Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Bank of Commerce Holdings | |
Entity Central Index Key | 0000702513 | |
Trading Symbol | boch | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 16,738,685 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, no par value |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and due from banks | $ 21,127 | $ 21,338 |
Interest-bearing deposits in other banks | 22,813 | 59,266 |
Total cash and cash equivalents | 43,940 | 80,604 |
Securities available-for-sale, at fair value | 285,077 | 286,950 |
Loans, net of deferred fees and costs | 1,054,374 | 1,035,065 |
Allowance for loan and lease losses | (15,067) | (12,231) |
Net loans | 1,039,307 | 1,022,834 |
Premises and equipment, net | 15,452 | 15,906 |
Other real estate owned | 8 | 35 |
Life insurance | 23,824 | 23,701 |
Deferred tax asset, net | 3,149 | 4,553 |
Goodwill | 11,671 | 11,671 |
Other intangible assets, net | 4,618 | 4,809 |
Other assets | 28,834 | 28,553 |
Total assets | 1,455,880 | 1,479,616 |
Liabilities: | ||
Demand - noninterest-bearing | 419,315 | 432,680 |
Demand - interest-bearing | 231,276 | 239,258 |
Money market | 314,687 | 307,559 |
Savings | 133,552 | 135,888 |
Certificates of deposit | 143,557 | 151,786 |
Total deposits | 1,242,387 | 1,267,171 |
Term debt: | ||
Federal Home Loan Bank of San Francisco borrowings | 10,000 | |
Total future maturities | 20,000 | |
Junior subordinated debentures | 10,310 | 10,310 |
Other liabilities | 17,556 | 17,700 |
Total liabilities | 1,290,222 | 1,305,138 |
Commitments and contingencies (Note 7) | ||
Shareholders' equity: | ||
Common stock, no par value, 50,000,000 shares authorized: issued and outstanding - 16,796,262 as of March 31, 2020 and 18,137,167 as of December 31, 2019 | 59,067 | 71,311 |
Retained earnings | 100,644 | 100,566 |
Accumulated other comprehensive income, net of tax | 5,947 | 2,601 |
Total shareholders' equity | 165,658 | 174,478 |
Total liabilities and shareholders' equity | 1,455,880 | 1,479,616 |
Term Debt [Member] | ||
Term debt: | ||
Other borrowings | 10,000 | 10,000 |
Less unamortized debt issuance costs | (31) | (43) |
Total future maturities | $ 19,969 | $ 9,957 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 16,796,262 | 18,137,167 |
Common stock, outstanding (in shares) | 16,796,262 | 18,137,167 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Interest income: | |||
Interest and fees on loans | $ 12,338 | $ 12,031 | |
Interest on taxable securities | 1,582 | 1,764 | |
Interest on tax-exempt securities | 271 | 387 | |
Interest on interest-bearing deposits in other banks | 154 | 245 | |
Total interest income | 14,345 | 14,427 | |
Interest expense: | |||
Interest on demand - interest-bearing | 100 | 126 | |
Interest on money market | 403 | 289 | |
Interest on savings | 118 | 111 | |
Interest on certificates of deposit | 464 | 490 | |
Interest on Federal Home Loan Bank of San Francisco borrowings | 55 | ||
Interest on other borrowings | 184 | 239 | |
Interest on junior subordinated debentures | 90 | 113 | |
Total interest expense | 1,359 | 1,423 | |
Net interest income | 12,986 | 13,004 | |
Provision for loan and lease losses | 2,850 | ||
Net interest income after provision for loan and lease losses | 10,136 | 13,004 | |
Noninterest income: | |||
Payroll and benefit processing fees | 170 | 171 | |
Life insurance | 123 | 129 | |
Gain on sale of investment securities, net | 84 | 92 | |
Federal Home Loan Bank of San Francisco dividends | 130 | 121 | |
(Loss) gain on sale of OREO | (23) | 23 | |
Other (loss) income | (29) | 87 | |
Total noninterest income | 892 | 1,057 | |
Noninterest expense: | |||
Salaries and related benefits | 5,887 | 5,729 | |
Premises and equipment | 854 | 975 | |
Federal Deposit Insurance Corporation insurance premium | 36 | 100 | |
Data processing | 531 | 576 | |
Professional services | 334 | 303 | |
Telecommunications | 171 | 173 | |
Acquisition and merger | 1,930 | ||
Other expenses | 1,970 | 1,137 | |
Total noninterest expense | 9,783 | 10,923 | |
Income before provision for income taxes | 1,245 | 3,138 | |
Provision for income taxes | 329 | 832 | |
Net income | $ 916 | $ 2,306 | |
Earnings per share - basic (in dollars per share) | $ 0.05 | $ 0.13 | |
Weighted average shares - basic (in shares) | [1] | 17,695 | 17,489 |
Earnings per share - diluted (in dollars per share) | $ 0.05 | $ 0.13 | |
Weighted average shares - diluted (in shares) | 17,747 | 17,552 | |
Deposit Account [Member] | |||
Noninterest income: | |||
Revenue from Contract with Customer | $ 169 | $ 169 | |
Credit and Debit Card [Member] | |||
Noninterest income: | |||
Revenue from Contract with Customer | $ 268 | $ 265 | |
[1] | Excludes unvested restricted shares because they do not have dividend or voting rights |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 916 | $ 2,306 |
Available-for-sale securities : | ||
Changes in unrealized gains arising during the period | 4,833 | 3,661 |
Income taxes | (1,429) | (1,082) |
Change in unrealized gains , net of tax | 3,404 | 2,579 |
Reclassification adjustment for realized gains included in net income | (84) | (92) |
Income taxes | 26 | 27 |
Realized gains, net of tax | (58) | (65) |
Net change in unrealized gains on available-for-sale securities | 3,346 | 2,514 |
Other comprehensive income | 3,346 | 2,514 |
Comprehensive income – Bank of Commerce Holdings | $ 4,262 | $ 4,820 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 16,334,000 | |||
Balance at Dec. 31, 2018 | $ 52,284 | $ 89,045 | $ (3,008) | $ 138,321 |
Net income | 2,306 | 2,306 | ||
Other comprehensive income, net of tax | 2,514 | 2,514 | ||
Comprehensive income | 4,820 | |||
Dividend declared on common stock | (725) | (725) | ||
Stock issued for Merchants acquisition (in shares) | 1,834,000 | |||
Stock issued for Merchants acquisition | $ 19,606 | 19,606 | ||
Stock compensation grants (in shares) | 6,000 | |||
Stock issued under employee plans | $ 58 | 58 | ||
Restricted stock granted, net (in shares) | (31,000) | |||
Restricted stock granted, net | ||||
Stock options exercised (in shares) | 8,000 | |||
Stock options exercised | $ 40 | 40 | ||
Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes | $ (22) | (22) | ||
Restricted stock granted, net (in shares) | 31,000 | |||
Balance (in shares) at Mar. 31, 2019 | 18,213,000 | |||
Balance at Mar. 31, 2019 | $ 71,966 | 90,626 | (494) | 162,098 |
Net income | 3,644 | 3,644 | ||
Other comprehensive income, net of tax | 2,897 | 2,897 | ||
Comprehensive income | 6,541 | |||
Dividend declared on common stock | (907) | (907) | ||
Restricted stock granted, net (in shares) | (1,000) | |||
Restricted stock granted, net | ||||
Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes | $ 121 | 121 | ||
Restricted stock granted, net (in shares) | 1,000 | |||
Balance (in shares) at Jun. 30, 2019 | 18,214,000 | |||
Balance at Jun. 30, 2019 | $ 72,087 | 93,363 | 2,403 | 167,853 |
Net income | 4,642 | 4,642 | ||
Other comprehensive income, net of tax | (66) | (66) | ||
Comprehensive income | 4,576 | |||
Dividend declared on common stock | (905) | (905) | ||
Restricted stock granted, net (in shares) | 2,000 | |||
Restricted stock granted, net | ||||
Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes | $ 113 | 113 | ||
Restricted stock granted, net (in shares) | (2,000) | |||
Balance (in shares) at Sep. 30, 2019 | 18,212,000 | |||
Balance at Sep. 30, 2019 | $ 72,200 | 97,100 | 2,337 | 171,637 |
Net income | 4,369 | 4,369 | ||
Other comprehensive income, net of tax | 264 | 264 | ||
Comprehensive income | 4,633 | |||
Dividend declared on common stock | (903) | (903) | ||
Restricted stock granted, net (in shares) | (13,000) | |||
Restricted stock granted, net | ||||
Stock options exercised (in shares) | 3,000 | |||
Stock options exercised | $ 12 | 12 | ||
Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes | $ 109 | 109 | ||
Restricted stock granted, net (in shares) | 13,000 | |||
Repurchase of common stock (in shares) | (91,000) | |||
Repurchase of common stock | $ (1,010) | $ (1,010) | ||
Balance (in shares) at Dec. 31, 2019 | 18,137,000 | 18,137,167 | ||
Balance at Dec. 31, 2019 | $ 71,311 | 100,566 | 2,601 | $ 174,478 |
Net income | 916 | 916 | ||
Other comprehensive income, net of tax | 3,346 | 3,346 | ||
Comprehensive income | 4,262 | |||
Dividend declared on common stock | (838) | (838) | ||
Stock issued under employee plans | ||||
Restricted stock granted, net (in shares) | (11,000) | |||
Restricted stock granted, net | ||||
Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes | $ (14) | (14) | ||
Restricted stock granted, net (in shares) | 11,000 | |||
Repurchase of common stock (in shares) | (1,352,000) | |||
Repurchase of common stock | $ (12,230) | $ (12,230) | ||
Balance (in shares) at Mar. 31, 2020 | 16,796,000 | 16,796,262 | ||
Balance at Mar. 31, 2020 | $ 59,067 | $ 100,644 | $ 5,947 | $ 165,658 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Dividend on common stock (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 916 | $ 2,306 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan and lease losses | 2,850 | ||
Provision for unfunded commitments | (100) | ||
Provision for depreciation and amortization | 303 | 417 | |
Amortization of core deposit intangible | 191 | 146 | |
Amortization of debt issuance costs | 12 | 12 | |
Compensation expense associated with restricted stock | 106 | 72 | |
Tax benefits from vesting of restricted stock | 3 | (4) | |
Net gain on sale or call of securities | (84) | (92) | |
Amortization of investment premiums and accretion of discounts, net | 320 | 343 | |
Amortization of premiums and accretion of discounts on acquired loans, net | (332) | (299) | |
Loss on disposal of fixed assets | 232 | ||
Loss (gain) on sale of OREO | 23 | (23) | |
Increase in cash surrender value of life insurance | (123) | (129) | |
Deferred compensation and salary continuation plan payments | (271) | (219) | |
Increase in deferred compensation and salary continuation plans | 214 | 238 | |
Decrease (increase) in deferred loan fees and costs | 33 | (54) | |
(Increase) decrease in other assets | (1,602) | 595 | |
Increase in other liabilities | 976 | 53 | |
Net cash provided by operating activities | 3,767 | 3,262 | |
Cash flows from investing activities: | |||
Proceeds from maturities and payments of available-for-sale securities | 17,410 | 11,101 | |
Proceeds from sale of available-for-sale securities | 29,339 | 67,402 | |
Purchases of available-for-sale securities | (40,038) | (5,204) | |
Loan originations, net of principal repayments | (24,900) | (14,973) | |
Net repayment on loan pools | 5,868 | 12,100 | |
Purchase of premises and equipment | (85) | (460) | |
Proceeds from the sale of OREO | 12 | 54 | |
Acquisition of Merchants Holding Company, net of cash paid | (2,875) | ||
Net cash (used) provided by investing activities | (12,394) | 67,145 | |
Cash flows from financing activities: | |||
Net decrease in demand, money market and savings | (16,555) | (53,469) | |
Net decrease in certificates of deposit | (8,229) | (20,169) | |
Advances on term debt | 10,000 | 130,000 | |
Repayment of term debt | (110,900) | ||
Proceeds from stock options exercised | 40 | ||
Repurchase of common stock | (12,230) | $ (13,600) | |
Cash paid for shares surrendered for tax-withholding purposes | (120) | (94) | |
Cash dividends paid on common stock | (903) | (651) | |
Net cash used by financing activities | (28,037) | (55,243) | |
Net (decrease) increase in cash and cash equivalents | (36,664) | 15,164 | |
Cash and cash equivalents at beginning of year | 80,604 | 47,365 | |
Cash and cash equivalents at end of period | 43,940 | 62,529 | 43,940 |
Supplemental disclosures of cash flow activity: | |||
Transfer of loans to other real estate owned | 8 | 34 | |
Investment in qualified affordable housing partnership | 1,000 | ||
Unrealized gain on investment securities available-for-sale, net of gains included in net income | 4,749 | 3,569 | |
Changes in net deferred tax asset related to changes in net unrealized gain on investment securities available-for-sale | (1,403) | (1,055) | |
Changes in accumulated other comprehensive income due to net unrealized gain on investment securities available-for-sale | 3,346 | 2,514 | |
Cash paid during the period for: | |||
Income taxes | 350 | 1,040 | |
Interest | 1,167 | 1,232 | |
Operating leases | 246 | 215 | |
Supplemental disclosures of non cash financing activities: | |||
Stock issued under employee plans | 58 | ||
Cash dividend declared on common shares and payable after period-end | 838 | 725 | $ 838 |
Right-of-use lease asset recorded on adoption of ASU No. 2016-02 | 3,998 | ||
Lease liability recorded on adoption of ASU No. 2016-02 | 4,363 | ||
Transactions related to the acquisition of Merchants Holding Company: | |||
Assets acquired - fair value | 215,055 | ||
Goodwill | 11,006 | ||
Liabilities assumed - fair value | $ 191,154 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Bank of Commerce Holdings (“Company,” “Holding Company,” “we,” or “us”), is a corporation organized under the laws of California and a bank holding company (“BHC”) registered under the Bank Holding Company Act of 1956, three May 20, 2019. March 31, 2020 December 31, 2019 not The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with prevailing practices within the banking and securities industries. In preparing such consolidated financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the Consolidated Balance Sheets and the reported amounts of revenues and expenses for the reporting periods. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the valuation and impairment of investment securities, the determination of the allowance for loan and lease losses (“ALLL”), income taxes, the valuation of goodwill and Other Real Estate Owned (“OREO”), and fair value measurements. Certain amounts for prior periods have been reclassified to conform to the current financial statement presentation. The results of reclassifications are not no 2019 10 2020 not Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Holding Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As of March 31, 2020 December 31, 2019, one 2005 not Consolidation 810” not Consolidated Balance Sheets Leases We determine if an arrangement is a lease at inception. Operating leases are included in Other Assets and Other Liabilities in our Consolidated Balance Sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may Application of new accounting guidance In August 2018, No. 2018 13, 820 3 2018 13 December 15, 2019, January 1, 2020 3 not |
Note 2 - Common Stock Outstandi
Note 2 - Common Stock Outstanding and Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 2. Basic earnings per share excludes dilution and is computed by dividing income by the weighted-average number of common shares outstanding for the period, excluding unvested restricted stock awards which do not not The following is a computation of basic and diluted earnings per share for the three March 31, 2020 2019. For the Three Months Ended (Amounts in thousands, except per share information) March 31, Earnings Per Share 2020 2019 Numerators: Net income $ 916 $ 2,306 Denominators: Weighted average number of common shares outstanding - basic (1) 17,695 17,489 Effect of potentially dilutive common shares (2) 52 63 Weighted average number of common shares outstanding - diluted 17,747 17,552 Earnings per common share: Basic $ 0.05 $ 0.13 Diluted $ 0.05 $ 0.13 Anti-dilutive options not included in diluted earnings per share calculation — — Anti-dilutive restricted shares not included in diluted earnings per share calculation — — ( 1 not ( 2 On September 18, 2019, 1.0 March 31, 2020. February 21, 2020, may 1.0 1.5 one March 31, 2021. first 2020 fourth 2019, 1,351,922 90,501 57,577 first April 2020. 1.5 $13.6 $9.11 |
Note 3 - Securities
