Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 07, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001698022 | ||
Entity Registrant Name | Farmers & Merchants Bancshares, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-55756 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 81-3605835 | ||
Entity Address, Address Line One | 4510 Lower Beckleysville Road, Suite H | ||
Entity Address, City or Town | Hampstead | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21074 | ||
City Area Code | 410 | ||
Local Phone Number | 374-1510 | ||
Title of 12(g) Security | Common stock, par value $.01 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 62,181,414 | ||
Entity Common Stock, Shares Outstanding | 3,037,137 | ||
Auditor Name | YOUNT, HYDE & BARBOUR, P.C. | ||
Auditor Location | Richmond, Virginia | ||
Auditor Firm ID | 613 | ||
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and due from banks | $ 25,258,932 | $ 39,898,557 |
Federal funds sold and other interest-bearing deposits | 1,203,174 | 1,077,113 |
Cash and cash equivalents | 26,462,106 | 40,975,670 |
Certificates of deposit in other banks | 350,000 | 850,000 |
Securities available for sale, at fair value | 149,237,916 | 54,477,286 |
Securities held to maturity, at cost | 21,851,975 | 23,078,519 |
Equity security, at fair value | 543,605 | 552,566 |
Restricted stock, at cost | 675,400 | 900,500 |
Mortgage loans held for sale | 126,500 | 1,673,350 |
Loans, less allowance for loan losses of $3,650,268 and $3,296,538 | 482,011,334 | 521,690,514 |
Premises and equipment, net | 6,259,421 | 7,736,556 |
Accrued interest receivable | 1,609,063 | 2,057,491 |
Deferred income taxes, net | 2,177,450 | 1,219,668 |
Other real estate owned, net | 1,242,365 | 1,411,605 |
Bank owned life insurance | 11,556,163 | 11,297,342 |
Goodwill and other intangibles, net | 7,051,080 | 7,059,408 |
Other assets | 5,522,877 | 2,336,607 |
Assets, Total | 716,677,255 | 677,317,082 |
Deposits: | ||
Noninterest-bearing | 124,175,615 | 103,155,113 |
Interest-bearing | 502,239,055 | 470,246,434 |
Total deposits | 626,414,670 | 573,401,547 |
Amount | 5,414,026 | 24,753,972 |
Federal Home Loan Bank of Atlanta advances | 5,000,000 | 5,000,000 |
Long-term debt, net of issuance costs | 16,978,905 | 16,973,280 |
Accrued interest payable | 295,910 | 409,622 |
Other liabilities | 5,952,286 | 5,049,178 |
Liabilities, Total | 660,055,797 | 625,587,599 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,037,137 in 2021 and 3,011,255 shares in 2020 | 30,372 | 30,113 |
Additional paid-in capital | 28,857,422 | 28,294,139 |
Retained earnings | 29,128,600 | 22,698,954 |
Accumulated other comprehensive (loss) income | (1,394,936) | 706,277 |
Stockholders' Equity Attributable to Parent, Ending Balance | 56,621,458 | 51,729,483 |
Liabilities and Equity, Total | $ 716,677,255 | $ 677,317,082 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 3,650,268 | $ 3,296,538 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, share issued (in shares) | 3,037,137 | 3,011,255 |
Common stock, share outstanding (in shares) | 3,037,137 | 3,011,255 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | ||
Loans, including fees | $ 23,491,614 | $ 19,291,162 |
Investment securities - taxable | 1,511,970 | 770,394 |
Investment securities - tax exempt | 611,323 | 625,099 |
Federal funds sold and other interest earning assets | 65,496 | 76,525 |
Total interest income | 25,680,403 | 20,763,180 |
Interest expense: | ||
Deposits | 1,997,873 | 3,128,994 |
Securities sold under repurchase agreements | 44,628 | 107,318 |
Federal Home Loan Bank advances and other borrowings | 762,798 | 222,365 |
Total interest expense | 2,805,299 | 3,458,677 |
Net interest income | 22,875,104 | 17,304,503 |
Provision for loan losses | 330,000 | 625,000 |
Net interest income after provision for loan losses | 22,545,104 | 16,679,503 |
Noninterest income: | ||
Mortgage banking income | 910,513 | 1,024,937 |
Bank owned life insurance income | 229,966 | 188,143 |
Fair value adjustment of equity security | (15,354) | 10,513 |
Gain on call of debt security | 9,190 | 0 |
Other | 307,513 | 273,096 |
Total noninterest income | 2,165,914 | 2,072,119 |
Noninterest expense: | ||
Salaries | 7,214,871 | 6,137,050 |
Employee benefits | 1,718,465 | 1,658,651 |
Occupancy | 948,757 | 758,357 |
Furniture and equipment | 775,829 | 840,890 |
Professional services | 415,642 | 424,813 |
Automated teller machine and debit card expenses | 352,130 | 278,989 |
Federal Deposit Insurance Corporation premiums | 306,123 | 201,714 |
Advertising | 233,358 | 237,909 |
Other real estate owned | 190,248 | 34,861 |
Acquisition | 0 | 3,236,817 |
Other | 1,973,176 | 1,772,357 |
Total noninterest expense | 14,128,599 | 15,582,408 |
Income before income taxes | 10,582,419 | 3,169,214 |
Income taxes | 2,432,813 | 487,211 |
Net income | $ 8,149,606 | $ 2,682,003 |
Earnings per share - basic and diluted (in dollars per share) | $ 2.70 | $ 0.90 |
Deposit Account [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 724,086 | $ 575,430 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 8,149,606 | $ 2,682,003 |
Securities available for sale | ||
Net unrealized gain (loss) arising during the period | (2,889,734) | 915,604 |
Reclassification adjustment for realized gains included in net income | (9,190) | 0 |
Total unrealized gain (loss) on investment securities available for sale | (2,898,924) | 915,604 |
Income tax (expense) benefit | 797,711 | (251,951) |
Total other comprehensive income (loss) | (2,101,213) | 663,653 |
Total comprehensive income | $ 6,048,393 | $ 3,345,656 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 2,974,019 | ||||
Balance at Dec. 31, 2019 | $ 29,740 | $ 27,812,991 | $ 21,568,161 | $ 42,624 | $ 49,453,516 |
Net income | 0 | 0 | 2,682,003 | 0 | 2,682,003 |
Other comprehensive income (loss) | 0 | 0 | 0 | 663,653 | 663,653 |
Cash dividends | $ 0 | 0 | (1,551,210) | 0 | (1,551,210) |
Dividends reinvested (in shares) | 37,236 | ||||
Dividends reinvested | $ 373 | 481,148 | 0 | 0 | 481,521 |
Balance (in shares) at Dec. 31, 2020 | 3,011,255 | ||||
Balance at Dec. 31, 2020 | $ 30,113 | 28,294,139 | 22,698,954 | 706,277 | 51,729,483 |
Net income | 0 | 0 | 8,149,606 | 0 | 8,149,606 |
Other comprehensive income (loss) | 0 | 0 | 0 | (2,101,213) | (2,101,213) |
Cash dividends | $ 0 | 0 | (1,719,960) | 0 | (1,719,960) |
Dividends reinvested (in shares) | 25,882 | ||||
Dividends reinvested | $ 259 | 563,283 | 0 | 0 | 563,542 |
Balance (in shares) at Dec. 31, 2021 | 3,037,137 | ||||
Balance at Dec. 31, 2021 | $ 30,372 | $ 28,857,422 | $ 29,128,600 | $ (1,394,936) | $ 56,621,458 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings [Member] | ||
Cash dividends, per share (in dollars per share) | $ 0.57 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 8,149,606 | $ 2,682,003 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 470,943 | 415,781 |
Provision for loan losses | 330,000 | 625,000 |
Amortization of right of use asset | 17,053 | 34,058 |
Gain on sale of premises and equipment | (44,510) | 0 |
Write down of other real estate owned | 169,240 | 0 |
Gain on premium call of debt security | (9,190) | 0 |
Equity security dividends reinvested | (6,393) | (9,732) |
Fair value adjustment on equity security | 15,354 | (10,513) |
Gain on sale of SBA loans | (6,917) | (125,520) |
Deferred income taxes | (160,070) | (151,331) |
Amortization of debt issuance costs | 5,625 | 1,406 |
Amortization of premiums and accretion of discounts, net | (7,602) | 288,961 |
Bank owned life insurance cash surrender value | (229,966) | (188,143) |
Increase (decrease) in | ||
Deferred loan fees and costs, net | (204,430) | 531,441 |
Accrued interest payable | (113,712) | 63,408 |
Other liabilities | 1,035,504 | 163,897 |
Decrease (increase) in | ||
Mortgage loans held for sale | 1,546,850 | 311,845 |
Accrued interest receivable | 448,428 | (200,455) |
Other assets | 298,917 | 20,164 |
Cash provided by operating activities | 11,704,730 | 4,452,270 |
Cash flows from investing activities | ||
Proceeds from maturity and call of securities, Available for sale | 31,327,354 | 22,224,763 |
Proceeds from maturity and call of securities, Held to maturity | 2,171,420 | 1,956,420 |
Proceeds from sale of securities, Available for sale | 0 | 2,025,000 |
Purchase of securities, Available for sale | (129,676,971) | (28,841,213) |
Purchase of securities, Held to maturity | (842,062) | (5,470,258) |
Redemption of certificates of deposit | 500,000 | 0 |
Cash paid for the acquisition of Carroll Bancorp, Inc., net of cash acquired | 0 | (19,366,118) |
Loans made to customers, net of principal collected | 39,861,460 | (19,478,136) |
Proceeds from sale of SBA loans | 61,595 | 1,233,270 |
Redemption of restricted stock | 225,100 | 402,400 |
Proceeds from sale of premises and equipment | 1,387,613 | 0 |
Purchase of bank owned life insurance | (28,855) | 0 |
Purchase of annuity | (3,671,145) | 0 |
Purchases of premises, equipment and software | (300,402) | (387,111) |
Cash used in investing activities | (58,984,893) | (45,700,983) |
Cash flows from financing activities | ||
Noninterest-bearing deposits | 21,020,502 | 21,273,083 |
Interest-bearing deposits | 32,242,461 | 30,131,909 |
Securities sold under repurchase agreements | (19,339,946) | 13,795,854 |
Federal Home Loan Bank of Atlanta advances | 0 | (8,000,000) |
Long-term debt | 0 | 16,971,874 |
Dividends paid, net of reinvestments | (1,156,418) | (1,069,689) |
Cash provided by financing activities | 32,766,599 | 73,103,031 |
Net increase (decrease) in cash and cash equivalents | (14,513,564) | 31,854,318 |
Cash and cash equivalents at beginning of period | 40,975,670 | 9,121,352 |
Cash and cash equivalents at end of period | 26,462,106 | 40,975,670 |
Supplementary disclosure of cash flow information: | ||
Cash paid during the period for interest | 3,154,898 | 3,521,625 |
Cash paid during the period for income taxes | 1,605,500 | 930,435 |
Net unrealized gain(loss) on securities available for sale | $ (2,898,924) | $ 915,604 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies The accounting and reporting policies reflected in the financial statements conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Management makes estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of commitments and contingent liabilities at the balance sheet date, and revenues and expenses during the year. These estimates and assumptions may Principles of consolidation The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB- 4 one October 1, 2020, December 31, 2021 2020 Business The Bank provides banking services to individuals and businesses located in Baltimore County, Maryland, Carroll County, Maryland and surrounding areas of northern Maryland. The Insurance Subsidiary is a captive insurance entity that provides insurance coverage for the Bank. Reliable Community Financial Services, Inc. is licensed to provide a wide range of investment and insurance products to its customers, but is inactive. Reclassifications Certain reclassifications have been made to the 2020 no Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, money market funds, and federal funds sold. Generally, federal funds are purchased and sold for one Comprehensive income Comprehensive income includes net income and the unrealized gains or losses on investment securities available for sale, net of income taxes. Investment securities As securities are purchased, management determines if the securities should be classified as held to maturity or available for sale. Securities that management has the intent and ability to hold to maturity are recorded at amortized cost, which is cost adjusted for amortization of premiums and accretion of discounts. Discounts are accreted through maturity. Premiums are amortized through the earliest call date. Securities held to meet liquidity needs or that may Equity security at fair value The Company owns a mutual fund that is measured at fair value with changes in fair value recognized in noninterest income. Restricted stock, at cost Restricted stock consists of Federal Home Loan Bank of Atlanta (the “FHLB”) stock, Community Bankers Bank (“CBB”) stock, and Atlantic Community Bankers Bank (“ACBB”) stock. As a member of the FHLB, the Bank is required to purchase FHLB stock in an amount that is based on the Bank’s total assets. Additional stock is purchased and redeemed based on the outstanding FHLB advances to the Bank. CBB and ACBB require its correspondent banking institutions to hold stock as a condition of membership. The restricted investment in bank stocks is carried at cost. On a quarterly basis, management evaluates the bank stocks for impairment based on assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history, and impact of legislative and regulatory changes. Loans and allowance for loan losses Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, premiums and discounts on acquired loans, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs, along with premiums and accretable discounts, are amortized to income over the terms of loans. Past due status is based on the contractual terms of the loan. Management may 90 not The allowance for loan losses represents an amount which, in management’s judgment, will be adequate to absorb probable and estimable losses on existing loans and other extensions of credit that may three not The allowances established for probable and estimable losses on impaired loans are based on a regular analysis and evaluation of problem loans. Management maintains a watch list of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the borrower’s ability to repay; (ii) the underlying collateral, if any; (iii) the economic environment; and (iv) for commercial borrowers, the industry in which the borrower operates. Specific valuation allowances are determined when the collateral value, if the loan is collateral dependent, or the discounted cash flows of the impaired loan is lower than the carrying value. Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool over the prior twenty Adjustments to the historical valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such adjustments are determined by evaluating, among other things: (i) the impact of economic conditions on the portfolio; (ii) changes in asset quality, including delinquency trends; (iii) the impact of changing interest rates on portfolio risk; (iv) changes in legislative and regulatory policy; (v) the composition and concentrations of credit; and (vi) the effectiveness of the internal loan review function as well as changes to policies and experience of loan personnel. Management evaluates these qualitative factors on a quarterly basis. Each factor could result in an adjustment that is positive, negative, or no Loan losses are charged to the allowance when management believes that collection is unlikely. Collections of loans previously charged off are added to the allowance at the time of recovery. Loans acquired in connection with business combinations are recorded at fair value with no Loans acquired through business combinations that are designated as purchase credit impaired loans because they meet the specific criteria of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. These loans are accounted for under ASC 310 30. Loans acquired through business combinations that do not 310 30 310 20, no no Mortgage loans held for sale and mortgage banking income Mortgage loans held for sale are carried at the lower of aggregate cost or fair value based on the current fair value of each outstanding loan. Sales of loans are recorded when the proceeds are received, with any gain or loss recorded in mortgage banking income. The Company sells its mortgage loans to third no third not third Premises and equipment Land is carried at cost. Premises and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation on buildings and equipment is computed over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized using the straight-line method over the term of the lease or the estimated useful lives of the asset, whichever is shorter. Other real estate owned Real estate acquired through foreclosure or by deed in lieu of foreclosure is recorded at fair value less estimated costs to sell on the date acquired establishing a new cost basis. Losses incurred at the time of acquisition of the property are charged to the allowance for loan losses. Subsequent reductions in the estimated value of the property are included with any gains or losses on sale in noninterest expense. Bank owned life insurance The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Goodwill and other intangible assets Goodwill is calculated as the purchase premium, if any, after adjusting for the fair value of net assets acquired in purchase transactions. Goodwill is not 10 Revenue recognition ASC Topic 606 not 606 Service Charges on Deposit Accounts: Interchange Income Other Service Charges and Fees: Operating leases The Company accounts for lease obligations in accordance with FASB Accounting Standards Update (“ASU”) 2016 02, 842 2016‑02, Advertising costs Advertising costs are expensed in the period incurred and totaled $ 233,358 December 31, 2021 2020, Income taxes The provision for income taxes includes income taxes payable for the current year and deferred income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement bases and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no Per share data Earnings per share are determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. Weighted average shares were 3,018,112 2021 2020, December 31, 2021 December 31, 2020. Recent accounting pronouncements Management has the responsibility for the selection and use of appropriate accounting policies. The significant accounting policies used by the Company are described in the notes to the consolidated financial statements. The following accounting guidance has been approved by the FASB and would apply to the Company if the Company entered into an applicable activity. In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third 2022. In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, not 2021 06 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. |
