Community Bancorp (CMTV) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Entity Registrant Name	COMMUNITY BANCORP /VT
Entity Central Index Key	0000718413
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		5,332,963
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-16435
Entity Incorporation State Country Code	VT
Entity Tax Identification Number	03-0284070
Entity Address Address Line 1	4811 US Route 5
Entity Address City Or Town	Derby
Entity Address State Or Province	VT
Entity Address Postal Zip Code	05829
City Area Code	802
Local Phone Number	334-7915
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 15,856,794	$ 10,850,787
Federal funds sold and overnight deposits	77,337,626	104,199,133
Total cash and cash equivalents	93,194,420	115,049,920
Securities available-for-sale	81,937,005	60,705,178
Restricted equity securities, at cost	1,446,550	1,446,550
Loans held-for-sale	534,200	130,400
Loans	729,489,639	709,355,330
Allowance for loan losses	(7,468,288)	(7,208,485)
Deferred net loan fees	(2,272,165)	(1,195,741)
Net loans	719,749,186	700,951,104
Bank premises and equipment, net	12,558,689	10,209,869
Accrued interest receivable	3,238,607	2,987,977
Bank owned life insurance	5,009,909	4,988,236
Goodwill	11,574,269	11,574,269
Other assets	8,279,416	10,189,781
Total assets	937,522,251	918,233,284
Deposits:
Demand, non-interest bearing	200,750,766	185,954,976
Interest-bearing transaction accounts	235,970,715	242,902,715
Money market funds	123,553,734	115,546,064
Savings	136,022,332	124,555,124
Time deposits, $250,000 and over	16,452,919	16,488,963
Other time deposits	93,239,855	96,842,998
Total deposits	805,990,321	782,290,840
Borrowed funds	2,300,000	2,800,000
Repurchase agreements	32,099,458	38,727,312
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	6,159,927	4,239,419
Total liabilities	859,436,706	840,944,571
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 03/31/21 and 12/31/20 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,544,389 shares issued at 03/31/21 and 5,527,380 shares issued at 12/31/20	13,860,973	13,818,450
Additional paid-in capital	34,531,902	34,309,646
Retained earnings	31,212,004	29,368,046
Accumulated other comprehensive (loss) income	(396,557)	915,348
Less: treasury stock, at cost; 210,101 shares at 03/31/21 and 12/31/20	(2,622,777)	(2,622,777)
Total shareholders' equity	78,085,545	77,288,713
Total liabilities and shareholders' equity	$ 937,522,251	$ 918,233,284
Book value per common share outstanding	$ 14.36	$ 14.25

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Time deposits, over	$ 250,000
Shareholder's Equity
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	15	15
Preferred stock, shares outstanding	15	15
Preferred stock, liquidation value	$ 100,000	$ 100,000
Common stock par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	5,544,389	5,527,380
Treasury stock (in shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Interest and fees on loans	$ 8,253,296	$ 7,365,961
Interest on taxable debt securities	265,112	284,756
Dividends	10,619	24,425
Interest on federal funds sold and overnight deposits	87,883	97,010
Total interest income	8,616,910	7,772,152
Interest expense
Interest on deposits	705,244	1,249,537
Interest on borrowed funds	14,941	12,795
Interest on repurchase agreements	35,442	59,535
Interest on junior subordinated debentures	98,795	154,526
Total interest expense	854,422	1,476,393
Net interest income	7,762,488	6,295,759
Provision for loan losses	267,497	376,503
Net interest income after provision for loan losses	7,494,991	5,919,256
Non-interest income
Service fees	788,623	806,211
Income from sold loans	185,006	140,463
Other income from loans	183,274	220,467
Other income	415,328	186,566
Total non-interest income	1,572,231	1,353,707
Non-interest expense
Salaries and wages	1,975,003	1,886,316
Employee benefits	831,210	798,441
Occupancy expenses, net	744,720	683,235
Other expenses	1,814,118	1,725,227
Total non-interest expense	5,365,051	5,093,219
Income before income taxes	3,702,171	2,179,744
Income tax expense	676,470	318,505
Net income	$ 3,025,701	$ 1,861,239
Earnings per common share	$ 0.57	$ 0.35
Weighted average number of common shares used in computing earnings per share	5,322,404	5,245,216
Dividends declared per common share	$ 0.22	$ 0.19

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Comprehensive Income (Unaudited)
Net income	$ 3,025,701	$ 1,861,239
Other comprehensive income, net of tax: Unrealized holding (loss) gain on securities AFS arising during the period	(1,660,640)	742,589
Tax effect	348,735	(155,943)
Other comprehensive (loss) income, net of tax	(1,311,905)	586,646
Total comprehensive income	$ 1,713,796	$ 2,447,885

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive (loss) income	Treasury Stock
Balance, amount at Dec. 31, 2019	$ 68,894,679	$ 13,624,643	$ 1,500,000	$ 33,464,381	$ 22,667,949	$ 260,483	$ (2,622,777)
Issuance of common stock	254,277	40,465		213,812
Cash dividends declared Common stock	(995,536)				(995,536)
Cash dividends declared Preferred stock	(17,813)				(17,813)
Net income	1,861,239				1,861,239
Other comprehensive income	586,646					586,646
Balance, amount at Mar. 31, 2020	70,583,492	13,665,108	1,500,000	33,678,193	23,515,839	847,129	(2,622,777)
Balance, amount at Dec. 31, 2020	77,288,713	13,818,450	1,500,000	34,309,646	29,368,046	915,348	(2,622,777)
Issuance of common stock	264,779	42,523		222,256
Cash dividends declared Common stock	(1,169,555)				(1,169,555)
Cash dividends declared Preferred stock	(12,188)				(12,188)
Net income	3,025,701				3,025,701
Other comprehensive income	(1,311,905)					(1,311,905)
Balance, amount at Mar. 31, 2021	$ 78,085,545	$ 13,860,973	$ 1,500,000	$ 34,531,902	$ 31,212,004	$ (396,557)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net income	$ 3,025,701	$ 1,861,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	259,449	232,759
Provision for loan losses	267,497	376,503
Deferred income tax	16,608	(61,497)
Gain on sale of loans	(114,211)	(51,183)
Gain on sale of OREO	0	(7,799)
Loss (income) from CFS Partners	1,693,014	(91,909)
Amortization of bond premium, net	95,456	13,315
Proceeds from sales of loans held for sale	2,145,611	3,736,533
Originations of loans held for sale	(2,435,200)	(4,352,350)
Increase in taxes payable	569,100	295,831
Increase in interest receivable	(250,630)	(553,999)
Decrease in mortgage servicing rights	38,280	24,285
Decrease in right-of-use assets	49,031	60,825
Decrease in operating lease liabilities	(49,198)	(60,219)
Increase in other assets	(148,665)	(143,340)
Increase in cash surrender value of BOLI	(21,673)	(21,078)
Amortization of limited partnerships	90,762	84,171
Change in net deferred loan fees and costs	1,076,424	6,777
Decrease in interest payable	(12,953)	(6,398)
Decrease in accrued expenses	(420,431)	(411,204)
Increase (decrease) in other liabilities	3,175	(23,573)
Net cash provided by operating activities	5,877,147	907,689
Investments - AFS
Maturities, calls, pay downs and sales	4,383,743	5,817,816
Purchases	(27,371,666)	(992,000)
Proceeds from redemption of restricted equity securities	0	361,600
Purchases of restricted equity securities	0	(344,700)
Decrease in limited partnership contributions payable	(150,000)	(288,000)
Increase in loans, net	(20,167,317)	(27,559,512)
Capital expenditures net of proceeds from sales of bank premises and equipment	(2,657,300)	(123,900)
Proceeds from sales of OREO	0	193,299
Recoveries of loans charged off	25,314	17,530
Net cash used in investing activities	(45,937,226)	(22,917,867)
Cash Flows from Financing Activities:
Net increase (decrease) in demand and interest-bearing transaction accounts	7,863,790	(1,133,474)
Net increase in money market and savings accounts	19,474,878	9,922,848
Net decrease in time deposits	(3,639,187)	(5,666,046)
Net decrease in repurchase agreements	(6,627,854)	(10,279,113)
Net increase in short-term borrowings	0	20,000,000
Repayments on long-term borrowings	(500,000)	0
Increase (decrease) in finance lease obligations	2,388,819	(14,987)
Dividends paid on preferred stock	(12,188)	(17,813)
Dividends paid on common stock	(743,679)	(732,972)
Net cash provided by financing activities	18,204,579	12,078,443
Net decrease in cash and cash equivalents	(21,855,500)	(9,931,735)
Cash and cash equivalents : Beginning	115,049,920	48,562,212
Cash and cash equivalents: Ending	93,194,420	38,630,477
Supplemental Schedule of Cash Paid During the Period:
Interest	867,375	1,482,791
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized (loss) gain on securities AFS	(1,660,640)	742,589
Common Shares Dividends Paid:
Dividends declared	1,169,555	995,536
Increase in dividends payable attributable to dividends declared	(161,097)	(8,287)
Dividends reinvested	(264,779)	(254,277)
Total common shares dividend paid	$ 743,679	$ 732,972

