $ (10,298 ) $ (9,737 ) Unrealized loss on securities transferred to HTM — (6 ) Tax benefit 2,368 2,265 Total accumulated other comprehensive loss $ (7,930 ) $ (7,478 ) |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | As of March 31, As of December 31, (Dollars in thousands) 2024 2023 Lease liabilities $ 6,842 $ 6,902 Right-of-use assets 6,143 6,211 Weighted-average remaining lease term – operating leases (in months). 152.6 155.9 Weighted-average discount rate – operating leases 2.82 % 2.80 % For the three months For the three months (Dollars in thousands) 2024 2023 Lease Cost Operating lease cost $ 171 $ 121 Total lease costs $ 171 $ 121 Cash paid for amounts included in measurement of lease liabilities $ 163 $ 111 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (Dollars in thousands) 2024 $ 616 2025 691 2026 709 2027 587 2028 594 Thereafter 4,363 Total undiscounted cash flows $ 7,560 Discount (718 ) Lease liabilities $ 6,842 |
Note 1 - Organization, Basis _2
Note 1 - Organization, Basis of Presentation and Impact of Recently Issued Accounting Pronouncements (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 $ / shares shares | Dec. 31, 2023 $ / shares shares | ||
Common Stock, Shares Authorized (in 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) | 2,000,000 | 2,000,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1 | $ 1 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 28,750 | 28,750 | |
Depositary Shares, Fractional Interest in Preferred Stock, Denominator | 40 | ||
Series A Fixed-rate Non-cumulative Perpetual Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||
[1]Derived from audited consolidated financial statements. |
Note 2 - Investment Securitie_2
Note 2 - Investment Securities (Details Textual) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 17,251,000 | $ 17,275,000 |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,145,000 | 3,501,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 52,623,000 | 52,819,000 |
Collateralized Mortgage-Backed 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 | $ 72,000 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 23 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 18,677,000 | 19,440,000 |
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 | 0 |
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 | $ 7,751,000 | 7,717,000 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 2 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 643,000 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 28 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 16,500,000 | |
Taxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | 0 |
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 | $ 8,290,000 | 8,307,000 |
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 | $ 1,430,000 | 1,515,000 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 6 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 683,000 | 845,000 |
Asset Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale, Restricted | 15,500,000 | 16,100,000 |
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 | $ 0 |
Note 2 - Investment Securitie_3
Note 2 - Investment Securities - Schedule of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Amortized cost, available-for-sale | $ 68,997 | $ 69,665 | |
Gross unrealized gains, available-for-sale | 15 | 26 | |
Gross unrealized losses, available-for-sale | (10,313) | (9,763) | |
Fair value, available-for-sale | 58,699 | 59,928 | [1] |
Collateralized Mortgage-Backed Securities [Member] | |||
Amortized cost, available-for-sale | 23,026 | 23,446 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (4,254) | (3,931) | |
Fair value, available-for-sale | 18,772 | 19,515 | |
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 | (1,469) | (1,503) | |
Fair value, available-for-sale | 8,501 | 8,467 | |
Taxable Municipal Bonds [Member] | |||
Amortized cost, available-for-sale | 10,643 | 10,649 | |
Gross unrealized gains, available-for-sale | 0 | 0 | |
Gross unrealized losses, available-for-sale | (2,352) | (2,342) | |
Fair value, available-for-sale | 8,291 | 8,307 | |
Nontaxable Municipal Bonds [Member] | |||
Amortized cost, available-for-sale | 22,630 | 22,668 | |
Gross unrealized gains, available-for-sale | 13 | 23 | |
Gross unrealized losses, available-for-sale | (2,206) | (1,949) | |
Fair value, available-for-sale | 20,437 | 20,742 | |
US Government Agencies Debt Securities [Member] | |||
Amortized cost, available-for-sale | 2,728 | 2,932 | |
Gross unrealized gains, available-for-sale | 2 | 3 | |
Gross unrealized losses, available-for-sale | (32) | (38) | |
Fair value, available-for-sale | $ 2,698 | $ 2,897 | |
[1]Derived from audited consolidated financial statements. |
Note 2 - Investment Securitie_4
Note 2 - Investment Securities - Schedule of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 17,251 | $ 17,275 |
Gross unrealized gains, held-to-maturity | 5 | 19 |
Gross unrealized losses, held-to-maturity | (213) | (131) |
Fair value, held-to-maturity | 17,043 | 17,163 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 14,751 | 14,775 |
Gross unrealized gains, held-to-maturity | 5 | 19 |
Gross unrealized losses, held-to-maturity | (198) | (121) |
Fair value, held-to-maturity | 14,558 | 14,673 |
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 | (15) | (10) |
Fair value, held-to-maturity | $ 2,485 | $ 2,490 |
Note 2 - Investment Securitie_5
