Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 3,071,214 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and due from banks | $ 8,295,466 | $ 6,414,822 |
Federal funds sold and other interest-bearing deposits | 1,270,888 | 848,715 |
Cash and cash equivalents | 9,566,354 | 7,263,537 |
Certificates of deposit in other banks | 100,000 | 100,000 |
Securities available for sale, at fair value | 125,822,067 | 126,314,449 |
Securities held to maturity, at amortized cost less allowance for credit losses of $60,592 and $0 | 20,478,223 | 20,508,997 |
Equity security, at fair value | 497,812 | 489,145 |
Restricted stock, at cost | 907,500 | 1,332,500 |
Mortgage loans held for sale | 0 | 428,355 |
Loans, less allowance for credit losses of $4,589,232 and $4,150,198 | 520,895,600 | 516,920,540 |
Premises and equipment, net | 6,096,874 | 6,186,594 |
Accrued interest receivable | 1,739,314 | 1,815,784 |
Deferred income taxes, net | 7,998,178 | 8,392,658 |
Other real estate owned, net | 1,242,365 | 1,242,365 |
Bank owned life insurance | 14,668,447 | 14,585,342 |
Goodwill and other intangibles, net | 7,040,670 | 7,042,752 |
Other assets | 5,626,083 | 5,587,654 |
Assets | 722,679,487 | 718,210,672 |
Deposits: | ||
Noninterest-bearing | 127,342,442 | 126,695,349 |
Interest-bearing | 509,966,348 | 496,915,775 |
Total deposits | 637,308,790 | 623,611,124 |
Securities sold under repurchase agreements | 3,077,227 | 5,175,303 |
Federal Home Loan Bank of Atlanta advances | 10,000,000 | 20,000,000 |
Long-term debt, net of issuance costs | 14,624,826 | 15,095,642 |
Accrued interest payable | 721,007 | 349,910 |
Other liabilities | 6,190,496 | 6,203,730 |
Liabilities | 671,922,346 | 670,435,709 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,071,214 shares in 2023 and 2022 | 30,712 | 30,712 |
Additional paid-in capital | 29,549,914 | 29,549,914 |
Retained earnings | 36,851,782 | 35,300,166 |
Accumulated other comprehensive loss | (15,675,267) | (17,105,829) |
Equity, Attributable to Parent | 50,757,141 | 47,774,963 |
Liabilities and Equity | $ 722,679,487 | $ 718,210,672 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Held-to-Maturity, Allowance for Credit Loss | $ 60,592 | $ 0 |
Loans, allowance for credit loss | $ 4,589,232 | $ 4,150,198 |
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) | 3,071,214 | 3,071,214 |
Common stock, share outstanding (in shares) | 3,071,214 | 3,071,214 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income: | ||
Loans, including fees | $ 6,045,548 | $ 5,683,362 |
Investment securities - taxable | 762,208 | 644,461 |
Investment securities - tax exempt | 139,844 | 149,487 |
Federal funds sold and other interest earning assets | 104,929 | 12,415 |
Total interest income | 7,052,529 | 6,489,725 |
Interest expense: | ||
Deposits | 1,034,851 | 338,560 |
Securities sold under repurchase agreements | 4,338 | 3,251 |
Federal Home Loan Bank advances and long-term debt | 356,272 | 183,825 |
Total interest expense | 1,395,461 | 525,636 |
Net interest income | 5,657,068 | 5,964,089 |
Recovery of credit losses | (270,000) | 0 |
Net interest income after recovery of credit losses | 5,927,068 | 5,964,089 |
Noninterest income: | ||
Mortgage banking income | 25,293 | 122,688 |
Bank owned life insurance income | 83,105 | 52,990 |
Fair value adjustment on equity security | 5,767 | (26,817) |
Gain on sale of SBA loans | 0 | 93,600 |
Total noninterest income | 382,414 | 495,807 |
Noninterest expense: | ||
Salaries | 1,876,444 | 1,740,395 |
Employee benefits | 594,057 | 511,792 |
Occupancy | 214,116 | 228,427 |
Furniture and equipment | 239,727 | 214,615 |
Other | 833,091 | 1,104,369 |
Total noninterest expense | 3,757,435 | 3,799,598 |
Income before income taxes | 2,552,047 | 2,660,298 |
Income taxes | 651,196 | 609,496 |
Net income | $ 1,900,851 | $ 2,050,802 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.62 | $ 0.68 |
Deposit Account [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 186,707 | $ 181,466 |
Financial Service, Other [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 81,542 | $ 71,880 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 1,900,851 | $ 2,050,802 |
Other comprehensive income (loss), net of income taxes: | ||
Net unrealized gain (loss) arising during the period | 1,973,665 | (8,920,463) |
Total unrealized gain (loss) on investment securities available for sale | 1,973,665 | (8,920,463) |
Income tax expense (benefit) | 543,103 | (2,454,690) |
Total other comprehensive income (loss) | 1,430,562 | (6,465,773) |
Total comprehensive income (loss) | $ 3,331,413 | $ (4,414,971) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 | |||||
Other comprehensive income (loss) | $ 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 | |||||
Balance (in shares) at Dec. 31, 2022 | 3,071,214 | |||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (341,392) | $ 0 | $ (341,392) | |||||
Balance at Dec. 31, 2022 | $ 30,712 | 29,549,914 | 35,300,166 | (17,105,829) | 47,774,963 | |||||
Net income | 0 | 0 | 1,900,851 | 0 | 1,900,851 | |||||
Other comprehensive income (loss) | 0 | 0 | 0 | 1,430,562 | 1,430,562 | |||||
Dividend adjustment | $ 0 | 0 | (7,843) | 0 | (7,843) | |||||
Balance (in shares) at Mar. 31, 2023 | 3,071,214 | |||||||||
Balance at Mar. 31, 2023 | $ 30,712 | $ 29,549,914 | $ 36,851,782 | $ (15,675,267) | $ 50,757,141 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of net income to net cash provided by operating activities | ||
Net income | $ 1,900,851 | $ 2,050,802 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 127,908 | 116,110 |
Recovery of credit losses | (270,000) | 0 |
Amortization of right of use asset | (927) | 2,177 |
Equity security dividends reinvested | (2,900) | (1,303) |
Unrealized loss on equity security | (5,767) | 26,817 |
Gain on sale of SBA loans | 0 | (93,600) |
Gain on sale of premises and equipment | (9,000) | 0 |
Gain on fair value hedge | (34,113) | 0 |
Amortization of debt issuance costs | 1,406 | 1,406 |
Amortization of premiums and accretion of discounts, net | (808) | (212,443) |
Bank owned life insurance cash surrender value | (83,105) | (52,990) |
Increase (decrease) in | ||
Deferred loan fees and costs, net | (12,202) | (112,930) |
Accrued interest payable | 371,097 | (19,337) |
Other liabilities | (249,840) | 106,030 |
Decrease (increase) in | ||
Mortgage loans held for sale | 428,355 | (158,500) |
Accrued interest receivable | 76,470 | 47,049 |
Other assets | (86,736) | (127,624) |
Net cash provided by operating activities | 2,150,689 | 1,571,664 |
Cash flows from investing activities | ||
Proceeds from maturity and call of securities, Available for sale | 2,615,824 | 6,232,740 |
Proceeds from maturity and call of securities, Held to maturity | 0 | 535,000 |
Purchase of securities, Available for sale | 0 | (11,776,091) |
Loans made to customers, net of principal collected | (4,020,500) | (2,067,575) |
Proceeds from sale of SBA loans | 0 | 664,650 |
Redemption (purchase) of stock in FHLB of Atlanta | 425,000 | (19,600) |
Proceeds from sale of premises and equipment | 9,000 | 0 |
Purchases of premises, equipment and software | (27,243) | (116,388) |
Net cash used in investing activities | (997,919) | (6,547,264) |
Cash flows from financing activities | ||
Noninterest-bearing deposits | 647,093 | 8,453,893 |
Interest-bearing deposits | 13,081,095 | (1,043,666) |
Securities sold under repurchase agreements | (2,098,076) | (1,330,319) |
Federal Home Loan Bank of Atlanta advances | (10,000,000) | 0 |
Long-term debt principal payments | (472,222) | (427,221) |
Dividends paid, net of reinvestments | (7,843) | 0 |
Net cash provided by financing activities | 1,150,047 | 5,652,687 |
Net decrease in cash and cash equivalents | 2,302,817 | 677,087 |
Cash and cash equivalents at beginning of period | 7,263,537 | 26,462,106 |
Cash and cash equivalents at end of period | 9,566,354 | 27,139,193 |
Supplementary disclosure of cash flow information: | ||
Cash paid during the period for interest | 1,051,398 | 585,729 |
Cash paid during the period for income taxes | 0 | 0 |
Net unrealized gain (loss) on securities available for sale | 2,187,186 | (8,920,461) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Supplementary disclosure of cash flow information: | ||
Cumulative effect adjustment for implemenation of ASU 2016-13 | $ 341,392 | $ 0 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 | |
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, 2023 not may December 31, 2023 December 31, 2022, 10 December 31, 2022 Recent Accounting Pronouncements Management has the responsibility for the selection and use of appropriate accounting policies. The significant accounting policies used by the Company are described in the notes to the consolidated financial statements. The following accounting guidance has been approved by the FASB and would apply to the Company if the Company entered into an applicable activity. In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. March 31, 2023, In December 2022, 2022 06, 848 848”. 2022 06 848. 848 848 2021, June 30, 2023. 848 may 848 December 31, 2022, December 31, 2024, no 848. The ASU is effective for all entities upon issuance. As of March 31, 2023, Recently Adopted Accounting Developments During June 2016, 2016 13, 326 2016 13 January 1, 2023. The Company is utilizing a third 326, not may In March 2022, 2022 02, 326 2022 02 2016 13 2022 02 January 1, 2023. In March 2022, No. 2022 01, 815 2022 01 815 2017, 2017 12 one not 2022 01 2022 01 January 1, 2023. February 2023 March 31, 2023, no Summary of Significant Accounting Policies Allowance for Credit Losses. As further discussed below, we adopted ASU 2016 13, 326 January 1, 2020. 326 326” 326, Allowance for Credit Losses - Held-to-Maturity Securities: The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account, calculated in accordance with ASC 326, 3 Allowance For Credit Losses - Available-for-Sale Securities: For available-for-sale securities in an unrealized loss position, we first not not 2016 13, January 1, 2023, Allowance for Credit Losses - Loans: The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326, not The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information, from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless (i) management has a reasonable expectation that a loan to an individual borrower that is experiencing financial difficulty will be modified or (ii) such extension or renewal options are not may not not Credit loss expense related to loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Portions of the allowance may In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, and historical/expected credit loss patterns. For modeling purposes, our loan pools include (i) commercial real estate - owner occupied, (ii) commercial real estate - non-owner occupied, (iii) construction/land development, (iv) residential – multifamily, (v) residential – single family (vi) residential – single family home equity, (vii) commercial and industrial (viii) consumer and other. We periodically reassess each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The average charge-off method calculates an estimate of losses based upon past experience which is applied prospectively across the life of each loan. This method allows for analysis and calculation on a note-by-note basis due to the CECL model calculating future cash flows at the individual note level based upon note characteristics. A forward balance is calculated from each note’s prior period balance, less monthly principal paydown and prepayment amount. The Company will be utilizing its own loss data as the source for its historical loss calculations within the CECL model, where appropriate. This information is sourced from call report data and spans back to an effective start date of March 31, 2000. one may may no March 31, 2000 The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Significant loan/borrower attributes utilized in our modeling processes include, among other things, (i) origination date, (ii) maturity date, (iii) payment type, (iv) collateral type and amount, (v) current risk grade, (vi) current unpaid balance and commitment utilization rate, (vii) payment status/delinquency history and (viii) expected recoveries of previously charged-off amounts. Management qualitatively adjusts model results for risk factors that are not may may In some cases, management may Allowance for Credit Losses - Off-Balance-Sheet Credit Exposures: The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, No The table below provides the impact of the implementation of ASC 326: January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held to maturity $ 51,990 $ - $ 51,990 Loans Real estate: Commercial 2,467,744 2,818,582 (350,838 ) Construction and land development 285,572 164,596 120,976 Residential 1,258,146 793,919 464,227 Commercial 472,503 337,303 135,200 Consumer 169 4,706 (4,537 ) Unallocated - 31,092 (31,092 ) Allowance for credit losses on loans 4,484,134 4,150,198 333,936 Liabilities Allowance for credit losses on off balance sheet credit exposures 85,073 - 85,073 Derivative Financial Instruments: At the inception of a derivative contract, the Company designates the derivative as one three three 1 2 3 no not not Accrued settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Accrued settlements on derivatives not not The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its derivatives for each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. The Company’s derivative financial instruments are described more fully in Note 7. 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, 2023 | |