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Certain Definitions	3 Months Ended
	Mar. 31, 2021
Basis of Presentation and Consolidation and Certain Definitions
Note 1. Basis of Presentation and Consolidation and Certain Definitions	Note 1. Basis of Presentation and Consolidation and Certain Definitions Basis of Presentation and Consolidation. There were no reclassifications to the consolidated financial statements for the periods presented. The Company is considered a “smaller reporting company” under the disclosure rules of the SEC, as amended in 2018. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and provides smaller reporting company scaled disclosures where management deems it appropriate. In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. “Financial Information” and Part II. “Other Information”, and are intended to aid the reader and provide a reference page when reviewing this report. ABS: Asset backed security FASB: Financial Accounting Standards Board ACBB: Atlantic Community Bankers Bank FDIC: Federal Deposit Insurance Corporation AFS: Available-for-sale FHLBB: Federal Home Loan Bank of Boston Agency MBS: MBS issued by a US government agency FHLMC: Federal Home Loan Mortgage Corporation or GSE FOMC: Federal Open Market Committee ALCO: Asset Liability Committee FRB: Federal Reserve Board ALL: Allowance for loan losses FRBB: Federal Reserve Bank of Boston AOCI: Accumulated other comprehensive income GAAP: Generally Accepted Accounting Principles ASC: Accounting Standards Codification in the United States ASU: Accounting Standards Update GSE: Government sponsored enterprise ATS: Automatic transfer service HTM: Held-to-maturity Bancorp: Community Bancorp. ICS: Insured Cash Sweeps of the Promontory Bank: Community National Bank Interfinancial Network BHG Bankers Healthcare Group IRS: Internal Revenue Service BIC: Borrower-in-Custody JNE: Jobs for New England Board: Board of Directors Jr: Junior BOLI: Bank owned life insurance MBS: Mortgage-backed security bp or bps: Basis point(s) MPF: Mortgage Partnership Finance BSA Bank Secrecy Act MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid Relief and Economic NII: Net interest income Security Act OAS: Other amortizing security CBLR: Community Bank Leverage Ratio OCI: Other comprehensive income (loss) CDARS: Certificate of Deposit Accounts Registry OREO: Other real estate owned Service of the Promontory Interfinancial OTTI: Other-than-temporary impairment Network PMI: Private mortgage insurance CDs: Certificates of deposit PPP: Paycheck Protection Program CDI: Core deposit intangible PPPLF: PPP Liquidity Facility of the FRBB CECL: Current Expected Credit Loss RD: USDA Rural Development CFSG: Community Financial Services Group, LLC SBA: U.S. Small Business Administration CFS Partners: Community Financial Services Partners, SEC: U.S. Securities and Exchange Commission LLC SERP: Supplemental Employee Retirement Plan CMO Collateralize Mortgage Obligation TDR: Troubled-debt restructuring Company: Community Bancorp. and Subsidiary USDA: U.S. Department of Agriculture COVID-19: Coronavirus Disease 2019 VA: U.S. Veterans Administration CRE: Commercial Real Estate 2017 Tax Act: Tax Cut and Jobs Act of 2017 DDA or DDAs: Demand Deposit Account(s) 2018 Economic Growth, Regulatory Relief and DTC: Depository Trust Company Regulatory Consumer Protection Act of 2018 DRIP: Dividend Reinvestment Plan Relief Act: Exchange Act: Securities Exchange Act of 1934

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties
Note 2. Risks and Uncertainties	Note 2. Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, and on March 13, 2020 President Trump declared the pandemic to be a national emergency. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, economic activity globally, nationally and locally. Government actions taken to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on financial markets and the economy, including the local economy in the Company’s Vermont and New Hampshire markets, with adverse effects on business and consumer confidence generally, and on the Company’s customers, and their employees, suppliers, vendors and processors. Forced closures of businesses have resulted in sharp increases in unemployment. In addition, due to the COVID-19 pandemic, market interest rates have declined significantly, with the 10-year Treasury bond falling below 1.00 percent on March 3, 2020 for the first time. On March 3, 2020, the FOMC reduced the targeted federal funds interest rate range by 50 bps to a range of 1.00% to 1.25%. This range was further reduced to a range of 0 percent to 0.25% on March 16, 2020. On April 29, 2020, the FOMC indicated that the federal funds target rate range will remain unchanged until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. Since that time, the FOMC has repeatedly reiterated that position, most recently in April, 2021. The duration of these reductions in interest rates and other effects of the COVID-19 pandemic could adversely affect the Company's business, financial condition and results of operations in future periods. Due to the inherent economic and other uncertainties related to the COVID-19 pandemic, it is reasonably possible that estimates made in the Company’s consolidated financial statements could be materially and adversely impacted as a result of the pandemic, including expected credit losses on loan receivables.

Recent Accounting Developments

Recent Accounting Developments	3 Months Ended
	Mar. 31, 2021
Recent Accounting Developments
Note 3. Recent Accounting Developments	Note 3. Recent Accounting Developments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March and April, 2020, federal banking regulators issued interagency guidance on accounting for loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term (that is, six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant, provided that the loan is less than 30 days past due at the time a modification program is implemented. The banking agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs under ASC No. 310-40, Receivables - Troubled Debt Restructurings by Creditors

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings per Common Share
Note 4. Earnings per Common Share	Note 4. Earnings per Common Share Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury. The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Three Months Ended March 31, 2021 2020 Net income, as reported $ 3,025,701 $ 1,861,239 Less: dividends to preferred shareholders 12,188 17,813 Net income available to common shareholders $ 3,013,513 $ 1,843,426 Weighted average number of common shares used in calculating earnings per share 5,322,404 5,245,216 Earnings per common share $ 0.57 $ 0.35

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investment Securities
Note 5. Investment Securities	Note 5. Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2021 U.S. GSE debt securities $ 11,005,847 $ 124,440 $ 151,334 $ 10,978,953 Agency MBS 60,959,754 250,840 1,062,593 60,148,001 ABS and OAS 2,306,609 97,749 0 2,404,358 CMO 987,766 0 29,445 958,321 Other investments 7,179,000 268,372 0 7,447,372 Total $ 82,438,976 $ 741,401 $ 1,243,372 $ 81,937,005 December 31, 2020 U.S. GSE debt securities $ 8,007,142 $ 165,934 $ 3,245 $ 8,169,831 Agency MBS 40,861,370 547,930 30,951 41,378,349 ABS and OAS 2,508,997 160,999 0 2,669,996 Other investments 8,169,000 318,002 0 8,487,002 Total $ 59,546,509 $ 1,192,865 $ 34,196 $ 60,705,178 Investments pledged as collateral for repurchase agreements consisted of U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs. These repurchase agreements mature daily. These investments as of the balance sheet dates were as follows: Amortized Fair Cost Value March 31, 2021 $ 75,259,976 $ 74,489,633 December 31, 2020 59,546,509 60,705,178 There were no sales of debt securities for the first three months of 2021 or 2020. The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value March 31, 2021 Due in one year or less $ 1,485,000 $ 1,501,316 Due from one to five years 5,694,000 5,946,056 Due from five to ten years 13,296,229 13,318,515 Due after ten years 1,003,993 1,023,117 Agency MBS 60,959,754 60,148,001 Total $ 82,438,976 $ 81,937,005 December 31, 2020 Due in one year or less $ 2,227,000 $ 2,247,603 Due from one to five years 5,942,000 6,239,399 Due from five to ten years 9,511,476 9,801,921 Due after ten years 1,004,663 1,037,906 Agency MBS 40,861,370 41,378,349 Total $ 59,546,509 $ 60,705,178 Agency MBS are not due at a single maturity date and have not been allocated to maturity groupings for purposes of the maturity table. Debt securities with unrealized losses as of the balance sheet dates are presented in the table below. Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss March 31, 2021 U.S. GSE debt securities $ 4,850,521 $ 151,334 $ 0 $ 0 5 $ 4,850,521 $ 151,334 Agency MBS 49,811,051 1,056,609 302,533 5,984 34 50,113,584 1,062,593 CMO 958,321 29,445 0 0 6 958,321 29,445 Total $ 55,619,893 $ 1,237,388 $ 302,533 $ 5,984 45 $ 55,922,426 $ 1,243,372 December 31, 2020 U.S. GSE debt securities $ 1,999,234 $ 3,245 $ 0 $ 0 2 $ 1,999,234 $ 3,245 Agency MBS 2,076,167 19,845 520,546 11,106 6 2,596,713 30,951 Total $ 4,075,401 $ 23,090 $ 520,546 $ 11,106 8 $ 4,595,947 $ 34,196 The unrealized losses for all periods presented were principally attributable to changes in prevailing interest rates for similar types of securities and not deterioration in the creditworthiness of the issuer. Management evaluates its debt securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions, or adverse developments relating to the issuer, warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies or other adverse developments in the status of the securities have occurred, and the results of reviews of the issuer's financial condition. As of March 31, 2021 and December 31, 2020, there were no declines in the fair value of any of the securities reflected in the table above that were deemed by management to be OTTI.

