Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | |
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 Common Stock, Shares Outstanding | 3,037,137 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and due from banks | $ 26,506,362 | $ 25,258,932 |
Federal funds sold and other interest-bearing deposits | 632,831 | 1,203,174 |
Cash and cash equivalents | 27,139,193 | 26,462,106 |
Certificates of deposit in other banks | 350,000 | 350,000 |
Securities available for sale, at fair value | 145,716,435 | 149,237,916 |
Securities held to maturity, at cost | 21,343,559 | 21,851,975 |
Equity security at fair value | 518,091 | 543,605 |
Restricted stock, at cost | 695,000 | 675,400 |
Mortgage loans held for sale | 285,000 | 126,500 |
Loans, less allowance for loan losses of $3,654,318 and $3,650,268 | 483,908,857 | 482,011,334 |
Premises and equipment, net | 6,268,709 | 6,259,421 |
Accrued interest receivable | 1,562,014 | 1,609,063 |
Deferred income taxes, net | 4,632,138 | 2,177,450 |
Other real estate owned, net | 1,242,365 | 1,242,365 |
Bank owned life insurance | 11,609,153 | 11,556,163 |
Goodwill and other intangibles, net | 7,048,998 | 7,051,080 |
Other assets | 5,604,129 | 5,522,877 |
Assets, Total | 717,923,641 | 716,677,255 |
Deposits: | ||
Noninterest-bearing | 132,629,508 | 124,175,615 |
Interest-bearing | 501,151,145 | 502,239,055 |
Total deposits | 633,780,653 | 626,414,670 |
Securities sold under repurchase agreements | 4,083,707 | 5,414,026 |
Federal Home Loan Bank of Atlanta advances | 5,000,000 | 5,000,000 |
Long-term debt, net of issuance costs | 16,553,090 | 16,978,905 |
Accrued interest payable | 276,573 | 295,910 |
Other liabilities | 6,023,131 | 5,952,286 |
Liabilities, Total | 665,717,154 | 660,055,797 |
Stockholders' equity: | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,037,137 in 2022 and 2021 | 30,372 | 30,372 |
Additional paid-in capital | 28,857,422 | 28,857,422 |
Retained earnings | 31,179,402 | 29,128,600 |
Accumulated other comprehensive loss | (7,860,709) | (1,394,936) |
Stockholders' Equity Attributable to Parent, Ending Balance | 52,206,487 | 56,621,458 |
Liabilities and Equity, Total | $ 717,923,641 | $ 716,677,255 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 3,654,318 | $ 3,650,268 |
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 | 3,037,137 |
Common stock, share outstanding (in shares) | 3,037,137 | 3,037,137 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans, including fees | $ 5,683,362 | $ 5,984,657 |
Investment securities - taxable | 644,461 | 211,224 |
Investment securities - tax exempt | 149,487 | 160,574 |
Federal funds sold and other interest earning assets | 12,415 | 14,137 |
Total interest income | 6,489,725 | 6,370,592 |
Interest expense: | ||
Deposits | 338,560 | 595,520 |
Securities sold under repurchase agreements | 3,251 | 13,511 |
Federal Home Loan Bank advances and other borrowings | 183,825 | 188,106 |
Total interest expense | 525,636 | 797,137 |
Net interest income | 5,964,089 | 5,573,455 |
Provision for loan losses | 0 | 120,000 |
Net interest income after provision for loan losses | 5,964,089 | 5,453,455 |
Noninterest income: | ||
Mortgage banking income | 122,688 | 256,267 |
Bank owned life insurance income | 52,990 | 70,119 |
Fair value adjustment on equity security | (26,817) | (8,669) |
Gain on sale of SBA loans | 93,600 | 0 |
Gain on premium call of debt security | 0 | 8,569 |
Total noninterest income | 495,807 | 556,945 |
Noninterest expense: | ||
Salaries | 1,740,395 | 1,626,338 |
Employee benefits | 511,792 | 472,888 |
Occupancy | 228,427 | 250,212 |
Furniture and equipment | 214,615 | 196,683 |
Other | 1,104,369 | 849,003 |
Total noninterest expense | 3,799,598 | 3,395,124 |
Income before income taxes | 2,660,298 | 2,615,276 |
Income taxes | 609,496 | 585,701 |
Net income | $ 2,050,802 | $ 2,029,575 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.68 | $ 0.67 |
Deposit Account [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 181,466 | $ 159,191 |
Financial Service, Other [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 71,880 | $ 71,468 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 2,050,802 | $ 2,029,575 |
Other comprehensive loss, net of income taxes: | ||
Net unrealized loss arising during the period | (8,920,463) | (899,330) |
Reclassification adjustment for realized gains included in net income | 0 | 8,569 |
Total unrealized loss on investment securities available for sale | (8,920,463) | (890,761) |
Income tax benefit | (2,454,690) | (245,115) |
Total other comprehensive loss | (6,465,773) | (645,646) |
Total comprehensive (loss) income | $ (4,414,971) | $ 1,383,929 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 | 2,029,575 | 0 | 2,029,575 |
Unrealized loss on securities available for sale net of income tax benefit | $ 0 | 0 | 0 | (645,646) | (645,646) |
Balance (in shares) at Mar. 31, 2021 | 3,011,255 | ||||
Balance at Mar. 31, 2021 | $ 30,113 | 28,294,139 | 24,728,529 | 60,631 | 53,113,412 |
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 |
Net income | 0 | 0 | 2,050,802 | 0 | 2,050,802 |
Unrealized loss on securities available for sale net of income tax benefit | $ 0 | 0 | 0 | (6,465,773) | (6,465,773) |
Balance (in shares) at Mar. 31, 2022 | 3,037,137 | ||||
Balance at Mar. 31, 2022 | $ 30,372 | $ 28,857,422 | $ 31,179,402 | $ (7,860,709) | $ 52,206,487 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unrealized gain (loss) on securities available for sale, tax expense (benefit) | $ 2,454,690 | $ 245,115 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Reconciliation of net income to net cash provided by operating activities | |||
Net income | $ 2,050,802 | $ 2,029,575 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 116,110 | 117,030 | |
Provision for loan losses | 0 | 120,000 | |
Amortization of right of use asset and lease liability, net | 2,177 | 0 | |
Lease expense in excess of rent paid | 0 | 7,780 | |
Equity security dividends reinvested | (1,303) | (1,816) | |
Unrealized loss on equity security | 26,817 | 8,669 | |
Gain on sale of SBA loans | (93,600) | 0 | |
Gain on sale of premises and equipment | 0 | (37,613) | |
Gain on premium call of debt security | 0 | (8,569) | $ 0 |
Amortization of debt issuance costs | 1,406 | 1,407 | |
Amortization of premiums and accretion of discounts, net | (212,443) | 69,559 | |
Bank owned life insurance cash surrender value | (52,990) | (70,119) | |
Increase (decrease) in | |||
Deferred loan fees and costs, net | (112,930) | 410,480 | |
Accrued interest payable | (19,337) | (51,661) | |
Other liabilities | 106,030 | 27,154 | |
Decrease (increase) in | |||
Mortgage loans held for sale | (158,500) | (9,350) | |
Accrued interest receivable | 47,049 | 174,062 | |
Other assets | (127,624) | 337,252 | |
Cash provided by operating activities | 1,571,664 | 3,123,840 | |
Cash flows from investing activities | |||
Proceeds from maturity and call of securities, Available for sale | 6,232,740 | 10,454,122 | |
Proceeds from maturity and call of securities, Held to maturity | 535,000 | 1,580,000 | |
Available for sale | (11,776,091) | (31,974,384) | |
Purchase of securities, Held to maturity | 0 | (342,061) | |
Redemption of certificates of deposit | 0 | 500,000 | |
Loans made to customers, net of principal collected | (2,067,575) | 1,932,622 | |
Proceeds from sale of loans | 664,650 | 0 | |
Redemption (purchase) of stock in FHLB of Atlanta | (19,600) | 225,100 | |
Purchase of bank owned life insurance | 0 | (3,700,000) | |
Proceeds from sale of premises and equipment | 0 | 1,359,613 | |
Purchases of premises, equipment and software | (116,388) | (36,909) | |
Cash used in investing activities | (6,547,264) | (20,001,897) | |
Cash flows from financing activities | |||
Noninterest-bearing deposits | 8,453,893 | 18,770,755 | |
Interest-bearing deposits | (1,043,666) | 11,151,227 | |
Securities sold under repurchase agreements | (1,330,319) | (12,105,703) | |
Long-term debt principal payments | (427,221) | 0 | |