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 Allowance for Net Carrying March 31, 2023 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ 15 $ 13,167 $ 486,848 $ - $ 486,848 SBA pools 952,033 1,556 13,700 939,889 - 939,889 Corporate bonds 10,398,704 - 978,981 9,419,723 - 9,419,723 Mortgage-backed securities 135,384,087 - 20,408,480 114,975,607 - 114,975,607 $ 147,234,824 $ 1,571 $ 21,414,328 $ 125,822,067 $ - $ 125,822,067 Held to maturity State and municipal $ 20,538,815 $ 14,857 $ 1,317,685 $ 19,235,987 $ 60,592 $ 20,478,223 Amortized Unrealized Unrealized Fair December 31, 2022 cost gains losses value Available for sale State and municipal $ 570,122 $ - $ 17,841 $ 552,281 SBA pools 1,033,606 1,425 15,234 1,019,797 Corporate bonds 10,414,146 - 1,024,250 9,389,896 Mortgage-backed securities 137,896,519 - 22,544,044 115,352,475 $ 149,914,393 $ 1,425 $ 23,601,369 $ 126,314,449 Held to maturity State and municipal $ 20,508,997 $ 4,176 $ 1,633,378 $ 18,879,795 The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account that is deducted from the amortized cost basis of held-to-maturity securities to present the net amount expected to be collected. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to securities issued by States and political subdivisions and other held-to-maturity securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, and (iv) internal forecasts. Unrated bonds were underwritten similar to commercial loans and the financial condition of the issuer is monitored periodically. Expected credit losses on commercial loans are applied to unrated bonds. The following table summarizes Moody's and/or Standard & Poor's bond ratings (Company’s primary credit quality indicator) for our portfolio of held-to-maturity securities issued by states and political subdivisions as of March 31, 2023 March 31, 2023 AAA 2,774,579 AA 10,371,643 A 4,126,007 BAA 246,355 Not rated 3,020,231 Total 20,538,815 Historical loss rates associated with securities having similar grades as those in our portfolio have generally not March 31, 2023, no none The following table details activity in the allowance for credit losses on held-to-maturity securities: March 31, 2023 Beginning balance $ - Impact of adopting ASC 326 51,990 Credit loss expense 8,602 Ending balance $ 60,592 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, 2023 cost value cost value Within one year $ 1,014,934 $ 985,535 $ 330,000 $ 330,198 Over one to five years 2,561,931 2,427,580 476,355 473,747 Over five to ten years 7,321,839 6,493,456 3,493,376 3,423,349 Over ten years - - 16,178,492 15,008,693 10,898,704 9,906,571 20,478,223 19,235,987 Mortgage-backed securities and SBA pools, due in monthly installments 136,336,120 115,915,496 - - $ 147,234,824 $ 125,822,067 $ 20,478,223 $ 19,235,987 Securities with a carrying value of $24,184,578 and $24,258,980 as of March 31, 2023 December 31, 2022, During the three March 31, 2023 2022, 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, 2023 December 31, 2022. March 31, 2023 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 $ - $ - $ 236,833 $ 13,167 $ 236,833 $ 13,167 SBA pools - - 778,455 13,700 778,455 13,700 Corporate bonds 1,776,149 130,322 7,643,574 848,659 9,419,723 978,981 Mortgage-backed securities 14,930,119 945,787 100,045,490 19,462,693 114,975,609 20,408,480 Total $ 16,706,268 $ 1,076,109 $ 108,704,352 $ 20,338,219 $ 125,410,620 $ 21,414,328 December 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 $ 13,668,676 $ 1,057,412 $ 1,537,715 $ 593,807 $ 15,206,391 $ 1,651,219 SBA pools - - 857,259 15,234 857,259 15,234 Corporate bonds 4,184,875 356,746 4,805,021 667,504 8,989,896 1,024,250 Mortgage-backed securities 25,284,430 2,293,151 90,068,045 20,250,893 115,352,475 22,544,044 Total $ 43,137,981 $ 3,707,309 $ 97,268,040 $ 21,527,438 $ 140,406,021 $ 25,234,747 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans and allowance for credit losses Major categories of loans are as follows: March 31, December 31, 2023 2022 Real estate: Commercial $ 357,768,606 $ 351,794,702 Construction and land development 24,911,711 23,978,373 Residential 113,384,265 114,683,149 Commercial 29,876,303 31,066,497 Consumer 140,150 156,422 526,081,035 521,679,143 Less: Allowance for credit losses 4,589,232 4,150,198 Deferred origination fees net of costs 596,203 608,405 $ 520,895,600 $ 516,920,540 The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 March 31, 2023 December 31, 2022: Nonaccrual Loans Past With No Due 90 Days Allowance or More and for Credit Loss Nonaccrual Still Accruing March 31, 2023 Real estate: Commercial $ - $ 502,961 $ - Construction and land development - - - Residential - - - Commercial - 152,449 - Consumer - - - $ - $ 655,410 $ - December 31, 2022 Real estate: Commercial $ - $ 502,961 $ - Construction and land development - - - Residential - - - Commercial - 152,449 - Consumer - - - $ - $ 655,410 $ - The Company recognized no interest income on nonaccrual loans during the three March 31, 2023 December 31. 2022. At March 31, 2023, one one three March 31, 2023 At December 31, 2022, one one 2022 An age analysis of past due loans, segregated by type of loan, is as follows: 90 Days 30 - 59 Days 60 - 89 Days or More Total Total Past Due Past Due Past Due Past Due Current Loans March 31, 2023 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 357,265,645 $ 357,768,606 Construction and land development - - - - 24,911,711 24,911,711 Residential 312,897 - - 312,897 113,071,368 113,384,265 Commercial - - 152,449 152,449 29,723,854 29,876,303 Consumer - - - - 140,150 140,150 Total $ 312,897 $ - $ 655,410 $ 968,307 $ 525,112,728 $ 526,081,035 December 31, 2022 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 351,291,741 $ 351,794,702 Construction and land development - - - - 23,978,373 23,978,373 Residential 311,409 - - 311,409 114,371,740 114,683,149 Commercial - - 152,449 152,449 30,914,048 31,066,497 Consumer - - - - 156,422 156,422 Total $ 311,409 $ - $ 655,410 $ 966,819 $ 520,712,324 $ 521,679,143 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2023: Real estate: Commercial $ 502,961 Construction and land development - Residential - Commercial 152,449 Consumer - $ 655,410 Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the year ended December 31, 2022, Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized December 31, 2022 Commercial real estate $ 7,019,415 $ 6,516,454 $ 502,961 $ 7,019,415 $ 129,461 $ 6,920,174 $ 223,476 Residential real estate 256,350 256,350 - 256,350 - 147,789 10,594 Commercial 152,449 - 152,449 152,449 152,449 152,449 - $ 7,428,214 $ 6,772,804 $ 655,410 $ 7,428,214 $ 281,910 $ 7,220,412 $ 234,070 These were the disclosures under the incurred method as of December 31, 2022 From time to time, loans to borrowers experiencing financial difficulty may may There were no modifications to borrowers experiencing financial distress during the three March 31, 2023. Credit Quality Indicators 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, Acceptable, and Pass/Watch 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: Special Mention A special mention loan is a loan that management believes 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 a loan that management believes is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Such 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 is a loan that management believes has all of 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, and year originated are as follows: Term Loans Amortized Cost Basis by Origination March 31, 2023 Revolving 2023 2022 2021 2020 2019 Prior Loans Total Commercial Real Estate Pass $ 8,969,175 $ 74,007,568 $ 56,544,303 $ 20,357,085 $ 28,243,488 $ 153,922,978 $ 2,627,248 $ 344,671,845 Special Mention - - - - - 3,512,960 - 3,512,960 Substandard - - - - - 9,583,801 - 9,583,801 Doubtful - - - - - - - - Total $ 8,969,175 $ 74,007,568 $ 56,544,303 $ 20,357,085 $ 28,243,488 $ 167,019,739 $ 2,627,248 $ 357,768,606 Construction and Land Development Pass $ 328,076 $ 6,138,120 $ 4,518,090 $ 4,641,615 $ 428,050 $ 8,368,598 $ 489,162 $ 24,911,711 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total $ 328,076 $ 6,138,120 $ 4,518,090 $ 4,641,615 $ 428,050 $ 8,368,598 $ 489,162 $ 24,911,711 Residential Real Estate Pass $ 2,892,774 $ 20,094,724 $ 10,204,311 $ 8,805,836 $ 15,721,924 $ 45,455,511 $ 7,161,690 $ 110,336,770 Special Mention - - - - 1,385,519 - - 1,385,519 Substandard - - - - - 1,661,976 - 1,661,976 Doubtful - - - - - - - - Total $ 2,892,774 $ 20,094,724 $ 10,204,311 $ 8,805,836 $ 17,107,443 $ 47,117,487 $ 7,161,690 $ 113,384,265 Commercial Pass $ 862,177 $ 9,218,002 $ 4,751,596 $ 3,358,986 $ 1,465,317 $ 1,293,980 $ 8,199,107 $ 29,149,165 Special Mention - - 574,689 - - - - 574,689 Substandard - - - - 152,449 - - 152,449 Doubtful - - - - - - - - Total $ 862,177 $ 9,218,002 $ 5,326,285 $ 3,358,986 $ 1,617,766 $ 1,293,980 $ 8,199,107 $ 29,876,303 Consumer Pass $ 15,000 $ 50,701 $ 10,659 $ 16,506 $ 18,164 $ 2 $ - $ 111,032 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - 2,119 - - - 26,999 29,118 Total $ 15,000 $ 50,701 $ 12,778 $ 16,506 $ 18,164 $ 2 $ 26,999 $ 140,150 Aggregate total Pass $ 13,067,202 $ 109,509,115 $ 76,028,959 $ 37,180,028 $ 45,876,943 $ 209,041,069 $ 18,477,207 $ 509,180,523 Special Mention - - 574,689 - 1,385,519 3,512,960 - 5,473,168 Substandard - - - - 152,449 11,245,777 - 11,398,226 Doubtful - - 2,119 - - - 26,999 29,118 Total $ 13,067,202 $ 109,509,115 $ 76,605,767 $ 37,180,028 $ 47,414,911 $ 223,799,806 $ 18,504,206 $ 526,081,035 Above Pass Special December 31, 2022 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ - $ 65,908,980 $ 201,854,424 $ 70,826,837 $ 3,558,954 $ 9,645,507 $ - $ 351,794,702 Construction and land development - - 3,845,351 12,087,402 8,045,620 - - - 23,978,373 Residential 15,613 573,108 35,774,807 63,833,864 10,815,681 1,397,282 2,272,794 - 114,683,149 Commercial 178,916 - 4,347,337 16,039,145 9,773,961 574,689 152,449 - 31,066,497 Consumer 722 15,715 93,684 4,439 6,481 - - 35,381 156,422 $ 195,251 $ 588,823 $ 109,970,159 $ 293,819,274 $ 99,468,580 $ 5,530,925 $ 12,070,750 $ 35,381 $ 521,679,143 The following table details activity in the allowance for credit losses and loan balances by portfolio as of and for the three March 31, 2023 2022 December 31, 2022. one not Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning Impact of ASC (recovery of) Charge Ending Purchase Credit Purchase Credit March 31, 2023 balance 326 Adoption credit losses offs Recoveries balance Individually Deteriorated Collectively Individually Deteriorated Collectively Real estate: Commercial $ 2,818,582 $ (350,838 ) $ 1,218 $ - $ - $ 2,468,962 $ 129,461 $ - $ 2,339,501 $ 502,961 $ - $ 357,265,645 Construction and land development 164,596 120,976 (401 ) - 4,050 289,221 - - 289,221 - 366,449 24,545,262 Residential 793,919 464,227 (369,453 ) - 371,048 1,259,741 - - 1,259,741 - 207,854 113,176,411 Commercial 337,303 135,200 (15,444 ) - - 457,059 152,449 - 304,610 152,449 - 29,723,854 Consumer 4,706 (4,537 ) 3,367 - - 3,536 - - 3,536 - - 140,150 Unallocated 31,092 (31,092 ) 110,713 - - 110,713 - - 110,713 - - - $ 4,150,198 $ 333,936 $ (270,000 ) $ - $ 375,098 $ 4,589,232 $ 281,910 $ - $ 4,307,322 $ 655,410 $ 574,303 $ 524,851,322 Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery 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 Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit December 31, 2022 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,482,930 $ 343,424 $ (7,772 ) $ - $ 2,818,582 $ 129,461 $ - $ 2,689,121 $ 7,019,415 $ - $ 344,775,287 Construction and land development 214,547 (66,151 ) - 16,200 164,596 - - 164,596 - 369,622 23,608,751 Residential 603,558 171,391 - 18,970 793,919 - - 793,919 256,350 209,583 114,217,216 Commercial 255,413 84,358 (2,468 ) - 337,303 152,449 - 184,854 152,449 - 30,914,048 Consumer 4,370 336 - - 4,706 - - 4,706 - - 156,422 Unallocated 89,450 (58,358 ) - - 31,092 - - 31,092 - - - $ 3,650,268 $ 475,000 $ (10,240 ) $ 35,170 $ 4,150,198 $ 281,910 $ - $ 3,868,288 $ 7,428,214 $ 579,205 $ 513,671,724 The following table provides activity for the accretable credit discount of purchased loans: 2023 Balance at December 31, 2022 $ 930,973 Accretion 112,233 Balance at March 31, 2023 $ 818,740 At March 31, 2023, March 31, 2023, March 31, 2023, The following table details activity in the allowance for credit losses on unfunded loan commitments: March 31, 2023 Beginning balance $ - Impact of adopting ASC 326 85,073 Credit loss recovery (8,602 ) Ending balance $ 76,471 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ 6,978,208 $ 64,544 $ 7,042,752 Amortization - (2,082 ) (2,082 ) Balance at March 31, 2023 $ 6,978,208 $ 62,462 $ 7,040,670 The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8,328 per year and $6,246 in year 10. not |
Note 6 - Capital Standards
Note 6 - Capital Standards | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 6. 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, 2023, 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, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized March 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 77,752 13.13 % $ 62,181 10.50 % $ 59,220 10.00 % Tier 1 capital (to risk-weighted assets) 73,026 12.33 % 50,337 8.50 % 47,376 8.00 % Common equity tier 1 (to risk- weighted assets) 73,026 12.33 % 41,454 7.00 % 38,493 6.50 % Tier 1 leverage (to average assets) 73,026 9.97 % 29,311 4.00 % 36,639 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 75,826 12.96 % $ 61,410 10.50 % $ 58,486 10.00 % Tier 1 capital (to risk-weighted assets) 71,676 12.26 % 49,713 8.50 % 46,789 8.00 % Common equity tier 1 (to risk- weighted assets) 71,676 12.26 % 40,940 7.00 % 38,016 6.50 % Tier 1 leverage (to average assets) 71,676 9.83 % 29,167 4.00 % 36,459 5.00 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of March 31, 2023, 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 7 - Derivative Financial I
Note 7 - Derivative Financial Instrument | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instrument The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not Fair Value Hedges: Interest rate swaps with notional amounts totaling $10 million as of March 31, 2023 no 2023. The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of March 31, 2023: Line Item in the Carrying Amount Balance Sheet in of the Hedged Cumulative Amount of Fair Which the Hedged Assets Value Hedging Adjustment Item is Included March 31, 2023 March 31, 2023 Securities available for sale $ 22,146,372 $ 232,536 The Company presents derivative position gross on the balance sheet. The following table reflects the derivatives recorded on the balance sheet as of March 31, 2023: March 31, 2023 Fair Value Included in other liabilities: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 198,424 Total included in other liabilities $ 198,424 The effect of fair value hedge accounting on the statement of income for the three March 31, 2023 Location and Amount of Gain or Loss Recognized in Income on Fair Value Hedging Relationships Three Months Ended March 31, 2023 Interest Income Total amounts of income and expense line items presented in the statement of income in which the effects of the fair value hedge is recorded The effects of fair value hedging: Gain on fair value hedging relationships: Hedged items $ 232,536 Interest rate contracts desigianted as hedging instruments (198,424 ) 34,112 |
Note 8 - Fair Value
Note 8 - Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value In accordance with 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 ● Collateral-dependent loans: Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs and reserves that are based on the collateral-dependent loan’s observable market price or current appraised value of the collateral. Since the market for collateral-dependent 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, 2023 December 31, 2022, Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2023 Recurring: Available for sale securities State and municipal $ - $ 486,848 $ - $ 486,848 SBA pools - 939,889 - 939,889 Corporate bonds - 9,419,723 - 9,419,723 Mortgage-backed securities - 114,975,607 - 114,975,607 $ - $ 125,822,067 $ - $ 125,822,067 Fair value hedge - $ 198,424 - $ 198,424 Equity security at fair value Mutual fund $ 497,812 $ - $ - $ 497,812 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ 373,500 $ 373,500 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2022 Recurring: Available for sale securities State and municipal $ - $ 552,281 $ - $ 552,281 SBA pools - 1,019,797 - 1,019,797 Corporate Bonds - 8,989,896 400,000 9,389,896 Mortgage-backed securities - 115,352,475 - 115,352,475 $ - $ 125,914,449 $ 400,000 $ 126,314,449 Equity security at fair value Mutual fund $ 489,145 $ - $ - $ 489,145 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net - - 373,500 373,500 The following table provides information describing the unobservable inputs used in level 3 March 31, 2023 December 31, 2022: March 31, 2023: Assets Fair Value Valuation Technique Unobservable Inputs Range (Average) Collateral-dependent loans $ 373,500 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10%) Other real estate owned $ 1,242,365 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5%) December 31, 2022: Assets Fair Value Valuation Techniques Unobservable Input Average Collateral-dependent loans $ 373,500 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10%) Other real estate owned $ 1,242,365 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5%) Reconciliation of Level 3 Inputs Corporate Bonds December 31, 2022 fair value $ 400,000 Additions - Principal payments received - Transfer to level 2 (400,000 ) March 31, 2023 fair value $ - The transfer to level 2 third March 31, 2023. 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, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 9,566,354 $ 9,566,354 $ 7,263,537 $ 7,263,537 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 100,000 100,000 Accrued interest receivable 1,739,314 1,739,314 1,815,784 1,815,784 Securities held to maturity 17,506,603 16,264,367 17,537,377 15,908,175 Mortgage loans held for sale - - 428,355 434,271 Restricted stock, at cost 907,500 907,500 1,332,500 1,332,500 Bank owned life insurance 14,668,447 14,668,447 14,585,342 14,585,342 Level 3 inputs Securities held to maturity 2,971,620 2,971,620 2,971,620 2,971,620 Loans, net 520,895,600 507,013,897 516,920,540 503,144,771 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 127,342,442 $ 127,342,442 $ 126,695,349 $ 126,695,349 Securities sold under repurchase agreements 3,077,227 3,077,227 5,175,303 5,175,303 Level 2 inputs Interest-bearing deposits 509,966,348 506,448,348 496,915,775 492,769,775 Federal Home Loan Bank advances 10,000,000 9,682,000 20,000,000 19,622,000 Long-term debt 14,624,826 13,797,069 15,095,642 14,241,237 Accrued interest payable 721,007 721,007 349,910 349,910 Fair value hedge 198,424 198,424 - - |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022. no three March 31, 2023 2022. Three Months Ended March 31, 2023 2022 Net income $ 1,900,851 $ 2,050,802 Weighted average shares outstanding 3,071,214 3,037,137 Earnings per share - basic and diluted $ 0.62 $ 0.68 |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022, 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 $1,834 and $1,702 for the three March 31, 2023 2022, The Company adopted supplemental executive retirement plans for four of its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. One of the executives who was fully vested retired in December 31, 2022 2023.The three March 31, 2023 2022, 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, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Management has the responsibility for the selection and use of appropriate accounting policies. The significant accounting policies used by the Company are described in the notes to the consolidated financial statements. The following accounting guidance has been approved by the FASB and would apply to the Company if the Company entered into an applicable activity. In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. March 31, 2023, In December 2022, 2022 06, 848 848”. 2022 06 848. 848 848 2021, June 30, 2023. 848 may 848 December 31, 2022, December 31, 2024, no 848. The ASU is effective for all entities upon issuance. As of March 31, 2023, Recently Adopted Accounting Developments During June 2016, 2016 13, 326 2016 13 January 1, 2023. The Company is utilizing a third 326, not may In March 2022, 2022 02, 326 2022 02 2016 13 2022 02 January 1, 2023. In March 2022, No. 2022 01, 815 2022 01 815 2017, 2017 12 one not 2022 01 2022 01 January 1, 2023. February 2023 March 31, 2023, no Summary of Significant Accounting Policies Allowance for Credit Losses. As further discussed below, we adopted ASU 2016 13, 326 January 1, 2020. 