Loans, Allowance for Loan Losse

Loans, Allowance for Loan Losses and Credit Quality	3 Months Ended
	Mar. 31, 2021
Loans, Allowance for Loan Losses and Credit Quality
Note 6. Loans, Allowance for Loan Losses and Credit Quality	Note 6. Loans, Allowance for Loan Losses and Credit Quality The composition of net loans as of the balance sheet dates was as follows: March 31, December 31, 2021 2020 Commercial & industrial $ 188,443,623 $ 161,067,501 Commercial real estate 278,483,091 280,544,550 Municipal 52,207,213 54,807,367 Residential real estate - 1st lien 169,810,218 170,507,263 Residential real estate - Jr lien 36,878,573 38,147,659 Consumer 3,666,921 4,280,990 Total loans 729,489,639 709,355,330 Deduct: ALL 7,468,288 7,208,485 Deferred net loan fees 2,272,165 1,195,741 Net loans $ 719,749,186 $ 700,951,104 The following is an age analysis of past due loans (including non-accrual) as of the balance sheet dates, by portfolio segment: 90 Days Total Non-Accrual 90 Days or More and March 31, 2021 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 586,017 $ 0 $ 586,017 $ 187,857,606 $ 188,443,623 $ 437,904 $ 0 Commercial real estate 387,005 458,299 845,304 277,637,787 278,483,091 1,597,427 119,394 Municipal 0 0 0 52,207,213 52,207,213 0 0 Residential real estate - 1st lien 2,126,285 955,890 3,082,175 166,728,043 169,810,218 1,448,109 413,575 - Jr lien 66,595 111,747 178,342 36,700,231 36,878,573 188,787 76,649 Consumer 5,627 0 5,627 3,661,294 3,666,921 0 0 Totals $ 3,171,529 $ 1,525,936 $ 4,697,465 $ 724,792,174 $ 729,489,639 $ 3,672,227 $ 609,618 90 Days Total Non-Accrual 90 Days or More and December 31, 2020 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 119,413 $ 0 $ 119,413 $ 160,948,088 $ 161,067,501 $ 434,196 $ 0 Commercial real estate 127,343 567,957 695,300 279,849,250 280,544,550 1,875,942 0 Municipal 0 0 0 54,807,367 54,807,367 0 0 Residential real estate - 1st lien 1,872,439 828,344 2,700,783 167,806,480 170,507,263 2,173,315 390,288 - Jr lien 18,322 180,711 199,033 37,948,626 38,147,659 191,311 98,889 Consumer 14,388 0 14,388 4,266,602 4,280,990 0 0 Totals $ 2,151,905 $ 1,577,012 $ 3,728,917 $ 705,626,413 $ 709,355,330 $ 4,674,764 $ 489,177 For all loan segments, loans over 30 days past due are considered delinquent. As of the balance sheet dates presented, residential mortgage loans in process of foreclosure consisted of the following: Number of loans Balance March 31, 2021 6 $ 310,137 December 31, 2020 6 312,807 A state-imposed moratorium on residential foreclosure proceedings adopted in April 2020 in response to the COVID-19 pandemic, remained in effect in Vermont as of March 31, 2021. Allowance for loan losses The ALL is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes that future payments of a loan balance are unlikely. Subsequent recoveries, if any, are credited to the allowance. Unsecured loans are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the "fair value" of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general, specific and unallocated components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of specific, general and unallocated components considered in determining the amount of the allowance. General component The general component of the ALL is based on historical loss experience and various qualitative factors and is stratified by the following loan segments: commercial and industrial, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment using appropriate look back periods. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment in the current economic climate. During periods of economic stability, a relatively longer period (e.g., five years) may be appropriate. During periods of significant expansion or contraction, the Company may appropriately shorten the historical time period. Due primarily to the effects of COVID-19, during 2020 the Company shortened its look back period to one year, which remained in effect as of March 31, 2021. Qualitative factors include the levels of and trends in delinquencies and non-performing loans, levels of and trends in loan risk groups, trends in volumes and terms of loans, effects of any changes in loan related policies, experience, ability and the depth of management, documentation and credit data exception levels, national and local economic trends, external factors such as competition and regulation and lastly, concentrations of credit risk in a variety of areas, including portfolio product mix, the level of loans to individual borrowers and their related interests, loans to industry segments, and the geographic distribution of CRE loans. This evaluation is inherently subjective as it requires estimates that are susceptible to revision as more information becomes available. The qualitative factors are determined based on the various risk characteristics of each loan segment. The Company has policies, procedures and internal controls that management believes are commensurate with the risk profile of each of these segments. Major risk characteristics relevant to each portfolio segment are as follows: Commercial & Industrial - Commercial Real Estate - Municipal - Residential Real Estate - 1 st Residential Real Estate - Jr Lien - Consumer - Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loans to a borrower that in the aggregate are greater than $100,000and that are in non-accrual status or are TDRs regardless of amount. A specific allowance is established for an impaired loan when its estimated fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. As described above in Note 3, under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith for borrowers experiencing financial difficulties due to the COVID-19 health emergency will not be considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The tables below summarize changes in the ALL and select loan information, by portfolio segment, for the periods indicated. As of or for the three months ended March 31, 2021 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Charge-offs (18,847 ) 0 0 0 0 (14,161 ) 0 (33,008 ) Recoveries 4,761 7,000 0 1,567 528 11,458 0 25,314 Provision (credit) 60,170 (37,468 ) 1,320 (69,277 ) (32,112 ) (18,136 ) 363,000 267,497 ALL ending balance $ 888,631 $ 3,823,685 $ 83,531 $ 1,667,594 $ 203,312 $ 39,622 $ 761,913 $ 7,468,288 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 119,306 $ 255 $ 0 $ 0 $ 119,561 Collectively 888,631 3,823,685 83,531 1,548,288 203,058 39,621 761,913 7,348,727 Total $ 888,631 $ 3,823,685 $ 83,531 $ 1,667,594 $ 203,313 $ 39,621 $ 761,913 $ 7,468,288 Loans evaluated for impairment Individually $ 420,974 $ 1,645,678 $ 0 $ 4,394,274 $ 143,333 $ 0 $ 6,604,259 Collectively 188,022,649 276,837,413 52,207,213 165,415,944 36,735,240 3,666,921 722,885,380 Total $ 188,443,623 $ 278,483,091 $ 52,207,213 $ 169,810,218 $ 36,878,573 $ 3,666,921 $ 729,489,639 As of or for the year ended December 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (39,148 ) (34,200 ) 0 (203,623 ) (28,673 ) (74,327 ) 0 (379,971 ) Recoveries 1,087 20,000 0 12,856 5,809 33,213 0 72,965 Provision (credit) 43,842 686,707 82,211 537,507 (31,924 ) 49,782 220,875 1,589,000 ALL ending balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 108,474 $ 307 $ 0 $ 0 $ 108,781 Collectively 842,547 3,854,153 82,211 1,626,830 234,589 60,461 398,913 7,099,704 Total $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Loans evaluated for impairment Individually $ 414,266 $ 1,943,723 $ 0 $ 4,657,050 $ 135,053 $ 0 $ 7,150,092 Collectively 160,653,235 278,600,827 54,807,367 165,850,213 38,012,606 4,280,990 702,205,238 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 As of or for the three months ended March 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs 0 0 0 (77,696 ) (28,673 ) (27,391 ) 0 (133,760 ) Recoveries 0 0 0 3,334 3,367 10,829 0 17,530 Provision (credit) 30,901 141,408 0 163,074 21,403 18,486 1,231 376,503 ALL ending balance $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 119,355 $ 477 $ 0 $ 0 $ 119,832 Collectively 867,667 3,323,054 0 1,357,921 285,304 53,717 179,269 6,066,932 Total $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 Loans evaluated for impairment Individually $ 392,187 $ 1,650,748 $ 0 $ 4,781,243 $ 314,521 $ 0 $ 7,138,699 Collectively 108,066,217 255,163,954 59,649,823 158,547,023 41,716,277 4,132,697 627,275,991 Total $ 108,458,404 $ 256,814,702 $ 59,649,823 $ 163,328,266 $ 42,030,798 $ 4,132,697 $ 634,414,690 Impaired loans, by portfolio segment, were as follows: As of March 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 1,159,129 $ 1,196,306 $ 119,306 $ 1,029,855 $ 18,650 Jr lien 4,466 4,463 255 4,622 117 Total with related allowance 1,163,595 1,200,769 119,561 1,034,477 18,767 No related allowance recorded Commercial & industrial 420,975 485,396 417,620 204 Commercial real estate 1,645,921 2,103,732 1,794,967 2,044 Residential real estate 1st lien 3,269,662 4,132,986 3,529,314 46,958 Jr lien 138,870 180,547 134,574 0 Total with no related allowance 5,475,428 6,902,661 5,876,475 49,206 Total impaired loans $ 6,639,023 $ 8,103,430 $ 119,561 $ 6,910,952 $ 67,973 (1) Recorded investment in impaired loans as of March 31, 2021 includes accrued interest receivable and deferred net loan costs of $34,764. (2) For the three months ended March 31, 2021. As of December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 900,581 $ 950,063 $ 108,474 $ 889,262 $ 72,713 Jr lien 4,777 4,775 307 5,416 541 Total with related allowance 905,358 954,838 108,781 894,678 73,254 No related allowance recorded Commercial & industrial 414,266 471,405 397,136 6,396 Commercial real estate 1,944,013 2,394,284 1,746,430 14,139 Residential real estate 1st lien 3,788,965 4,607,848 3,878,829 230,838 Jr lien 130,279 169,720 163,750 4,524 Total with no related allowance 6,277,523 7,643,257 6,186,145 255,897 Total impaired loans $ 7,182,881 $ 8,598,095 $ 108,781 $ 7,080,823 $ 329,151 (1) Recorded investment in impaired loans as of December 31, 2020 includes accrued interest receivable and deferred net loan costs of $32,789. (2) For the year ended December 31, 2020. As of March 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment (1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 968,459 $ 991,113 $ 119,355 $ 923,449 $ 20,431 Jr lien 5,686 5,683 477 5,904 144 Total with related allowance 974,145 996,796 119,832 929,353 20,575 No related allowance recorded Commercial & industrial 392,187 424,442 406,560 0 Commercial real estate 1,651,247 2,004,694 1,675,509 3,542 Residential real estate 1st lien 3,834,253 4,609,223 3,724,607 51,612 Jr lien 308,838 350,313 229,405 0 Total with no related allowance 6,186,525 7,388,672 6,036,081 55,154 Total impaired loans $ 7,160,670 $ 8,385,468 $ 119,832 $ 6,965,434 $ 75,729 (1) Recorded investment in impaired loans as of March 31, 2020 includes accrued interest receivable and deferred net loan costs of $21,971. (2) For the three months ended March 31, 2020. For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is considered by management to be doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on impaired loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and a satisfactory payment performance of six or more months has occurred. Credit Quality Grouping In developing the ALL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. Group A loans - Acceptable Risk Group B loans - Management Involved Group C loans - Unacceptable Risk Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower's expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower's financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Senior Credit Officer of any known increase in loan risk, even if considered temporary in nature. The risk ratings within the loan portfolio, by segment, as of the balance sheet dates were as follows: As of March 31, 2021 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 184,463,009 $ 263,134,345 $ 52,207,213 $ 167,435,341 $ 36,584,488 $ 3,666,921 $ 707,491,317 Group B 796,373 9,908,005 0 0 0 0 10,704,378 Group C 3,184,241 5,440,741 0 2,374,877 294,085 0 11,293,944 Total $ 188,443,623 $ 278,483,091 $ 52,207,213 $ 169,810,218 $ 36,878,573 $ 3,666,921 $ 729,489,639 As of December 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 156,748,590 $ 261,932,833 $ 54,807,367 $ 167,478,918 $ 37,850,056 $ 4,280,990 $ 683,098,754 Group B 998,641 12,784,078 0 0 0 0 13,782,719 Group C 3,320,270 5,827,639 0 3,028,345 297,603 0 12,473,857 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 Modifications of Loans and TDRs A loan is classified as a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. The Company is deemed to have granted such a concession if it has modified a troubled loan in any of the following ways: • Reduced accrued interest; • Reduced the original contractual interest rate to a rate that is below the current market rate for the borrower; • Converted a variable-rate loan to a fixed-rate loan; • Extended the term of the loan beyond an insignificant delay; • Deferred or forgiven principal in an amount greater than three months of payments; • Performed a refinancing and deferred or forgiven principal on the original loan; • Capitalized protective advance to pay delinquent real estate taxes; or • Capitalized delinquent accrued interest. An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as a TDR. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. The Company’s TDRs are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each TDR situation on its own merits and does not foreclose the granting of any particular type of concession. The Company has adopted the TDR guidance issued by the federal banking agencies in March and April 2020 regarding the treatment of certain short-term loan modifications relating to the COVID-19 pandemic (See Note 3). Under this guidance, qualifying concessions and modifications are not considered TDRs. As of March 31, 2021, the Company had granted short term loan concessions and/or modifications within the terms of this guidance to 435 borrowers, with respect to loans having an aggregate principal balance of $110.5 million. These loans may bear a higher risk of default in future periods. New TDRs, by portfolio segment, during the periods presented were as follows: Three months ended March 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial & industrial 1 $ 41,751 $ 41,751 Year ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 6 $ 591,826 $ 687,751 Three months ended March 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 3 $ 168,109 $ 196,478 The TDRs for which there was a payment default during the twelve month periods presented below were as follows: For the twelve months ended March 31, 2021 Number of Recorded Contracts Investment Commercial & industrial 1 $ 41,001 Residential real estate - 1st lien 1 162,821 2 $ 203,822 For the twelve months ended December 31, 2020 Number of Recorded Contracts Investment Residential real estate - 1st lien 1 $ 165,168 For the twelve months ended March 31, 2020 Number of Recorded Contracts Investment Commercial real estate 1 $ 376,864 TDRs are treated as other impaired loans and carry individual specific reserves with respect to the calculation of the ALL. These loans are categorized as non-performing, may be past due, and are generally adversely risk rated. The TDRs that have defaulted under their restructured terms are generally in collection status and their reserve is typically calculated using the fair value of collateral method. The specific allowances within the ALL related to TDRs as of the balance sheet dates are presented in the table below. March 31, December 31, 2021 2020 Specific Allocation $ 119,561 $ 108,781 As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend on one SBA guaranteed line of credit to a borrower whose lending relationship was previously restructured.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill And Other Intangible Assets
Note 7. Goodwill And Other Intangible Assets	Note 7. Goodwill and Other Intangible Assets As a result of a merger with LyndonBank on December 31, 2007, the Company recorded goodwill amounting to $11,574,269. The goodwill is not amortizable and is not deductible for tax purposes. As of December 31, 2020, the most recent evaluation, management concluded that no impairment existed. Management evaluates its goodwill intangible for impairment at least annually, or more frequently as circumstances warrant, including, as applicable, circumstances arising out of the COVID-19 pandemic, including the disruptions to the economy and increased volatility in the financial markets and related impacts on the Company’s business.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value
Note 8. Fair Value	Note 8. Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings and comprehensive income. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a non-recurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as MSRs, loans held-for-sale, impaired loans, and OREO are recorded at fair value on a non-recurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury and other U.S. Government debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes MSRs, collateral-dependent impaired loans and OREO. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following methods and assumptions were used by the Company in estimating its fair value measurements: Debt Securities AFS: Impaired loans: Loans held-for-sale: MSRs: Assets and Liabilities Recorded at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below. There were no Level 1 or Level 3 assets or liabilities measured on a recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between Levels during either 2021 or 2020. March 31, December 31, Level 2 2021 2020 Assets: (market approach) U.S. GSE debt securities $ 10,978,953 $ 8,169,831 Agency MBS 60,148,001 41,378,349 ABS and OAS 2,404,358 2,669,996 CMO 958,321 0 Other investments 7,447,372 8,487,002 Total $ 81,937,005 $ 60,705,178 Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis The following table includes assets measured at fair value on a non-recurring basis that have had a fair value adjustment since their initial recognition. Impaired loans measured at fair value only include impaired loans with a partial write-down or with a related specific ALL and are presented net of the specific allowances as disclosed in Note 6. Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy level, are summarized below. There were no Level 1 or Level 3 assets or liabilities measured on a non-recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between levels during either 2021 or 2020. March 31, December 31, Level 2 2021 2020 Assets: (market approach) Impaired loans, net of related allowance $ 321,593 $ 323,645 Loans held-for-sale 534,200 130,400 MSRs (1) 883,866 922,146 (1) Represents MSRs at lower of cost or fair value. FASB ASC Topic 825, “Financial Instruments”, requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The estimated fair values of commitments to extend credit and letters of credit were immaterial as of the dates presented in the tables below. The estimated fair values of the Company's financial instruments as of the balance sheet dates were as follows: March 31, 2021 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 93,194 $ 93,194 $ 0 $ 0 $ 93,194 Debt securities AFS 81,937 0 81,937 0 81,937 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 184,743 0 0 188,122 188,122 Commercial real estate 274,316 0 208 276,418 276,626 Municipal 52,069 0 0 53,926 53,926 Residential real estate - 1st lien 168,895 0 114 170,021 170,135 Residential real estate - Jr lien 36,636 0 0 36,736 36,736 Consumer 3,624 0 0 3,650 3,650 MSRs (1) 884 0 992 0 992 Accrued interest receivable 3,239 0 3,239 0 3,239 Financial liabilities: Deposits Other deposits 804,114 0 805,477 0 805,477 Brokered deposits 1,876 0 1,866 0 1,866 Long-term borrowings 2,300 0 2,185 0 2,185 Repurchase agreements 32,099 0 32,099 0 32,099 Operating lease obligations 1,011 0 1,011 0 1,011 Finance lease obligations 2,427 0 2,427 0 2,427 Subordinated debentures 12,887 0 12,872 0 12,872 Accrued interest payable 73 0 73 0 73 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount. December 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 115,050 $ 115,050 $ 0 $ 0 $ 115,050 Debt securities AFS 60,705 0 60,705 0 60,705 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 158,601 0 0 160,371 160,371 Commercial real estate 276,476 0 208 279,281 279,489 Municipal 54,694 0 0 55,601 55,601 Residential real estate - 1st lien 169,201 0 116 170,385 170,501 Residential real estate - Jr lien 37,892 0 0 37,991 37,991 Consumer 4,218 0 0 4,238 4,238 MSRs (1) 922 0 922 0 922 Accrued interest receivable 2,988 0 2,988 0 2,988 Financial liabilities: Deposits Other deposits 778,085 0 779,824 0 779,824 Brokered deposits 4,206 0 4,208 0 4,208 Long-term borrowings 2,800 0 2,724 0 2,724 Repurchase agreements 38,727 0 38,727 0 38,727 Operating lease obligations 1,060 0 1,060 0 1,060 Finance lease obligations 38 0 38 0 38 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 86 0 86 0 86 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount.