Cash provided by financing activities | 5,652,687 | 17,816,279 | |
Net increase in cash and cash equivalents | 677,087 | 938,222 | |
Cash and cash equivalents at beginning of period | 26,462,106 | 40,975,670 | 40,975,670 |
Cash and cash equivalents at end of period | $ 27,139,193 | $ 41,913,892 | $ 26,462,106 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10 8 03 X. not three March 31, 2022 not may December 31, 2022 December 31, 2021, 10 December 31, 2021. 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 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 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 meet the specific criteria of 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 discount. These loans are accounted for under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, Loans acquired through business combinations that do not 310 30 310 20, no no 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 Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third 2022 March 31, 2022 In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In March 2022, No. 2022 02, 326 2022 02 2016 13 2016 13, 2022 02 December 15, 2022, not 2016 13, 2022 02 2016 13. 2016 13. may 2022 02 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Investments in debt securities are summarized as follows: Amortized Unrealized Unrealized Fair March 31, 2022 cost gains losses value Available for sale State and municipal $ 752,413 $ 730 $ 5,780 $ 747,363 SBA pools 1,300,202 1,682 22,049 1,279,835 Corporate bonds 10,960,028 15,803 347,754 10,628,077 Mortgage-backed securities 143,548,768 27,105 10,514,713 133,061,160 $ 156,561,411 $ 45,320 $ 10,890,296 $ 145,716,435 Held to maturity State and municipal $ 21,343,559 $ 156,037 $ 584,827 $ 20,914,769 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 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair March 31, 2022 cost value cost value Within one year $ 752,350 $ 754,818 $ - $ - Over one to five years 3,628,616 3,560,563 800,729 800,815 Over five to ten years 7,331,475 7,060,059 1,782,321 1,797,278 Over ten years - - 18,760,509 18,316,676 11,712,441 11,375,440 21,343,559 20,914,769 Mortgage-backed securities and SBA pools, due in monthly installments 144,848,970 134,340,995 - - $ 156,561,411 $ 145,716,435 $ 21,343,559 $ 20,914,769 Securities with a carrying value of $16,852,733 and $14,307,989 as of March 31, 2022 December 31, 2021, During the three March 31, 2022, no three March 31, 2021, The following table sets forth the Company’s gross unrealized losses on a continuous basis for investments in debt securities, by category and length of time, at March 31, 2022 December 31, 2021. March 31, 2022 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ 7,738,761 $ 412,339 $ 924,219 $ 178,268 $ 8,662,980 $ 590,607 SBA pools - - 1,039,389 22,049 1,039,389 22,049 Corporate bonds 8,201,181 347,754 - - 8,201,181 347,754 Mortgage-backed securities 103,977,709 8,212,229 19,134,680 2,302,484 123,112,389 10,514,713 Total $ 119,917,651 $ 8,972,322 $ 21,098,288 $ 2,502,801 $ 141,015,939 $ 11,475,123 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 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 March 31, 2022 December 31, 2021, not March 31, 2022 December 31, 2021, not March 31, 2022, At March 31, 2022, none not |
Note 4 - Loans
Note 4 - Loans | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans Major categories of loans are as follows: March 31, December 31, 2022 2021 Real estate: Commercial $ 329,179,712 $ 319,185,116 Construction and land development 20,325,400 28,221,854 Residential 111,993,662 107,436,033 Commercial 26,374,885 31,182,206 Consumer 296,151 355,958 488,169,810 486,381,167 Less: Allowance for loan losses 3,654,318 3,650,268 Deferred origination fees net of costs 606,635 719,565 $ 483,908,857 $ 482,011,334 Commercial loans in the table above include $4.2 million and $9.7 million of Paycheck Protection Program (“PPP”) loans as of March 31, 2022 December 31, 2021, 100% 2021 2020, three March 31, 2022 2021. March 31, 2022, not Nonaccrual loans, segregated by class of loans, were as follows: March 31, December 31, 2022 2021 Commercial real estate $ 4,780,965 $ 4,810,965 Residential real estate 31,500 31,500 Commercial 152,449 152,449 $ 4,964,914 $ 4,994,914 At March 31, 2022, two one one three March 31, 2022 March 31, 2022. At December 31, 2021, two one 2021 December 31, 2021. An age analysis of past due loans, segregated by type of loan, 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 March 31, 2022 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 328,676,751 $ 329,179,712 $ - Construction and land development - - - - 20,325,400 20,325,400 - Residential - 216,082 31,500 247,582 111,746,080 111,993,662 - Commercial - - 152,449 152,449 26,222,436 26,374,885 - Consumer - - - - 296,151 296,151 - Total $ - $ 216,082 $ 686,910 $ 902,992 $ 487,266,818 $ 488,169,810 $ - 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 Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the three March 31, 2022 December 31, 2021, Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized March 31, 2022 Commercial real estate $ 6,781,030 $ 6,278,069 $ 502,961 $ 6,781,030 $ 129,461 $ 6,800,981 $ 25,054 Residential real estate 37,341 37,341 - 37,341 - 38,285 - Commercial 152,449 - 152,449 152,449 152,449 152,449 378 $ 6,970,820 $ 6,315,410 $ 655,410 $ 6,970,820 $ 281,910 $ 6,991,715 $ 25,432 December 31, 2021 Commercial real estate $ 6,820,932 $ 6,317,971 $ 502,961 $ 6,820,932 $ 129,461 $ 6,740,539 $ 125,079 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 $ 6,858,745 $ 195,756 Impaired loans include TDRs which are loans that have been modified to provide economic concessions to borrowers who have experienced 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 March 31, 2022, two one 2022. March 31, 2022, three no At December 31, 2021, no Section 4013 310 40 19 March 1, 2020 January 1, 2022 60 19 not 30 December 31, 2019 April 2020, i.e. six 19 not 310 40. 19 March 31, 2022, one three March 31, 2022 not 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 are secured by generally acceptable assets which 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 Company will sustain some loss if the deficiencies are not Borrowers may Doubtful A doubtful loan has all the weaknesses inherent in a substandard loan with the added characteristic that the weaknesses, based on currently existing facts, conditions, and values, make collection or liquidation in full highly questionable and improbable. Loans by credit grade, segregated by loan type, are as follows: Above Pass Special March 31, 2022 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 98,984 $ 69,394,973 $ 161,821,022 $ 85,424,219 $ 3,217,512 $ 9,223,002 $ - $ 329,179,712 Construction and land development - - 3,711,277 10,967,190 5,646,933 - - - 20,325,400 Residential 34,250 611,328 45,120,441 56,566,253 7,270,671 - 2,390,719 - 111,993,662 Commercial 4,312,074 - 5,666,167 12,613,235 3,630,960 - 152,449 - 26,374,885 Consumer 4,553 142,436 118,739 1,249 10,293 - 18,881 - 296,151 $ 4,350,877 $ 852,748 $ 124,011,597 $ 241,968,949 $ 101,983,076 $ 3,217,512 $ 11,785,051 $ - $ 488,169,810 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 The principal balance of loans in the Pass/Watch category as of March 31, 2022 December 31, 2021 19. The Company’s allowance for loan losses is based on management’s evaluation of the risks inherent in the Company’s loan portfolio and the general economy. The allowance for loan may The following table details activity in the allowance for loan losses by portfolio for the three March 31, 2022 2021 December 31, 2021. one not Provision for (recovery Allowance for loan losses ending balance evaluated for impairment: Outstanding loan balances evaluated for impairment: Beginning of) Charge Ending Purchase Credit Purchase Credit March 31, 2022 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,482,930 $ 63,130 $ - $ - $ 2,546,060 $ 129,461 $ - $ 