326 326” 326, Allowance for Credit Losses - Held-to-Maturity Securities: The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account, calculated in accordance with ASC 326, 3 Allowance For Credit Losses - Available-for-Sale Securities: For available-for-sale securities in an unrealized loss position, we first not not 2016 13, January 1, 2023, Allowance for Credit Losses - Loans: The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326, not The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information, from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless (i) management has a reasonable expectation that a loan to an individual borrower that is experiencing financial difficulty will be modified or (ii) such extension or renewal options are not may not not Credit loss expense related to loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Portions of the allowance may In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, and historical/expected credit loss patterns. For modeling purposes, our loan pools include (i) commercial real estate - owner occupied, (ii) commercial real estate - non-owner occupied, (iii) construction/land development, (iv) residential – multifamily, (v) residential – single family (vi) residential – single family home equity, (vii) commercial and industrial (viii) consumer and other. We periodically reassess each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The average charge-off method calculates an estimate of losses based upon past experience which is applied prospectively across the life of each loan. This method allows for analysis and calculation on a note-by-note basis due to the CECL model calculating future cash flows at the individual note level based upon note characteristics. A forward balance is calculated from each note’s prior period balance, less monthly principal paydown and prepayment amount. The Company will be utilizing its own loss data as the source for its historical loss calculations within the CECL model, where appropriate. This information is sourced from call report data and spans back to an effective start date of March 31, 2000. one may may no March 31, 2000 The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Significant loan/borrower attributes utilized in our modeling processes include, among other things, (i) origination date, (ii) maturity date, (iii) payment type, (iv) collateral type and amount, (v) current risk grade, (vi) current unpaid balance and commitment utilization rate, (vii) payment status/delinquency history and (viii) expected recoveries of previously charged-off amounts. Management qualitatively adjusts model results for risk factors that are not may may In some cases, management may Allowance for Credit Losses - Off-Balance-Sheet Credit Exposures: The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, No The table below provides the impact of the implementation of ASC 326: January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held to maturity $ 51,990 $ - $ 51,990 Loans Real estate: Commercial 2,467,744 2,818,582 (350,838 ) Construction and land development 285,572 164,596 120,976 Residential 1,258,146 793,919 464,227 Commercial 472,503 337,303 135,200 Consumer 169 4,706 (4,537 ) Unallocated - 31,092 (31,092 ) Allowance for credit losses on loans 4,484,134 4,150,198 333,936 Liabilities Allowance for credit losses on off balance sheet credit exposures 85,073 - 85,073 Derivative Financial Instruments: At the inception of a derivative contract, the Company designates the derivative as one three three 1 2 3 no not not Accrued settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Accrued settlements on derivatives not not The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its derivatives for each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. The Company’s derivative financial instruments are described more fully in Note 7. The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on debt securities held to maturity $ 51,990 $ - $ 51,990 Loans Real estate: Commercial 2,467,744 2,818,582 (350,838 ) Construction and land development 285,572 164,596 120,976 Residential 1,258,146 793,919 464,227 Commercial 472,503 337,303 135,200 Consumer 169 4,706 (4,537 ) Unallocated - 31,092 (31,092 ) Allowance for credit losses on loans 4,484,134 4,150,198 333,936 Liabilities Allowance for credit losses on off balance sheet credit exposures 85,073 - 85,073 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair Allowance for Net Carrying March 31, 2023 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ 15 $ 13,167 $ 486,848 $ - $ 486,848 SBA pools 952,033 1,556 13,700 939,889 - 939,889 Corporate bonds 10,398,704 - 978,981 9,419,723 - 9,419,723 Mortgage-backed securities 135,384,087 - 20,408,480 114,975,607 - 114,975,607 $ 147,234,824 $ 1,571 $ 21,414,328 $ 125,822,067 $ - $ 125,822,067 Held to maturity State and municipal $ 20,538,815 $ 14,857 $ 1,317,685 $ 19,235,987 $ 60,592 $ 20,478,223 Amortized Unrealized Unrealized Fair December 31, 2022 cost gains losses value Available for sale State and municipal $ 570,122 $ - $ 17,841 $ 552,281 SBA pools 1,033,606 1,425 15,234 1,019,797 Corporate bonds 10,414,146 - 1,024,250 9,389,896 Mortgage-backed securities 137,896,519 - 22,544,044 115,352,475 $ 149,914,393 $ 1,425 $ 23,601,369 $ 126,314,449 Held to maturity State and municipal $ 20,508,997 $ 4,176 $ 1,633,378 $ 18,879,795 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | March 31, 2023 AAA 2,774,579 AA 10,371,643 A 4,126,007 BAA 246,355 Not rated 3,020,231 Total 20,538,815 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | March 31, 2023 Beginning balance $ - Impact of adopting ASC 326 51,990 Credit loss expense 8,602 Ending balance $ 60,592 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair March 31, 2023 cost value cost value Within one year $ 1,014,934 $ 985,535 $ 330,000 $ 330,198 Over one to five years 2,561,931 2,427,580 476,355 473,747 Over five to ten years 7,321,839 6,493,456 3,493,376 3,423,349 Over ten years - - 16,178,492 15,008,693 10,898,704 9,906,571 20,478,223 19,235,987 Mortgage-backed securities and SBA pools, due in monthly installments 136,336,120 115,915,496 - - $ 147,234,824 $ 125,822,067 $ 20,478,223 $ 19,235,987 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2023 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 $ - $ - $ 236,833 $ 13,167 $ 236,833 $ 13,167 SBA pools - - 778,455 13,700 778,455 13,700 Corporate bonds 1,776,149 130,322 7,643,574 848,659 9,419,723 978,981 Mortgage-backed securities 14,930,119 945,787 100,045,490 19,462,693 114,975,609 20,408,480 Total $ 16,706,268 $ 1,076,109 $ 108,704,352 $ 20,338,219 $ 125,410,620 $ 21,414,328 December 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 $ 13,668,676 $ 1,057,412 $ 1,537,715 $ 593,807 $ 15,206,391 $ 1,651,219 SBA pools - - 857,259 15,234 857,259 15,234 Corporate bonds 4,184,875 356,746 4,805,021 667,504 8,989,896 1,024,250 Mortgage-backed securities 25,284,430 2,293,151 90,068,045 20,250,893 115,352,475 22,544,044 Total $ 43,137,981 $ 3,707,309 $ 97,268,040 $ 21,527,438 $ 140,406,021 $ 25,234,747 |
Note 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2023 2022 Real estate: Commercial $ 357,768,606 $ 351,794,702 Construction and land development 24,911,711 23,978,373 Residential 113,384,265 114,683,149 Commercial 29,876,303 31,066,497 Consumer 140,150 156,422 526,081,035 521,679,143 Less: Allowance for credit losses 4,589,232 4,150,198 Deferred origination fees net of costs 596,203 608,405 $ 520,895,600 $ 516,920,540 |
Financing Receivable, Nonaccrual [Table Text Block] | Nonaccrual Loans Past With No Due 90 Days Allowance or More and for Credit Loss Nonaccrual Still Accruing March 31, 2023 Real estate: Commercial $ - $ 502,961 $ - Construction and land development - - - Residential - - - Commercial - 152,449 - Consumer - - - $ - $ 655,410 $ - December 31, 2022 Real estate: Commercial $ - $ 502,961 $ - Construction and land development - - - Residential - - - Commercial - 152,449 - Consumer - - - $ - $ 655,410 $ - |
Financing Receivable, Past Due [Table Text Block] | 90 Days 30 - 59 Days 60 - 89 Days or More Total Total Past Due Past Due Past Due Past Due Current Loans March 31, 2023 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 357,265,645 $ 357,768,606 Construction and land development - - - - 24,911,711 24,911,711 Residential 312,897 - - 312,897 113,071,368 113,384,265 Commercial - - 152,449 152,449 29,723,854 29,876,303 Consumer - - - - 140,150 140,150 Total $ 312,897 $ - $ 655,410 $ 968,307 $ 525,112,728 $ 526,081,035 December 31, 2022 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 351,291,741 $ 351,794,702 Construction and land development - - - - 23,978,373 23,978,373 Residential 311,409 - - 311,409 114,371,740 114,683,149 Commercial - - 152,449 152,449 30,914,048 31,066,497 Consumer - - - - 156,422 156,422 Total $ 311,409 $ - $ 655,410 $ 966,819 $ 520,712,324 $ 521,679,143 |
Collateral Dependent Loans [Table Text Block] | Real estate: Commercial $ 502,961 Construction and land development - Residential - Commercial 152,449 Consumer - $ 655,410 |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized December 31, 2022 Commercial real estate $ 7,019,415 $ 6,516,454 $ 502,961 $ 7,019,415 $ 129,461 $ 6,920,174 $ 223,476 Residential real estate 256,350 256,350 - 256,350 - 147,789 10,594 Commercial 152,449 - 152,449 152,449 152,449 152,449 - $ 7,428,214 $ 6,772,804 $ 655,410 $ 7,428,214 $ 281,910 $ 7,220,412 $ 234,070 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination March 31, 2023 Revolving 2023 2022 2021 2020 2019 Prior Loans Total Commercial Real Estate Pass $ 8,969,175 $ 74,007,568 $ 56,544,303 $ 20,357,085 $ 28,243,488 $ 153,922,978 $ 2,627,248 $ 344,671,845 Special Mention - - - - - 3,512,960 - 3,512,960 Substandard - - - - - 9,583,801 - 9,583,801 Doubtful - - - - - - - - Total $ 8,969,175 $ 74,007,568 $ 56,544,303 $ 20,357,085 $ 28,243,488 $ 167,019,739 $ 2,627,248 $ 357,768,606 Construction and Land Development Pass $ 328,076 $ 6,138,120 $ 4,518,090 $ 4,641,615 $ 428,050 $ 8,368,598 $ 489,162 $ 24,911,711 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total $ 328,076 $ 6,138,120 $ 4,518,090 $ 4,641,615 $ 428,050 $ 8,368,598 $ 489,162 $ 24,911,711 Residential Real Estate Pass $ 2,892,774 $ 20,094,724 $ 10,204,311 $ 8,805,836 $ 15,721,924 $ 45,455,511 $ 7,161,690 $ 110,336,770 Special Mention - - - - 1,385,519 - - 1,385,519 Substandard - - - - - 1,661,976 - 1,661,976 Doubtful - - - - - - - - Total $ 2,892,774 $ 20,094,724 $ 10,204,311 $ 8,805,836 $ 17,107,443 $ 47,117,487 $ 7,161,690 $ 113,384,265 Commercial Pass $ 862,177 $ 9,218,002 $ 4,751,596 $ 3,358,986 $ 1,465,317 $ 1,293,980 $ 8,199,107 $ 29,149,165 Special Mention - - 574,689 - - - - 574,689 Substandard - - - - 152,449 - - 152,449 Doubtful - - - - - - - - Total $ 862,177 $ 9,218,002 $ 5,326,285 $ 3,358,986 $ 1,617,766 $ 1,293,980 $ 8,199,107 $ 29,876,303 Consumer Pass $ 15,000 $ 50,701 $ 10,659 $ 16,506 $ 18,164 $ 2 $ - $ 111,032 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - 2,119 - - - 26,999 29,118 Total $ 15,000 $ 50,701 $ 12,778 $ 16,506 $ 18,164 $ 2 $ 26,999 $ 140,150 Aggregate total Pass $ 13,067,202 $ 109,509,115 $ 76,028,959 $ 37,180,028 $ 45,876,943 $ 209,041,069 $ 18,477,207 $ 509,180,523 Special Mention - - 574,689 - 1,385,519 3,512,960 - 5,473,168 Substandard - - - - 152,449 11,245,777 - 11,398,226 Doubtful - - 2,119 - - - 26,999 29,118 Total $ 13,067,202 $ 109,509,115 $ 76,605,767 $ 37,180,028 $ 47,414,911 $ 223,799,806 $ 18,504,206 $ 526,081,035 Above Pass Special December 31, 2022 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ - $ 65,908,980 $ 201,854,424 $ 70,826,837 $ 3,558,954 $ 9,645,507 $ - $ 351,794,702 Construction and land development - - 3,845,351 12,087,402 8,045,620 - - - 23,978,373 Residential 15,613 573,108 35,774,807 63,833,864 10,815,681 1,397,282 2,272,794 - 114,683,149 Commercial 178,916 - 4,347,337 16,039,145 9,773,961 574,689 152,449 - 31,066,497 Consumer 722 15,715 93,684 4,439 6,481 - - 35,381 156,422 $ 195,251 $ 588,823 $ 109,970,159 $ 293,819,274 $ 99,468,580 $ 5,530,925 $ 12,070,750 $ 35,381 $ 521,679,143 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning Impact of ASC (recovery of) Charge Ending Purchase Credit Purchase Credit March 31, 2023 balance 326 Adoption credit losses offs Recoveries balance Individually Deteriorated Collectively Individually Deteriorated Collectively Real estate: Commercial $ 2,818,582 $ (350,838 ) $ 1,218 $ - $ - $ 2,468,962 $ 129,461 $ - $ 2,339,501 $ 502,961 $ - $ 357,265,645 Construction and land development 164,596 120,976 (401 ) - 4,050 289,221 - - 289,221 - 366,449 24,545,262 Residential 793,919 464,227 (369,453 ) - 371,048 1,259,741 - - 1,259,741 - 207,854 113,176,411 Commercial 337,303 135,200 (15,444 ) - - 457,059 152,449 - 304,610 152,449 - 29,723,854 Consumer 4,706 (4,537 ) 3,367 - - 3,536 - - 3,536 - - 140,150 Unallocated 31,092 (31,092 ) 110,713 - - 110,713 - - 110,713 - - - $ 4,150,198 $ 333,936 $ (270,000 ) $ - $ 375,098 $ 4,589,232 $ 281,910 $ - $ 4,307,322 $ 655,410 $ 574,303 $ 524,851,322 Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery 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 Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit December 31, 2022 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,482,930 $ 343,424 $ (7,772 ) $ - $ 2,818,582 $ 129,461 $ - $ 2,689,121 $ 7,019,415 $ - $ 344,775,287 Construction and land development 214,547 (66,151 ) - 16,200 164,596 - - 164,596 - 369,622 23,608,751 Residential 603,558 171,391 - 18,970 793,919 - - 793,919 256,350 209,583 114,217,216 Commercial 255,413 84,358 (2,468 ) - 337,303 152,449 - 184,854 152,449 - 30,914,048 Consumer 4,370 336 - - 4,706 - - 4,706 - - 156,422 Unallocated 89,450 (58,358 ) - - 31,092 - - 31,092 - - - $ 3,650,268 $ 475,000 $ (10,240 ) $ 35,170 $ 4,150,198 $ 281,910 $ - $ 3,868,288 $ 7,428,214 $ 579,205 $ 513,671,724 March 31, 2023 Beginning balance $ - Impact of adopting ASC 326 85,073 Credit loss recovery (8,602 ) Ending balance $ 76,471 |