Loan Servicing

Loan Servicing	3 Months Ended
	Mar. 31, 2021
Loan Servicing
Note 9. Loan Servicing	Note 9. Loan Servicing The following table shows the changes in the carrying amount of the MSRs, included in other assets in the consolidated balance sheets, for the periods indicated: Three Months Ended Year Ended March 31, 2021 December 31, 2020 Balance at beginning of year $ 922,146 $ 939,577 MSRs capitalized 16,210 292,654 MSRs amortized (54,490 ) (256,435 ) Change in valuation allowance 0 (53,650 ) Balance at end of period $ 883,866 $ 922,146

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2021
Legal Proceedings
Note 10. Legal Proceedings	Note 10. Legal Proceedings In the normal course of business, the Company is involved in litigation that is considered incidental to its business. Management does not expect that any such litigation will be material to the Company's consolidated financial condition or results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Note 11. Subsequent Events	Note 11. Subsequent Events The Company has evaluated events and transactions through the date that the financial statements were issued for potential recognition or disclosure in these financial statements, as required by GAAP. On March 17, 2021, the Company’s Board declared a cash dividend of $0.22 per common share, payable May 1, 2021 to shareholders of record as of April 15, 2021. This dividend has been recorded in the Company’s consolidated financial statements as of the declaration date, including shares issuable under the DRIP.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings per Common Share
Schedule of Earnings per Common Share	Three Months Ended March 31, 2021 2020 Net income, as reported $ 3,025,701 $ 1,861,239 Less: dividends to preferred shareholders 12,188 17,813 Net income available to common shareholders $ 3,013,513 $ 1,843,426 Weighted average number of common shares used in calculating earnings per share 5,322,404 5,245,216 Earnings per common share $ 0.57 $ 0.35