Note 3 - Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3. The following tables present the amortized costs, unrealized gains, unrealized losses and estimated fair values of our investment securities as of March 31, 2020, December 31, 2019. As of March 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated (Amounts in thousands) Costs Gains Losses Fair Value s Available-for-sale securities: U.S. government & agencies $ 35,487 $ 575 $ (19 ) $ 36,043 Obligations of state and political subdivisions 60,828 2,488 (53 ) 63,263 Residential mortgage-backed securities and collateralized mortgage obligations 155,252 5,728 (541 ) 160,439 Corporate securities 3,001 3 (21 ) 2,983 Commercial mortgage-backed securities 16,891 543 (6 ) 17,428 Other asset-backed securities 5,176 — (255 ) 4,921 Total $ 276,635 $ 9,337 $ (895 ) $ 285,077 As of December 31, 2019 Gross Gross Amortized Unrealized Unrealized Estimated (Amounts in thousands) Costs Gains Losses Fair Value s Available-for-sale securities: U.S. government & agencies $ 38,291 $ 469 $ (27 ) $ 38,733 Obligations of state and political subdivisions 40,702 1,422 (26 ) 42,098 Residential mortgage-backed securities and collateralized mortgage obligations 179,114 2,163 (442 ) 180,835 Corporate securities 3,005 6 (45 ) 2,966 Commercial mortgage-backed securities 19,126 221 (40 ) 19,307 Other asset-backed securities 3,019 — (8 ) 3,011 Total $ 283,257 $ 4,281 $ (588 ) $ 286,950 The following table presents the expected maturities of investment securities at March 31, 2020. Available-For-Sale (Amounts in thousands) Amortized Costs Fair Values Amounts maturing in: One year or less $ 6,119 $ 6,127 One year through five years 113,504 117,594 Five years through ten years 88,844 91,394 After ten years 68,168 69,962 Total $ 276,635 $ 285,077 The amortized costs and fair values of residential mortgage-backed securities, collateralized mortgage obligations and commercial mortgage securities are presented by their expected average life, rather than contractual maturity, because the underlying loans may At March 31, 2020 December 31, 2019, $84.7 $81.4 The following table presents the cash proceeds from sales of investment securities and the associated gross realized gains and gross realized losses that have been included in earnings for the three March 31, 2020 2019. Three Months Ended March 31, (Amounts in thousands) 2020 2019 Proceeds from sales of investment securities $ 29,339 $ 67,402 Gross realized gains on sales of investment securities: U.S. government & agencies $ — $ 33 Obligations of state and political subdivisions 48 181 Residential mortgage-backed securities and collateralized mortgage obligations 84 47 Commercial mortgage-backed securities 36 — Total gross realized gains on sales of investment securities 168 261 Gross realized losses on sales of investment securities: U.S. government & agencies — (4 ) Obligations of state and political subdivisions (4 ) (77 ) Residential mortgage-backed securities and collateralized mortgage obligations (80 ) (86 ) Commercial mortgage-backed securities — (2 ) Total gross realized losses on sales of investment securities (84 ) (169 ) Gain on sales of investment securities, net $ 84 $ 92 Investment securities that were in an unrealized loss position as of March 31, 2020 December 31, 2019 As of March 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Amounts in thousands) Value s Losses Value s Losses Value s Losses Available-for-sale securities: U.S. government & agencies $ 4,061 $ (8 ) $ 1,758 $ (11 ) $ 5,819 $ (19 ) Obligations of state and political subdivisions 3,125 (53 ) — — 3,125 (53 ) Residential mortgage-backed securities and collateralized mortgage obligations 17,165 (453 ) 4,358 (88 ) 21,523 (541 ) Corporate securities — — 979 (21 ) 979 (21 ) Commercial mortgage-backed securities — — 4,432 (6 ) 4,432 (6 ) Other asset-backed securities 4,921 (255 ) — — 4,921 (255 ) Total temporarily impaired securities $ 29,272 $ (769 ) $ 11,527 $ (126 ) $ 40,799 $ (895 ) As of December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Amounts in thousands) Value s Loss es Value s Loss e s Value s Loss es Available-for-sale securities: U.S. government & agencies $ 6,473 $ (25 ) $ 380 $ (2 ) $ 6,853 $ (27 ) Obligations of state and political subdivisions 2,249 (26 ) — — 2,249 (26 ) Residential mortgage-backed securities and collateralized mortgage obligations 31,817 (207 ) 22,166 (235 ) 53,983 (442 ) Corporate securities — — 955 (45 ) 955 (45 ) Commercial mortgage-backed securities 1,464 (1 ) 4,549 (39 ) 6,013 (40 ) Other asset-backed securities 3,011 (8 ) — — 3,011 (8 ) Total temporarily impaired securities $ 45,014 $ (267 ) $ 28,050 $ (321 ) $ 73,064 $ (588 ) At March 31, 2020 December 31, 2019, 46 63, not A3/A not no not The following table presents the characteristics of our securities that are in unrealized loss positions at March 31, 2020 December 31, 2019. Characteristics of securities in unrealized loss positions at Available-for-sale securities: March 31, 2020 December 31, 2019 U.S. government & agencies Direct obligations of the U.S. Government or obligations guaranteed by U.S. Government agencies. Obligations of state and political subdivisions General obligation issuances or revenue securities secured by revenues from specific sources issued by municipalities and political subdivisions located within the U.S. Residential mortgage-backed securities and collateralized mortgage obligations Obligations of U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on residential properties. Issuances by non-governmental entities usually include good credit enhancements. Of the residential mortgage-backed securities and collateralized mortgage obligations that we owned at March 31, 2020 December 31, 2019, 83% 79% Corporate securities Debt obligations generally issued or guaranteed by large U.S. corporate institutions. Commercial mortgage-backed securities Obligations of U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on commercial properties. Issuances by non-governmental entities usually include good credit enhancements. Of the commercial mortgage-backed securities that we owned at March 31, 2020 December 31, 2019, 100% Other asset-backed securities Obligations secured by high quality loans with good credit enhancements issued by non-governmental issuers. |
Note 4 - Loans
Note 4 - Loans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. Outstanding loan balances consisted of the following at March 31, 2020, December 31, 2019. (Amounts in thousands) March 31, December 31, Loan Portfolio 2020 2019 Commercial $ 138,870 $ 141,197 Commercial real estate: Real estate - construction and land development 34,394 26,830 Real estate - commercial non-owner occupied 514,052 493,920 Real estate - commercial owner occupied 217,319 218,833 Residential real estate: Real estate - residential - Individual Tax Identification Number (“ITIN”) 31,998 33,039 Real estate - residential - 1-4 family mortgage 62,533 63,661 Real estate - residential - equity lines 23,158 22,099 Consumer and other 29,921 33,324 Gross loans 1,052,245 1,032,903 Deferred fees and costs 2,129 2,162 Loans, net of deferred fees and costs 1,054,374 1,035,065 Allowance for loan and lease losses (15,067 ) (12,231 ) Net loans $ 1,039,307 $ 1,022,834 Certain loans are pledged as collateral for lines of credit with the Federal Home Loan Bank of San Francisco and the Federal Reserve Bank. Pledged loans totaled $549.0 $542.1 March 31, 2020 December 31, 2019, When we purchase loans, they are typically purchased at a discount to enhance yield and compensate for credit risk. We have no March 31, 2020, December 31, 2019. $1.3 $1.5 March 31, 2020, December 31, 2019, Gross loan balances in the table above at March 31, 2020 $1.5 first 2019. $163 $48 three March 31, 2020 2019, Past Due Loans Past due loans (gross), segregated by loan portfolio were as follows, as of March 31, 2020, December 31, 2019. (Amounts in thousands) Past Due Loans at March 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 or Greater Days Past Due Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 710 $ — $ — $ 710 $ 138,160 $ 138,870 $ — Commercial real estate: Real estate - construction and land development — — — — 34,394 34,394 — Real estate - commercial non-owner occupied 1,097 — — 1,097 512,955 514,052 — Real estate - commercial owner occupied 654 — 3,103 3,757 213,562 217,319 — Residential real estate: Real estate - residential - ITIN 513 57 119 689 31,309 31,998 — Real estate - residential - 1-4 family mortgage — — — — 62,533 62,533 — Real estate - residential - equity lines 61 29 — 90 23,068 23,158 — Consumer and other 138 66 2 206 29,715 29,921 2 Total $ 3,173 $ 152 $ 3,224 $ 6,549 $ 1,045,696 $ 1,052,245 $ 2 (Amounts in thousands) Past Due Loans at December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 or Greater Days Past Due Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 71 $ — $ — $ 71 $ 141,126 $ 141,197 $ — Commercial real estate: Real estate - construction and land development — — — — 26,830 26,830 — Real estate - commercial non-owner occupied — — — — 493,920 493,920 — Real estate - commercial owner occupied 655 — 3,103 3,758 215,075 218,833 — Residential real estate: Real estate - residential - ITIN 371 323 43 737 32,302 33,039 — Real estate - residential - 1-4 family mortgage — — — — 63,661 63,661 — Real estate - residential - equity lines 100 — — 100 21,999 22,099 — Consumer and other 200 50 — 250 33,074 33,324 — Total $ 1,397 $ 373 $ 3,146 $ 4,916 $ 1,027,987 $ 1,032,903 $ — Nonaccrual Loans Nonaccrual loans, segregated by loan portfolio, were as follows as of March 31, 2020 December 31, 2019. (Amounts in thousands) March 31, December 31, Nonaccrual Loans 2020 2019 Commercial $ 39 $ 61 Commercial real estate: Real estate - commercial owner occupied 3,103 3,103 Residential real estate: Real estate - residential - ITIN 1,878 2,221 Real estate - residential - 1-4 family mortgage 184 191 Consumer and other 39 40 Total $ 5,243 $ 5,616 Had nonaccrual loans performed in accordance with their contractual terms, we would have recognized additional interest income, net of tax, of approximately $58 $158 three March 31, 2020 2019, Impaired Loans A loan is considered impaired when, based on current information and events, we determine it is probable that we will not March 31, 2020 December 31, 2019. As of March 31, 2020 Unpaid (Amounts in thousands) Recorded Principal Related Impaired Loans Investment Balance Allowance With no related allowance recorded: Commercial $ 71 $ 231 $ — Commercial real estate: Real estate - commercial owner occupied 3,103 3,103 — Residential real estate: Real estate - residential - ITIN 5,233 6,899 — Real estate - residential - 1-4 family mortgage 184 310 — Total with no related allowance recorded $ 8,591 $ 10,543 $ — With an allowance recorded: Commercial $ 560 $ 561 $ 160 Residential real estate: Real estate - residential - ITIN 536 537 35 Real estate - residential - equity lines 226 226 113 Consumer and other 39 39 10 Total with an allowance recorded $ 1,361 $ 1,363 $ 318 By loan portfolio: Commercial $ 631 $ 792 $ 160 Commercial real estate 3,103 3,103 — Residential real estate 6,179 7,972 148 Consumer and other 39 39 10 Total impaired loans $ 9,952 $ 11,906 $ 318 As of December 31, 2019 Unpaid (Amounts in thousands) Recorded Principal Related Impaired Loans Investment Balance Allowance With no related allowance recorded: Commercial $ 94 $ 251 $ — Commercial real estate: Real estate - commercial owner occupied 3,103 3,103 — Residential real estate: Real estate - residential - ITIN 5,723 7,386 — Real estate - residential - 1-4 family mortgage 191 313 — Total with no related allowance recorded $ 9,111 $ 11,053 $ — With an allowance recorded: Commercial $ 562 $ 563 $ 159 Residential real estate: Real estate - residential - ITIN 455 455 38 Real estate - residential - equity lines 231 231 116 Consumer and other 40 40 11 Total with an allowance recorded $ 1,288 $ 1,289 $ 324 By loan portfolio: Commercial $ 656 $ 814 $ 159 Commercial real estate 3,103 3,103 — Residential real estate 6,600 8,385 154 Consumer and other 40 40 11 Total impaired loans $ 10,399 $ 12,342 $ 324 The following table summarizes average recorded investment and interest income recognized on impaired loans by loan portfolio for the three March 31, 2020 2019. Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Average Interest Average Interest (Amounts in thousands) Recorded Income Recorded Income Average Recorded Investment and Interest Income Investment Recognized Investment Recognized Commercial $ 640 $ 9 $ 2,021 $ 17 Commercial real estate: Real estate - commercial non-owner occupied — — 8,412 11 Real estate - commercial owner occupied 3,103 — — — Residential real estate: Real estate - residential - ITIN 5,957 37 6,874 42 Real estate - residential - 1-4 family mortgage 186 — 184 — Real estate - residential - equity lines 228 4 401 5 Consumer and other 39 — 23 — Total $ 10,153 $ 50 $ 17,915 $ 75 The impaired loans on which these interest income amounts were recognized are primarily accruing troubled debt restructured loans. Loans are reported as troubled debt restructurings when we grant a concession(s) to a borrower experiencing financial difficulties that we would not not Troubled Debt Restructurings At March 31, 2020 December 31, 2019, $4.7 $4.8 For a troubled debt restructured loan to be on accrual status, the loan’s collateral coverage must generally be greater than or equal to 100% March 31, 2020 December 31, 2019, no As of March 31, 2020, $6.3 $6.5 December 31, 2019. March 31, 2020, 97 93 0.60% March 31, 2020, 0.63% December 31, 2019. not three March 31, 2020 2019. no twelve three March 31, 2020. Performing and Nonperforming Loans We define a performing loan as a loan where any installment of principal or interest is not 90 may 90 not March 31, 2020 December 31, 2019. (Amounts in thousands) March 31, 2020 Performing and Nonperforming Loans Performing Nonperforming Total Commercial $ 138,831 $ 39 $ 138,870 Commercial real estate: Real estate - construction and land development 34,394 — 34,394 Real estate - commercial non-owner occupied 514,052 — 514,052 Real estate - commercial owner occupied 214,216 3,103 217,319 Residential real estate: Real estate - residential - ITIN 30,120 1,878 31,998 Real estate - residential - 1-4 family mortgage 62,349 184 62,533 Real estate - residential - equity lines 23,158 — 23,158 Consumer and other 29,880 41 29,921 Total $ 1,047,000 $ 5,245 $ 1,052,245 (Amounts in thousands) December 31, 2019 Performing and Nonperforming Loans Performing Nonperforming Total Commercial $ 141,136 $ 61 $ 141,197 Commercial real estate: Real estate - construction and land development 26,830 — 26,830 Real estate - commercial non-owner occupied 493,920 — 493,920 Real estate - commercial owner occupied 215,730 3,103 218,833 Residential real estate: Real estate - residential - ITIN 30,818 2,221 33,039 Real estate - residential - 1-4 family mortgage 63,470 191 63,661 Real estate - residential - equity lines 22,099 — 22,099 Consumer and other 33,284 40 33,324 Total $ 1,027,287 $ 5,616 $ 1,032,903 Short Term Loan Modifications We are responding to the needs of our borrowers in accordance with the regulatory guidance to grant short-term COVID- 19 not not 3 6 19. April 24, 2020 124 $82.9 120 $78.0 Credit Quality Ratings Management assigns a credit quality rating (risk grade) to each loan. The foundation or primary factor in determining the appropriate credit quality rating is the degree of a debtor’s willingness and ability to perform as agreed. In conjunction with evaluating the performing versus nonperforming nature of our loan portfolio, management evaluates the following credit risk and other relevant factors in determining the appropriate credit quality indicator (rating) for each loan portfolio: Pass Grade: no may ● Strong Cash Flows – borrower’s cash flows must meet or exceed our minimum debt service coverage ratio. ● Collateral Margin – generally, the borrower must have pledged an acceptable collateral class with an adequate collateral margin. ● Qualitative Factors – in addition to meeting our minimum cash flow and collateral requirements, a number of other qualitative factors are also factored into assigning a Pass Grade including the borrower’s level of leverage (debt to equity), prospects, history and experience in their industry, credit history, and any other relevant factors including a borrower’s character. Those borrowers who qualify for unsecured loans must fully demonstrate above average cash flows and strong secondary sources of repayment to mitigate the lack of unpledged collateral. Watch Grade: may one not ● The primary source of repayment may ● The primary source of repayment is adequate, but the secondary source of repayment is insufficient ● In-depth financial analysis would compare to the lower quartile in two ● Volatile or deteriorating collateral ● Management decisions may ● Delinquencies in bank credits or other financial/trade creditors ● Frequent overdrafts ● Significant change in management/ownership Special Mention Grade: may not not not ● Inadequate or incomplete loan documentation or perfection of collateral, or any other deviation from prudent lending practices ● Credit is structured in a manner in which the timing of the repayment source does not ● Current economic or market conditions exist which may ● Adverse trends in the borrower's operations or continued deterioration in the borrower’s financial condition that has not ● The borrower is less than cooperative or unable to produce current and adequate financial information Substandard Grade: not not may may not The following represents, but is not not ● Sustained or substantial deteriorating financial trends, ● Unresolved management problems, ● Collateral is insufficient to repay debt; collateral is not ● Improper perfection of lien position, which is not ● Unanticipated and severe decline in market values, ● High reliance on secondary source of repayment, ● Legal proceedings, such as bankruptcy or a divorce, which has substantially decreased the borrower’s capacity to repay the debt, ● Fraud committed by the borrower, ● IRS liens that take precedence, ● Forfeiture statutes for assets involved in criminal activities, ● Protracted repayment terms outside of policy that are for longer than the same type of credit in our portfolio, ● Any other relevant quantitative or qualitative factor that negatively affects the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Doubtful Grade: one may may may not ● Proposed merger(s), ● Acquisition or liquidation procedures, ● Capital injection, ● Perfecting liens on additional collateral, ● Refinancing plans. Generally, a Doubtful Grade does not six six The following tables summarize loans by internal risk grades and by loan class as of March 31, 2020 December 31, 2019. As of March 31, 2020 Special (Amounts in thousands) Pass Watch Mention Substandard Doubtful Total Commercial $ 121,692 $ 15,166 $ 1,875 $ 137 $ — $ 138,870 Commercial real estate: Real estate - construction and land development 34,376 18 — — — 34,394 Real estate - commercial non-owner occupied 481,281 31,265 409 1,097 — 514,052 Real estate - commercial owner occupied 195,457 9,517 — 12,345 — 217,319 Residential real estate: Real estate - residential - ITIN 27,955 — — 4,043 — 31,998 Real estate - residential - 1-4 family mortgage 60,724 232 671 906 — 62,533 Real estate - residential - equity lines 23,072 — — 86 — 23,158 Consumer and other 29,882 — — 39 — 29,921 Total $ 974,439 $ 56,198 $ 2,955 $ 18,653 $ — $ 1,052,245 As of December 31, 2019 Special (Amounts