Note 2 - Acquisition of Carroll
Note 2 - Acquisition of Carroll Bancorp, Inc. | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisition of Carroll Bancorp, Inc. Carroll was acquired for $24,807,728. third The following table presents the book values and fair values of the assets, liabilities, and equity of Carroll at the effective time of the Merger: Book value Fair value Cash $ 5,441,610 $ 5,441,610 Certificates of deposit in other banks 750,000 750,000 Securities available for sale 12,863,795 12,922,620 Restricted stock, at cost 926,700 926,700 Loans held for sale 1,702,950 1,743,195 Loans 145,153,100 145,080,950 Premises and equipment 2,619,413 2,684,240 Other real estate owned 1,411,605 1,411,605 Other assets 5,290,717 5,388,546 Core deposit intangible - 83,282 Goodwill - 6,978,208 Total assets $ 176,159,890 $ 183,410,956 Deposits $ 144,896,990 $ 145,513,085 FHLB advances 13,000,000 13,000,000 Other liabilities 95,296 90,143 Total liabilities 157,992,286 158,603,228 Stockholders' equity 18,167,604 24,807,728 Total liabilities and stockholders' equity $ 176,159,890 $ 183,410,956 The determination of fair values of the acquired loans required the Company to make certain estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. Based on such factors as past due status, nonaccrual status, bankruptcy status, and credit risk ratings, the acquired loans were divided into loans with evidence of credit quality deterioration, which are accounted for under ASC 310 30 not 310 20 3 two 2 1 2 16 2 3 The Company recognized a core deposit intangible of $83,282, which is being amortized using a straight-line method over a 10-year amortization period, consistent with expected future cash flows. See footnote 6 2021 2020. The Company recognized a certificate of deposit premium of $616,377, which is being accreted using the interest method based upon the maturity of each certificate of deposit. Accretion of $249,840 and $129,844 were recorded in 2021 2020, Loans acquired from Carroll were measured at fair value at the acquisition date with no 6 2021 2020. |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. Cash and Cash Equivalents The Company normally carries balances with other banks that exceed the federally insured limit. The average balance carried in excess of the limit, including unsecured federal funds sold to the same banks, was $ 7,549,531 December 31, 2021 2020, Deposits held in noninterest-bearing transaction accounts are aggregated with any interest-bearing deposits the owner may $250,000. Banks are required to carry noninterest-bearing cash reserves of specified percentages of deposit balances. The Company's normal balances of cash on hand and on deposit with other banks are sufficient to satisfy the reserve requirements. |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investment Securities Debt securities are summarized as follows: Amortized Unrealized Unrealized Fair December 31, 2021 cost gains losses value Available for sale State and municipal $ 753,061 $ 10,437 $ - $ 763,498 SBA pools 1,418,770 1,656 22,664 1,397,762 Corporate bonds 9,225,153 64,595 55,541 9,234,207 Mortgage-backed securities 139,765,445 336,084 2,259,080 137,842,449 $ 151,162,429 $ 412,772 $ 2,337,285 $ 149,237,916 Held to maturity State and municipal $ 21,851,975 $ 1,020,877 $ 67,251 $ 22,805,601 December 31, 2020 Available for sale State and municipal $ 962,438 $ 24,094 $ - $ 986,532 SBA pools 1,822,226 - 38,419 1,783,807 Corporate bonds 6,692,156 108,172 2,897 6,797,431 Mortgage-backed securities 44,026,055 941,987 58,526 44,909,516 $ 53,502,875 $ 1,074,253 $ 99,842 $ 54,477,286 Held to maturity State and municipal $ 23,078,519 $ 1,177,125 $ 10,858 $ 24,244,786 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair December 31, 2021 cost value cost value Within one year $ 499,903 $ 505,360 $ - $ - Over one to five years 3,894,465 3,949,948 799,343 812,955 Over five to ten years 5,583,846 5,542,397 2,046,291 2,211,802 Over ten years - - 19,006,341 19,780,844 9,978,214 9,997,705 21,851,975 22,805,601 Mortgage-backed securities and SBA pools, due in monthly installments 141,184,215 139,240,211 - - $ 151,162,429 $ 149,237,916 $ 21,851,975 $ 22,805,601 Securities with a carrying value of $14,307,989 December 31, 2021 2020, The following table sets forth the Company's gross unrealized losses on a continuous basis for investment securities, by category and length of time. December 31, 2021 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 1,324,648 $ 35,720 $ 715,650 $ 31,531 $ 2,040,298 $ 67,251 SBA pools - - 1,133,398 22,664 1,133,398 22,664 Corporate bonds 5,443,886 55,541 - - 5,443,886 55,541 Mortgage-backed securities 117,840,965 2,034,858 4,781,586 224,222 122,622,551 2,259,080 Total $ 124,609,499 $ 2,126,119 $ 6,630,634 $ 278,417 $ 131,240,133 $ 2,404,536 December 31, 2020 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 719,430 $ 10,858 $ - $ - $ 719,430 $ 10,858 SBA pools - - 1,783,807 38,419 1,783,807 38,419 Corporate bonds 502,754 2,897 - - 502,754 2,897 Mortgage-backed securities 9,286,525 57,987 96,652 539 9,383,177 58,526 Total $ 10,508,709 $ 71,742 $ 1,880,459 $ 38,958 $ 12,389,168 $ 110,700 Management has the ability and intent to hold securities classified as held to maturity until they mature, at which time the Company should receive full value for the securities. As of December 31, 2021, not December 31, 2021, none In 2021, 1,263,845 9,190 In 2020, three |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. Related Party Transactions Certain executive officers and directors of the Company, including members of their immediate families and companies in which they are significant owners (more than 10% 2021 2020. not December 31, 2021 2020, 2021 2020 Balance, beginning of year $ 14,558,882 $ 14,551,236 Additions 2,489,000 1,771,200 Amounts collected (3,225,326 ) (1,763,554 ) Balance, end of year $ 13,822,556 $ 14,558,882 Unused lines of credit to related parties totaled $143,000 December 31, 2021 2020, Deposits at the Company from related parties totaled $27,187,933 December 31, 2021 2020, Payments to companies controlled by directors totaled $40,754 2021 2020. On March 31, 2021, one |
Note 6 - Loans
Note 6 - Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. Loans Major categories of loans at December 31, 2021 2020 2021 2020 Real estate: Commercial $ 319,185,116 $ 309,284,811 Construction and land development 28,221,854 33,641,916 Residential 107,436,033 121,327,761 Commercial 31,182,206 61,368,105 Consumer 355,958 288,454 486,381,167 525,911,047 Less: Allowance for loan losses 3,650,268 3,296,538 Deferred origination fees net of costs 719,565 923,995 $ 482,011,334 $ 521,690,514 Commercial loans in the table above include $9.7 million and $32.1 million of Paycheck Protection Program (“PPP”) loans as of December 31, 2021 December 31, 2020, 100% 2021 2020. 2021, 2020. December 31, 2021, December 31, 2021, 2022. Year-end nonaccrual loans, segregated by class of loans, were as follows: 2021 2020 Real estate: Commercial $ 4,810,965 $ 4,407,829 Residential 31,500 220,967 Commercial 152,449 - Total $ 4,994,914 $ 4,628,796 At December 31, 2021, two one one 2021 December 31, 2021. At December 31, 2020, two 2020 December 31, 2020. An age analysis of past due loans, segregated by class of loans, as of year-end, is as follows: 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing December 31, 2021 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 318,682,155 $ 319,185,116 $ - Construction and land development - - - - 28,221,854 28,221,854 - Residential - - 249,161 249,161 107,186,872 107,436,033 217,661 Commercial - - 415,690 415,690 30,766,516 31,182,206 263,241 Consumer - - - - 355,958 355,958 - Total $ - $ - $ 1,167,812 $ 1,167,812 $ 485,213,355 $ 486,381,167 $ 480,902 December 31, 2020 Real estate: Commercial $ 182,656 $ - $ - $ 182,656 $ 309,102,155 $ 309,284,811 $ - Construction and land development - - - - 33,641,916 33,641,916 - Residential 24,591 - 220,967 245,558 121,082,203 121,327,761 - Commercial - - - - 61,368,105 61,368,105 - Consumer - - - - 288,454 288,454 - Total $ 207,247 $ - $ 220,967 $ 428,214 $ 525,482,833 $ 525,911,047 $ - Year-end impaired loans, segregated by class of loans, are set forth in the following table: Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized December 31, 2021 Commercial real estate $ 6,820,932 $ 6,317,971 $ 502,961 $ 6,820,932 $ 129,461 $ 6,740,539 $ 125,079 Construction and land development - - - - - - - Residential real estate 39,228 39,228 - 39,228 - 41,981 1,672 Commercial 152,449 - 152,449 152,449 152,449 76,225 69,005 $ 7,012,609 $ 6,357,199 $ 655,410 $ 7,012,609 $ 281,910 $ 6,858,744 $ 195,756 December 31, 2020 Commercial real estate $ 6,660,145 $ 6,660,145 $ - $ 6,660,145 $ - $ 4,372,567 $ 345,570 Residential real estate 44,733 44,733 - 44,733 - 47,935 2,139 $ 6,704,878 $ 6,704,878 $ - $ 6,704,878 $ - $ 4,420,502 $ 347,709 Impaired loans include certain loans that have been modified in TDRs where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company's loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may six At December 31, 2021, one $2,009,967 one $39,228 two 2021. At December 31, 2020, two one 2020. three None three Section 4013 310 40 19 March 1, 2020 January 1, 2022 60 19 not 30 December 31, 2019 April 2020, six 19 not 310 40. 19 December 31, 2021, one not December 31, 2021 As part of our portfolio risk management, the Company assigns a risk grade to each loan. The factors used to determine the grade are the payment history of the loan and the borrower, the value of the collateral and net worth of the guarantor, and cash flow projections of the borrower. Excellent, Above Average, Average and Acceptable grades are assigned to loans with limited or no A description of the general characteristics of loans characterized as watch list or classified is as follows: Pass/Watch Loans graded as Pass/Watch reflect above-average risk. The loans warrant closer scrutiny by management than is routine, due to circumstances affecting the borrower, the borrower's industry, or the overall economic environment. Borrowers may Special Mention A special mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may not not Borrowers may may may Substandard A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not Borrowers may Doubtful A doubtful loan has all the weaknesses inherent as a substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans by credit grade, segregated by loan type, at year-end, are as follows: Above Pass Special December 31, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,225,732 $ 73,924,748 $ 146,174,439 $ 82,018,890 $ 3,345,788 $ 12,495,519 $ - $ 319,185,116 Construction and land development - - 3,853,775 12,452,257 9,973,457 1,942,365 - - 28,221,854 Residential 41,152 708,162 46,358,477 48,295,430 9,570,815 - 2,461,997 - 107,436,033 Commercial 9,774,570 - 5,292,721 12,585,396 3,377,070 - 152,449 - 31,182,206 Consumer 5,813 168,037 147,903 2,280 11,298 - - 20,627 355,958 $ 9,821,535 $ 2,101,931 $ 129,577,624 $ 219,509,802 $ 104,951,530 $ 5,288,153 $ 15,109,965 $ 20,627 $ 486,381,167 Above Pass Special December 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,010,472 $ 96,178,011 $ 87,860,036 $ 108,045,730 $ 5,951,177 $ 9,239,385 $ - $ 309,284,811 Construction and land development - - 2,962,300 15,944,499 13,168,844 - 1,566,273 - 33,641,916 Residential 36,285 1,026,824 63,811,389 40,947,548 12,579,311 - 2,926,404 - 121,327,761 Commercial 32,088,058 - 10,037,516 13,532,170 5,710,361 - - - 61,368,105 Consumer 13,729 109,955 131,171 6,671 15,663 - - 11,265 288,454 $ 32,138,072 $ 3,147,251 $ 173,120,387 $ 158,290,924 $ 139,519,909 $ 5,951,177 $ 13,732,062 $ 11,265 $ 525,911,047 The following tables detail activity in the allowance for loan losses by portfolio for the years ended December 31, 2021 2020. one not Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2021 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 241,301 $ - $ 11,500 $ 2,482,930 $ 129,461 $ - $ 2,353,469 $ 6,820,932 $ 56,825 $ 312,307,359 Construction and land development 201,692 (3,345 ) - 16,200 214,547 - - 214,547 - 383,666 27,838,188 Residential 644,639 (22,111 ) (18,970 ) - 603,558 - - 603,558 39,228 568,151 106,828,654 Commercial 111,390 129,023 - 15,000 255,413 152,449 - 102,964 152,449 - 31,029,757 Consumer 2,138 2,232 - - 4,370 - - 4,370 - - 355,958 Unallocated 106,550 (17,100 ) - - 89,450 - - 89,450 - - - $ 3,296,538 $ 330,000 $ (18,970 ) $ 42,700 $ 3,650,268 $ 281,910 $ - $ 3,368,358 $ 7,012,609 $ 1,008,642 $ 478,359,916 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 418,806 $ - $ 47,462 $ 2,230,129 $ - $ - $ 2,230,129 $ 6,660,245 $ 151,453 $ 302,473,113 Construction and land development 192,828 (5,536 ) - 14,400 201,692 - - 201,692 - 1,566,174 32,075,742 Residential 478,124 166,515 - - 644,639 - - 644,639 215,230 595,433 120,517,098 Commercial 107,782 (12,353 ) - 15,961 111,390 - - 111,390 - - 61,368,105 Consumer 4,133 (1,995 ) - - 2,138 - - 2,138 - - 288,454 Unallocated 46,987 59,563 - - 106,550 - - 106,550 - - - $ 2,593,715 $ 625,000 $ - $ 77,823 $ 3,296,538 $ - $ - $ 3,296,538 $ 6,875,475 $ 2,313,060 $ 516,722,512 The following table provides activity for the accretable credit discount of purchased loans: Balance at December 31, 2020 $ 2,250,232 Transfer to accretable 460,413 Accretion (1,081,403 ) Balance at December 31, 2021 $ 1,629,242 During 2020, At December 31, 2021, December 31, 2020 December 31, 2021, December 31, 2021, 2021 2020, December 31, 2021, At December 31, 2021, one