Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 11, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000719402 | |
Entity Registrant Name | FIRST NATIONAL CORP /VA/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-38874 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1232965 | |
Entity Address, Address Line One | 112 West King Street | |
Entity Address, City or Town | Strasburg | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22657 | |
City Area Code | 540 | |
Local Phone Number | 465-9121 | |
Title of 12(b) Security | Common stock, par value $1.25 per share | |
Trading Symbol | FXNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,226,418 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | [1] |
Assets | |||
Cash and due from banks | $ 19,182 | $ 13,115 | |
Interest-bearing deposits in banks | 95,459 | 114,182 | |
Federal funds sold | 80,589 | 0 | |
Securities available for sale, at fair value | 266,600 | 140,225 | |
Securities held to maturity, at amortized cost (fair value, 2021, $10,262; 2020, $14,743) | 10,046 | 14,234 | |
Restricted securities, at cost | 1,813 | 1,875 | |
Loans held for sale | 0 | 245 | |
Loans, net of allowance for loan losses, 2021, $5,434; 2020, $7,485 | 816,977 | 622,429 | |
Other real estate owned | 1,848 | 0 | |
Premises and equipment, net | 22,401 | 19,319 | |
Accrued interest receivable | 3,823 | 2,717 | |
Bank owned life insurance | 24,141 | 17,916 | |
Core deposit intangibles, net | 159 | 19 | |
Goodwill | 4,011 | 0 | |
Other assets | 8,740 | 4,656 | |
Total assets | 1,355,789 | 950,932 | |
Liabilities | |||
Noninterest-bearing demand deposits | 411,527 | 263,229 | |
Savings and interest-bearing demand deposits | 652,624 | 479,035 | |
Time deposits | 148,419 | 100,197 | |
Total deposits | 1,212,570 | 842,461 | |
Subordinated debt | 9,993 | 9,991 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable and other liabilities | 7,041 | 4,285 | |
Total liabilities | 1,238,883 | 866,016 | |
Commitments and contingencies | |||
Shareholders’ Equity | |||
Preferred stock, par value $1.25 per share; authorized 1,000,000 shares; none issued and outstanding | 0 | 0 | |
Common stock, par value $1.25 per share; authorized 8,000,000 shares; issued and outstanding, 2021, 6,226,418 shares; 2020, 4,860,399 shares | 7,783 | 6,075 | |
Surplus | 31,889 | 6,151 | |
Retained earnings | 75,554 | 69,292 | |
Accumulated other comprehensive income, net | 1,680 | 3,398 | |
Total shareholders’ equity | 116,906 | 84,916 | |
Total liabilities and shareholders’ equity | $ 1,355,789 | $ 950,932 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | [1] |
Securities, fair value | $ 10,262 | $ 14,743 | |
Allowance for loan losses | $ 5,434 | $ 7,485 | |
Preferred stock, par value (in dollars per share) | $ 1.25 | $ 1.25 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 | |
Common stock, shares authorized (in shares) | 8,000,000 | 8,000,000 | |
Common stock, shares issued (in shares) | 6,226,418 | 4,860,399 | |
Common stock, shares outstanding (in shares) | 6,226,418 | 4,860,399 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and Dividend Income | ||||
Interest and fees on loans | $ 9,215 | $ 7,568 | $ 23,432 | $ 22,187 |
Interest on deposits in banks | 79 | 25 | 149 | 159 |
Interest on federal funds sold | 8 | 0 | 8 | 0 |
Interest and dividends on securities: | ||||
Taxable interest | 766 | 575 | 2,180 | 1,881 |
Tax-exempt interest | 242 | 152 | 637 | 454 |
Dividends | 21 | 23 | 65 | 75 |
Total interest and dividend income | 10,331 | 8,343 | 26,471 | 24,756 |
Interest Expense | ||||
Interest on deposits | 369 | 541 | 1,060 | 2,179 |
Interest on subordinated debt | 156 | 160 | 464 | 341 |
Interest on junior subordinated debt | 68 | 68 | 202 | 225 |
Total interest expense | 593 | 769 | 1,726 | 2,745 |
Net interest income | 9,738 | 7,574 | 24,745 | 22,011 |
(Recovery of) provision for loan losses | 0 | 1,500 | (1,000) | 3,200 |
Net interest income after (recovery of) provision for loan losses | 9,738 | 6,074 | 25,745 | 18,811 |
Noninterest Income | ||||
Noninterest income | 2,430 | 2,011 | 6,495 | 5,590 |
Income from bank owned life insurance | 162 | 131 | 374 | 345 |
Net gains on securities available for sale | 0 | 38 | 37 | 38 |
Net gains on sale of loans | 0 | 3 | 25 | 60 |
Other operating income | 56 | 18 | 295 | 49 |
Total noninterest income | 2,648 | 2,201 | 7,226 | 6,082 |
Noninterest Expense | ||||
Salaries and employee benefits | 5,446 | 3,498 | 12,694 | 10,109 |
Occupancy | 500 | 433 | 1,346 | 1,244 |
Equipment | 519 | 439 | 1,383 | 1,267 |
Marketing | 243 | 63 | 487 | 243 |
Supplies | 176 | 112 | 341 | 304 |
Legal and professional fees | 586 | 262 | 1,806 | 842 |
ATM and check card expense | 329 | 259 | 828 | 727 |
FDIC assessment | 87 | 52 | 234 | 142 |
Bank franchise tax | 153 | 162 | 493 | 476 |
Data processing expense | 465 | 191 | 885 | 563 |
Amortization expense | 5 | 33 | 24 | 127 |
Other operating expense | 917 | 631 | 2,185 | 1,857 |
Total noninterest expense | 9,426 | 6,135 | 22,706 | 17,901 |
Income before income taxes | 2,960 | 2,140 | 10,265 | 6,992 |
Income tax expense | 562 | 386 | 2,089 | 1,290 |
Net income | $ 2,398 | $ 1,754 | $ 8,176 | $ 5,702 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.39 | $ 0.36 | $ 1.54 | $ 1.17 |
Diluted (in dollars per share) | $ 0.38 | $ 0.36 | $ 1.53 | $ 1.17 |
Deposit Account [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 547 | $ 446 | $ 1,436 | $ 1,475 |
Credit and Debit Card [Member] | ||||
Noninterest Income | ||||
Noninterest income | 753 | 669 | 2,036 | 1,738 |
Asset Management [Member] | ||||
Noninterest Income | ||||
Noninterest income | 696 | 573 | 1,996 | 1,610 |
Financial Service, Other [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 434 | $ 323 | $ 1,027 | $ 767 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 2,398 | $ 1,754 | $ 8,176 | $ 5,702 |
Other comprehensive income (loss), net of tax, | ||||
Unrealized holding gains (losses) on available for sale securities, net of tax ($211) and $8 for the three months and ($565) and $700 for the nine months ended September 30, 2021 and 2020, respectively | (798) | 26 | (2,131) | 2,632 |
Reclassification adjustment for gains included in net income, net of tax $0 and ($8) for the three months and ($8) and ($8) for the nine months ended September 30, 2021 and 2020, respectively | 0 | (30) | (29) | (30) |
Change in fair value of cash flow hedges, net of tax $21 and $34 for the three months and $117 and $28 for the nine months ended September 30, 2021 and 2020, respectively | 80 | 131 | 442 | 106 |
Total other comprehensive (loss) income | (718) | 127 | (1,718) | 2,708 |
Total comprehensive income | $ 1,680 | $ 1,881 | $ 6,458 | $ 8,410 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unrealized holding losses on securities transferred from held to maturity to available for sale, tax | $ (211) | $ 8 | $ (565) | $ 700 |
Reclassification adjustment for losses included in net income, tax | 0 | (8) | (8) | (8) |
Change in fair value of cash flow hedges, tax | $ 21 | $ 34 | $ 117 | $ 28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||||
Net income | $ 2,398 | $ 1,754 | $ 8,176 | $ 5,702 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization of premises and equipment | 1,005 | 992 | |||
Amortization of core deposit intangibles | 24 | 127 | |||
Amortization of debt issuance costs | 2 | 14 | |||
Origination of loans held for sale | (1,586) | (3,183) | |||
Proceeds from sale of loans held for sale | 1,856 | 3,410 | |||
Net gains on sales of loans held for sale | 0 | (3) | (25) | (60) | |
(Recovery of) provision for loan losses | (1,000) | 3,200 | $ 3,000 | ||
Fair value adjustments on other real estate owned | 139 | 0 | |||
Net gains on securities available for sale | 0 | (38) | (37) | (38) | |
Net gains on sale of other real estate owned | (8) | 0 | 0 | ||
Increase in cash value of bank owned life insurance | (374) | (345) | |||
Accretion of discounts and amortization of premiums on securities, net | 725 | 497 | |||
Accretion of premium on time deposits | (101) | (20) | |||
Stock-based compensation | 300 | 254 | |||
Excess tax deficiency (benefit) on stock-based compensation | 3 | (2) | |||
Gains on disposal of premises and equipment | (26) | (9) | |||
Deferred income tax (benefit) | (1,750) | (1,030) | |||
Changes in assets and liabilities: | |||||
Decrease (increase) in interest receivable | 453 | (1,091) | |||
Decrease in other assets | 2,938 | 688 | |||
Increase (decrease) in accrued interest payable and other liabilities | 1,625 | (28) | |||
Net cash provided by operating activities | 12,339 | 9,078 | |||
Cash Flows from Investing Activities | |||||
Proceeds from maturities, calls, principal payments, and sales of securities available for sale | 43,247 | 24,787 | |||
Proceeds from maturities, calls, and principal payments of securities held to maturity | 4,120 | 2,444 | |||
Purchase of securities available for sale | (160,864) | (18,019) | |||
Net increase in federal funds sold | (80,589) | 0 | |||
Net redemption (purchase) of restricted securities | 245 | (42) | |||
Purchase of premises and equipment | (622) | (793) | |||
Proceeds from sale of premises and equipment | 32 | 9 | |||
Proceeds from sale of other real estate owned | 288 | 0 | |||
Net (increase) in loans | (14) | (74,379) | |||
Net cash used in investing activities | (156,587) | (65,993) | |||
Cash Flows from Financing Activities | |||||
Net increase in demand deposits and savings accounts | 137,352 | 147,872 | |||
Net decrease in time deposits | (3,923) | (15,899) | |||
Proceeds from subordinated debt, net of issuance costs | 0 | 4,990 | |||
Cash dividends paid on common stock, net of reinvestment | (1,798) | (1,509) | |||
