Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 14, 2024 | |
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 3,116,966 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 25,375,049 | $ 44,404,473 |
Federal funds sold and other interest-bearing deposits | 258,181 | 285,864 |
Cash and cash equivalents | 25,633,230 | 44,690,337 |
Certificates of deposit in other banks | 100,000 | 100,000 |
Securities available for sale, at fair value | 162,126,265 | 164,084,673 |
Securities held to maturity, at amortized cost less allowance for credit losses of $31,670 and $35,627 | 20,198,804 | 20,163,622 |
Equity security, at fair value | 507,743 | 507,130 |
Restricted stock, at cost | 920,900 | 863,500 |
Loans, less allowance for credit losses of $4,317,837 and $4,285,247 | 537,080,607 | 523,308,044 |
Premises and equipment, net | 7,282,487 | 6,583,452 |
Accrued interest receivable | 2,235,859 | 2,180,734 |
Deferred income taxes, net | 8,436,251 | 8,312,482 |
Other real estate owned, net | 1,242,365 | 1,242,365 |
Bank owned life insurance | 15,021,074 | 14,930,754 |
Goodwill and other intangibles, net | 7,032,342 | 7,034,424 |
Other assets | 6,775,313 | 5,939,309 |
Assets | 794,593,240 | 799,940,826 |
Deposits: | ||
Noninterest-bearing | 115,416,221 | 115,284,706 |
Interest-bearing | 540,561,366 | 565,678,145 |
Total deposits | 655,977,587 | 680,962,851 |
Securities sold under repurchase agreements | 5,600,380 | 6,760,493 |
Federal Home Loan Bank of Atlanta advances | 5,000,000 | 5,000,000 |
Federal Reserve Bank advances | 54,000,000 | 33,000,000 |
Long-term debt, net of issuance costs | 12,741,562 | 13,212,378 |
Accrued interest payable | 1,404,170 | 1,482,773 |
Other liabilities | 6,792,739 | 7,344,040 |
Liabilities | 741,516,438 | 747,762,535 |
Stockholders' equity: | ||
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,116,966 shares in 2024 and 2023 | 31,170 | 31,170 |
Additional paid-in capital | 30,402,618 | 30,398,080 |
Retained earnings | 40,653,172 | 39,433,185 |
Accumulated other comprehensive loss | (18,010,158) | (17,684,144) |
Equity, Attributable to Parent | 53,076,802 | 52,178,291 |
Liabilities and Equity | $ 794,593,240 | $ 799,940,826 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Held-to-Maturity, Allowance for Credit Loss | $ 31,670 | $ 35,627 |
Loans, allowance for credit loss | $ 4,317,837 | $ 4,285,247 |
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) | 3,116,966 | 3,116,966 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans, including fees | $ 6,881,911 | $ 6,045,548 |
Investment securities - taxable | 1,579,066 | 805,707 |
Investment securities - tax exempt | 136,778 | 139,844 |
Federal funds sold and other interest earning assets | 468,307 | 61,430 |
Total interest income | 9,066,062 | 7,052,529 |
Interest expense: | ||
Deposits | 3,100,926 | 1,034,851 |
Securities sold under repurchase agreements | 23,009 | 4,338 |
Federal Home Loan Bank advances | 12,588 | 204,447 |
Federal Reserve Bank advances | 621,683 | 263 |
Long-term debt | 133,600 | 151,562 |
Total interest expense | 3,891,806 | 1,395,461 |
Net interest income | 5,174,256 | 5,657,068 |
Recovery of credit losses | 0 | (270,000) |
Net interest income after recovery of credit losses | 5,174,256 | 5,927,068 |
Noninterest income: | ||
Mortgage banking income | 4,951 | 25,293 |
Bank owned life insurance income | 90,321 | 83,105 |
Fair value adjustment on equity security | (3,541) | 5,767 |
Gain on insurance proceeds | 142,794 | 0 |
Total noninterest income | 504,415 | 382,414 |
Noninterest expense: | ||
Salaries | 1,976,187 | 1,876,444 |
Employee benefits | 606,313 | 594,057 |
Occupancy | 246,327 | 214,116 |
Furniture and equipment | 242,421 | 239,727 |
Other | 1,041,219 | 833,091 |
Total noninterest expense | 4,112,467 | 3,757,435 |
Income before income taxes | 1,566,204 | 2,552,047 |
Income taxes | 346,217 | 651,196 |
Net income | $ 1,219,987 | $ 1,900,851 |
Earnings per share - basic (in dollars per share) | $ 0.39 | $ 0.62 |
Earnings per share - diluted (in dollars per share) | $ 0.39 | $ 0.62 |
Deposit Account [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 194,674 | $ 186,707 |
Financial Service, Other [Member] | ||
Noninterest income: | ||
Noninterest revenue | $ 75,216 | $ 81,542 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 1,219,987 | $ 1,900,851 |
Other comprehensive (loss) income, net of income taxes: | ||
Total unrealized (loss) gain on investment securities available for sale | (1,574,213) | 2,187,186 |
Income tax benefit (expense) | 433,185 | (601,859) |
Net unrealized (loss) gain on investment securities available for sale | (1,141,028) | 1,585,327 |
Total unrealized gain (loss) on derivatives | 1,124,429 | (213,521) |
Income tax (expense) benefit | (309,415) | 58,756 |
Net unrealized gain (loss) on derivatives | 815,014 | (154,765) |
Total other comprehensive (loss) income | (326,014) | 1,430,562 |
Total comprehensive income | $ 893,973 | $ 3,331,413 |
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, 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 | 0 | 0 | 0 | 1,430,562 | 1,430,562 | |||||
Dividend adjustment | $ 0 | 0 | (7,843) | 0 | (7,843) | |||||
Stock based compensation | 0 | |||||||||
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 | |||||
Balance (in shares) at Dec. 31, 2023 | 3,116,966 | |||||||||
Balance at Dec. 31, 2023 | $ 31,170 | 30,398,080 | 39,433,185 | (17,684,144) | 52,178,291 | |||||
Net income | 0 | 0 | 1,219,987 | 0 | 1,219,987 | |||||
Other comprehensive income | 0 | 0 | 0 | (326,014) | (326,014) | |||||
Stock based compensation | $ 0 | 4,538 | 0 | 0 | 4,538 | |||||
Balance (in shares) at Mar. 31, 2024 | 3,116,966 | |||||||||
Balance at Mar. 31, 2024 | $ 31,170 | $ 30,402,618 | $ 40,653,172 | $ (18,010,158) | $ 53,076,802 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of net income to net cash provided by operating activities | ||
Net income | $ 1,219,987 | $ 1,900,851 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 130,019 | 127,908 |
Recovery of credit losses | 0 | (270,000) |
(Accretion) amortization of right of use asset | 659 | (927) |
Equity security dividends reinvested | (4,153) | (2,900) |
Unrealized loss (gain) on equity security | 3,541 | (5,767) |
Gain on sale of premises and equipment | 0 | (9,000) |
Gain on insurance proceeds | (142,794) | 0 |
Loss (gain) on fair value hedge | 11,529 | (34,113) |
Stock based compensation | 4,538 | 0 |
Amortization of debt issuance costs | 1,406 | 1,406 |
Amortization of premiums and (accretion of discounts), net | (236,259) | (808) |
Bank owned life insurance cash surrender value | (90,320) | (83,105) |
Increase (decrease) in | ||
Deferred loan fees and costs, net | (16,793) | (12,202) |
Accrued interest payable | (78,603) | 371,097 |
Other liabilities | (276,084) | (249,840) |
Decrease (increase) in | ||
Mortgage loans held for sale | 0 | 428,355 |
Accrued interest receivable | (55,125) | 76,470 |
Other assets | 12,733 | (86,736) |
Net cash provided by operating activities | 484,281 | 2,150,689 |
Cash flows from investing activities | ||
Proceeds from maturity and call of securities, Available for sale | 3,854,141 | 2,615,824 |
Purchase of securities, Available for sale | (3,269,141) | 0 |
Loans made to customers, net of principal collected | (13,779,297) | (4,020,500) |
Redemption (purchase) of stock in FHLB of Atlanta | (57,400) | 425,000 |
Proceeds from sale of premises and equipment | 0 | 9,000 |
Proceeds from insurance | 142,794 | 0 |
Purchases of premises, equipment and software | (816,971) | (27,243) |
Net cash used in investing activities | (13,925,874) | (997,919) |
Cash flows from financing activities | ||
Noninterest-bearing deposits | 131,515 | 647,093 |
Interest-bearing deposits | (25,114,694) | 13,081,095 |
Securities sold under repurchase agreements | (1,160,113) | (2,098,076) |
Federal Home Loan Bank of Atlanta advances | 0 | (10,000,000) |
Federal Reserve Bank advances | 21,000,000 | 0 |
Long-term debt principal payments | (472,222) | (472,222) |
Dividends paid, net of reinvestments | 0 | (7,843) |
Net cash (used in) provided by financing activities | (5,615,514) | 1,150,047 |
Net (decrease) increase in cash and cash equivalents | (19,057,107) | 2,302,817 |
Cash and cash equivalents at beginning of period | 44,690,337 | 7,263,537 |
Cash and cash equivalents at end of period | 25,633,230 | 9,566,354 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 3,969,006 | 1,051,398 |
Cash paid during the period for income taxes | 0 | 0 |
Net unrealized (loss) gain on securities available for sale | (1,574,213) | 2,187,186 |
Additions to right of use assets | $ 704,577 | $ 0 |
Note 1 - Principles of Consolid
Note 1 - Principles of Consolidation | 3 Months Ended |
Mar. 31, 2024 | |
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 As used in these notes, the terms the “Company”, “we”, “us”, or “our” refer to Farmers and Merchants Bancshares, Inc. and, unless the context clearly suggests otherwise, its consolidated subsidiaries. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 (“GAAP”) for interim financial information and in accordance with the instructions to Form 10 8 03 X. not three March 31, 2024 not may December 31, 2024 December 31, 2023, 10 December 31, 2023 Recent Accounting Pronouncements In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. Summary of Significant Accounting Policies There have been no 10 December 31, 2023 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 18,070 $ 481,930 $ - $ 481,930 SBA pools 754,309 1,284 9,574 746,019 - 746,019 Corporate bonds 9,343,965 - 1,193,412 8,150,553 - 8,150,553 Mortgage-backed securities 175,890,767 573,939 23,716,943 152,747,763 - 152,747,763 $ 186,489,041 $ 575,223 $ 24,937,999 $ 162,126,265 $ - $ 162,126,265 Held to maturity State and municipal $ 20,230,474 $ 25,167 $ 1,280,219 $ 18,975,422 $ 31,670 $ 20,198,804 Amortized Unrealized Unrealized Fair Allowance for Net Carrying December 31, 2023 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 15,192 $ 484,808 $ - $ 484,808 SBA pools 776,686 1,160 11,136 766,710 - 766,710 Corporate bonds 9,853,988 - 1,283,559 8,570,429 - 8,570,429 Mortgage-backed securities 175,742,562 1,025,623 22,505,459 154,262,726 - 154,262,726 $ 186,873,236 $ 1,026,783 $ 23,815,346 $ 164,084,673 $ - $ 164,084,673 Held to maturity State and municipal $ 20,199,249 $ 39,537 $ 1,175,565 $ 19,063,221 $ 35,627 $ 20,163,622 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, 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 (the Company’s primary credit quality indicators) for our portfolio of held-to-maturity securities issued by states and political subdivisions as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 AAA $ 2,790,036 $ 2,785,955 AA 10,455,537 10,434,388 A 3,812,546 3,808,365 BAA 252,113 250,661 Not rated 2,920,242 2,919,880 Total $ 20,230,474 $ 20,199,249 Historical loss rates associated with securities having similar grades as those in our portfolio have generally not March 31, 2024, no none The following table details activity in the allowance for credit losses on held-to-maturity securities for the three March 31, 2024 2023: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Beginning balance $ 35,627 $ - Impact of adopting ASC 326 - 51,990 Credit loss (recovery) provision (3,957 ) 8,602 Ending balance $ 31,670 $ 60,592 Available for sale securities accrued interest receivable totaled $407,633 and $418,549 and held to maturity securities accrued interest receivable totaled $101,327 and $121,670 as of March 31, 2024 December 31, 2023, 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, 2024 cost value cost value Within one year $ 1,759,510 $ 1,716,188 $ 230,000 $ 229,273 Over one to five years 772,467 731,005 668,760 653,885 Over five to ten years 7,311,988 6,185,290 5,889,453 5,637,026 Over ten years - - 13,442,261 12,455,238 9,843,965 8,632,483 20,230,474 18,975,422 Mortgage-backed securities and SBA pools, due in monthly installments 176,645,076 153,493,782 - - $ 186,489,041 $ 162,126,265 $ 20,230,474 $ 18,975,422 Securities with a carrying value of $48,926,054 and $50,371,861 as of March 