in thousands) Pass Watch Mention Substandard Doubtful Total Commercial $ 125,222 $ 14,974 $ 833 $ 168 $ — $ 141,197 Commercial real estate: Real estate - construction and land development 26,810 20 — — — 26,830 Real estate - commercial non-owner occupied 454,493 32,902 5,424 1,101 — 493,920 Real estate - commercial owner occupied 195,950 7,224 1,220 14,439 — 218,833 Residential real estate: Real estate - residential - ITIN 28,609 — — 4,430 — 33,039 Real estate - residential - 1-4 family mortgage 62,485 985 — 191 — 63,661 Real estate - residential - equity lines 22,012 — — 87 — 22,099 Consumer and other 33,283 — — 41 — 33,324 Total $ 948,864 $ 56,105 $ 7,477 $ 20,457 $ — $ 1,032,903 The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $141 $100 March 31, 2020 December 31, 2019, Allowance for Loan and Lease Losses The following tables summarize the ALLL by portfolio for the three March 31, 2020 2019. For the Three Months Ended March 31, 2020 (Amounts in thousands) Commercial Residential ALLL by Loan Portfolio Commercial Real Estate Real Estate Consumer Unallocated Total Beginning balance $ 1,822 $ 8,096 $ 1,032 $ 933 $ 348 $ 12,231 Charge-offs — — (6 ) (163 ) — (169 ) Recoveries 7 — 44 104 — 155 Provision 654 1,803 211 98 84 2,850 Ending balance $ 2,483 $ 9,899 $ 1,281 $ 972 $ 432 $ 15,067 For the Three Months Ended March 31, 2019 (Amounts in thousands) Commercial Residential ALLL by Loan Portfolio Commercial Real Estate Real Estate Consumer Unallocated Total Beginning balance $ 2,205 $ 7,116 $ 1,173 $ 1,356 $ 442 $ 12,292 Charge-offs — — (68 ) (280 ) — (348 ) Recoveries 153 — 82 63 — 298 Provision 121 (160 ) 24 (83 ) 98 — Ending balance $ 2,479 $ 6,956 $ 1,211 $ 1,056 $ 540 $ 12,242 While the ALLL composition is an indication of specific amounts or loan categories in which future charge-offs may may not March 31, 2020 December 31, 2019, 3% March 31, 2020 December 31, 2019. As of March 31, 2020 Commercial Residential (Amounts in thousands) Commercial Real Estate Real Estate Consumer Unallocated Total ALLL: Individually evaluated for impairment $ 160 $ — $ 148 $ 10 $ — $ 318 Collectively evaluated for impairment 2,323 9,899 1,133 962 432 14,749 Total $ 2,483 $ 9,899 $ 1,281 $ 972 $ 432 $ 15,067 Gross loans: Individually evaluated for impairment $ 631 $ 3,103 $ 6,179 $ 39 $ — $ 9,952 Collectively evaluated for impairment 138,239 762,662 111,510 29,882 — 1,042,293 Total gross loans $ 138,870 $ 765,765 $ 117,689 $ 29,921 $ — $ 1,052,245 As of December 31, 2019 Commercial Residential (Amounts in thousands) Commercial Real Estate Real Estate Consumer Unallocated Total ALLL: Individually evaluated for impairment $ 159 $ — $ 154 $ 11 $ — $ 324 Collectively evaluated for impairment 1,663 8,096 878 922 348 11,907 Total $ 1,822 $ 8,096 $ 1,032 $ 933 $ 348 $ 12,231 Gross loans: Individually evaluated for impairment $ 656 $ 3,103 $ 6,600 $ 40 $ — $ 10,399 Collectively evaluated for impairment 140,541 736,480 112,199 33,284 — 1,022,504 Total gross loans $ 141,197 $ 739,583 $ 118,799 $ 33,324 $ — $ 1,032,903 The ALLL totaled $15.1 1.43% March 31, 2020 $12.2 1.18% December 31, 2019. March 31, 2020 December 31, 2019, $276.3 $275.1 Other Liabilities Consolidated Balance Sheets March 31, 2020 December 31, 2019 $695 We believe that the ALLL was adequate as of March 31, 2020. no not may ALLL Methodology We have lending policies and procedures in place with the objective of optimizing loan income within an accepted risk tolerance level. We review and approve these policies and procedures annually. Monitoring and reporting systems supplement the review process with regular frequency as related to loan production, loan quality, concentrations of credit, potential problem loans, loan delinquencies, and nonperforming loans. The ALLL is based upon estimates of future loan and lease losses and is maintained at a level considered adequate to provide for probable losses inherent in the outstanding loan and lease portfolio. Our ALLL methodology incorporates management’s current judgments, and reflects management’s estimate of future loan and lease losses and risks inherent in the loan portfolio in accordance with ASC Topic 450 Contingencies 310 Receivables. Our method for assessing the appropriateness of the allowance includes specific allowances for identified problem loans, an allowance factor for categories of credits and allowances for changing environmental factors (e.g., portfolio trends, concentration of credit, growth, economic factors). Allowances for identified problem loans are based on specific analysis of individual credits. Loss estimation factors for loan categories are based on analysis of local economic factors applicable to each loan category. Allowances for changing environmental factors are management’s best estimate of the probable impact these changes have had on the loan portfolio as a whole. The allowance is increased by provisions charged to expense and reduced by net charge-offs. In periodic evaluations of the adequacy of the allowance balance, management considers past loan and lease loss experience by type of credit, known and inherent risks in the portfolio, adverse situations that may Management’s continuing evaluation of all known relevant quantitative and qualitative internal and external risk factors provides the foundation for the three 1 450, 450” 2 450 3 310, 310” three may not not no not may Our loan portfolio is evaluated by general loan class including commercial, commercial real estate (which includes construction and other real estate), residential real estate (which includes 1 4 450, General valuation allowances, as prescribed by ASC 450, COVID‐19 The COVID‐19 Q1 2020 2020. Impaired loans Management monitors delinquent loans continuously and identifies problem loans to be evaluated individually for impairment testing. For loans that are determined impaired, a formal impairment measurement is performed at least quarterly on a loan-by-loan basis. If the measurement of each impaired loans’ value is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the ALLL. For collateral dependent loans, this can be accomplished by charging off the impaired portion of the loan based on the underlying value of the collateral. For non-collateral dependent loans, we establish a specific component within the ALLL based on the present value of the future cash flows. If we determine the sources of repayment will not Risk Characteristics and Underwriting The following is a brief summary, by loan type, of management’s evaluation of the general risk characteristics and underwriting standards: Commercial Loans may may Most commercial loans are generally secured by the assets being financed and other business assets such as accounts receivable or inventory. Management may may may Commercial Real Estate (“CRE”) Loans The properties securing the CRE portfolio are diverse in terms of type and primary source of repayment. This diversity helps reduce our exposure to adverse economic events that affect any single industry. We monitor and evaluate CRE loans based on occupancy status (investor versus owner occupied), collateral, geography, and risk grade criteria. Generally, CRE loans are made to developers and builders that are secured by non-owner occupied properties require the borrower to have had an existing relationship with the Company and a proven record of success. Construction loans are underwritten utilizing feasibility studies, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of cost and value associated with the complete project (as-is value). These estimates may may Residential Real Estate Loans not We originate some single family residence construction loans. The loan amounts are no $1 12 may Consumer Loans – third not 80%, one Concentrations of Credit Risk As of March 31, 2020, 84% may may may Credit review Confirmation of the quality of our grading process is obtained by independent reviews conducted by outside consultants specifically hired for this purpose and by periodic examination by various bank regulatory agencies. We maintain an independent loan review program that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to the Board of Directors, Loan Committee and Audit Committee. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as our policies and procedures. |
Note 5 - Qualified Affordable H
Note 5 - Qualified Affordable Housing Partnership Investments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Qualified Affordable Housing Project Investments [Text Block] | NOTE 5. We have invested in five 23 2% 6% None Our investments in Qualified Affordable Housing Partnerships totaled $3.4 March 31, 2020. Other Assets $1.3 Other Liabilities Consolidated Balance Sheets Consolidated Statements of Income first 2020, $1.0 The following tables present our original investment in LIHTC partnerships, the current recorded investment balance, and the unfunded liability balance of each investment at March 31, 2020 2019. three March 31, 2020 2019. At March 31, 2020 For the Three Months Ended March 31, 2020 (Amounts in thousands) Qualified Affordable Housing Partnerships Original Investment Value Current Recorded Investment Unfunded Liability Obligation Tax Credits and Benefits Amortization of Investments Net Income Tax Benefit (Expense) Raymond James California Housing Opportunities Fund II $ 2,000 $ 807 $ 22 $ 50 $ 45 $ 5 WNC Institutional Tax Credit Fund 38, L.P. 1,000 379 — 26 21 5 Merritt Community Capital Corporation Fund XV, L.P. 2,500 1,013 316 56 54 2 California Affordable Housing Fund 2,454 200 — 6 10 (4 ) Boston Capital 1,000 990 1,000 16 10 6 Total $ 8,954 $ 3,389 $ 1,338 $ 154 $ 140 $ 14 At December 31, 2019 For the Three Months Ended March 31, 2019 (Amounts in thousands) Qualified Affordable Housing Partnerships Original Investment Value Current Recorded Investment Unfunded Liability Obligation Tax Credits and Benefits Amortization of Investments Net Income Tax Benefit (Expense) Raymond James California Housing Opportunities Fund II $ 2,000 $ 852 $ 22 $ 50 $ 45 $ 5 WNC Institutional Tax Credit Fund 38, L.P. 1,000 400 — 27 23 4 Merritt Community Capital Corporation Fund XV, L.P. 2,500 1,067 316 56 55 1 California Affordable Housing Fund 2,454 210 — 6 9 (3 ) Total $ 7,954 $ 2,529 $ 338 $ 139 $ 132 $ 7 The following tables present our generated tax credits and tax benefits from investments in qualified affordable housing partnerships for the three March 31, 2020 2019. For the Three Months Ended March 31, 2020 March 31, 2019 (Amounts in thousands) Generated Tax Benefits From Generated Tax Benefits from Qualified Affordable Housing Partnerships Tax Credits Taxable Losses Tax Credits Taxable Losses Raymond James California Housing Opportunities Fund II $ 43 $ 7 $ 43 $ 7 WNC Institutional Tax Credit Fund 38, L.P. 22 4 23 4 Merritt Community Capital Corporation Fund XV, L.P. 48 8 48 8 California Affordable Housing Fund — 6 — 6 Boston Capital 11 5 — — Total $ 124 $ 30 $ 114 $ 25 The following table reflects the anticipated net income tax benefit and (expense) at March 31, 2020, (Amounts in thousands) Qualified Affordable Housing Partnerships: 2024 Anticipated income tax benefit, net less and amortization of investments 2020 2021 2022 2023 thereafter Total Raymond James California Housing Opportunities Fund II $ 14 $ 19 $ 19 $ 18 $ 16 $ 86 WNC Institutional Tax Credit Fund 38, L.P. 12 16 14 13 14 69 Merritt Community Capital Corporation Fund XV, L.P. 3 3 3 3 4 16 California Affordable Housing Fund (10 ) (14 ) (13 ) (35 ) — (72 ) Boston Capital 11 23 24 23 171 252 Total income tax benefit, net $ 30 $ 47 $ 47 $ 22 $ 205 $ 351 |
Note 6 - Term Debt
Note 6 - Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 6. Term debt at March 31, 2020 December 31, 2019 (Amounts in thousands) March 31, 2020 December 31, 2019 Federal Home Loan Bank of San Francisco borrowings $ 10,000 $ — Subordinated Debt 10,000 10,000 Unamortized debt issuance costs (31 ) (43 ) Net term debt $ 19,969 $ 9,957 Future contractual maturities of term debt at March 31, 2020 (Amounts in thousands) 2020 2021 2022 2023 2024 Thereafter Total Federal Home Loan Bank of San Francisco borrowings $ 10,000 $ — $ — $ — $ — $ — $ 10,000 Subordinated Debt — — — — — 10,000 10,000 Total future maturities $ 10,000 $ — $ — $ — $ — $ 10,000 $ 20,000 Federal Home Loan Bank of San Francisco Borrowings We have an available line of credit with the Federal Home Loan Bank of San Francisco of $412.4 The Bank had $10.0 March 31, 2020. no no December 31, 2019. three March 31, 2020 December 31, 2019 $220 $9.6 three March 31, 2020 December 31, 2019 $10.0 $40.0 March 31, 2020 0.21%. March 31, 2020, $7.4 Other Assets Consolidated Balance Sheets 320 321. We have pledged $529.2 March 31, 2020, $29.4 Senior Debt In December 2015, $10.0 second 2019, Subordinated Debt In December 2015, $10.0 2025. 6.88% five three 526 December 2015, $210 five The Subordinated Debt is subordinate and junior in right of payment to the prior payment in full of all existing and future claims of creditors and depositors of the Holding Company and its subsidiaries, whether now outstanding or subsequently created. The Subordinated Debt ranks equally with all other unsecured subordinated debt, except any which by its terms is expressly stated to be subordinated to the Subordinated Debt. The Subordinated Debt ranks senior to all preferred stock and common stock of the Holding Company and all future junior subordinated debt obligations. The Subordinated Debt is recorded as term debt on the Holding Company’s balance sheet; however, for regulatory purposes, it is treated as Tier 2 The Subordinated Debt will mature on December 10, 2025 may five no Federal Funds We have entered into nonbinding unsecured federal funds line of credit agreements with three $35.0 March 31, 2020 0.50% 1.18%. may March 31, 2020 December 31, 2019, no no Federal Reserve Bank We have an available line of credit with the Federal Reserve Bank totaling $12.7 March 31, 2020 December 31, 2019, no March 31, 2020, $19.8 In April 2020, 0.35% |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7. Financial Instruments with Off-Balance Sheet Risk Our consolidated financial statements do not Consolidated Balance Sheets The following table presents a summary of our commitments and contingent liabilities at March 31, 2020 December 31, 2019. (Amounts in thousands) March 31, 2020 December 31, 2019 Commitments to extend credit $ 268,331 $ 267,248 Standby letters of credit 4,537 4,406 Affordable housing grant sponsorships 3,338 3,338 Access to housing and economic assistance for development grant sponsorships 110 110 Total commitments and contingent liabilities $ 276,316 $ 275,102 We were not three March 31, 2020, December 31, 2019. March 31, 2020, $4.0 one $550 Affordable Housing Grants and Access to Housing and Economic Assistance for Development Grant Sponsorships In fulfilling our CRA responsibilities, we are a sponsor for various nonprofit organizations that receive cash grants from the Federal Home Loan Bank of San Francisco. Those grants require the nonprofit organization to comply with stipulated conditions of the grant over specified periods of time which typically vary from 10 15 Reserve For Unfunded Commitments The reserve for unfunded commitments, which is included in Other Liabilities Consolidated Balance Sheets $695 March 31, 2020 December 31, 2019. Consolidated Statements of Income. Death Benefit Agreement The Company has entered into agreements with certain employees to pay a cash benefit to designated beneficiaries following the death of the employee. The payment will be made only if, at the time of death, the deceased employee was employed by the Bank and the Bank owned a life insurance policy on the employee’s life. Depending on specific facts and circumstances, the payment amount can vary up to a maximum of $225 may Legal Proceedings We are involved in various pending and threatened legal actions arising in the ordinary course of business and if necessary, we maintain reserves for losses from legal actions, which are both probable and estimable. In our opinion, the disposition of claims currently pending will not Concentrations of Credit Risk We grant many loans collateralized by real estate. In our judgment, a concentration exists in real estate related loans, which represented approximately 84% 83% March 31, 2020 December 31, 2019, Although we believe such concentrations have no We recognize the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to other depository institutions in aggregate or individually, we have established general standards for selecting correspondent banks as well as internal limits for allowable exposure to other depository institutions in aggregate or individually. In addition, we have an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer. |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 8. We lease eight one no We have applied ASC Topic 842 January 1, 2019 not not Other Liabilities Consolidated Balance Sheets Other Assets Consolidated Balance Sheets March 31, 2020. (Amounts in thousands) March 31, 2020 Right-of-use lease asset $ 3,068 Lease liability $ 3,435 Weighted Average Remaining Lease Term 4.82 Weighted Average Discount Rate 2.94 % Lease expenses are recorded on a straight-line basis over the life of each lease. Lease expense and cash paid on leases are presented in the table below for the periods indicated. Three Months Ended March 31, (Amounts in thousands) 2020 2019 Operating lease expense $ 217 $ 199 Cash paid for operating leases $ 246 $ 215 The following table sets forth, as of March 31, 2020, (Amounts in thousands) Due in: Amount 2020 $ 703 2021 953 2022 863 2023 327 2024 280 Thereafter 576 Total undiscounted future minimum lease cash payments 3,702 Present value adjustment (267 ) Lease liability $ 3,435 Our election to utilize the practical expedients package did not 842 not 842 |