Net cash provided by financing activities | 131,592 | 133,336 | |||
(Decrease) increase in cash and cash equivalents | (12,656) | 76,421 | |||
Cash and Cash Equivalents | |||||
Beginning | 127,297 | 45,785 | 45,785 | ||
Ending | $ 114,641 | $ 122,206 | 114,641 | 122,206 | 127,297 |
Supplemental Disclosures of Cash Flow Information | |||||
Interest | 1,728 | 2,739 | |||
Income taxes | 1,674 | 2,451 | |||
Supplemental Disclosures of Noncash Investing and Financing Activities | |||||
Unrealized (losses) gains on securities available for sale | (2,733) | 3,294 | |||
Change in fair value of cash flow hedges | 559 | 134 | |||
Transfer from loans to other real estate owned | 130 | 0 | $ 0 | ||
Issuance of common stock, dividend reinvestment plan | 115 | 106 | |||
Smartbank [Member] | |||||
Cash Flows from Investing Activities | |||||
Net cash paid in acquisition | (1,793) | 0 | |||
The Bank of Fincastle [Member] | |||||
Cash Flows from Investing Activities | |||||
Net cash paid in acquisition | 39,363 | 0 | |||
First National Corporation 2014 Stock Incentive Plan [Member] | |||||
Cash Flows from Financing Activities | |||||
Repurchase of common stock | (39) | (47) | |||
Stock Repurchase Plan [Member] | |||||
Cash Flows from Financing Activities | |||||
Repurchase of common stock | $ 0 | $ (2,071) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | First National Corporation 2014 Stock Incentive Plan [Member]Common Stock [Member] | First National Corporation 2014 Stock Incentive Plan [Member]Additional Paid-in Capital [Member] | First National Corporation 2014 Stock Incentive Plan [Member]Retained Earnings [Member] | First National Corporation 2014 Stock Incentive Plan [Member]AOCI Attributable to Parent [Member] | First National Corporation 2014 Stock Incentive Plan [Member] | Stock Repurchase Plan [Member]Common Stock [Member] | Stock Repurchase Plan [Member]Additional Paid-in Capital [Member] | Stock Repurchase Plan [Member]Retained Earnings [Member] | Stock Repurchase Plan [Member]AOCI Attributable to Parent [Member] | Stock Repurchase Plan [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2019 | $ 6,212 | $ 7,700 | $ 62,583 | $ 724 | $ 77,219 | |||||||||||
Net income | 0 | 0 | 5,702 | 0 | 5,702 | |||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 2,708 | 2,708 | |||||||||||
Cash dividends on common stock | 0 | 0 | (1,615) | 0 | (1,615) | |||||||||||
Stock-based compensation | 0 | 254 | 0 | 0 | 254 | |||||||||||
Issuance of common stock, dividend reinvestment plan | 9 | 97 | 0 | 0 | 106 | |||||||||||
Issuance of 3,500 shares common stock, stock incentive plan | 16 | (16) | 0 | 0 | 0 | |||||||||||
Repurchase of common stock | $ (3) | $ (44) | $ 0 | $ 0 | $ (47) | $ (161) | $ (1,910) | $ 0 | $ 0 | $ (2,071) | ||||||
Balance at Sep. 30, 2020 | 6,073 | 6,081 | 66,670 | 3,432 | 82,256 | |||||||||||
Balance at Jun. 30, 2020 | 6,065 | 5,967 | 65,451 | 3,305 | 80,788 | |||||||||||
Net income | 0 | 0 | 1,754 | 0 | 1,754 | |||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 127 | 127 | |||||||||||
Cash dividends on common stock | 0 | 0 | (535) | 0 | (535) | |||||||||||
Stock-based compensation | 0 | 86 | 0 | 0 | 86 | |||||||||||
Issuance of common stock, dividend reinvestment plan | 3 | 33 | 0 | 0 | 36 | |||||||||||
Issuance of 3,500 shares common stock, stock incentive plan | 5 | (5) | 0 | 0 | 0 | |||||||||||
Balance at Sep. 30, 2020 | 6,073 | 6,081 | 66,670 | 3,432 | 82,256 | |||||||||||
Balance at Dec. 31, 2020 | 6,075 | 6,151 | 69,292 | 3,398 | 84,916 | [1] | ||||||||||
Net income | 0 | 0 | 8,176 | 0 | 8,176 | |||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (1,718) | (1,718) | |||||||||||
Cash dividends on common stock | 0 | 0 | (1,914) | 0 | (1,914) | |||||||||||
Stock-based compensation | 0 | 300 | 0 | 0 | 300 | |||||||||||
Issuance of common stock, dividend reinvestment plan | 7 | 109 | 0 | 0 | 116 | |||||||||||
Issuance of 3,500 shares common stock, stock incentive plan | 18 | (18) | 0 | 0 | 0 | |||||||||||
Shares issued to shareholders of The Bank of Fincastle | 1,685 | 25,384 | 27,069 | |||||||||||||
Repurchase of common stock | $ (2) | $ (37) | $ 0 | $ 0 | $ (39) | |||||||||||
Balance at Sep. 30, 2021 | 7,783 | 31,889 | 75,554 | 1,680 | 116,906 | |||||||||||
Balance at Jun. 30, 2021 | 6,088 | 6,295 | 73,901 | 2,398 | 88,682 | |||||||||||
Net income | 0 | 0 | 2,398 | 0 | 2,398 | |||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (718) | (718) | |||||||||||
Cash dividends on common stock | 0 | 0 | (745) | 0 | (745) | |||||||||||
Stock-based compensation | 0 | 181 | 0 | 0 | 181 | |||||||||||
Issuance of common stock, dividend reinvestment plan | 2 | 37 | 0 | 0 | 39 | |||||||||||
Issuance of 3,500 shares common stock, stock incentive plan | 8 | (8) | 0 | 0 | 0 | |||||||||||
Shares issued to shareholders of The Bank of Fincastle | 1,685 | 25,384 | 27,069 | |||||||||||||
Balance at Sep. 30, 2021 | $ 7,783 | $ 31,889 | $ 75,554 | $ 1,680 | $ 116,906 | |||||||||||
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retained Earnings [Member] | ||||
Cash dividends on common stock, per share (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.36 | $ 0.33 |
Common Stock [Member] | First National Corporation 2014 Stock Incentive Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 2,221 | 2,223 | ||
Common Stock [Member] | Stock Repurchase Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 129,035 | |||
Common Stock [Member] | ||||
Issuance of common stock, dividend reinvestment plan, shares (in shares) | 1,894 | 2,530 | 6,102 | 7,267 |
Issuance of common stock, stock incentive plan, shares (in shares) | 14,073 | 12,492 | ||
Issuance of common stock, stock incentive plan, shares (in shares) | 6,000 | 3,500 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. The accompanying unaudited consolidated financial statements of First National Corporation (the Company) and its subsidiary, First Bank (the Bank), have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not September 30, 2021 December 31, 2020 three nine September 30, 2021 2020 three nine September 30, 2021 2020 three nine September 30, 2021 2020 10 December 31, 2020 three nine September 30, 2021 not may December 31, 2021 Risks and Uncertainties The outbreak of COVID- 19 ate and could im no 19 Congress, the President, and the Federal Reserve have taken several actions designed to cushion the economic fallout. Most notably, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law in March 2020 $2 2021 March 2021 $1.9 19. 19, may The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID- 19 not 19, Results of Operations The Company’s net interest income could decrease due to COVID- 19. 19 6 24 19 19 may not may no The Company’s net interest income could also decrease due to adverse economic conditions that may 19 The Company's noninterest income could decrease due to COVID- 19. may may may may The Company’s noninterest expense could increase due to COVID- 19. may At this time, the Company is unable to project the full extent or materiality of the foregoing impacts but recognizes the breadth of the economic impacts of COVID- 19 may Capital and Liquidity While the Company believes it has sufficient capital to withstand an extended economic recession brought about by COVID- 19, may March 2020, 2020. not June 2020, The Company maintains access to multiple sources of liquidity. While wholesale funding markets have remained open, interest rates for short term funding could become volatile. If funding costs would become elevated for an extended period of time, it may Processes, Controls and Business Continuity Plan The Company continues to operate under its Pandemic Continuity of Operations Plan that includes a remote working strategy. The Company has not No not 19. not Lending Operations and Accommodations to Borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation, the Company offered a payment deferral program, primarily during the second third 2020, 90 September 30, 2021. August 2020, not During the fourth 2020, first 2021, ing between 6 and 24 months. All loans modified were in the Bank’s commercial real estate loan portfolio and totaled $13.3 million at September 30, 2021, The Bank actively participated as a lender in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) to support local small businesses and non-profit organizations by providing forgivable loans. Loan fees received from the SBA are accreted by the Bank into income evenly over the life of the loans, net of loan origination costs, through interest and fees on loans. PPP loans totaled $22.8 million at September 30, 2021, second third 2022, first second 2026. The Bank recognized $737 thousand and $247 thousand of accretion on deferred PPP income, net origination costs, through interest and fees on loans for three September 30, 2021 2020, nine September 30, 2021 2020, not September 30, 2021. Asset Quality The economic impact of the pandemic had an unfavorable impact on the financial condition of certain Bank customers. The Bank entered into loan modification agreements in the fourth 2020, first 2021, Business Combinations On July 1, 2021, September 30, 2021, Additional information about these acquisitions is presented in Note 17. Adoption of New Accounting Pronouncements In December 2019, No. 2019 12, 740 2019 12 740 2019 12 January 1, 2021. not In January 2020, No. 2020 01, 321 323 815 321, 323, 815” 2020 01 2016 01 2020 01 January 1, 2021. not In October 2020, No. 2020 08, 310 20, 2020 08 310 20 35 33 2020 08 January 1, 2021. not In December 2020, 2021 541 first 19 19 Recent Accounting Pronouncements In June 2016, No. 2016 13, 326 2016 13 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. 