Loans having an aggregate balance of approximately $111.5 December 31, 2021. $55.4 December 31, 2021. December 31, 2021 2020, $22.1 The Company makes loans to customers located primarily in Baltimore County and Carroll County, Maryland and in surrounding areas of northern Maryland. Although management believes that the loan portfolio is diversified, many loans are secured by real estate and its performance will be influenced by the economy of the region, including local real estate markets. |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Premises and Equipment A summary of premises and equipment is as follows: Useful lives (in years) 2021 2020 Land and improvements - $ 2,602,998 $ 3,237,998 Buildings and improvements 15 - 39 6,302,622 6,989,622 Furniture and equipment 3 - 10 4,752,133 4,509,439 13,657,753 14,737,059 Accumulated depreciation and amortization 7,398,332 7,000,503 $ 6,259,421 $ 7,736,556 Depreciation and amortization expense $ 434,434 $ 371,646 On March 31, 2021, Software with a net book value of $118,614 December 31, 2021 2020, $36,509 2021 2020, |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Other Intangibles The Merger in October 2020 Goodwill CDI Total Balance at December 31, 2019 $ - $ - $ - Acquired during the year 6,978,208 83,282 7,061,490 Amortization - (2,082 ) (2,082 ) Adjustments - - - Balance at December 31, 2020 6,978,208 81,200 7,059,408 Acquired during the year - - - Amortization - (8,328 ) (8,328 ) Adjustments - - - Balance at December 31, 2021 $ 6,978,208 $ 72,872 $ 7,051,080 The CDI is being amortized over 10 years on a straight line basis. Annual amortization will be $8,328 per year and $6,246 in year 10. not |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Commitments and Contingencies Lease Commitments The Company has an operating lease for the land on which the Hampstead branch is located. The initial term of the lease expired on September 30, 2009 three five September 30, 2024. five five July 2012, five January 2018, one five five June 2015. July 2019, June 2020 three five May 2018, five two five The following table shows operating lease right of use assets and operating lease liabilities as of December 31, 2021: Consolidated Balance Sheet classification December 31, 2021 December 31, 2020 Operating lease right of use asset Other assets $ 1,093,382 $ 1,242,832 Operating lease liabilities Other liabilities 1,311,570 1,443,966 Operating lease cost included in occupancy expense in the statement of income was $ 191,913 2021 2020. Future undiscounted lease payments for operating leases with initial terms of one December 31, 2021 Year Amount 2022 $ 181,784 2023 187,951 2024 193,443 2025 199,107 2026 204,952 Thereafter 492,394 Total lease payments 1,459,631 Less imputed interest (148,061 ) Present value of operating lease liabilities $ 1,311,570 For operating leases as of December 31, 2021, December 31, 2021 2020, 174,860 Credit Commitments Outstanding loan commitments, unused lines of credit, and letters of credit as of December 31, 2021 2020 Loan commitments Construction and land development $ 6,810,353 $ 4,668,250 Commercial 630,000 1,000,000 Commercial real estate 23,552,400 15,772,020 Residential 3,804,617 4,668,750 $ 34,797,370 $ 26,109,020 Unused lines of credit Home-equity lines $ 12,707,519 $ 13,716,894 Commercial lines 28,828,911 23,996,679 $ 41,536,430 $ 37,713,573 Letters of credit $ 1,470,742 $ 1,891,428 Loan commitments and lines of credit are agreements to lend to a customer as long as there is no may not third The maximum exposure to credit loss in the event of nonperformance by the customer is the contractual amount of the commitment. Loan commitments, lines of credit and letters of credit are made on the same terms, including collateral, as outstanding loans. Management is not Insurance Reserves The Insurance Subsidiary insures risks of the Bank (primarily professional liability) that are not one not December 31, 2021 2020 $390,171 |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. Retirement Plans The Company has a profit sharing plan qualifying under Section 401 21 six may $259,042 2021 2020, The Company has entered into agreements with 12 $6,643 2021 2020, The Company adopted supplemental executive retirement plans for three $168,129 2021 2020, Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income. |
Note 11 - Interest-bearing Depo
Note 11 - Interest-bearing Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 11. Interest-Bearing Deposits Major classifications of interest-bearing deposits are as follows: 2021 2020 NOW $ 130,486,845 $ 107,763,512 Money market 90,994,339 83,740,032 Savings 99,959,988 80,890,934 Certificates of deposit, greater than $250,000 34,697,273 38,700,152 Other time deposits 146,100,610 159,151,804 $ 502,239,055 $ 470,246,434 As of December 31, 2021, Year Amount 2022 $ 134,504,155 2023 33,911,560 2024 6,968,424 2025 1,486,784 2026 3,926,960 $ 180,797,883 |
Note 12 - Borrowed Funds
Note 12 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. Borrowed Funds Borrowed funds consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the FHLB of Atlanta, the FRB, and overnight borrowings from a commercial bank. The government agency securities that are the collateral for these agreements are owned by the Company and maintained in the custody of an unaffiliated agent designated by the Company. On September 30, 2020, October 1, 2020, September 30, 2025. October 1, 2021. nine Additional information is as follows: 2021 2020 Amounts outstanding at year-end: Securities sold under repurchase agreements $ 5,414,026 $ 24,753,972 Federal Home Loan Bank advances: Maturity date Interest Rate Amount 3/30/2025 1.00% 5,000,000 5,000,000 Long-term debt (net of isuuance costs): Maturity date Interest Rate Amount 9/30/2025 4.10% 16,978,905 16,973,280 Weighted average rate paid at December 31: Securities sold under repurchase agreements 0.31 % 0.61 % Federal Home Loan Bank advances 1.00 % 1.00 % Long-term debt 4.10 % 4.10 % Average rate paid during the year ended December 31: Securities sold under repurchase agreements 0.43 % 1.15 % Federal Home Loan Bank advances 1.01 % 0.84 % Long-term debt 4.10 % 4.10 % Investment securities underlying the repurchase agreements at December 31: Carrying value $ 7,062,928 $ 34,958,212 Loans pledged to the Federal Home Loan Bank at December 31: Carrying value - loans $ 111,547,027 $ 115,282,801 Loans pledged to the Federal Reserve Bank at December 31: Carrying value $ 55,399,031 $ 76,027,628 The Company is approved to borrow approximately $83.0 million against eligible pledged single family residential loans, eligible pledged multi-family loans, eligible pledged commercial loans, and eligible pledged securities under a secured line of credit with the FHLB. In addition, the Company has a facility with the FRB whereby the Company can borrow up to $25.3 million. The Company also has available an unsecured federal funds line of credit of $14.5 million and a secured federal funds line of credit of $9 million from commercial banks. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes The components of income tax expense are as follows: 2021 2020 Current Federal $ 1,798,535 $ 387,193 State 794,348 251,349 2,592,883 638,542 Deferred (160,070 ) (151,331 ) $ 2,432,813 $ 487,211 The components of the deferred tax expense are as follows: 2021 2020 Depreciation $ 8,291 $ (18,006 ) Provision for loan losses (141,488 ) (171,984 ) Other real estate owned allowance for loss (46,561 ) - Nonaccrual interest (83,961 ) (2,752 ) Prepaid captive insurance premium (14,375 ) 76,855 Write-down of equity securities (4,227 ) 2,893 Lease liability, net of right of use asset (4,693 ) (9,372 ) Purchase accounting adjustments 175,037 29,982 Post-retirement benefits (48,093 ) (58,947 ) $ (160,070 ) $ (151,331 ) The components of the net deferred tax asset are as follows: 2021 2020 Deferred tax assets Allowance for loan losses $ 951,348 $ 809,860 Other real estate owned allowance for loss 434,628 388,066 Capital loss carryover 5,300 5,300 Nonaccrual interest 88,581 4,620 Post-retirement benefits 651,482 603,390 Purchase accounting adjustments 235,142 392,341 Unrealized loss on securities available for sale 468,726 - Lease liability, net of right of use asset 60,040 55,347 2,895,247 2,258,924 Deferred tax liabilities Prepaid captive insurance premium 357,518 371,894 Depreciation 348,900 322,770 Unrealized gain on securities available for sale - 328,986 Other 11,379 15,606 717,797 1,039,256 Net deferred tax asset $ 2,177,450 $ 1,219,668 The differences between the federal income tax rate in effect each year and the effective tax rate for the Company are reconciled as follows: 2021 2020 Statutory federal income tax rate 21.0 % 21.0 Increase (decrease) resulting from: Federal tax-exempt income (4.4 ) (12.3 ) State income taxes, net of federal income tax benefit 5.8 4.5 Nondeductible expenses - 2.2 Other 0.6 - 23.0 % 15.4 Included in Federal tax-exempt income is the insurance premium revenue of the Insurance Subsidiary. The IRS recently audited our fiscal year 2016, 2017, 2018 not December 31, 2021 not The Company does not not December 31, 2018 |
Note 14 - Capital Standards
Note 14 - Capital Standards | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 14. Capital Standards The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional, discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off‑balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules became effective for the Bank on January 1, 2015 1 1 1 In connection with the adoption of the Basel III Capital Rules, the Bank elected to opt-out of the requirement to include accumulated other comprehensive income in Common Equity Tier 1 1 Under the revised prompt corrective action requirements, insured depository institutions are required to meet the following in order to qualify as "well capitalized:" (i) a Common Equity Tier 1 6.5%; 1 8%; 10%; 1 5%. The implementation of the capital conservation buffer began on January 1, 2016, 0.625% four January 1, 2.5% January 1, 2020 not The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 On September 17, 2019, On April 6, 2020, two 8% second 2020, 8.5% 2021, 9% 1 8%, $10 not not The following table presents actual and required capital ratios as of December 31, 2021 2020, December 31, 2021 2020, As of December 31, 2021 no The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action. The following table presents actual and required capital ratios as of December 31, 2021 2020, Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 69,957 13.24 % $ 55,471 10.50 % $ 52,830 10.00 % Tier 1 capital (to risk-weighted assets) 66,307 12.55 % 44,905 8.50 % 42,264 8.00 % Common equity tier 1 (to risk- weighted assets) 66,307 12.55 % 36,981 7.00 % 34,339 6.50 % Tier 1 leverage (to average assets) 66,307 9.27 % 28,614 4.00 % 35,767 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 63,400 12.62 % $ 52,732 10.50 % $ 50,221 10.00 % Tier 1 capital (to risk-weighted assets) 60,104 11.97 % 42,688 8.50 % 40,177 8.00 % Common equity tier 1 (to risk- weighted assets) 60,104 11.97 % 35,155 7.00 % 32,644 6.50 % Tier 1 leverage (to average assets) 60,104 9.05 % 26,569 4.00 % 33,211 5.00 % |
Note 15 - Fair Value
Note 15 - Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. Fair Value Accounting standards define fair value as the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants (an “exit” price). The price in the principal market used to measure the fair value of the asset or liability is not The standards require the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. The standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1: ● Level 2: 1 not ● Level 3: The Company uses the following methods and significant assumptions to estimate the fair values of the following assets: ● Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices from a nationally recognized securities pricing agent. If quoted market prices are not ● Equity security at fair value: The Company’s investment in an equity mutual fund is valued based on the net asset value of the fund, which is classified as Level 1. ● Other real estate owned (“OREO”): Nonrecurring fair value adjustments to OREO reflect full or partial write-downs that are based on the OREO’s observable market price or current appraised value of the real estate. Since the market for OREO is not 3. third $0 ● Impaired loans: Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs and reserves that are based on the impaired loan’s observable market price or current appraised value of the collateral. Since the market for impaired loans is not 3. third The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2021 2020, Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2021 Recurring: Available for sale securities State and municipal $ - $ 763,498 $ - $ 763,498 SBA pools - 1,397,762 - 1,397,762 Corporate bonds - 8,584,207 650,000 9,234,207 Mortgage-backed securities - 137,842,449 - 137,842,449 $ - $ 148,587,916 $ 650,000 $ 149,237,916 Equity security at fair value $ 543,605 $ - $ - $ 543,605 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans - - 373,500 373,500 December 31, 2020 Recurring: Available for sale securities State and municipal $ - $ 986,532 $ - $ 986,532 SBA pools - 1,783,807 - 1,783,807 Corporate bonds - 6,697,431 100,000 6,797,431 Mortgage-backed securities - 44,909,516 - 44,909,516 $ - $ 54,377,286 $ 100,000 $ 54,477,286 Equity security at fair value $ 552,566 $ - $ - $ 552,566 Nonrecurring: Other real estate owned, net $ - $ - $ 1,411,605 $ 1,411,605 Reconciliation of Level 3 Inputs Corporate Bonds December 31, 2020 fair value $ 100,000 Additions 650,000 Principal payments received (100,000 ) December 31, 2021 fair value $ 650,000 The estimated fair value of financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows: December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 26,462,106 $ 26,462,106 $ 40,975,670 $ 40,975,670 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 850,000 850,000 Accrued interest receivable 1,609,063 1,609,063 2,057,491 2,057,491 Securities held to maturity 21,851,975 22,805,601 19,904,059 21,070,326 Mortgage loans held for sale 126,500 128,829 1,673,350 1,705,781 Restricted stock, at cost 675,400 675,400 900,500 900,500 Bank owned life insurance 11,556,163 11,556,163 11,297,342 11,297,342 Level 3 inputs Securities held to maturity 3,073,040 3,073,040 3,174,460 3,174,460 Loans, net 482,011,334 487,012,970 521,690,514 527,132,047 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 124,175,615 $ 124,175,615 $ 103,155,113 $ 103,155,113 Securities sold under repurchase agreements 5,414,026 5,414,026 24,753,972 24,753,972 Level 2 inputs Interest-bearing deposits 502,239,055 502,396,172 470,246,434 474,096,434 Federal Home Loan Bank advances 5,000,000 4,967,000 5,000,000 5,136,000 Long-term debt 16,978,905 17,298,111 16,973,280 17,018,416 Accrued interest payable 295,910 295,910 409,622 409,622 |
Note 16 - Parent Company Financ