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investment Securities
Schedule of available for debt securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2021 U.S. GSE debt securities $ 11,005,847 $ 124,440 $ 151,334 $ 10,978,953 Agency MBS 60,959,754 250,840 1,062,593 60,148,001 ABS and OAS 2,306,609 97,749 0 2,404,358 CMO 987,766 0 29,445 958,321 Other investments 7,179,000 268,372 0 7,447,372 Total $ 82,438,976 $ 741,401 $ 1,243,372 $ 81,937,005 December 31, 2020 U.S. GSE debt securities $ 8,007,142 $ 165,934 $ 3,245 $ 8,169,831 Agency MBS 40,861,370 547,930 30,951 41,378,349 ABS and OAS 2,508,997 160,999 0 2,669,996 Other investments 8,169,000 318,002 0 8,487,002 Total $ 59,546,509 $ 1,192,865 $ 34,196 $ 60,705,178
Schedule of investments pledged for collateral	Amortized Fair Cost Value March 31, 2021 $ 75,259,976 $ 74,489,633 December 31, 2020 59,546,509 60,705,178
Schedule of maturities of debt securities available for sale	Amortized Fair Cost Value March 31, 2021 Due in one year or less $ 1,485,000 $ 1,501,316 Due from one to five years 5,694,000 5,946,056 Due from five to ten years 13,296,229 13,318,515 Due after ten years 1,003,993 1,023,117 Agency MBS 60,959,754 60,148,001 Total $ 82,438,976 $ 81,937,005 December 31, 2020 Due in one year or less $ 2,227,000 $ 2,247,603 Due from one to five years 5,942,000 6,239,399 Due from five to ten years 9,511,476 9,801,921 Due after ten years 1,004,663 1,037,906 Agency MBS 40,861,370 41,378,349 Total $ 59,546,509 $ 60,705,178
Schedule of unrealized loss	Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss March 31, 2021 U.S. GSE debt securities $ 4,850,521 $ 151,334 $ 0 $ 0 5 $ 4,850,521 $ 151,334 Agency MBS 49,811,051 1,056,609 302,533 5,984 34 50,113,584 1,062,593 CMO 958,321 29,445 0 0 6 958,321 29,445 Total $ 55,619,893 $ 1,237,388 $ 302,533 $ 5,984 45 $ 55,922,426 $ 1,243,372 December 31, 2020 U.S. GSE debt securities $ 1,999,234 $ 3,245 $ 0 $ 0 2 $ 1,999,234 $ 3,245 Agency MBS 2,076,167 19,845 520,546 11,106 6 2,596,713 30,951 Total $ 4,075,401 $ 23,090 $ 520,546 $ 11,106 8 $ 4,595,947 $ 34,196

Loans Allowance for Loan Losses

Loans Allowance for Loan Losses and Credit Quality (Tables)	3 Months Ended
	Mar. 31, 2021
Loans, Allowance for Loan Losses and Credit Quality
Schedule of composition of net loans	March 31, December 31, 2021 2020 Commercial & industrial $ 188,443,623 $ 161,067,501 Commercial real estate 278,483,091 280,544,550 Municipal 52,207,213 54,807,367 Residential real estate - 1st lien 169,810,218 170,507,263 Residential real estate - Jr lien 36,878,573 38,147,659 Consumer 3,666,921 4,280,990 Total loans 729,489,639 709,355,330 Deduct: ALL 7,468,288 7,208,485 Deferred net loan fees 2,272,165 1,195,741 Net loans $ 719,749,186 $ 700,951,104
Schedule of past due loans by segment	90 Days Total Non-Accrual 90 Days or More and March 31, 2021 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 586,017 $ 0 $ 586,017 $ 187,857,606 $ 188,443,623 $ 437,904 $ 0 Commercial real estate 387,005 458,299 845,304 277,637,787 278,483,091 1,597,427 119,394 Municipal 0 0 0 52,207,213 52,207,213 0 0 Residential real estate - 1st lien 2,126,285 955,890 3,082,175 166,728,043 169,810,218 1,448,109 413,575 - Jr lien 66,595 111,747 178,342 36,700,231 36,878,573 188,787 76,649 Consumer 5,627 0 5,627 3,661,294 3,666,921 0 0 Totals $ 3,171,529 $ 1,525,936 $ 4,697,465 $ 724,792,174 $ 729,489,639 $ 3,672,227 $ 609,618 90 Days Total Non-Accrual 90 Days or More and December 31, 2020 30-89 Days or More Past Due Current Total Loans Loans Accruing Commercial & industrial $ 119,413 $ 0 $ 119,413 $ 160,948,088 $ 161,067,501 $ 434,196 $ 0 Commercial real estate 127,343 567,957 695,300 279,849,250 280,544,550 1,875,942 0 Municipal 0 0 0 54,807,367 54,807,367 0 0 Residential real estate - 1st lien 1,872,439 828,344 2,700,783 167,806,480 170,507,263 2,173,315 390,288 - Jr lien 18,322 180,711 199,033 37,948,626 38,147,659 191,311 98,889 Consumer 14,388 0 14,388 4,266,602 4,280,990 0 0 Totals $ 2,151,905 $ 1,577,012 $ 3,728,917 $ 705,626,413 $ 709,355,330 $ 4,674,764 $ 489,177
Residential mortgage loans in process of foreclosure	Number of loans Balance March 31, 2021 6 $ 310,137 December 31, 2020 6 312,807
Changes in the allowance for loan losses	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Charge-offs (18,847 ) 0 0 0 0 (14,161 ) 0 (33,008 ) Recoveries 4,761 7,000 0 1,567 528 11,458 0 25,314 Provision (credit) 60,170 (37,468 ) 1,320 (69,277 ) (32,112 ) (18,136 ) 363,000 267,497 ALL ending balance $ 888,631 $ 3,823,685 $ 83,531 $ 1,667,594 $ 203,312 $ 39,622 $ 761,913 $ 7,468,288 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 119,306 $ 255 $ 0 $ 0 $ 119,561 Collectively 888,631 3,823,685 83,531 1,548,288 203,058 39,621 761,913 7,348,727 Total $ 888,631 $ 3,823,685 $ 83,531 $ 1,667,594 $ 203,313 $ 39,621 $ 761,913 $ 7,468,288 Loans evaluated for impairment Individually $ 420,974 $ 1,645,678 $ 0 $ 4,394,274 $ 143,333 $ 0 $ 6,604,259 Collectively 188,022,649 276,837,413 52,207,213 165,415,944 36,735,240 3,666,921 722,885,380 Total $ 188,443,623 $ 278,483,091 $ 52,207,213 $ 169,810,218 $ 36,878,573 $ 3,666,921 $ 729,489,639 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (39,148 ) (34,200 ) 0 (203,623 ) (28,673 ) (74,327 ) 0 (379,971 ) Recoveries 1,087 20,000 0 12,856 5,809 33,213 0 72,965 Provision (credit) 43,842 686,707 82,211 537,507 (31,924 ) 49,782 220,875 1,589,000 ALL ending balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 108,474 $ 307 $ 0 $ 0 $ 108,781 Collectively 842,547 3,854,153 82,211 1,626,830 234,589 60,461 398,913 7,099,704 Total $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Loans evaluated for impairment Individually $ 414,266 $ 1,943,723 $ 0 $ 4,657,050 $ 135,053 $ 0 $ 7,150,092 Collectively 160,653,235 278,600,827 54,807,367 165,850,213 38,012,606 4,280,990 702,205,238 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs 0 0 0 (77,696 ) (28,673 ) (27,391 ) 0 (133,760 ) Recoveries 0 0 0 3,334 3,367 10,829 0 17,530 Provision (credit) 30,901 141,408 0 163,074 21,403 18,486 1,231 376,503 ALL ending balance $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 119,355 $ 477 $ 0 $ 0 $ 119,832 Collectively 867,667 3,323,054 0 1,357,921 285,304 53,717 179,269 6,066,932 Total $ 867,667 $ 3,323,054 $ 0 $ 1,477,276 $ 285,781 $ 53,717 $ 179,269 $ 6,186,764 Loans evaluated for impairment Individually $ 392,187 $ 1,650,748 $ 0 $ 4,781,243 $ 314,521 $ 0 $ 7,138,699 Collectively 108,066,217 255,163,954 59,649,823 158,547,023 41,716,277 4,132,697 627,275,991 Total $ 108,458,404 $ 256,814,702 $ 59,649,823 $ 163,328,266 $ 42,030,798 $ 4,132,697 $ 634,414,690
Impaired loans by segment	As of March 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 1,159,129 $ 1,196,306 $ 119,306 $ 1,029,855 $ 18,650 Jr lien 4,466 4,463 255 4,622 117 Total with related allowance 1,163,595 1,200,769 119,561 1,034,477 18,767 No related allowance recorded Commercial & industrial 420,975 485,396 417,620 204 Commercial real estate 1,645,921 2,103,732 1,794,967 2,044 Residential real estate 1st lien 3,269,662 4,132,986 3,529,314 46,958 Jr lien 138,870 180,547 134,574 0 Total with no related allowance 5,475,428 6,902,661 5,876,475 49,206 Total impaired loans $ 6,639,023 $ 8,103,430 $ 119,561 $ 6,910,952 $ 67,973 As of December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment(1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 900,581 $ 950,063 $ 108,474 $ 889,262 $ 72,713 Jr lien 4,777 4,775 307 5,416 541 Total with related allowance 905,358 954,838 108,781 894,678 73,254 No related allowance recorded Commercial & industrial 414,266 471,405 397,136 6,396 Commercial real estate 1,944,013 2,394,284 1,746,430 14,139 Residential real estate 1st lien 3,788,965 4,607,848 3,878,829 230,838 Jr lien 130,279 169,720 163,750 4,524 Total with no related allowance 6,277,523 7,643,257 6,186,145 255,897 Total impaired loans $ 7,182,881 $ 8,598,095 $ 108,781 $ 7,080,823 $ 329,151 As of March 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment(1) Balance Allowance Investment (1)(2) Recognized(2) Related allowance recorded Residential real estate 1st lien $ 968,459 $ 991,113 $ 119,355 $ 923,449 $ 20,431 Jr lien 5,686 5,683 477 5,904 144 Total with related allowance 974,145 996,796 119,832 929,353 20,575 No related allowance recorded Commercial & industrial 392,187 424,442 406,560 0 Commercial real estate 1,651,247 2,004,694 1,675,509 3,542 Residential real estate 1st lien 3,834,253 4,609,223 3,724,607 51,612 Jr lien 308,838 350,313 229,405 0 Total with no related allowance 6,186,525 7,388,672 6,036,081 55,154 Total impaired loans $ 7,160,670 $ 8,385,468 $ 119,832 $ 6,965,434 $ 75,729
Risk ratings portfolio	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 184,463,009 $ 263,134,345 $ 52,207,213 $ 167,435,341 $ 36,584,488 $ 3,666,921 $ 707,491,317 Group B 796,373 9,908,005 0 0 0 0 10,704,378 Group C 3,184,241 5,440,741 0 2,374,877 294,085 0 11,293,944 Total $ 188,443,623 $ 278,483,091 $ 52,207,213 $ 169,810,218 $ 36,878,573 $ 3,666,921 $ 729,489,639 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 156,748,590 $ 261,932,833 $ 54,807,367 $ 167,478,918 $ 37,850,056 $ 4,280,990 $ 683,098,754 Group B 998,641 12,784,078 0 0 0 0 13,782,719 Group C 3,320,270 5,827,639 0 3,028,345 297,603 0 12,473,857 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330
Loans modified as TDRs	Three months ended March 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Commercial & industrial 1 $ 41,751 $ 41,751 Year ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 6 $ 591,826 $ 687,751 Three months ended March 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 3 $ 168,109 $ 196,478
TDRs payment default	Number of Recorded Contracts Investment Commercial & industrial 1 $ 41,001 Residential real estate - 1st lien 1 162,821 2 $ 203,822 Number of Recorded Contracts Investment Residential real estate - 1st lien 1 $ 165,168 Number of Recorded Contracts Investment Commercial real estate 1 $ 376,864
Specific allowances	March 31, December 31, 2021 2020 Specific Allocation $ 119,561 $ 108,781