2016 13 may Effective November 25, 2019, 119. 119 326, 1 2 3 4 In March 2020, No. 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. January 2021, No. 2021 01 848 2021 01 848 848 may 2021 01 March 12, 2020, January 7, 2021, may 2021 01 March 12, 2020, March 12, 2020. 2020 04 In August 2020, No. 2020 06, 470 20 815 40 2020 06 no December 15, 2021, December 15, 2023, not 2020 06 |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2. The Company invests in U.S. agency and mortgage-backed securities, obligations of state and political subdivisions, and corporate debt securities. Amortized costs and fair values of securities at September 30, 2021 December 31, 2020 September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. Treasury securities $ 19,951 $ 63 $ (38 ) $ 19,976 U.S. agency and mortgage-backed securities 172,782 1,713 (1,234 ) 173,261 Obligations of states and political subdivisions 70,703 1,002 (378 ) 71,327 Corporate debt securities 2,027 9 — 2,036 Total securities available for sale $ 265,463 $ 2,787 $ (1,650 ) $ 266,600 Securities held to maturity: U.S. agency and mortgage-backed securities $ 7,301 $ 117 $ (2 ) $ 7,416 Obligations of states and political subdivisions 2,745 101 — 2,846 Total securities held to maturity $ 10,046 $ 218 $ (2 ) $ 10,262 Total securities $ 275,509 $ 3,005 $ (1,652 ) $ 276,862 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. agency and mortgage-backed securities $ 98,848 $ 2,830 $ (80 ) $ 101,598 Obligations of states and political subdivisions 37,507 1,122 (2 ) 38,627 Total securities available for sale $ 136,355 $ 3,952 $ (82 ) $ 140,225 Securities held to maturity: U.S. agency and mortgage-backed securities $ 9,588 $ 264 $ — $ 9,852 Obligations of states and political subdivisions 3,146 140 — 3,286 Corporate debt securities 1,500 105 — 1,605 Total securities held to maturity $ 14,234 $ 509 $ — $ 14,743 Total securities $ 150,589 $ 4,461 $ (82 ) $ 154,968 At September 30, 2021 December 31, 2020 September 30, 2021 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. Treasury securities $ 9,934 $ (38 ) $ — $ — $ 9,934 $ (38 ) U.S. agency and mortgage-backed securities 110,631 (1,234 ) — — 110,631 (1,234 ) Obligations of states and political subdivisions 25,202 (378 ) — — 25,202 (378 ) Total securities available for sale $ 145,767 $ (1,650 ) $ — $ — $ 145,767 $ (1,650 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Total securities held to maturity $ — $ — $ — $ — $ — $ — Total securities $ 145,767 $ (1,650 ) $ — $ — $ 145,767 $ (1,650 ) December 31, 2020 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. agency and mortgage-backed securities $ 17,367 $ (80 ) $ — $ — $ 17,367 $ (80 ) Obligations of states and political subdivisions 1,020 (2 ) — — 1,020 (2 ) Total securities available for sale $ 18,387 $ (82 ) $ — $ — $ 18,387 $ (82 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Total securities held to maturity $ — $ — $ — $ — $ — $ — Total securities $ 18,387 $ (82 ) $ — $ — $ 18,387 $ (82 ) The tables above provide information about securities that have been in an unrealized loss position for less than twelve twelve 1 2 not 3 not not not At September 30, 2021 were forty-two out of one hundred twenty-three U.S. agency and mortgage-backed securities, two out of four U.S. Treasury securities, and twenty-five out of one hundred ten o was 5.3 years September 30, 2021 December 31, 2020 re seven one hundred one nd one eighty-four December 31, 2020 December 31, 2020 September 30, 2021 not The amortized cost and fair value of securities at September 30, 2021 may Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 2,765 $ 2,781 $ 2,410 $ 2,418 Due after one year through five years 15,905 16,002 2,335 2,432 Due after five years through ten years 62,654 63,525 1,552 1,599 Due after ten years 184,139 184,292 3,749 3,813 $ 265,463 $ 266,600 $ 10,046 $ 10,262 Federal Home Loan Bank, Federal Reserve Bank, and Community Bankers’ Bank stock are generally viewed as long-term investments and as restricted securities, which are carried at cost, because there is a minimal market for the stock. Therefore, when evaluating restricted securities for impairment, their value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not September 30, 2021 The composition of restricted securities at September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Federal Home Loan Bank stock $ 701 $ 818 Federal Reserve Bank stock 980 980 Community Bankers’ Bank stock 132 77 $ 1,813 $ 1,875 The Company also holds limited partnership investments in Small Business Investment Companies (SBICs), which are included in other assets in the Consolidated Balance Sheets. The limited partnership investments are measured as equity investments without readily determinable fair values at their cost, less any impairment. The amounts included in other assets for the limited partnership investment s were $454 thousand a September 30, 2021 December 31, 2020 |
Note 3 - Loans
Note 3 - Loans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | Note 3. Loans at September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Real estate loans: Construction and land development $ 45,120 $ 27,328 Secured by 1-4 family residential 294,216 235,814 Other real estate loans 362,643 246,883 Commercial and industrial loans 105,664 109,838 Consumer and other loans 14,768 10,051 Total loans $ 822,411 $ 629,914 Allowance for loan losses (5,434 ) (7,485 ) Loans, net $ 816,977 $ 622,429 Net deferred loan fees included in the above loan categor ies were $1.1 million a September 30, 2021 December 31, 2020 ed $179 thousand September 30, 2021 December 31, 2020 Risk characteristics of each loan portfolio class that are considered by the Company include: • 1 4 • Real estate construction and land development loans carry risks that the project may not may not may, may may not may • Other real estate loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because repayment of these loans may • Commercial and industrial loans carry risks associated with the successful operation of a business because repayment of these loans may may • Consumer and other loans carry risk associated with the continued creditworthiness of the borrower and the value of the collateral, if any. Consumer loans are typically either unsecured or secured by rapidly depreciating assets such as automobiles. They are also likely to be immediately and adversely affected by job loss, divorce, illness, personal bankruptcy, or other changes in circumstances. Consumer and other loans also include purchased consumer loans which could have been originated outside of the Company's market area. Other loans included in this category include loans to states and political subdivisions. Loans acquired in business combinations are recorded in the Consolidated Balance Sheets at fair value at the acquisition date under the acquisition method of accounting. The outstanding principal balance and the carrying amount at September 30, 2021 Acquired Loans- Purchased (Dollars in thousands) Performing Outstanding principal balance $ 244,054 Carrying amount Real estate loans: Construction and land development $ 20,264 Secured by 1-4 family residential 58,570 Other real estate loans 115,514 Commercial and industrial loans 39,597 Consumer and other loans 6,652 Total acquired loans $ 240,597 The following tables provide a summary of loan classes and an aging of past due loans as of September 30, 2021 December 31, 2020 September 30, 2021 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ — $ 178 $ — $ 178 $ 44,942 $ 45,120 $ — $ — Secured by 1-4 family residential 1,898 289 137 2,324 291,892 294,216 470 — Other real estate loans — — 122 122 362,521 362,643 153 — Commercial and industrial 92 196 — 288 105,376 105,664 1,535 — Consumer and other loans 47 7 3 57 14,711 14,768 — 7 Total $ 2,037 $ 670 $ 262 $ 2,969 $ 819,442 $ 822,411 $ 2,158 $ 7 December 31, 2020 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ 47 $ 20 $ — $ 67 $ 27,261 $ 27,328 $ 276 $ — Secured by 1-4 family residential 657 125 324 1,106 234,708 235,814 449 298 Other real estate loans — 131 133 264 246,619 246,883 4,441 — Commercial and industrial 104 — — 104 109,734 109,838 1,548 — Consumer and other loans 16 21 4 41 10,010 10,051 — 4 Total $ 824 $ 297 $ 461 $ 1,582 $ 628,332 $ 629,914 $ 6,714 $ 302 Credit Quality Indicators As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans. The Company utilizes a risk grading matrix to assign a rating to each of its loans. The loan ratings are summarized into the following categories: pass, special mention, substandard, doubtful, and loss. Pass rated loans include all risk rated credits other than those included in special mention, substandard, or doubtful. Loans classified as loss are charged-off. Loan officers assign risk grades to loans at origination and as renewals arise. The Bank’s Credit Administration department reviews risk grades for accuracy on a quarterly basis and as credit issues arise. In addition, a certain amount of loans are reviewed each year through the Company’s internal and external loan review process. A description of the general characteristics of the loan grading categories is as follows: Pass – Special Mention – may Substandard – not Doubtful – Loss – not The following tables provide an analysis of the credit risk profile of each loan class as of September 30, 2021 December 31, 2020 September 30, 2021 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 45,120 $ — $ — $ — $ 45,120 Secured by 1-4 family residential 293,427 — 789 — 294,216 Other real estate loans 362,490 — 153 — 362,643 Commercial and industrial 104,129 — 1,535 — 105,664 Consumer and other loans 14,768 — — — 14,768 Total $ 819,934 $ — $ 2,477 $ — $ 822,411 December 31, 2020 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 26,896 $ — $ 432 $ — $ 27,328 Secured by 1-4 family residential 235,035 — 779 — 235,814 Other real estate loans 242,441 — 4,442 — 246,883 Commercial and industrial 107,383 — 2,455 — 109,838 Consumer and other loans 10,051 — — — 10,051 Total $ 621,806 $ — $ 8,108 $ — $ 629,914 |