2,416,599 $ 6,781,030 $ 32,991 $ 322,365,691 Construction and land development 214,547 (97,873 ) - 4,050 120,724 - - 120,724 - 379,349 19,946,051 Residential 603,558 51,081 - - 654,639 - - 654,639 37,341 244,789 111,711,532 Commercial 255,413 12,276 - - 267,689 152,449 - 115,240 152,449 - 26,222,436 Consumer 4,370 (738 ) - - 3,632 - - 3,632 - - 296,151 Unallocated 89,450 (27,876 ) - - 61,574 - - 61,574 - - - $ 3,650,268 $ - $ - $ 4,050 $ 3,654,318 $ 281,910 $ - $ 3,372,408 $ 6,970,820 $ 657,129 $ 480,541,861 Provision for (recovery Allowance for loan losses ending balance evaluated for impairment: Outstanding loan balances evaluated for impairment: Beginning of) Charge Ending Purchase Credit Purchase Credit March 31, 2021 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 323,768 $ - $ 2,500 $ 2,556,397 $ - $ - $ 2,556,397 $ 6,644,339 $ 45,233 $ 305,552,307 Construction and land development 201,692 (39,269 ) - 4,050 166,473 - - 166,473 - 1,554,070 33,177,080 Residential 644,639 (154,755 ) - - 489,884 - - 489,884 43,371 590,847 116,066,706 Commercial 111,390 (12,143 ) - - 99,247 - - 99,247 - - 60,064,503 Consumer 2,138 320 - - 2,458 - - 2,458 - - 258,484 Unallocated 106,550 2,079 - - 108,629 - - 108,629 - - - $ 3,296,538 $ 120,000 $ - $ 6,550 $ 3,423,088 $ - $ - $ 3,423,088 $ 6,687,710 $ 2,190,177 $ 515,119,080 Provision for (recovery Allowance for loan losses ending balance evaluated for impairment: Outstanding loan balances evaluated for impairment: Beginning of) Charge Ending Purchase Credit Purchase Credit December 31, 2021 balance loan 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 The following table provides activity for the accretable credit discount of purchased loans: 2022 Balance at December 31, 2021 $ 1,629,242 Accretion 211,163 Balance at March 31, 2022 $ 1,418,079 At March 31, 2022, December 31, 2021 one March 31, 2022 March 31, 2022, March 31, 2022, March 31, 2022, |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Other Intangibles The acquisition of Carroll Bancorp, Inc. in October 2020 Goodwill CDI Total Balance at December 31, 2021 $ 6,978,208 $ 72,872 $ 7,051,080 Amortization - (2,082 ) (2,082 ) Balance at March 31, 2022 $ 6,978,208 $ 70,790 $ 7,048,998 The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8,328 for each of the years ended December 31, 2022 2029 2030. not |
Note 6 - Lease Commitments
Note 6 - Lease Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. Lease Commitments The Company and its subsidiaries are obligated under operating leases for certain office premises. The following table shows operating lease right of use assets and operating lease liabilities as of March 31, 2022 December 31, 2021: Consolidated Balance Sheet classification March 31, 2022 December 31, 2021 Operating lease right of use asset Other assets $ 1,056,020 $ 1,093,382 Operating lease liabilities Other liabilities 1,276,385 1,311,570 Operating lease cost included in occupancy expense in the statement of income for the three March 31, 2022 2021 A maturity analysis of operating lease liabilities, including those option years for which the Company is reasonably certain to renew, and reconciliation of the undiscounted cash flows to the total operating lease liabilities are as follows: Year Amount 2022 $ 137,059 2023 187,951 2024 193,443 2025 199,107 2026 204,952 Thereafter 492,394 Total undiscounted cash flow 1,414,906 Discount (138,521 ) Lease liabilities $ 1,276,385 For operating leases as of March 31, 2022, three March 31, 2022 2021, |
Note 7 - Capital Standards
Note 7 - Capital Standards | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 7. Capital Standards Farmers and Merchants Bancshares, Inc. and the Bank are 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. Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 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 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, 2019 not March 31, 2022, 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 The following table presents actual and required capital ratios as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 71,541 13.09 % $ 57,396 10.50 % $ 54,663 10.00 % Tier 1 capital (to risk-weighted assets) 67,887 12.42 % 46,463 8.50 % 43,730 8.00 % Common equity tier 1 (to risk- weighted assets) 67,887 12.42 % 38,264 7.00 % 35,531 6.50 % Tier 1 leverage (to average assets) 67,887 9.60 % 28,290 4.00 % 35,363 5.00 % 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 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of March 31, 2022, 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. |
Note 8 - Fair Value
Note 8 - Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value In accordance with FASB ASC 820, no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not may In accordance with the guidance, a hierarchy of valuation techniques is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three 820 two ● 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 ● 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 March 31, 2022 December 31, 2021, Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2022 Recurring: Available for sale securities State and municipal $ - $ 747,363 $ - $ 747,363 SBA pools - 1,279,835 - 1,279,835 Corporate bonds - 10,628,077 - 10,628,077 Mortgage-backed securities - 133,061,160 - 133,061,160 $ - $ 145,716,435 $ - $ 145,716,435 Equity security at fair value Mutual fund $ 518,091 $ - $ - $ 518,091 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans - - $ 373,500 $ 373,500 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 Mutual fund $ 543,605 $ - $ - $ 543,605 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans - - 373,500 373,500 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: March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 27,139,193 $ 27,139,193 $ 26,462,106 $ 26,462,106 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 350,000 350,000 Accrued interest receivable 1,562,014 1,562,014 1,609,063 1,609,063 Securities held to maturity 21,343,559 20,914,769 21,851,975 22,805,601 Mortgage loans held for sale 285,000 287,015 126,500 128,829 Restricted stock, at cost 695,000 695,000 675,400 675,400 Bank owned life insurance 11,609,153 11,609,153 11,556,163 11,556,163 Level 3 inputs Securities held to maturity - - 3,073,040 3,073,040 Loans, net 483,908,857 486,099,069 482,011,334 487,012,970 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 132,629,508 $ 132,629,508 $ 124,175,615 $ 124,175,615 Securities sold under repurchase agreements 4,083,707 4,083,707 5,414,026 5,414,026 Level 2 inputs Interest-bearing deposits 501,151,145 499,421,145 502,239,055 502,396,172 Federal Home Loan Bank advances 5,000,000 4,764,000 5,000,000 4,967,000 Long-term debt 16,553,090 16,718,129 16,978,905 17,298,111 Accrued interest payable 276,573 276,573 295,910 295,910 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Earnings per Share Basic earnings per share is determined by dividing net income available to stockholders by the weighted-average number of shares of common stock outstanding during the period and does not three March 31, 2022 2021. no three March 31, 2022 2021. Three Months Ended March 31, 2022 2021 Net income $ 2,050,802 $ 2,029,575 Weighted average shares outstanding 3,037,137 3,011,255 Earnings per share - basic and diluted $ 0.68 $ 0.67 |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 3 Months Ended |
Mar. 31, 2022 | |
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 three March 31, 2022 2021. The Company has entered into agreements with 12 employees to provide certain life insurance benefits payable in connection with policies of life insurance on those employees that are owned by the Company. Each of the agreements provides for the amount of death insurance benefits to be paid to beneficiaries of the insured. For this plan, the Company expensed $1,702 and $1,661 for the three March 31, 2022 2021. The Company adopted supplemental executive retirement plans for three three March 31, 2022 2021. Retirement plan expenses are included in employee benefits on the consolidated statements of income. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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 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 meet the specific criteria of 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 discount. These loans are accounted for under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, Loans acquired through business combinations that do not 310 30 310 20, no no |