Note 16 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 16. Parent Company Financial Information The condensed financial statements for the Company (parent only) are presented below: Balance Sheets December 31, 2021 2020 Assets Cash and cash equivalents $ 930,354 $ 200,925 Investment in subsidiaries 72,662,265 68,645,516 Other assets 185,866 36,380 $ 73,778,485 $ 68,882,821 Liabilities and Stockholders' Equity Long-term debt $ 16,978,905 $ 16,973,280 Accrued interest payable 178,122 180,058 17,157,027 17,153,338 Stockholders' equity Common stock, par value $ .01 5,000,000 3,037,137 3,011,255 30,372 30,113 Additional paid-in capital 28,857,422 28,294,139 Retained earnings 29,128,600 22,698,954 Accumulated other comprehensive income (1,394,936 ) 706,277 56,621,458 51,729,483 $ 73,778,485 $ 68,882,821 Statements of Income Years Ended December 31, 2021 2020 Income Cash dividends from subsidiaries $ 2,595,000 $ 9,452,045 Total income 2,595,000 9,452,045 Interest expense - long-term debt (712,306 ) (181,465 ) Noninterest expense (537 ) (521 ) Income before income taxes and equity in undistributed income of subsidiaries 1,882,157 9,270,059 Income taxes (benefit) (149,486 ) (37,812 ) Income before before equity in undistributed income of subsidiaries 2,031,643 9,307,871 Dividends in excess of income of bank subsidiary - (6,759,815 ) Dividends in excess of income of insurance subsidiary (100,019 ) - Equity in undistributed income of bank subsidiary 6,217,982 - Equity in undistributed income of insurance subsidiary - 133,947 Net Income $ 8,149,606 $ 2,682,003 Statements of Cash Flows Years Ended December 31, 2021 2020 Cash flows from operating activities Net Income $ 8,149,606 $ 2,682,003 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of insurance subsidiary - (133,947 ) Equity in undistributed income of bank subsidiary (6,217,982 ) - (Decrease) increase in accrued interest payable (1,935 ) 180,058 Amortization of debt issuance costs 5,625 1,406 Income tax receivable (149,486 ) (37,812 ) Dividend received in excess of income of insurance subsidiary 100,019 - Dividend received in excess of income of bank subsidiary - 6,759,815 Cash provided by operating activities 1,885,847 9,451,523 Cash flows from investing activities Contribution of capital to subsidiaries - (690,000 ) Acquisition of Carroll Bancorp, Inc. net of cash acquired - (24,526,935 ) Cash used by investing activities - (25,216,935 ) Cash flows from financing activities Long-term debt - 16,971,874 Dividends paid, net of reinvestments (1,156,418 ) (1,069,689 ) Cash provided by (used in) financing activities (1,156,418 ) 15,902,185 Net increase in cash and cash equivalents 729,429 136,773 Cash and cash equivalents at beginning of period 200,925 64,152 Cash and cash equivalents at end of period $ 930,354 $ 200,925 The accompanying notes are an integral part of these consolidated financial statements. |
Note 17 - Litigation
Note 17 - Litigation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. Litigation In the ordinary course of its business, the Company is periodically party to various legal actions normally associated with a financial institution. Management does not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB- 4 one October 1, 2020, December 31, 2021 2020 |
Business Description, Policy [Policy Text Block] | Business The Bank provides banking services to individuals and businesses located in Baltimore County, Maryland, Carroll County, Maryland and surrounding areas of northern Maryland. The Insurance Subsidiary is a captive insurance entity that provides insurance coverage for the Bank. Reliable Community Financial Services, Inc. is licensed to provide a wide range of investment and insurance products to its customers, but is inactive. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2020 no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, money market funds, and federal funds sold. Generally, federal funds are purchased and sold for one |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income includes net income and the unrealized gains or losses on investment securities available for sale, net of income taxes. |
Investment, Policy [Policy Text Block] | Investment securities As securities are purchased, management determines if the securities should be classified as held to maturity or available for sale. Securities that management has the intent and ability to hold to maturity are recorded at amortized cost, which is cost adjusted for amortization of premiums and accretion of discounts. Discounts are accreted through maturity. Premiums are amortized through the earliest call date. Securities held to meet liquidity needs or that may |
Equity Securities, Policy [Policy Text Block] | Equity security at fair value The Company owns a mutual fund that is measured at fair value with changes in fair value recognized in noninterest income. |
Federal Home Loan Bank stocks [Policy Text Block] | Restricted stock, at cost Restricted stock consists of Federal Home Loan Bank of Atlanta (the “FHLB”) stock, Community Bankers Bank (“CBB”) stock, and Atlantic Community Bankers Bank (“ACBB”) stock. As a member of the FHLB, the Bank is required to purchase FHLB stock in an amount that is based on the Bank’s total assets. Additional stock is purchased and redeemed based on the outstanding FHLB advances to the Bank. CBB and ACBB require its correspondent banking institutions to hold stock as a condition of membership. The restricted investment in bank stocks is carried at cost. On a quarterly basis, management evaluates the bank stocks for impairment based on assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history, and impact of legislative and regulatory changes. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans and allowance for loan losses Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, premiums and discounts on acquired loans, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs, along with premiums and accretable discounts, are amortized to income over the terms of loans. Past due status is based on the contractual terms of the loan. Management may 90 not The allowance for loan losses represents an amount which, in management’s judgment, will be adequate to absorb probable and estimable losses on existing loans and other extensions of credit that may three not The allowances established for probable and estimable losses on impaired loans are based on a regular analysis and evaluation of problem loans. Management maintains a watch list of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the borrower’s ability to repay; (ii) the underlying collateral, if any; (iii) the economic environment; and (iv) for commercial borrowers, the industry in which the borrower operates. Specific valuation allowances are determined when the collateral value, if the loan is collateral dependent, or the discounted cash flows of the impaired loan is lower than the carrying value. Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool over the prior twenty Adjustments to the historical valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such adjustments are determined by evaluating, among other things: (i) the impact of economic conditions on the portfolio; (ii) changes in asset quality, including delinquency trends; (iii) the impact of changing interest rates on portfolio risk; (iv) changes in legislative and regulatory policy; (v) the composition and concentrations of credit; and (vi) the effectiveness of the internal loan review function as well as changes to policies and experience of loan personnel. Management evaluates these qualitative factors on a quarterly basis. Each factor could result in an adjustment that is positive, negative, or no Loan losses are charged to the allowance when management believes that collection is unlikely. Collections of loans previously charged off are added to the allowance at the time of recovery. Loans acquired in connection with business combinations are recorded at fair value with no Loans acquired through business combinations that are designated as purchase credit impaired loans because they meet the specific criteria of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. These loans are accounted for under ASC 310 30. Loans acquired through business combinations that do not 310 30 310 20, no no |
Mortgage Banking Activity [Policy Text Block] | Mortgage loans held for sale and mortgage banking income Mortgage loans held for sale are carried at the lower of aggregate cost or fair value based on the current fair value of each outstanding loan. Sales of loans are recorded when the proceeds are received, with any gain or loss recorded in mortgage banking income. The Company sells its mortgage loans to third no third not third |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Land is carried at cost. Premises and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation on buildings and equipment is computed over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized using the straight-line method over the term of the lease or the estimated useful lives of the asset, whichever is shorter. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other real estate owned Real estate acquired through foreclosure or by deed in lieu of foreclosure is recorded at fair value less estimated costs to sell on the date acquired establishing a new cost basis. Losses incurred at the time of acquisition of the property are charged to the allowance for loan losses. Subsequent reductions in the estimated value of the property are included with any gains or losses on sale in noninterest expense. |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank owned life insurance The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets Goodwill is calculated as the purchase premium, if any, after adjusting for the fair value of net assets acquired in purchase transactions. Goodwill is not 10 |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition ASC Topic 606 not 606 Service Charges on Deposit Accounts: Interchange Income Other Service Charges and Fees: |
Lessee, Leases [Policy Text Block] | Operating leases The Company accounts for lease obligations in accordance with FASB Accounting Standards Update (“ASU”) 2016 02, 842 2016‑02, |
Advertising Cost [Policy Text Block] | Advertising costs Advertising costs are expensed in the period incurred and totaled $ 233,358 December 31, 2021 2020, |
Income Tax, Policy [Policy Text Block] | Income taxes The provision for income taxes includes income taxes payable for the current year and deferred income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement bases and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no |
Earnings Per Share, Policy [Policy Text Block] | Per share data Earnings per share are determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. Weighted average shares were 3,018,112 2021 2020, December 31, 2021 December 31, 2020. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements Management has the responsibility for the selection and use of appropriate accounting policies. The significant accounting policies used by the Company are described in the notes to the consolidated financial statements. The following accounting guidance has been approved by the FASB and would apply to the Company if the Company entered into an applicable activity. In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third 2022. In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, not 2021 06 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. |
Note 2 - Acquisition of Carro_2
Note 2 - Acquisition of Carroll Bancorp, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Book value Fair value Cash $ 5,441,610 $ 5,441,610 Certificates of deposit in other banks 750,000 750,000 Securities available for sale 12,863,795 12,922,620 Restricted stock, at cost 926,700 926,700 Loans held for sale 1,702,950 1,743,195 Loans 145,153,100 145,080,950 Premises and equipment 2,619,413 2,684,240 Other real estate owned 1,411,605 1,411,605 Other assets 5,290,717 5,388,546 Core deposit intangible - 83,282 Goodwill - 6,978,208 Total assets $ 176,159,890 $ 183,410,956 Deposits $ 144,896,990 $ 145,513,085 FHLB advances 13,000,000 13,000,000 Other liabilities 95,296 90,143 Total liabilities 157,992,286 158,603,228 Stockholders' equity 18,167,604 24,807,728 Total liabilities and stockholders' equity $ 176,159,890 $ 183,410,956 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair December 31, 2021 cost gains losses value Available for sale State and municipal $ 753,061 $ 10,437 $ - $ 763,498 SBA pools 1,418,770 1,656 22,664 1,397,762 Corporate bonds 9,225,153 64,595 55,541 9,234,207 Mortgage-backed securities 139,765,445 336,084 2,259,080 137,842,449 $ 151,162,429 $ 412,772 $ 2,337,285 $ 149,237,916 Held to maturity State and municipal $ 21,851,975 $ 1,020,877 $ 67,251 $ 22,805,601 December 31, 2020 Available for sale State and municipal $ 962,438 $ 24,094 $ - $ 986,532 SBA pools 1,822,226 - 38,419 1,783,807 Corporate bonds 6,692,156 108,172 2,897 6,797,431 Mortgage-backed securities 44,026,055 941,987 58,526 44,909,516 $ 53,502,875 $ 1,074,253 $ 99,842 $ 54,477,286 Held to maturity State and municipal $ 23,078,519 $ 1,177,125 $ 10,858 $ 24,244,786 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair December 31, 2021 cost value cost value Within one year $ 499,903 $ 505,360 $ - $ - Over one to five years 3,894,465 3,949,948 799,343 812,955 Over five to ten years 5,583,846 5,542,397 2,046,291 2,211,802 Over ten years - - 19,006,341 19,780,844 9,978,214 9,997,705 21,851,975 22,805,601 Mortgage-backed securities and SBA pools, due in monthly installments 141,184,215 139,240,211 - - $ 151,162,429 $ 149,237,916 $ 21,851,975 $ 22,805,601 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2021 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 1,324,648 $ 35,720 $ 715,650 $ 31,531 $ 2,040,298 $ 67,251 SBA pools - - 1,133,398 22,664 1,133,398 22,664 Corporate bonds 5,443,886 55,541 - - 5,443,886 55,541 Mortgage-backed securities 117,840,965 2,034,858 4,781,586 224,222 122,622,551 2,259,080 Total $ 124,609,499 $ 2,126,119 $ 6,630,634 $ 278,417 $ 131,240,133 $ 2,404,536 December 31, 2020 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 719,430 $ 10,858 $ - $ - $ 719,430 $ 10,858 SBA pools - - 1,783,807 38,419 1,783,807 38,419 Corporate bonds 502,754 2,897 - - 502,754 2,897 Mortgage-backed securities 9,286,525 57,987 96,652 539 9,383,177 58,526 Total $ 10,508,709 $ 71,742 $ 1,880,459 $ 38,958 $ 12,389,168 $ 110,700 |
Note 5 - Related Party Transa_2
Note 5 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 2021 2020 Balance, beginning of year $ 14,558,882 $ 14,551,236 Additions 2,489,000 1,771,200 Amounts collected (3,225,326 ) (1,763,554 ) Balance, end of year $ 13,822,556 $ 14,558,882 |
Note 6 - Loans (Tables)
Note 6 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2021 2020 Real estate: Commercial $ 319,185,116 $ 309,284,811 Construction and land development 28,221,854 33,641,916 Residential 107,436,033 121,327,761 Commercial 31,182,206 61,368,105 Consumer 355,958 288,454 486,381,167 525,911,047 Less: Allowance for loan losses 3,650,268 3,296,538 Deferred origination fees net of costs 719,565 923,995 $ 482,011,334 $ 521,690,514 |
Financing Receivable, Nonaccrual [Table Text Block] | 2021 2020 Real estate: Commercial $ 4,810,965 $ 4,407,829 Residential 31,500 220,967 Commercial 152,449 - Total $ 4,994,914 $ 4,628,796 |