Note 2 - Investment Securities - Schedule of Held-to-maturity Investment Securities with Credit Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Held-to-maturity, Amortized cost | $ 17,251 | $ 17,275 |
Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 14,751 | 14,775 |
Not Rated - Non Agency [Member] | ||
Held-to-maturity, Amortized cost | 2,500 | 2,500 |
Nontaxable Municipal Bonds [Member] | ||
Held-to-maturity, Amortized cost | 14,751 | 14,775 |
Nontaxable Municipal Bonds [Member] | Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 14,751 | 14,775 |
Nontaxable Municipal Bonds [Member] | Not Rated - Non Agency [Member] | ||
Held-to-maturity, Amortized cost | 0 | 0 |
Subordinated Debt [Member] | ||
Held-to-maturity, Amortized cost | 2,500 | 2,500 |
Subordinated Debt [Member] | Standard & Poor's, AAA Rating [Member] | ||
Held-to-maturity, Amortized cost | 0 | 0 |
Subordinated Debt [Member] | Not Rated - Non Agency [Member] | ||
Held-to-maturity, Amortized cost | $ 2,500 | $ 2,500 |
Note 2 - Investment Securitie_6
Note 2 - Investment Securities - Schedule of Maturities of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Due in one year or less, available-for-sale, amortized cost | $ 0 | $ 0 | |
Due in one year or less, available-for-sale, fair value | 0 | 0 | |
Due in one year or less, held-to-maturity, amortized cost | 687 | 318 | |
Due in one year or less, held-to-maturity, fair value | 679 | 315 | |
Due from one to five years, available-for-sale, amortized cost | 1,000 | 1,000 | |
Due from one to five years, available-for-sale, fair value | 976 | 976 | |
Due from one to five years, held-to-maturity, amortized cost | 2,957 | 3,325 | |
Due from one to five years, held-to-maturity, fair value | 2,927 | 3,314 | |
Due from after five to ten years, available-for-sale, amortized cost | 13,948 | 14,054 | |
Due from after five to ten years, available-for-sale, fair value | 12,160 | 12,222 | |
Due from after five to ten years, held-to-maturity, amortized cost | 7,209 | 7,218 | |
Due from after five to ten years, held-to-maturity, fair value | 7,143 | 7,188 | |
Due after ten years, available-for-sale, amortized cost | 54,049 | 54,611 | |
Due after ten years, available-for-sale, fair value | 45,563 | 46,730 | |
Due after ten years, held-to-maturity, amortized cost | 6,398 | 6,414 | |
Due after ten years, held-to-maturity, fair value | 6,294 | 6,346 | |
Total, available-for-sale, amortized cost | 68,997 | 69,665 | |
Total, available-for-sale, fair value | 58,699 | 59,928 | [1] |
Total, held-to-maturity, amortized cost | 17,251 | 17,275 | |
Total, held-to-maturity, fair value | $ 17,043 | $ 17,163 | |
[1]Derived from audited consolidated financial statements. |
Note 2 - Investment Securitie_7
Note 2 - Investment Securities - Summary of Unrealized Loss Positions (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale, less than 12 months, fair value | $ 2,145,000 | $ 3,501,000 |
Available-for-sale, less than 12 months, unrealized loss | (5,000) | (35,000) |
Available-for-sale, more than 12 months, fair value | 52,623,000 | 52,819,000 |
Available-for-sale, more than 12 months, unrealized loss | (10,308,000) | (9,728,000) |
Available-for-sale, fair value | 54,768,000 | 56,320,000 |
Available-for-sale, unrealized loss | (10,313,000) | (9,763,000) |
Available-for-sale, fair value | 54,768,000 | 56,320,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale, less than 12 months, fair value | 72,000 | 0 |
Available-for-sale, less than 12 months, unrealized loss | (1,000) | 0 |
Available-for-sale, more than 12 months, fair value | 18,677,000 | 19,440,000 |
Available-for-sale, more than 12 months, unrealized loss | (4,253,000) | (3,931,000) |
Available-for-sale, fair value | 18,749,000 | 19,440,000 |
Available-for-sale, unrealized loss | (4,254,000) | (3,931,000) |
Available-for-sale, fair value | 18,749,000 | 19,440,000 |
Subordinated Debt [Member] | ||
Available-for-sale, less than 12 months, fair value | 0 | 0 |
Available-for-sale, less than 12 months, unrealized loss | 0 | 0 |
Available-for-sale, more than 12 months, fair value | 7,751,000 | 7,717,000 |
Available-for-sale, more than 12 months, unrealized loss | (1,469,000) | (1,503,000) |
Available-for-sale, fair value | 7,751,000 | 7,717,000 |
Available-for-sale, unrealized loss | (1,469,000) | (1,503,000) |
Available-for-sale, fair value | 7,751,000 | 7,717,000 |
Taxable Municipal Bonds [Member] | ||
Available-for-sale, less than 12 months, fair value | 0 | 0 |
Available-for-sale, less than 12 months, unrealized loss | 0 | 0 |
Available-for-sale, more than 12 months, fair value | 8,290,000 | 8,307,000 |
Available-for-sale, more than 12 months, unrealized loss | (2,352,000) | (2,342,000) |
Available-for-sale, fair value | 8,290,000 | 8,307,000 |
Available-for-sale, unrealized loss | (2,352,000) | (2,342,000) |
Available-for-sale, fair value | 8,290,000 | 8,307,000 |
Nontaxable Municipal Bonds [Member] | ||
Available-for-sale, less than 12 months, fair value | 643,000 | 1,986,000 |
Available-for-sale, less than 12 months, unrealized loss | (4,000) | (34,000) |
Available-for-sale, more than 12 months, fair value | 17,222,000 | 16,510,000 |
Available-for-sale, more than 12 months, unrealized loss | (2,202,000) | (1,915,000) |
Available-for-sale, fair value | 17,865,000 | 18,496,000 |
Available-for-sale, unrealized loss | (2,206,000) | (1,949,000) |