Note 9 - Fair Values
Note 9 - Fair Values | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. The following tables present estimated fair values of our financial instruments as of March 31, 2020 December 31, 2019, not Consolidated Balance Sheets 820, not 825, (Amounts in thousands) Carrying Fair Value Measurements Using March 31, 2020 Amounts Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 43,940 $ 43,940 $ — $ — Securities available-for-sale $ 285,077 $ — $ 285,077 $ — Net loans $ 1,039,307 $ — $ — $ 1,051,561 Federal Home Loan Bank of San Francisco stock $ 7,380 $ 7,380 $ — $ — Financial liabilities Deposits $ 1,242,387 $ — $ 1,244,030 $ — Term debt $ 19,969 $ — $ 20,272 $ — Junior subordinated debenture $ 10,310 $ — $ 11,614 $ — (Amounts in thousands) Carrying Fair Value Measurements Using December 31, 2019 Amounts Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 80,604 $ 80,604 $ — $ — Securities available-for-sale $ 286,950 $ — $ 286,950 $ — Net loans $ 1,022,834 $ — $ — $ 1,025,520 Federal Home Loan Bank of San Francisco stock $ 7,380 $ 7,380 $ — $ — Financial liabilities Deposits $ 1,267,171 $ — $ 1,267,153 $ — Term debt $ 9,957 $ — $ 10,006 $ — Junior subordinated debenture $ 10,310 $ — $ 13,471 $ — Fair Value Hierarchy Level 1 Level 2 1 2 Level 3 not In certain cases, the inputs used to measure fair value may We maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The table below presents the range and weighted average of significant unobservable inputs used to calculate Level 3 March 31, 2020. Quantitative Information about Level 3 Fair Value Measurements Unobservable Inputs Range (Weighted Average) Probability of Default (PD) 0.51% - 100% - (1.72%) Loss Given Default (LGD) 0% - 77.42% (18.72%) Prepayment Rate 0% - 34.47% - (20.79%) Discount Rate 3.33% - 9.08% - - (4.82%) Recurring Items Debt Securities – may 2 The following tables present information about our assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value, as of March 31, 2020 December 31, 2019. (Amounts in thousands) Fair Value at March 31, 2020 Recurring Basis Total Level 1 Level 2 Level 3 Available-for-sale securities: U.S. government and agencies $ 36,043 $ — $ 36,043 $ — Obligations of state and political subdivisions 63,263 — 63,263 — Residential mortgage-backed securities and collateralized mortgage obligations 160,439 — 160,439 — Corporate securities 2,983 — 2,983 — Commercial mortgage-backed securities 17,428 — 17,428 — Other asset-backed securities 4,921 — 4,921 — Total assets measured at fair value $ 285,077 $ — $ 285,077 $ — (Amounts in thousands) Fair Value at December 31, 2019 Recurring Basis Total Level 1 Level 2 Level 3 Available-for-sale securities: U.S. government and agencies $ 38,733 $ — $ 38,733 $ — Obligations of state and political subdivisions 42,098 — 42,098 — Residential mortgage-backed securities and collateralized mortgage obligations 180,835 — 180,835 — Corporate securities 2,966 — 2,966 — Commercial mortgage-backed securities 19,307 — 19,307 — Other asset-backed securities 3,011 — 3,011 — Total assets measured at fair value $ 286,950 $ — $ 286,950 $ — Transfers Between Fair Value Hierarchy Levels Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstance that caused the transfer. There were no three March 31, 2020 December 31, 2019. Nonrecurring items We may Collateral Dependent Loans - no 3 8% 10% OREO - 52% 3 The following tables present information about our assets at March 31, 2020 December 31, 2019 not (Amounts in thousands) Fair Value at March 31, 2020 Nonrecurring basis Total Level 1 Level 2 Level 3 Other real estate owned $ 8 $ — $ — $ 8 Total assets measured at fair value $ 8 $ — $ — $ 8 (Amounts in thousands) Fair Value at December 31, 2019 Nonrecurring basis Total Level 1 Level 2 Level 3 Collateral dependent impaired loans $ 33 $ — $ — $ 33 Other real estate owned 35 — — 35 Total assets measured at fair value $ 68 $ — $ — $ 68 The following table presents the losses resulting from nonrecurring fair value adjustments for the three March 31, 2020 2019 March 31, 2020 2019. (Amounts in thousands) Three Months Ended March 31, Fair value adjustments 2020 2019 Other real estate owned $ 6 $ 68 Total $ 6 $ 68 During the three March 31, 2020, one $14 $8 $6 During the three March 31, 2019, four $102 $34 $68 The loan amounts above represent impaired, collateral dependent loans that have been adjusted to fair value during the respective reporting period. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the ALLL. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and other information about the financial instrument. These estimates do not one no Fair value estimates are based only on current on and off-balance sheet financial instruments. Our fair value estimates do not not |
Note 10 - Acquisition
Note 10 - Acquisition | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 10. On January 31, 2019, 97 $211.7 January 31, 2019. one one May 2019, We paid $15.3 1,834,142 10% January 31, 2019. $190.2 $107.4 $85.3 January 31, 2019. The acquisition of Merchants constituted a business combination and has been accounted for using the acquisition method of accounting. The assets acquired and liabilities assumed, both tangible and intangible, were recorded at their fair values as of the acquisition date in accordance with ASC 805, third 368 The calculation of goodwill recorded during 2019 (Amounts in thousands) As Recorded by Merchants Holding Company Fair Value And Other Acquisition Related Adjustments As Recorded by the Company Consideration paid: Cash $ 15,300 Stock 1,834,142 shares at $10.69 per share 19,607 Total consideration $ 34,907 Assets acquired: Cash and fed funds sold $ 12,425 $ — $ 12,425 Investment securities 107,931 (551 ) 107,380 Loans, gross 87,570 (2,292 ) 85,278 Allowance for loan and lease losses (1,286 ) 1,286 — Interest receivable 688 — 688 Premises and equipment, net 378 1,856 2,234 Deferred tax assets, net 1,374 (1,352 ) 22 Federal Home Loan Bank of San Francisco stock 1,454 — 1,454 Life insurance 755 — 755 Other assets 371 95 466 Core deposit intangible — 4,353 4,353 Total assets acquired $ 211,660 $ 3,395 $ 215,055 Liabilities assumed: Demand, money market and savings $ 152,213 $ — $ 152,213 Certificates of deposit 38,003 — 38,003 Total deposits 190,216 — 190,216 Other liabilities 916 22 938 Total liabilities assumed $ 191,132 $ 22 $ 191,154 Net identifiable assets acquired over liabilities assumed $ 20,528 $ 3,373 $ 23,901 Goodwill $ 11,006 Goodwill As a result of the Merchants acquisition, we recorded goodwill totaling $11.0 The following is a description of the methods used to determine the fair values of significant assets and liabilities whose fair values are different from their carrying amounts on Merchants' books at acquisition date presented above. Investment Securities Fair values for securities were obtained from an independent pricing service and were based on quoted market prices, where available. If quoted market prices were not not Loans We engaged a third no $2.3 $163 $48 three March 31, 2020 2019. Premises and Equipment We engaged an independent licensed appraiser to determine the fair value of the acquired branch located in Sacramento. The fair value of tangible personal property was not Deferred Tax Assets Deferred income tax assets were recorded to reflect the difference between the carrying values of the acquired assets and liabilities for financial reporting purposes and the basis for income tax purposes using the Company’s statutory federal and state income tax rates. During 2019, Core Deposit Intangible We engaged an independent third $4.4 eight No 2020 2019. not $136 $91 three March 31, 2020 2019. March 31, 2020 (Amounts in thousands) 2020 2021 2022 2023 2024 Thereafter Total Core deposit intangible amortization $ 408 $ 544 $ 544 $ 544 $ 544 $ 1,633 $ 4,217 Pro Forma Results of Operations The following table presents pro forma information of the combined entity as if the acquisition occurred on January 1, 2019. not not For the Three Months Ended Pro forma revenue and earnings March 31, (Amounts in thousands) 2019 Net interest income $ 13,199 Net income (1) $ 2,269 ( 1 three March 31, 2019 $1.9 It is impracticable to separately provide information regarding the amount of revenue and earnings from Merchants included in our Consolidated Statement of Income |
Note 11 - Goodwill and Other In
Note 11 - Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 11. At March 31, 2020, $11.7 not Triggering Events At March 31, 2020, 19 March, three March 31, 2020. Review and Testing We first not 50% not no not not not In mid- March 2020, 19 March 13, 2020. March 31, 2020 19 June 30, 2020 no may second Core Deposit Intangibles Acquired core deposits provide value as a source of below market rate funds and the realization of interest cost savings is a fundamental rationale for assuming these deposit liabilities. The cost savings is defined as the difference between the cost of funds on our new deposits (i.e., interest and net maintenance costs) and the cost of an equal amount of funds from an alternative source having a similar term as the new deposit base. Our core deposit intangibles were recorded at fair value which was derived by using the income approach and represent the present value of the cost savings over the projected term of our new deposit base. Goodwill and Other Intangibles, net consisted of the following at March 31, 2020 December 31, 2019. (Amounts in thousands) March 31, December 31, Goodwill and Other Intangibles 2020 2019 Goodwill $ 11,671 $ 11,671 Core deposit intangibles 6,125 6,125 Domain name 32 32 Accumulated amortization (1,539 ) (1,348 ) Goodwill and other intangibles, net $ 16,289 $ 16,480 The following table sets forth, as of March 31, 2020, (Amounts in thousands) Amount 2020 $ 575 2021 766 2022 766 2023 766 2024 580 2025 and thereafter 1,133 Total $ 4,586 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Holding Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As of March 31, 2020 December 31, 2019, one 2005 not Consolidation 810” not Consolidated Balance Sheets |
Lessee, Leases [Policy Text Block] | Leases We determine if an arrangement is a lease at inception. Operating leases are included in Other Assets and Other Liabilities in our Consolidated Balance Sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not may |
New Accounting Pronouncements, Policy [Policy Text Block] | Application of new accounting guidance In August 2018, No. 2018 13, 820 3 2018 13 December 15, 2019, January 1, 2020 3 not |
Note 2 - Common Stock Outstan_2
Note 2 - Common Stock Outstanding and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended (Amounts in thousands, except per share information) March 31, Earnings Per Share 2020 2019 Numerators: Net income $ 916 $ 2,306 Denominators: Weighted average number of common shares outstanding - basic (1) 17,695 17,489 Effect of potentially dilutive common shares (2) 52 63 Weighted average number of common shares outstanding - diluted 17,747 17,552 Earnings per common share: Basic $ 0.05 $ 0.13 Diluted $ 0.05 $ 0.13 Anti-dilutive options not included in diluted earnings per share calculation — — Anti-dilutive restricted shares not included in diluted earnings per share calculation — — |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of March 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated (Amounts in thousands) Costs Gains Losses Fair Value s Available-for-sale securities: U.S. government & agencies $ 35,487 $ 575 $ (19 ) $ 36,043 Obligations of state and political subdivisions 60,828 2,488 (53 ) 63,263 Residential mortgage-backed securities and collateralized mortgage obligations 155,252 5,728 (541 ) 160,439 Corporate securities 3,001 3 (21 ) 2,983 Commercial mortgage-backed securities 16,891 543 (6 ) 17,428 Other asset-backed securities 5,176 — (255 ) 4,921 Total $ 276,635 $ 9,337 $ (895 ) $ 285,077 As of December 31, 2019 Gross Gross Amortized Unrealized Unrealized Estimated (Amounts in thousands) Costs Gains Losses Fair Value s Available-for-sale securities: U.S. government & agencies $ 38,291 $ 469 $ (27 ) $ 38,733 Obligations of state and political subdivisions 40,702 1,422 (26 ) 42,098 Residential mortgage-backed securities and collateralized mortgage obligations 179,114 2,163 (442 ) 180,835 Corporate securities 3,005 6 (45 ) 2,966 Commercial mortgage-backed securities 19,126 221 (40 ) 19,307 Other asset-backed securities 3,019 — (8 ) 3,011 Total $ 283,257 $ 4,281 $ (588 ) $ 286,950 |
Amortized Cost and Estimated Fair Value Available for Sale Securities [Table Text Block] | Available-For-Sale (Amounts in thousands) Amortized Costs Fair Values Amounts maturing in: One year or less $ 6,119 $ 6,127 One year through five years 113,504 117,594 Five years through ten years 88,844 91,394 After ten years 68,168 69,962 Total $ 276,635 $ 285,077 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended March 31, (Amounts in thousands) 2020 2019 Proceeds from sales of investment securities $ 29,339 $ 67,402 Gross realized gains on sales of investment securities: U.S. government & agencies $ — $ 33 Obligations of state and political subdivisions 48 181 Residential mortgage-backed securities and collateralized mortgage obligations 84 47 Commercial mortgage-backed securities 36 — Total gross realized gains on sales of investment securities 168 261 Gross realized losses on sales of investment securities: U.S. government & agencies — (4 ) Obligations of state and political subdivisions (4 ) (77 ) Residential mortgage-backed securities and collateralized mortgage obligations (80 ) (86 ) Commercial mortgage-backed securities — (2 ) Total gross realized losses on sales of investment securities (84 ) (169 ) Gain on sales of investment securities, net $ 84 $ 92 |
Schedule of Unrealized Loss on Investments [Table Text Block] | As of March 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Amounts in thousands) Value s Losses Value s Losses Value s Losses Available-for-sale securities: U.S. government & agencies $ 4,061 $ (8 ) $ 1,758 $ (11 ) $ 5,819 $ (19 ) Obligations of state and political subdivisions 3,125 (53 ) — — 3,125 (53 ) Residential mortgage-backed securities and collateralized mortgage obligations 17,165 (453 ) 4,358 (88 ) 21,523 (541 ) Corporate securities — — 979 (21 ) 979 (21 ) Commercial mortgage-backed securities — — 4,432 (6 ) 4,432 (6 ) Other asset-backed securities 4,921 (255 ) — — 4,921 (255 ) Total temporarily impaired securities $ 29,272 $ (769 ) $ 11,527 $ (126 ) $ 40,799 $ (895 ) As of December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Amounts in thousands) Value s Loss es Value s Loss e s Value s Loss es Available-for-sale securities: U.S. government & agencies $ 6,473 $ (25 ) $ 380 $ (2 ) $ 6,853 $ (27 ) Obligations of state and political subdivisions 2,249 (26 ) — — 2,249 (26 ) Residential mortgage-backed securities and collateralized mortgage obligations 31,817 (207 ) 22,166 (235 ) 53,983 (442 ) Corporate securities — — 955 (45 ) 955 (45 ) Commercial mortgage-backed securities 1,464 (1 ) 4,549 (39 ) 6,013 (40 ) Other asset-backed securities 3,011 (8 ) — — 3,011 (8 ) Total temporarily impaired securities $ 45,014 $ (267 ) $ 28,050 $ (321 ) $ 73,064 $ (588 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Outstanding Loan Balances [Table Text Block] | (Amounts in thousands) March 31, December 31, Loan Portfolio 2020 2019 Commercial $ 138,870 $ 141,197 Commercial real estate: Real estate - construction and land development 34,394 26,830 Real estate - commercial non-owner occupied 514,052 493,920 Real estate - commercial owner occupied 217,319 218,833 Residential real estate: Real estate - residential - Individual Tax Identification Number (“ITIN”) 31,998 33,039 Real estate - residential - 1-4 family mortgage 62,533 63,661 Real estate - residential - equity lines 23,158 22,099 Consumer and other 29,921 33,324 Gross loans 1,052,245 1,032,903 Deferred fees and costs 2,129 2,162 Loans, net of deferred fees and costs 1,054,374 1,035,065 Allowance for loan and lease losses (15,067 ) (12,231 ) Net loans $ 1,039,307 $ 1,022,834 |
Financing Receivable, Past Due [Table Text Block] | (Amounts in thousands) Past Due Loans at March 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 or Greater Days Past Due Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 710 $ — $ — $ 710 $ 138,160 $ 138,870 $ — Commercial real estate: Real estate - construction and land development — — — — 34,394 34,394 — Real estate - commercial non-owner occupied 1,097 — — 1,097 512,955 514,052 — Real estate - commercial owner occupied 654 — 3,103 3,757 213,562 217,319 — Residential real estate: Real estate - residential - ITIN 513 57 119 689 31,309 31,998 — Real estate - residential - 1-4 family mortgage — — — — 62,533 62,533 — Real estate - residential - equity lines 61 29 — 90 23,068 23,158 — Consumer and other 138 66 2 206 29,715 29,921 2 Total $ 3,173 $ 152 $ 3,224 $ 6,549 $ 1,045,696 $ 1,052,245 $ 2 (Amounts in thousands) Past Due Loans at December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 or Greater Days Past Due Total Past Due Current Total Recorded Investment > 90 Days and Accruing Commercial $ 71 $ — $ — $ 71 $ 141,126 $ 141,197 $ — Commercial real estate: Real estate - construction and land development — — — — 26,830 26,830 — Real estate - commercial non-owner occupied — — — — 493,920 493,920 — Real estate - commercial owner occupied 655 — 3,103 3,758 215,075 218,833 — Residential real estate: Real estate - residential - ITIN 371 323 43 737 32,302 33,039 — Real estate - residential - 1-4 family mortgage — — — — 63,661 63,661 — Real estate - residential - equity lines 100 — — 100 21,999 22,099 — Consumer and other 200 50 — 250 33,074 33,324 — Total $ 1,397 $ 373 $ 3,146 $ 4,916 $ 1,027,987 $ 1,032,903 $ — |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent 1 [Table Text Block] | (Amounts in thousands) March 31, December 31, Nonaccrual Loans 2020 2019 Commercial $ 39 $ 61 Commercial real estate: Real estate - commercial owner occupied 3,103 3,103 Residential real estate: Real estate - residential - ITIN 1,878 2,221 Real estate - residential - 1-4 family mortgage 184 191 Consumer and other 39 40 Total $ 5,243 $ 5,616 |