Financing Receivable, Past Due [Table Text Block] | 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing December 31, 2021 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 318,682,155 $ 319,185,116 $ - Construction and land development - - - - 28,221,854 28,221,854 - Residential - - 249,161 249,161 107,186,872 107,436,033 217,661 Commercial - - 415,690 415,690 30,766,516 31,182,206 263,241 Consumer - - - - 355,958 355,958 - Total $ - $ - $ 1,167,812 $ 1,167,812 $ 485,213,355 $ 486,381,167 $ 480,902 December 31, 2020 Real estate: Commercial $ 182,656 $ - $ - $ 182,656 $ 309,102,155 $ 309,284,811 $ - Construction and land development - - - - 33,641,916 33,641,916 - Residential 24,591 - 220,967 245,558 121,082,203 121,327,761 - Commercial - - - - 61,368,105 61,368,105 - Consumer - - - - 288,454 288,454 - Total $ 207,247 $ - $ 220,967 $ 428,214 $ 525,482,833 $ 525,911,047 $ - |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized December 31, 2021 Commercial real estate $ 6,820,932 $ 6,317,971 $ 502,961 $ 6,820,932 $ 129,461 $ 6,740,539 $ 125,079 Construction and land development - - - - - - - Residential real estate 39,228 39,228 - 39,228 - 41,981 1,672 Commercial 152,449 - 152,449 152,449 152,449 76,225 69,005 $ 7,012,609 $ 6,357,199 $ 655,410 $ 7,012,609 $ 281,910 $ 6,858,744 $ 195,756 December 31, 2020 Commercial real estate $ 6,660,145 $ 6,660,145 $ - $ 6,660,145 $ - $ 4,372,567 $ 345,570 Residential real estate 44,733 44,733 - 44,733 - 47,935 2,139 $ 6,704,878 $ 6,704,878 $ - $ 6,704,878 $ - $ 4,420,502 $ 347,709 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Above Pass Special December 31, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,225,732 $ 73,924,748 $ 146,174,439 $ 82,018,890 $ 3,345,788 $ 12,495,519 $ - $ 319,185,116 Construction and land development - - 3,853,775 12,452,257 9,973,457 1,942,365 - - 28,221,854 Residential 41,152 708,162 46,358,477 48,295,430 9,570,815 - 2,461,997 - 107,436,033 Commercial 9,774,570 - 5,292,721 12,585,396 3,377,070 - 152,449 - 31,182,206 Consumer 5,813 168,037 147,903 2,280 11,298 - - 20,627 355,958 $ 9,821,535 $ 2,101,931 $ 129,577,624 $ 219,509,802 $ 104,951,530 $ 5,288,153 $ 15,109,965 $ 20,627 $ 486,381,167 Above Pass Special December 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,010,472 $ 96,178,011 $ 87,860,036 $ 108,045,730 $ 5,951,177 $ 9,239,385 $ - $ 309,284,811 Construction and land development - - 2,962,300 15,944,499 13,168,844 - 1,566,273 - 33,641,916 Residential 36,285 1,026,824 63,811,389 40,947,548 12,579,311 - 2,926,404 - 121,327,761 Commercial 32,088,058 - 10,037,516 13,532,170 5,710,361 - - - 61,368,105 Consumer 13,729 109,955 131,171 6,671 15,663 - - 11,265 288,454 $ 32,138,072 $ 3,147,251 $ 173,120,387 $ 158,290,924 $ 139,519,909 $ 5,951,177 $ 13,732,062 $ 11,265 $ 525,911,047 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2021 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 241,301 $ - $ 11,500 $ 2,482,930 $ 129,461 $ - $ 2,353,469 $ 6,820,932 $ 56,825 $ 312,307,359 Construction and land development 201,692 (3,345 ) - 16,200 214,547 - - 214,547 - 383,666 27,838,188 Residential 644,639 (22,111 ) (18,970 ) - 603,558 - - 603,558 39,228 568,151 106,828,654 Commercial 111,390 129,023 - 15,000 255,413 152,449 - 102,964 152,449 - 31,029,757 Consumer 2,138 2,232 - - 4,370 - - 4,370 - - 355,958 Unallocated 106,550 (17,100 ) - - 89,450 - - 89,450 - - - $ 3,296,538 $ 330,000 $ (18,970 ) $ 42,700 $ 3,650,268 $ 281,910 $ - $ 3,368,358 $ 7,012,609 $ 1,008,642 $ 478,359,916 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 418,806 $ - $ 47,462 $ 2,230,129 $ - $ - $ 2,230,129 $ 6,660,245 $ 151,453 $ 302,473,113 Construction and land development 192,828 (5,536 ) - 14,400 201,692 - - 201,692 - 1,566,174 32,075,742 Residential 478,124 166,515 - - 644,639 - - 644,639 215,230 595,433 120,517,098 Commercial 107,782 (12,353 ) - 15,961 111,390 - - 111,390 - - 61,368,105 Consumer 4,133 (1,995 ) - - 2,138 - - 2,138 - - 288,454 Unallocated 46,987 59,563 - - 106,550 - - 106,550 - - - $ 2,593,715 $ 625,000 $ - $ 77,823 $ 3,296,538 $ - $ - $ 3,296,538 $ 6,875,475 $ 2,313,060 $ 516,722,512 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Balance at December 31, 2020 $ 2,250,232 Transfer to accretable 460,413 Accretion (1,081,403 ) Balance at December 31, 2021 $ 1,629,242 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful lives (in years) 2021 2020 Land and improvements - $ 2,602,998 $ 3,237,998 Buildings and improvements 15 - 39 6,302,622 6,989,622 Furniture and equipment 3 - 10 4,752,133 4,509,439 13,657,753 14,737,059 Accumulated depreciation and amortization 7,398,332 7,000,503 $ 6,259,421 $ 7,736,556 Depreciation and amortization expense $ 434,434 $ 371,646 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill CDI Total Balance at December 31, 2019 $ - $ - $ - Acquired during the year 6,978,208 83,282 7,061,490 Amortization - (2,082 ) (2,082 ) Adjustments - - - Balance at December 31, 2020 6,978,208 81,200 7,059,408 Acquired during the year - - - Amortization - (8,328 ) (8,328 ) Adjustments - - - Balance at December 31, 2021 $ 6,978,208 $ 72,872 $ 7,051,080 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Lease Assets and Liabilities [Table Text Block] | Consolidated Balance Sheet classification December 31, 2021 December 31, 2020 Operating lease right of use asset Other assets $ 1,093,382 $ 1,242,832 Operating lease liabilities Other liabilities 1,311,570 1,443,966 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount 2022 $ 181,784 2023 187,951 2024 193,443 2025 199,107 2026 204,952 Thereafter 492,394 Total lease payments 1,459,631 Less imputed interest (148,061 ) Present value of operating lease liabilities $ 1,311,570 |
Schedule of Credit Commitments [Table Text Block] | 2021 2020 Loan commitments Construction and land development $ 6,810,353 $ 4,668,250 Commercial 630,000 1,000,000 Commercial real estate 23,552,400 15,772,020 Residential 3,804,617 4,668,750 $ 34,797,370 $ 26,109,020 Unused lines of credit Home-equity lines $ 12,707,519 $ 13,716,894 Commercial lines 28,828,911 23,996,679 $ 41,536,430 $ 37,713,573 Letters of credit $ 1,470,742 $ 1,891,428 |
Note 11 - Interest-bearing De_2
Note 11 - Interest-bearing Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | 2021 2020 NOW $ 130,486,845 $ 107,763,512 Money market 90,994,339 83,740,032 Savings 99,959,988 80,890,934 Certificates of deposit, greater than $250,000 34,697,273 38,700,152 Other time deposits 146,100,610 159,151,804 $ 502,239,055 $ 470,246,434 |
Time Deposit Maturities [Table Text Block] | Year Amount 2022 $ 134,504,155 2023 33,911,560 2024 6,968,424 2025 1,486,784 2026 3,926,960 $ 180,797,883 |
Note 12 - Borrowed Funds (Table
Note 12 - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 2021 2020 Amounts outstanding at year-end: Securities sold under repurchase agreements $ 5,414,026 $ 24,753,972 Federal Home Loan Bank advances: Maturity date Interest Rate Amount 3/30/2025 1.00% 5,000,000 5,000,000 Long-term debt (net of isuuance costs): Maturity date Interest Rate Amount 9/30/2025 4.10% 16,978,905 16,973,280 Weighted average rate paid at December 31: Securities sold under repurchase agreements 0.31 % 0.61 % Federal Home Loan Bank advances 1.00 % 1.00 % Long-term debt 4.10 % 4.10 % Average rate paid during the year ended December 31: Securities sold under repurchase agreements 0.43 % 1.15 % Federal Home Loan Bank advances 1.01 % 0.84 % Long-term debt 4.10 % 4.10 % Investment securities underlying the repurchase agreements at December 31: Carrying value $ 7,062,928 $ 34,958,212 Loans pledged to the Federal Home Loan Bank at December 31: Carrying value - loans $ 111,547,027 $ 115,282,801 Loans pledged to the Federal Reserve Bank at December 31: Carrying value $ 55,399,031 $ 76,027,628 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 Current Federal $ 1,798,535 $ 387,193 State 794,348 251,349 2,592,883 638,542 Deferred (160,070 ) (151,331 ) $ 2,432,813 $ 487,211 |
Schedule of Components of Deferred Tax Expense Benefit [Table Text Block] | 2021 2020 Depreciation $ 8,291 $ (18,006 ) Provision for loan losses (141,488 ) (171,984 ) Other real estate owned allowance for loss (46,561 ) - Nonaccrual interest (83,961 ) (2,752 ) Prepaid captive insurance premium (14,375 ) 76,855 Write-down of equity securities (4,227 ) 2,893 Lease liability, net of right of use asset (4,693 ) (9,372 ) Purchase accounting adjustments 175,037 29,982 Post-retirement benefits (48,093 ) (58,947 ) $ (160,070 ) $ (151,331 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax assets Allowance for loan losses $ 951,348 $ 809,860 Other real estate owned allowance for loss 434,628 388,066 Capital loss carryover 5,300 5,300 Nonaccrual interest 88,581 4,620 Post-retirement benefits 651,482 603,390 Purchase accounting adjustments 235,142 392,341 Unrealized loss on securities available for sale 468,726 - Lease liability, net of right of use asset 60,040 55,347 2,895,247 2,258,924 Deferred tax liabilities Prepaid captive insurance premium 357,518 371,894 Depreciation 348,900 322,770 Unrealized gain on securities available for sale - 328,986 Other 11,379 15,606 717,797 1,039,256 Net deferred tax asset $ 2,177,450 $ 1,219,668 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Statutory federal income tax rate 21.0 % 21.0 Increase (decrease) resulting from: Federal tax-exempt income (4.4 ) (12.3 ) State income taxes, net of federal income tax benefit 5.8 4.5 Nondeductible expenses - 2.2 Other 0.6 - 23.0 % 15.4 |
Note 14 - Capital Standards (Ta
Note 14 - Capital Standards (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 69,957 13.24 % $ 55,471 10.50 % $ 52,830 10.00 % Tier 1 capital (to risk-weighted assets) 66,307 12.55 % 44,905 8.50 % 42,264 8.00 % Common equity tier 1 (to risk- weighted assets) 66,307 12.55 % 36,981 7.00 % 34,339 6.50 % Tier 1 leverage (to average assets) 66,307 9.27 % 28,614 4.00 % 35,767 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 63,400 12.62 % $ 52,732 10.50 % $ 50,221 10.00 % Tier 1 capital (to risk-weighted assets) 60,104 11.97 % 42,688 8.50 % 40,177 8.00 % Common equity tier 1 (to risk- weighted assets) 60,104 11.97 % 35,155 7.00 % 32,644 6.50 % Tier 1 leverage (to average assets) 60,104 9.05 % 26,569 4.00 % 33,211 5.00 % |
Note 15 - Fair Value (Tables)
Note 15 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2021 Recurring: Available for sale securities State and municipal $ - $ 763,498 $ - $ 763,498 SBA pools - 1,397,762 - 1,397,762 Corporate bonds - 8,584,207 650,000 9,234,207 Mortgage-backed securities - 137,842,449 - 137,842,449 $ - $ 148,587,916 $ 650,000 $ 149,237,916 Equity security at fair value $ 543,605 $ - $ - $ 543,605 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans - - 373,500 373,500 December 31, 2020 Recurring: Available for sale securities State and municipal $ - $ 986,532 $ - $ 986,532 SBA pools - 1,783,807 - 1,783,807 Corporate bonds - 6,697,431 100,000 6,797,431 Mortgage-backed securities - 44,909,516 - 44,909,516 $ - $ 54,377,286 $ 100,000 $ 54,477,286 Equity security at fair value $ 552,566 $ - $ - $ 552,566 Nonrecurring: Other real estate owned, net $ - $ - $ 1,411,605 $ 1,411,605 |
Fair Value, Assets Measured on Non-recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Reconciliation of Level 3 Inputs Corporate Bonds December 31, 2020 fair value $ 100,000 Additions 650,000 Principal payments received (100,000 ) December 31, 2021 fair value $ 650,000 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 26,462,106 $ 26,462,106 $ 40,975,670 $ 40,975,670 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 850,000 850,000 Accrued interest receivable 1,609,063 1,609,063 2,057,491 2,057,491 Securities held to maturity 21,851,975 22,805,601 19,904,059 21,070,326 Mortgage loans held for sale 126,500 128,829 1,673,350 1,705,781 Restricted stock, at cost 675,400 675,400 900,500 900,500 Bank owned life insurance 11,556,163 11,556,163 11,297,342 11,297,342 Level 3 inputs Securities held to maturity 3,073,040 3,073,040 3,174,460 3,174,460 Loans, net 482,011,334 487,012,970 521,690,514 527,132,047 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 124,175,615 $ 124,175,615 $ 103,155,113 $ 103,155,113 Securities sold under repurchase agreements 5,414,026 5,414,026 24,753,972 24,753,972 Level 2 inputs Interest-bearing deposits 502,239,055 502,396,172 470,246,434 474,096,434 Federal Home Loan Bank advances 5,000,000 4,967,000 5,000,000 5,136,000 Long-term debt 16,978,905 17,298,111 16,973,280 17,018,416 Accrued interest payable 295,910 295,910 409,622 409,622 |
Note 16 - Parent Company Fina_2
Note 16 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Balance Sheets December 31, 2021 2020 Assets Cash and cash equivalents $ 930,354 $ 200,925 Investment in subsidiaries 72,662,265 68,645,516 Other assets 185,866 36,380 $ 73,778,485 $ 68,882,821 Liabilities and Stockholders' Equity Long-term debt $ 16,978,905 $ 16,973,280 Accrued interest payable 178,122 180,058 17,157,027 17,153,338 Stockholders' equity Common stock, par value $ .01 5,000,000 3,037,137 3,011,255 30,372 30,113 Additional paid-in capital 28,857,422 28,294,139 Retained earnings 29,128,600 22,698,954 Accumulated other comprehensive income (1,394,936 ) 706,277 56,621,458 51,729,483 $ 73,778,485 $ 68,882,821 |
Condensed Income Statement [Table Text Block] | Statements of Income Years Ended December 31, 2021 2020 Income Cash dividends from subsidiaries $ 2,595,000 $ 9,452,045 Total income 2,595,000 9,452,045 Interest expense - long-term debt (712,306 ) (181,465 ) Noninterest expense (537 ) (521 ) Income before income taxes and equity in undistributed income of subsidiaries 1,882,157 9,270,059 Income taxes (benefit) (149,486 ) (37,812 ) Income before before equity in undistributed income of subsidiaries 2,031,643 9,307,871 Dividends in excess of income of bank subsidiary - (6,759,815 ) Dividends in excess of income of insurance subsidiary (100,019 ) - Equity in undistributed income of bank subsidiary 6,217,982 - Equity in undistributed income of insurance subsidiary - 133,947 Net Income $ 8,149,606 $ 2,682,003 |
Condensed Cash Flow Statement [Table Text Block] | Statements of Cash Flows Years Ended December 31, 2021 2020 Cash flows from operating activities Net Income $ 8,149,606 $ 2,682,003 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of insurance subsidiary - (133,947 ) Equity in undistributed income of bank subsidiary (6,217,982 ) - (Decrease) increase in accrued interest payable (1,935 ) 180,058 Amortization of debt issuance costs 5,625 1,406 Income tax receivable (149,486 ) (37,812 ) Dividend received in excess of income of insurance subsidiary 100,019 - Dividend received in excess of income of bank subsidiary - 6,759,815 Cash provided by operating activities 1,885,847 9,451,523 Cash flows from investing activities Contribution of capital to subsidiaries - (690,000 ) Acquisition of Carroll Bancorp, Inc. net of cash acquired - (24,526,935 ) Cash used by investing activities - (25,216,935 ) Cash flows from financing activities Long-term debt - 16,971,874 Dividends paid, net of reinvestments (1,156,418 ) (1,069,689 ) Cash provided by (used in) financing activities (1,156,418 ) 15,902,185 Net increase in cash and cash equivalents 729,429 136,773 Cash and cash equivalents at beginning of period 200,925 64,152 Cash and cash equivalents at end of period $ 930,354 $ 200,925 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Advertising Expense | $ 233,358 | $ 237,909 |
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 3,018,112 | 2,983,972 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | 0 |
First Community Bankers Insurance Co., LLC [Member] | ||
Percentage of Ownership | 100.00% |
Note 2 - Acquisition of Carro_3
Note 2 - Acquisition of Carroll Bancorp, Inc. (Details Textual) - USD ($) | Oct. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets, Total | $ 716,677,255 | $ 677,317,082 | ||
Liabilities, Total | 660,055,797 | 625,587,599 | ||
Deposits, Total | 626,414,670 | 573,401,547 | ||
Goodwill, Ending Balance | $ 6,978,208 | 6,978,208 | $ 0 | |
Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||
Carroll Bancorp, Inc.[Member] | ||||
Assets, Total | $ 176,159,890 | |||
Financing Receivable, after Allowance for Credit Loss, Total | 145,153,100 | |||
Liabilities, Total | 157,992,286 | |||
Deposits, Total | 144,896,990 | |||
Carroll Bancorp, Inc.[Member] | ||||
Business Combination, Consideration Transferred, Total | 24,807,728 | |||
Payments to Acquire Businesses, Gross | 7,800,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 17,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 176,432,748 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 158,603,228 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 17,829,520 | |||
Goodwill, Ending Balance | 6,978,208 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 83,282 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Certificates of Deposit Premium | 616,377 | |||
Accretion Expense | $ 249,840 | $ 129,844 | ||
Carroll Bancorp, Inc.[Member] | Core Deposits [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 83,282 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 2 - Acquisition of Carro_4