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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third 2022 March 31, 2022 In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In March 2022, No. 2022 02, 326 2022 02 2016 13 2016 13, 2022 02 December 15, 2022, not 2016 13, 2022 02 2016 13. 2016 13. may 2022 02 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair March 31, 2022 cost gains losses value Available for sale State and municipal $ 752,413 $ 730 $ 5,780 $ 747,363 SBA pools 1,300,202 1,682 22,049 1,279,835 Corporate bonds 10,960,028 15,803 347,754 10,628,077 Mortgage-backed securities 143,548,768 27,105 10,514,713 133,061,160 $ 156,561,411 $ 45,320 $ 10,890,296 $ 145,716,435 Held to maturity State and municipal $ 21,343,559 $ 156,037 $ 584,827 $ 20,914,769 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair March 31, 2022 cost value cost value Within one year $ 752,350 $ 754,818 $ - $ - Over one to five years 3,628,616 3,560,563 800,729 800,815 Over five to ten years 7,331,475 7,060,059 1,782,321 1,797,278 Over ten years - - 18,760,509 18,316,676 11,712,441 11,375,440 21,343,559 20,914,769 Mortgage-backed securities and SBA pools, due in monthly installments 144,848,970 134,340,995 - - $ 156,561,411 $ 145,716,435 $ 21,343,559 $ 20,914,769 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2022 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ 7,738,761 $ 412,339 $ 924,219 $ 178,268 $ 8,662,980 $ 590,607 SBA pools - - 1,039,389 22,049 1,039,389 22,049 Corporate bonds 8,201,181 347,754 - - 8,201,181 347,754 Mortgage-backed securities 103,977,709 8,212,229 19,134,680 2,302,484 123,112,389 10,514,713 Total $ 119,917,651 $ 8,972,322 $ 21,098,288 $ 2,502,801 $ 141,015,939 $ 11,475,123 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 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2022 2021 Real estate: Commercial $ 329,179,712 $ 319,185,116 Construction and land development 20,325,400 28,221,854 Residential 111,993,662 107,436,033 Commercial 26,374,885 31,182,206 Consumer 296,151 355,958 488,169,810 486,381,167 Less: Allowance for loan losses 3,654,318 3,650,268 Deferred origination fees net of costs 606,635 719,565 $ 483,908,857 $ 482,011,334 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, December 31, 2022 2021 Commercial real estate $ 4,780,965 $ 4,810,965 Residential real estate 31,500 31,500 Commercial 152,449 152,449 $ 4,964,914 $ 4,994,914 |
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 March 31, 2022 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 328,676,751 $ 329,179,712 $ - Construction and land development - - - - 20,325,400 20,325,400 - Residential - 216,082 31,500 247,582 111,746,080 111,993,662 - Commercial - - 152,449 152,449 26,222,436 26,374,885 - Consumer - - - - 296,151 296,151 - Total $ - $ 216,082 $ 686,910 $ 902,992 $ 487,266,818 $ 488,169,810 $ - 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 |
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 March 31, 2022 Commercial real estate $ 6,781,030 $ 6,278,069 $ 502,961 $ 6,781,030 $ 129,461 $ 6,800,981 $ 25,054 Residential real estate 37,341 37,341 - 37,341 - 38,285 - Commercial 152,449 - 152,449 152,449 152,449 152,449 378 $ 6,970,820 $ 6,315,410 $ 655,410 $ 6,970,820 $ 281,910 $ 6,991,715 $ 25,432 December 31, 2021 Commercial real estate $ 6,820,932 $ 6,317,971 $ 502,961 $ 6,820,932 $ 129,461 $ 6,740,539 $ 125,079 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 $ 6,858,745 $ 195,756 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Above Pass Special March 31, 2022 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 98,984 $ 69,394,973 $ 161,821,022 $ 85,424,219 $ 3,217,512 $ 9,223,002 $ - $ 329,179,712 Construction and land development - - 3,711,277 10,967,190 5,646,933 - - - 20,325,400 Residential 34,250 611,328 45,120,441 56,566,253 7,270,671 - 2,390,719 - 111,993,662 Commercial 4,312,074 - 5,666,167 12,613,235 3,630,960 - 152,449 - 26,374,885 Consumer 4,553 142,436 118,739 1,249 10,293 - 18,881 - 296,151 $ 4,350,877 $ 852,748 $ 124,011,597 $ 241,968,949 $ 101,983,076 $ 3,217,512 $ 11,785,051 $ - $ 488,169,810 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 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Provision for (recovery Allowance for loan losses ending balance evaluated for impairment: Outstanding loan balances evaluated for impairment: Beginning of) Charge Ending Purchase Credit Purchase Credit March 31, 2022 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,482,930 $ 63,130 $ - $ - $ 2,546,060 $ 129,461 $ - $ 2,416,599 $ 6,781,030 $ 32,991 $ 322,365,691 Construction and land development 214,547 (97,873 ) - 4,050 120,724 - - 120,724 - 379,349 19,946,051 Residential 603,558 51,081 - - 654,639 - - 654,639 37,341 244,789 111,711,532 Commercial 255,413 12,276 - - 267,689 152,449 - 115,240 152,449 - 26,222,436 Consumer 4,370 (738 ) - - 3,632 - - 3,632 - - 296,151 Unallocated 89,450 (27,876 ) - - 61,574 - - 61,574 - - - $ 3,650,268 $ - $ - $ 4,050 $ 3,654,318 $ 281,910 $ - $ 3,372,408 $ 6,970,820 $ 657,129 $ 480,541,861 Provision for (recovery Allowance for loan losses ending balance evaluated for impairment: Outstanding loan balances evaluated for impairment: Beginning of) Charge Ending Purchase Credit Purchase Credit March 31, 2021 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 323,768 $ - $ 2,500 $ 2,556,397 $ - $ - $ 2,556,397 $ 6,644,339 $ 45,233 $ 305,552,307 Construction and land development 201,692 (39,269 ) - 4,050 166,473 - - 166,473 - 1,554,070 33,177,080 Residential 644,639 (154,755 ) - - 489,884 - - 489,884 43,371 590,847 116,066,706 Commercial 111,390 (12,143 ) - - 99,247 - - 99,247 - - 60,064,503 Consumer 2,138 320 - - 2,458 - - 2,458 - - 258,484 Unallocated 106,550 2,079 - - 108,629 - - 108,629 - - - $ 3,296,538 $ 120,000 $ - $ 6,550 $ 3,423,088 $ - $ - $ 3,423,088 $ 6,687,710 $ 2,190,177 $ 515,119,080 Provision for (recovery Allowance for loan losses ending balance evaluated for impairment: Outstanding loan balances evaluated for impairment: Beginning of) Charge Ending Purchase Credit Purchase Credit December 31, 2021 balance loan 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 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | 2022 Balance at December 31, 2021 $ 1,629,242 Accretion 211,163 Balance at March 31, 2022 $ 1,418,079 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill CDI Total Balance at December 31, 2021 $ 6,978,208 $ 72,872 $ 7,051,080 Amortization - (2,082 ) (2,082 ) Balance at March 31, 2022 $ 6,978,208 $ 70,790 $ 7,048,998 |
Note 6 - Lease Commitments (Tab
Note 6 - Lease Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Components of Lease Assets and Liabilities [Table Text Block] | Consolidated Balance Sheet classification March 31, 2022 December 31, 2021 Operating lease right of use asset Other assets $ 1,056,020 $ 1,093,382 Operating lease liabilities Other liabilities 1,276,385 1,311,570 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount 2022 $ 137,059 2023 187,951 2024 193,443 2025 199,107 2026 204,952 Thereafter 492,394 Total undiscounted cash flow 1,414,906 Discount (138,521 ) Lease liabilities $ 1,276,385 |
Note 7 - Capital Standards (Tab