Impaired Financing Receivables [Table Text Block] | As of March 31, 2020 Unpaid (Amounts in thousands) Recorded Principal Related Impaired Loans Investment Balance Allowance With no related allowance recorded: Commercial $ 71 $ 231 $ — Commercial real estate: Real estate - commercial owner occupied 3,103 3,103 — Residential real estate: Real estate - residential - ITIN 5,233 6,899 — Real estate - residential - 1-4 family mortgage 184 310 — Total with no related allowance recorded $ 8,591 $ 10,543 $ — With an allowance recorded: Commercial $ 560 $ 561 $ 160 Residential real estate: Real estate - residential - ITIN 536 537 35 Real estate - residential - equity lines 226 226 113 Consumer and other 39 39 10 Total with an allowance recorded $ 1,361 $ 1,363 $ 318 By loan portfolio: Commercial $ 631 $ 792 $ 160 Commercial real estate 3,103 3,103 — Residential real estate 6,179 7,972 148 Consumer and other 39 39 10 Total impaired loans $ 9,952 $ 11,906 $ 318 As of December 31, 2019 Unpaid (Amounts in thousands) Recorded Principal Related Impaired Loans Investment Balance Allowance With no related allowance recorded: Commercial $ 94 $ 251 $ — Commercial real estate: Real estate - commercial owner occupied 3,103 3,103 — Residential real estate: Real estate - residential - ITIN 5,723 7,386 — Real estate - residential - 1-4 family mortgage 191 313 — Total with no related allowance recorded $ 9,111 $ 11,053 $ — With an allowance recorded: Commercial $ 562 $ 563 $ 159 Residential real estate: Real estate - residential - ITIN 455 455 38 Real estate - residential - equity lines 231 231 116 Consumer and other 40 40 11 Total with an allowance recorded $ 1,288 $ 1,289 $ 324 By loan portfolio: Commercial $ 656 $ 814 $ 159 Commercial real estate 3,103 3,103 — Residential real estate 6,600 8,385 154 Consumer and other 40 40 11 Total impaired loans $ 10,399 $ 12,342 $ 324 |
Average Recorded Investment and Interest Income Recognized on Impaired Loans by Loan Class [Table Text Block] | Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Average Interest Average Interest (Amounts in thousands) Recorded Income Recorded Income Average Recorded Investment and Interest Income Investment Recognized Investment Recognized Commercial $ 640 $ 9 $ 2,021 $ 17 Commercial real estate: Real estate - commercial non-owner occupied — — 8,412 11 Real estate - commercial owner occupied 3,103 — — — Residential real estate: Real estate - residential - ITIN 5,957 37 6,874 42 Real estate - residential - 1-4 family mortgage 186 — 184 — Real estate - residential - equity lines 228 4 401 5 Consumer and other 39 — 23 — Total $ 10,153 $ 50 $ 17,915 $ 75 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Amounts in thousands) March 31, 2020 Performing and Nonperforming Loans Performing Nonperforming Total Commercial $ 138,831 $ 39 $ 138,870 Commercial real estate: Real estate - construction and land development 34,394 — 34,394 Real estate - commercial non-owner occupied 514,052 — 514,052 Real estate - commercial owner occupied 214,216 3,103 217,319 Residential real estate: Real estate - residential - ITIN 30,120 1,878 31,998 Real estate - residential - 1-4 family mortgage 62,349 184 62,533 Real estate - residential - equity lines 23,158 — 23,158 Consumer and other 29,880 41 29,921 Total $ 1,047,000 $ 5,245 $ 1,052,245 (Amounts in thousands) December 31, 2019 Performing and Nonperforming Loans Performing Nonperforming Total Commercial $ 141,136 $ 61 $ 141,197 Commercial real estate: Real estate - construction and land development 26,830 — 26,830 Real estate - commercial non-owner occupied 493,920 — 493,920 Real estate - commercial owner occupied 215,730 3,103 218,833 Residential real estate: Real estate - residential - ITIN 30,818 2,221 33,039 Real estate - residential - 1-4 family mortgage 63,470 191 63,661 Real estate - residential - equity lines 22,099 — 22,099 Consumer and other 33,284 40 33,324 Total $ 1,027,287 $ 5,616 $ 1,032,903 |
Financing Receivable Credit Quality Indicator [Table Text Block] | As of March 31, 2020 Special (Amounts in thousands) Pass Watch Mention Substandard Doubtful Total Commercial $ 121,692 $ 15,166 $ 1,875 $ 137 $ — $ 138,870 Commercial real estate: Real estate - construction and land development 34,376 18 — — — 34,394 Real estate - commercial non-owner occupied 481,281 31,265 409 1,097 — 514,052 Real estate - commercial owner occupied 195,457 9,517 — 12,345 — 217,319 Residential real estate: Real estate - residential - ITIN 27,955 — — 4,043 — 31,998 Real estate - residential - 1-4 family mortgage 60,724 232 671 906 — 62,533 Real estate - residential - equity lines 23,072 — — 86 — 23,158 Consumer and other 29,882 — — 39 — 29,921 Total $ 974,439 $ 56,198 $ 2,955 $ 18,653 $ — $ 1,052,245 As of December 31, 2019 Special (Amounts in thousands) Pass Watch Mention Substandard Doubtful Total Commercial $ 125,222 $ 14,974 $ 833 $ 168 $ — $ 141,197 Commercial real estate: Real estate - construction and land development 26,810 20 — — — 26,830 Real estate - commercial non-owner occupied 454,493 32,902 5,424 1,101 — 493,920 Real estate - commercial owner occupied 195,950 7,224 1,220 14,439 — 218,833 Residential real estate: Real estate - residential - ITIN 28,609 — — 4,430 — 33,039 Real estate - residential - 1-4 family mortgage 62,485 985 — 191 — 63,661 Real estate - residential - equity lines 22,012 — — 87 — 22,099 Consumer and other 33,283 — — 41 — 33,324 Total $ 948,864 $ 56,105 $ 7,477 $ 20,457 $ — $ 1,032,903 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended March 31, 2020 (Amounts in thousands) Commercial Residential ALLL by Loan Portfolio Commercial Real Estate Real Estate Consumer Unallocated Total Beginning balance $ 1,822 $ 8,096 $ 1,032 $ 933 $ 348 $ 12,231 Charge-offs — — (6 ) (163 ) — (169 ) Recoveries 7 — 44 104 — 155 Provision 654 1,803 211 98 84 2,850 Ending balance $ 2,483 $ 9,899 $ 1,281 $ 972 $ 432 $ 15,067 For the Three Months Ended March 31, 2019 (Amounts in thousands) Commercial Residential ALLL by Loan Portfolio Commercial Real Estate Real Estate Consumer Unallocated Total Beginning balance $ 2,205 $ 7,116 $ 1,173 $ 1,356 $ 442 $ 12,292 Charge-offs — — (68 ) (280 ) — (348 ) Recoveries 153 — 82 63 — 298 Provision 121 (160 ) 24 (83 ) 98 — Ending balance $ 2,479 $ 6,956 $ 1,211 $ 1,056 $ 540 $ 12,242 As of March 31, 2020 Commercial Residential (Amounts in thousands) Commercial Real Estate Real Estate Consumer Unallocated Total ALLL: Individually evaluated for impairment $ 160 $ — $ 148 $ 10 $ — $ 318 Collectively evaluated for impairment 2,323 9,899 1,133 962 432 14,749 Total $ 2,483 $ 9,899 $ 1,281 $ 972 $ 432 $ 15,067 Gross loans: Individually evaluated for impairment $ 631 $ 3,103 $ 6,179 $ 39 $ — $ 9,952 Collectively evaluated for impairment 138,239 762,662 111,510 29,882 — 1,042,293 Total gross loans $ 138,870 $ 765,765 $ 117,689 $ 29,921 $ — $ 1,052,245 As of December 31, 2019 Commercial Residential (Amounts in thousands) Commercial Real Estate Real Estate Consumer Unallocated Total ALLL: Individually evaluated for impairment $ 159 $ — $ 154 $ 11 $ — $ 324 Collectively evaluated for impairment 1,663 8,096 878 922 348 11,907 Total $ 1,822 $ 8,096 $ 1,032 $ 933 $ 348 $ 12,231 Gross loans: Individually evaluated for impairment $ 656 $ 3,103 $ 6,600 $ 40 $ — $ 10,399 Collectively evaluated for impairment 140,541 736,480 112,199 33,284 — 1,022,504 Total gross loans $ 141,197 $ 739,583 $ 118,799 $ 33,324 $ — $ 1,032,903 |
Note 5 - Qualified Affordable_2
Note 5 - Qualified Affordable Housing Partnership Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Proportional Amortization Method Investment Qualified Affordable Housing Project [Table Text Block] | At March 31, 2020 For the Three Months Ended March 31, 2020 (Amounts in thousands) Qualified Affordable Housing Partnerships Original Investment Value Current Recorded Investment Unfunded Liability Obligation Tax Credits and Benefits Amortization of Investments Net Income Tax Benefit (Expense) Raymond James California Housing Opportunities Fund II $ 2,000 $ 807 $ 22 $ 50 $ 45 $ 5 WNC Institutional Tax Credit Fund 38, L.P. 1,000 379 — 26 21 5 Merritt Community Capital Corporation Fund XV, L.P. 2,500 1,013 316 56 54 2 California Affordable Housing Fund 2,454 200 — 6 10 (4 ) Boston Capital 1,000 990 1,000 16 10 6 Total $ 8,954 $ 3,389 $ 1,338 $ 154 $ 140 $ 14 At December 31, 2019 For the Three Months Ended March 31, 2019 (Amounts in thousands) Qualified Affordable Housing Partnerships Original Investment Value Current Recorded Investment Unfunded Liability Obligation Tax Credits and Benefits Amortization of Investments Net Income Tax Benefit (Expense) Raymond James California Housing Opportunities Fund II $ 2,000 $ 852 $ 22 $ 50 $ 45 $ 5 WNC Institutional Tax Credit Fund 38, L.P. 1,000 400 — 27 23 4 Merritt Community Capital Corporation Fund XV, L.P. 2,500 1,067 316 56 55 1 California Affordable Housing Fund 2,454 210 — 6 9 (3 ) Total $ 7,954 $ 2,529 $ 338 $ 139 $ 132 $ 7 |
Qualified Affordable Housing Project Investments Tax Credits and Benefits [Table Text Block] | For the Three Months Ended March 31, 2020 March 31, 2019 (Amounts in thousands) Generated Tax Benefits From Generated Tax Benefits from Qualified Affordable Housing Partnerships Tax Credits Taxable Losses Tax Credits Taxable Losses Raymond James California Housing Opportunities Fund II $ 43 $ 7 $ 43 $ 7 WNC Institutional Tax Credit Fund 38, L.P. 22 4 23 4 Merritt Community Capital Corporation Fund XV, L.P. 48 8 48 8 California Affordable Housing Fund — 6 — 6 Boston Capital 11 5 — — Total $ 124 $ 30 $ 114 $ 25 |
Qualified Affordable Housing Projects Future Income Tax Benefit [Table Text Block] | (Amounts in thousands) Qualified Affordable Housing Partnerships: 2024 Anticipated income tax benefit, net less and amortization of investments 2020 2021 2022 2023 thereafter Total Raymond James California Housing Opportunities Fund II $ 14 $ 19 $ 19 $ 18 $ 16 $ 86 WNC Institutional Tax Credit Fund 38, L.P. 12 16 14 13 14 69 Merritt Community Capital Corporation Fund XV, L.P. 3 3 3 3 4 16 California Affordable Housing Fund (10 ) (14 ) (13 ) (35 ) — (72 ) Boston Capital 11 23 24 23 171 252 Total income tax benefit, net $ 30 $ 47 $ 47 $ 22 $ 205 $ 351 |
Note 6 - Term Debt (Tables)
Note 6 - Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (Amounts in thousands) March 31, 2020 December 31, 2019 Federal Home Loan Bank of San Francisco borrowings $ 10,000 $ — Subordinated Debt 10,000 10,000 Unamortized debt issuance costs (31 ) (43 ) Net term debt $ 19,969 $ 9,957 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (Amounts in thousands) 2020 2021 2022 2023 2024 Thereafter Total Federal Home Loan Bank of San Francisco borrowings $ 10,000 $ — $ — $ — $ — $ — $ 10,000 Subordinated Debt — — — — — 10,000 10,000 Total future maturities $ 10,000 $ — $ — $ — $ — $ 10,000 $ 20,000 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Commitments and Contingent Liabilities [Table Text Block] | (Amounts in thousands) March 31, 2020 December 31, 2019 Commitments to extend credit $ 268,331 $ 267,248 Standby letters of credit 4,537 4,406 Affordable housing grant sponsorships 3,338 3,338 Access to housing and economic assistance for development grant sponsorships 110 110 Total commitments and contingent liabilities $ 276,316 $ 275,102 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (Amounts in thousands) March 31, 2020 Right-of-use lease asset $ 3,068 Lease liability $ 3,435 Weighted Average Remaining Lease Term 4.82 Weighted Average Discount Rate 2.94 % Three Months Ended March 31, (Amounts in thousands) 2020 2019 Operating lease expense $ 217 $ 199 Cash paid for operating leases $ 246 $ 215 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (Amounts in thousands) Due in: Amount 2020 $ 703 2021 953 2022 863 2023 327 2024 280 Thereafter 576 Total undiscounted future minimum lease cash payments 3,702 Present value adjustment (267 ) Lease liability $ 3,435 |
Note 9 - Fair Values (Tables)
Note 9 - Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (Amounts in thousands) Carrying Fair Value Measurements Using March 31, 2020 Amounts Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 43,940 $ 43,940 $ — $ — Securities available-for-sale $ 285,077 $ — $ 285,077 $ — Net loans $ 1,039,307 $ — $ — $ 1,051,561 Federal Home Loan Bank of San Francisco stock $ 7,380 $ 7,380 $ — $ — Financial liabilities Deposits $ 1,242,387 $ — $ 1,244,030 $ — Term debt $ 19,969 $ — $ 20,272 $ — Junior subordinated debenture $ 10,310 $ — $ 11,614 $ — (Amounts in thousands) Carrying Fair Value Measurements Using December 31, 2019 Amounts Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 80,604 $ 80,604 $ — $ — Securities available-for-sale $ 286,950 $ — $ 286,950 $ — Net loans $ 1,022,834 $ — $ — $ 1,025,520 Federal Home Loan Bank of San Francisco stock $ 7,380 $ 7,380 $ — $ — Financial liabilities Deposits $ 1,267,171 $ — $ 1,267,153 $ — Term debt $ 9,957 $ — $ 10,006 $ — Junior subordinated debenture $ 10,310 $ — $ 13,471 $ — |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Unobservable Inputs Range (Weighted Average) Probability of Default (PD) 0.51% - 100% - (1.72%) Loss Given Default (LGD) 0% - 77.42% (18.72%) Prepayment Rate 0% - 34.47% - (20.79%) Discount Rate 3.33% - 9.08% - - (4.82%) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Amounts in thousands) Fair Value at March 31, 2020 Recurring Basis Total Level 1 Level 2 Level 3 Available-for-sale securities: U.S. government and agencies $ 36,043 $ — $ 36,043 $ — Obligations of state and political subdivisions 63,263 — 63,263 — Residential mortgage-backed securities and collateralized mortgage obligations 160,439 — 160,439 — Corporate securities 2,983 — 2,983 — Commercial mortgage-backed securities 17,428 — 17,428 — Other asset-backed securities 4,921 — 4,921 — Total assets measured at fair value $ 285,077 $ — $ 285,077 $ — (Amounts in thousands) Fair Value at December 31, 2019 Recurring Basis Total Level 1 Level 2 Level 3 Available-for-sale securities: U.S. government and agencies $ 38,733 $ — $ 38,733 $ — Obligations of state and political subdivisions 42,098 — 42,098 — Residential mortgage-backed securities and collateralized mortgage obligations 180,835 — 180,835 — Corporate securities 2,966 — 2,966 — Commercial mortgage-backed securities 19,307 — 19,307 — Other asset-backed securities 3,011 — 3,011 — Total assets measured at fair value $ 286,950 $ — $ 286,950 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | (Amounts in thousands) Fair Value at March 31, 2020 Nonrecurring basis Total Level 1 Level 2 Level 3 Other real estate owned $ 8 $ — $ — $ 8 Total assets measured at fair value $ 8 $ — $ — $ 8 (Amounts in thousands) Fair Value at December 31, 2019 Nonrecurring basis Total Level 1 Level 2 Level 3 Collateral dependent impaired loans $ 33 $ — $ — $ 33 Other real estate owned 35 — — 35 Total assets measured at fair value $ 68 $ — $ — $ 68 |
Loss from Nonrecurring Fair Value [Table Text Block] | (Amounts in thousands) Three Months Ended March 31, Fair value adjustments 2020 2019 Other real estate owned $ 6 $ 68 Total $ 6 $ 68 |
Note 10 - Acquisition (Tables)
Note 10 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (Amounts in thousands) As Recorded by Merchants Holding Company Fair Value And Other Acquisition Related Adjustments As Recorded by the Company Consideration paid: Cash $ 15,300 Stock 1,834,142 shares at $10.69 per share 19,607 Total consideration $ 34,907 Assets acquired: Cash and fed funds sold $ 12,425 $ — $ 12,425 Investment securities 107,931 (551 ) 107,380 Loans, gross 87,570 (2,292 ) 85,278 Allowance for loan and lease losses (1,286 ) 1,286 — Interest receivable 688 — 688 Premises and equipment, net 378 1,856 2,234 Deferred tax assets, net 1,374 (1,352 ) 22 Federal Home Loan Bank of San Francisco stock 1,454 — 1,454 Life insurance 755 — 755 Other assets 371 95 466 Core deposit intangible — 4,353 4,353 Total assets acquired $ 211,660 $ 3,395 $ 215,055 Liabilities assumed: Demand, money market and savings $ 152,213 $ — $ 152,213 Certificates of deposit 38,003 — 38,003 Total deposits 190,216 — 190,216 Other liabilities 916 22 938 Total liabilities assumed $ 191,132 $ 22 $ 191,154 Net identifiable assets acquired over liabilities assumed $ 20,528 $ 3,373 $ 23,901 Goodwill $ 11,006 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) Amount 2020 $ 575 2021 766 2022 766 2023 766 2024 580 2025 and thereafter 1,133 Total $ 4,586 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended Pro forma revenue and earnings March 31, (Amounts in thousands) 2019 Net interest income $ 13,199 Net income (1) $ 2,269 |
Merchants Holding Company [Member] | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) 2020 2021 2022 2023 2024 Thereafter Total Core deposit intangible amortization $ 408 $ 544 $ 544 $ 544 $ 544 $ 1,633 $ 4,217 |
Note 11 - Goodwill and Other _2
Note 11 - Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (Amounts in thousands) March 31, December 31, Goodwill and Other Intangibles 2020 2019 Goodwill $ 11,671 $ 11,671 Core deposit intangibles 6,125 6,125 Domain name 32 32 Accumulated amortization (1,539 ) (1,348 ) Goodwill and other intangibles, net $ 16,289 $ 16,480 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) Amount 2020 $ 575 2021 766 2022 766 2023 766 2024 580 2025 and thereafter 1,133 Total $ 4,586 |