Note 4 - Allowance for Loan Los
Note 4 - Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4. The following tables present, as of September 30, 2021 December 31, 2020 September 30, 2020 September 30, 2021 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2020 $ 306 $ 1,022 $ 4,956 $ 784 $ 417 $ 7,485 Charge-offs — (15 ) (992 ) — (255 ) (1,262 ) Recoveries — 46 2 6 157 211 (Recovery of) provision for loan losses (25 ) (97 ) (813 ) (81 ) 16 (1,000 ) Ending Balance, September 30, 2021 $ 281 $ 956 $ 3,153 $ 709 $ 335 $ 5,434 Ending Balance: Individually evaluated for impairment — — — 84 — 84 Collectively evaluated for impairment 281 956 3,153 625 335 5,350 Loans: Ending Balance $ 45,120 $ 294,216 $ 362,643 $ 105,664 $ 14,768 $ 822,411 Individually evaluated for impairment — 470 153 1,535 — 2,158 Collectively evaluated for impairment 45,120 293,746 362,490 104,129 14,768 820,253 December 31, 2020 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2019 $ 464 $ 776 $ 2,296 $ 562 $ 836 $ 4,934 Charge-offs — — — (69 ) (715 ) (784 ) Recoveries 2 8 2 18 305 335 Provision for (recovery of) loan losses (160 ) 238 2,658 273 (9 ) 3,000 Ending Balance, December 31, 2020 $ 306 $ 1,022 $ 4,956 $ 784 $ 417 $ 7,485 Ending Balance: Individually evaluated for impairment — — 2,065 158 — 2,223 Collectively evaluated for impairment 306 1,022 2,891 626 417 5,262 Loans: Ending Balance $ 27,328 $ 235,814 $ 246,883 $ 109,838 $ 10,051 $ 629,914 Individually evaluated for impairment 276 449 4,441 1,548 — 6,714 Collectively evaluated for impairment 27,052 235,365 242,442 108,290 10,051 623,200 September 30, 2020 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2019 $ 464 $ 776 $ 2,296 $ 562 $ 836 $ 4,934 Charge-offs — — — (69 ) (550 ) (619 ) Recoveries 2 6 2 17 235 262 Provision for (recovery of) loan losses (164 ) 305 2,691 398 (30 ) 3,200 Ending Balance, September 30, 2020 $ 302 $ 1,087 $ 4,989 $ 908 $ 491 $ 7,777 Ending Balance: Individually evaluated for impairment — — 2,108 181 — 2,289 Collectively evaluated for impairment 302 1,087 2,881 727 491 5,488 Loans: Ending Balance $ 27,472 $ 234,198 $ 250,319 $ 125,277 $ 11,102 $ 648,368 Individually evaluated for impairment 283 469 4,674 1,548 — 6,974 Collectively evaluated for impairment 27,189 233,729 245,645 123,729 11,102 641,394 Impaired loans and the related allowance at September 30, 2021 December 31, 2020 September 30, 2020 September 30, 2021 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ - $ — $ — $ - $ — $ 273 $ — Secured by 1-4 family 611 470 — 470 — 420 3 Other real estate loans 167 153 — 153 — 3,159 1 Commercial and industrial 1,655 — 1,535 1,535 84 1,548 — Total $ 2,433 $ 623 $ 1,535 $ 2,158 $ 84 $ 5,400 $ 4 December 31, 2020 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 325 $ 276 $ — $ 276 $ — $ 344 $ — Secured by 1-4 family 568 449 — 449 — 517 1 Other real estate loans 4,492 171 4,270 4,441 2,065 2,623 109 Commercial and industrial 1,582 — 1,548 1,548 158 393 77 Total $ 6,967 $ 896 $ 5,818 $ 6,714 $ 2,223 $ 3,877 $ 187 September 30, 2020 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 325 $ 283 $ — $ 283 $ — $ 366 $ — Secured by 1-4 family 578 469 — 469 — 536 1 Other real estate loans 4,698 361 4,313 4,674 2,108 1,974 109 Commercial and industrial 1,548 — 1,548 1,548 181 6 77 Total $ 7,149 $ 1,113 $ 5,861 $ 6,974 $ 2,289 $ 2,882 $ 187 The “Recorded Investment” amounts in the table above represent the outstanding principal balance on each loan represented in the table. The “Unpaid Principal Balance” represents the outstanding principal balance on each loan represented in the table plus any amounts that have been charged off on each loan and/or payments that have been applied towards principal on non-accrual loans. Only loan classes with balances are included in the tables above. As of September 30, 2021 September 30, 2021 none December 31, 2020 none may three September 30, 2021 2020 In response to the COVID- 19 first 2020, 90 September 30, 2021 not During the fourth 2020, terms of certain loans for customers that continued to be negatively impacted by the COVID- 19 September 30, 2021 , loans that were modified totaled $13.3 million. These lo not For the nine September 30, 2021 2020 no twelve ninety twelve |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned (OREO) | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 5. Changes in the balance for OREO during the nine September 30, 2021 and the year ended December 31, 2020 are as follows (in thousands): Nine Months Ended Year Ended September 30, 2021 December 31, 2020 Balance at the beginning of year, gross $ — $ — Transfers in 130 — Acquired in merger 2,137 — Sales proceeds (288 ) — Gain on disposition 8 — Balance at the end of period, gross $ 1,987 $ — Less: valuation allowance (139 ) — Balance at the end of period, net $ 1,848 $ — There were no residential real estate properties included in the ending OREO balances at September 30, 2021 and December 31, 2020 . The Bank did not September 30, 2021 . The Company acquired $2.1 million of OREO in the acquisition of Fincastle including $1.8 million of real estate and buildings formerly used as bank premises by Fincastle. The Company will not nine September 30, 2021. not for the nine September 30, 2020. The Bank did not for the year ended December 31, 2020. |
Note 6 - Other Borrowings
Note 6 - Other Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Other Borrowings [Text Block] | Note 6. The Company had an unsecured line of credit totaling $5.0 million with a non-affiliated bank at September 30, 2021 . There were no borrowings outstanding on the line of credit at September 30, 2021 . The interest rate on the line of credit floats at Wall Street Journal Prime Rate plus 0.25%, with a floor of 3.50%, and matures on March 28, 2026. The Bank had unused lines of credit totaling $229.0 million and $237.7 million available with non-affiliated banks at September 30, 2021 and December 31, 2020 , respectively. These amounts primarily consist of a blanket floating lien agreement with the Federal Home Loan Bank of Atlanta (FHLB) in which the Bank can borrow up to 19% of its total assets. The unused line of credit with FHLB totaled $159.4 million at September 30, 2021 . The Bank had collateral pledged on the borrowing line at September 30, 2021 and December 31, 2020 including real estate loans totaling $216.3 million and $221.1 million, respectively, and Federal Home Loan Bank stock with a book value of $701 thousand and $818 thousand, respectively. The Bank did not September 30, 2021 and December 31, 2020 . |
Note 7 - Capital Requirements
Note 7 - Capital Requirements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 7. The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Prompt corrective action provisions are not The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective January 1, 2015, January 1, 2019. 1 four January 1, 2016 January 1, 2019. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of total (as defined in the regulations), Tier 1 1 1 September 30, 2021 December 31, 2020 As of September 30, 2021 no A comparison of the capital of the Bank at September 30, 2021 December 31, 2020 Actual Minimum Capital Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2021 Total Capital (to Risk-Weighted Assets) $ 128,197 14.42 % $ 71,108 8.00 % $ 88,885 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 122,763 13.81 % $ 53,331 6.00 % $ 71,108 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 122,763 13.81 % $ 39,998 4.50 % $ 57,775 6.50 % Tier 1 Capital (to Average Assets) $ 122,763 9.22 % $ 53,274 4.00 % $ 66,593 5.00 % December 31, 2020 Total Capital (to Risk-Weighted Assets) $ 91,243 15.82 % $ 46,129 8.00 % $ 57,661 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 84,032 14.57 % $ 34,597 6.00 % $ 46,129 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 84,032 14.57 % $ 25,948 4.50 % $ 37,480 6.50 % Tier 1 Capital (to Average Assets) $ 84,032 8.80 % $ 38,187 4.00 % $ 47,733 5.00 % In addition to the regulatory minimum risk-based capital amounts presented above, the Bank must maintain a capital conservation buffer as required by the Basel III final rules. Accordingly, the Bank was required to maintain a capital conservation buffer of 2.50% at September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 |
Note 8 - Subordinated Debt
Note 8 - Subordinated Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 8. On October 30, 2015, 2025 September 30, 2021 December 31, 2020 October 1, 2025. oval, the Company may may not On June 29, 2020, 2030 July 1, 2025, three o the note were $7 thousand and $9 September 30, 2021 December 31, 2020 July 1, 2030. may July 1, 2025 may not Both of the notes are unsecured, subordinated obligations of the Company and they rank junior in right of payment to the Company’s existing and future senior indebtedness and to the Company’s obligations to its general creditors. The notes rank equally with all other unsecured subordinated debt, except any which by its terms is expressly stated to be subordinated to the notes. The notes rank senior to all current and future junior subordinated debt obligations, preferred stock, and common stock of the Company. The notes are not not |
Note 9 - Junior Subordinated De