Available-for-sale, fair value | 17,865,000 | 18,496,000 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale, less than 12 months, fair value | 1,430,000 | 1,515,000 |
Available-for-sale, less than 12 months, unrealized loss | 0 | (1,000) |
Available-for-sale, more than 12 months, fair value | 683,000 | 845,000 |
Available-for-sale, more than 12 months, unrealized loss | (32,000) | (37,000) |
Available-for-sale, fair value | 2,113,000 | 2,360,000 |
Available-for-sale, unrealized loss | (32,000) | (38,000) |
Available-for-sale, fair value | $ 2,113,000 | $ 2,360,000 |
Note 3 - Loans Receivable (Deta
Note 3 - Loans Receivable (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Deposit Liabilities Reclassified as Loans Receivable | $ 339,000 | $ 271,000 | |
Financing Receivable, Accrued Interest, Writeoff | 399,000 | $ 0 | |
Financing Receivable, Modified in Period, Amount | $ 0 | ||
Real Estate Loan [Member] | |||
Loans in Process of Foreclosure, Amount | $ 0 |
Note 3 - Loans Receivable - Sch
Note 3 - Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Total Gross Loans | $ 1,749,005 | $ 1,727,091 | ||
Less: unearned fees, net | (5,364) | (5,448) | ||
Less: allowance for credit losses - loans | (16,531) | (16,506) | $ (15,435) | $ (14,114) |
Net Loans | 1,727,110 | 1,705,137 | ||
Residential Portfolio Segment [Member] | ||||
Less: allowance for credit losses - loans | (2,468) | (2,594) | (2,195) | (2,146) |
Residential Portfolio Segment [Member] | Single Family [Member] | ||||
Total Gross Loans | 209,272 | 203,417 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | ||||
Total Gross Loans | 242,577 | 271,040 | ||
Residential Portfolio Segment [Member] | Farmland [Member] | ||||
Total Gross Loans | 142 | 145 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Less: allowance for credit losses - loans | (9,748) | (8,888) | (8,248) | (7,159) |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||||
Total Gross Loans | 318,470 | 282,052 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||
Total Gross Loans | 494,917 | 461,775 | ||
Construction and Land Development [Member] | ||||
Total Gross Loans | 408,903 | 429,637 | ||
Less: allowance for credit losses - loans | (3,327) | (3,575) | (3,547) | (3,347) |
Commercial Portfolio Segment [Member] | ||||
Less: allowance for credit losses - loans | (969) | (1,435) | (1,420) | (1,418) |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Total Gross Loans | 71,822 | 75,415 | ||
Consumer Portfolio Segment [Member] | ||||
Less: allowance for credit losses - loans | (19) | (14) | $ (25) | $ (44) |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||||
Total Gross Loans | 339 | 271 | ||
Consumer Portfolio Segment [Member] | Secured [Member] | ||||
Total Gross Loans | $ 2,563 | $ 3,339 |
Note 3 - Loans Receivable - Seg
Note 3 - Loans Receivable - Segments of the Loan Portfolio by Aging Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total Gross Loans | $ 1,749,005 | $ 1,727,091 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 2,228 | 25 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 1,623 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 4 |
Financial Asset, Past Due [Member] | ||
Total Gross Loans | 9,263 | 1,000 |
Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 1,735,891 | 1,726,062 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Total Gross Loans | 209,272 | 203,417 |
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 | 1,273 | 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 | 149 |
Residential Portfolio Segment [Member] | Single Family [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 207,850 | 203,268 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Total Gross Loans | 242,577 | 271,040 |
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 | 242,577 | 271,040 |
Residential Portfolio Segment [Member] | Farmland [Member] | ||
Total Gross Loans | 142 | 145 |
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 | 142 | 145 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Total Gross Loans | 318,470 | 282,052 |
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 | 318,470 | 282,052 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Total Gross Loans | 494,917 | 461,775 |
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 | 494,917 | 461,775 |
Construction and Land Development [Member] | ||
Total Gross Loans | 408,903 | 429,637 |
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 2,228 | 0 |
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 350 | 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 | 8,272 | 0 |
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 398,053 | 429,637 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total Gross Loans | 71,822 | 75,415 |
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 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | ||
Total Gross Loans | 842 | 851 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Total Gross Loans | 70,980 | 74,564 |
Consumer Portfolio Segment [Member] | Unsecured, Non Real Estate [Member] | ||
Total Gross Loans | 339 | 271 |
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 | 339 | 271 |
Consumer Portfolio Segment [Member] | Secured [Member] | ||
Total Gross Loans | 2,563 | 3,339 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total Gross Loans | 0 | 25 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Total Gross Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Secured [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Total Gross Loans | 0 | 4 |