Accretable Yield of Purchased Loans [Table Text Block] | 2023 Balance at December 31, 2022 $ 930,973 Accretion 112,233 Balance at March 31, 2023 $ 818,740 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill CDI Total Balance at December 31, 2022 $ 6,978,208 $ 64,544 $ 7,042,752 Amortization - (2,082 ) (2,082 ) Balance at March 31, 2023 $ 6,978,208 $ 62,462 $ 7,040,670 |
Note 6 - Capital Standards (Tab
Note 6 - Capital Standards (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 77,752 13.13 % $ 62,181 10.50 % $ 59,220 10.00 % Tier 1 capital (to risk-weighted assets) 73,026 12.33 % 50,337 8.50 % 47,376 8.00 % Common equity tier 1 (to risk- weighted assets) 73,026 12.33 % 41,454 7.00 % 38,493 6.50 % Tier 1 leverage (to average assets) 73,026 9.97 % 29,311 4.00 % 36,639 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 75,826 12.96 % $ 61,410 10.50 % $ 58,486 10.00 % Tier 1 capital (to risk-weighted assets) 71,676 12.26 % 49,713 8.50 % 46,789 8.00 % Common equity tier 1 (to risk- weighted assets) 71,676 12.26 % 40,940 7.00 % 38,016 6.50 % Tier 1 leverage (to average assets) 71,676 9.83 % 29,167 4.00 % 36,459 5.00 % |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instrument (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Line Item in the Carrying Amount Balance Sheet in of the Hedged Cumulative Amount of Fair Which the Hedged Assets Value Hedging Adjustment Item is Included March 31, 2023 March 31, 2023 Securities available for sale $ 22,146,372 $ 232,536 March 31, 2023 Fair Value Included in other liabilities: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 198,424 Total included in other liabilities $ 198,424 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Location and Amount of Gain or Loss Recognized in Income on Fair Value Hedging Relationships Three Months Ended March 31, 2023 Interest Income Total amounts of income and expense line items presented in the statement of income in which the effects of the fair value hedge is recorded The effects of fair value hedging: Gain on fair value hedging relationships: Hedged items $ 232,536 Interest rate contracts desigianted as hedging instruments (198,424 ) 34,112 |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2023 Recurring: Available for sale securities State and municipal $ - $ 486,848 $ - $ 486,848 SBA pools - 939,889 - 939,889 Corporate bonds - 9,419,723 - 9,419,723 Mortgage-backed securities - 114,975,607 - 114,975,607 $ - $ 125,822,067 $ - $ 125,822,067 Fair value hedge - $ 198,424 - $ 198,424 Equity security at fair value Mutual fund $ 497,812 $ - $ - $ 497,812 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ 373,500 $ 373,500 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2022 Recurring: Available for sale securities State and municipal $ - $ 552,281 $ - $ 552,281 SBA pools - 1,019,797 - 1,019,797 Corporate Bonds - 8,989,896 400,000 9,389,896 Mortgage-backed securities - 115,352,475 - 115,352,475 $ - $ 125,914,449 $ 400,000 $ 126,314,449 Equity security at fair value Mutual fund $ 489,145 $ - $ - $ 489,145 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net - - 373,500 373,500 |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2023: Assets Fair Value Valuation Technique Unobservable Inputs Range (Average) Collateral-dependent loans $ 373,500 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10%) Other real estate owned $ 1,242,365 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5%) December 31, 2022: Assets Fair Value Valuation Techniques Unobservable Input Average Collateral-dependent loans $ 373,500 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10%) Other real estate owned $ 1,242,365 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5%) |
Fair Value, Assets Measured on Non-recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Reconciliation of Level 3 Inputs Corporate Bonds December 31, 2022 fair value $ 400,000 Additions - Principal payments received - Transfer to level 2 (400,000 ) March 31, 2023 fair value $ - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 9,566,354 $ 9,566,354 $ 7,263,537 $ 7,263,537 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 100,000 100,000 Accrued interest receivable 1,739,314 1,739,314 1,815,784 1,815,784 Securities held to maturity 17,506,603 16,264,367 17,537,377 15,908,175 Mortgage loans held for sale - - 428,355 434,271 Restricted stock, at cost 907,500 907,500 1,332,500 1,332,500 Bank owned life insurance 14,668,447 14,668,447 14,585,342 14,585,342 Level 3 inputs Securities held to maturity 2,971,620 2,971,620 2,971,620 2,971,620 Loans, net 520,895,600 507,013,897 516,920,540 503,144,771 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 127,342,442 $ 127,342,442 $ 126,695,349 $ 126,695,349 Securities sold under repurchase agreements 3,077,227 3,077,227 5,175,303 5,175,303 Level 2 inputs Interest-bearing deposits 509,966,348 506,448,348 496,915,775 492,769,775 Federal Home Loan Bank advances 10,000,000 9,682,000 20,000,000 19,622,000 Long-term debt 14,624,826 13,797,069 15,095,642 14,241,237 Accrued interest payable 721,007 721,007 349,910 349,910 Fair value hedge 198,424 198,424 - - |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net income $ 1,900,851 $ 2,050,802 Weighted average shares outstanding 3,071,214 3,037,137 Earnings per share - basic and diluted $ 0.62 $ 0.68 |
Note 1 - Principles of Consol_2
Note 1 - Principles of Consolidation (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
First Community Bankers Insurance Co., LLC [Member] | |
Percentage of Ownership | 100% |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation (Details Textual) - USD ($) | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Equity, Attributable to Parent | $ 50,757,141 | $ 47,774,963 | $ 52,206,487 | $ 56,621,458 | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | $ 10,000,000 | $ 10,000,000 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Credit Loss, Including Loans, Securities and Unfunded Loan Commitments | $ 470,999 | |||||
Equity, Attributable to Parent | $ 341,392 | $ (341,392) |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation - Impact of Implementation of ASC 326 (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Held-to-Maturity, Allowance for Credit Loss | $ 60,592 | $ 0 | $ 0 | ||
Loans, allowance for credit loss | 4,589,232 | 4,150,198 | 4,150,198 | $ 3,654,318 | $ 3,650,268 |
Allowance for credit losses on off balance sheet credit exposures | 76,471 | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 2,468,962 | 2,818,582 | 2,818,582 | 2,546,060 | 2,482,930 |
Construction and Land Development [Member] | |||||
Loans, allowance for credit loss | 289,221 | 164,596 | 164,596 | 120,724 | 214,547 |
Residential Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 1,259,741 | 793,919 | 793,919 | 654,639 | 603,558 |
Commercial Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 457,059 | 337,303 | 337,303 | 267,689 | 255,413 |
Consumer Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 3,536 | 4,706 | 4,706 | 3,632 | 4,370 |
Unallocated Financing Receivables [Member] | |||||
Loans, allowance for credit loss | $ 110,713 | 31,092 | 31,092 | $ 61,574 | $ 89,450 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Held-to-Maturity, Allowance for Credit Loss | 51,990 | ||||
Loans, allowance for credit loss | 4,484,134 | ||||
Allowance for credit losses on off balance sheet credit exposures | 85,073 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 2,467,744 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Construction and Land Development [Member] | |||||
Loans, allowance for credit loss | 285,572 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Residential Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 1,258,146 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 472,503 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Consumer Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 169 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | Unallocated Financing Receivables [Member] | |||||
Loans, allowance for credit loss | 0 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Held-to-Maturity, Allowance for Credit Loss | 51,990 | 51,990 | |||
Loans, allowance for credit loss | 333,936 | 333,936 | |||
Allowance for credit losses on off balance sheet credit exposures | 85,073 | 85,073 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | (350,838) | (350,838) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Construction and Land Development [Member] | |||||
Loans, allowance for credit loss | 120,976 | 120,976 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Residential Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 464,227 | 464,227 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | 135,200 | 135,200 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Consumer Portfolio Segment [Member] | |||||
Loans, allowance for credit loss | (4,537) | (4,537) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Unallocated Financing Receivables [Member] | |||||
Loans, allowance for credit loss | $ (31,092) | $ (31,092) |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale | $ 2,615,824 | $ 6,232,740 | |
Securities Called at a Premium [Member] | |||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale | 0 | $ 0 | |
Asset Pledged as Collateral [Member] | Government Deposits and Securities Sold Under Repurchase Agreement [Member] | |||
Debt Securities | $ 24,184,578 | $ 24,258,980 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Amortized cost, available for sale | $ 147,234,824 | $ 149,914,393 | |
Unrealized gains, available for sale | 1,571 | 1,425 | |
Unrealized losses, available for sale | 21,414,328 | 23,601,369 | |
Fair value, available for sale | 125,822,067 | 126,314,449 | |
AFS, allowance for credit loss | 0 | ||
AFS, net | 125,822,067 | ||
Held To Maturity Securities | 20,478,223 | ||
Fair value, held to maturity | 19,235,987 | ||
HTM, allowance for credit loss | 60,592 | $ 0 | 0 |
HTM, net | 20,478,223 | 20,508,997 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Amortized cost, available for sale | 500,000 | 570,122 | |
Unrealized gains, available for sale | 15 | 0 | |
Unrealized losses, available for sale | 13,167 | 17,841 | |
Fair value, available for sale | 486,848 | 552,281 | |
AFS, allowance for credit loss | 0 | ||
AFS, net | 486,848 | ||
Held To Maturity Securities | 20,538,815 | 20,508,997 | |
Unrealized gains, held to maturity | 14,857 | 4,176 | |
Unrealized losses, held to maturity | 1,317,685 | 1,633,378 | |
Fair value, held to maturity | 19,235,987 | 18,879,795 | |
HTM, allowance for credit loss | 60,592 | ||
HTM, net | 20,478,223 | ||
SBA Pools [Member] | |||
Amortized cost, available for sale | 952,033 | 1,033,606 | |
Unrealized gains, available for sale | 1,556 | 1,425 | |