Note 9 - Junior Subordinated Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. On June 8, 2004, June 17, 2004, September 30, 2021 December 31, 2020 s 2.72% and June 17, 2034, September 17, 2009. On July 24, 2006, July 31, 2006, September 30, 2021 December 31, 2020 1.73% a October 1, 2036, October 1, 2011. |
Note 10 - Benefit Plans
Note 10 - Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 10. The Company maintains a 401 may first one fifty two six one thousand nineteen two nine September 30, 2021 2020 Plan amounted to $706 thousand a On March 15, 2019, three nse totaled $197 thousand and $198 thousand f nine September 30, 2021 2020 See Note 13 10 December 31, 2020 |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11. Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The following table presents the computation of basic and diluted earnings per share for the three nine September 30, 2021 2020 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (Numerator): Net income $ 2,398 $ 1,754 $ 8,176 $ 5,702 (Denominator): Weighted average shares outstanding – basic 6,220,456 4,854,144 5,322,696 4,884,805 Potentially dilutive common shares – restricted stock units 9,068 505 7,243 1,863 Weighted average shares outstanding – diluted 6,229,524 4,854,649 5,329,939 4,886,668 Income per common share Basic $ 0.39 $ 0.36 $ 1.54 $ 1.17 Diluted $ 0.38 $ 0.36 $ 1.53 $ 1.17 There were no antidilutive shares of common stock for the three nine September 30, 2021. not nine September 30, 2020. |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurement and Disclosures” topic of FASB ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not may Fair Value Hierarchy In accordance with this guidance, the Company groups its assets and liabilities generally measured at fair value in three Level 1 Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 Level 2 Valuation is based on inputs other than quoted prices included within Level 1 may not Level 3 Valuation is based on unobservable inputs that are supported by little or no 3 An instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a recurring basis in the financial statements: Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1 not may 2 Derivative asset/liability - cash flow hedges Cash flow hedges are recorded at fair value on a recurring basis. The fair value of the Company's cash flow hedges is determined by a third 2 The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2021 December 31, 2020 no September 30, 2021 December 31, 2020. Fair Value Measurements at September 30, 2021 Description Balance as of September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. Treasury securities $ 19,976 $ — $ 19,976 $ — U.S. agency and mortgage-backed securities 173,261 — 173,261 — Obligations of states and political subdivisions 71,327 — 71,327 — Corporate debt securities 2,036 — 2,036 — Total securities available for sale $ 266,600 $ — $ 266,600 $ — Derivatives - cash flow hedges 990 — 990 — Total assets $ 267,590 $ — $ 267,590 $ — Fair Value Measurements at December 31, 2020 Description Balance as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. agency and mortgage-backed securities $ 101,598 $ — $ 101,598 $ — Obligations of states and political subdivisions 38,627 — 38,627 — Total securities available for sale $ 140,225 $ — $ 140,225 $ — Derivatives - cash flow hedges 431 — 431 — Total assets $ 140,656 $ — $ 140,656 $ — Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: Loans held for sale Loans held for sale are carried at the lower of cost or market value. These loans currently consist of one four not 2 nine September 30, 2021 December 31, 2020 Impaired Loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not may 2 twelve one not 3 one not 3 The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis during the periods (dollars in thousands): Fair Value Measurements at September 30, 2021 Description Balance as of September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 1,451 $ — $ — $ 1,451 Fair Value Measurements at December 31, 2020 Description Balance as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 3,595 $ — $ — $ 3,595 Quantitative information about Level 3 Fair Value Measurements for September 30, 2021 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Impaired loans, net $ 1,451 Present value of cash flows Discount rate 6.50 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Impaired loans, net $ 2,205 Property appraisals Selling cost 10.00 % Impaired loans, net 1,390 Present value of cash flows Discount rate 6.50 % ( 1 Unobservable inputs were weighted by the relative fair value of the instruments. Accounting guidance requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not September 30, 2021 December 31, 2020 Fair Value Measurements at September 30, 2021 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 195,230 $ 195,230 $ — $ — $ 195,230 Securities available for sale 266,600 — 266,600 — 266,600 Securities held to maturity 10,046 — 10,262 — 10,262 Restricted securities 1,813 — 1,813 — 1,813 Loans, net 816,977 — — 823,227 823,227 Bank owned life insurance 24,141 — 24,141 — 24,141 Accrued interest receivable 3,823 — 3,823 — 3,823 Derivatives - cash flow hedges 990 — 990 — 990 Financial Liabilities Deposits $ 1,212,570 $ — $ 1,064,150 $ 148,681 $ 1,212,831 Subordinated debt 9,993 — — $ 10,935 10,935 Junior subordinated debt 9,279 — — $ 10,824 10,824 Accrued interest payable 232 — 232 — 232 Fair Value Measurements at December 31, 2020 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 127,297 $ 127,297 $ — $ — $ 127,297 Securities available for sale 140,225 — 140,225 — 140,225 Securities held to maturity 14,234 — 13,138 1,605 14,743 Restricted securities 1,875 — 1,875 — 1,875 Loans held for sale 245 — 245 — 245 Loans, net 622,429 — — 633,638 633,638 Bank owned life insurance 17,916 — 17,916 — 17,916 Accrued interest receivable 2,717 — 2,717 — 2,717 Derivatives - cash flow hedges 431 — 431 — 431 Financial Liabilities Deposits $ 842,461 $ — $ 742,264 $ 101,154 $ 843,418 Subordinated debt 9,991 — — 10,304 10,304 Junior subordinated debt 9,279 — — 10,364 10,364 Accrued interest payable 134 — 134 — 134 The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may |
Note 13 - Stock Compensation Pl
Note 13 - Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 13. On May 13, 2014, 2014 Stock Awards Whenever the Company deems it appropriate to grant a stock award, the recipient receives a specified number of unrestricted shares of employer stock. Stock awards may may rd. The Company did not nine September 30, 2021 2020 Restricted Stock Units Restricted stock units are an award of units that correspond in number and value to a specified number of shares of employer stock which the recipient receives according to a vesting plan and distribution schedule after achieving required performance milestones or upon remaining with the employer for a particular length of time. Each restricted stock unit that vests entitles the recipient to receive o ne share of common stock on a specified issuance date. During the first nine 2021 , 16,094 restricted stock units were granted to employees, with 2,026 units vesting immediately, 7,040 units subject to a two one five fifth not A summary of the activity for the Company’s restricted stock units for the period indicated is presented in the following table: Nine Months Ended September 30, 2021 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 15,858 $ 20.40 Granted 16,094 17.88 Vested (8,073 ) 19.84 Forfeited (98 ) 18.41 Unvested, end of period 23,781 $ 18.89 At September 30, 2021 e-tax compensation expense related to unvested restricted stock unit awards was $290 thousand. This expense is expected to be recognized through 2026. nine September 30, 2021 2020 totaled $300 thousand and $168 thousand, res Notes to Consolidated Financial Statements (Unaudited) |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 14. Changes in each component of accumulated other comprehensive income (loss) were as follows (in thousands): Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2020 $ 3,330 $ (25 ) $ 3,305 Unrealized holding gains (net of tax, $ 8 26 — 26 Reclassification adjustment (net of tax, ($ 8 (30 ) — (30 ) Change in fair value (net of tax, $ 34 — 131 131 Change during period (4 ) 131 127 Balance at September 30, 2020 $ 3,326 $ 106 $ 3,432 Balance at June 30, 2021 $ 1,696 $ 702 $ 2,398 Unrealized holding gains (net of tax, $ 211 (798 ) — (798 ) Change in fair value (net of tax, $ 21 — 80 80 Change during period (798 ) 80 (718 ) Balance at September 30, 2021 $ 898 $ 782 $ 1,680 Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ 724 $ — $ 724 Unrealized holding gains (net of tax, $ 700 2,632 — 2,632 Reclassification adjustment (net of tax, ($ 8 (30 ) — (30 ) Change in fair value (net of tax, $ 28 — 106 106 Change during period 2,602 106 2,708 Balance at September 30, 2020 $ 3,326 $ 106 $ 3,432 Balance at December 31, 2020 $ 3,058 $ 340 $ 3,398 Unrealized holding losses (net of tax, ($ 565 (2,131 ) — (2,131 ) Reclassification adjustment (net of tax, ($ 8 (29 ) — (29 ) Change in fair value (net of tax, $ 117 — 442 442 Change during period (2,160 ) 442 (1,718 ) Balance at September 30, 2021 $ 898 $ 782 $ 1,680 The following table presents information related to reclassifications from accumulated other comprehensive income (loss) for the three nine September 30, 2021 2020 Details About Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Three Months Ended September 30, 2021 September 30, 2020 Securities available for sale: Net securities gains reclassified into earnings $ — $ (38 ) Net gains on securities available for sale Related income tax expense — 8 Income tax expense Total reclassifications $ — $ (30 ) Net of tax Details About Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Nine Months Ended September 30, 2021 September 30, 2020 Securities available for sale: Net securities gains reclassified into earnings $ (37 ) $ (38 ) Net gains on securities available for sale Related income tax expense 8 8 Income tax expense Total reclassifications $ (29 ) $ (30 ) Net of tax |