31, 2024 December 31, 2023, During the three March 31, 2024 2023, no The following table sets forth the Company’s gross unrealized losses on a continuous basis for investment securities, by category and length of time. March 31, 2024 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 $ 244,600 $ 5,400 $ 237,330 $ 12,670 $ 481,930 $ 18,070 SBA pools - - 628,696 9,574 628,696 9,574 Corporate bonds - - 8,150,553 1,193,412 8,150,553 1,193,412 Mortgage-backed securities 24,615,742 540,406 101,042,001 23,176,537 125,657,743 23,716,943 Total $ 24,860,342 $ 545,806 $ 110,058,580 $ 24,392,193 $ 134,918,922 $ 24,937,999 December 31, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 246,608 $ 3,392 $ 238,200 $ 11,800 $ 484,808 $ 15,192 SBA pools - - 659,869 11,136 659,869 11,136 Corporate bonds 341,264 58,736 8,229,165 1,224,823 8,570,429 1,283,559 Mortgage-backed securities 23,840,242 378,379 104,657,869 22,127,080 128,498,111 22,505,459 Total $ 24,428,114 $ 440,507 $ 113,785,103 $ 23,374,839 $ 138,213,217 $ 23,815,346 Management has the ability and intent to hold securities classified as held to maturity until they mature, at which time the Company should receive full value for the securities. As of March 31, 2024, not March 31, 2024, none |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Real estate: Commercial $ 365,948,344 $ 361,942,511 Construction and land development 19,148,561 20,446,150 Residential 112,424,358 112,789,631 Commercial 44,240,198 32,823,072 Consumer 193,399 165,136 541,954,860 528,166,500 Less: Allowance for credit losses 4,317,837 4,285,247 Deferred origination fees net of costs 556,416 573,209 $ 537,080,607 $ 523,308,044 For purposes of monitoring the performance of the loan portfolio and estimating the allowance for credit losses, the Company's loans receivable portfolio is segmented as follows: (i) commercial real estate; (ii) construction and land development; (iii) residential; (iv) commercial and industrial; (v) and consumer. Commercial real estate loans carry risks of the client’s ability to repay the loan from the cash flow derived from the underlying real estate. Risks inherent in managing a commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate. Real estate security diminishes risks only to the extent that a market exists for the subject collateral. These risks are attempted to be mitigated by carefully underwriting loans of this type and by following appropriate loan-to-value standards. The Company generally requires personal guarantees or endorsements with respect to these loans and loan-to-value ratios for real estate-commercial loans generally do not 80%. Construction and land development real estate loans carry risks that the project will not not may, may may not may not 80%. Residential real estate mortgage loans, including equity lines of credit, carry risks associated with the continued credit-worthiness of the borrower and the changes in the value of the collateral. Commercial and industrial loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may may Consumer loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral. The Company's consumer loans consist primarily of installment loans made to individuals for personal, family and household purposes. These risks are attempted to be mitigated by following appropriate loan-to-value standards and an experienced management team for this type of portfolio. The following tables present the amortized cost basis of loans on nonaccrual status and loans past due 90 March 31, 2024 December 31, 2023: Nonaccrual Nonaccrual With No With Allowance Allowance for Credit Loss for Credit Loss March 31, 2024 Real estate: Commercial $ - $ 502,961 Construction and land development - - Residential - - Commercial - 152,449 Consumer - - $ - $ 655,410 December 31, 2023 Real estate: Commercial $ - $ 502,961 Construction and land development - - Residential - - Commercial - 152,449 Consumer - - $ - $ 655,410 The Company did not three March 31, 2024 2023. At March 31, 2024, one one three March 31, 2024 At December 31, 2023, one one 2023 An age analysis of past due loans, segregated by type of loan, is as follows: 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing March 31, 2024 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 365,445,383 $ 365,948,344 $ - Construction and land development - - - - 19,148,561 19,148,561 - Residential - - - - 112,424,358 112,424,358 - Commercial - - 152,449 152,449 44,087,749 44,240,198 - Consumer - - - - 193,399 193,399 - Total $ - $ - $ 655,410 $ 655,410 $ 541,299,450 $ 541,954,860 $ - December 31, 2023 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 361,439,550 $ 361,942,511 $ - Construction and land development - - - - 20,446,150 20,446,150 - Residential 161,431 - - 161,431 112,628,200 112,789,631 - Commercial - - 152,449 152,449 32,670,623 32,823,072 - Consumer 1,163 - - 1,163 163,973 165,136 - Total $ 162,594 $ - $ 655,410 $ 818,004 $ 527,348,496 $ 528,166,500 $ - The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2024 December 31, 2023: March 31, 2024 Real estate: Commercial $ 2,515,020 Construction and land development - Residential 273,463 Commercial 152,449 Consumer - $ 2,940,932 December 31, 2023 Real estate: Commercial $ 2,515,103 Construction and land development - Residential 275,622 Commercial 152,449 Consumer - $ 2,943,174 From time to time, loans to borrowers experiencing financial difficulty may may There were no three March 31, 2024 2023. no three March 31, 2024 2023. Accrued interest receivable on loans totaled $1,621,151 and $1,539,332 at March 31, 2024 December 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 as of March 31, 2024 Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2024 2023 2022 2021 2020 Prior Loans to Term Total Commercial Real Estate Pass $ 5,011,657 $ 27,464,322 $ 73,640,394 $ 56,459,519 $ 20,358,378 $ 170,504,116 $ 3,142,991 $ - $ 356,581,377 Special Mention - - - - - - - - - Substandard - - - - - 9,366,967 - - 9,366,967 Doubtful - - - - - - - - - Total $ 5,011,657 $ 27,464,322 $ 73,640,394 $ 56,459,519 $ 20,358,378 $ 179,871,083 $ 3,142,991 $ - $ 365,948,344 Construction and Land Development Pass $ 587,636 $ 3,630,188 $ 6,561,781 $ 2,643,137 $ 634,519 $ 5,091,300 $ - $ - $ 19,148,561 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 587,636 $ 3,630,188 $ 6,561,781 $ 2,643,137 $ 634,519 $ 5,091,300 $ - $ - $ 19,148,561 Residential Real Estate Pass $ 2,091,278 $ 10,334,045 $ 18,450,985 $ 9,968,171 $ 7,783,011 $ 55,189,937 $ 6,947,521 $ - $ 110,764,948 Special Mention - - - - - - - - - Substandard - - - - - 1,659,410 - - 1,659,410 Doubtful - - - - - - - - - Total $ 2,091,278 $ 10,334,045 $ 18,450,985 $ 9,968,171 $ 7,783,011 $ 56,849,347 $ 6,947,521 $ - $ 112,424,358 Commercial Pass $ 5,776,066 $ 6,817,393 $ 7,768,722 $ 3,004,509 $ 1,032,155 $ 1,611,486 $ 18,077,418 $ - $ 44,087,749 Special Mention - - - - - - - - - Substandard - - - - - 152,449 - - 152,449 Doubtful - - - - - - - - - Total $ 5,776,066 $ 6,817,393 $ 7,768,722 $ 3,004,509 $ 1,032,155 $ 1,763,935 $ 18,077,418 $ - $ 44,240,198 Consumer Pass $ 50,342 $ 83,558 $ 28,344 $ 3,006 $ 4,240 $ 4,174 $ - $ - $ 173,664 Special Mention - - - - - - - - - Substandard 2,167 4,151 - 1,322 - - - - 7,640 Doubtful - - - - - - 12,095 - 12,095 Total $ 52,509 $ 87,709 $ 28,344 $ 4,328 $ 4,240 $ 4,174 $ 12,095 $ - $ 193,399 Aggregate total Pass $ 13,516,979 $ 48,329,506 $ 106,450,226 $ 72,078,342 $ 29,812,303 $ 232,401,013 $ 28,167,930 $ - $ 530,756,299 Special Mention - - - - - - - - - Substandard 2,167 4,151 - 1,322 - 11,178,826 - - 11,186,466 Doubtful - - - - - - 12,095 - 12,095 Total $ 13,519,146 $ 48,333,657 $ 106,450,226 $ 72,079,664 $ 29,812,303 $ 243,579,839 $ 28,180,025 $ - $ 541,954,860 Loans by credit grade, segregated by loan type, and year originated as of December 31, 2023 Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial Real Estate Pass $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 147,755,491 $ 2,694,268 $ - $ 352,511,696 Special Mention - - - - - - - - - Substandard - - - - - 9,430,815 - - 9,430,815 Doubtful - - - - - - - - - Total $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 157,186,306 $ 2,694,268 $ - $ 361,942,511 Construction and Land Development Pass $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Residential Real Estate Pass $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 40,015,758 $ 9,501,733 $ - $ 111,112,743 Special Mention - - - - - - - - - Substandard - - - - - 1,676,888 - - 1,676,888 Doubtful - - - - - - - - - Total $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 41,692,646 $ 9,501,733 $ - $ 112,789,631 Commercial Pass $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 884,537 $ 910,042 $ 11,295,272 $ - $ 32,670,623 Special Mention - - - - - - - - - Substandard - - - - 152,449 - - - 152,449 Doubtful - - - - - - - - - Total $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 1,036,986 $ 910,042 $ 11,295,272 $ - $ 32,823,072 Consumer Pass $ 92,295 $ 32,771 $ 4,179 $ 4,895 $ 7,226 $ 2 $ - $ - $ 141,368 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - - - - - 7,630 Doubtful - - - - - - 16,138 - 16,138 Total $ 98,401 $ 32,771 $ 5,703 $ 4,895 $ 7,226 $ 2 $ 16,138 $ - $ 165,136 Aggregate total Pass $ 48,078,770 $ 107,173,742 $ 72,736,249 $ 29,206,581 $ 42,521,791 $ 193,674,174 $ 23,491,273 $ - $ 516,882,580 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - 152,449 11,107,703 - - 11,267,782 Doubtful - - - - - - 16,138 - 16,138 Total $ 48,084,876 $ 107,173,742 $ 72,737,773 $ 29,206,581 $ 42,674,240 $ 204,781,877 $ 23,507,411 $ - $ 528,166,500 The following table details activity in the allowance for credit losses and loan balances by portfolio as of and for the three March 31, 2024 2023 December 31, 2023. one not Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning (recovery of) Charge Ending March 31, 2024 balance credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,449,988 $ 18,900 $ - $ - $ 2,468,888 $ 322,551 $ 2,146,337 $ 2,515,020 $ 363,433,324 Construction and land development 253,173 (7,269 ) - - 245,904 - 245,904 - 19,148,561 Residential 1,012,938 (117,994 ) - 6,000 900,944 - 900,944 273,463 112,150,895 Commercial 493,502 104,040 - - 597,542 152,449 445,093 152,449 44,087,749 Consumer 2,080 568 (1,163 ) - 1,485 - 1,485 - 193,399 Unallocated 73,566 29,508 - - 103,074 - 103,074 - - $ 4,285,247 $ 27,753 $ (1,163 ) $ 6,000 $ 4,317,837 $ 475,000 $ 3,842,837 $ 2,940,932 $ 539,013,928 Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning Impact of ASC (recovery of) Charge Ending March 31, 2023 balance 326 Adoption credit losses offs Recoveries balance Individually Collectively Individually 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 - 24,545,262 Residential 793,919 464,227 (369,453 ) - 371,048 1,259,741 - 1,259,741 - 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 $ 524,851,322 Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning Impact of ASC (recovery of) Charge Ending December 31, 2023 balance 326 Adoption credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,818,582 $ (448,483 ) $ 79,889 $ - $ - $ 2,449,988 $ 297,551 $ 2,152,437 $ 2,515,103 $ 359,427,408 Construction and land development 164,596 277,317 (200,665 ) - 11,925 253,173 - 253,173 - 20,446,150 Residential 793,919 508,579 (676,608 ) - 387,048 1,012,938 - 1,012,938 275,622 112,514,009 Commercial 337,303 133,838 22,361 - - 493,502 152,449 341,053 152,449 32,670,623 Consumer 4,706 (4,526 ) 1,900 - - 2,080 - 2,080 - 165,136 Unallocated 31,092 (31,092 ) 73,566 - - 73,566 - 73,566 - - $ 4,150,198 $ 435,633 $ (699,557 ) $ - $ 398,973 $ 4,285,247 $ 450,000 $ 3,835,247 $ 2,943,174 $ 525,223,326 Loans acquired from Carroll Community Bank in 2020 no 2024 Balance at December 31, 2023 $ 539,338 Accretion (75,378 ) Balance at March 31, 2024 $ 463,960 During the three March 31, 2023, At March 31, 2024, three March 31, 2024 2023, March 31, 2024, The following table details activity in the allowance for credit losses on unfunded loan commitments for the three March 31, 2024 2023: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Beginning balance $ 227,643 $ - Impact of adopting ASC 326 - 85,073 Credit loss recovery (23,796 ) (8,602 ) Ending balance $ 203,847 $ 76,471 The following table provides a summary of all of the components of the allowance for credit losses: Three Months Ended March 31, 2024 Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ 35,627 $ 4,285,247 $ 227,643 $ 4,548,517 Provision (recovery) of credit losses (3,957 ) 27,753 (23,796 ) - Charge-offs - (1,163 ) - (1,163 ) Recoveries - 6,000 - 6,000 Ending balance $ 31,670 $ 4,317,837 $ 203,847 $ 4,553,354 Three Months Ended March 31, 2023 Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ - $ 4,150,198 $ - $ 4,150,198 Impact of adopting ASC 326 51,990 333,936 85,073 470,999 Provision (recovery) of credit losses (3,957 ) (270,000 ) (8,602 ) (282,559 ) Charge-offs - - - - Recoveries - 375,098 - 375,098 Ending balance $ 48,033 $ 4,589,232 $ 76,471 $ 4,713,736 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Goodwill and Other Intangibles The Company’s acquisitions of Carroll Bancorp, Inc. and Carroll Community Bank in 2020 three March 31, 2024 2023: 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 Balance at December 31, 2023 $ 6,978,208 $ 56,216 $ 7,034,424 Amortization - (2,082 ) (2,082 ) Balance at March 31, 2024 $ 6,978,208 $ 54,134 $ 7,032,342 The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8,328 per year through year nine 10. |