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value
Schedule of fair value assets and liabilities on recurring basis	March 31, December 31, Level 2 2021 2020 Assets: (market approach) U.S. GSE debt securities $ 10,978,953 $ 8,169,831 Agency MBS 60,148,001 41,378,349 ABS and OAS 2,404,358 2,669,996 CMO 958,321 0 Other investments 7,447,372 8,487,002 Total $ 81,937,005 $ 60,705,178
Schedule of fair value assets and liabilities non-recurring basis	March 31, December 31, Level 2 2021 2020 Assets: (market approach) Impaired loans, net of related allowance $ 321,593 $ 323,645 Loans held-for-sale 534,200 130,400 MSRs (1) 883,866 922,146
Schedule of estimated fair values of financial instruments	March 31, 2021 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 93,194 $ 93,194 $ 0 $ 0 $ 93,194 Debt securities AFS 81,937 0 81,937 0 81,937 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 184,743 0 0 188,122 188,122 Commercial real estate 274,316 0 208 276,418 276,626 Municipal 52,069 0 0 53,926 53,926 Residential real estate - 1st lien 168,895 0 114 170,021 170,135 Residential real estate - Jr lien 36,636 0 0 36,736 36,736 Consumer 3,624 0 0 3,650 3,650 MSRs (1) 884 0 992 0 992 Accrued interest receivable 3,239 0 3,239 0 3,239 Financial liabilities: Deposits Other deposits 804,114 0 805,477 0 805,477 Brokered deposits 1,876 0 1,866 0 1,866 Long-term borrowings 2,300 0 2,185 0 2,185 Repurchase agreements 32,099 0 32,099 0 32,099 Operating lease obligations 1,011 0 1,011 0 1,011 Finance lease obligations 2,427 0 2,427 0 2,427 Subordinated debentures 12,887 0 12,872 0 12,872 Accrued interest payable 73 0 73 0 73 December 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 115,050 $ 115,050 $ 0 $ 0 $ 115,050 Debt securities AFS 60,705 0 60,705 0 60,705 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 158,601 0 0 160,371 160,371 Commercial real estate 276,476 0 208 279,281 279,489 Municipal 54,694 0 0 55,601 55,601 Residential real estate - 1st lien 169,201 0 116 170,385 170,501 Residential real estate - Jr lien 37,892 0 0 37,991 37,991 Consumer 4,218 0 0 4,238 4,238 MSRs (1) 922 0 922 0 922 Accrued interest receivable 2,988 0 2,988 0 2,988 Financial liabilities: Deposits Other deposits 778,085 0 779,824 0 779,824 Brokered deposits 4,206 0 4,208 0 4,208 Long-term borrowings 2,800 0 2,724 0 2,724 Repurchase agreements 38,727 0 38,727 0 38,727 Operating lease obligations 1,060 0 1,060 0 1,060 Finance lease obligations 38 0 38 0 38 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 86 0 86 0 86

Loan Servicing (Tables)

Loan Servicing (Tables)	3 Months Ended
	Mar. 31, 2021
Loan Servicing (Tables)
Schedule of mortgage servicing rights	Three Months Ended Year Ended March 31, 2021 December 31, 2020 Balance at beginning of year $ 922,146 $ 939,577 MSRs capitalized 16,210 292,654 MSRs amortized (54,490 ) (256,435 ) Change in valuation allowance 0 (53,650 ) Balance at end of period $ 883,866 $ 922,146

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings per Common Share
Net income	$ 3,025,701	$ 1,861,239
Less: dividends to preferred shareholders	12,188	17,813
Net income available to common shareholders	$ 3,013,513	$ 1,843,426
Weighted average number of common shares used in calculating earnings per share	5,322,404	5,245,216
Earnings per common share	$ 0.57	$ 0.35

Investment Securities (Details)

Investment Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Amortized cost	$ 82,438,976	$ 59,546,509
Gross unrealized gains	741,401	1,192,865
Gross unrealized losses	1,243,372	34,196
Fair value	81,937,005	60,705,178
Other investments [Member]
Amortized cost	7,179,000	8,169,000
Gross unrealized gains	268,372	318,002
Gross unrealized losses	0	0
Fair value	7,447,372	8,487,002
CMO [Member]
Amortized cost	987,766
Gross unrealized gains	0
Gross unrealized losses	29,445	0
Fair value	958,321	0
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized cost	60,959,754	40,861,370
Gross unrealized gains	250,840	547,930
Gross unrealized losses	1,062,593	30,951
Fair value	60,148,001	41,378,349
U.S. GSE debt securities [Member]
Amortized cost	11,005,847	8,007,142
Gross unrealized gains	124,440	165,934
Gross unrealized losses	151,334	3,245
Fair value	10,978,953	8,169,831
ABS and OAS [Member]
Amortized cost	2,306,609	2,508,997
Gross unrealized gains	97,749	160,999
Gross unrealized losses	0	0
Fair value	$ 2,404,358	$ 2,669,996

Investment Securities (Details

Investment Securities (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Amortized cost	$ 82,438,976	$ 59,546,509
U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member]
Amortized cost	75,259,976	59,546,509
Fair value	$ 74,489,633	$ 60,705,178

Investment Securities (Detail_2

Investment Securities (Details 2) - Available for sale Securities [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Due in one year or less	$ 1,485,000	$ 2,227,000
Due from one to five years	5,694,000	5,942,000
Due from five to ten years	13,296,229	9,511,476
Due after ten years	1,003,993	1,004,663
Agency MBS	60,959,754	40,861,370
Total	82,438,976	59,546,509
Due in one year or less, Fair value	1,501,316	2,247,603
Due from one to five years, Fair value	5,946,056	6,239,399
Due from five to ten years, Fair value	13,318,515	9,801,921
Due after ten years, Fair value	1,023,117	1,037,906
Agency MBS, Fair value	60,148,001	41,378,349
Total, fair value	$ 81,937,005	$ 60,705,178

Investment Securities (Detail_3

Investment Securities (Details 3)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)integer	Dec. 31, 2020USD ($)integer
Fair value less than 12 months	$ 55,619,893	$ 4,075,401
Unrealized loss less than 12 months	1,237,388	23,090
Unrealized loss 12 months or more	5,984	11,106
Fair value 12 months or more	$ 302,533	$ 520,546
Number of securities | integer	45	8
Fair value	$ 55,922,426	$ 4,595,947
Unrealized loss	1,243,372	34,196
CMO [Member]
Fair value less than 12 months	958,321	0
Unrealized loss less than 12 months	29,445	0
Unrealized loss 12 months or more	0	0
Fair value 12 months or more	$ 0	$ 0
Number of securities | integer	6	0
Fair value	$ 958,321	$ 0
Unrealized loss	29,445	0
Agency mortgage-backed securities (Agency MBS) [Member]
Fair value less than 12 months	49,811,051	2,076,167
Unrealized loss less than 12 months	1,056,609	19,845
Unrealized loss 12 months or more	5,984	11,106
Fair value 12 months or more	$ 302,533	$ 520,546
Number of securities | integer	34	6
Fair value	$ 50,113,584	$ 2,596,713
Unrealized loss	1,062,593	30,951
U.S. GSE debt securities [Member]
Fair value less than 12 months	4,850,521	1,999,234
Unrealized loss less than 12 months	151,334	3,245
Unrealized loss 12 months or more	0	0
Fair value 12 months or more	$ 0	$ 0
Number of securities | integer	5	2
Fair value	$ 4,850,521	$ 1,999,234
Unrealized loss	$ 151,334	$ 3,245

Loans Allowance for Loan Loss_2

Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Loans, Allowance for Loan Losses and Credit Quality
Commercial & industrial	$ 188,443,623	$ 161,067,501
Commercial real estate	278,483,091	280,544,550
Municipal	52,207,213	54,807,367
Residential real estate - 1st lien	169,810,218	170,507,263
Residential real estate - Jr lien	36,878,573	38,147,659
Consumer	3,666,921	4,280,990
Total loans	729,489,639	709,355,330
Deduct (add):
ALL	7,468,288	7,208,485
Deferred net loan fees (costs)	2,272,165	1,195,741
Net loans	$ 719,749,186	$ 700,951,104