Note 15 - Revenue Recognition
Note 15 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 15. On January 1, 2018, No. 2014 09, 606" 606. 606 Service charges on deposit accounts Service charges on deposit accounts consist of monthly service fees, overdraft and nonsufficient funds fees, and other deposit account related fees. The Company's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts. Overdraft and nonsufficient funds fees and other deposit account related fees are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. ATM and check card fees ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. ATM fees are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. Check card fees are primarily comprised of interchange fee income. Interchange fees are earned whenever the Company's debit cards are processed through card payment networks, such as Visa. The Company's performance obligation for interchange fee income is largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. In compliance with Topic 606, Wealth management fees Wealth management fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company's performance obligation is generally satisfied over time and the resulting fees are primarily recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to customers' accounts. Estate management fees are based upon the size of the estate. Revenue for estate management fees are recorded periodically, according to a fee schedule, and are based on the services that have been provided. Fees for other customer services Fees for other customer services include fees for brokered loans, check ordering charges, merchant services income, safe deposit box rental fees, and other service charges. Check ordering charges are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. Merchant services income mainly represent fees charged to merchants to process their debit and credit card transactions. The Company's performance obligation for merchant services income is largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, three nine September 30, 2021 2020 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Noninterest Income Service charges on deposit accounts $ 547 $ 446 $ 1,436 $ 1,475 ATM and check card fees 753 669 2,036 1,738 Wealth management fees 696 573 1,996 1,610 Fees for other customer services 434 323 1,027 767 Noninterest income (in-scope of Topic 606) $ 2,430 $ 2,011 $ 6,495 $ 5,590 Noninterest income (out-of-scope of Topic 606) 218 190 731 492 Total noninterest income $ 2,648 $ 2,201 $ 7,226 $ 6,082 |
Note 16 - Derivative Financial
Note 16 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 16. On April 21, 2020, two June 17, 2034, March 17, 2020. June 17, 2034. three October 1, 2036, April 1, 2020. October 1, 2036. three The Company entered into interest rate swaps to reduce interest rate risk and to manage interest expense. By entering into these agreements, the Company converted variable rate debt into fixed rate debt. Alternatively, the Company may no September 30, 2021 June 2034 October 2036. not not All interest rate swaps were entered into with counterparties that met the Company's credit standards and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in these derivative contracts is not Unrealized gains or losses recorded in other comprehensive (loss) income related to cash flow hedges are reclassified into earnings in the same period(s) during which the hedged interest payments affect earnings. When a designated hedging instrument is terminated and the hedged interest payments remain probable of occurring, any remaining unrecognized gain or loss in other comprehensive (loss) income is reclassified into earnings in the period(s) during which the forecasted interest payments affect earnings. Amounts reclassified into earnings and interest receivable or payable under designated interest rate swaps are reported in interest expense. The Company does not twelve The following table summarizes key elements of the Company's derivative instruments at September 30, 2021 September 30, 2021 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 990 $ — $ — ( 1 Collateral pledged may |
Note 17 - Acquisitions
Note 17 - Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 17. Acquisition of the Bank of Fincastle On July 1, 2021, six October 16, 2021. June 30, 2021, three nine September 30, 2021, fourth 2021 first 2022. Acquisition of SmartBank Loan Portfolio On September 30, 2021, not December 31, 2021. fourth 2021, not third 2021. The acquisitions were accounted for as business combinations under ASC 805, Business Combinations . Under acquisition accounting, assets acquired, and liabilities assumed are recorded at their acquisition date fair values, and any excess of the purchase price over the aggregate fair value of the net assets acquired is recognized as goodwill. Determining the fair value of assets and liabilities, particularly related to the loan portfolio, is inherently subjective and involves significant judgment regarding the methods and assumptions used to estimate fair value. During the measurement period, the acquirer shall adjust the amounts recognized at the acquisition date and may may not one The following table presents the total consideration paid by the Company in connection with the acquisition of Fincastle and the SmartBank loan portfolio, the fair values of the assets acquired and liabilities assumed, and the resulting goodwill. Amounts for the Bank of Fincastle acquisition are as of July 1, 2021. September 30, 2021. (Dollars in thousands) Bank of Fincastle SmartBank Total Purchase price: Cash paid $ 6,752 $ 83,745 $ 90,497 Common stock issued 27,069 - 27,069 Total purchase price $ 33,821 $ 83,745 $ 117,566 Identifiable assets acquired: Cash and due from banks $ 46,158 $ - $ 46,158 Federal funds sold 120 - 120 Securities, AFS, at fair value 12,112 - 12,112 Restricted securities 183 - 183 Loans, net of ALLL 193,664 81,636 275,300 Bank premises and equipment 3,471 172 3,643 Accrued interest receivable 1,561 143 1,704 OREO 2,137 - 2,137 BOLI 5,852 - 5,852 Other assets 4,259 - 4,259 Total identifiable assets acquired $ 269,517 $ 81,951 $ 351,468 Identifiable liabilities assumed: Demand deposits & savings accounts $ 184,535 $ - $ 184,535 Time deposits 52,246 - 52,246 Accrued expenses and other liabilities 1,132 - 1,132 Total identifiable liabilities assumed $ 237,913 $ - $ 237,913 Net identifiable assets acquired at fair value $ 31,604 $ 81,951 $ 113,555 Goodwill resulting from acquisitions $ 2,217 $ 1,794 $ 4,011 The following table presents certain unaudited pro forma information as if the acquisition had taken place on January 1, 2020. not January 1, 2020. nine September 30, 2021 September 30, 2020 not Unaudited Pro Forma Unaudited Pro Forma Nine Months Ended Nine Months Ended (Dollars in thousands, except per share amounts) September 30, 2021 September 30, 2020 Total revenues (net interest income plus noninterest income) $ 37,670 $ 36,077 Net income $ 7,849 $ 7,145 Net income per share, basic $ 1.26 $ 1.15 Net income per share, diluted $ 1.26 $ 1.15 The revenue and earnings amounts specific to Fincastle since the acquisition date that are included in the consolidated results for 2021 not September 30, 2021. fourth 2021 first 2022. |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-maturity Reconciliation [Table Text Block] | September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. Treasury securities $ 19,951 $ 63 $ (38 ) $ 19,976 U.S. agency and mortgage-backed securities 172,782 1,713 (1,234 ) 173,261 Obligations of states and political subdivisions 70,703 1,002 (378 ) 71,327 Corporate debt securities 2,027 9 — 2,036 Total securities available for sale $ 265,463 $ 2,787 $ (1,650 ) $ 266,600 Securities held to maturity: U.S. agency and mortgage-backed securities $ 7,301 $ 117 $ (2 ) $ 7,416 Obligations of states and political subdivisions 2,745 101 — 2,846 Total securities held to maturity $ 10,046 $ 218 $ (2 ) $ 10,262 Total securities $ 275,509 $ 3,005 $ (1,652 ) $ 276,862 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. agency and mortgage-backed securities $ 98,848 $ 2,830 $ (80 ) $ 101,598 Obligations of states and political subdivisions 37,507 1,122 (2 ) 38,627 Total securities available for sale $ 136,355 $ 3,952 $ (82 ) $ 140,225 Securities held to maturity: U.S. agency and mortgage-backed securities $ 9,588 $ 264 $ — $ 9,852 Obligations of states and political subdivisions 3,146 140 — 3,286 Corporate debt securities 1,500 105 — 1,605 Total securities held to maturity $ 14,234 $ 509 $ — $ 14,743 Total securities $ 150,589 $ 4,461 $ (82 ) $ 154,968 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | September 30, 2021 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. Treasury securities $ 9,934 $ (38 ) $ — $ — $ 9,934 $ (38 ) U.S. agency and mortgage-backed securities 110,631 (1,234 ) — — 110,631 (1,234 ) Obligations of states and political subdivisions 25,202 (378 ) — — 25,202 (378 ) Total securities available for sale $ 145,767 $ (1,650 ) $ — $ — $ 145,767 $ (1,650 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Total securities held to maturity $ — $ — $ — $ — $ — $ — Total securities $ 145,767 $ (1,650 ) $ — $ — $ 145,767 $ (1,650 ) December 31, 2020 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. agency and mortgage-backed securities $ 17,367 $ (80 ) $ — $ — $ 17,367 $ (80 ) Obligations of states and political subdivisions 1,020 (2 ) — — 1,020 (2 ) Total securities available for sale $ 18,387 $ (82 ) $ — $ — $ 18,387 $ (82 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Total securities held to maturity $ — $ — $ — $ — $ — $ — Total securities $ 18,387 $ (82 ) $ — $ — $ 18,387 $ (82 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 2,765 $ 2,781 $ 2,410 $ 2,418 Due after one year through five years 15,905 16,002 2,335 2,432 Due after five years through ten years 62,654 63,525 1,552 1,599 Due after ten years 184,139 184,292 3,749 3,813 $ 265,463 $ 266,600 $ 10,046 $ 10,262 |