Note 2 - Acquisition of Carroll Bancorp, Inc. - Estimate of Fair Value (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 01, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 6,978,208 | $ 6,978,208 | $ 0 | |
Carroll Bancorp, Inc.[Member] | ||||
Cash | $ 5,441,610 | |||
Certificates of deposit in other banks | 750,000 | |||
Securities available for sale | 12,922,620 | |||
Restricted stock, at cost | 926,700 | |||
Loans held for sale | 1,743,195 | |||
Loans | 145,080,950 | |||
Premises and equipment | 2,684,240 | |||
Other real estate owned | 1,411,605 | |||
Other assets | 5,388,546 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 83,282 | |||
Goodwill, Ending Balance | 6,978,208 | |||
Total assets | 183,410,956 | |||
Deposits | 145,513,085 | |||
FHLB advances | 13,000,000 | |||
Other liabilities | 90,143 | |||
Total liabilities | 158,603,228 | |||
Stockholders' equity | 24,807,728 | |||
Total liabilities and stockholders' equity | 183,410,956 | |||
Reported Value By Acquiree [Member] | Carroll Bancorp, Inc.[Member] | ||||
Cash | 5,441,610 | |||
Certificates of deposit in other banks | 750,000 | |||
Securities available for sale | 12,863,795 | |||
Restricted stock, at cost | 926,700 | |||
Loans held for sale | 1,702,950 | |||
Loans | 145,153,100 | |||
Premises and equipment | 2,619,413 | |||
Other real estate owned | 1,411,605 | |||
Other assets | 5,290,717 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||
Goodwill, Ending Balance | 0 | |||
Total assets | 176,159,890 | |||
Deposits | 144,896,990 | |||
FHLB advances | 13,000,000 | |||
Other liabilities | 95,296 | |||
Total liabilities | 157,992,286 | |||
Stockholders' equity | 18,167,604 | |||
Total liabilities and stockholders' equity | $ 176,159,890 |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash, Uninsured Amount | $ 7,549,531 | $ 8,703,983 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 14,307,989 | $ 34,958,212 |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 31,327,354 | 22,224,763 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 9,190 | 0 |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | $ 2,025,000 |
Securities Called at a Premium [Member] | ||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $ 1,263,845 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost, available for sale | $ 151,162,429 | $ 53,502,875 |
Unrealized gains, available for sale | 412,772 | 1,074,253 |
Unrealized losses, available for sale | 2,337,285 | 99,842 |
Fair value, available for sale | 149,237,916 | 54,477,286 |
Amortized cost, held to maturity | 21,851,975 | 23,078,519 |
Fair value, held to maturity | 22,805,601 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost, available for sale | 753,061 | 962,438 |
Unrealized gains, available for sale | 10,437 | 24,094 |
Unrealized losses, available for sale | 0 | 0 |
Fair value, available for sale | 763,498 | 986,532 |
Amortized cost, held to maturity | 21,851,975 | 23,078,519 |
Unrealized gains, held to maturity | 1,020,877 | 1,177,125 |
Unrealized losses, held to maturity | 67,251 | 10,858 |
Fair value, held to maturity | 22,805,601 | 24,244,786 |
SBA Pools [Member] | ||
Amortized cost, available for sale | 1,418,770 | 1,822,226 |
Unrealized gains, available for sale | 1,656 | 0 |
Unrealized losses, available for sale | 22,664 | 38,419 |
Fair value, available for sale | 1,397,762 | 1,783,807 |
Corporate Debt Securities [Member] | ||
Amortized cost, available for sale | 9,225,153 | 6,692,156 |
Unrealized gains, available for sale | 64,595 | 108,172 |
Unrealized losses, available for sale | 55,541 | 2,897 |
Fair value, available for sale | 9,234,207 | 6,797,431 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost, available for sale | 139,765,445 | 44,026,055 |
Unrealized gains, available for sale | 336,084 | 941,987 |
Unrealized losses, available for sale | 2,259,080 | 58,526 |
Fair value, available for sale | $ 137,842,449 | $ 44,909,516 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Contractual Maturities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Available for Sale Amortized cost, Within one year | $ 499,903 | |
Available for Sale Fair value, Within one year | 505,360 | |
Held to Maturity Amortized cost, Within one year | 0 | |
Held to Maturity Fair value, Within one year | 0 | |
Available for Sale Amortized cost, Over one to five years | 3,894,465 | |
Available for Sale Fair value, Over one to five years | 3,949,948 | |
Held to Maturity Amortized cost, Over one to five years | 799,343 | |
Held to Maturity Fair value, Over one to five years | 812,955 | |
Available for Sale Amortized cost, Fair value, Over one to five years | 5,583,846 | |
Available for Sale Fair value, Over five to ten years | 5,542,397 | |
Held to Maturity Amortized cost, Over five to ten years | 2,046,291 | |
Held to Maturity Fair value, Over five to ten years | 2,211,802 | |
Available for Sale Amortized cost, Over ten years | 0 | |
Available for Sale Fair value, Over ten years | 0 | |
Held to Maturity Amortized cost, Over ten years | 19,006,341 | |
Held to Maturity Fair value, Over ten years | 19,780,844 | |
Available for Sale Amortized cost, total maturity | 9,978,214 | |
Available for Sale Fair value, total maturity | 9,997,705 | |
Held to Maturity Amortized cost, total maturity | 21,851,975 | |
Held to Maturity Fair value, total maturity | 22,805,601 | |
Available for Sale Amortized cost, due in monthly installments | 141,184,215 | |
Available for Sale Fair value, due in monthly installments | 139,240,211 | |
Held to Maturity Amortized cost, due in monthly installments | 0 | |
Held to Maturity Fair value, due in monthly installments | 0 | |
Available for Sale, Amortized cost | 151,162,429 | $ 53,502,875 |
Available for Sale Fair value Total | 149,237,916 | 54,477,286 |
Held to Maturity Amortized cost Total | 21,851,975 | $ 23,078,519 |
Held to Maturity Fair value Total | $ 22,805,601 |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Less than 12 months Fair value | $ 124,609,499 | $ 10,508,709 |
Less than 12 months Unrealized losses | 2,126,119 | 71,742 |
12 months or more Fair value | 6,630,634 | 1,880,459 |
12 months or more Unrealized losses | 278,417 | 38,958 |
Total Fair value | 131,240,133 | 12,389,168 |
Total Unrealized losses | 2,404,536 | 110,700 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair value | 1,324,648 | 719,430 |
Less than 12 months Unrealized losses | 35,720 | 10,858 |
12 months or more Fair value | 715,650 | 0 |
12 months or more Unrealized losses | 31,531 | 0 |
Total Fair value | 2,040,298 | 719,430 |
Total Unrealized losses | 67,251 | 10,858 |
SBA Pools [Member] | ||
Less than 12 months Fair value | 0 | 0 |
Less than 12 months Unrealized losses | 0 | 0 |
12 months or more Fair value | 1,133,398 | 1,783,807 |
12 months or more Unrealized losses | 22,664 | 38,419 |
Total Fair value | 1,133,398 | 1,783,807 |
Total Unrealized losses | 22,664 | 38,419 |
Corporate Debt Securities [Member] | ||
Less than 12 months Fair value | 5,443,886 | 502,754 |
Less than 12 months Unrealized losses | 55,541 | 2,897 |
12 months or more Fair value | 0 | 0 |
12 months or more Unrealized losses | 0 | 0 |
Total Fair value | 5,443,886 | 502,754 |
Total Unrealized losses | 55,541 | 2,897 |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months Fair value | 117,840,965 | 9,286,525 |
Less than 12 months Unrealized losses | 2,034,858 | 57,987 |
12 months or more Fair value | 4,781,586 | 96,652 |
12 months or more Unrealized losses | 224,222 | 539 |
Total Fair value | 122,622,551 | 9,383,177 |
Total Unrealized losses | $ 2,259,080 | $ 58,526 |
Note 5 - Related Party Transa_3
Note 5 - Related Party Transactions (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 13,822,556 | $ 14,558,882 | $ 14,551,236 | |
Related Party Deposit Liabilities | 27,187,933 | 20,611,092 | ||
Payments to Fund Long-term Loans to Related Parties | 40,754 | 54,544 | ||
The Company Related to Director [Member] | ||||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 1,096,000 | |||
The Company Related to Director [Member] | Sale Of Real Property To Related Party [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1,359,613 | |||
Unused lines of Credit [Member] | ||||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 143,000 | $ 330,515 |
Note 5 - Related Party Transa_4
Note 5 - Related Party Transactions - Related Party Loan Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of year | $ 14,558,882 | $ 14,551,236 |
Additions | 2,489,000 | 1,771,200 |
Amounts collected | (3,225,326) | (1,763,554) |
Balance, end of year | $ 13,822,556 | $ 14,558,882 |
Note 6 - Loans (Details Textual
Note 6 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 486,381,167 | $ 525,911,047 |
Loans and Leases Receivable, Deferred Income, Total | 719,565 | 923,995 |
Financing Receivable, Nonaccrual | 4,994,914 | 4,628,796 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 219,734 | 13,395 |
Impaired Financing Receivable, Related Allowance | $ 281,910 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 18,970 | $ 0 |
Financing Receivable, Deferred Payments, Subsequent Additional Deferrals | $ 4,300,000 | |
Financing Receivable, Percent of Outstanding Loan Balance Additional Deferred | 1.00% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ 1,081,403 | 227,768 |
Certain Loans Acquired in Transfer, Nonaccretable Difference | 466,587 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 460,413 | 460,413 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 1,629,242 | 2,250,232 |
Certain Loans Acquired in Transfer, Accretable Yield | 1,405,133 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Amortization | 718,875 | 214,992 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance, Total | 101,209,577 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 100,518,881 | |
Mortgage Loans in Process of Foreclosure, Amount | 31,500 | |
Participating Mortgage Loans, Participation Liabilities, Amount | 22,100,000 | 21,000,000 |
Federal Home Loan Bank of Atlanta [Member] | ||
Loans Pledged as Collateral | 111,500,000 | |
Federal Home Loan Bank of Richmond [Member] | ||
Loans Pledged as Collateral | 55,400,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 319,805 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 140,608 | |
Nonaccrual Loans [Member] | ||
Impaired Financing Receivable, Related Allowance | 281,910 | 0 |
Allowance for Loan and Lease Losses Write-offs, Net, Total | 27,146 | 8,176 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 31,182,206 | 61,368,105 |
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | |
Financing Receivable, Nonaccrual | $ 152,449 | 0 |
Impaired Financing Receivable, Related Allowance | 152,449 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 319,185,116 | $ 309,284,811 |
Financing Receivable, Number of Loans, Nonaccrual Status | 2 | 1 |
Financing Receivable, Nonaccrual | $ 4,810,965 | $ 4,407,829 |
Impaired Financing Receivable, Related Allowance | $ 129,461 | $ 0 |
Number of Loans Classified as TDR | 1 | 2 |
Financing Receivable, Troubled Debt Restructuring | $ 2,009,967 | $ 2,252,316 |
Financing Receivable, Troubled Debt Restructuring, Premodification | 182,656 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 107,436,033 | $ 121,327,761 |
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | 2 |
Financing Receivable, Nonaccrual | $ 31,500 | $ 220,967 |
Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 |
Number of Loans Classified as TDR | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring | $ 39,228 | $ 44,733 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 18,970 | 0 |
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross, Total | 9,700,000 | 32,100,000 |
Financing Receivable, Loans Originated Amount | 22,000,000 | 38,000,000 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 1,037,000 | $ 1,286,000 |
Interest Income, Financing Receivable, before Allowance for Credit Loss | 909,000 | |
Loans and Leases Receivable, Deferred Income, Total | $ 271,000 |
Note 6 - Loans - Major Categori
Note 6 - Loans - Major Categories of Loans (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 486,381,167 | $ 525,911,047 |
Allowance for loan losses | 3,650,268 | 3,296,538 |
Deferred origination fees net of costs | 719,565 | 923,995 |
Loans and Leases Receivable, Net Amount, Total | 482,011,334 | 521,690,514 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 319,185,116 | 309,284,811 |
Construction and Land Development [Member] | ||
Loans | 28,221,854 | 33,641,916 |
Residential Portfolio Segment [Member] | ||
Loans | 107,436,033 | 121,327,761 |
Commercial Portfolio Segment [Member] | ||
Loans | 31,182,206 | 61,368,105 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 355,958 | $ 288,454 |
Note 6 - Loans - Non-accrual Lo
Note 6 - Loans - Non-accrual Loans (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Nonaccrual loans | $ 4,994,914 | $ 4,628,796 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 4,810,965 | 4,407,829 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | 31,500 | 220,967 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | $ 152,449 | $ 0 |
Note 6 - Loans - Past Due Loans
Note 6 - Loans - Past Due Loans (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 486,381,167 | $ 525,911,047 |
Loans, 90 days past due and still accruing | 480,902 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 207,247 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,167,812 | 220,967 |
Financial Asset, Past Due [Member] | ||
Loans | 1,167,812 | 428,214 |
Financial Asset, Not Past Due [Member] | ||
Loans | 485,213,355 | 525,482,833 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 319,185,116 | 309,284,811 |
Loans, 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 182,656 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 502,961 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 502,961 | 182,656 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 318,682,155 | 309,102,155 |
Construction and Land Development [Member] | ||
Loans | 28,221,854 | 33,641,916 |
Loans, 90 days past due and still accruing | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 28,221,854 | 33,641,916 |
Residential Portfolio Segment [Member] | ||
Loans | 107,436,033 | 121,327,761 |
Loans, 90 days past due and still accruing | 217,661 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 24,591 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 249,161 | 220,967 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 249,161 | 245,558 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 107,186,872 | 121,082,203 |
Commercial Portfolio Segment [Member] | ||
Loans | 31,182,206 | 61,368,105 |
Loans, 90 days past due and still accruing | 263,241 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 415,690 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 415,690 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 30,766,516 | 61,368,105 |
Consumer Portfolio Segment [Member] | ||
Loans | 355,958 | 288,454 |
Loans, 90 days past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 355,958 | $ 288,454 |
Note 6 - Loans - Impaired Loans
Note 6 - Loans - Impaired Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unpaid Contractual Principal Balance | $ 7,012,609 | $ 6,704,878 |
Recorded Investment With No Allowance | 6,357,199 | 6,704,878 |
Recorded Investment With Allowance | 655,410 | 0 |
Total Recorded Investment | 7,012,609 | 6,704,878 |
Related Allowance | 281,910 | 0 |
Average Recorded Investment | 6,858,744 | 4,420,502 |
Interest Recognized | 195,756 | 347,709 |
Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 6,820,932 | 6,660,145 |
Recorded Investment With No Allowance | 6,317,971 | 6,660,145 |
Recorded Investment With Allowance | 502,961 | 0 |
Total Recorded Investment | 6,820,932 | 6,660,145 |
Related Allowance | 129,461 | 0 |
Average Recorded Investment | 6,740,539 | 4,372,567 |