Note 6 - Capital Standards
Note 6 - Capital Standards | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 6. Capital Standards The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional, discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules became effective for the Bank on January 1, 2015 ( 1 1 1 In connection with the adoption of the Basel III Capital Rules, the Bank elected to opt-out of the requirement to include accumulated other comprehensive income in Common Equity Tier 1 1 Under the revised prompt corrective action requirements, insured depository institutions are required to meet the following in order to qualify as “well capitalized:” (i) a Common Equity Tier 1 6.5%; 1 8%; 10%; 1 5%. The implementation of the capital conservation buffer began on January 1, 2015, 0.625% four January 1, 2.5% January 1, 2019). not The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 On September 17, 2019, On April 6, 2020, two 8% second 2020, 8.5% 2021, 9% 1 8%, $10 not not As of March 31, 2024 no The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action. The following table presents actual and required capital ratios as of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized March 31, 2024 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 80,699 13.22 % $ 64,108 10.50 % $ 61,055 10.00 % Tier 1 capital (to risk-weighted assets) 76,146 12.47 % 51,897 8.50 % 48,844 8.00 % Common equity tier 1 (to risk- weighted assets) 76,146 12.47 % 42,739 7.00 % 39,686 6.50 % Tier 1 leverage (to average assets) 76,146 9.31 % 32,730 4.00 % 40,913 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 79,988 13.45 % $ 62,437 10.50 % $ 59,464 10.00 % Tier 1 capital (to risk-weighted assets) 75,440 12.69 % 50,544 8.50 % 47,571 8.00 % Common equity tier 1 (to risk- weighted assets) 75,440 12.69 % 41,625 7.00 % 38,651 6.50 % Tier 1 leverage (to average assets) 75,440 9.42 % 32,051 4.00 % 40,063 5.00 % |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments 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 $59.1 million as of March 31, 2024 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, 2024 December 31, 2023: Line item in Carrying Carrying the balance sheet Carrying amount of fair Carrying amount of fair in which the amount of the value hedging amount of the value hedging hedged item is hedged assets adjustment hedged assets adjustment included March 31, 2024 March 31, 2024 December 31, 2023 December 31, 2023 Securities available for sale $ 69,127,662 $ (439,097 ) $ 69,920,575 $ (1,609,248 ) The Company presents derivative positions gross on the balance sheet. The following table reflects the derivatives recorded on the balance sheet as of March 31, 2024 31, 2023: March 31, 2024 December 31, 2023 Fair Fair Value Value Included in other assets: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 205,349 $ - Total included in other assets $ 205,349 $ - Included in other liabilities: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 655,975 $ 1,563,527 Total included in other liabilities $ 655,975 $ 1,563,527 The effect of fair value hedge accounting on the statement of income for the three March 31, 2024 2023 Fair Value Hedging Relationships Total amounts of income and expense line items presented in the statements of income in which the effects of the fair value hedge is recorded are as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Interest Interest Income Income The effects of fair value hedging: Loss (gain) on fair value hedging relationships: Hedged items $ (11,529 ) $ 232,536 Interest rate contracts designated as hedging instruments 180,210 (198,424 ) Net gain on fair value hedging relationships included in interest income from investment securities- taxable $ 168,681 $ 34,112 |
Note 8 - Fair Value
Note 8 - Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Fair Value In accordance with FASB Accounting Standards Codification (“ASC”) Topic 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. Because the market for collateral-dependent loans is not 3. third ● Fair value hedges: The market value based on independent third The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2024 December 31, 2023, Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2024 Recurring: Available for sale securities State and municipal $ - $ 481,930 $ - $ 481,930 SBA pools - 746,019 - 746,019 Corporate bonds - 8,150,553 - 8,150,553 Mortgage-backed securities - 152,747,763 - 152,747,763 $ - $ 162,126,265 $ - $ 162,126,265 Fair value hedge in other assets $ - $ 205,349 $ - $ 205,349 Equity security at fair value Mutual fund $ 507,743 $ - $ - $ 507,743 Fair value hedge in other liabilities $ - $ 655,975 $ - $ 655,975 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ 180,410 $ 180,410 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2023 Recurring: Available for sale securities State and municipal $ - $ 484,808 $ - $ 484,808 SBA pools - 766,710 - 766,710 Corporate bonds - 8,570,429 - 8,570,429 Mortgage-backed securities - 154,262,726 - 154,262,726 $ - $ 164,084,673 $ - $ 164,084,673 Equity security at fair value Mutual fund $ 507,130 $ - $ - $ 507,130 Fair value hedge in other liabilities $ - $ 1,563,527 $ - $ 1,563,527 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ 205,410 $ 205,410 The following table provides information describing the unobservable inputs used in level 3 March 31, 2024 December 31, 2023: March 31, 2024: Assets Fair Value Valuation Technique Unobservable Inputs Range (Average) Collateral-dependent loans $ 180,410 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, 2023: Assets Fair Value Valuation Techniques Unobservable Input Average Collateral-dependent loans $ 205,410 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%) The estimated fair value of financial instruments that are reported at amortized cost less allowance for credit losses in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows: March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 25,633,230 $ 25,633,230 $ 44,690,337 $ 44,690,337 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 100,000 100,000 Accrued interest receivable 2,235,859 2,235,859 2,180,734 2,180,734 Securities available for sale 162,126,265 162,126,265 164,084,673 164,084,673 Securities held to maturity 17,328,604 16,073,552 17,293,422 16,193,020 Equity security 507,743 507,743 507,130 507,130 Restricted stock, at cost 920,900 920,900 863,500 863,500 Bank owned life insurance 15,021,074 15,021,074 14,930,754 14,930,754 Fair value hedge 205,349 205,349 - - Level 3 inputs Securities held to maturity 2,870,200 2,870,200 2,870,200 2,870,200 Loans, net 537,080,607 516,778,960 523,308,044 507,138,253 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 115,416,221 $ 115,416,221 $ 115,284,706 $ 115,284,706 Securities sold under repurchase agreements 5,600,380 5,600,380 6,760,493 6,760,493 Level 2 inputs Interest-bearing deposits 540,561,366 540,811,366 565,678,145 566,925,060 Federal Home Loan Bank advances 5,000,000 4,806,000 5,000,000 4,754,000 Federal Reserve Bank advances 54,000,000 53,712,875 33,000,000 32,996,852 Long-term debt, net 12,741,562 11,833,366 13,212,378 12,428,000 Accrued interest payable 1,404,170 1,404,170 1,482,773 1,482,773 Fair value hedge 655,975 655,975 1,563,527 1,563,527 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Earnings per Share Earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. The following table shows the weighted average number of shares used in computing earnings per share and the effect of weighted average number of shares of dilutive potential common stock. Dilutive potential common stock has no three March 31, 2024 none three March 31, 2023. Three Months Ended March 31, 2024 2023 Net income $ 1,219,987 $ 1,900,851 Weighted average shares outstanding 3,116,966 3,071,214 Effect of dilutive restricted stock units 206 - Weighted average shares outstanding 3,117,172 3,071,214 Earnings per share - basic $ 0.39 $ 0.62 Earnings per share - diluted $ 0.39 $ 0.62 |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023, 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. Some of the policies provide benefits subsequent to the employee’s employment with the Company. For this plan, the Company expensed $1,976 and $1,834 for the three March 31, 2024 2023, The Company adopted supplemental executive retirement plans for four three March 31, 2024 2023, Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income. |
Note 11 - Borrowed Funds
Note 11 - Borrowed Funds | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Borrowed Funds Borrowed funds consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the Federal Home Loan Bank of Atlanta (“FHLB”), advances from the Federal Reserve Bank of Richmond (the “Reserve Bank”), term borrowings from a commercial bank, and overnight borrowings from commercial banks. Additional information is as follows: March 31, December 31, 2024 2023 Amount oustanding at period-end: Securities sold under repurchase agreements $ 5,600,380 $ 6,760,493 Federal Home Loan Bank advances mature in: 2025 5,000,000 5,000,000 Federal Reserve Bank advances mature in: 2024 - 33,000,000 2025 54,000,000 - Long-term debt (net of issuance costs) 12,741,562 13,212,378 The Bank is approved to borrow 75% of eligible pledged single-family residential loans and 50% of eligible pledged commercial loans as well as investment securities, or approximately $71.4 million under a secured line of credit with the FHLB. The Bank also has two first 10 second 2023. one March 11, 2024 no FHLB advances of $5,000,000 were outstanding as of March 31, 2024 December 31, 2023. March 31, 2024 December 31, 2023, 2020. March 31, 2024 December 31, 2023. |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Stock-Based Compensation On August 22, 2023, 2023 may The Company complies with the provisions of ASC Topic 718, 718 10 30 6 During the year ended December 31, 2023, one third September 22, 2024, one third September 22, 2025, one third September 22, 2026, A summary of the Company’s restricted stock unit grant activity as of March 31, 2024 Weighted Average Number of Grant Date Shares Fair Value per Share Balance at December 31, 2023 3,000 18.15 Granted - - Vested - - Forefeited - - Balance at March 31, 2024 3,000 18.15 The compensation cost charged to income in respect of awards granted under the Equity Plan was $4,538 for the three March 31, 2024. March 31, 2024, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information During the quarter ended March 31, 2024, no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Amortized Unrealized Unrealized Fair Allowance for Net Carrying March 31, 2024 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 18,070 $ 481,930 $ - $ 481,930 