Marketable Securities [Table Text Block] | September 30, 2021 December 31, 2020 Federal Home Loan Bank stock $ 701 $ 818 Federal Reserve Bank stock 980 980 Community Bankers’ Bank stock 132 77 $ 1,813 $ 1,875 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2021 December 31, 2020 Real estate loans: Construction and land development $ 45,120 $ 27,328 Secured by 1-4 family residential 294,216 235,814 Other real estate loans 362,643 246,883 Commercial and industrial loans 105,664 109,838 Consumer and other loans 14,768 10,051 Total loans $ 822,411 $ 629,914 Allowance for loan losses (5,434 ) (7,485 ) Loans, net $ 816,977 $ 622,429 |
Loans Acquired in Business Combination [Table Text Block] | Acquired Loans- Purchased (Dollars in thousands) Performing Outstanding principal balance $ 244,054 Carrying amount Real estate loans: Construction and land development $ 20,264 Secured by 1-4 family residential 58,570 Other real estate loans 115,514 Commercial and industrial loans 39,597 Consumer and other loans 6,652 Total acquired loans $ 240,597 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2021 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ — $ 178 $ — $ 178 $ 44,942 $ 45,120 $ — $ — Secured by 1-4 family residential 1,898 289 137 2,324 291,892 294,216 470 — Other real estate loans — — 122 122 362,521 362,643 153 — Commercial and industrial 92 196 — 288 105,376 105,664 1,535 — Consumer and other loans 47 7 3 57 14,711 14,768 — 7 Total $ 2,037 $ 670 $ 262 $ 2,969 $ 819,442 $ 822,411 $ 2,158 $ 7 December 31, 2020 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ 47 $ 20 $ — $ 67 $ 27,261 $ 27,328 $ 276 $ — Secured by 1-4 family residential 657 125 324 1,106 234,708 235,814 449 298 Other real estate loans — 131 133 264 246,619 246,883 4,441 — Commercial and industrial 104 — — 104 109,734 109,838 1,548 — Consumer and other loans 16 21 4 41 10,010 10,051 — 4 Total $ 824 $ 297 $ 461 $ 1,582 $ 628,332 $ 629,914 $ 6,714 $ 302 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2021 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 45,120 $ — $ — $ — $ 45,120 Secured by 1-4 family residential 293,427 — 789 — 294,216 Other real estate loans 362,490 — 153 — 362,643 Commercial and industrial 104,129 — 1,535 — 105,664 Consumer and other loans 14,768 — — — 14,768 Total $ 819,934 $ — $ 2,477 $ — $ 822,411 December 31, 2020 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 26,896 $ — $ 432 $ — $ 27,328 Secured by 1-4 family residential 235,035 — 779 — 235,814 Other real estate loans 242,441 — 4,442 — 246,883 Commercial and industrial 107,383 — 2,455 — 109,838 Consumer and other loans 10,051 — — — 10,051 Total $ 621,806 $ — $ 8,108 $ — $ 629,914 |
Note 4 - Allowance for Loan L_2
Note 4 - Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | September 30, 2021 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2020 $ 306 $ 1,022 $ 4,956 $ 784 $ 417 $ 7,485 Charge-offs — (15 ) (992 ) — (255 ) (1,262 ) Recoveries — 46 2 6 157 211 (Recovery of) provision for loan losses (25 ) (97 ) (813 ) (81 ) 16 (1,000 ) Ending Balance, September 30, 2021 $ 281 $ 956 $ 3,153 $ 709 $ 335 $ 5,434 Ending Balance: Individually evaluated for impairment — — — 84 — 84 Collectively evaluated for impairment 281 956 3,153 625 335 5,350 Loans: Ending Balance $ 45,120 $ 294,216 $ 362,643 $ 105,664 $ 14,768 $ 822,411 Individually evaluated for impairment — 470 153 1,535 — 2,158 Collectively evaluated for impairment 45,120 293,746 362,490 104,129 14,768 820,253 December 31, 2020 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2019 $ 464 $ 776 $ 2,296 $ 562 $ 836 $ 4,934 Charge-offs — — — (69 ) (715 ) (784 ) Recoveries 2 8 2 18 305 335 Provision for (recovery of) loan losses (160 ) 238 2,658 273 (9 ) 3,000 Ending Balance, December 31, 2020 $ 306 $ 1,022 $ 4,956 $ 784 $ 417 $ 7,485 Ending Balance: Individually evaluated for impairment — — 2,065 158 — 2,223 Collectively evaluated for impairment 306 1,022 2,891 626 417 5,262 Loans: Ending Balance $ 27,328 $ 235,814 $ 246,883 $ 109,838 $ 10,051 $ 629,914 Individually evaluated for impairment 276 449 4,441 1,548 — 6,714 Collectively evaluated for impairment 27,052 235,365 242,442 108,290 10,051 623,200 September 30, 2020 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2019 $ 464 $ 776 $ 2,296 $ 562 $ 836 $ 4,934 Charge-offs — — — (69 ) (550 ) (619 ) Recoveries 2 6 2 17 235 262 Provision for (recovery of) loan losses (164 ) 305 2,691 398 (30 ) 3,200 Ending Balance, September 30, 2020 $ 302 $ 1,087 $ 4,989 $ 908 $ 491 $ 7,777 Ending Balance: Individually evaluated for impairment — — 2,108 181 — 2,289 Collectively evaluated for impairment 302 1,087 2,881 727 491 5,488 Loans: Ending Balance $ 27,472 $ 234,198 $ 250,319 $ 125,277 $ 11,102 $ 648,368 Individually evaluated for impairment 283 469 4,674 1,548 — 6,974 Collectively evaluated for impairment 27,189 233,729 245,645 123,729 11,102 641,394 |
Impaired Financing Receivables [Table Text Block] | September 30, 2021 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ - $ — $ — $ - $ — $ 273 $ — Secured by 1-4 family 611 470 — 470 — 420 3 Other real estate loans 167 153 — 153 — 3,159 1 Commercial and industrial 1,655 — 1,535 1,535 84 1,548 — Total $ 2,433 $ 623 $ 1,535 $ 2,158 $ 84 $ 5,400 $ 4 December 31, 2020 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 325 $ 276 $ — $ 276 $ — $ 344 $ — Secured by 1-4 family 568 449 — 449 — 517 1 Other real estate loans 4,492 171 4,270 4,441 2,065 2,623 109 Commercial and industrial 1,582 — 1,548 1,548 158 393 77 Total $ 6,967 $ 896 $ 5,818 $ 6,714 $ 2,223 $ 3,877 $ 187 September 30, 2020 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 325 $ 283 $ — $ 283 $ — $ 366 $ — Secured by 1-4 family 578 469 — 469 — 536 1 Other real estate loans 4,698 361 4,313 4,674 2,108 1,974 109 Commercial and industrial 1,548 — 1,548 1,548 181 6 77 Total $ 7,149 $ 1,113 $ 5,861 $ 6,974 $ 2,289 $ 2,882 $ 187 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (OREO) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Nine Months Ended Year Ended September 30, 2021 December 31, 2020 Balance at the beginning of year, gross $ — $ — Transfers in 130 — Acquired in merger 2,137 — Sales proceeds (288 ) — Gain on disposition 8 — Balance at the end of period, gross $ 1,987 $ — Less: valuation allowance (139 ) — Balance at the end of period, net $ 1,848 $ — |
Note 7 - Capital Requirements (
Note 7 - Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Capital Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2021 Total Capital (to Risk-Weighted Assets) $ 128,197 14.42 % $ 71,108 8.00 % $ 88,885 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 122,763 13.81 % $ 53,331 6.00 % $ 71,108 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 122,763 13.81 % $ 39,998 4.50 % $ 57,775 6.50 % Tier 1 Capital (to Average Assets) $ 122,763 9.22 % $ 53,274 4.00 % $ 66,593 5.00 % December 31, 2020 Total Capital (to Risk-Weighted Assets) $ 91,243 15.82 % $ 46,129 8.00 % $ 57,661 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 84,032 14.57 % $ 34,597 6.00 % $ 46,129 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 84,032 14.57 % $ 25,948 4.50 % $ 37,480 6.50 % Tier 1 Capital (to Average Assets) $ 84,032 8.80 % $ 38,187 4.00 % $ 47,733 5.00 % |
Note 11 - Earnings Per Common_2
Note 11 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (Numerator): Net income $ 2,398 $ 1,754 $ 8,176 $ 5,702 (Denominator): Weighted average shares outstanding – basic 6,220,456 4,854,144 5,322,696 4,884,805 Potentially dilutive common shares – restricted stock units 9,068 505 7,243 1,863 Weighted average shares outstanding – diluted 6,229,524 4,854,649 5,329,939 4,886,668 Income per common share Basic $ 0.39 $ 0.36 $ 1.54 $ 1.17 Diluted $ 0.38 $ 0.36 $ 1.53 $ 1.17 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2021 Description Balance as of September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. Treasury securities $ 19,976 $ — $ 19,976 $ — U.S. agency and mortgage-backed securities 173,261 — 173,261 — Obligations of states and political subdivisions 71,327 — 71,327 — Corporate debt securities 2,036 — 2,036 — Total securities available for sale $ 266,600 $ — $ 266,600 $ — Derivatives - cash flow hedges 990 — 990 — Total assets $ 267,590 $ — $ 267,590 $ — Fair Value Measurements at December 31, 2020 Description Balance as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. agency and mortgage-backed securities $ 101,598 $ — $ 101,598 $ — Obligations of states and political subdivisions 38,627 — 38,627 — Total securities available for sale $ 140,225 $ — $ 140,225 $ — Derivatives - cash flow hedges 431 — 431 — Total assets $ 140,656 $ — $ 140,656 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at September 30, 2021 Description Balance as of September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 1,451 $ — $ — $ 1,451 Fair Value Measurements at December 31, 2020 Description Balance as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 