Interest Recognized | 125,079 | 345,570 |
Construction and Land Development [Member] | ||
Unpaid Contractual Principal Balance | 0 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 0 | |
Total Recorded Investment | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Recognized | 0 | |
Residential Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 39,228 | 44,733 |
Recorded Investment With No Allowance | 39,228 | 44,733 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 39,228 | 44,733 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 41,981 | 47,935 |
Interest Recognized | 1,672 | $ 2,139 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 152,449 | |
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 152,449 | |
Total Recorded Investment | 152,449 | |
Related Allowance | 152,449 | |
Average Recorded Investment | 76,225 | |
Interest Recognized | $ 69,005 |
Note 6 - Loans - Loans by Credi
Note 6 - Loans - Loans by Credit Grade (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 486,381,167 | $ 525,911,047 |
Excellent [Member] | ||
Loans | 9,821,535 | 32,138,072 |
Above Average [Member] | ||
Loans | 2,101,931 | 3,147,251 |
Average [Member] | ||
Loans | 129,577,624 | 173,120,387 |
Acceptable [Member] | ||
Loans | 219,509,802 | 158,290,924 |
Pass [Member] | ||
Loans | 104,951,530 | 139,519,909 |
Special Mention [Member] | ||
Loans | 5,288,153 | 5,951,177 |
Substandard [Member] | ||
Loans | 15,109,965 | 13,732,062 |
Doubtful [Member] | ||
Loans | 20,627 | 11,265 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 319,185,116 | 309,284,811 |
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 1,225,732 | 2,010,472 |
Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Loans | 73,924,748 | 96,178,011 |
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 146,174,439 | 87,860,036 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 82,018,890 | 108,045,730 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 3,345,788 | 5,951,177 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 12,495,519 | 9,239,385 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | ||
Loans | 28,221,854 | 33,641,916 |
Construction and Land Development [Member] | Excellent [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Above Average [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Average [Member] | ||
Loans | 3,853,775 | 2,962,300 |
Construction and Land Development [Member] | Acceptable [Member] | ||
Loans | 12,452,257 | 15,944,499 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans | 9,973,457 | 13,168,844 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans | 1,942,365 | 0 |
Construction and Land Development [Member] | Substandard [Member] | ||
Loans | 0 | 1,566,273 |
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans | 107,436,033 | 121,327,761 |
Residential Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 41,152 | 36,285 |
Residential Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 708,162 | 1,026,824 |
Residential Portfolio Segment [Member] | Average [Member] | ||
Loans | 46,358,477 | 63,811,389 |
Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 48,295,430 | 40,947,548 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 9,570,815 | 12,579,311 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,461,997 | 2,926,404 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 31,182,206 | 61,368,105 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 9,774,570 | 32,088,058 |
Commercial Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Loans | 5,292,721 | 10,037,516 |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 12,585,396 | 13,532,170 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 3,377,070 | 5,710,361 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 152,449 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 355,958 | 288,454 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 5,813 | 13,729 |
Consumer Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 168,037 | 109,955 |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Loans | 147,903 | 131,171 |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 2,280 | 6,671 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 11,298 | 15,663 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 20,627 | $ 11,265 |
Note 6 - Loans - Allowance for
Note 6 - Loans - Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for loan losses | $ 3,296,538 | $ 2,593,715 |
Provision for loan losses | 330,000 | 625,000 |
Charge offs | (18,970) | 0 |
Recoveries | 42,700 | 77,823 |
Allowance for loan losses | 3,650,268 | 3,296,538 |
Allowance for loan losses ending balance evaluated for impairment individually | 281,910 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 3,368,358 | 3,296,538 |
Outstanding loan balances evaluated for impairment individually | 7,012,609 | 6,875,475 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 482,011,334 | 521,690,514 |
Outstanding loan balances evaluated for impairment collectively | 478,359,916 | 516,722,512 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 1,008,642 | 2,313,060 |
Commercial Real Estate Portfolio Segment [Member] | ||
Allowance for loan losses | 2,230,129 | 1,763,861 |
Provision for loan losses | 241,301 | 418,806 |
Charge offs | 0 | 0 |
Recoveries | 11,500 | 47,462 |
Allowance for loan losses | 2,482,930 | 2,230,129 |
Allowance for loan losses ending balance evaluated for impairment individually | 129,461 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 2,353,469 | 2,230,129 |
Outstanding loan balances evaluated for impairment individually | 6,820,932 | 6,660,245 |
Outstanding loan balances evaluated for impairment collectively | 312,307,359 | 302,473,113 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 56,825 | 151,453 |
Construction and Land Development [Member] | ||
Allowance for loan losses | 201,692 | 192,828 |
Provision for loan losses | (3,345) | (5,536) |
Charge offs | 0 | 0 |
Recoveries | 16,200 | 14,400 |
Allowance for loan losses | 214,547 | 201,692 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 214,547 | 201,692 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 27,838,188 | 32,075,742 |
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 383,666 | 1,566,174 |
Residential Portfolio Segment [Member] | ||
Allowance for loan losses | 644,639 | 478,124 |
Provision for loan losses | (22,111) | 166,515 |
Charge offs | (18,970) | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses | 603,558 | 644,639 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 603,558 | 644,639 |
Outstanding loan balances evaluated for impairment individually | 39,228 | 215,230 |
Outstanding loan balances evaluated for impairment collectively | 106,828,654 | 120,517,098 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 568,151 | 595,433 |
Commercial Portfolio Segment [Member] | ||
Allowance for loan losses | 111,390 | 107,782 |
Provision for loan losses | 129,023 | (12,353) |
Charge offs | 0 | 0 |
Recoveries | 15,000 | 15,961 |
Allowance for loan losses | 255,413 | 111,390 |
Allowance for loan losses ending balance evaluated for impairment individually | 152,449 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 102,964 | 111,390 |
Outstanding loan balances evaluated for impairment individually | 152,449 | 0 |
Outstanding loan balances evaluated for impairment collectively | 31,029,757 | 61,368,105 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Allowance for loan losses | 2,138 | 4,133 |
Provision for loan losses | 2,232 | (1,995) |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses | 4,370 | 2,138 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 4,370 | 2,138 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 355,958 | 288,454 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 0 | 0 |
Unallocated Financing Receivables [Member] | ||
Allowance for loan losses | 106,550 | 46,987 |
Provision for loan losses | (17,100) | 59,563 |
Charge offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses | 89,450 | 106,550 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 89,450 | 106,550 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 0 | 0 |
Unallocated Financing Receivables [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Allowance for loan losses | 0 | |
Allowance for loan losses | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | $ 0 | $ 0 |
Note 6 - Loans - Activity for A
Note 6 - Loans - Activity for Accretable Yield of Purchased Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at December 31, 2020 | $ 2,250,232 | |
Transfer to accretable | 460,413 | $ 460,413 |
Accretion | (1,081,403) | (227,768) |
Balance at December 31, 2021 | $ 1,629,242 | $ 2,250,232 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,387,613 | $ 0 | |
Property, Plant and Equipment, Net, Ending Balance | 6,259,421 | 7,736,556 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 44,510 | 0 | |
Amortization of Intangible Assets, Total | 36,509 | 44,135 | |
Other Assets [Member] | |||
Intangible Assets, Net (Excluding Goodwill), Total | $ 118,614 | $ 155,122 | |
Real Property Acquired from Carroll in Merger [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,359,613 | ||
Property, Plant and Equipment, Net, Ending Balance | 1,322,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 37,613 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Gross | $ 13,657,753 | $ 14,737,059 |
Accumulated depreciation and amortization | 7,398,332 | 7,000,503 |
Property, Plant and Equipment, Net | 6,259,421 | 7,736,556 |
Depreciation and amortization expense | 434,434 | 371,646 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 2,602,998 | 3,237,998 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 6,302,622 | 6,989,622 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 15 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 39 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | $ 4,752,133 | $ 4,509,439 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives (Year) | 10 years |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Ten | 6,246 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Six | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Seven | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Eight | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Nine | $ 8,328 |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 6,978,208 | $ 0 |
Balance | 7,059,408 | 0 |
Acquired during the year, goodwill | 0 | 6,978,208 |
Acquired during the year | 0 | 7,061,490 |
Amortization, other intangible | (36,509) | (44,135) |
Amortization | (8,328) | (2,082) |
Balance | 6,978,208 | 6,978,208 |
Balance | 7,051,080 | 7,059,408 |
Core Deposits [Member] | ||
Balance, other intangible | 81,200 | 0 |
Acquired during the year, other intangible | 0 | 83,282 |
Amortization, other intangible | (8,328) | (2,082) |
Balance, other intangible | $ 72,872 | $ 81,200 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020 | May 31, 2018 | Jan. 31, 2018 | Sep. 30, 2009 | |
Operating Lease, Cost | $ 191,913 | $ 195,106 | ||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years 6 months 7 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 3.25% | |||||
Operating Lease, Payments | $ 174,860 | 161,046 | ||||
First Community Bankers Insurance Co., LLC [Member] | ||||||
Liability for Claims and Claims Adjustment Expense, Ending Balance | $ 390,171 | $ 315,419 | ||||
Operating Lease for Hampstead Branch [Member] | ||||||
Lessee, Operating Lease, Number of Renewal Terms | 3 | |||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||
Operating Lease for Certain Facilities of Greenmount Branch [Member] | ||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |||||
Operating Lease for the Corporate Headquarters [Member] | ||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||
Lease for Carroll Lutheran Village Branch [Member] | ||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |||||
Lessee, Operating Lease, Additional Renewal Term Number | 2 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Operating Lease Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Member] | ||
Operating lease right of use asset | $ 1,093,382 | $ 1,242,832 |
Other Liabilities [Member] | ||
Operating lease liabilities | $ 1,311,570 | $ 1,443,966 |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 181,784 | |
2023 | 187,951 | |
2024 | 193,443 | |
2025 | 199,107 | |
2026 | 204,952 | |
Thereafter | 492,394 | |
Total lease payments | 1,459,631 | |
Less imputed interest | (148,061) | |
Other Liabilities [Member] | ||
Present value of operating lease liabilities | $ 1,311,570 | $ 1,443,966 |
Note 9 - Commitment and Conting
Note 9 - Commitment and Contingencies - Outstanding Loan Commitments, Unused Lines of Credit, and Letters of Credit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Letter of Credit [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | $ 1,470,742 | $ 1,891,428 |
Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 34,797,370 | 26,109,020 |
Unused lines of Credit [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 41,536,430 | 37,713,573 |
Unused lines of Credit [Member] | Home Equity Loan [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 12,707,519 | 13,716,894 |
Unused lines of Credit [Member] | Commercial Lines [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 28,828,911 | 23,996,679 |
Construction and Land Development [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 6,810,353 | 4,668,250 |
Commercial Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 630,000 | 1,000,000 |
Commercial Real Estate Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | 23,552,400 | 15,772,020 |
Residential Portfolio Segment [Member] | Loan Origination Commitments [Member] | ||
Outstanding loan commitments, unused lines of credit, and letters of credit | $ 3,804,617 | $ 4,668,750 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Employees Covered by Life Insurance Policy | 12 | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ 6,643 | $ 6,356 |
Employee Benefits and Share-based Compensation | $ 1,718,465 | 1,658,651 |
Supplemental Employee Retirement Plan [Member] | ||
Number of Employees Participating in Plan | 3 | |
Employee Benefits and Share-based Compensation | $ 168,129 | 207,858 |
Profit Sharing Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 259,042 | $ 237,612 |
Note 11 - Interest-bearing De_3
Note 11 - Interest-bearing Deposits - Classification of Interest-Bearing Deposits (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
NOW | $ 130,486,845 | $ 107,763,512 |
Money market | 90,994,339 | 83,740,032 |
Savings | 99,959,988 | 80,890,934 |
Certificates of deposit, greater than $250,000 | 34,697,273 | 38,700,152 |
Other time deposits | 146,100,610 | 159,151,804 |
Interest-bearing Deposit Liabilities | $ 502,239,055 | $ 470,246,434 |
Note 11 - Interest-bearing De_4
Note 11 - Interest-bearing Deposits - Certificates of Deposit Maturity Schedule (Details) | Dec. 31, 2021USD ($) |
2022 | $ 134,504,155 |
2023 | 33,911,560 |
2024 | 6,968,424 |
2025 | 1,486,784 |
2026 | 3,926,960 |
Time Deposits | $ 180,797,883 |
Note 12 - Borrowed Funds (Detai
Note 12 - Borrowed Funds (Details Textual) - USD ($) | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2025 |
Proceeds from Issuance of Long-term Debt, Total | $ 0 | $ 16,971,874 | ||
Unsecured Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 14,500,000 | |||
Secured Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 9,000,000 | |||
Federal Home Loan Bank Advances [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 83,000,000 | |||
Federal Reserve Bank Advances [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,300,000 | |||
Loan to Fund Merger Consideration [Member] | ||||
Debt Instrument, Face Amount | $ 17,000,000 | |||
Payments of Debt Issuance Costs | 28,126 | |||