Unrealized losses, available for sale | 13,700 | 15,234 | |
Fair value, available for sale | 939,889 | 1,019,797 | |
AFS, allowance for credit loss | 0 | ||
AFS, net | 939,889 | ||
Corporate Debt Securities [Member] | |||
Amortized cost, available for sale | 10,398,704 | 10,414,146 | |
Unrealized gains, available for sale | 0 | 0 | |
Unrealized losses, available for sale | 978,981 | 1,024,250 | |
Fair value, available for sale | 9,419,723 | 9,389,896 | |
AFS, allowance for credit loss | 0 | ||
AFS, net | 9,419,723 | ||
Collateralized Mortgage-Backed Securities [Member] | |||
Amortized cost, available for sale | 135,384,087 | 137,896,519 | |
Unrealized gains, available for sale | 0 | 0 | |
Unrealized losses, available for sale | 20,408,480 | 22,544,044 | |
Fair value, available for sale | 114,975,607 | $ 115,352,475 | |
AFS, allowance for credit loss | 0 | ||
AFS, net | $ 114,975,607 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Rating for Held to Maturity Securities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Held To Maturity Securities | $ 20,478,223 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 20,538,815 | $ 20,508,997 |
Standard & Poor's, AAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 2,774,579 | |
Standard & Poor's, AA Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 10,371,643 | |
Standard & Poor's, A Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 4,126,007 | |
Standard & Poor's, BAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 246,355 | |
Not Rated [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | $ 3,020,231 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Allowance for Credit Loss on Held to Maturity Securities (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Beginning balance | $ 0 |
Credit loss expense | 8,602 |
Ending balance | 60,592 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Beginning balance | $ 51,990 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Available for Sale Amortized cost, Within one year | $ 1,014,934 | |
Available for Sale Fair value, Within one year | 985,535 | |
Held to Maturity Amortized cost, Within one year | 330,000 | |
Held to Maturity Fair value, Within one year | 330,198 | |
Available for Sale Amortized cost, Over one to five years | 2,561,931 | |
Available for Sale Fair value, Over one to five years | 2,427,580 | |
Held to Maturity Amortized cost, Over one to five years | 476,355 | |
Held to Maturity Fair value, Over one to five years | 473,747 | |
Available for Sale Amortized cost, Fair value, Over one to five years | 7,321,839 | |
Available for Sale Fair value, Over five to ten years | 6,493,456 | |
Held to Maturity Amortized cost, Over five to ten years | 3,493,376 | |
Held to Maturity Fair value, Over five to ten years | 3,423,349 | |
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 | 16,178,492 | |
Held to Maturity Fair value, Over ten years | 15,008,693 | |
Available for Sale Amortized cost, total maturity | 10,898,704 | |
Available for Sale Fair value, total maturity | 9,906,571 | |
Held to Maturity Amortized cost, total maturity | 20,478,223 | |
Held to Maturity Fair value, total maturity | 19,235,987 | |
Available for Sale Amortized cost, due in monthly installments | 136,336,120 | |
Available for Sale Fair value, due in monthly installments | 115,915,496 | |
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 | 147,234,824 | $ 149,914,393 |
Available for Sale Fair value Total | 125,822,067 | $ 126,314,449 |
Held to Maturity Amortized cost Total | 20,478,223 | |
Held to Maturity Fair value Total | $ 19,235,987 |
Note 3 - Investment Securitie_7
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Less than 12 months Fair value | $ 16,706,268 | $ 43,137,981 |
Less than 12 months Unrealized losses | 1,076,109 | 3,707,309 |
12 months or more Fair value | 108,704,352 | 97,268,040 |
12 months or more Unrealized losses | 20,338,219 | 21,527,438 |
Total Fair value | 125,410,620 | 140,406,021 |
Total Unrealized losses | 21,414,328 | 25,234,747 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair value | 0 | 13,668,676 |
Less than 12 months Unrealized losses | 0 | 1,057,412 |
12 months or more Fair value | 236,833 | 1,537,715 |
12 months or more Unrealized losses | 13,167 | 593,807 |
Total Fair value | 236,833 | 15,206,391 |
Total Unrealized losses | 13,167 | 1,651,219 |
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 | 778,455 | 857,259 |
12 months or more Unrealized losses | 13,700 | 15,234 |
Total Fair value | 778,455 | 857,259 |
Total Unrealized losses | 13,700 | 15,234 |
Corporate Debt Securities [Member] | ||
Less than 12 months Fair value | 1,776,149 | 4,184,875 |
Less than 12 months Unrealized losses | 130,322 | 356,746 |
12 months or more Fair value | 7,643,574 | 4,805,021 |
12 months or more Unrealized losses | 848,659 | 667,504 |
Total Fair value | 9,419,723 | 8,989,896 |
Total Unrealized losses | 978,981 | 1,024,250 |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 months Fair value | 14,930,119 | 25,284,430 |
Less than 12 months Unrealized losses | 945,787 | 2,293,151 |
12 months or more Fair value | 100,045,490 | 90,068,045 |
12 months or more Unrealized losses | 19,462,693 | 20,250,893 |
Total Fair value | 114,975,609 | 115,352,475 |
Total Unrealized losses | $ 20,408,480 | $ 22,544,044 |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 |
Financing Receivable, Nonaccrual | $ 655,410 | 655,410 |
Impaired Financing Receivable, Related Allowance | 281,910 | |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Loans Acquired, Nonaccretable Difference | $ 233,411 | |
Loans Acquired, Accretable Yield | 772,817 | |
Loans Acquired, Outstanding Balance | 84,517,255 | |
Loans Acquired, Carrying Amount, Net | 84,237,921 | |
Nonaccrual Loans [Member] | ||
Impaired Financing Receivable, Related Allowance | 281,910 | 281,910 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Nonaccrual, Interest Income | $ 11,307 | $ 45,856 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | 1 |
Financing Receivable, Nonaccrual | $ 502,961 | $ 502,961 |
Impaired Financing Receivable, Related Allowance | $ 129,461 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | 1 |
Financing Receivable, Nonaccrual | $ 152,449 | $ 152,449 |
Impaired Financing Receivable, Related Allowance | $ 152,449 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Credit Losses - Major Categories of Loans (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 526,081,035 | $ 521,679,143 | |||
Loans, allowance for credit loss | 4,589,232 | $ 4,150,198 | 4,150,198 | $ 3,654,318 | $ 3,650,268 |
Deferred origination fees net of costs | 596,203 | 608,405 | |||
Financing Receivable, after Allowance for Credit Loss | 520,895,600 | 516,920,540 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 357,768,606 | 351,794,702 | |||
Loans, allowance for credit loss | 2,468,962 | 2,818,582 | 2,818,582 | 2,546,060 | 2,482,930 |
Construction and Land Development [Member] | |||||
Loans | 24,911,711 | 23,978,373 | |||
Loans, allowance for credit loss | 289,221 | 164,596 | 164,596 | 120,724 | 214,547 |
Residential Portfolio Segment [Member] | |||||
Loans | 113,384,265 | 114,683,149 | |||
Loans, allowance for credit loss | 1,259,741 | 793,919 | 793,919 | 654,639 | 603,558 |
Commercial Portfolio Segment [Member] | |||||
Loans | 29,876,303 | 31,066,497 | |||
Loans, allowance for credit loss | 457,059 | 337,303 | 337,303 | 267,689 | 255,413 |
Consumer Portfolio Segment [Member] | |||||
Loans | 140,150 | 156,422 | |||
Loans, allowance for credit loss | $ 3,536 | $ 4,706 | $ 4,706 | $ 3,632 | $ 4,370 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Nonaccrual, No Allowance | $ 0 | $ 0 |
Nonaccrual loans | 655,410 | 655,410 |
Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 502,961 | 502,961 |
Still Accruing | 0 | 0 |
Construction and Land Development [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 152,449 | 152,449 |
Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Still Accruing | $ 0 | $ 0 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Credit Losses - Past Due Loans (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Loans | $ 526,081,035 | $ 521,679,143 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 312,897 | 311,409 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 655,410 | 655,410 |
Financial Asset, Past Due [Member] | ||
Loans | 968,307 | 966,819 |
Financial Asset, Not Past Due [Member] | ||
Loans | 525,112,728 | 520,712,324 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 357,768,606 | 351,794,702 |
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 | 357,265,645 | 351,291,741 |
Construction and Land Development [Member] | ||
Loans | 24,911,711 | 23,978,373 |
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 | 24,911,711 | 23,978,373 |
Residential Portfolio Segment [Member] | ||
Loans | 113,384,265 | 114,683,149 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 312,897 | 311,409 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 312,897 | 311,409 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 113,071,368 | 114,371,740 |
Commercial Portfolio Segment [Member] | ||
Loans | 29,876,303 | 31,066,497 |
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 | 152,449 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 152,449 | 152,449 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 29,723,854 | 30,914,048 |
Consumer Portfolio Segment [Member] | ||
Loans | 140,150 | 156,422 |
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 | $ 140,150 | $ 156,422 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Loans | $ 526,081,035 | $ 521,679,143 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 357,768,606 | 351,794,702 |
Construction and Land Development [Member] | ||
Loans | 24,911,711 | 23,978,373 |
Residential Portfolio Segment [Member] | ||
Loans | 113,384,265 | 114,683,149 |
Commercial Portfolio Segment [Member] | ||
Loans | 29,876,303 | 31,066,497 |
Consumer Portfolio Segment [Member] | ||
Loans | 140,150 | $ 156,422 |
Collateral Pledged [Member] | ||
Loans | 655,410 | |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 502,961 | |
Collateral Pledged [Member] | Construction and Land Development [Member] | ||
Loans | 0 | |
Collateral Pledged [Member] | Residential Portfolio Segment [Member] | ||
Loans | 0 | |
Collateral Pledged [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 152,449 | |
Collateral Pledged [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 0 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Credit Losses - Impaired Loans (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Unpaid Contractual Principal Balance | $ 7,428,214 |
Recorded Investment With No Allowance | 6,772,804 |
Recorded Investment With Allowance | 655,410 |
Total Recorded Investment | 7,428,214 |
Related Allowance | 281,910 |
Average Recorded Investment | 7,220,412 |
Interest Recognized | 234,070 |
Commercial Real Estate Portfolio Segment [Member] | |
Unpaid Contractual Principal Balance | 7,019,415 |
Recorded Investment With No Allowance | 6,516,454 |
Recorded Investment With Allowance | 502,961 |
Total Recorded Investment | 7,019,415 |
Related Allowance | 129,461 |
Average Recorded Investment | 6,920,174 |
Interest Recognized | 223,476 |
Residential Portfolio Segment [Member] | |
Unpaid Contractual Principal Balance | 256,350 |
Recorded Investment With No Allowance | 256,350 |
Recorded Investment With Allowance | 0 |
Total Recorded Investment | 256,350 |
Related Allowance | 0 |
Average Recorded Investment | 147,789 |
Interest Recognized | 10,594 |
Commercial Portfolio Segment [Member] | |
Unpaid Contractual Principal Balance | 152,449 |
Recorded Investment With No Allowance | 0 |
Recorded Investment With Allowance | 152,449 |
Total Recorded Investment | 152,449 |
Related Allowance | 152,449 |
Average Recorded Investment | 152,449 |