Note 7 - Capital Standards (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 71,541 13.09 % $ 57,396 10.50 % $ 54,663 10.00 % Tier 1 capital (to risk-weighted assets) 67,887 12.42 % 46,463 8.50 % 43,730 8.00 % Common equity tier 1 (to risk- weighted assets) 67,887 12.42 % 38,264 7.00 % 35,531 6.50 % Tier 1 leverage (to average assets) 67,887 9.60 % 28,290 4.00 % 35,363 5.00 % 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 % |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2022 Recurring: Available for sale securities State and municipal $ - $ 747,363 $ - $ 747,363 SBA pools - 1,279,835 - 1,279,835 Corporate bonds - 10,628,077 - 10,628,077 Mortgage-backed securities - 133,061,160 - 133,061,160 $ - $ 145,716,435 $ - $ 145,716,435 Equity security at fair value Mutual fund $ 518,091 $ - $ - $ 518,091 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans - - $ 373,500 $ 373,500 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 Mutual fund $ 543,605 $ - $ - $ 543,605 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans - - 373,500 373,500 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 27,139,193 $ 27,139,193 $ 26,462,106 $ 26,462,106 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 350,000 350,000 Accrued interest receivable 1,562,014 1,562,014 1,609,063 1,609,063 Securities held to maturity 21,343,559 20,914,769 21,851,975 22,805,601 Mortgage loans held for sale 285,000 287,015 126,500 128,829 Restricted stock, at cost 695,000 695,000 675,400 675,400 Bank owned life insurance 11,609,153 11,609,153 11,556,163 11,556,163 Level 3 inputs Securities held to maturity - - 3,073,040 3,073,040 Loans, net 483,908,857 486,099,069 482,011,334 487,012,970 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 132,629,508 $ 132,629,508 $ 124,175,615 $ 124,175,615 Securities sold under repurchase agreements 4,083,707 4,083,707 5,414,026 5,414,026 Level 2 inputs Interest-bearing deposits 501,151,145 499,421,145 502,239,055 502,396,172 Federal Home Loan Bank advances 5,000,000 4,764,000 5,000,000 4,967,000 Long-term debt 16,553,090 16,718,129 16,978,905 17,298,111 Accrued interest payable 276,573 276,573 295,910 295,910 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Net income $ 2,050,802 $ 2,029,575 Weighted average shares outstanding 3,037,137 3,011,255 Earnings per share - basic and diluted $ 0.68 $ 0.67 |
Note 1 - Principles of Consol_2
Note 1 - Principles of Consolidation (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
First Community Bankers Insurance Co., LLC [Member] | |
Percentage of Ownership | 100.00% |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) | 3 Months Ended | 15 Months Ended |
Mar. 31, 2022 | Mar. 31, 2022 | |
Core Deposits [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale | $ 6,232,740 | $ 10,454,122 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total | $ 0 | 8,569 | $ 0 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 156 | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | ||
Securities Called at a Premium [Member] | |||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale | $ 513,845 | ||
Asset Pledged as Collateral [Member] | Government Deposits and Securities Sold Under Repurchase Agreement [Member] | |||
Debt Securities, Total | $ 16,852,733 | $ 14,307,989 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost, available for sale | $ 156,561,411 | $ 151,162,429 |
Unrealized gains, available for sale | 45,320 | 412,772 |
Unrealized losses, available for sale | 10,890,296 | 2,337,285 |
Fair value, available for sale | 145,716,435 | 149,237,916 |
Amortized cost, held to maturity | 21,343,559 | 21,851,975 |
Fair value, held to maturity | 20,914,769 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost, available for sale | 752,413 | 753,061 |
Unrealized gains, available for sale | 730 | 10,437 |
Unrealized losses, available for sale | 5,780 | 0 |
Fair value, available for sale | 747,363 | 763,498 |
Amortized cost, held to maturity | 21,343,559 | 21,851,975 |
Unrealized gains, held to maturity | 156,037 | 1,020,877 |
Unrealized losses, held to maturity | 584,827 | 67,251 |
Fair value, held to maturity | 20,914,769 | 22,805,601 |
SBA Pools [Member] | ||
Amortized cost, available for sale | 1,300,202 | 1,418,770 |
Unrealized gains, available for sale | 1,682 | 1,656 |
Unrealized losses, available for sale | 22,049 | 22,664 |
Fair value, available for sale | 1,279,835 | 1,397,762 |
Corporate Debt Securities [Member] | ||
Amortized cost, available for sale | 10,960,028 | 9,225,153 |
Unrealized gains, available for sale | 15,803 | 64,595 |
Unrealized losses, available for sale | 347,754 | 55,541 |
Fair value, available for sale | 10,628,077 | 9,234,207 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, available for sale | 143,548,768 | 139,765,445 |
Unrealized gains, available for sale | 27,105 | 336,084 |
Unrealized losses, available for sale | 10,514,713 | 2,259,080 |
Fair value, available for sale | $ 133,061,160 | $ 137,842,449 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Available for Sale Amortized cost, Within one year | $ 752,350 | |
Available for Sale Fair value, Within one year | 754,818 | |
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 | 3,628,616 | |
Available for Sale Fair value, Over one to five years | 3,560,563 | |
Held to Maturity Amortized cost, Over one to five years | 800,729 | |
Held to Maturity Fair value, Over one to five years | 800,815 | |
Available for Sale Amortized cost, Fair value, Over one to five years | 7,331,475 | |
Available for Sale Fair value, Over five to ten years | 7,060,059 | |
Held to Maturity Amortized cost, Over five to ten years | 1,782,321 | |
Held to Maturity Fair value, Over five to ten years | 1,797,278 | |
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 | 18,760,509 | |
Held to Maturity Fair value, Over ten years | 18,316,676 | |
Available for Sale Amortized cost, total maturity | 11,712,441 | |
Available for Sale Fair value, total maturity | 11,375,440 | |
Held to Maturity Amortized cost, total maturity | 21,343,559 | |
Held to Maturity Fair value, total maturity | 20,914,769 | |
Available for Sale Amortized cost, due in monthly installments | 144,848,970 | |
Available for Sale Fair value, due in monthly installments | 134,340,995 | |
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 | 156,561,411 | $ 151,162,429 |
Available for Sale Fair value Total | 145,716,435 | 149,237,916 |
Held to Maturity Amortized cost Total | 21,343,559 | $ 21,851,975 |
Held to Maturity Fair value Total | $ 20,914,769 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Less than 12 months Fair value | $ 119,917,651 | $ 124,609,499 |
Less than 12 months Unrealized losses | 8,972,322 | 2,126,119 |
12 months or more Fair value | 21,098,288 | 6,630,634 |
12 months or more Unrealized losses | 2,502,801 | 278,417 |
Total Fair value | 141,015,939 | 131,240,133 |
Total Unrealized losses | 11,475,123 | 2,404,536 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair value | 7,738,761 | 1,324,648 |
Less than 12 months Unrealized losses | 412,339 | 35,720 |
12 months or more Fair value | 924,219 | 715,650 |
12 months or more Unrealized losses | 178,268 | 31,531 |
Total Fair value | 8,662,980 | 2,040,298 |
Total Unrealized losses | 590,607 | 67,251 |
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 | 1,039,389 | 1,133,398 |
12 months or more Unrealized losses | 22,049 | 22,664 |
Total Fair value | 1,039,389 | 1,133,398 |
Total Unrealized losses | 22,049 | 22,664 |
Corporate Debt Securities [Member] | ||
Less than 12 months Fair value | 8,201,181 | 5,443,886 |
Less than 12 months Unrealized losses | 347,754 | 55,541 |
12 months or more Fair value | 0 | 0 |
12 months or more Unrealized losses | 0 | 0 |
Total Fair value | 8,201,181 | 5,443,886 |
Total Unrealized losses | 347,754 | 55,541 |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 months Fair value | 103,977,709 | 117,840,965 |
Less than 12 months Unrealized losses | 8,212,229 | 2,034,858 |
12 months or more Fair value | 19,134,680 | 4,781,586 |
12 months or more Unrealized losses | 2,302,484 | 224,222 |
Total Fair value | 123,112,389 | 122,622,551 |
Total Unrealized losses | $ 10,514,713 | $ 2,259,080 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Gross | $ 488,169,810 | $ 486,381,167 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 2,323,000 | |||