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 | $ 2,563 | $ 3,310 |
Note 3 - Loans Receivable - Sum
Note 3 - Loans Receivable - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Beginning Balance | $ 16,506 | $ 14,114 | $ 14,114 |
Charge-offs | (141) | (468) | |
Recoveries | 2 | 11 | |
Provision For Credit Losses - Loans | 164 | 415 | |
Ending Balance | 16,531 | 15,435 | 16,506 |
Accounting Standards Update 2016-13 [Member] | |||
Beginning Balance | 895 | 895 | |
Residential Portfolio Segment [Member] | |||
Beginning Balance | 2,594 | 2,146 | 2,146 |
Charge-offs | (132) | ||
Recoveries | 0 | 8 | |
Provision For Credit Losses - Loans | 6 | (18) | |
Ending Balance | 2,468 | 2,195 | 2,594 |
Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning Balance | 59 | 59 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Beginning Balance | 8,888 | 7,159 | 7,159 |
Charge-offs | 0 | ||
Recoveries | 0 | 0 | |
Provision For Credit Losses - Loans | 860 | 475 | |
Ending Balance | 9,748 | 8,248 | 8,888 |
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning Balance | 614 | 614 | |
Construction and Land Development [Member] | |||
Beginning Balance | 3,575 | 3,347 | 3,347 |
Charge-offs | 0 | ||
Recoveries | 0 | 0 | |
Provision For Credit Losses - Loans | (248) | 181 | |
Ending Balance | 3,327 | 3,547 | 3,575 |
Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning Balance | 19 | 19 | |
Commercial Portfolio Segment [Member] | |||
Beginning Balance | 1,435 | 1,418 | 1,418 |
Charge-offs | 0 | ||
Recoveries | 0 | 0 | |
Provision For Credit Losses - Loans | (466) | (170) | |
Ending Balance | 969 | 1,420 | 1,435 |
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning Balance | 172 | 172 | |
Consumer Portfolio Segment [Member] | |||
Beginning Balance | 14 | 44 | 44 |
Charge-offs | (9) | ||
Recoveries | 2 | 3 | |
Provision For Credit Losses - Loans | 12 | (53) | |
Ending Balance | $ 19 | 25 | 14 |
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning Balance | $ 31 | $ 31 |
Note 3 - Loans Receivable - S_2
Note 3 - Loans Receivable - Summary of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Nonaccrual, No Allowance | $ 9,263 | $ 1,000 |
Nonaccrual, With Allowance | 0 | 0 |
Nonaccrual | 9,263 | 1,000 |
Single Family [Member] | Residential Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 149 | 149 |
Nonaccrual, With Allowance | 0 | 0 |
Nonaccrual | 149 | 149 |
Construction and Land Development [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 8,272 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual | 8,272 | |
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 842 | 851 |
Nonaccrual, With Allowance | 0 | 0 |
Nonaccrual | $ 842 | $ 851 |
Note 3 - Loans Receivable - Acc
Note 3 - Loans Receivable - Accrued Interest Receivable Written Off of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued Interest, Writeoff | $ 399 | $ 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Accrued Interest, Writeoff | 8 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Accrued Interest, Writeoff | 297 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accrued Interest, Writeoff | $ 94 |
Note 3 - Loans Receivable - S_3
Note 3 - Loans Receivable - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Collateral dependent loans | $ 1,749,005 | $ 1,727,091 |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Collateral dependent loans | 209,272 | 203,417 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Collateral dependent loans | 318,470 | 282,052 |
Collateral Pledged [Member] | Residential Portfolio Segment [Member] | Single Family [Member] | ||
Collateral dependent loans | 149 | 346 |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Collateral dependent loans | 11,841 | 2,317 |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Collateral dependent loans | 10,850 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Collateral dependent loans | $ 842 | 851 |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Collateral dependent loans | $ 1,120 |
Note 3 - Loans Receivable - S_4
Note 3 - Loans Receivable - Summary of Modified Financing Receivables (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Amortized Cost Basis | $ 13,168 |
Residential Portfolio Segment [Member] | Single Family [Member] | Extended Maturity [Member] | |
Amortized Cost Basis | $ 364 |
% of Total Loan Type | 0.20% |
Term increase (Month) | 3 months |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | Extended Maturity [Member] | |
Amortized Cost Basis | $ 12,057 |
% of Total Loan Type | 2.90% |
Term increase (Month) | 6 months |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Extended Maturity [Member] | |
Amortized Cost Basis | $ 743 |
% of Total Loan Type | 1% |
Term increase (Month) | 3 months |
Note 3 - Loans Receivable - S_5
Note 3 - Loans Receivable - Summary of Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Year One | $ 24,850 | $ 188,635 |
Financing Receivable, Year Two | 185,736 | 295,042 |
Financing Receivable, Year Three | 313,155 | 208,602 |
Financing Receivable, Year Four | 203,632 | 184,053 |
Financing Receivable, Year Five | 194,523 | 122,952 |
Financing Receivable Prior | 353,115 | 239,907 |
Financing Receivable, Revolving | 473,994 | 487,900 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 1,749,005 | 1,727,091 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 261 |