SBA pools 754,309 1,284 9,574 746,019 - 746,019 Corporate bonds 9,343,965 - 1,193,412 8,150,553 - 8,150,553 Mortgage-backed securities 175,890,767 573,939 23,716,943 152,747,763 - 152,747,763 $ 186,489,041 $ 575,223 $ 24,937,999 $ 162,126,265 $ - $ 162,126,265 Held to maturity State and municipal $ 20,230,474 $ 25,167 $ 1,280,219 $ 18,975,422 $ 31,670 $ 20,198,804 Amortized Unrealized Unrealized Fair Allowance for Net Carrying December 31, 2023 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 15,192 $ 484,808 $ - $ 484,808 SBA pools 776,686 1,160 11,136 766,710 - 766,710 Corporate bonds 9,853,988 - 1,283,559 8,570,429 - 8,570,429 Mortgage-backed securities 175,742,562 1,025,623 22,505,459 154,262,726 - 154,262,726 $ 186,873,236 $ 1,026,783 $ 23,815,346 $ 164,084,673 $ - $ 164,084,673 Held to maturity State and municipal $ 20,199,249 $ 39,537 $ 1,175,565 $ 19,063,221 $ 35,627 $ 20,163,622 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | March 31, 2024 December 31, 2023 AAA $ 2,790,036 $ 2,785,955 AA 10,455,537 10,434,388 A 3,812,546 3,808,365 BAA 252,113 250,661 Not rated 2,920,242 2,919,880 Total $ 20,230,474 $ 20,199,249 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Beginning balance $ 35,627 $ - Impact of adopting ASC 326 - 51,990 Credit loss (recovery) provision (3,957 ) 8,602 Ending balance $ 31,670 $ 60,592 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Fair Amortized Fair March 31, 2024 cost value cost value Within one year $ 1,759,510 $ 1,716,188 $ 230,000 $ 229,273 Over one to five years 772,467 731,005 668,760 653,885 Over five to ten years 7,311,988 6,185,290 5,889,453 5,637,026 Over ten years - - 13,442,261 12,455,238 9,843,965 8,632,483 20,230,474 18,975,422 Mortgage-backed securities and SBA pools, due in monthly installments 176,645,076 153,493,782 - - $ 186,489,041 $ 162,126,265 $ 20,230,474 $ 18,975,422 |
Gain (Loss) on Securities [Table Text Block] | March 31, 2024 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 $ 244,600 $ 5,400 $ 237,330 $ 12,670 $ 481,930 $ 18,070 SBA pools - - 628,696 9,574 628,696 9,574 Corporate bonds - - 8,150,553 1,193,412 8,150,553 1,193,412 Mortgage-backed securities 24,615,742 540,406 101,042,001 23,176,537 125,657,743 23,716,943 Total $ 24,860,342 $ 545,806 $ 110,058,580 $ 24,392,193 $ 134,918,922 $ 24,937,999 December 31, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 246,608 $ 3,392 $ 238,200 $ 11,800 $ 484,808 $ 15,192 SBA pools - - 659,869 11,136 659,869 11,136 Corporate bonds 341,264 58,736 8,229,165 1,224,823 8,570,429 1,283,559 Mortgage-backed securities 23,840,242 378,379 104,657,869 22,127,080 128,498,111 22,505,459 Total $ 24,428,114 $ 440,507 $ 113,785,103 $ 23,374,839 $ 138,213,217 $ 23,815,346 |
Note 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2024 2023 Real estate: Commercial $ 365,948,344 $ 361,942,511 Construction and land development 19,148,561 20,446,150 Residential 112,424,358 112,789,631 Commercial 44,240,198 32,823,072 Consumer 193,399 165,136 541,954,860 528,166,500 Less: Allowance for credit losses 4,317,837 4,285,247 Deferred origination fees net of costs 556,416 573,209 $ 537,080,607 $ 523,308,044 |
Financing Receivable, Nonaccrual [Table Text Block] | Nonaccrual Nonaccrual With No With Allowance Allowance for Credit Loss for Credit Loss March 31, 2024 Real estate: Commercial $ - $ 502,961 Construction and land development - - Residential - - Commercial - 152,449 Consumer - - $ - $ 655,410 December 31, 2023 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 Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing March 31, 2024 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 365,445,383 $ 365,948,344 $ - Construction and land development - - - - 19,148,561 19,148,561 - Residential - - - - 112,424,358 112,424,358 - Commercial - - 152,449 152,449 44,087,749 44,240,198 - Consumer - - - - 193,399 193,399 - Total $ - $ - $ 655,410 $ 655,410 $ 541,299,450 $ 541,954,860 $ - December 31, 2023 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 361,439,550 $ 361,942,511 $ - Construction and land development - - - - 20,446,150 20,446,150 - Residential 161,431 - - 161,431 112,628,200 112,789,631 - Commercial - - 152,449 152,449 32,670,623 32,823,072 - Consumer 1,163 - - 1,163 163,973 165,136 - Total $ 162,594 $ - $ 655,410 $ 818,004 $ 527,348,496 $ 528,166,500 $ - |
Collateral Dependent Loans [Table Text Block] | March 31, 2024 Real estate: Commercial $ 2,515,020 Construction and land development - Residential 273,463 Commercial 152,449 Consumer - $ 2,940,932 December 31, 2023 Real estate: Commercial $ 2,515,103 Construction and land development - Residential 275,622 Commercial 152,449 Consumer - $ 2,943,174 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2024 2023 2022 2021 2020 Prior Loans to Term Total Commercial Real Estate Pass $ 5,011,657 $ 27,464,322 $ 73,640,394 $ 56,459,519 $ 20,358,378 $ 170,504,116 $ 3,142,991 $ - $ 356,581,377 Special Mention - - - - - - - - - Substandard - - - - - 9,366,967 - - 9,366,967 Doubtful - - - - - - - - - Total $ 5,011,657 $ 27,464,322 $ 73,640,394 $ 56,459,519 $ 20,358,378 $ 179,871,083 $ 3,142,991 $ - $ 365,948,344 Construction and Land Development Pass $ 587,636 $ 3,630,188 $ 6,561,781 $ 2,643,137 $ 634,519 $ 5,091,300 $ - $ - $ 19,148,561 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 587,636 $ 3,630,188 $ 6,561,781 $ 2,643,137 $ 634,519 $ 5,091,300 $ - $ - $ 19,148,561 Residential Real Estate Pass $ 2,091,278 $ 10,334,045 $ 18,450,985 $ 9,968,171 $ 7,783,011 $ 55,189,937 $ 6,947,521 $ - $ 110,764,948 Special Mention - - - - - - - - - Substandard - - - - - 1,659,410 - - 1,659,410 Doubtful - - - - - - - - - Total $ 2,091,278 $ 10,334,045 $ 18,450,985 $ 9,968,171 $ 7,783,011 $ 56,849,347 $ 6,947,521 $ - $ 112,424,358 Commercial Pass $ 5,776,066 $ 6,817,393 $ 7,768,722 $ 3,004,509 $ 1,032,155 $ 1,611,486 $ 18,077,418 $ - $ 44,087,749 Special Mention - - - - - - - - - Substandard - - - - - 152,449 - - 152,449 Doubtful - - - - - - - - - Total $ 5,776,066 $ 6,817,393 $ 7,768,722 $ 3,004,509 $ 1,032,155 $ 1,763,935 $ 18,077,418 $ - $ 44,240,198 Consumer Pass $ 50,342 $ 83,558 $ 28,344 $ 3,006 $ 4,240 $ 4,174 $ - $ - $ 173,664 Special Mention - - - - - - - - - Substandard 2,167 4,151 - 1,322 - - - - 7,640 Doubtful - - - - - - 12,095 - 12,095 Total $ 52,509 $ 87,709 $ 28,344 $ 4,328 $ 4,240 $ 4,174 $ 12,095 $ - $ 193,399 Aggregate total Pass $ 13,516,979 $ 48,329,506 $ 106,450,226 $ 72,078,342 $ 29,812,303 $ 232,401,013 $ 28,167,930 $ - $ 530,756,299 Special Mention - - - - - - - - - Substandard 2,167 4,151 - 1,322 - 11,178,826 - - 11,186,466 Doubtful - - - - - - 12,095 - 12,095 Total $ 13,519,146 $ 48,333,657 $ 106,450,226 $ 72,079,664 $ 29,812,303 $ 243,579,839 $ 28,180,025 $ - $ 541,954,860 Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial Real Estate Pass $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 147,755,491 $ 2,694,268 $ - $ 352,511,696 Special Mention - - - - - - - - - Substandard - - - - - 9,430,815 - - 9,430,815 Doubtful - - - - - - - - - Total $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 157,186,306 $ 2,694,268 $ - $ 361,942,511 Construction and Land Development Pass $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Residential Real Estate Pass $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 40,015,758 $ 9,501,733 $ - $ 111,112,743 Special Mention - - - - - - - - - Substandard - - - - - 1,676,888 - - 1,676,888 Doubtful - - - - - - - - - Total $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 41,692,646 $ 9,501,733 $ - $ 112,789,631 Commercial Pass $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 884,537 $ 910,042 $ 11,295,272 $ - $ 32,670,623 Special Mention - - - - - - - - - Substandard - - - - 152,449 - - - 152,449 Doubtful - - - - - - - - - Total $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 1,036,986 $ 910,042 $ 11,295,272 $ - $ 32,823,072 Consumer Pass $ 92,295 $ 32,771 $ 4,179 $ 4,895 $ 7,226 $ 2 $ - $ - $ 141,368 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - - - - - 7,630 Doubtful - - - - - - 16,138 - 16,138 Total $ 98,401 $ 32,771 $ 5,703 $ 4,895 $ 7,226 $ 2 $ 16,138 $ - $ 165,136 Aggregate total Pass $ 48,078,770 $ 107,173,742 $ 72,736,249 $ 29,206,581 $ 42,521,791 $ 193,674,174 $ 23,491,273 $ - $ 516,882,580 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - 152,449 11,107,703 - - 11,267,782 Doubtful - - - - - - 16,138 - 16,138 Total $ 48,084,876 $ 107,173,742 $ 72,737,773 $ 29,206,581 $ 42,674,240 $ 204,781,877 $ 23,507,411 $ - $ 528,166,500 |
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 (recovery of) Charge Ending March 31, 2024 balance credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,449,988 $ 18,900 $ - $ - $ 2,468,888 $ 322,551 $ 2,146,337 $ 2,515,020 $ 363,433,324 Construction and land development 253,173 (7,269 ) - - 245,904 - 245,904 - 19,148,561 Residential 1,012,938 (117,994 ) - 6,000 900,944 - 900,944 273,463 112,150,895 Commercial 493,502 104,040 - - 597,542 152,449 445,093 152,449 44,087,749 Consumer 2,080 568 (1,163 ) - 1,485 - 1,485 - 193,399 Unallocated 73,566 29,508 - - 103,074 - 103,074 - - $ 4,285,247 $ 27,753 $ (1,163 ) $ 6,000 $ 4,317,837 $ 475,000 $ 3,842,837 $ 2,940,932 $ 539,013,928 Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning Impact of ASC (recovery of) Charge Ending March 31, 2023 balance 326 Adoption credit losses offs Recoveries balance Individually Collectively Individually 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 - 24,545,262 Residential 793,919 464,227 (369,453 ) - 371,048 1,259,741 - 1,259,741 - 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 $ 524,851,322 Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Beginning Impact of ASC (recovery of) Charge Ending December 31, 2023 balance 326 Adoption credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,818,582 $ (448,483 ) $ 79,889 $ - $ - $ 2,449,988 $ 297,551 $ 2,152,437 $ 2,515,103 $ 359,427,408 Construction and land development 164,596 277,317 (200,665 ) - 11,925 253,173 - 253,173 - 20,446,150 Residential 793,919 508,579 (676,608 ) - 387,048 1,012,938 - 1,012,938 275,622 112,514,009 Commercial 337,303 133,838 22,361 - - 493,502 152,449 341,053 152,449 32,670,623 Consumer 4,706 (4,526 ) 1,900 - - 2,080 - 2,080 - 165,136 Unallocated 31,092 (31,092 ) 73,566 - - 73,566 - 73,566 - - $ 4,150,198 $ 435,633 $ (699,557 ) $ - $ 398,973 $ 4,285,247 $ 450,000 $ 3,835,247 $ 2,943,174 $ 525,223,326 Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Beginning balance $ 227,643 $ - Impact of adopting ASC 326 - 85,073 Credit loss recovery (23,796 ) (8,602 ) Ending balance $ 203,847 $ 76,471 |
Accretable Yield of Purchased Loans [Table Text Block] | 2024 Balance at December 31, 2023 $ 539,338 Accretion (75,378 ) Balance at March 31, 2024 $ 463,960 |
Components of Allowance for Credit Losses [Table Text Block] | Three Months Ended March 31, 2024 Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ 35,627 $ 4,285,247 $ 227,643 $ 4,548,517 Provision (recovery) of credit losses (3,957 ) 27,753 (23,796 ) - Charge-offs - (1,163 ) - (1,163 ) Recoveries - 6,000 - 6,000 Ending balance $ 31,670 $ 4,317,837 $ 203,847 $ 4,553,354 Three Months Ended March 31, 2023 Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ - $ 4,150,198 $ - $ 4,150,198 Impact of adopting ASC 326 51,990 333,936 85,073 470,999 Provision (recovery) of credit losses (3,957 ) (270,000 ) (8,602 ) (282,559 ) Charge-offs - - - - Recoveries - 375,098 - 375,098 Ending balance $ 48,033 $ 4,589,232 $ 76,471 $ 4,713,736 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Balance at December 31, 2023 $ 6,978,208 $ 56,216 $ 7,034,424 Amortization - (2,082 ) (2,082 ) Balance at March 31, 2024 $ 6,978,208 $ 54,134 $ 7,032,342 |
Note 6 - Capital Standards (Tab