Loans Allowance for Loan Loss_3

Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
30-89 days	$ 3,171,529	$ 2,151,905
90 days or more	1,525,936	1,577,012
Total past due	4,697,465	3,728,917
Current	724,792,174	705,626,413
Total loans	729,489,639	709,355,330
Non-accrual loans	3,672,227	4,674,764
90 days or more and accruing	609,618	489,177
Commercial Real Estate [Member]
30-89 days	387,005	127,343
90 days or more	458,299	567,957
Total past due	845,304	695,300
Current	277,637,787	279,849,250
Total loans	278,483,091	280,544,550
Non-accrual loans	1,597,427	1,875,942
90 days or more and accruing	119,394	0
Residential real estate - 1st lien [Member]
30-89 days	2,126,285	1,872,439
90 days or more	955,890	828,344
Total past due	3,082,175	2,700,783
Current	166,728,043	167,806,480
Total loans	169,810,218	170,507,263
Non-accrual loans	1,448,109	2,173,315
90 days or more and accruing	413,575	390,288
Commercial and industrial [Member]
30-89 days	586,017	119,413
90 days or more	0	0
Total past due	586,017	119,413
Current	187,857,606	160,948,088
Total loans	188,443,623	161,067,501
Non-accrual loans	437,904	434,196
90 days or more and accruing	0	0
Municipal [Member]
30-89 days	0	0
90 days or more	0	0
Total past due	0	0
Current	52,207,213	54,807,367
Total loans	52,207,213	54,807,367
Non-accrual loans	0	0
90 days or more and accruing	0	0
Residential real estate - Jr lien [Member]
30-89 days	66,595	18,322
90 days or more	111,747	180,711
Total past due	178,342	199,033
Current	36,700,231	37,948,626
Total loans	36,878,573	38,147,659
Non-accrual loans	188,787	191,311
90 days or more and accruing	76,649	98,889
Consumer [Member]
30-89 days	5,627	14,388
90 days or more	0	0
Total past due	5,627	14,388
Current	3,661,294	4,266,602
Total loans	3,666,921	4,280,990
Non-accrual loans	0	0
90 days or more and accruing	$ 0	$ 0

Loans Allowance for Loan Loss_4

Loans Allowance for Loan Losses and Credit Quality (Details 2)	Mar. 31, 2021USD ($)integer	Dec. 31, 2020USD ($)integer
Loans, Allowance for Loan Losses and Credit Quality
Residential mortgage loans in process of foreclosure, number of loans | integer	6	6
Residential mortgage loans in process of foreclosure, current balance | $	$ 310,137	$ 312,807

Loans Allowance for Loan Loss_5

Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Allowance for loan losses, beginning balance	$ 7,208,485	$ 5,926,491	$ 5,926,491
Charge-offs	(33,008)	(133,760)	(379,971)
Recoveries	25,314	17,530	72,965
Provisions (credit)	267,497	376,503	1,589,000
Allowance for loan losses, ending balance	7,468,288	6,186,764	7,208,485
Allowance for loan losses evaluated for impairment, individually	119,561	119,832	108,781
Allowance for loan losses evaluated for impairment, collectively	7,348,727	6,066,932	7,099,704
Total ALL evaluted for impairment	7,468,288	6,186,764	7,208,485
Total, Loans evaluted for impairment	729,489,639	634,414,690	709,355,330
Loans evaluated for impairment, individually	6,604,259	7,138,699	7,150,092
Loans evaluated for impairment, collectively	722,885,380	627,275,991	702,205,238
Unallocated [Member]
Allowance for loan losses, beginning balance	398,913	178,038	178,038
Charge-offs	0	0	0
Recoveries	0	0	0
Provisions (credit)	363,000	1,231	220,875
Allowance for loan losses, ending balance	761,913	179,269	398,913
Allowance for loan losses evaluated for impairment, individually	0	0	0
Allowance for loan losses evaluated for impairment, collectively	761,913	179,269	398,913
Total ALL evaluted for impairment	761,913	179,269	398,913
Residential Real Estate Jr Lien
Allowance for loan losses, beginning balance	234,896	289,684	289,684
Charge-offs	0	(28,673)	(28,673)
Recoveries	528	3,367	5,809
Provisions (credit)	(32,112)	21,403	(31,924)
Allowance for loan losses, ending balance	203,312	285,781	234,896
Allowance for loan losses evaluated for impairment, individually	255	477	307
Allowance for loan losses evaluated for impairment, collectively	203,058	285,304	234,589
Total ALL evaluted for impairment	203,313	285,781	234,896
Total, Loans evaluted for impairment	36,878,573	42,030,798	38,147,659
Loans evaluated for impairment, individually	143,333	314,521	135,053
Loans evaluated for impairment, collectively	36,735,240	41,716,277	38,012,606
Commercial Real Estate [Member]
Allowance for loan losses, beginning balance	3,854,153	3,181,646	3,181,646
Charge-offs	0	0	(34,200)
Recoveries	7,000	0	20,000
Provisions (credit)	(37,468)	141,408	686,707
Allowance for loan losses, ending balance	3,823,685	3,323,054	3,854,153
Allowance for loan losses evaluated for impairment, individually	0	0	0
Allowance for loan losses evaluated for impairment, collectively	3,823,685	3,323,054	3,854,153
Total ALL evaluted for impairment	3,823,685	3,323,054	3,854,153
Total, Loans evaluted for impairment	278,483,091	256,814,702	280,544,550
Loans evaluated for impairment, individually	1,645,678	1,650,748	1,943,723
Loans evaluated for impairment, collectively	276,837,413	255,163,954	278,600,827
Residential real estate - 1st lien [Member]
Allowance for loan losses, beginning balance	1,735,304	1,388,564	1,388,564
Charge-offs	0	(77,696)	(203,623)
Recoveries	1,567	3,334	12,856
Provisions (credit)	(69,277)	163,074	537,507
Allowance for loan losses, ending balance	1,667,594	1,477,276	1,735,304
Allowance for loan losses evaluated for impairment, individually	119,306	119,355	108,474
Allowance for loan losses evaluated for impairment, collectively	1,548,288	1,357,921	1,626,830
Total ALL evaluted for impairment	1,667,594	1,477,276	1,735,304
Total, Loans evaluted for impairment	169,810,218	163,328,266	170,507,263
Loans evaluated for impairment, individually	4,394,274	4,781,243	4,657,050
Loans evaluated for impairment, collectively	165,415,944	158,547,023	165,850,213
Commercial and industrial [Member]
Allowance for loan losses, beginning balance	842,547	836,766	836,766
Charge-offs	(18,847)	0	(39,148)
Recoveries	4,761	0	1,087
Provisions (credit)	60,170	30,901	43,842
Allowance for loan losses, ending balance	888,631	867,667	842,547
Allowance for loan losses evaluated for impairment, individually	0	0	0
Allowance for loan losses evaluated for impairment, collectively	888,631	867,667	842,547
Total ALL evaluted for impairment	888,631	867,667	842,547
Total, Loans evaluted for impairment	188,443,623	108,458,404	161,067,501
Loans evaluated for impairment, individually	420,974	392,187	414,266
Loans evaluated for impairment, collectively	188,022,649	108,066,217	160,653,235
Municipal [Member]
Allowance for loan losses, beginning balance	82,211	0	0
Charge-offs	0	0	0
Recoveries	0	0	0
Provisions (credit)	1,320	0	82,211
Allowance for loan losses, ending balance	83,531	0	82,211
Allowance for loan losses evaluated for impairment, individually	0	0	0
Allowance for loan losses evaluated for impairment, collectively	83,531	0	82,211
Total ALL evaluted for impairment	83,531	0	82,211
Total, Loans evaluted for impairment	52,207,213	59,649,823	54,807,367
Loans evaluated for impairment, individually	0	0	0
Loans evaluated for impairment, collectively	52,207,213	59,649,823	54,807,367
Consumer [Member]
Allowance for loan losses, beginning balance	60,461	51,793	51,793
Charge-offs	(14,161)	(27,391)	(74,327)
Recoveries	11,458	10,829	33,213
Provisions (credit)	(18,136)	18,486	49,782
Allowance for loan losses, ending balance	39,622	53,717	60,461
Allowance for loan losses evaluated for impairment, individually	0	0	0
Allowance for loan losses evaluated for impairment, collectively	39,621	53,717	60,461
Total ALL evaluted for impairment	39,621	53,717	60,461
Total, Loans evaluted for impairment	3,666,921	4,132,697	4,280,990
Loans evaluated for impairment, individually	0	0	0
Loans evaluated for impairment, collectively	$ 3,666,921	$ 4,132,697	$ 4,280,990