Proceeds from Issuance of Long-term Debt, Total | $ 16,971,874 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | 4.10% | 4.10% | |
Long-Term Debt, Maturity, Year Five | $ 9,916,667 | |||
Loan to Fund Merger Consideration [Member] | Forecast [Member] | ||||
Debt Instrument, Periodic Payment, Total | $ 646,472 |
Note 12 - Borrowed Funds - Outs
Note 12 - Borrowed Funds - Outstanding Advances (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Amount | $ 5,414,026 | $ 24,753,972 | |
Amount | 5,000,000 | 5,000,000 | |
9/30/2025 | $ 16,978,905 | $ 16,973,280 | |
Federal Home Loan Bank advances | 1.01% | 0.84% | |
Investment securities underlying the repurchase agreements at December 31: Carrying value | $ 7,062,928 | $ 34,958,212 | |
Loans pledged to the Federal Home Loan Bank at December 31: Carrying value - loans | 111,547,027 | 115,282,801 | |
Loans pledged to the Federal Reserve Bank at December 31: Carrying value | $ 55,399,031 | $ 76,027,628 | |
Securities Sold under Agreements to Repurchase [Member] | |||
Interest Rate | 0.43% | 1.15% | |
Securities sold under repurchase agreements | 0.31% | 0.61% | |
Federal Home Loan Bank Advances at 1.00% Due in 2025 [Member] | |||
Maturity date | Mar. 30, 2025 | ||
Interest Rate | 1.00% | ||
Amount | $ 5,000,000 | $ 5,000,000 | |
Federal Home Loan Bank advances | 1.00% | 1.00% | |
Loan to Fund Merger Consideration [Member] | |||
Interest Rate | 4.10% | ||
9/30/2025 | $ 16,978,905 | $ 16,973,280 | |
Long-term debt | 4.10% | 4.10% | |
Long-term debt | 4.10% | 4.10% | 4.10% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 3 |
Open Tax Year | 2018 2019 2020 2021 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 1,798,535 | $ 387,193 |
State | 794,348 | 251,349 |
Current Income Tax Expense (Benefit), Total | 2,592,883 | 638,542 |
Deferred income taxes | (160,070) | (151,331) |
Income Tax Expense (Benefit), Total | $ 2,432,813 | $ 487,211 |
Note 13 - Income Taxes - Comp_2
Note 13 - Income Taxes - Components of Deferred Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation | $ 8,291 | $ (18,006) |
Provision for loan losses | (141,488) | (171,984) |
Other real estate owned allowance for loss | (46,561) | 0 |
Nonaccrual interest | (83,961) | (2,752) |
Prepaid captive insurance premium | (14,375) | 76,855 |
Write-down of equity securities | (4,227) | 2,893 |
Lease liability, net of right of use asset | (4,693) | (9,372) |
Purchase accounting adjustments | 175,037 | 29,982 |
Post-retirement benefits | (48,093) | (58,947) |
Deferred Income Tax Expense (Benefit), Total | $ (160,070) | $ (151,331) |
Note 13 - Income Taxes - Comp_3
Note 13 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 951,348 | $ 809,860 |
Other real estate owned allowance for loss | 434,628 | 388,066 |
Capital loss carryover | 5,300 | 5,300 |
Nonaccrual interest | 88,581 | 4,620 |
Post-retirement benefits | 651,482 | 603,390 |
Purchase accounting adjustments | 235,142 | 392,341 |
Unrealized loss on securities available for sale | 468,726 | 0 |
Lease liability, net of right of use asset | 60,040 | 55,347 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 2,895,247 | 2,258,924 |
Deferred tax liabilities | ||
Prepaid captive insurance premium | 357,518 | 371,894 |
Depreciation | 348,900 | 322,770 |
Unrealized gain on securities available for sale | 0 | 328,986 |
Other | 11,379 | 15,606 |
Deferred Tax Liabilities, Total | 717,797 | 1,039,256 |
Net deferred tax asset | $ 2,177,450 | $ 1,219,668 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory federal income tax rate | 21.00% | 21.00% |
Federal tax-exempt income | (4.40%) | (12.30%) |
State income taxes, net of federal income tax benefit | 5.80% | 4.50% |
Nondeductible expenses | 0.00% | 2.20% |
Other | 0.60% | 0.00% |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.00% | 15.40% |
Note 14 - Capital Standards (De
Note 14 - Capital Standards (Details Textual) | Dec. 31, 2021 | Dec. 31, 2020 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | 0.0650 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 14 - Capital Standards - C
Note 14 - Capital Standards - Capital Requirements (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Capital | $ 69,957 | $ 63,400 |
Capital to Risk Weighted Assets | 0.1324 | 0.1262 |
Capital Required for Capital Adequacy | $ 55,471 | $ 52,732 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Capital Required to be Well Capitalized | $ 52,830 | $ 50,221 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Risk Based Capital | $ 66,307 | $ 60,104 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1255 | 0.1197 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 44,905 | $ 42,688 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0850 | 0.0850 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 42,264 | $ 40,177 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Common Equity Tier One Capital | $ 66,307 | $ 60,104 |
Common Equity Tier One Capital Ratio | 0.1255 | 0.1197 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 36,981 | $ 35,155 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 0.0700 | 0.0700 |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 34,339 | $ 32,644 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 0.065 | 0.0650 |
Tier One Leverage Capital | $ 66,307 | $ 60,104 |
Tier One Leverage Capital to Average Assets | 0.0927 | 0.0905 |
Tier One Leverage Capital Required for Capital Adequacy | $ 28,614 | $ 26,569 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Tier One Leverage Capital Required to be Well Capitalized | $ 35,767 | $ 33,211 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 15 - Fair Value (Details T
Note 15 - Fair Value (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Other Real Estate Owned [Member] | |
Expected Sales Costs to Appraised Value, Percentage | 10.00% |
Impaired Loans [Member] | |
Expected Sales Costs to Appraised Value, Percentage | 10.00% |
Note 15 - Fair Value - Summariz
Note 15 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value, available for sale | $ 149,237,916 | $ 54,477,286 |
Equity security at fair value | 543,605 | 552,566 |
Fair Value, Recurring [Member] | ||
Fair value, available for sale | 149,237,916 | 54,477,286 |
Equity security at fair value | 543,605 | 552,566 |
Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 1,242,365 | 1,411,605 |
Impaired loans | 373,500 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Equity security at fair value | 543,605 | 552,566 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 148,587,916 | 54,377,286 |
Equity security at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 650,000 | 100,000 |
Equity security at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 1,242,365 | 1,411,605 |
Impaired loans | 373,500 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 763,498 | 986,532 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 763,498 | 986,532 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 763,498 | 986,532 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
SBA Pools [Member] | ||
Fair value, available for sale | 1,397,762 | 1,783,807 |
SBA Pools [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 1,397,762 | 1,783,807 |
SBA Pools [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
SBA Pools [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 1,397,762 | 1,783,807 |
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair value, available for sale | 9,234,207 | 6,797,431 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 6,797,431 | |
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 9,234,207 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 6,697,431 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 8,584,207 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 100,000 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 650,000 | |
Collateralized Mortgage Backed Securities [Member] | ||
Fair value, available for sale | 137,842,449 | 44,909,516 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 137,842,449 | 44,909,516 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 137,842,449 | 44,909,516 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | $ 0 | $ 0 |
Note 15 - Fair Value - Reconcil
Note 15 - Fair Value - Reconciliation of Level 3 Inputs (Details) - Other Real Estate Owned [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair value beginning balance | $ 100,000 |
Additions | 650,000 |
Principal payments received | (100,000) |
Fair value ending balance | $ 650,000 |
Note 15 - Fair Value - Estimate
Note 15 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value, held to maturity | $ 22,805,601 | |
Securities held to maturity | 22,805,601 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 26,462,106 | $ 40,975,670 |
Noninterest-bearing deposits | 124,175,615 | 103,155,113 |
Securities sold under repurchase agreements | 5,414,026 | 24,753,972 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 350,000 | 850,000 |
Accrued interest receivable | 1,609,063 | 2,057,491 |
Fair value, held to maturity | 21,851,975 | 19,904,059 |
Mortgage loans held for sale | 126,500 | 1,673,350 |
Restricted stock, at cost | 675,400 | 900,500 |
Bank owned life insurance | 11,556,163 | 11,297,342 |
Securities held to maturity | 21,851,975 | 19,904,059 |
Interest-bearing deposits | 502,239,055 | 470,246,434 |
Federal Home Loan Bank advances | 5,000,000 | 5,000,000 |
Long-term debt | 16,978,905 | 16,973,280 |
Accrued interest payable | 295,910 | 409,622 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 3,073,040 | 3,174,460 |
Securities held to maturity | 3,073,040 | 3,174,460 |
Loans, net | 482,011,334 | 521,690,514 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 26,462,106 | 40,975,670 |
Noninterest-bearing deposits | 124,175,615 | 103,155,113 |
Securities sold under repurchase agreements | 5,414,026 | 24,753,972 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 350,000 | 850,000 |
Accrued interest receivable | 1,609,063 | 2,057,491 |
Fair value, held to maturity | 22,805,601 | 21,070,326 |
Mortgage loans held for sale | 128,829 | 1,705,781 |
Restricted stock, at cost | 675,400 | 900,500 |
Bank owned life insurance | 11,556,163 | 11,297,342 |
Securities held to maturity | 22,805,601 | 21,070,326 |
Interest-bearing deposits | 502,396,172 | 474,096,434 |
Federal Home Loan Bank advances | 4,967,000 | 5,136,000 |
Long-term debt | 17,298,111 | 17,018,416 |
Accrued interest payable | 295,910 | 409,622 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 3,073,040 | 3,174,460 |
Securities held to maturity | 3,073,040 | 3,174,460 |
Loans, net | $ 487,012,970 | $ 527,132,047 |
Note 16 - Parent Company Fina_3
Note 16 - Parent Company Financial Information - Balance Sheets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other assets | $ 5,522,877 | $ 2,336,607 | |
Assets | 716,677,255 | 677,317,082 | |
9/30/2025 | 16,978,905 | 16,973,280 | |
Accrued interest payable | 295,910 | 409,622 | |
Liabilities, Total | 660,055,797 | 625,587,599 | |
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,037,137 in 2021 and 3,011,255 shares in 2020 | 30,372 | 30,113 | |
Additional paid-in capital | 28,857,422 | 28,294,139 | |
Retained earnings | 29,128,600 | 22,698,954 | |
Accumulated other comprehensive income | (1,394,936) | 706,277 | |
Stockholders' Equity Attributable to Parent, Ending Balance | 56,621,458 | 51,729,483 | $ 49,453,516 |
Liabilities and Equity, Total | 716,677,255 | 677,317,082 | |
Parent Company [Member] | |||
Cash and cash equivalents | 930,354 | 200,925 | |
Investment in subsidiaries | 72,662,265 | 68,645,516 | |
Other assets | 185,866 | 36,380 | |
Assets | 73,778,485 | 68,882,821 | |
9/30/2025 | 16,978,905 | 16,973,280 | |
Accrued interest payable | 178,122 | 180,058 | |
Liabilities, Total | 17,157,027 | 17,153,338 | |
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,037,137 in 2021 and 3,011,255 shares in 2020 | 30,372 | 30,113 | |
Additional paid-in capital | 28,857,422 | 28,294,139 | |
Retained earnings | 29,128,600 | 22,698,954 | |
Accumulated other comprehensive income | (1,394,936) | 706,277 | |
Stockholders' Equity Attributable to Parent, Ending Balance | 56,621,458 | 51,729,483 | |
Liabilities and Equity, Total | $ 73,778,485 | $ 68,882,821 |
Note 16 - Parent Company Fina_4
Note 16 - Parent Company Financial Information - Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Shares, Issued (in shares) | 3,037,137 | 3,011,255 |
Common Stock, Shares, Outstanding (in shares) | 3,037,137 | 3,011,255 |
Parent Company [Member] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Shares, Issued (in shares) | 3,037,137 | 3,011,255 |
Common Stock, Shares, Outstanding (in shares) | 3,037,137 | 3,011,255 |
Note 16 - Parent Company Fina_5
Note 16 - Parent Company Financial Information - Statements of Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total income | $ 25,680,403 | $ 20,763,180 |
Noninterest expense | 14,128,599 | 15,582,408 |
Income taxes (benefit) | 2,432,813 | 487,211 |
Net Income | 8,149,606 | 2,682,003 |
Parent Company [Member] | ||
Cash dividends from subsidiaries | 2,595,000 | 9,452,045 |
Total income | 2,595,000 | 9,452,045 |
Interest expense - long-term debt | (712,306) | (181,465) |
Noninterest expense | 537 | 521 |
Income before income taxes and equity in undistributed income of subsidiaries | 1,882,157 | 9,270,059 |
Income taxes (benefit) | (149,486) | (37,812) |
Income before before equity in undistributed income of subsidiaries | 2,031,643 | 9,307,871 |
Dividends in excess of income of bank subsidiary | 0 | (6,759,815) |
Dividends in excess of income of insurance subsidiary | (100,019) | 0 |
Equity in undistributed income of bank subsidiary | 6,217,982 | 0 |
Equity in undistributed income of insurance subsidiary | 0 | 133,947 |
Net Income | $ 8,149,606 | $ 2,682,003 |
Note 16 - Parent Company Fina_6
Note 16 - Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income | $ 8,149,606 | $ 2,682,003 |
(Decrease) increase in accrued interest payable | (113,712) | 63,408 |
Amortization of debt issuance costs | 5,625 | 1,406 |
Cash provided by operating activities | 11,704,730 | 4,452,270 |
Cash paid for the acquisition of Carroll Bancorp, Inc., net of cash acquired | 0 | (19,366,118) |
Cash used by investing activities | (58,984,893) | (45,700,983) |
Proceeds from Issuance of Long-term Debt, Total | 0 | 16,971,874 |
Dividends paid, net of reinvestments | (1,156,418) | (1,069,689) |
Cash provided by (used in) financing activities | 32,766,599 | 73,103,031 |
Net increase in cash and cash equivalents | (14,513,564) | 31,854,318 |
Cash and cash equivalents at beginning of period | 40,975,670 | 9,121,352 |
Cash and cash equivalents at end of period | 26,462,106 | 40,975,670 |
Parent Company [Member] | ||
Net Income | 8,149,606 | 2,682,003 |
Equity in undistributed income of insurance subsidiary | 0 | (133,947) |
Equity in undistributed income of bank subsidiary | (6,217,982) | 0 |
(Decrease) increase in accrued interest payable | (1,935) | 180,058 |
Amortization of debt issuance costs | 5,625 | 1,406 |
Income tax receivable | (149,486) | (37,812) |
Dividend received in excess of income of insurance subsidiary | 100,019 | 0 |
Dividend received in excess of income of bank subsidiary | 0 | 6,759,815 |
Cash provided by operating activities | 1,885,847 | 9,451,523 |
Contribution of capital to subsidiaries | 0 | (690,000) |
Cash paid for the acquisition of Carroll Bancorp, Inc., net of cash acquired | 0 | (24,526,935) |
Cash used by investing activities | 0 | (25,216,935) |
Proceeds from Issuance of Long-term Debt, Total | 0 | 16,971,874 |
Dividends paid, net of reinvestments | (1,156,418) | (1,069,689) |
Cash provided by (used in) financing activities | (1,156,418) | 15,902,185 |
Net increase in cash and cash equivalents | 729,429 | 136,773 |
Cash and cash equivalents at beginning of period | 200,925 | 64,152 |
Cash and cash equivalents at end of period | $ 930,354 | $ 200,925 |