Note 2 - Common Stock Outstan_3
Note 2 - Common Stock Outstanding and Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 07, 2020 | Feb. 21, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | Sep. 18, 2019 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,500,000 | 1,000,000 | |||||
Stock Repurchase Program, Extension Period (Year) | 1 year | ||||||
Stock Repurchased During Period, Shares (in shares) | 1,351,922 | 90,501 | 1,500,000 | ||||
Payments for Repurchase of Common Stock | $ 12,230 | $ 13,600 | |||||
Payments for Repurchase of Common Stock, Average Price Per Share (in dollars per share) | $ 9.11 | ||||||
Subsequent Event [Member] | |||||||
Stock Repurchased During Period, Shares (in shares) | 57,577 |
Note 2 - Common Stock Outstan_4
Note 2 - Common Stock Outstanding and Earnings Per Share - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | ||
Net income | $ 916 | $ 4,369 | $ 4,642 | $ 3,644 | $ 2,306 | |
Weighted average shares - basic (in shares) | [1] | 17,695 | 17,489 | |||
Effect of potentially dilutive common shares (in shares) | [2] | 52 | 63 | |||
Weighted average number of common shares outstanding - diluted (in shares) | 17,747 | 17,552 | ||||
Earnings per share - basic (in dollars per share) | $ 0.05 | $ 0.13 | ||||
Earnings per share - diluted (in dollars per share) | $ 0.05 | $ 0.13 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Anti-dilutive options not included in diluted earnings per share calculation (in shares) | ||||||
Restricted Stock [Member] | ||||||
Anti-dilutive options not included in diluted earnings per share calculation (in shares) | ||||||
[1] | Excludes unvested restricted shares because they do not have dividend or voting rights | |||||
[2] | Represents the effects of the assumed exercise of stock options and vesting of non-participating restricted shares. |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Securities Held as Collateral, at Fair Value | $ 84.7 | $ 81.4 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 46 | 63 |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available for Sale Securities, Percent of Portfolio Guaranteed | 83.00% | 79.00% |
Commercial Mortgage Backed Securities [Member] | ||
Available for Sale Securities, Percent of Portfolio Guaranteed | 100.00% | 100.00% |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities, amortized costs | $ 276,635 | $ 283,257 |
Available-for-sale securities, gross unrealized gain | 9,337 | 4,281 |
Available-for-sale securities, gross unrealized loss | (895) | (588) |
Securities available-for-sale | 285,077 | 286,950 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 276,635 | 283,257 |
Available-for-sale securities, gross unrealized gain | 9,337 | 4,281 |
Available-for-sale securities, gross unrealized loss | (895) | (588) |
Securities available-for-sale | 285,077 | 286,950 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized costs | 35,487 | 38,291 |
Available-for-sale securities, gross unrealized gain | 575 | 469 |
Available-for-sale securities, gross unrealized loss | (19) | (27) |
Securities available-for-sale | 36,043 | 38,733 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 35,487 | 38,291 |
Available-for-sale securities, gross unrealized gain | 575 | 469 |
Available-for-sale securities, gross unrealized loss | (19) | (27) |
Securities available-for-sale | 36,043 | 38,733 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized costs | 60,828 | 40,702 |
Available-for-sale securities, gross unrealized gain | 2,488 | 1,422 |
Available-for-sale securities, gross unrealized loss | (53) | (26) |
Securities available-for-sale | 63,263 | 42,098 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 60,828 | 40,702 |
Available-for-sale securities, gross unrealized gain | 2,488 | 1,422 |
Available-for-sale securities, gross unrealized loss | (53) | (26) |
Securities available-for-sale | 63,263 | 42,098 |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized costs | 155,252 | 179,114 |
Available-for-sale securities, gross unrealized gain | 5,728 | 2,163 |
Available-for-sale securities, gross unrealized loss | (541) | (442) |
Securities available-for-sale | 160,439 | 180,835 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 155,252 | 179,114 |
Available-for-sale securities, gross unrealized gain | 5,728 | 2,163 |
Available-for-sale securities, gross unrealized loss | (541) | (442) |
Securities available-for-sale | 160,439 | 180,835 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized costs | 3,001 | 3,005 |
Available-for-sale securities, gross unrealized gain | 3 | 6 |
Available-for-sale securities, gross unrealized loss | (21) | (45) |
Securities available-for-sale | 2,983 | 2,966 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 3,001 | 3,005 |
Available-for-sale securities, gross unrealized gain | 3 | 6 |
Available-for-sale securities, gross unrealized loss | (21) | (45) |
Securities available-for-sale | 2,983 | 2,966 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities, amortized costs | 16,891 | 19,126 |
Available-for-sale securities, gross unrealized gain | 543 | 221 |
Available-for-sale securities, gross unrealized loss | (6) | (40) |
Securities available-for-sale | 17,428 | 19,307 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 16,891 | 19,126 |
Available-for-sale securities, gross unrealized gain | 543 | 221 |
Available-for-sale securities, gross unrealized loss | (6) | (40) |
Securities available-for-sale | 17,428 | 19,307 |
Asset-backed Securities [Member] | ||
Available-for-sale securities, amortized costs | 5,176 | 3,019 |
Available-for-sale securities, gross unrealized gain | ||
Available-for-sale securities, gross unrealized loss | (255) | (8) |
Securities available-for-sale | 4,921 | 3,011 |
Available-for-sale securities: | ||
Available-for-sale securities, amortized costs | 5,176 | 3,019 |
Available-for-sale securities, gross unrealized gain | ||
Available-for-sale securities, gross unrealized loss | (255) | (8) |
Securities available-for-sale | $ 4,921 | $ 3,011 |
Note 3 - Securities - Expected
Note 3 - Securities - Expected Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amounts maturing in: | ||
Available-for-sale securities, amortized cost, one year or less | $ 6,119 | |
Available-for-sale securities, fair value, one year or less | 6,127 | |
Available-for-sale securities, amortized cost, one year through five years | 113,504 | |
Available-for-sale securities, fair value, one year through five years | 117,594 | |
Available-for-sale securities, amortized cost, five years through ten years | 88,844 | |
Available-for-sale securities, fair value, five years through ten years | 91,394 | |
Available-for-sale securities, amortized cost, after ten years | 68,168 | |
Available-for-sale securities, fair value, after ten years | 69,962 | |
Available-for-sale securities, amortized cost, total | 276,635 | $ 283,257 |
Available-for-sale securities, fair value, total | $ 285,077 |
Note 3 - Securities - Sales of
Note 3 - Securities - Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Proceeds from sales of investment securities | $ 29,339 | $ 67,402 |
Gross realized gains on sales of securities | 168 | 261 |
Gross realized losses on sales of securities | (84) | (169) |
Gain on sales of investment securities, net | 84 | 92 |
US Government Agencies Debt Securities [Member] | ||
Gross realized gains on sales of securities | 33 | |
Gross realized losses on sales of securities | (4) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Gross realized gains on sales of securities | 48 | 181 |
Gross realized losses on sales of securities | (4) | (77) |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Gross realized gains on sales of securities | 84 | 47 |
Gross realized losses on sales of securities | (80) | (86) |
Commercial Mortgage Backed Securities [Member] | ||
Gross realized gains on sales of securities | 36 | |
Gross realized losses on sales of securities | $ (2) |
Note 3 - Securities - Securit_2
Note 3 - Securities - Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities, less than 12 months, fair value | $ 29,272 | $ 45,014 |
Available-for-sale securities, less than 12 months, unrealized losses | (769) | (267) |
Available-for-sale securities, 12 months or more, fair value | 11,527 | 28,050 |
Available-for-sale securities, 12 months or more, unrealized losses | (126) | (321) |
Available-for-sale securities, fair value | 40,799 | 73,064 |
Available-for-sale securities, unrealized losses | (895) | (588) |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 4,061 | 6,473 |
Available-for-sale securities, less than 12 months, unrealized losses | (8) | (25) |
Available-for-sale securities, 12 months or more, fair value | 1,758 | 380 |
Available-for-sale securities, 12 months or more, unrealized losses | (11) | (2) |
Available-for-sale securities, fair value | 5,819 | 6,853 |
Available-for-sale securities, unrealized losses | (19) | (27) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 3,125 | 2,249 |
Available-for-sale securities, less than 12 months, unrealized losses | (53) | (26) |
Available-for-sale securities, 12 months or more, fair value | ||
Available-for-sale securities, 12 months or more, unrealized losses | ||
Available-for-sale securities, fair value | 3,125 | 2,249 |
Available-for-sale securities, unrealized losses | (53) | (26) |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 17,165 | 31,817 |
Available-for-sale securities, less than 12 months, unrealized losses | (453) | (207) |
Available-for-sale securities, 12 months or more, fair value | 4,358 | 22,166 |
Available-for-sale securities, 12 months or more, unrealized losses | (88) | (235) |
Available-for-sale securities, fair value | 21,523 | 53,983 |
Available-for-sale securities, unrealized losses | (541) | (442) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | ||
Available-for-sale securities, less than 12 months, unrealized losses | ||
Available-for-sale securities, 12 months or more, fair value | 979 | 955 |
Available-for-sale securities, 12 months or more, unrealized losses | (21) | (45) |
Available-for-sale securities, fair value | 979 | 955 |
Available-for-sale securities, unrealized losses | (21) | (45) |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 1,464 | |
Available-for-sale securities, less than 12 months, unrealized losses | (1) | |
Available-for-sale securities, 12 months or more, fair value | 4,432 | 4,549 |
Available-for-sale securities, 12 months or more, unrealized losses | (6) | (39) |
Available-for-sale securities, fair value | 4,432 | 6,013 |
Available-for-sale securities, unrealized losses | (6) | (40) |
Asset-backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 4,921 | 3,011 |
Available-for-sale securities, less than 12 months, unrealized losses | (255) | (8) |
Available-for-sale securities, 12 months or more, fair value | ||
Available-for-sale securities, 12 months or more, unrealized losses | ||
Available-for-sale securities, fair value | 4,921 | 3,011 |
Available-for-sale securities, unrealized losses | $ (255) | $ (8) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 24, 2020USD ($) | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 1,300 | $ 1,500 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 58 | $ 158 | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 9,952 | 10,399 | ||
Percentage of Collateral Coverage to Loan Balance to Consider Restructured Loan to Performing and Accrual Status | 100.00% | |||
Financing Receivable, Troubled Debt Restructuring | $ 6,300 | $ 6,500 | ||
Financing Receivable, Number of Contracts Qualified as Troubled Debt Restructuring | 97 | |||
Troubled Debt Restructurings Percentage of Gross Portfolio Loans | 0.60% | 0.63% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |||
Doubtful Grade Remaining Outstanding Period, Minimum (Month) | 180 days | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 141 | $ 100 | ||
Percentage of Unallocated Allowance Amount out of Allowance for Loan and Lease Losses | 3.00% | 3.00% | ||
Loans and Leases Receivable, Allowance, Ending Balance | $ 15,067 | $ 12,231 | ||
Percentage of Allowance for Loan and Lease Losses out of Net Loans | 1.43% | 1.18% | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $ 276,300 | $ 275,100 | ||
Reserve for Unfunded Commitments Included in Other Liabilities | $ 695 | 695 | ||
Maximum Loan to Value, Percentage | 80.00% | |||
Percentage of Loan Portfolio Secured by Real Estate | 84.00% | |||
Subsequent Event [Member] | ||||
Financing Receivable, Number of Short Term Loan Modification Requests | 124 | |||
Financing Receivable, Short Term Loan Modification Requests, Amount | $ 82,900 | |||
Financing Receivable, Number of Short Term Loan Modification Request Approved | 120 | |||
Financing Receivable, Short Term Loan Modifications Requested, Approved, Amount | $ 78,000 | |||
Performing Financial Instruments [Member] | ||||
Impaired Financing Receivable, Recorded Investment, Total | $ 4,700 | 4,800 | ||
Financing Receivable, Number of Contracts Qualified as Troubled Debt Restructuring | 93 | |||
Merchants Holding Company [Member] | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 1,500 | |||
Accretion (Amortization) of Discounts and Premiums, Acquired Loans | $ 163 | $ 48 | ||
Federal Home Loan Bank of San Francisco [Member] | ||||
Loans Pledged as Collateral | $ 549,000 | $ 542,100 |
Note 4 - Loans - Outstanding Lo
Note 4 - Loans - Outstanding Loan Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Gross loans | $ 1,052,245 | $ 1,032,903 |
Deferred fees and costs | 2,129 | 2,162 |
Loans, net of deferred fees and costs | 1,054,374 | 1,035,065 |
Allowance for loan and lease losses | (15,067) | (12,231) |
Net loans | 1,039,307 | 1,022,834 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 138,870 | 141,197 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 765,765 | 739,583 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 34,394 | 26,830 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 514,052 | 493,920 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 217,319 | 218,833 |
Residential Portfolio Segment [Member] | ||
Gross loans | 117,689 | 118,799 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 31,998 | 33,039 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 62,533 | 63,661 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | 23,158 | 22,099 |
Consumer Portfolio Segment [Member] | ||
Gross loans | $ 29,921 | $ 33,324 |
Note 4 - Loans - Age Analysis o
Note 4 - Loans - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans, past due | $ 6,549 | $ 4,916 |
Loans, current | 1,045,696 | 1,027,987 |
Gross loans | 1,052,245 | 1,032,903 |
Recorded investment greater than 90 days and accruing | 2 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 3,173 | 1,397 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 152 | 373 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | 3,224 | 3,146 |
Commercial Portfolio Segment [Member] | ||
Loans, past due | 710 | 71 |
Loans, current | 138,160 | 141,126 |
Gross loans | 138,870 | 141,197 |
Recorded investment greater than 90 days and accruing | ||
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 710 | 71 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 765,765 | 739,583 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans, past due | ||
Loans, current | 34,394 | 26,830 |
Gross loans | 34,394 | 26,830 |
Recorded investment greater than 90 days and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Loans, past due | 1,097 | |
Loans, current | 512,955 | 493,920 |
Gross loans | 514,052 | 493,920 |
Recorded investment greater than 90 days and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Loans, past due | 3,757 | 3,758 |
Loans, current | 213,562 | 215,075 |
Gross loans | 217,319 | 218,833 |
Recorded investment greater than 90 days and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Non-owner Occupied [Member] | ||
Loans, past due | 1,097 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Owner Occupied Loan [Member] | ||
Loans, past due | 654 | 655 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Non-owner Occupied [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Owner Occupied Loan [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Non-owner Occupied [Member] | ||
Loans, past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Owner Occupied Loan [Member] | ||
Loans, past due | 3,103 | 3,103 |
Residential Portfolio Segment [Member] | ||
Gross loans | 117,689 | 118,799 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Loans, past due | 689 | 737 |
Loans, current | 31,309 | 32,302 |
Gross loans | 31,998 | 33,039 |
Recorded investment greater than 90 days and accruing | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Loans, past due | ||
Loans, current | 62,533 | 63,661 |
Gross loans | 62,533 | 63,661 |
Recorded investment greater than 90 days and accruing | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans, past due | 90 | 100 |
Loans, current | 23,068 | 21,999 |
Gross loans | 23,158 | 22,099 |
Recorded investment greater than 90 days and accruing | ||
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Loans, past due | 513 | 371 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans, past due | 61 | 100 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Loans, past due | 57 | 323 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans, past due | 29 | |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Loans, past due | 119 | 43 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Loans, past due | ||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | ||