Current period gross charge-offs, prior | 135 | 207 |
Current period gross charge-offs, revolving | 6 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 141 | 468 |
Pass [Member] | ||
Financing Receivable, Year One | 24,850 | 188,635 |
Financing Receivable, Year Two | 184,612 | 293,588 |
Financing Receivable, Year Three | 311,701 | 208,602 |
Financing Receivable, Year Four | 199,393 | 168,053 |
Financing Receivable, Year Five | 169,451 | 113,149 |
Financing Receivable Prior | 351,147 | 239,554 |
Financing Receivable, Revolving | 470,824 | 475,317 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 1,711,978 | 1,686,898 |
Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 16,000 |
Financing Receivable, Year Five | 15,965 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 2,997 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 15,965 | 18,997 |
Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 1,124 | 1,454 |
Financing Receivable, Year Three | 1,454 | 0 |
Financing Receivable, Year Four | 4,239 | 0 |
Financing Receivable, Year Five | 9,107 | 9,803 |
Financing Receivable Prior | 1,968 | 353 |
Financing Receivable, Revolving | 3,170 | 9,586 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 21,062 | 21,196 |
Residential Portfolio Segment [Member] | ||
Current period gross charge-offs, total | 132 | |
Residential Portfolio Segment [Member] | Single Family [Member] | ||
Financing Receivable, Year One | 1,511 | 50,101 |
Financing Receivable, Year Two | 47,593 | 17,502 |
Financing Receivable, Year Three | 24,429 | 26,434 |
Financing Receivable, Year Four | 27,252 | 34,453 |
Financing Receivable, Year Five | 37,651 | 21,019 |
Financing Receivable Prior | 40,496 | 20,542 |
Financing Receivable, Revolving | 30,340 | 33,366 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 209,272 | 203,417 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 132 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 132 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Pass [Member] | ||
Financing Receivable, Year One | 1,511 | 50,101 |
Financing Receivable, Year Two | 47,593 | 17,502 |
Financing Receivable, Year Three | 24,429 | 26,434 |
Financing Receivable, Year Four | 23,676 | 34,453 |
Financing Receivable, Year Five | 36,816 | 20,610 |
Financing Receivable Prior | 40,496 | 20,542 |
Financing Receivable, Revolving | 30,191 | 33,217 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 204,712 | 202,859 |
Residential Portfolio Segment [Member] | Single Family [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Residential Portfolio Segment [Member] | Single Family [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 3,576 | 0 |
Financing Receivable, Year Five | 835 | 409 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 149 | 149 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 4,560 | 558 |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Year One | 2,671 | 28,346 |
Financing Receivable, Year Two | 28,346 | 81,180 |
Financing Receivable, Year Three | 56,314 | 60,156 |
Financing Receivable, Year Four | 56,885 | 39,286 |
Financing Receivable, Year Five | 40,352 | 27,270 |
Financing Receivable Prior | 36,923 | 10,797 |
Financing Receivable, Revolving | 21,086 | 24,005 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 242,577 | 271,040 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 0 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Year One | 2,671 | 28,346 |
Financing Receivable, Year Two | 28,346 | 81,180 |
Financing Receivable, Year Three | 56,314 | 60,156 |
Financing Receivable, Year Four | 56,885 | 39,286 |
Financing Receivable, Year Five | 40,352 | 27,270 |
Financing Receivable Prior | 36,923 | 10,797 |
Financing Receivable, Revolving | 21,086 | 24,005 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 242,577 | 271,040 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Residential Portfolio Segment [Member] | Multifamily [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 142 | 145 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 142 | 145 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 0 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 142 | 145 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 142 | 145 |
Residential Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Residential Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Current period gross charge-offs, total | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | ||
Financing Receivable, Year One | 2,942 | 70,476 |
Financing Receivable, Year Two | 68,176 | 55,222 |
Financing Receivable, Year Three | 71,332 | 43,576 |
Financing Receivable, Year Four | 42,121 | 39,621 |
Financing Receivable, Year Five | 39,332 | 33,164 |
Financing Receivable Prior | 75,466 | 37,360 |
Financing Receivable, Revolving | 19,101 | 2,633 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 318,470 | 282,052 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 0 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 2,942 | 70,476 |
Financing Receivable, Year Two | 68,176 | 55,222 |
Financing Receivable, Year Three | 71,332 | 43,576 |
Financing Receivable, Year Four | 42,121 | 39,621 |
Financing Receivable, Year Five | 39,332 | 32,044 |
Financing Receivable Prior | 75,466 | 37,360 |