Note 6 - Capital Standards (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 80,699 13.22 % $ 64,108 10.50 % $ 61,055 10.00 % Tier 1 capital (to risk-weighted assets) 76,146 12.47 % 51,897 8.50 % 48,844 8.00 % Common equity tier 1 (to risk- weighted assets) 76,146 12.47 % 42,739 7.00 % 39,686 6.50 % Tier 1 leverage (to average assets) 76,146 9.31 % 32,730 4.00 % 40,913 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 79,988 13.45 % $ 62,437 10.50 % $ 59,464 10.00 % Tier 1 capital (to risk-weighted assets) 75,440 12.69 % 50,544 8.50 % 47,571 8.00 % Common equity tier 1 (to risk- weighted assets) 75,440 12.69 % 41,625 7.00 % 38,651 6.50 % Tier 1 leverage (to average assets) 75,440 9.42 % 32,051 4.00 % 40,063 5.00 % |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Line item in Carrying Carrying the balance sheet Carrying amount of fair Carrying amount of fair in which the amount of the value hedging amount of the value hedging hedged item is hedged assets adjustment hedged assets adjustment included March 31, 2024 March 31, 2024 December 31, 2023 December 31, 2023 Securities available for sale $ 69,127,662 $ (439,097 ) $ 69,920,575 $ (1,609,248 ) March 31, 2024 December 31, 2023 Fair Fair Value Value Included in other assets: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 205,349 $ - Total included in other assets $ 205,349 $ - Included in other liabilities: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 655,975 $ 1,563,527 Total included in other liabilities $ 655,975 $ 1,563,527 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Fair Value Hedging Relationships Total amounts of income and expense line items presented in the statements of income in which the effects of the fair value hedge is recorded are as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Interest Interest Income Income The effects of fair value hedging: Loss (gain) on fair value hedging relationships: Hedged items $ (11,529 ) $ 232,536 Interest rate contracts designated as hedging instruments 180,210 (198,424 ) Net gain on fair value hedging relationships included in interest income from investment securities- taxable $ 168,681 $ 34,112 |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2024 Recurring: Available for sale securities State and municipal $ - $ 481,930 $ - $ 481,930 SBA pools - 746,019 - 746,019 Corporate bonds - 8,150,553 - 8,150,553 Mortgage-backed securities - 152,747,763 - 152,747,763 $ - $ 162,126,265 $ - $ 162,126,265 Fair value hedge in other assets $ - $ 205,349 $ - $ 205,349 Equity security at fair value Mutual fund $ 507,743 $ - $ - $ 507,743 Fair value hedge in other liabilities $ - $ 655,975 $ - $ 655,975 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ 180,410 $ 180,410 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2023 Recurring: Available for sale securities State and municipal $ - $ 484,808 $ - $ 484,808 SBA pools - 766,710 - 766,710 Corporate bonds - 8,570,429 - 8,570,429 Mortgage-backed securities - 154,262,726 - 154,262,726 $ - $ 164,084,673 $ - $ 164,084,673 Equity security at fair value Mutual fund $ 507,130 $ - $ - $ 507,130 Fair value hedge in other liabilities $ - $ 1,563,527 $ - $ 1,563,527 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ 205,410 $ 205,410 |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2024: Assets Fair Value Valuation Technique Unobservable Inputs Range (Average) Collateral-dependent loans $ 180,410 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, 2023: Assets Fair Value Valuation Techniques Unobservable Input Average Collateral-dependent loans $ 205,410 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, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 25,633,230 $ 25,633,230 $ 44,690,337 $ 44,690,337 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 100,000 100,000 Accrued interest receivable 2,235,859 2,235,859 2,180,734 2,180,734 Securities available for sale 162,126,265 162,126,265 164,084,673 164,084,673 Securities held to maturity 17,328,604 16,073,552 17,293,422 16,193,020 Equity security 507,743 507,743 507,130 507,130 Restricted stock, at cost 920,900 920,900 863,500 863,500 Bank owned life insurance 15,021,074 15,021,074 14,930,754 14,930,754 Fair value hedge 205,349 205,349 - - Level 3 inputs Securities held to maturity 2,870,200 2,870,200 2,870,200 2,870,200 Loans, net 537,080,607 516,778,960 523,308,044 507,138,253 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 115,416,221 $ 115,416,221 $ 115,284,706 $ 115,284,706 Securities sold under repurchase agreements 5,600,380 5,600,380 6,760,493 6,760,493 Level 2 inputs Interest-bearing deposits 540,561,366 540,811,366 565,678,145 566,925,060 Federal Home Loan Bank advances 5,000,000 4,806,000 5,000,000 4,754,000 Federal Reserve Bank advances 54,000,000 53,712,875 33,000,000 32,996,852 Long-term debt, net 12,741,562 11,833,366 13,212,378 12,428,000 Accrued interest payable 1,404,170 1,404,170 1,482,773 1,482,773 Fair value hedge 655,975 655,975 1,563,527 1,563,527 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Net income $ 1,219,987 $ 1,900,851 Weighted average shares outstanding 3,116,966 3,071,214 Effect of dilutive restricted stock units 206 - Weighted average shares outstanding 3,117,172 3,071,214 Earnings per share - basic $ 0.39 $ 0.62 Earnings per share - diluted $ 0.39 $ 0.62 |
Note 11 - Borrowed Funds (Table
Note 11 - Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, 2024 2023 Amount oustanding at period-end: Securities sold under repurchase agreements $ 5,600,380 $ 6,760,493 Federal Home Loan Bank advances mature in: 2025 5,000,000 5,000,000 Federal Reserve Bank advances mature in: 2024 - 33,000,000 2025 54,000,000 - Long-term debt (net of issuance costs) 12,741,562 13,212,378 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Number of Grant Date Shares Fair Value per Share Balance at December 31, 2023 3,000 18.15 Granted - - Vested - - Forefeited - - Balance at March 31, 2024 3,000 18.15 |
Note 1 - Principles of Consol_2
Note 1 - Principles of Consolidation (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
First Community Bankers Insurance Co., LLC [Member] | |
Percentage of Ownership | 100% |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 407,633 | $ 418,549 |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 101,327 | 121,670 |
Asset Pledged as Collateral [Member] | Government Deposits and Securities Sold Under Repurchase Agreement [Member] | ||
Debt Securities | $ 48,926,054 | $ 50,371,861 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized cost, available for sale | $ 186,489,041 | $ 186,873,236 | ||
Unrealized gains, available for sale | 575,223 | 1,026,783 | ||
Unrealized losses, available for sale | 24,937,999 | 23,815,346 | ||
Fair value, available for sale | 162,126,265 | 164,084,673 | ||
AFS, allowance for credit loss | 0 | 0 | ||
AFS, net | 162,126,265 | 164,084,673 | ||
Held To Maturity Securities | 20,230,474 | |||
Fair value, held to maturity | 18,975,422 | |||
HTM, allowance for credit loss | 31,670 | 35,627 | $ 60,592 | $ 0 |
HTM, net | 20,198,804 | 20,163,622 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Amortized cost, available for sale | 500,000 | 500,000 | ||
Unrealized gains, available for sale | 0 | 0 | ||
Unrealized losses, available for sale | 18,070 | 15,192 | ||
Fair value, available for sale | 481,930 | 484,808 | ||
AFS, allowance for credit loss | 0 | 0 | ||
AFS, net | 481,930 | 484,808 | ||
Held To Maturity Securities | 20,230,474 | 20,199,249 | ||
Unrealized gains, held to maturity | 25,167 | 39,537 | ||
Unrealized losses, held to maturity | 1,280,219 | 1,175,565 | ||
Fair value, held to maturity | 18,975,422 | 19,063,221 | ||
HTM, allowance for credit loss | 31,670 | 35,627 | ||
HTM, net | 20,198,804 | 20,163,622 | ||
SBA Pools [Member] | ||||
Amortized cost, available for sale | 754,309 | 776,686 | ||
Unrealized gains, available for sale | 1,284 | 1,160 | ||
Unrealized losses, available for sale | 9,574 | 11,136 | ||
Fair value, available for sale | 746,019 | 766,710 | ||
AFS, allowance for credit loss | 0 | 0 | ||
AFS, net | 746,019 | 766,710 | ||
Corporate Debt Securities [Member] | ||||
Amortized cost, available for sale | 9,343,965 | 9,853,988 | ||
Unrealized gains, available for sale | 0 | 0 | ||
Unrealized losses, available for sale | 1,193,412 | 1,283,559 | ||
Fair value, available for sale | 8,150,553 | 8,570,429 | ||
AFS, allowance for credit loss | 0 | 0 | ||
AFS, net | 8,150,553 | 8,570,429 | ||
Collateralized Mortgage-Backed Securities [Member] | ||||
Amortized cost, available for sale | 175,890,767 | 175,742,562 | ||
Unrealized gains, available for sale | 573,939 | 1,025,623 | ||
Unrealized losses, available for sale | 23,716,943 | 22,505,459 | ||
Fair value, available for sale | 152,747,763 | 154,262,726 | ||
AFS, allowance for credit loss | 0 | 0 | ||
AFS, net | $ 152,747,763 | $ 154,262,726 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Rating for Held to Maturity Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Held To Maturity Securities | $ 20,230,474 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 20,230,474 | $ 20,199,249 |
Standard & Poor's, AAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 2,790,036 | 2,785,955 |
Standard & Poor's, AA Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 10,455,537 | 10,434,388 |
Standard & Poor's, A Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 3,812,546 | 3,808,365 |
Standard & Poor's, BAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | 252,113 | 250,661 |
Not Rated [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held To Maturity Securities | $ 2,920,242 | $ 2,919,880 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Allowance for Credit Loss on Held to Maturity Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning balance | $ 35,627 | $ 0 |
Credit loss (recovery) provision | (3,957) | 8,602 |
Ending balance | 31,670 | 60,592 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning balance | $ 0 | $ 51,990 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Available for Sale Amortized cost, Within one year | $ 1,759,510 | |
Available for Sale Fair value, Within one year | 1,716,188 | |
Held to Maturity Amortized cost, Within one year | 230,000 | |
Held to Maturity Fair value, Within one year | 229,273 | |
Available for Sale Amortized cost, Over one to five years | 772,467 | |
Available for Sale Fair value, Over one to five years | 731,005 | |
Held to Maturity Amortized cost, Over one to five years | 668,760 | |
Held to Maturity Fair value, Over one to five years | 653,885 | |
Available for Sale Amortized cost, Fair value, Over one to five years | 7,311,988 | |
Available for Sale Fair value, Over five to ten years | 6,185,290 | |
Held to Maturity Amortized cost, Over five to ten years | 5,889,453 | |
Held to Maturity Fair value, Over five to ten years | 5,637,026 | |
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 | 13,442,261 | |
Held to Maturity Fair value, Over ten years | 12,455,238 | |
Available for Sale Amortized cost, total maturity | 9,843,965 | |
Available for Sale Fair value, total maturity | 8,632,483 | |
Held to Maturity Amortized cost, total maturity | 20,230,474 | |
Held to Maturity Fair value, total maturity | 18,975,422 | |
SBA pools, due in monthly installments | 176,645,076 | |
SBA pools, due in monthly installments | 153,493,782 | |
SBA pools, due in monthly installments | 0 | |
SBA pools, due in monthly installments | 0 | |
Available for Sale, Amortized cost | 186,489,041 | $ 186,873,236 |
Available for Sale Fair value Total | 162,126,265 | $ 164,084,673 |
Held to Maturity Amortized cost Total | 20,230,474 | |
Held to Maturity Fair value Total | $ 18,975,422 |
Note 3 - Investment Securitie_7
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Less than 12 months Fair value | $ 24,860,342 | $ 24,428,114 |
Less than 12 months Unrealized losses | 545,806 | 440,507 |
12 months or more Fair value | 110,058,580 | 113,785,103 |
12 months or more Unrealized losses | 24,392,193 | 23,374,839 |
Total Fair value | 134,918,922 | 138,213,217 |
Total Unrealized losses | 24,937,999 | 23,815,346 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months Fair value | 244,600 | 246,608 |
Less than 12 months Unrealized losses | 5,400 | 3,392 |
12 months or more Fair value | 237,330 | 238,200 |
12 months or more Unrealized losses | 12,670 | 11,800 |
Total Fair value | 481,930 | 484,808 |
Total Unrealized losses | 18,070 | 15,192 |