Loans and Leases Receivable, Deferred Income | 606,635 | 719,565 | ||
Financing Receivable, Nonaccrual | 4,964,914 | 4,994,914 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 59,182 | 219,734 | ||
Impaired Financing Receivable, Related Allowance | 281,910 | 281,910 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | $ 0 | 18,970 | |
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, Nonaccretable Difference | $ 241,587 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 225,000 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 1,418,079 | 1,629,242 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 211,163 | |||
Certain Loans Acquired in Transfer, Accretable Yield | 1,257,038 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 96,265,413 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 95,862,785 | |||
Mortgage Loans in Process of Foreclosure, Amount | 0 | |||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 86,342 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 54,266 | |||
Nonaccrual Loans [Member] | ||||
Impaired Financing Receivable, Related Allowance | 281,910 | 281,910 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 27,146 | 27,146 | ||
Commercial Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross | 26,374,885 | $ 31,182,206 | ||
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | |||
Financing Receivable, Nonaccrual | 152,449 | $ 152,449 | ||
Impaired Financing Receivable, Related Allowance | 152,449 | $ 152,449 | ||
Number of Loans Classified as TDR | 1 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross | $ 329,179,712 | $ 319,185,116 | ||
Financing Receivable, Number of Loans, Nonaccrual Status | 2 | 2 | ||
Financing Receivable, Nonaccrual | $ 4,780,965 | $ 4,810,965 | ||
Impaired Financing Receivable, Related Allowance | $ 129,461 | $ 129,461 | ||
Number of Loans Classified as TDR | 2 | 1 | ||
Financing Receivable, Troubled Debt Restructuring | $ 6,278,069 | $ 2,009,967 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 4,278,004 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | |
Residential Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross | $ 111,993,662 | 107,436,033 | ||
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | |||
Financing Receivable, Nonaccrual | $ 31,500 | 31,500 | ||
Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 | ||
Number of Loans Classified as TDR | 1 | 1 | ||
Financing Receivable, Troubled Debt Restructuring | $ 37,341 | $ 39,228 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 18,970 | |
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross | 4,200,000 | 9,700,000 | ||
Financing Receivable, Loans Originated Amount | $ 60,000,000 | $ 60,000,000 | ||
Interest Income, Financing Receivable, before Allowance for Credit Loss | 105,000 | $ 369,000 | ||
Loans and Leases Receivable, Deferred Income | $ 91,000 |
Note 4 - Loans - Major Categori
Note 4 - Loans - Major Categories of Loans (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 488,169,810 | $ 486,381,167 |
Allowance for loan losses | 3,654,318 | 3,650,268 |
Deferred origination fees net of costs | 606,635 | 719,565 |
Loans and Leases Receivable, Net Amount | 483,908,857 | 482,011,334 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 329,179,712 | 319,185,116 |
Construction and Land Development [Member] | ||
Loans | 20,325,400 | 28,221,854 |
Residential Portfolio Segment [Member] | ||
Loans | 111,993,662 | 107,436,033 |
Commercial Portfolio Segment [Member] | ||
Loans | 26,374,885 | 31,182,206 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 296,151 | $ 355,958 |
Note 4 - Loans - Non-accrual Lo
Note 4 - Loans - Non-accrual Loans (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Nonaccrual loans | $ 4,964,914 | $ 4,994,914 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 4,780,965 | 4,810,965 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | 31,500 | 31,500 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | $ 152,449 | $ 152,449 |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 488,169,810 | $ 486,381,167 |
Loans, 90 days past due and still accruing | 0 | 480,902 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 216,082 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 686,910 | 1,167,812 |
Financial Asset, Past Due [Member] | ||
Loans | 902,992 | 1,167,812 |
Financial Asset, Not Past Due [Member] | ||
Loans | 487,266,818 | 485,213,355 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 329,179,712 | 319,185,116 |
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 | 0 |
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 | 502,961 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 502,961 | 502,961 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 328,676,751 | 318,682,155 |
Construction and Land Development [Member] | ||
Loans | 20,325,400 | 28,221,854 |
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 | 20,325,400 | 28,221,854 |
Residential Portfolio Segment [Member] | ||
Loans | 111,993,662 | 107,436,033 |
Loans, 90 days past due and still accruing | 0 | 217,661 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 216,082 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 31,500 | 249,161 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 247,582 | 249,161 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 111,746,080 | 107,186,872 |
Commercial Portfolio Segment [Member] | ||
Loans | 26,374,885 | 31,182,206 |
Loans, 90 days past due and still accruing | 0 | 263,241 |
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 | 152,449 | 415,690 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 152,449 | 415,690 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 26,222,436 | 30,766,516 |
Consumer Portfolio Segment [Member] | ||
Loans | 296,151 | 355,958 |
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 | $ 296,151 | $ 355,958 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Unpaid Contractual Principal Balance | $ 6,970,820 | $ 7,012,609 |
Recorded Investment With No Allowance | 6,315,410 | 6,357,199 |
Recorded Investment With Allowance | 655,410 | 655,410 |
Total Recorded Investment | 6,970,820 | 7,012,609 |
Related Allowance | 281,910 | 281,910 |
Average Recorded Investment | 6,991,715 | 6,858,745 |
Interest Recognized | 25,432 | 195,756 |
Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 6,781,030 | 6,820,932 |
Recorded Investment With No Allowance | 6,278,069 | 6,317,971 |
Recorded Investment With Allowance | 502,961 | 502,961 |
Total Recorded Investment | 6,781,030 | 6,820,932 |
Related Allowance | 129,461 | 129,461 |
Average Recorded Investment | 6,800,981 | 6,740,539 |
Interest Recognized | 25,054 | 125,079 |
Residential Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 37,341 | 39,228 |
Recorded Investment With No Allowance | 37,341 | 39,228 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 37,341 | 39,228 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 38,285 | 41,981 |
Interest Recognized | 0 | 1,672 |
Commercial Portfolio Segment [Member] | ||
Unpaid Contractual Principal Balance | 152,449 | 152,449 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 152,449 | 152,449 |
Total Recorded Investment | 152,449 | 152,449 |
Related Allowance | 152,449 | 152,449 |
Average Recorded Investment | 152,449 | 76,225 |
Interest Recognized | $ 378 | $ 69,005 |
Note 4 - Loans - Loans by Credi
Note 4 - Loans - Loans by Credit Grade (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 488,169,810 | $ 486,381,167 |
Excellent [Member] | ||
Loans | 4,350,877 | 9,821,535 |
Above Average [Member] | ||
Loans | 852,748 | 2,101,931 |
Average [Member] | ||
Loans | 124,011,597 | 129,577,624 |
Acceptable [Member] | ||
Loans | 241,968,949 | 219,509,802 |
Pass [Member] | ||
Loans | 101,983,076 | 104,951,530 |
Special Mention [Member] | ||
Loans | 3,217,512 | 5,288,153 |
Substandard [Member] | ||
Loans | 11,785,051 | 15,109,965 |
Doubtful [Member] | ||