Financing Receivable, Revolving | 19,101 | 2,633 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 318,470 | 280,932 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 1,120 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 1,120 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Financing Receivable, Year One | 16,951 | 23,091 |
Financing Receivable, Year Two | 22,976 | 101,617 |
Financing Receivable, Year Three | 131,891 | 51,291 |
Financing Receivable, Year Four | 52,062 | 64,692 |
Financing Receivable, Year Five | 63,346 | 38,333 |
Financing Receivable Prior | 178,020 | 150,629 |
Financing Receivable, Revolving | 29,671 | 32,122 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 494,917 | 461,775 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 0 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 16,951 | 23,091 |
Financing Receivable, Year Two | 22,976 | 101,617 |
Financing Receivable, Year Three | 131,891 | 51,291 |
Financing Receivable, Year Four | 52,062 | 48,692 |
Financing Receivable, Year Five | 47,381 | 30,595 |
Financing Receivable Prior | 178,020 | 150,629 |
Financing Receivable, Revolving | 29,671 | 32,122 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 478,952 | 438,037 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 16,000 |
Financing Receivable, Year Five | 15,965 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 15,965 | 16,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 7,738 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 7,738 |
Construction [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Year One | 0 | 6,416 |
Financing Receivable, Year Two | 9,380 | 33,998 |
Financing Receivable, Year Three | 23,860 | 13,612 |
Financing Receivable, Year Four | 14,754 | 2,455 |
Financing Receivable, Year Five | 10,724 | 0 |
Financing Receivable Prior | 7,874 | 8,118 |
Financing Receivable, Revolving | 342,311 | 365,038 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 408,903 | 429,637 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 0 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 0 |
Construction [Member] | Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable, Year One | 0 | 6,416 |
Financing Receivable, Year Two | 8,256 | 32,544 |
Financing Receivable, Year Three | 22,406 | 13,612 |
Financing Receivable, Year Four | 14,754 | 2,455 |
Financing Receivable, Year Five | 2,452 | 0 |
Financing Receivable Prior | 7,874 | 8,118 |
Financing Receivable, Revolving | 342,311 | 355,689 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 398,053 | 418,834 |
Construction [Member] | Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Construction [Member] | Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 1,124 | 1,454 |
Financing Receivable, Year Three | 1,454 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 8,272 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 9,349 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 10,850 | 10,803 |
Commercial Portfolio Segment [Member] | ||
Current period gross charge-offs, total | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Year One | 690 | 10,150 |
Financing Receivable, Year Two | 9,213 | 5,271 |
Financing Receivable, Year Three | 5,092 | 13,530 |
Financing Receivable, Year Four | 10,558 | 3,495 |
Financing Receivable, Year Five | 3,081 | 1,766 |
Financing Receivable Prior | 12,125 | 10,819 |
Financing Receivable, Revolving | 31,063 | 30,384 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 71,822 | 75,415 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 261 |
Current period gross charge-offs, prior | 0 | 201 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 462 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Year One | 690 | 10,150 |
Financing Receivable, Year Two | 9,213 | 5,271 |
Financing Receivable, Year Three | 5,092 | 13,530 |
Financing Receivable, Year Four | 9,895 | 3,495 |
Financing Receivable, Year Five | 3,081 | 1,230 |
Financing Receivable Prior | 10,157 | 10,466 |
Financing Receivable, Revolving | 28,042 | 27,299 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 66,170 | 71,441 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 2,997 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 2,997 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 663 | 0 |
Financing Receivable, Year Five | 0 | 536 |
Financing Receivable Prior | 1,968 | 353 |
Financing Receivable, Revolving | 3,021 | 88 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 5,652 | 977 |
Consumer Portfolio Segment [Member] | ||
Current period gross charge-offs, total | 9 | |
Consumer Portfolio Segment [Member] | Unsecured [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 339 | 271 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 339 | 271 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 0 | 0 |
Current period gross charge-offs, revolving | 0 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured [Member] | Pass [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 339 | 271 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 339 | 271 |
Consumer Portfolio Segment [Member] | Unsecured [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Unsecured [Member] | Watch [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Secured [Member] | ||
Financing Receivable, Year One | 85 | 55 |
Financing Receivable, Year Two | 52 | 252 |
Financing Receivable, Year Three | 237 | 3 |
Financing Receivable, Year Four | 0 | 51 |
Financing Receivable, Year Five | 37 | 1,400 |
Financing Receivable Prior | 2,069 | 1,497 |