Loans, past due | 206 | 250 |
Loans, current | 29,715 | 33,074 |
Gross loans | 29,921 | 33,324 |
Recorded investment greater than 90 days and accruing | 2 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, past due | 138 | 200 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, past due | 66 | 50 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, past due | $ 2 |
Note 4 - Loans - Nonaccrual Loa
Note 4 - Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Nonaccrual loans | $ 5,243 | $ 5,616 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | 39 | 61 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Nonaccrual loans | 3,103 | 3,103 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Nonaccrual loans | 1,878 | 2,221 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Nonaccrual loans | 184 | 191 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans | $ 39 | $ 40 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Recorded investment with no related allowance recorded | $ 8,591 | $ 9,111 |
Unpaid principal balance with no related allowance recorded | 10,543 | 11,053 |
Recorded investment with related allowance recorded | 1,361 | 1,288 |
Unpaid principal balance with related allowance recorded | 1,363 | 1,289 |
Related allowance | 318 | 324 |
Recorded investment | 9,952 | 10,399 |
Unpaid principle balance | 11,906 | 12,342 |
Commercial Portfolio Segment [Member] | ||
Recorded investment with no related allowance recorded | 71 | 94 |
Unpaid principal balance with no related allowance recorded | 231 | 251 |
Recorded investment with related allowance recorded | 560 | 562 |
Unpaid principal balance with related allowance recorded | 561 | 563 |
Related allowance | 160 | 159 |
Recorded investment | 631 | 656 |
Unpaid principle balance | 792 | 814 |
Commercial Real Estate Portfolio Segment [Member] | ||
Related allowance | ||
Recorded investment | 3,103 | 3,103 |
Unpaid principle balance | 3,103 | 3,103 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Recorded investment with no related allowance recorded | 3,103 | 3,103 |
Unpaid principal balance with no related allowance recorded | 3,103 | 3,103 |
Residential Portfolio Segment [Member] | ||
Related allowance | 148 | 154 |
Recorded investment | 6,179 | 6,600 |
Unpaid principle balance | 7,972 | 8,385 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Recorded investment with no related allowance recorded | 5,233 | 5,723 |
Unpaid principal balance with no related allowance recorded | 6,899 | 7,386 |
Recorded investment with related allowance recorded | 536 | 455 |
Unpaid principal balance with related allowance recorded | 537 | 455 |
Related allowance | 35 | 38 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Recorded investment with no related allowance recorded | 184 | 191 |
Unpaid principal balance with no related allowance recorded | 310 | 313 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment with no related allowance recorded | 231 | |
Unpaid principal balance with no related allowance recorded | 231 | |
Recorded investment with related allowance recorded | 226 | |
Unpaid principal balance with related allowance recorded | 226 | |
Related allowance | 113 | |
Consumer Portfolio Segment [Member] | ||
Recorded investment with related allowance recorded | 39 | 40 |
Unpaid principal balance with related allowance recorded | 39 | 40 |
Related allowance | 10 | 11 |
Recorded investment | 39 | 40 |
Unpaid principle balance | $ 39 | $ 40 |
Note 4 - Loans - Average Record
Note 4 - Loans - Average Recorded Investment and Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Average recorded investment | $ 10,153 | $ 17,915 |
Interest income recognized | 50 | 75 |
Commercial Portfolio Segment [Member] | ||
Average recorded investment | 640 | 2,021 |
Interest income recognized | 9 | 17 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Average recorded investment | 8,412 | |
Interest income recognized | 11 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Average recorded investment | 3,103 | |
Interest income recognized | ||
Residential Portfolio Segment [Member] | Individual Tax Identification Number Loan [Member] | ||
Average recorded investment | 5,957 | 6,874 |
Interest income recognized | 37 | 42 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Average recorded investment | 186 | 184 |
Interest income recognized | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Average recorded investment | 228 | 401 |
Interest income recognized | 4 | 5 |
Consumer Portfolio Segment [Member] | ||
Average recorded investment | 39 | 23 |
Interest income recognized |
Note 4 - Loans - Performing and
Note 4 - Loans - Performing and Nonperforming Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Gross loans | $ 1,052,245 | $ 1,032,903 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 138,870 | 141,197 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 765,765 | 739,583 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 34,394 | 26,830 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 514,052 | 493,920 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 217,319 | 218,833 |
Residential Portfolio Segment [Member] | ||
Gross loans | 117,689 | 118,799 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 31,998 | 33,039 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 62,533 | 63,661 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | 23,158 | 22,099 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 29,921 | 33,324 |
Performing Financial Instruments [Member] | ||
Gross loans | 1,047,000 | 1,027,287 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | 138,831 | 141,136 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 34,394 | 26,830 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 514,052 | 493,920 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 214,216 | 215,730 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 30,120 | 30,818 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 62,349 | 63,470 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | 23,158 | 22,099 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans | 29,880 | 33,284 |
Nonperforming Financial Instruments [Member] | ||
Gross loans | 5,245 | 5,616 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | 39 | 61 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | ||
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | ||
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 3,103 | 3,103 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 1,878 | 2,221 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 184 | 191 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | ||
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans | $ 41 | $ 40 |
Note 4 - Loans - Internal Risk
Note 4 - Loans - Internal Risk Rating by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Gross loans | $ 1,052,245 | $ 1,032,903 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 138,870 | 141,197 |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 765,765 | 739,583 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 34,394 | 26,830 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 514,052 | 493,920 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 217,319 | 218,833 |
Residential Portfolio Segment [Member] | ||
Gross loans | 117,689 | 118,799 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 31,998 | 33,039 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 62,533 | 63,661 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | 23,158 | 22,099 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 29,921 | 33,324 |
Pass [Member] | ||
Gross loans | 974,439 | 948,864 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | 121,692 | 125,222 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 34,376 | 26,810 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 481,281 | 454,493 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 195,457 | 195,950 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 27,955 | 28,609 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 60,724 | 62,485 |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | 23,072 | 22,012 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans | 29,882 | 33,283 |
Watch [Member] | ||
Gross loans | 56,198 | 56,105 |
Watch [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | 15,166 | 14,974 |
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | 18 | 20 |
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 31,265 | 32,902 |
Watch [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 9,517 | 7,224 |
Watch [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | ||
Watch [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 232 | 985 |
Watch [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | ||
Watch [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans | ||
Special Mention [Member] | ||
Gross loans | 2,955 | 7,477 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | 1,875 | 833 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 409 | 5,424 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 1,220 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | ||
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 671 | |
Special Mention [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans | ||
Substandard [Member] | ||
Gross loans | 18,653 | 20,457 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | 137 | 168 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | ||
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | 1,097 | 1,101 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | 12,345 | 14,439 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | 4,043 | 4,430 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | 906 | 191 |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | 86 | 87 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans | 39 | 41 |
Doubtful [Member] | ||
Gross loans | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Gross loans | ||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Gross loans | ||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Non-owner Occupied [Member] | ||
Gross loans | ||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Loan [Member] | ||
Gross loans | ||
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Individual Tax Identification Number Loan [Member] | ||
Gross loans | ||
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Mortgage Receivable [Member] | ||
Gross loans | ||
Doubtful [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Gross loans | ||
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Gross loans |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Credit Losses and Recorded Investment in Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 12,231 | $ 12,292 | ||
Charge-offs | (169) | (348) | ||
Recoveries | 155 | 298 | ||
Provision for loan and lease losses | 2,850 | |||
Balance | 15,067 | 12,242 | ||
Individually evaluated for impairment | $ 318 | $ 324 | ||
Collectively evaluated for impairment | 14,749 | 11,907 | ||
Total | 15,067 | 12,242 | 15,067 | 12,231 |
Individually evaluated for impairment | 9,952 | 10,399 | ||
Collectively evaluated for impairment | 1,042,293 | 1,022,504 | ||
Total gross loans | 1,052,245 | 1,032,903 | ||
Commercial Portfolio Segment [Member] | ||||
Balance | 1,822 | 2,205 | ||
Charge-offs | ||||
Recoveries | 7 | 153 | ||
Provision for loan and lease losses | 654 | 121 | ||
Balance | 2,483 | 2,479 | ||
Individually evaluated for impairment | 160 | 159 | ||
Collectively evaluated for impairment | 2,323 | 1,663 | ||
Total | 2,483 | 2,479 | 2,483 | 1,822 |
Individually evaluated for impairment | 631 | 656 | ||
Collectively evaluated for impairment | 138,239 | 140,541 | ||
Total gross loans | 138,870 | 141,197 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 8,096 | 7,116 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan and lease losses | 1,803 | (160) | ||
Balance | 9,899 | 6,956 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 9,899 | 8,096 | ||
Total | 9,899 | 6,956 | 9,899 | 8,096 |
Individually evaluated for impairment | 3,103 | 3,103 | ||
Collectively evaluated for impairment | 762,662 | 736,480 | ||
Total gross loans | 765,765 | 739,583 | ||
Residential Portfolio Segment [Member] | ||||
Balance | 1,032 | 1,173 | ||
Charge-offs | (6) | (68) | ||
Recoveries | 44 | 82 | ||
Provision for loan and lease losses | 211 | 24 | ||
Balance | 1,281 | 1,211 | ||
Individually evaluated for impairment | 148 | 154 | ||
Collectively evaluated for impairment | 1,133 | 878 | ||
Total | 1,281 | 1,211 | 1,281 | 1,032 |
Individually evaluated for impairment | 6,179 | 6,600 | ||
Collectively evaluated for impairment | 111,510 | 112,199 | ||
Total gross loans | 117,689 | 118,799 | ||
Consumer Portfolio Segment [Member] | ||||
Balance | 933 | 1,356 | ||
Charge-offs | (163) | (280) | ||
Recoveries | 104 | 63 | ||
Provision for loan and lease losses | 98 | (83) | ||
Balance | 972 | 1,056 | ||
Individually evaluated for impairment | 10 | 11 | ||
Collectively evaluated for impairment | 962 | 922 | ||
Total | 972 | 1,056 | 972 | 933 |
Individually evaluated for impairment | 39 | 40 | ||
Collectively evaluated for impairment | 29,882 | 33,284 | ||
Total gross loans | 29,921 | 33,324 | ||
Unallocated Financing Receivables [Member] | ||||
Balance | 348 | 442 | ||
Charge-offs | ||||
Recoveries | ||||
Provision for loan and lease losses | 84 | 98 | ||
Balance | 432 | 540 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 432 | 348 | ||
Total | $ 432 | $ 540 | 432 | 348 |
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | ||||
Total gross loans |
Note 5 - Qualified Affordable_3
Note 5 - Qualified Affordable Housing Partnership Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Qualified Affordable Housing Project Investments Term (Year) | 23 years | |
Proportional Amortization Method Qualified Affordable Housing Project Investments | $ 3,389 | $ 2,529 |
Proportional Amortization Method Qualified Affordable Housing Project Investments Unfunded Liability Obligation | 1,338 | 338 |
Proportional Amortization Method Qualified Affordable Housing Project Investments Original Amount | 8,954 | $ 7,954 |
Boston Capital [Member] | ||
Proportional Amortization Method Qualified Affordable Housing Project Investments | 990 | |
Proportional Amortization Method Qualified Affordable Housing Project Investments Unfunded Liability Obligation | 1,000 | |
Proportional Amortization Method Qualified Affordable Housing Project Investments Original Amount | $ 1,000 | |
Minimum [Member] | ||
Qualified Affordable Housing Project Investments Return Rate | 2.00% | |
Maximum [Member] | ||
Qualified Affordable Housing Project Investments Return Rate | 6.00% |
Note 5 - Qualified Affordable_4
Note 5 - Qualified Affordable Housing Partnership Investments - Original Investment in LIHTC Projects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Original Investment | $ 8,954 | $ 7,954 |
Current Recorded Investment | 3,389 | 2,529 |
Unfunded Liability Obligation | 1,338 | 338 |
Tax Credits and Benefits | 154 | 139 |
Amortization of Investments | 140 | 132 |
Net Income Tax Benefit | 14 | 7 |
Raymond James California Housing Opportunities Fund II [Member] | ||
Original Investment | 2,000 | 2,000 |
Current Recorded Investment | 807 | 852 |
Unfunded Liability Obligation | 22 | 22 |
Tax Credits and Benefits | 50 | 50 |
Amortization of Investments | 45 | 45 |
Net Income Tax Benefit | 5 | 5 |
WNC Institutional Tax Credit Fun 38 L.P. [Member] | ||
Original Investment | 1,000 | 1,000 |
Current Recorded Investment | 379 | 400 |
Unfunded Liability Obligation | ||
Tax Credits and Benefits | 26 | 27 |
Amortization of Investments | 21 | 23 |
Net Income Tax Benefit | 5 | 4 |
Merritt Community Capital Corporation Fund XV, L.P. [Member] | ||
Original Investment | 2,500 | 2,500 |
Current Recorded Investment | 1,013 | 1,067 |
Unfunded Liability Obligation | 316 | 316 |
Tax Credits and Benefits | 56 | 56 |
Amortization of Investments | 54 | 55 |
Net Income Tax Benefit | 2 | 1 |
California Affordable Housing Fund [Member] | ||
Original Investment | 2,454 | 2,454 |
Current Recorded Investment | 200 | 210 |
Unfunded Liability Obligation | ||
Tax Credits and Benefits | 6 | 6 |
Amortization of Investments | 10 | 9 |
Net Income Tax Benefit | (4) | $ (3) |
Boston Capital [Member] | ||
Original Investment | 1,000 | |
Current Recorded Investment | 990 | |
Unfunded Liability Obligation | 1,000 | |
Tax Credits and Benefits | 16 | |
Amortization of Investments | 10 | |
Net Income Tax Benefit | $ 6 |
Note 5 - Qualified Affordable_5
Note 5 - Qualified Affordable Housing Partnership Investments - Generated Tax Credits and Benefits From Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Generated tax credits | $ 124 | $ 114 |
Tax benefits from taxable losses | 30 | 25 |
Raymond James California Housing Opportunities Fund II [Member] | ||
Generated tax credits | 43 | 43 |
Tax benefits from taxable losses | 7 | 7 |
WNC Institutional Tax Credit Fun 38 L.P. [Member] | ||
Generated tax credits | 22 | 23 |
Tax benefits from taxable losses | 4 | 4 |
Merritt Community Capital Corporation Fund XV, L.P. [Member] | ||
Generated tax credits | 48 | 48 |
Tax benefits from taxable losses | 8 | 8 |
California Affordable Housing Fund [Member] | ||
Generated tax credits | ||
Tax benefits from taxable losses | 6 | 6 |
Boston Capital [Member] | ||
Generated tax credits | 11 | |
Tax benefits from taxable losses | $ 5 |
Note 5 - Qualified Affordable_6
Note 5 - Qualified Affordable Housing Partnership Investments - Anticipated Net Income Tax Benefit (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 30 |
2021 | 47 |
2022 | 47 |
2023 | 22 |