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 | 628,696 | 659,869 |
12 months or more Unrealized losses | 9,574 | 11,136 |
Total Fair value | 628,696 | 659,869 |
Total Unrealized losses | 9,574 | 11,136 |
Corporate Debt Securities [Member] | ||
Less than 12 months Fair value | 0 | 341,264 |
Less than 12 months Unrealized losses | 0 | 58,736 |
12 months or more Fair value | 8,150,553 | 8,229,165 |
12 months or more Unrealized losses | 1,193,412 | 1,224,823 |
Total Fair value | 8,150,553 | 8,570,429 |
Total Unrealized losses | 1,193,412 | 1,283,559 |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 12 months Fair value | 24,615,742 | 23,840,242 |
Less than 12 months Unrealized losses | 540,406 | 378,379 |
12 months or more Fair value | 101,042,001 | 104,657,869 |
12 months or more Unrealized losses | 23,176,537 | 22,127,080 |
Total Fair value | 125,657,743 | 128,498,111 |
Total Unrealized losses | $ 23,716,943 | $ 22,505,459 |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | ||
Financing Receivable, Nonaccrual | 655,410 | $ 655,410 | ||
Financing Receivable, Allowance for Credit Loss | 4,317,837 | 4,589,232 | 4,285,247 | $ 4,150,198 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 1,621,151 | 1,539,332 | ||
Purchased Loans, Accretable Yield, Accretion | 75,378 | 112,233 | ||
Loans Acquired, Accretable Yield | 437,936 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Amortization | 71,151 | 105,939 | ||
Loans Acquired, Outstanding Balance | 72,259,692 | |||
Loans Acquired, Carrying Amount, Net | 72,233,668 | |||
Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, Nonaccrual, Interest Income | 11,433 | 45,856 | ||
Nonaccrual Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 475,000 | $ 450,000 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | 1 | ||
Financing Receivable, Nonaccrual | $ 502,961 | $ 502,961 | ||
Financing Receivable, Allowance for Credit Loss | $ 2,468,888 | 2,468,962 | $ 2,449,988 | 2,818,582 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Number of Loans, Nonaccrual Status | 1 | 1 | ||
Financing Receivable, Nonaccrual | $ 152,449 | $ 152,449 | ||
Financing Receivable, Allowance for Credit Loss | $ 597,542 | $ 457,059 | $ 493,502 | $ 337,303 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Credit Losses - Major Categories of Loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans | $ 541,954,860 | $ 528,166,500 | ||
Loans, allowance for credit loss | 4,317,837 | 4,285,247 | $ 4,589,232 | $ 4,150,198 |
Deferred origination fees net of costs | 556,416 | 573,209 | ||
Financing Receivable, after Allowance for Credit Loss | 537,080,607 | 523,308,044 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 365,948,344 | 361,942,511 | ||
Loans, allowance for credit loss | 2,468,888 | 2,449,988 | 2,468,962 | 2,818,582 |
Construction and Land Development [Member] | ||||
Loans | 19,148,561 | 20,446,150 | ||
Loans, allowance for credit loss | 245,904 | 253,173 | 289,221 | 164,596 |
Residential Portfolio Segment [Member] | ||||
Loans | 112,424,358 | 112,789,631 | ||
Loans, allowance for credit loss | 900,944 | 1,012,938 | 1,259,741 | 793,919 |
Commercial Portfolio Segment [Member] | ||||
Loans | 44,240,198 | 32,823,072 | ||
Loans, allowance for credit loss | 597,542 | 493,502 | 457,059 | 337,303 |
Consumer Portfolio Segment [Member] | ||||
Loans | 193,399 | 165,136 | ||
Loans, allowance for credit loss | $ 1,485 | $ 2,080 | $ 3,536 | $ 4,706 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Nonaccrual, No Allowance | $ 0 | $ 0 |
Nonaccrual loans | 655,410 | 655,410 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 502,961 | 502,961 |
Construction and Land Development [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | 152,449 | 152,449 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Credit Losses - Past Due Loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Loans | $ 541,954,860 | $ 528,166,500 |
Loans, 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 162,594 |
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 | 655,410 | 818,004 |
Financial Asset, Not Past Due [Member] | ||
Loans | 541,299,450 | 527,348,496 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 365,948,344 | 361,942,511 |
Loans, 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 502,961 | 502,961 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 502,961 | 502,961 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 365,445,383 | 361,439,550 |
Construction and Land Development [Member] | ||
Loans | 19,148,561 | 20,446,150 |
Loans, 90 days past due and still accruing | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 19,148,561 | 20,446,150 |
Residential Portfolio Segment [Member] | ||
Loans | 112,424,358 | 112,789,631 |
Loans, 90 days past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 161,431 |
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 | 0 | 161,431 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 112,424,358 | 112,628,200 |
Commercial Portfolio Segment [Member] | ||
Loans | 44,240,198 | 32,823,072 |
Loans, 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 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 | 44,087,749 | 32,670,623 |
Consumer Portfolio Segment [Member] | ||
Loans | 193,399 | 165,136 |
Loans, 90 days past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 1,163 |
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 | 1,163 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 193,399 | $ 163,973 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Loans | $ 541,954,860 | $ 528,166,500 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 365,948,344 | 361,942,511 |
Construction and Land Development [Member] | ||
Loans | 19,148,561 | 20,446,150 |
Residential Portfolio Segment [Member] | ||
Loans | 112,424,358 | 112,789,631 |
Commercial Portfolio Segment [Member] | ||
Loans | 44,240,198 | 32,823,072 |
Consumer Portfolio Segment [Member] | ||
Loans | 193,399 | 165,136 |
Collateral Pledged [Member] | ||
Loans | 2,940,932 | 2,943,174 |
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 2,515,020 | 2,515,103 |
Collateral Pledged [Member] | Construction and Land Development [Member] | ||
Loans | 0 | 0 |
Collateral Pledged [Member] | Residential Portfolio Segment [Member] | ||
Loans | 273,463 | 275,622 |
Collateral Pledged [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 152,449 | 152,449 |
Collateral Pledged [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Credit Losses - Loans by Credit Grade (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Loans, current year | $ 13,519,146 | $ 48,084,876 |
Loans, one year before | 48,333,657 | 107,173,742 |
Loans, two years before | 106,450,226 | 72,737,773 |
Loans, three years before | 72,079,664 | 29,206,581 |
Loans, four years before | 29,812,303 | 42,674,240 |
Loans, prior | 243,579,839 | 204,781,877 |
Loans, revolving | 28,180,025 | 23,507,411 |
Loans, revolving converted to term | 0 | 0 |
Loans | 541,954,860 | 528,166,500 |
Pass [Member] | ||
Loans, current year | 13,516,979 | 48,078,770 |
Loans, one year before | 48,329,506 | 107,173,742 |
Loans, two years before | 106,450,226 | 72,736,249 |
Loans, three years before | 72,078,342 | 29,206,581 |
Loans, four years before | 29,812,303 | 42,521,791 |
Loans, prior | 232,401,013 | 193,674,174 |
Loans, revolving | 28,167,930 | 23,491,273 |
Loans, revolving converted to term | 0 | 0 |
Loans | 530,756,299 | 516,882,580 |
Special Mention [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Substandard [Member] | ||
Loans, current year | 2,167 | 6,106 |
Loans, one year before | 4,151 | 0 |
Loans, two years before | 0 | 1,524 |
Loans, three years before | 1,322 | 0 |
Loans, four years before | 0 | 152,449 |
Loans, prior | 11,178,826 | 11,107,703 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 11,186,466 | 11,267,782 |
Doubtful [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 12,095 | 16,138 |
Loans, revolving converted to term | 0 | 0 |
Loans | 12,095 | 16,138 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans, current year | 5,011,657 | 27,500,909 |
Loans, one year before | 27,464,322 | 73,944,442 |
Loans, two years before | 73,640,394 | 54,973,818 |
Loans, three years before | 56,459,519 | 20,540,492 |
Loans, four years before | 20,358,378 | 25,102,276 |
Loans, prior | 179,871,083 | 157,186,306 |
Loans, revolving | 3,142,991 | 2,694,268 |
Loans, revolving converted to term | 0 | 0 |
Loans | 365,948,344 | 361,942,511 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 5,011,657 | 27,500,909 |
Loans, one year before | 27,464,322 | 73,944,442 |
Loans, two years before | 73,640,394 | 54,973,818 |
Loans, three years before | 56,459,519 | 20,540,492 |
Loans, four years before | 20,358,378 | 25,102,276 |
Loans, prior | 170,504,116 | 147,755,491 |
Loans, revolving | 3,142,991 | 2,694,268 |
Loans, revolving converted to term | 0 | 0 |
Loans | 356,581,377 | 352,511,696 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 9,366,967 | 9,430,815 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 9,366,967 | 9,430,815 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Construction and Land Development [Member] | ||
Loans, current year | 587,636 | 3,359,456 |
Loans, one year before | 3,630,188 | 6,519,085 |
Loans, two years before | 6,561,781 | 4,623,119 |
Loans, three years before | 2,643,137 | 642,571 |
Loans, four years before | 634,519 | 309,038 |
Loans, prior | 5,091,300 | 4,992,881 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 19,148,561 | 20,446,150 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans, current year | 587,636 | 3,359,456 |
Loans, one year before | 3,630,188 | 6,519,085 |
Loans, two years before | 6,561,781 | 4,623,119 |
Loans, three years before | 2,643,137 | 642,571 |
Loans, four years before | 634,519 | 309,038 |
Loans, prior | 5,091,300 | 4,992,881 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 19,148,561 | 20,446,150 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Construction and Land Development [Member] | Substandard [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Construction and Land Development [Member] | Doubtful [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans, current year | 2,091,278 | 10,109,347 |
Loans, one year before | 10,334,045 | 18,603,074 |
Loans, two years before | 18,450,985 | 9,870,791 |
Loans, three years before | 9,968,171 | 6,793,326 |
Loans, four years before | 7,783,011 | 16,218,714 |
Loans, prior | 56,849,347 | 41,692,646 |
Loans, revolving | 6,947,521 | 9,501,733 |
Loans, revolving converted to term | 0 | 0 |
Loans | 112,424,358 | 112,789,631 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 2,091,278 | 10,109,347 |
Loans, one year before | 10,334,045 | 18,603,074 |
Loans, two years before | 18,450,985 | 9,870,791 |
Loans, three years before | 9,968,171 | 6,793,326 |
Loans, four years before | 7,783,011 | 16,218,714 |
Loans, prior | 55,189,937 | 40,015,758 |
Loans, revolving | 6,947,521 | 9,501,733 |
Loans, revolving converted to term | 0 | 0 |
Loans | 110,764,948 | 111,112,743 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 1,659,410 | 1,676,888 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 1,659,410 | 1,676,888 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans, current year | 5,776,066 | 7,016,763 |
Loans, one year before | 6,817,393 | 8,074,370 |
Loans, two years before | 7,768,722 | 3,264,342 |
Loans, three years before | 3,004,509 | 1,225,297 |
Loans, four years before | 1,032,155 | 1,036,986 |
Loans, prior | 1,763,935 | 910,042 |
Loans, revolving | 18,077,418 | 11,295,272 |
Loans, revolving converted to term | 0 | 0 |
Loans | 44,240,198 | 32,823,072 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 5,776,066 | 7,016,763 |
Loans, one year before | 6,817,393 | 8,074,370 |
Loans, two years before | 7,768,722 | 3,264,342 |
Loans, three years before | 3,004,509 | 1,225,297 |
Loans, four years before | 1,032,155 | 884,537 |
Loans, prior | 1,611,486 | 910,042 |
Loans, revolving | 18,077,418 | 11,295,272 |
Loans, revolving converted to term | 0 | 0 |
Loans | 44,087,749 | 32,670,623 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 152,449 |