Interest Recognized | $ 0 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Credit Losses - Loans by Credit Grade (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Loans, current year | $ 13,067,202 | |
Loans, one year before | 109,509,115 | |
Loans, two years before | 76,605,767 | |
Loans, three years before | 37,180,028 | |
Loans, four years before | 47,414,911 | |
Loans, prior | 223,799,806 | |
Loans, revolving | 18,504,206 | |
Loans | 526,081,035 | $ 521,679,143 |
Excellent [Member] | ||
Loans | 195,251 | |
Above Average [Member] | ||
Loans | 588,823 | |
Average [Member] | ||
Loans | 109,970,159 | |
Acceptable [Member] | ||
Loans | 293,819,274 | |
Pass [Member] | ||
Loans, current year | 13,067,202 | |
Loans, one year before | 109,509,115 | |
Loans, two years before | 76,028,959 | |
Loans, three years before | 37,180,028 | |
Loans, four years before | 45,876,943 | |
Loans, prior | 209,041,069 | |
Loans, revolving | 18,477,207 | |
Loans | 509,180,523 | 99,468,580 |
Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 574,689 | |
Loans, three years before | 0 | |
Loans, four years before | 1,385,519 | |
Loans, prior | 3,512,960 | |
Loans, revolving | 0 | |
Loans | 5,473,168 | 5,530,925 |
Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 152,449 | |
Loans, prior | 11,245,777 | |
Loans, revolving | 0 | |
Loans | 11,398,226 | 12,070,750 |
Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 2,119 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 26,999 | |
Loans | 29,118 | 35,381 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, current year | 8,969,175 | |
Loans, one year before | 74,007,568 | |
Loans, two years before | 56,544,303 | |
Loans, three years before | 20,357,085 | |
Loans, four years before | 28,243,488 | |
Loans, prior | 167,019,739 | |
Loans, revolving | 2,627,248 | |
Loans | 357,768,606 | 351,794,702 |
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Average [Member] | ||
Loans | 65,908,980 | |
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 201,854,424 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 8,969,175 | |
Loans, one year before | 74,007,568 | |
Loans, two years before | 56,544,303 | |
Loans, three years before | 20,357,085 | |
Loans, four years before | 28,243,488 | |
Loans, prior | 153,922,978 | |
Loans, revolving | 2,627,248 | |
Loans | 344,671,845 | 70,826,837 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 3,512,960 | |
Loans, revolving | 0 | |
Loans | 3,512,960 | 3,558,954 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 9,583,801 | |
Loans, revolving | 0 | |
Loans | 9,583,801 | 9,645,507 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Construction and Land Development [Member] | ||
Loans, current year | 328,076 | |
Loans, one year before | 6,138,120 | |
Loans, two years before | 4,518,090 | |
Loans, three years before | 4,641,615 | |
Loans, four years before | 428,050 | |
Loans, prior | 8,368,598 | |
Loans, revolving | 489,162 | |
Loans | 24,911,711 | 23,978,373 |
Construction and Land Development [Member] | Excellent [Member] | ||
Loans | 0 | |
Construction and Land Development [Member] | Above Average [Member] | ||
Loans | 0 | |
Construction and Land Development [Member] | Average [Member] | ||
Loans | 3,845,351 | |
Construction and Land Development [Member] | Acceptable [Member] | ||
Loans | 12,087,402 | |
Construction and Land Development [Member] | Pass [Member] | ||
Loans, current year | 328,076 | |
Loans, one year before | 6,138,120 | |
Loans, two years before | 4,518,090 | |
Loans, three years before | 4,641,615 | |
Loans, four years before | 428,050 | |
Loans, prior | 8,368,598 | |
Loans, revolving | 489,162 | |
Loans | 24,911,711 | 8,045,620 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Construction and Land Development [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans, current year | 2,892,774 | |
Loans, one year before | 20,094,724 | |
Loans, two years before | 10,204,311 | |
Loans, three years before | 8,805,836 | |
Loans, four years before | 17,107,443 | |
Loans, prior | 47,117,487 | |
Loans, revolving | 7,161,690 | |
Loans | 113,384,265 | 114,683,149 |
Residential Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 15,613 | |
Residential Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 573,108 | |
Residential Portfolio Segment [Member] | Average [Member] | ||
Loans | 35,774,807 | |
Residential Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 63,833,864 | |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 2,892,774 | |
Loans, one year before | 20,094,724 | |
Loans, two years before | 10,204,311 | |
Loans, three years before | 8,805,836 | |
Loans, four years before | 15,721,924 | |
Loans, prior | 45,455,511 | |
Loans, revolving | 7,161,690 | |
Loans | 110,336,770 | 10,815,681 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 1,385,519 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 1,385,519 | 1,397,282 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 1,661,976 | |
Loans, revolving | 0 | |
Loans | 1,661,976 | 2,272,794 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans, current year | 862,177 | |
Loans, one year before | 9,218,002 | |
Loans, two years before | 5,326,285 | |
Loans, three years before | 3,358,986 | |
Loans, four years before | 1,617,766 | |
Loans, prior | 1,293,980 | |
Loans, revolving | 8,199,107 | |
Loans | 29,876,303 | 31,066,497 |
Commercial Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 178,916 | |
Commercial Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 0 | |
Commercial Portfolio Segment [Member] | Average [Member] | ||
Loans | 4,347,337 | |
Commercial Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 16,039,145 | |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 862,177 | |
Loans, one year before | 9,218,002 | |
Loans, two years before | 4,751,596 | |
Loans, three years before | 3,358,986 | |
Loans, four years before | 1,465,317 | |
Loans, prior | 1,293,980 | |
Loans, revolving | 8,199,107 | |
Loans | 29,149,165 | 9,773,961 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 574,689 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 574,689 | 574,689 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 152,449 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 152,449 | 152,449 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans, current year | 15,000 | |
Loans, one year before | 50,701 | |
Loans, two years before | 12,778 | |
Loans, three years before | 16,506 | |
Loans, four years before | 18,164 | |
Loans, prior | 2 | |
Loans, revolving | 26,999 | |
Loans | 140,150 | 156,422 |
Consumer Portfolio Segment [Member] | Excellent [Member] | ||
Loans | 722 | |
Consumer Portfolio Segment [Member] | Above Average [Member] | ||
Loans | 15,715 | |
Consumer Portfolio Segment [Member] | Average [Member] | ||
Loans | 93,684 | |
Consumer Portfolio Segment [Member] | Acceptable [Member] | ||
Loans | 4,439 | |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 15,000 | |
Loans, one year before | 50,701 | |
Loans, two years before | 10,659 | |
Loans, three years before | 16,506 | |
Loans, four years before | 18,164 | |
Loans, prior | 2 | |
Loans, revolving | 0 | |
Loans | 111,032 | 6,481 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 2,119 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 26,999 | |
Loans | $ 29,118 | $ 35,381 |
Note 4 - Loans and Allowance_10
Note 4 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Allowance for loan losses | $ 4,150,198 | $ 3,650,268 | $ 3,650,268 |
Provision for loan losses | (270,000) | 0 | 475,000 |
Write off | 0 | 0 | (10,240) |
Recovery | 375,098 | 4,050 | 35,170 |
Allowance for loan losses | 4,589,232 | 3,654,318 | 4,150,198 |
Allowance for loan losses ending balance evaluated for impairment individually | 281,910 | 281,910 | 281,910 |
Allowance for loan losses ending balance evaluated for impairment collectively | 4,307,322 | 3,372,408 | 3,868,288 |
Outstanding loan balances evaluated for impairment individually | 655,410 | 6,970,820 | 7,428,214 |
Loans | 526,081,035 | 521,679,143 | |
Outstanding loan balances evaluated for impairment collectively | 524,851,322 | 480,541,861 | 513,671,724 |
Beginning balance | 0 | ||
Credit loss recovery | (8,602) | ||
Ending balance | 76,471 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Loans | 574,303 | 657,129 | 579,205 |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses | 2,818,582 | 2,482,930 | 2,482,930 |
Provision for loan losses | 1,218 | 63,130 | 343,424 |
Write off | 0 | 0 | (7,772) |
Recovery | 0 | 0 | 0 |
Allowance for loan losses | 2,468,962 | 2,546,060 | 2,818,582 |
Allowance for loan losses ending balance evaluated for impairment individually | 129,461 | 129,461 | 129,461 |
Allowance for loan losses ending balance evaluated for impairment collectively | 2,339,501 | 2,416,599 | 2,689,121 |
Outstanding loan balances evaluated for impairment individually | 502,961 | 6,781,030 | 7,019,415 |
Loans | 357,768,606 | 351,794,702 | |
Outstanding loan balances evaluated for impairment collectively | 357,265,645 | 322,365,691 | 344,775,287 |
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 |
Loans | 0 | 32,991 | 0 |
Construction and Land Development [Member] | |||
Allowance for loan losses | 164,596 | 214,547 | 214,547 |
Provision for loan losses | (401) | (97,873) | (66,151) |
Write off | 0 | 0 | 0 |
Recovery | 4,050 | 4,050 | 16,200 |
Allowance for loan losses | 289,221 | 120,724 | 164,596 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 289,221 | 120,724 | 164,596 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Loans | 24,911,711 | 23,978,373 | |
Outstanding loan balances evaluated for impairment collectively | 24,545,262 | 19,946,051 | 23,608,751 |
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Loans | 366,449 | 379,349 | 369,622 |
Residential Portfolio Segment [Member] | |||
Allowance for loan losses | 793,919 | 603,558 | 603,558 |
Provision for loan losses | (369,453) | 51,081 | 171,391 |
Write off | 0 | 0 | 0 |
Recovery | 371,048 | 0 | 18,970 |
Allowance for loan losses | 1,259,741 | 654,639 | 793,919 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 1,259,741 | 654,639 | 793,919 |
Outstanding loan balances evaluated for impairment individually | 0 | 37,341 | 256,350 |
Loans | 113,384,265 | 114,683,149 | |
Outstanding loan balances evaluated for impairment collectively | 113,176,411 | 111,711,532 | 114,217,216 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Loans | 207,854 | 244,789 | 209,583 |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses | 337,303 | 255,413 | 255,413 |
Provision for loan losses | (15,444) | 12,276 | 84,358 |
Write off | 0 | 0 | (2,468) |
Recovery | 0 | 0 | 0 |
Allowance for loan losses | 457,059 | 267,689 | 337,303 |
Allowance for loan losses ending balance evaluated for impairment individually | 152,449 | 152,449 | 152,449 |
Allowance for loan losses ending balance evaluated for impairment collectively | 304,610 | 115,240 | 184,854 |
Outstanding loan balances evaluated for impairment individually | 152,449 | 152,449 | 152,449 |
Loans | 29,876,303 | 31,066,497 | |
Outstanding loan balances evaluated for impairment collectively | 29,723,854 | 26,222,436 | 30,914,048 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Loans | 0 | 0 | 0 |
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses | 4,706 | 4,370 | 4,370 |
Provision for loan losses | 3,367 | (738) | 336 |
Write off | 0 | 0 | 0 |
Recovery | 0 | 0 | 0 |
Allowance for loan losses | 3,536 | 3,632 | 4,706 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 3,536 | 3,632 | 4,706 |
Outstanding loan balances evaluated for impairment individually | 0 | 0 | 0 |
Loans | 140,150 | 156,422 | |
Outstanding loan balances evaluated for impairment collectively | 140,150 | 296,151 | 156,422 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses | 0 | ||
Allowance for loan losses | 0 | 0 | 0 |
Loans | 0 | 0 | 0 |