Loans | 0 | 20,627 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 329,179,712 | 319,185,116 |
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 98,984 | 1,225,732 |
Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Loans | 69,394,973 | 73,924,748 |
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 161,821,022 | 146,174,439 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 85,424,219 | 82,018,890 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 3,217,512 | 3,345,788 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 9,223,002 | 12,495,519 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | ||
Loans | 20,325,400 | 28,221,854 |
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 | 3,711,277 | 3,853,775 |
Construction and Land Development [Member] | Acceptable [Member] | ||
Loans | 10,967,190 | 12,452,257 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans | 5,646,933 | 9,973,457 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans | 0 | 1,942,365 |
Construction and Land Development [Member] | Substandard [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans | 111,993,662 | 107,436,033 |
Residential Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 34,250 | 41,152 |
Residential Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 611,328 | 708,162 |
Residential Portfolio Segment [Member] | Average [Member] | ||
Loans | 45,120,441 | 46,358,477 |
Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 56,566,253 | 48,295,430 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans | 7,270,671 | 9,570,815 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,390,719 | 2,461,997 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 26,374,885 | 31,182,206 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 4,312,074 | 9,774,570 |
Commercial Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Loans | 5,666,167 | 5,292,721 |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 12,613,235 | 12,585,396 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 3,630,960 | 3,377,070 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 152,449 | 152,449 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 296,151 | 355,958 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 4,553 | 5,813 |
Consumer Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 142,436 | 168,037 |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Loans | 118,739 | 147,903 |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 1,249 | 2,280 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 10,293 | 11,298 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 18,881 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 20,627 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for loan losses | $ 3,650,268 | $ 3,296,538 | $ 3,296,538 |
Provision for loan losses | 0 | 120,000 | 330,000 |
Charge offs | 0 | 0 | (18,970) |
Recoveries | 4,050 | 6,550 | 42,700 |
Allowance for loan losses | 3,654,318 | 3,423,088 | 3,650,268 |
Allowance for loan losses ending balance evaluated for impairment individually | 281,910 | 0 | 281,910 |
Allowance for loan losses ending balance evaluated for impairment collectively | 3,372,408 | 3,423,088 | 3,368,358 |
Outstanding loan balances evaluated for impairment individually | 6,970,820 | 6,687,710 | 7,012,609 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 483,908,857 | 482,011,334 | |
Outstanding loan balances evaluated for impairment collectively | 480,541,861 | 515,119,080 | 478,359,916 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 657,129 | 2,190,177 | 1,008,642 |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses | 2,482,930 | 2,230,129 | 2,230,129 |
Provision for loan losses | 63,130 | 323,768 | 241,301 |
Charge offs | 0 | 0 | 0 |
Recoveries | 0 | 2,500 | 11,500 |
Allowance for loan losses | 2,546,060 | 2,556,397 | 2,482,930 |
Allowance for loan losses ending balance evaluated for impairment individually | 129,461 | 0 | 129,461 |
Allowance for loan losses ending balance evaluated for impairment collectively | 2,416,599 | 2,556,397 | 2,353,469 |
Outstanding loan balances evaluated for impairment individually | 6,781,030 | 6,644,339 | 6,820,932 |
Outstanding loan balances evaluated for impairment collectively | 322,365,691 | 305,552,307 | 312,307,359 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 32,991 | 45,233 | 56,825 |
Construction and Land Development [Member] | |||
Allowance for loan losses | 214,547 | 201,692 | 201,692 |
Provision for loan losses | (97,873) | (39,269) | (3,345) |
Charge offs | 0 | 0 | 0 |
Recoveries | 4,050 | 4,050 | 16,200 |
Allowance for loan losses | 120,724 | 166,473 | 214,547 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 120,724 | 166,473 | 214,547 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 19,946,051 | 33,177,080 | 27,838,188 |
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 379,349 | 1,554,070 | 383,666 |
Residential Portfolio Segment [Member] | |||
Allowance for loan losses | 603,558 | 644,639 | 644,639 |
Provision for loan losses | 51,081 | (154,755) | (22,111) |
Charge offs | 0 | 0 | (18,970) |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 654,639 | 489,884 | 603,558 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 654,639 | 489,884 | 603,558 |
Outstanding loan balances evaluated for impairment individually | 37,341 | 43,371 | 39,228 |
Outstanding loan balances evaluated for impairment collectively | 111,711,532 | 116,066,706 | 106,828,654 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 244,789 | 590,847 | 568,151 |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses | 255,413 | 111,390 | 111,390 |
Provision for loan losses | 12,276 | (12,143) | 129,023 |
Charge offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 15,000 |
Allowance for loan losses | 267,689 | 99,247 | 255,413 |
Allowance for loan losses ending balance evaluated for impairment individually | 152,449 | 0 | 152,449 |
Allowance for loan losses ending balance evaluated for impairment collectively | 115,240 | 99,247 | 102,964 |
Outstanding loan balances evaluated for impairment individually | 152,449 | 0 | 152,449 |
Outstanding loan balances evaluated for impairment collectively | 26,222,436 | 60,064,503 | 31,029,757 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses | 4,370 | 2,138 | 2,138 |
Provision for loan losses | (738) | 320 | 2,232 |
Charge offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 3,632 | 2,458 | 4,370 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 3,632 | 2,458 | 4,370 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 296,151 | 258,484 | 355,958 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | 0 | 0 | 0 |
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | 89,450 | 106,550 | 106,550 |
Provision for loan losses | (27,876) | 2,079 | (17,100) |
Charge offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 61,574 | 108,629 | 89,450 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 61,574 | 108,629 | 89,450 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment collectively | 0 | 0 | 0 |
Unallocated Financing Receivables [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Outstanding loan balances evaluated for impairment purchase credit impaired | $ 0 | $ 0 | $ 0 |
Note 4 - Loans - Activity for A
Note 4 - Loans - Activity for Accretable Yield of Purchased Loans (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance at December 31, 2021 | $ 1,629,242 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 211,163 |
Balance at March 31, 2022 | $ 1,418,079 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member] | 3 Months Ended | 15 Months Ended |
Mar. 31, 2022USD ($) | Mar. 31, 2022USD ($) | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 8,328 | $ 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Six | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Seven | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Eight | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Nine | 8,328 | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Ten | $ 6,246 | $ 6,246 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Balance | $ 6,978,208 |