Financing Receivable, Revolving | 83 | 81 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 2,563 | 3,339 |
Current period gross charge-offs, current | 0 | 0 |
Current period gross charge-offs, year one | 0 | 0 |
Current period gross charge-offs, year two | 0 | 0 |
Current period gross charge-offs, year three | 0 | 0 |
Current period gross charge-offs, year four | 0 | 0 |
Current period gross charge-offs, prior | 3 | 6 |
Current period gross charge-offs, revolving | 6 | 0 |
Current period gross charge-offs, revolving converted to term | 0 | 0 |
Current period gross charge-offs, total | 9 | 6 |
Consumer Portfolio Segment [Member] | Secured [Member] | Pass [Member] | ||
Financing Receivable, Year One | 85 | 55 |
Financing Receivable, Year Two | 52 | 252 |
Financing Receivable, Year Three | 237 | 3 |
Financing Receivable, Year Four | 0 | 51 |
Financing Receivable, Year Five | 37 | 1,400 |
Financing Receivable Prior | 2,069 | 1,497 |
Financing Receivable, Revolving | 83 | 81 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 2,563 | 3,339 |
Consumer Portfolio Segment [Member] | Secured [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Secured [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable Prior | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving Converted To Term | 0 | 0 |
Collateral dependent loans | $ 0 | $ 0 |
Note 3 - Loans Receivable - Off
Note 3 - Loans Receivable - Off-balance Sheet Credit Exposure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 1,009 | $ 0 |
Recovery of off-balance sheet credit losses, net | (359) | (132) |
Balance | $ 650 | 1,178 |
Accounting Standards Update 2016-13 [Member] | ||
Balance | $ 1,310 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Gross | $ 15,691 | $ 14,657 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets, Gross | 15,691 | 14,657 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 4 - Intangible Assets - Ch
Note 4 - Intangible Assets - Changes in Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Gross | $ 15,691 | $ 14,657 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets, Gross | 15,691 | 14,657 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 |
Note 5 - Derivatives and Risk_3
Note 5 - Derivatives and Risk Management Activities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative, Excluded Component, Gain, Recognized in Earnings | $ 0 | $ 0 |
Note 5 - Derivatives and Risk_4
Note 5 - Derivatives and Risk Management Activities - Summary of Derivative Instruments (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Matched Interest Rate Swap with Borrower [Member] | ||
Notional amount | $ 220,939 | $ 224,008 |
Positions | 41 | 42 |
Derivative assets | $ 0 | $ 0 |
Derivative liabilities | 22,374 | 18,569 |
Collateral pledges | 0 | 0 |
Matched Interest Rate Swap With Counterparty [Member] | ||
Notional amount | $ 220,939 | $ 224,008 |
Positions | 41 | 42 |
Derivative assets | $ 22,374 | $ 18,569 |
Derivative liabilities | 0 | 0 |
Collateral pledges | $ 0 | $ 0 |
Note 6 - Fair Value Presentat_3
Note 6 - Fair Value Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 81,073 | $ 78,497 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 0 | |
Assets, Fair Value Disclosure | $ 250 | $ 250 |
Note 6 - Fair Value Presentat_4
Note 6 - Fair Value Presentation - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Available for sale | $ 58,699 | $ 59,928 | [1] |
Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 18,772 | 19,515 | |
Subordinated Debt [Member] | |||
Available for sale | 8,501 | 8,467 | |
Taxable Municipal Bonds [Member] | |||
Available for sale | 8,291 | 8,307 | |
Nontaxable Municipal Bonds [Member] | |||
Available for sale | 20,437 | 20,742 | |
US Government Agencies Debt Securities [Member] | |||
Available for sale | 2,698 | 2,897 | |
Fair Value, Recurring [Member] | |||
Total | 81,073 | 78,497 | |
Total | 22,374 | 18,569 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 22,374 | 18,569 | |
Derivative liability – interest rate swaps on loans | 22,374 | 18,569 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 18,772 | 19,515 | |
Fair Value, Recurring [Member] | Subordinated Debt [Member] | |||
Available for sale | 8,501 | 8,467 | |
Fair Value, Recurring [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 8,291 | 8,307 | |
Fair Value, Recurring [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 20,437 | 20,742 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 2,698 | 2,897 | |
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 | 80,823 | 78,247 | |
Total | 22,374 | 18,569 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 22,374 | 18,569 | |
Derivative liability – interest rate swaps on loans | 22,374 | 18,569 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 18,772 | 19,515 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | |||
Available for sale | 8,251 | 8,217 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 8,291 | 8,307 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 20,437 | 20,742 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | 2,698 | 2,897 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total | 250 | 250 | |
Total | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Derivative asset – interest rate swap on loans | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debt [Member] | |||