Loans, prior | 152,449 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 152,449 | 152,449 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans, current year | 52,509 | 98,401 |
Loans, one year before | 87,709 | 32,771 |
Loans, two years before | 28,344 | 5,703 |
Loans, three years before | 4,328 | 4,895 |
Loans, four years before | 4,240 | 7,226 |
Loans, prior | 4,174 | 2 |
Loans, revolving | 12,095 | 16,138 |
Loans, revolving converted to term | 0 | 0 |
Loans | 193,399 | 165,136 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans, current year | 50,342 | 92,295 |
Loans, one year before | 83,558 | 32,771 |
Loans, two years before | 28,344 | 4,179 |
Loans, three years before | 3,006 | 4,895 |
Loans, four years before | 4,240 | 7,226 |
Loans, prior | 4,174 | 2 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 173,664 | 141,368 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans, current year | 2,167 | 6,106 |
Loans, one year before | 4,151 | 0 |
Loans, two years before | 0 | 1,524 |
Loans, three years before | 1,322 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 0 | 0 |
Loans, revolving converted to term | 0 | 0 |
Loans | 7,640 | 7,630 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans, current year | 0 | 0 |
Loans, one year before | 0 | 0 |
Loans, two years before | 0 | 0 |
Loans, three years before | 0 | 0 |
Loans, four years before | 0 | 0 |
Loans, prior | 0 | 0 |
Loans, revolving | 12,095 | 16,138 |
Loans, revolving converted to term | 0 | 0 |
Loans | $ 12,095 | $ 16,138 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for loan losses | $ 4,285,247 | $ 4,150,198 | $ 4,150,198 |
Provision for loan losses | (270,000) | (699,557) | |
Charge-offs | (1,163) | 0 | 0 |
Recoveries | 6,000 | 375,098 | 398,973 |
Allowance for loan losses | 4,317,837 | 4,589,232 | 4,285,247 |
Allowance for loan losses ending balance evaluated for impairment individually | 475,000 | 281,910 | 450,000 |
Allowance for loan losses ending balance evaluated for impairment collectively | 3,842,837 | ||
Outstanding loan balances evaluated for impairment individually | 655,410 | 2,943,174 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 539,013,928 | 524,851,322 | 525,223,326 |
Loans, allowance for credit loss | 4,317,837 | 4,589,232 | 4,285,247 |
Beginning balance | 227,643 | 0 | 0 |
Credit loss recovery | (23,796) | (8,602) | |
Ending balance | 203,847 | 76,471 | 227,643 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 4,307,322 | 3,835,247 | |
Outstanding loan balances evaluated for impairment individually | 2,940,932 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses | 2,449,988 | 2,818,582 | 2,818,582 |
Provision for loan losses | 1,218 | 79,889 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 2,468,888 | 2,468,962 | 2,449,988 |
Allowance for loan losses ending balance evaluated for impairment individually | 322,551 | 129,461 | 297,551 |
Allowance for loan losses ending balance evaluated for impairment collectively | 2,146,337 | ||
Outstanding loan balances evaluated for impairment individually | 502,961 | 2,515,103 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 363,433,324 | 357,265,645 | 359,427,408 |
Loans, allowance for credit loss | 2,468,888 | 2,468,962 | 2,449,988 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 2,339,501 | 2,152,437 | |
Outstanding loan balances evaluated for impairment individually | 2,515,020 | ||
Construction and Land Development [Member] | |||
Allowance for loan losses | 253,173 | 164,596 | 164,596 |
Provision for loan losses | (401) | (200,665) | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 4,050 | 11,925 |
Allowance for loan losses | 245,904 | 289,221 | 253,173 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 245,904 | ||
Outstanding loan balances evaluated for impairment individually | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 19,148,561 | 24,545,262 | 20,446,150 |
Loans, allowance for credit loss | 245,904 | 289,221 | 253,173 |
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 289,221 | 253,173 | |
Outstanding loan balances evaluated for impairment individually | 0 | ||
Residential Portfolio Segment [Member] | |||
Allowance for loan losses | 1,012,938 | 793,919 | 793,919 |
Provision for loan losses | (369,453) | (676,608) | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 6,000 | 371,048 | 387,048 |
Allowance for loan losses | 900,944 | 1,259,741 | 1,012,938 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 900,944 | ||
Outstanding loan balances evaluated for impairment individually | 0 | 275,622 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 112,150,895 | 113,176,411 | 112,514,009 |
Loans, allowance for credit loss | 900,944 | 1,259,741 | 1,012,938 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 1,259,741 | 1,012,938 | |
Outstanding loan balances evaluated for impairment individually | 273,463 | ||
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses | 493,502 | 337,303 | 337,303 |
Provision for loan losses | (15,444) | 22,361 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 597,542 | 457,059 | 493,502 |
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 | 445,093 | ||
Outstanding loan balances evaluated for impairment individually | 152,449 | 152,449 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 44,087,749 | 29,723,854 | 32,670,623 |
Loans, allowance for credit loss | 597,542 | 457,059 | 493,502 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 304,610 | 341,053 | |
Outstanding loan balances evaluated for impairment individually | 152,449 | ||
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses | 2,080 | 4,706 | 4,706 |
Provision for loan losses | 3,367 | 1,900 | |
Charge-offs | (1,163) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 1,485 | 3,536 | 2,080 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 1,485 | ||
Outstanding loan balances evaluated for impairment individually | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 193,399 | 140,150 | 165,136 |
Loans, allowance for credit loss | 1,485 | 3,536 | 2,080 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 3,536 | 2,080 | |
Outstanding loan balances evaluated for impairment individually | 0 | ||
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | 73,566 | 31,092 | 31,092 |
Provision for loan losses | 110,713 | 73,566 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses | 103,074 | 110,713 | 73,566 |
Allowance for loan losses ending balance evaluated for impairment individually | 0 | 0 | 0 |
Allowance for loan losses ending balance evaluated for impairment collectively | 103,074 | ||
Outstanding loan balances evaluated for impairment individually | 0 | 0 | |
Financing Receivable, Collectively Evaluated for Credit Loss | 0 | 0 | 0 |
Loans, allowance for credit loss | 103,074 | 110,713 | 73,566 |
Unallocated Financing Receivables [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loan losses ending balance evaluated for impairment collectively | 110,713 | 73,566 | |
Outstanding loan balances evaluated for impairment individually | 0 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for loan losses | 435,633 | 333,936 | 333,936 |
Provision for loan losses | 27,753 | ||
Allowance for loan losses | 435,633 | ||
Loans, allowance for credit loss | 435,633 | ||
Beginning balance | 0 | 85,073 | 85,073 |
Ending balance | 0 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses | (448,483) | (350,838) | (350,838) |
Provision for loan losses | 18,900 | ||
Allowance for loan losses | (448,483) | ||
Loans, allowance for credit loss | (448,483) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development [Member] | |||
Allowance for loan losses | 277,317 | 120,976 | 120,976 |
Provision for loan losses | (7,269) | ||
Allowance for loan losses | 277,317 | ||
Loans, allowance for credit loss | 277,317 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||
Allowance for loan losses | 508,579 | 464,227 | 464,227 |
Provision for loan losses | (117,994) | ||
Allowance for loan losses | 508,579 | ||
Loans, allowance for credit loss | 508,579 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | |||
Allowance for loan losses | 133,838 | 135,200 | 135,200 |
Provision for loan losses | 104,040 | ||
Allowance for loan losses | 133,838 | ||
Loans, allowance for credit loss | 133,838 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for loan losses | (4,526) | (4,537) | (4,537) |
Provision for loan losses | 568 | ||
Allowance for loan losses | (4,526) | ||
Loans, allowance for credit loss | (4,526) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||
Allowance for loan losses | (31,092) | $ (31,092) | (31,092) |
Provision for loan losses | $ 29,508 | ||
Allowance for loan losses | (31,092) | ||
Loans, allowance for credit loss | $ (31,092) |
Note 4 - Loans and Allowance_10
Note 4 - Loans and Allowance for Credit Losses - Activity for Accretable Yield of Purchased Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at December 31, 2023 | $ 539,338 | |
Accretion | (75,378) | $ (112,233) |
Balance at March 31, 2024 | $ 463,960 |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Credit Losses - Components of Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance | $ 4,548,517 | $ 4,150,198 | $ 4,150,198 |
Provision (recovery) of credit losses | 0 | (282,559) | |
Charge-offs | (1,163) | 0 | 0 |
Recoveries | 6,000 | 375,098 | 398,973 |
Balance | 4,553,354 | 4,713,736 | 4,548,517 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 470,999 | 470,999 | |
Held-to-Maturity Securities [Member] | |||
Balance | 35,627 | 0 | 0 |
Provision (recovery) of credit losses | (3,957) | (3,957) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | 31,670 | 48,033 | 35,627 |
Held-to-Maturity Securities [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 51,990 | 51,990 | |
Loans [Member] | |||
Balance | 4,285,247 | 4,150,198 | 4,150,198 |
Provision (recovery) of credit losses | 27,753 | (270,000) | |
Charge-offs | (1,163) | 0 | |
Recoveries | 6,000 | 375,098 | |
Balance | 4,317,837 | 4,589,232 | 4,285,247 |
Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 333,936 | 333,936 | |
Unfunded Loan Commitments [Member] | |||
Balance | 227,643 | 0 | 0 |
Provision (recovery) of credit losses | (23,796) | (8,602) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance | $ 203,847 | 76,471 | 227,643 |
Unfunded Loan Commitments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | $ 85,073 | $ 85,073 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member] | Mar. 31, 2024 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 Two | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Six | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Seven | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Eight | 8,328 |
Finite-Lived Intangible Asset, Expected Amortization, Year Nine | $ 8,328 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 6,978,208 | $ 6,978,208 | $ 6,978,208 | $ 6,978,208 |
Balance | 7,034,424 | 7,042,752 | ||
Amortization | (2,082) | (2,082) | ||
Balance | 7,032,342 | 7,040,670 | ||
Amortization | (2,082) | (2,082) | ||
Core Deposits [Member] | ||||
Balance, other intangible | 56,216 | 64,544 | ||
Amortization, other intangible | (2,082) | (2,082) | ||
Balance, other intangible | $ 54,134 | $ 62,462 |
Note 6 - Capital Standards (Det
Note 6 - Capital Standards (Details Textual) | Mar. 31, 2024 | Dec. 31, 2023 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | 0.065 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.08 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.10 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.05 |
Note 6 - Capital Standards - Ca
Note 6 - Capital Standards - Capital Requirements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Capital | $ 80,699 | $ 79,988 |
Capital to Risk Weighted Assets | 0.1322 | 0.1345 |
Capital Required for Capital Adequacy | $ 64,108 | $ 62,437 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | 0.105 |
Capital Required to be Well Capitalized | $ 61,055 | $ 59,464 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.10 |