Balance | 7,051,080 |
Amortization | (2,082) |
Balance | 6,978,208 |
Balance | 7,048,998 |
Core Deposits [Member] | |
Balance, other intangible | 72,872 |
Amortization, other intangible | (2,082) |
Balance, other intangible | $ 70,790 |
Note 6 - Lease Commitments (Det
Note 6 - Lease Commitments (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease, Cost | $ 47,529 | $ 49,930 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years 3 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.25% | |
Operating Lease, Payments | $ 45,353 | $ 42,150 |
Note 6 - Lease Commitments - Op
Note 6 - Lease Commitments - Operating Lease Assets and Liabilities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease liabilities | $ 1,276,385 | |
Other Assets [Member] | ||
Operating lease right of use asset | 1,056,020 | $ 1,093,382 |
Other Liabilities [Member] | ||
Operating lease liabilities | $ 1,276,385 | $ 1,311,570 |
Note 6 - Lease Commitments - _2
Note 6 - Lease Commitments - Operating Lease Liabilities (Details) | Mar. 31, 2022USD ($) |
2022 | $ 137,059 |
2023 | 187,951 |
2024 | 193,443 |
2025 | 199,107 |
2026 | 204,952 |
Thereafter | 492,394 |
Total undiscounted cash flow | 1,414,906 |
Discount | (138,521) |
Lease liabilities | $ 1,276,385 |
Note 7 - Capital Standards (Det
Note 7 - Capital Standards (Details Textual) | Mar. 31, 2022 | Dec. 31, 2021 |
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 7 - Capital Standards - Ca
Note 7 - Capital Standards - Capital Requirements (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Capital | $ 71,541 | $ 69,957 |
Capital to Risk Weighted Assets | 0.1309 | 0.1324 |
Capital Required for Capital Adequacy | $ 57,396 | $ 55,471 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Capital Required to be Well Capitalized | $ 54,663 | $ 52,830 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Risk Based Capital | $ 67,887 | $ 66,307 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1242 | 0.1255 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 46,463 | $ 44,905 |
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 | $ 43,730 | $ 42,264 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Common Equity Tier One Capital | $ 67,887 | $ 66,307 |
Common Equity Tier One Capital Ratio | 0.1242 | 0.1255 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 38,264 | $ 36,981 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 0.0700 | 0.0700 |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 35,531 | $ 34,339 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 0.065 | 0.0650 |
Tier One Leverage Capital | $ 67,887 | $ 66,307 |
Tier One Leverage Capital to Average Assets | 0.0960 | 0.0927 |
Tier One Leverage Capital Required for Capital Adequacy | $ 28,290 | $ 28,614 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Tier One Leverage Capital Required to be Well Capitalized | $ 35,363 | $ 35,767 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 8 - Fair Value (Details Te
Note 8 - Fair Value (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
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 8 - Fair Value - Summarize
Note 8 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair value, available for sale | $ 145,716,435 | $ 149,237,916 |
Fair Value, Recurring [Member] | ||
Fair value, available for sale | 145,716,435 | 149,237,916 |
Mutual fund | 518,091 | 543,605 |
Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 1,242,365 | 1,242,365 |
Impaired loans | 373,500 | 373,500 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Mutual fund | 518,091 | 543,605 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 0 | 0 |
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 145,716,435 | 148,587,916 |
Mutual fund | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 0 | 0 |
Impaired loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 650,000 |
Mutual fund | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 1,242,365 | 1,242,365 |
Impaired loans | 373,500 | 373,500 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 747,363 | 763,498 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 747,363 | 763,498 |
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 | 747,363 | 763,498 |
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 | 1,279,835 | 1,397,762 |
SBA Pools [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 1,279,835 | 1,397,762 |
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 | 1,279,835 | 1,397,762 |
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 | 10,628,077 | 9,234,207 |
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 10,628,077 | 9,234,207 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 10,628,077 | 8,584,207 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | 650,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, available for sale | 133,061,160 | 137,842,449 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 133,061,160 | 137,842,449 |
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 | 133,061,160 | 137,842,449 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | $ 0 | $ 0 |
Note 8 - Fair Value - Estimated
Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair value, held to maturity | $ 20,914,769 | |
Securities held to maturity | 20,914,769 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 27,139,193 | $ 26,462,106 |
Noninterest-bearing deposits | 132,629,508 | 124,175,615 |
Securities sold under repurchase agreements | 4,083,707 | 5,414,026 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 350,000 | 350,000 |
Accrued interest receivable | 1,562,014 | 1,609,063 |
Fair value, held to maturity | 21,343,559 | 21,851,975 |
Mortgage loans held for sale | 285,000 | 126,500 |
Restricted stock, at cost | 695,000 | 675,400 |
Bank owned life insurance | 11,609,153 | 11,556,163 |
Securities held to maturity | 21,343,559 | 21,851,975 |
Interest-bearing deposits | 501,151,145 | 502,239,055 |
Federal Home Loan Bank advances | 5,000,000 | 5,000,000 |
Long-term debt | 16,553,090 | 16,978,905 |
Accrued interest payable | 276,573 | 295,910 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 0 | 3,073,040 |
Securities held to maturity | 0 | 3,073,040 |
Loans, net | 483,908,857 | 482,011,334 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 27,139,193 | 26,462,106 |
Noninterest-bearing deposits | 132,629,508 | 124,175,615 |
Securities sold under repurchase agreements | 4,083,707 | 5,414,026 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 350,000 | 350,000 |
Accrued interest receivable | 1,562,014 | 1,609,063 |
Fair value, held to maturity | 20,914,769 | 22,805,601 |
Mortgage loans held for sale | 287,015 | 128,829 |
Restricted stock, at cost | 695,000 | 675,400 |
Bank owned life insurance | 11,609,153 | 11,556,163 |
Securities held to maturity | 20,914,769 | 22,805,601 |
Interest-bearing deposits | 499,421,145 | 502,396,172 |
Federal Home Loan Bank advances | 4,764,000 | 4,967,000 |
Long-term debt | 16,718,129 | 17,298,111 |
Accrued interest payable | 276,573 | 295,910 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 0 | 3,073,040 |
Securities held to maturity | 0 | 3,073,040 |
Loans, net | $ 486,099,069 | $ 487,012,970 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 2,050,802 | $ 2,029,575 |
Weighted average shares outstanding (in shares) | 3,037,137 | 3,011,255 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.68 | $ 0.67 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 79,740 | $ 76,924 |
Number of Employees Covered by Life Insurance Policy | 12 | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ 1,702 | 1,661 |
Employee Benefits and Share-Based Compensation | $ 511,792 | 472,888 |
Supplemental Employee Retirement Plan [Member] | ||
Number of Employees Participating in Plan | 3 | |
Employee Benefits and Share-Based Compensation | $ 45,000 | $ 42,000 |
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% |