Available for sale | 250 | 250 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Municipal Bonds [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Nontaxable Municipal Bonds [Member] | |||
Available for sale | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale | $ 0 | $ 0 | |
[1]Derived from audited consolidated financial statements. |
Note 6 - Fair Value Presentat_5
Note 6 - Fair Value Presentation - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Available for sale | $ 58,699 | $ 59,928 | [1] |
Restricted securities | 23,924 | 24,356 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 124,741 | 114,513 | |
Available for sale | 58,699 | 59,928 | |
Held to maturity | 17,251 | 17,275 | |
Restricted securities | 23,924 | 24,356 | |
Loans, net | 1,727,110 | 1,705,137 | |
Derivative asset – interest rate swap on loans | 22,374 | 18,569 | |
Bank owned life insurance | 38,609 | 38,318 | |
Accrued interest receivable | 9,978 | 10,725 | |
Deposits | 1,732,735 | 1,686,127 | |
Subordinated debt, net | 72,741 | 72,642 | |
Derivative liability – interest rate swaps on loans | 22,374 | 18,569 | |
Accrued interest payable | 3,008 | 2,845 | |
Federal funds purchased | 15,000 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 124,741 | 114,513 | |
Available for sale | 58,699 | 59,928 | |
Held to maturity | 17,043 | 17,163 | |
Restricted securities | 23,924 | 24,356 | |
Loans, net | 1,719,301 | 1,701,418 | |
Derivative asset – interest rate swap on loans | 22,374 | 18,569 | |
Bank owned life insurance | 38,609 | 38,318 | |
Accrued interest receivable | 9,978 | 10,725 | |
Deposits | 1,732,891 | 1,685,487 | |
Subordinated debt, net | 69,860 | 56,513 | |
Derivative liability – interest rate swaps on loans | 22,374 | 18,569 | |
Accrued interest payable | 3,008 | 2,845 | |
Federal funds purchased | 14,968 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 124,741 | 114,513 | |
Available for sale | 0 | 0 | |
Held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 0 | 0 | |
Derivative asset – interest rate swap on loans | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Deposits | 0 | 0 | |
Subordinated debt, net | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Federal funds purchased | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Available for sale | 58,449 | 59,678 | |
Held to maturity | 17,043 | 17,163 | |
Restricted securities | 23,924 | 24,356 | |
Loans, net | 0 | 0 | |
Derivative asset – interest rate swap on loans | 22,374 | 18,569 | |
Bank owned life insurance | 38,609 | 38,318 | |
Accrued interest receivable | 9,978 | 10,725 | |
Deposits | 1,007,215 | 989,791 | |
Subordinated debt, net | 69,860 | 56,513 | |
Derivative liability – interest rate swaps on loans | 22,374 | 18,569 | |
Accrued interest payable | 3,008 | 2,845 | |
Federal funds purchased | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Available for sale | 250 | 250 | |
Held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 1,719,301 | 1,701,418 | |
Derivative asset – interest rate swap on loans | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Deposits | 725,676 | 695,696 | |
Subordinated debt, net | 0 | 0 | |
Derivative liability – interest rate swaps on loans | 0 | 0 | |
Accrued interest payable | $ 0 | 0 | |
Federal funds purchased | $ 14,968 | ||
[1]Derived from audited consolidated financial statements. |
Note 7 - Earnings Per Common _3
Note 7 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 0 | 0 |
Note 7 - Earnings Per Common _4
Note 7 - Earnings Per Common Share - Calculation of Basic and Dilutes Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income | $ 3,305 | $ 8,151 |
Preferred stock dividends | (539) | (539) |
Net income available to common shareholders | $ 2,766 | $ 7,612 |
Weighted average number of common shares issued, basic and diluted (in shares) | 7,611,990 | 7,517,213 |
Earnings Per Common Share: | ||
Basic and diluted earnings per common share (in dollars per share) | $ 0.36 | $ 1.01 |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Unrealized loss on investment securities available-for-sale | $ (10,298) | $ (9,737) |
Tax benefit | 2,368 | 2,265 |
Total accumulated other comprehensive loss | (7,930) | (7,478) |
AOCI, Accumulated Gain (Loss), Debt Securities, Transfer to Held-to-Maturity, Parent [Member] | ||
Unrealized loss on investment securities available-for-sale | $ 0 | $ (6) |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Operating Lease, Payments | $ 163,000 | $ 111,000 | |
Operating Lease, Expense | $ 171,000 | $ 121,000 | |
Lessor, Operating Lease, Number of Leases | 3 | ||
Operating Lease, Lease Income Per Month | $ 8,000 | ||
Finance Lease, Liability | $ 0 | $ 0 |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lease liabilities | $ 6,842,000 | $ 6,902,000 | |
Right-of-use assets | $ 6,143,000 | $ 6,211,000 | |
Weighted-average remaining lease term – operating leases (in months). (Month) | 152 months 18 days | 155 months 27 days | |
Weighted-average discount rate – operating leases | 2.82% | 2.80% | |
Operating lease cost | $ 171,000 | $ 121,000 | |
Total lease costs | 171,000 | 121,000 | |
Cash paid for amounts included in measurement of lease liabilities | $ 163,000 | $ 111,000 |
Note 9 - Leases - Maturity Anal
Note 9 - Leases - Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 | $ 616 | |
2025 | 691 | |
2026 | 709 | |
2027 | 587 | |
2028 | 594 | |
Thereafter | 4,363 | |
Total undiscounted cash flows | 7,560 | |
Discount | (718) | |
Lease liabilities | $ 6,842 | $ 6,902 |