2024 and thereafter | 205 |
Total | 351 |
Raymond James California Housing Opportunities Fund II [Member] | |
2020 | 14 |
2021 | 19 |
2022 | 19 |
2023 | 18 |
2024 and thereafter | 16 |
Total | 86 |
WNC Institutional Tax Credit Fun 38 L.P. [Member] | |
2020 | 12 |
2021 | 16 |
2022 | 14 |
2023 | 13 |
2024 and thereafter | 14 |
Total | 69 |
Merritt Community Capital Corporation Fund XV, L.P. [Member] | |
2020 | 3 |
2021 | 3 |
2022 | 3 |
2023 | 3 |
2024 and thereafter | 4 |
Total | 16 |
California Affordable Housing Fund [Member] | |
2020 | (10) |
2021 | (14) |
2022 | (13) |
2023 | (35) |
2024 and thereafter | |
Total | (72) |
Boston Capital [Member] | |
2020 | 11 |
2021 | 23 |
2022 | 24 |
2023 | 23 |
2024 and thereafter | 171 |
Total | $ 252 |
Note 6 - Term Debt (Details Tex
Note 6 - Term Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2020 | Dec. 31, 2019 | |
Advances from Federal Home Loan Banks, Total | $ 10,000 | ||
Proceeds from Issuance of Senior Long-term Debt | $ 10,000 | ||
Proceeds from Issuance of Subordinated Long-term Debt | $ 10,000 | ||
Federal Funds Purchased | 0 | 0 | |
Federal Funds Purchased [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||
Federal Funds Purchased [Member] | Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||
Federal Funds Purchased [Member] | Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.18% | ||
Federal Reserve Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 0 | 0 | |
Federal Home Loan Bank Advances [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 12,700 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 0 | |
Fixed to Floating Interest Rate [Member] | Subordinated Debt [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||
Debt Fixed Interest Term (Year) | 5 years | ||
Debt Issuance Costs, Gross | $ 210 | ||
Fixed to Floating Interest Rate [Member] | Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.26% | ||
Commercial Loans [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 19,800 | ||
Federal Home Loan Bank of San Francisco [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 412,400 | ||
Advances from Federal Home Loan Banks, Total | 10,000 | 0 | |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | 220 | 9,600 | |
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 10,000 | $ 40,000 | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 0.21% | ||
Federal Home Loan Bank of San Francisco [Member] | Real Estate [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 529,200 | ||
Federal Home Loan Bank of San Francisco [Member] | Equity Securities [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 29,400 | ||
Federal Home Loan Bank of San Francisco [Member] | Other Assets [Member] | |||
Federal Home Loan Bank Stock | $ 7,400 |
Note 6 - Term Debt - Term Debt
Note 6 - Term Debt - Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank of San Francisco borrowings | $ 10,000 | |
Subordinated Debt [Member] | ||
Long-term debt, gross | 10,000 | 10,000 |
Senior Notes [Member] | ||
Unamortized debt issuance costs | (31) | (43) |
Term Debt [Member] | ||
Long-term debt, gross | 10,000 | 10,000 |
Unamortized debt issuance costs | (31) | (43) |
Net term debt | $ 19,969 | $ 9,957 |
Note 6 - Term Debt - Future Con
Note 6 - Term Debt - Future Contractual Maturities of Term Debt (Details) $ in Millions | Mar. 31, 2020USD ($) |
2020 | $ 10 |
2021 | |
2022 | |
2023 | |
2024 | |
Thereafter | 10 |
Total future maturities | 20 |
Subordinated Debt [Member] | |
2020 | |
2021 | |
2022 | |
2023 | |
2024 | |
Thereafter | 10 |
Total future maturities | 10 |
Federal Home Loan Bank Advances [Member] | |
2020 | 10 |
2021 | |
2022 | |
2023 | |
2024 | |
Thereafter | |
Total future maturities | $ 10 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Expiry of Standby Letters of Credit Within One Year | $ 4,000 | |
Expiry of Standby Letter of Credit Thereafter | $ 550 | |
Reserve for Unfunded Commitments Included in Other Liabilities | $ 695 | $ 695 |
Real Estate Related Loans Representing Lease Portfolio | 84.00% | 83.00% |
Insurance Claims [Member] | Maximum [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 225 | |
Other Liabilities [Member] | ||
Reserve for Unfunded Commitments Included in Other Liabilities | $ 695 | $ 695 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments | $ 276,316 | $ 275,102 |
Standby Letters of Credit [Member] | ||
Commitments | 4,537 | 4,406 |
Federal Home Loan Bank of San Francisco Affordable Housing Grant Sponsorships [Member] | ||
Commitments | 3,338 | 3,338 |
AHEAD Grants [Member] | ||
Commitments | 110 | 110 |
Commitments to Extend Credit [Member] | ||
Commitments | $ 268,331 | $ 267,248 |
Note 8 - Leases - Lease Informa
Note 8 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Right-of-use lease asset | $ 3,068 | |
Weighted Average Remaining Lease Term (Year) | 4 years 299 days | |
Weighted Average Discount Rate | 2.94% | |
Operating lease expense | $ 217 | $ 199 |
Cash paid for operating leases | 246 | $ 215 |
Other Liabilities [Member] | ||
Lease liability | $ 3,435 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 703 |
2021 | 953 |
2022 | 863 |
2023 | 327 |
2024 | 280 |
Thereafter | 576 |
Total undiscounted future minimum lease cash payments | 3,702 |
Present value adjustment | (267) |
Other Liabilities [Member] | |
Lease liability | $ 3,435 |
Note 9 - Fair Values (Details T
Note 9 - Fair Values (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019 | |
Collateral Impaired Loans [Member] | |||
Number of Real Estate Properties | 1 | 4 | |
Collateral Dependent Impaired Loans Carrying Amount | $ 14 | $ 102 | |
Collateral Dependent Impaired Loans, Fair Value Disclosure | 8 | 34 | |
Allowance for Loan and Lease Losses, Adjustments, Other | $ 6 | $ 68 | |
Measurement Input, Cost to Sell [Member] | |||
Other Real Estate Owned, Measurement Input | 52 | ||
Measurement Input, Cost to Sell [Member] | Collateral Dependent Impaired Loans [Member] | Minimum [Member] | |||
Loans Held-for-sale, Measurement Input | 8 | ||
Measurement Input, Cost to Sell [Member] | Collateral Dependent Impaired Loans [Member] | Maximum [Member] | |||
Loans Held-for-sale, Measurement Input | 10 |
Note 9 - Fair Values - Fair Val
Note 9 - Fair Values - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets | ||
Securities available-for-sale | $ 285,077 | $ 286,950 |
Reported Value Measurement [Member] | ||
Financial assets | ||
Cash and cash equivalents | 43,940 | 80,604 |
Securities available-for-sale | 285,077 | 286,950 |
Net loans | 1,039,307 | 1,022,834 |
Federal Home Loan Bank of San Francisco stock | 7,380 | 7,380 |
Financial liabilities | ||
Deposits | 1,242,387 | 1,267,171 |
Term debt | 19,969 | 9,957 |
Junior subordinated debenture | 10,310 | 10,310 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and cash equivalents | 43,940 | 80,604 |
Securities available-for-sale | ||
Net loans | ||
Federal Home Loan Bank of San Francisco stock | 7,380 | 7,380 |
Financial liabilities | ||
Deposits | ||
Term debt | ||
Junior subordinated debenture | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Securities available-for-sale | 285,077 | 286,950 |
Net loans | ||
Federal Home Loan Bank of San Francisco stock | ||
Financial liabilities | ||
Deposits | 1,244,030 | 1,267,153 |
Term debt | 20,272 | 10,006 |
Junior subordinated debenture | 11,614 | 13,471 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Securities available-for-sale | ||
Net loans | 1,051,561 | 1,025,520 |
Federal Home Loan Bank of San Francisco stock | ||
Financial liabilities | ||
Deposits | ||
Term debt | ||
Junior subordinated debenture |
Note 9 - Fair Values - Quantita
Note 9 - Fair Values - Quantitative Information about Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] | Mar. 31, 2020 |
Minimum [Member] | Measurement Input, Default Rate [Member] | |
Significant unobservable input | 0.51 |
Minimum [Member] | Measurement Input, Loss Severity [Member] | |
Significant unobservable input | 0 |
Minimum [Member] | Measurement Input, Prepayment Rate [Member] | |
Significant unobservable input | 0 |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Significant unobservable input | 3.33 |
Maximum [Member] | Measurement Input, Default Rate [Member] | |
Significant unobservable input | 100 |
Maximum [Member] | Measurement Input, Loss Severity [Member] | |
Significant unobservable input | 77.42 |
Maximum [Member] | Measurement Input, Prepayment Rate [Member] | |
Significant unobservable input | 34.47 |
Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Significant unobservable input | 9.08 |
Weighted Average [Member] | Measurement Input, Default Rate [Member] | |
Significant unobservable input | 1.72 |
Weighted Average [Member] | Measurement Input, Loss Severity [Member] | |
Significant unobservable input | 18.72 |
Weighted Average [Member] | Measurement Input, Prepayment Rate [Member] | |
Significant unobservable input | 20.79 |
Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |
Significant unobservable input | 4.82 |
Note 9 - Fair Values - Assets a
Note 9 - Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale | $ 285,077 | $ 286,950 |
Fair Value, Recurring [Member] | ||
Total assets measured at fair value | 285,077 | 286,950 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets measured at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets measured at fair value | 285,077 | 286,950 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets measured at fair value | ||
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 36,043 | 38,733 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 36,043 | 38,733 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 36,043 | 38,733 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | 63,263 | 42,098 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 63,263 | 42,098 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 63,263 | 42,098 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 160,439 | 180,835 |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 160,439 | 180,835 |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 160,439 | 180,835 |
Residential Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 2,983 | 2,966 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 2,983 | 2,966 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 2,983 | 2,966 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 17,428 | 19,307 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 17,428 | 19,307 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 17,428 | 19,307 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Asset-backed Securities [Member] | ||
Securities available-for-sale | 4,921 | 3,011 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||
Securities available-for-sale | 4,921 | 3,011 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 4,921 | 3,011 |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale |
Note 9 - Fair Values - Fair V_2
Note 9 - Fair Values - Fair Value of Assets Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other real estate owned | $ 8 | $ 35 |
Fair Value, Nonrecurring [Member] | ||
Other real estate owned | 8 | 35 |
Total assets measured at fair value | 8 | 68 |
Collateral dependent impaired loans | 33 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Other real estate owned | ||
Total assets measured at fair value | ||
Collateral dependent impaired loans | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Other real estate owned | ||
Total assets measured at fair value | ||
Collateral dependent impaired loans | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other real estate owned | 8 | 35 |
Total assets measured at fair value | $ 8 | 68 |
Collateral dependent impaired loans | $ 33 |
Note 9 - Fair Values - Losses R
Note 9 - Fair Values - Losses Resulting From Non-recurring Fair Value Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Losses resulting from nonrecurring fair value adjustments | $ 6 | $ 68 |
Other Real Estate Owned [Member] | ||
Losses resulting from nonrecurring fair value adjustments | $ 6 | $ 68 |
Note 10 - Acquisition (Details
Note 10 - Acquisition (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,834,142 | |||
Goodwill, Ending Balance | $ 11,671 | $ 11,671 | ||
Amortization of Intangible Assets, Total | 191 | $ 146 | ||
Core Deposits [Member] | ||||
Finite-Lived Intangible Assets, Gross, Total | 6,125 | 6,125 | ||
Merchants Holding Company [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 211,660 | |||
Bank of Commerce [Member] | Merchants Holding Company [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | |||
Merchants Holding Company [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 211,700 | 215,055 | ||
Payments to Acquire Businesses, Gross | $ 15,300 | 15,300 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,834,142 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deposits | $ 190,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Investment Securities | 107,400 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | 85,300 | |||
Goodwill, Ending Balance | 11,000 | 11,006 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Fair Value Discount of Loans | 2,300 | |||
Amortization of Debt Discount (Premium) | 163 | 48 | ||
Business Combination, Acquisition Related Costs | 1,900 | |||
Merchants Holding Company [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Assets, Gross, Total | $ 4,400 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years | |||
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | ||
Amortization of Intangible Assets, Total | $ 136 | $ 91 |
Note 10 - Acquisition - Assets
Note 10 - Acquisition - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2020 | |
Liabilities assumed: | |||
Goodwill | $ 11,671 | $ 11,671 | |
Merchants Holding Company [Member] | |||
Consideration paid: | |||
Cash and fed funds sold | 12,425 | ||
Investment securities | 107,931 | ||
Loans, gross | 87,570 | ||
Allowance for loan and lease losses | (1,286) | ||
Interest receivable | 688 | ||
Premises and equipment, net | 378 | ||
Deferred tax assets, net | 1,374 | ||
Federal Home Loan Bank of San Francisco stock | 1,454 | ||
Life insurance | 755 | ||
Other assets | 371 | ||
Core deposit intangible | |||
Total assets acquired | 211,660 | ||
Liabilities assumed: | |||
Demand, money market and savings | 152,213 | ||
Certificates of deposit | 38,003 | ||
Total deposits | 190,216 | ||
Other liabilities | 916 | ||
Total liabilities assumed | 191,132 | ||
Net identifiable assets acquired over liabilities assumed | 20,528 | ||
Merchants Holding Company [Member] | |||
Consideration paid: | |||
Cash | $ 15,300 | 15,300 | |
Stock 1,834,142 shares at $10.69 per share | 19,607 | ||
Total consideration | 34,907 | ||
Cash and fed funds sold | 12,425 | ||
Investment securities | 107,380 | ||
Investment securities, adjustment | (551) | ||
Loans, gross | 85,278 | ||
Loans, gross, adjustment | (2,292) | ||
Allowance for loan and lease losses | |||
Allowance for loan and lease losses, adjustment | 1,286 | ||
Interest receivable | 688 | ||
Premises and equipment, net | 2,234 | ||
Premises and equipment, net, adjustment | 1,856 | ||
Deferred tax assets, net | 22 | ||
Deferred tax assets, net, adjustment | (1,352) | ||
Federal Home Loan Bank of San Francisco stock | 1,454 | ||
Life insurance | 755 | ||
Other assets | 466 | ||
Other assets, adjustment | 95 | ||
Core deposit intangible | 4,353 | ||
Core deposit intangible, adjustment | 4,353 | ||
Total assets acquired | 211,700 | 215,055 | |
Total assets acquired, adjustment | 3,395 | ||
Liabilities assumed: | |||
Demand, money market and savings | 152,213 | ||
Certificates of deposit | 38,003 | ||
Total deposits | 190,216 | ||
Other liabilities | 938 | ||
Other liabilities, adjustment | 22 | ||
Total liabilities assumed | 191,154 | ||
Total liabilities assumed, adjustment | 22 | ||
Net identifiable assets acquired over liabilities assumed | 23,901 | ||
Net identifiable assets acquired over liabilities assumed, adjustment | 3,373 | ||
Goodwill | $ 11,000 | $ 11,006 |
Note 10 - Acquisition - Asset_2
Note 10 - Acquisition - Assets and Liabilities Acquired (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Shares issued (in shares) | shares | 1,834,142 |
Price per share (in dollars per share) | $ / shares | $ 10.69 |
Note 10 - Acquisition - Future
Note 10 - Acquisition - Future Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 575 |
2021 | 766 |
2022 | 766 |
2023 | 766 |
2024 | 580 |
Thereafter | 1,133 |
Total | 4,586 |
Merchants Holding Company [Member] | Core Deposits [Member] | |
2020 | 408 |
2021 | 544 |
2022 | 544 |
2023 | 544 |
2024 | 544 |
Thereafter | 1,633 |
Total | $ 4,217 |
Note 10 - Acquisition - Pro For
Note 10 - Acquisition - Pro Forma Revenue and Earnings (Details) - Merchants Holding Company [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Net interest income | $ 13,199 | |
Net income | $ 2,269 | [1] |
[1] | Net income for the three months ended March 31, 2019 includes acquisition-related costs of $1.9 million. |
Note 11 - Goodwill and Other _3
Note 11 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 11,671 | $ 11,671 |
Note 11 - Intangible Assets - G
Note 11 - Intangible Assets - Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 11,671 | $ 11,671 |
Accumulated amortization | (1,539) | (1,348) |
Goodwill and other intangibles, net | 16,289 | 16,480 |
Core Deposits [Member] | ||
Core deposit intangibles | 6,125 | 6,125 |
Internet Domain Names [Member] | ||
Core deposit intangibles | $ 32 | $ 32 |
Note 11 - Intangible Assets - E
Note 11 - Intangible Assets - Estimated Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 | $ 575 |
2021 | 766 |
2022 | 766 |
2023 | 766 |
2024 | 580 |
Thereafter | 1,133 |
Total | $ 4,586 |