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | 31,092 | 89,450 | 89,450 |
Provision for loan losses | 110,713 | (27,876) | (58,358) |
Write off | 0 | 0 | 0 |
Recovery | 0 | 0 | 0 |
Allowance for loan losses | 110,713 | 61,574 | 31,092 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 110,713 | 61,574 | 31,092 |
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 |
Loans | 0 | $ 0 | 0 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses | 333,936 | ||
Allowance for loan losses | 333,936 | ||
Beginning balance | 85,073 | ||
Ending balance | 85,073 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses | (350,838) | ||
Allowance for loan losses | (350,838) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development [Member] | |||
Allowance for loan losses | 120,976 | ||
Allowance for loan losses | 120,976 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||
Allowance for loan losses | 464,227 | ||
Allowance for loan losses | 464,227 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for loan losses | 135,200 | ||
Allowance for loan losses | 135,200 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for loan losses | (4,537) | ||
Allowance for loan losses | (4,537) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | $ (31,092) | ||
Allowance for loan losses | $ (31,092) |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Credit Losses - Activity for Accretable Yield of Purchased Loans (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance at December 31, 2022 | $ 930,973 |
Accretion | 112,233 |
Balance at March 31, 2023 | $ 818,740 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member] | Mar. 31, 2023 USD ($) |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Ten | 6,246 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Six | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Seven | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Eight | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Nine | $ 8,328 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance | $ 6,978,208 |
Balance | 7,042,752 |
Amortization | (2,082) |
Balance | 6,978,208 |
Balance | 7,040,670 |
Core Deposits [Member] | |
Balance, other intangible | 64,544 |
Amortization, other intangible | (2,082) |
Balance, other intangible | $ 62,462 |
Note 6 - Capital Standards (Det
Note 6 - Capital Standards (Details Textual) | Mar. 31, 2023 | Dec. 31, 2022 |
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 6 - Capital Standards - Ca
Note 6 - Capital Standards - Capital Requirements (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Capital | $ 77,752 | $ 75,826 |
Capital to Risk Weighted Assets | 0.1313 | 0.1296 |
Capital Required for Capital Adequacy | $ 62,181 | $ 61,410 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Capital Required to be Well Capitalized | $ 59,220 | $ 58,486 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Risk Based Capital | $ 73,026 | $ 71,676 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1233 | 0.1226 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 50,337 | $ 49,713 |
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 | $ 47,376 | $ 46,789 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Common Equity Tier One Capital | $ 73,026 | $ 71,676 |
Common Equity Tier One Capital Ratio | 0.1233 | 0.1226 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 41,454 | $ 40,940 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 0.0700 | 0.0700 |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 38,493 | $ 38,016 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 0.065 | 0.0650 |
Tier One Leverage Capital | $ 73,026 | $ 71,676 |
Tier One Leverage Capital to Average Assets | 0.0997 | 0.0983 |
Tier One Leverage Capital Required for Capital Adequacy | $ 29,311 | $ 29,167 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Tier One Leverage Capital Required to be Well Capitalized | $ 36,639 | $ 36,459 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instrument (Details Textual) - USD ($) | Mar. 31, 2023 | Feb. 28, 2023 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||
Derivative, Notional Amount | $ 10,000,000 | $ 10,000,000 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instrument - Schedule of Derivative Instruments (Details) | Mar. 31, 2023 USD ($) |
Securities Available for Sale [Member] | |
Securities available for sale | $ 22,146,372 |
Fair Value Hedge, Cumulative Adjustment | 232,536 |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |
Derivative Liability | 198,424 |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |
Derivative Liability | $ 198,424 |
Note 7 - Derivative Financial_5
Note 7 - Derivative Financial Instrument - Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - Fair Value Hedging [Member] | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Hedged items | $ 232,536 |
Interest rate contracts desigianted as hedging instruments | (198,424) |
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | $ 34,112 |
Note 8 - Fair Value (Details Te
Note 8 - Fair Value (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Other Real Estate Owned [Member] | |
Expected Sales Costs to Appraised Value, Percentage | 10% |
Impaired Loans [Member] | |
Expected Sales Costs to Appraised Value, Percentage | 10% |
Note 8 - Fair Value - Summarize
Note 8 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair value, available for sale | $ 125,822,067 | $ 126,314,449 |
Mutual fund | 497,812 | 489,145 |
Fair Value, Recurring [Member] | ||
Fair value, available for sale | 125,822,067 | 126,314,449 |
Fair value hedge | 198,424 | |
Mutual fund | 497,812 | 489,145 |
Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 1,242,365 | 1,242,365 |
Collateral-dependent loans, net | 373,500 | 373,500 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Fair value hedge | 0 | |
Mutual fund | 497,812 | 489,145 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 0 | 0 |
Collateral-dependent loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 125,822,067 | 125,914,449 |
Fair value hedge | 198,424 | |
Mutual fund | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 0 | 0 |
Collateral-dependent loans, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 400,000 |
Fair value hedge | 0 | |
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 |
Collateral-dependent loans, net | 373,500 | 373,500 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 486,848 | 552,281 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 486,848 | 552,281 |
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 | 486,848 | 552,281 |
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 | 939,889 | 1,019,797 |
SBA Pools [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 939,889 | 1,019,797 |
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 | 939,889 | 1,019,797 |
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair value, available for sale | 9,419,723 | 9,389,896 |
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 9,419,723 | 9,389,896 |
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 | 9,419,723 | 8,989,896 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | 400,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, available for sale | 114,975,607 | 115,352,475 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 114,975,607 | 115,352,475 |
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 | 114,975,607 | 115,352,475 |
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 - Assets Me
Note 8 - Fair Value - Assets Measured on a Nonrecurring Basis (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Other Real Estate Owned [Member] | ||
Percent, expected sales cost to appraised rate | 10% | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | ||
Fair value | $ 373,500 | $ 373,500 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Minimum [Member] | ||
Percent, expected sales cost to appraised rate | 0% | 0% |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Maximum [Member] | ||
Percent, expected sales cost to appraised rate | 20% | 20% |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Weighted Average [Member] | ||
Percent, expected sales cost to appraised rate | (10.00%) | (10.00%) |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Fair value | $ 1,242,365 | $ 1,242,365 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ||
Percent, expected sales cost to appraised rate | 0% | 0% |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ||
Percent, expected sales cost to appraised rate | 10% | 10% |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Percent, expected sales cost to appraised rate | (5.00%) | (5.00%) |
Note 8 - Fair Value - Reconcili
Note 8 - Fair Value - Reconciliation of Level 3 Inputs (Details) - Corporate Bond Securities [Member] | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair value beginning balance | $ 400,000 |
Additions | 0 |
Principal payments received | 0 |
Transfer to level 2 | (400,000) |
Fair value ending balance | $ 0 |
Note 8 - Fair Value - Estimated
Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair value, held to maturity | $ 19,235,987 | |
Securities held to maturity | 19,235,987 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 9,566,354 | $ 7,263,537 |
Noninterest-bearing deposits | 127,342,442 | 126,695,349 |
Securities sold under repurchase agreements | 3,077,227 | 5,175,303 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 100,000 | 100,000 |
Accrued interest receivable | 1,739,314 | 1,815,784 |
Fair value, held to maturity | 17,506,603 | 17,537,377 |
Mortgage loans held for sale | 0 | 428,355 |
Restricted stock, at cost | 907,500 | 1,332,500 |
Bank owned life insurance | 14,668,447 | 14,585,342 |
Securities held to maturity | 17,506,603 | 17,537,377 |
Interest-bearing deposits | 509,966,348 | 496,915,775 |
Federal Home Loan Bank advances | 10,000,000 | 20,000,000 |
Long-term debt | 14,624,826 | 15,095,642 |
Accrued interest payable | 721,007 | 349,910 |
Fair value hedge | 198,424 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 2,971,620 | 2,971,620 |
Securities held to maturity | 2,971,620 | 2,971,620 |
Loans, net | 520,895,600 | 516,920,540 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 9,566,354 | 7,263,537 |
Noninterest-bearing deposits | 127,342,442 | 126,695,349 |
Securities sold under repurchase agreements | 3,077,227 | 5,175,303 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 100,000 | 100,000 |
Accrued interest receivable | 1,739,314 | 1,815,784 |
Fair value, held to maturity | 16,264,367 | 15,908,175 |
Mortgage loans held for sale | 0 | 434,271 |
Restricted stock, at cost | 907,500 | 1,332,500 |
Bank owned life insurance | 14,668,447 | 14,585,342 |
Securities held to maturity | 16,264,367 | 15,908,175 |
Interest-bearing deposits | 506,448,348 | 492,769,775 |
Federal Home Loan Bank advances | 9,682,000 | 19,622,000 |
Long-term debt | 13,797,069 | 14,241,237 |
Accrued interest payable | 721,007 | 349,910 |
Fair value hedge | 198,424 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 2,971,620 | 2,971,620 |
Securities held to maturity | 2,971,620 | 2,971,620 |
Loans, net | $ 507,013,897 | $ 503,144,771 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 1,900,851 | $ 2,050,802 |
Weighted average shares outstanding (in shares) | 3,071,214 | 3,037,137 |
Earnings per share - basic and diluted (in dollars per share) | $ 0.62 | $ 0.68 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 77,675 | $ 79,740 |
Number of Employees Covered by Life Insurance Policy | 12 | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ 1,834 | 1,702 |
Employee Benefits and Share-Based Compensation | $ 594,057 | 511,792 |
Supplemental Employee Retirement Plan [Member] | ||
Number of Employees Participating in Plan | 4 | |
Employee Benefits and Share-Based Compensation | $ 72,600 | $ 45,000 |
Profit Sharing Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100% |