Loans Allowance for Loan Loss_6

Loans Allowance for Loan Losses and Credit Quality (Details 4) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Recorded investment allowance recorded	$ 6,639,023	$ 7,160,670	$ 7,182,881
Unpaid principal balance allowance recorded	8,103,430	8,385,468	8,598,095
Related allowance with an allowance recorded	119,561	119,832	108,781
Interest income recognized	6,910,952	75,729	329,151
Average recorded investment allowance recorded	67,973	6,965,434	7,080,823
Total Related Allowance
Related allowance with an allowance recorded	119,561	119,832	108,781
Recorded investment with an allowance recorded	1,163,595	974,145	905,358
Unpaid principal balance with an allowance recorded	1,200,769	996,796	954,838
Average recorded investment with an allowance recorded	1,034,477	929,353	894,678
Interest income recognized with an allowance recorded	18,767	20,575	73,254
Total No Related Allowance
Recorded investment with no related allowance recorded	5,475,428	6,186,525	6,277,523
Unpaid principal balance with no related allowance recorded	6,902,661	7,388,672	7,643,257
Interest income recognized with no related allowance recorded	49,206	55,154	255,897
Average recorded investment with no related allowance recorded	5,876,475	6,036,081	6,186,145
Commercial and industrial [Member]
Related allowance with an allowance recorded	0	0
Recorded investment with no related allowance recorded	420,975	392,187	414,266
Unpaid principal balance with no related allowance recorded	485,396	424,442	471,405
Average recorded investment with an allowance recorded		0
Interest income recognized with an allowance recorded		0
Interest income recognized with no related allowance recorded	204	0	6,396
Average recorded investment with no related allowance recorded	417,620	406,560	397,136
Residential real estate - Jr lien [Member]
Related allowance with an allowance recorded	255	477	307
Recorded investment with an allowance recorded	4,466	5,686	4,777
Unpaid principal balance with an allowance recorded	4,463	5,683	4,775
Recorded investment with no related allowance recorded	138,870	308,838	130,279
Unpaid principal balance with no related allowance recorded	180,547	350,313	169,720
Average recorded investment with an allowance recorded	4,622	5,904	5,416
Interest income recognized with an allowance recorded	117	144	541
Interest income recognized with no related allowance recorded	0	0	4,524
Average recorded investment with no related allowance recorded	134,574	229,405	163,750
Commercial Real Estate [Member]
Related allowance with an allowance recorded		0
Recorded investment with no related allowance recorded	1,645,921	1,651,247	1,944,013
Unpaid principal balance with no related allowance recorded	2,103,732	2,004,694	2,394,284
Interest income recognized with no related allowance recorded	2,044	1,675,509	14,139
Average recorded investment with no related allowance recorded	1,794,967	3,542	1,746,430
Residential real estate - 1st lien [Member]
Related allowance with an allowance recorded	119,306	119,355	108,474
Recorded investment with an allowance recorded	1,159,129	968,459	900,581
Unpaid principal balance with an allowance recorded	1,196,306	991,113	950,063
Recorded investment with no related allowance recorded	3,269,662	3,834,253	3,788,965
Unpaid principal balance with no related allowance recorded	4,132,986	4,609,223	4,607,848
Average recorded investment with an allowance recorded	1,029,855	923,449	889,262
Interest income recognized with an allowance recorded	18,650	20,431	72,713
Interest income recognized with no related allowance recorded	46,958	51,612	230,838
Average recorded investment with no related allowance recorded	$ 3,529,314	$ 3,724,607	$ 3,878,829

Loans Allowance for Loan Loss_7

Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Group B	$ 10,704,378	$ 13,782,719
Group A	707,491,317	683,098,754
Total loans	729,489,639	709,355,330
Group C	11,293,944	12,473,857
Commercial Real Estate [Member]
Group B	9,908,005	12,784,078
Group A	263,134,345	261,932,833
Total loans	278,483,091	280,544,550
Group C	5,440,741	5,827,639
Residential real estate - 1st lien [Member]
Group B	0	0
Group A	167,435,341	167,478,918
Total loans	169,810,218	170,507,263
Group C	2,374,877	3,028,345
Commercial and industrial [Member]
Group B	796,373	998,641
Group A	184,463,009	156,748,590
Total loans	188,443,623	161,067,501
Group C	3,184,241	3,320,270
Municipal [Member]
Group B	0	0
Group A	52,207,213	54,807,367
Total loans	52,207,213	54,807,367
Group C	0	0
Residential real estate - Jr lien [Member]
Group B	0	0
Group A	36,584,488	37,850,056
Total loans	36,878,573	38,147,659
Group C	294,085	297,603
Consumer [Member]
Group B	0	0
Group A	3,666,921	4,280,990
Total loans	3,666,921	4,280,990
Group C	$ 0	$ 0

Loans Allowance for Loan Loss_8

Loans Allowance for Loan Losses and Credit Quality (Details 6)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)integer	Mar. 31, 2020USD ($)integer	Dec. 31, 2020USD ($)integer
Commercial and industrial [Member]
Number of contracts modified as TDRs | integer	1
Pre-Modification outstanding recorded investment	$ 41,751
Post-Modification outstanding recorded investment	$ 41,751
Residential real estate - 1st lien [Member]
Number of contracts modified as TDRs | integer		3	6
Pre-Modification outstanding recorded investment		$ 168,109	$ 591,826
Post-Modification outstanding recorded investment		$ 196,478	$ 687,751

Loans Allowance for Loan Loss_9

Loans Allowance for Loan Losses and Credit Quality (Details 7)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)integer	Mar. 31, 2020USD ($)integer	Dec. 31, 2020USD ($)integer
Number of contracts | integer	2
Recorded investment | $	$ 203,822
Commercial & industrial [Member]
Number of contracts | integer	1
Recorded investment | $	$ 41,001
Commercial Real Estate [Member]
Number of contracts | integer		1
Recorded investment | $		$ 376,864
Residential real estate - 1st lien [Member]
Number of contracts | integer	1		1
Recorded investment | $	$ 162,821		$ 165,168

Loans Allowance for Loan Los_10

Loans Allowance for Loan Losses and Credit Quality (Details 8) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Loans, Allowance for Loan Losses and Credit Quality
Specific allocation	$ 119,561	$ 108,781

Loans Allowance for Loan Los_11

Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Loans, Allowance for Loan Losses and Credit Quality
Accrued interest receivable and deferred net loan costs	$ 34,764	$ 32,789	$ 21,971

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2007
Goodwill	$ 11,574,269	$ 11,574,269
LyndonBank [Member]
Goodwill			$ 11,574,269

Fair Value (Details)

Fair Value (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair value	$ 81,937,005	$ 60,705,178
Other investments [Member]
Fair value	7,447,372	8,487,002
U.S. GSE debt securities [Member]
Fair value	10,978,953	8,169,831
CMO [Member]
Fair value	958,321	0
Fair Value Level 2
Assets recorded at fair value on a recurring basis	81,937,005	60,705,178
Fair Value Level 2 | Other investments [Member]
Assets recorded at fair value on a recurring basis	7,447,372	8,487,002
Fair Value Level 2 | Agency MBS
Assets recorded at fair value on a recurring basis	60,148,001	41,378,349
Fair Value Level 2 | ABS and OAS
Assets recorded at fair value on a recurring basis	2,404,358	2,669,996
Fair Value Level 2 | U.S. GSE debt securities [Member]
Assets recorded at fair value on a recurring basis	$ 10,978,953	$ 8,169,831

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets: (market approach)
Impaired loans, net of related allowance	$ 321,593	$ 323,645
Loans held-for-sale	534,200	130,400
MSRs	$ 883,866	$ 922,146

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Financial assets: (in thousands)
Cash and cash equivalents	$ 93,194	$ 115,050
Debt securities AFS	81,937	60,705
Restricted equity securities	1,447	1,447
Commercial & industrial	184,743	158,601
Commercial real estate	274,316	276,476
Municipal	52,069	54,694
Residential real estate - 1st lien	168,895	169,201
Residential real estate - Jr lien	36,636	37,892
Consumer	3,624	4,218
MSRs (1)	884	922
Accrued interest receivable	3,239	2,988
Other deposits	804,114	778,085
Brokered deposits	1,876	4,206
Long-term borrowings	2,300	2,800
Repurchase agreements	32,099	38,727
Operating lease obligations	1,011	1,060
Finance lease obligations	2,427	38
Subordinated debentures	12,887	12,887
Accrued interest payable	73	86
Fair Value
Financial assets: (in thousands)
Cash and cash equivalents	93,194	115,050
Debt securities AFS	81,937	60,705
Restricted equity securities	1,447	1,447
Commercial & industrial	188,122	160,371
Commercial real estate	276,626	279,489
Municipal	53,926	55,601
Residential real estate - 1st lien	170,135	170,501
Residential real estate - Jr lien	36,736	37,991
Consumer	3,650	4,238
MSRs (1)	992	922
Accrued interest receivable	3,239	2,988
Other deposits	805,477	779,824
Brokered deposits	1,866	4,208
Long-term borrowings	2,185	2,724
Repurchase agreements	32,099	38,727
Operating lease obligations	1,011	1,060
Finance lease obligations	2,427	38
Subordinated debentures	12,872	12,876
Accrued interest payable	73	86
Fair Value Level 2
Financial assets: (in thousands)
Cash and cash equivalents	0	0
Debt securities AFS	81,937	60,705
Restricted equity securities	1,447	1,447
Commercial & industrial	0	0
Commercial real estate	208	208
Municipal	0	0
Residential real estate - 1st lien	114	116
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	992	922
Accrued interest receivable	3,239	2,988
Other deposits	805,477	779,824
Brokered deposits	1,866	4,208
Long-term borrowings	2,185	2,724
Repurchase agreements	32,099	38,727
Operating lease obligations	1,011	1,060
Finance lease obligations	2,427	38
Subordinated debentures	12,872	12,876
Accrued interest payable	73	86
Fair Value Level 1
Financial assets: (in thousands)
Cash and cash equivalents	93,194	115,050
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	0	0
Commercial real estate	0	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value Level 3
Financial assets: (in thousands)
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	188,122	160,371
Commercial real estate	276,418	279,281
Municipal	53,926	55,601
Residential real estate - 1st lien	170,021	170,385
Residential real estate - Jr lien	36,736	37,991
Consumer	3,650	4,238
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	$ 0	$ 0

Loan Servicing (Details)

Loan Servicing (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loan Servicing
Balance at beginning of year	$ 922,146	$ 939,577
Mortgage servicing rights capitalized	16,210	292,654
Mortgage servicing rights amortized	(54,490)	(256,435)
Change in valuation allowance	0	(53,650)
Balance at end of period	$ 883,866	$ 922,146

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 17, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Events
Dividends declared per common share	$ 0.22	$ 0.22	$ 0.19