Tier One Risk Based Capital | $ 76,146 | $ 75,440 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1247 | 0.1269 |
Tier One Risk Based Capital Required for Capital Adequacy | $ 51,897 | $ 50,544 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | 0.085 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 48,844 | $ 47,571 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.08 |
Common Equity Tier One Capital | $ 76,146 | $ 75,440 |
Common Equity Tier One Capital Ratio | 0.1247 | 0.1269 |
Common Equity Tier One Capital Required for Capital Adequacy | $ 42,739 | $ 41,625 |
Common Equity Tier One Capital Required for Capital Adequacy Ratio | 0.07 | 0.07 |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 39,686 | $ 38,651 |
Common Equity Tier One Capital Required to be Well Capitalized Ratio | 0.065 | 0.065 |
Tier One Leverage Capital | $ 76,146 | $ 75,440 |
Tier One Leverage Capital to Average Assets | 0.0931 | 0.0942 |
Tier One Leverage Capital Required for Capital Adequacy | $ 32,730 | $ 32,051 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.04 | 0.04 |
Tier One Leverage Capital Required to be Well Capitalized | $ 40,913 | $ 40,063 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.05 |
Note 7 - Derivative Financial_3
Note 7 - Derivative Financial Instruments (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | |
Derivative, Notional Amount | $ 59.1 |
Note 7 - Derivative Financial_4
Note 7 - Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Available for Sale Fair value Total | $ 162,126,265 | $ 164,084,673 |
Securities available for sale | ||
Fair value hedge in other assets | $ 69,127,662 | 69,920,575 |
Fair Value Hedge, Cumulative Adjustment | (439,097) | (1,609,248) |
Derivative asset | 69,127,662 | 69,920,575 |
Designated as Hedging Instrument [Member] | ||
Fair value hedge in other assets | 205,349 | 0 |
Derivative asset | 205,349 | 0 |
Derivative liability | 655,975 | 1,563,527 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair value hedge in other assets | 205,349 | 0 |
Derivative asset | 205,349 | 0 |
Derivative liability | $ 655,975 | $ 1,563,527 |
Note 7 - Derivative Financial_5
Note 7 - Derivative Financial Instrument - Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Hedged items | $ (11,529) | $ 232,536 |
Net gain on fair value hedging relationships included in interest income from investment securities- taxable | 168,681 | 34,112 |
Fair Value Hedging [Member] | ||
Interest rate contracts designated as hedging instruments | $ 180,210 | $ (198,424) |
Note 8 - Fair Value (Details Te
Note 8 - Fair Value (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 | Dec. 31, 2023 |
Fair value, available for sale | $ 162,126,265 | $ 164,084,673 |
Fair value hedge in other assets | 69,127,662 | 69,920,575 |
Mutual fund | 507,743 | 507,130 |
Fair Value, Recurring [Member] | ||
Fair value, available for sale | 162,126,265 | 164,084,673 |
Fair value hedge in other assets | 205,349 | |
Mutual fund | 507,743 | 507,130 |
Fair value hedge in other liabilities | 655,975 | 1,563,527 |
Fair Value, Nonrecurring [Member] | ||
Other real estate owned, net | 1,242,365 | 1,242,365 |
Collateral-dependent loans, net | 180,410 | 205,410 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Fair value hedge in other assets | 0 | |
Mutual fund | 507,743 | 507,130 |
Fair value hedge in other liabilities | 0 | 0 |
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 | 162,126,265 | 164,084,673 |
Fair value hedge in other assets | 205,349 | |
Mutual fund | 0 | 0 |
Fair value hedge in other liabilities | 655,975 | 1,563,527 |
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 | 0 |
Fair value hedge in other assets | 0 | |
Mutual fund | 0 | 0 |
Fair value hedge in other liabilities | 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 | 180,410 | 205,410 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, available for sale | 481,930 | 484,808 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 481,930 | 484,808 |
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 | 481,930 | 484,808 |
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 | 746,019 | 766,710 |
SBA Pools [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 746,019 | 766,710 |
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 | 746,019 | 766,710 |
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 | 8,150,553 | 8,570,429 |
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 8,150,553 | 8,570,429 |
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 | 8,150,553 | 8,570,429 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair value, available for sale | 0 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, available for sale | 152,747,763 | 154,262,726 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair value, available for sale | 152,747,763 | 154,262,726 |
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 | 152,747,763 | 154,262,726 |
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, 2024 | Dec. 31, 2023 | |
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 | $ 180,410 | $ 205,410 |
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 - Estimated
Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value, available for sale | $ 162,126,265 | $ 164,084,673 |
Fair value, held to maturity | 18,975,422 | |
Fair value hedge in other assets | 69,127,662 | 69,920,575 |
Securities held to maturity | 18,975,422 | |
Reported Value Measurement [Member] | ||
Federal Reserve Bank advances | 54,000,000 | 33,000,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 25,633,230 | 44,690,337 |
Noninterest-bearing deposits | 115,416,221 | 115,284,706 |
Securities sold under repurchase agreements | 5,600,380 | 6,760,493 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Certificates of deposit in other banks | 100,000 | 100,000 |
Accrued interest receivable | 2,235,859 | 2,180,734 |
Fair value, available for sale | 162,126,265 | 164,084,673 |
Fair value, held to maturity | 17,328,604 | 17,293,422 |
Equity security | 507,743 | 507,130 |
Restricted stock, at cost | 920,900 | 863,500 |
Bank owned life insurance | 15,021,074 | 14,930,754 |
Fair value hedge in other assets | 205,349 | 0 |
Securities held to maturity | 17,328,604 | 17,293,422 |
Interest-bearing deposits | 540,561,366 | 565,678,145 |
Federal Home Loan Bank advances | 5,000,000 | 5,000,000 |
Long-term debt, net | 12,741,562 | 13,212,378 |
Accrued interest payable | 1,404,170 | 1,482,773 |
Fair value hedge in other liabilities | 655,975 | 1,563,527 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 2,870,200 | 2,870,200 |
Securities held to maturity | 2,870,200 | 2,870,200 |
Loans, net | 537,080,607 | 523,308,044 |
Estimate of Fair Value Measurement [Member] | ||
Federal Reserve Bank advances | 53,712,875 | 32,996,852 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 25,633,230 | 44,690,337 |
Noninterest-bearing deposits | 115,416,221 | 115,284,706 |
Securities sold under repurchase agreements | 5,600,380 | 6,760,493 |
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 | 2,235,859 | 2,180,734 |
Fair value, available for sale | 162,126,265 | 164,084,673 |
Fair value, held to maturity | 16,073,552 | 16,193,020 |
Equity security | 507,743 | 507,130 |
Restricted stock, at cost | 920,900 | 863,500 |
Bank owned life insurance | 15,021,074 | 14,930,754 |
Fair value hedge in other assets | 205,349 | 0 |
Securities held to maturity | 16,073,552 | 16,193,020 |
Interest-bearing deposits | 540,811,366 | 566,925,060 |
Federal Home Loan Bank advances | 4,806,000 | 4,754,000 |
Long-term debt, net | 11,833,366 | 12,428,000 |
Accrued interest payable | 1,404,170 | 1,482,773 |
Fair value hedge in other liabilities | 655,975 | 1,563,527 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value, held to maturity | 2,870,200 | 2,870,200 |
Securities held to maturity | 2,870,200 | 2,870,200 |
Loans, net | $ 516,778,960 | $ 507,138,253 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 206 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 206 | 206 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 1,219,987 | $ 1,900,851 |
Weighted average shares outstanding (in shares) | 3,116,966 | 3,071,214 |
Effect of dilutive restricted stock units (in shares) | 206 | 0 |
Weighted average shares outstanding (in shares) | 3,117,172 | 3,071,214 |
Earnings per share - basic (in dollars per share) | $ 0.39 | $ 0.62 |
Earnings per share - diluted (in dollars per share) | $ 0.39 | $ 0.62 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Number of Employees Covered by Life Insurance Policy | 12 | |
Other Postretirement Benefits Cost (Reversal of Cost) | $ 1,976 | $ 1,834 |
Employee Benefits and Share-Based Compensation | $ 606,313 | 594,057 |
Supplemental Employee Retirement Plan [Member] | ||
Number of Employees Participating in Plan | 4 | |
Employee Benefits and Share-Based Compensation | $ 66,000 | 72,600 |
Profit Sharing Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 80,290 | $ 77,675 |
Note 11 - Borrowed Funds (Detai
Note 11 - Borrowed Funds (Details Textual) - USD ($) | 15 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2020 | |
Carroll Bancorp, Inc.[Member] | |||
Debt Instrument, Face Amount | $ 17,000,000 | ||
Federal Reserve Bank Advances, Facility One [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | ||
Commercial Banks [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 23,500,000 | ||
Commercial Banks [Member] | Unsecured Debt [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 14,500,000 | ||
Commercial Banks [Member] | Secured Debt [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 9,000,000 | ||
Federal Reserve Bank Advances, Facility Two [Member] | |||
Long-Term Line of Credit | 54,000,000 | $ 33,000,000 | |
Federal Reserve Bank Advances [Member] | |||
Long-Term Line of Credit | 0 | $ 0 | |
Federal Home Loan Bank of Atlanta [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 71,400,000 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 5,000,000 | ||
Federal Home Loan Bank of Atlanta [Member] | Pledged Single-family Residential Loans [Member] | |||
Debt Instruments, Borrowing Capacity, Percentage | 75% | ||
Federal Home Loan Bank of Atlanta [Member] | Pledged Commercial Loan [Member] | |||
Debt Instruments, Borrowing Capacity, Percentage | 50% |
Note 11 - Borrowed Funds - Borr
Note 11 - Borrowed Funds - Borrowed Funds (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Securities sold under repurchase agreements | $ 5,600,380 | $ 6,760,493 |
Long-term debt, net of issuance costs | 12,741,562 | 13,212,378 |
Long-Term Debt [Member] | ||
Long-term debt, net of issuance costs | 12,741,562 | 13,212,378 |
Federal Home Loan Bank of Atlanta [Member] | ||
Federal Home Loan Bank advances mature in: | 5,000,000 | |
Federal Home Loan Bank of Atlanta [Member] | Maturing in 2023 [Member] | ||
Federal Home Loan Bank advances mature in: | 5,000,000 | 5,000,000 |
Federal Home Loan Bank of Atlanta [Member] | Maturing in 2024 [Member] | ||
Federal Home Loan Bank advances mature in: | 0 | 33,000,000 |
Federal Home Loan Bank of Atlanta [Member] | Maturing in 2025 [Member] | ||
Federal Home Loan Bank advances mature in: | $ 54,000,000 | $ 0 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - The 2023 Equity Compensation Plan [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 4,538 | $ 4,538 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 45,374 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 30 months | ||
Executive Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 2,000 | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 3,000 | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Balance, shares (in shares) | shares | 3,000 |
Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 18.15 |
Granted, shares (in shares) | shares | 0 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Vested, shares (in shares) | shares | 0 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Forefeited, shares (in shares) | shares | 0 |
Forefeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Balance, shares (in shares) | shares | 3,000 |
Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 18.15 |