3,595 $ — $ — $ 3,595 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements for September 30, 2021 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Impaired loans, net $ 1,451 Present value of cash flows Discount rate 6.50 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Impaired loans, net $ 2,205 Property appraisals Selling cost 10.00 % Impaired loans, net 1,390 Present value of cash flows Discount rate 6.50 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at September 30, 2021 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 195,230 $ 195,230 $ — $ — $ 195,230 Securities available for sale 266,600 — 266,600 — 266,600 Securities held to maturity 10,046 — 10,262 — 10,262 Restricted securities 1,813 — 1,813 — 1,813 Loans, net 816,977 — — 823,227 823,227 Bank owned life insurance 24,141 — 24,141 — 24,141 Accrued interest receivable 3,823 — 3,823 — 3,823 Derivatives - cash flow hedges 990 — 990 — 990 Financial Liabilities Deposits $ 1,212,570 $ — $ 1,064,150 $ 148,681 $ 1,212,831 Subordinated debt 9,993 — — $ 10,935 10,935 Junior subordinated debt 9,279 — — $ 10,824 10,824 Accrued interest payable 232 — 232 — 232 Fair Value Measurements at December 31, 2020 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 127,297 $ 127,297 $ — $ — $ 127,297 Securities available for sale 140,225 — 140,225 — 140,225 Securities held to maturity 14,234 — 13,138 1,605 14,743 Restricted securities 1,875 — 1,875 — 1,875 Loans held for sale 245 — 245 — 245 Loans, net 622,429 — — 633,638 633,638 Bank owned life insurance 17,916 — 17,916 — 17,916 Accrued interest receivable 2,717 — 2,717 — 2,717 Derivatives - cash flow hedges 431 — 431 — 431 Financial Liabilities Deposits $ 842,461 $ — $ 742,264 $ 101,154 $ 843,418 Subordinated debt 9,991 — — 10,304 10,304 Junior subordinated debt 9,279 — — 10,364 10,364 Accrued interest payable 134 — 134 — 134 |
Note 13 - Stock Compensation _2
Note 13 - Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Nine Months Ended September 30, 2021 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 15,858 $ 20.40 Granted 16,094 17.88 Vested (8,073 ) 19.84 Forfeited (98 ) 18.41 Unvested, end of period 23,781 $ 18.89 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2020 $ 3,330 $ (25 ) $ 3,305 Unrealized holding gains (net of tax, $ 8 26 — 26 Reclassification adjustment (net of tax, ($ 8 (30 ) — (30 ) Change in fair value (net of tax, $ 34 — 131 131 Change during period (4 ) 131 127 Balance at September 30, 2020 $ 3,326 $ 106 $ 3,432 Balance at June 30, 2021 $ 1,696 $ 702 $ 2,398 Unrealized holding gains (net of tax, $ 211 (798 ) — (798 ) Change in fair value (net of tax, $ 21 — 80 80 Change during period (798 ) 80 (718 ) Balance at September 30, 2021 $ 898 $ 782 $ 1,680 Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ 724 $ — $ 724 Unrealized holding gains (net of tax, $ 700 2,632 — 2,632 Reclassification adjustment (net of tax, ($ 8 (30 ) — (30 ) Change in fair value (net of tax, $ 28 — 106 106 Change during period 2,602 106 2,708 Balance at September 30, 2020 $ 3,326 $ 106 $ 3,432 Balance at December 31, 2020 $ 3,058 $ 340 $ 3,398 Unrealized holding losses (net of tax, ($ 565 (2,131 ) — (2,131 ) Reclassification adjustment (net of tax, ($ 8 (29 ) — (29 ) Change in fair value (net of tax, $ 117 — 442 442 Change during period (2,160 ) 442 (1,718 ) Balance at September 30, 2021 $ 898 $ 782 $ 1,680 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details About Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Three Months Ended September 30, 2021 September 30, 2020 Securities available for sale: Net securities gains reclassified into earnings $ — $ (38 ) Net gains on securities available for sale Related income tax expense — 8 Income tax expense Total reclassifications $ — $ (30 ) Net of tax Details About Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Nine Months Ended September 30, 2021 September 30, 2020 Securities available for sale: Net securities gains reclassified into earnings $ (37 ) $ (38 ) Net gains on securities available for sale Related income tax expense 8 8 Income tax expense Total reclassifications $ (29 ) $ (30 ) Net of tax |
Note 15 - Revenue Recognition (
Note 15 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Noninterest Income Service charges on deposit accounts $ 547 $ 446 $ 1,436 $ 1,475 ATM and check card fees 753 669 2,036 1,738 Wealth management fees 696 573 1,996 1,610 Fees for other customer services 434 323 1,027 767 Noninterest income (in-scope of Topic 606) $ 2,430 $ 2,011 $ 6,495 $ 5,590 Noninterest income (out-of-scope of Topic 606) 218 190 731 492 Total noninterest income $ 2,648 $ 2,201 $ 7,226 $ 6,082 |
Note 16 - Derivative Financia_2
Note 16 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2021 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 990 $ — $ — |
Note 17 - Acquisitions (Tables)
Note 17 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (Dollars in thousands) Bank of Fincastle SmartBank Total Purchase price: Cash paid $ 6,752 $ 83,745 $ 90,497 Common stock issued 27,069 - 27,069 Total purchase price $ 33,821 $ 83,745 $ 117,566 Identifiable assets acquired: Cash and due from banks $ 46,158 $ - $ 46,158 Federal funds sold 120 - 120 Securities, AFS, at fair value 12,112 - 12,112 Restricted securities 183 - 183 Loans, net of ALLL 193,664 81,636 275,300 Bank premises and equipment 3,471 172 3,643 Accrued interest receivable 1,561 143 1,704 OREO 2,137 - 2,137 BOLI 5,852 - 5,852 Other assets 4,259 - 4,259 Total identifiable assets acquired $ 269,517 $ 81,951 $ 351,468 Identifiable liabilities assumed: Demand deposits & savings accounts $ 184,535 $ - $ 184,535 Time deposits 52,246 - 52,246 Accrued expenses and other liabilities 1,132 - 1,132 Total identifiable liabilities assumed $ 237,913 $ - $ 237,913 Net identifiable assets acquired at fair value $ 31,604 $ 81,951 $ 113,555 Goodwill resulting from acquisitions $ 2,217 $ 1,794 $ 4,011 |
Business Acquisition, Pro Forma Information [Table Text Block] | Unaudited Pro Forma Unaudited Pro Forma Nine Months Ended Nine Months Ended (Dollars in thousands, except per share amounts) September 30, 2021 September 30, 2020 Total revenues (net interest income plus noninterest income) $ 37,670 $ 36,077 Net income $ 7,849 $ 7,145 Net income per share, basic $ 1.26 $ 1.15 Net income per share, diluted $ 1.26 $ 1.15 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 01, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Deferred Payments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Financing Receivable, Modifications, Interest Only Payments | 13,300 | 13,300 | 13,300 | ||||||
Loans and Leases Receivable, Net Amount, Total | 816,977 | 816,977 | $ 622,429 | [1] | 816,977 | ||||
Business Combination, Consideration Transferred, Total | 117,566 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 351,468 | 351,468 | 351,468 | ||||||
The Bank of Fincastle [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 33,821 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 269,517 | ||||||||
Smartbank [Member] | |||||||||
Business Combination, Consideration Transferred, Total | 83,745 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 81,951 | 81,951 | 81,951 | ||||||
SBA CARES Act Paycheck Protection Program [Member] | |||||||||
Loans and Leases Receivable, Net Amount, Total | 22,800 | 22,800 | 22,800 | ||||||
Amortization of Deferred Loan Origination Fees, Net | 737 | $ 247 | 1,800 | $ 429 | |||||
Loans and Leases Receivable, Deferred Income, Total | 652 | 652 | 652 | ||||||
SBA CARES Act Paycheck Protection Program [Member] | Maturing in Second and Third Quarters of 2022 [Member] | |||||||||
Loans and Leases Receivable, Net Amount, Total | 1,300 | 1,300 | 1,300 | ||||||
SBA CARES Act Paycheck Protection Program [Member] | Maturing in First and Second Quarters of 2026 [Member] | |||||||||
Loans and Leases Receivable, Net Amount, Total | 21,500 | 21,500 | 21,500 | ||||||
Lodging Sector [Member] | |||||||||
Financing Receivable, Modifications, Interest Only Payments | 11,600 | 11,600 | 11,600 | ||||||
Leisure Sector [Member] | |||||||||
Financing Receivable, Modifications, Interest Only Payments | 1,700 | 1,700 | 1,700 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Financing Receivable, Modifications, Interest Only Payments | 13,200 | 13,200 | 13,200 | ||||||
Commercial and Industrial Loans [Member] | |||||||||
Financing Receivable, Modifications, Interest Only Payments | $ 83,000 | $ 83,000 | $ 83,000 | ||||||
Minimum [Member] | |||||||||
Financing Receivable, Modifications, Interest Only Payments, Period (Month) | 6 months | ||||||||
Maximum [Member] | |||||||||
Financing Receivable, Modifications, Interest Only Payments, Period (Month) | 24 months | ||||||||
Subordinated Debt [Member] | |||||||||
Proceeds from Issuance of Debt | $ 5,000 | ||||||||
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Weighted Average Re-pricing Term (Year) | 5 years 3 months 18 days | 3 years 6 months |
Proceeds from Sale of Held-to-maturity Securities | $ 0 | |
Other Assets [Member] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 454 | $ 529 |
US Agency and Mortgage-backed Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 42 | 7 |
Available-for-Sale Securities, Number of Securities | 123 | 101 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | 1 |
Available-for-Sale Securities, Number of Securities | 4 | 84 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 25 | |
Available-for-Sale Securities, Number of Securities | 110 |
Note 2 - Securities - Summary o
Note 2 - Securities - Summary of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Amortized cost, available for sale securities | $ 265,463 | $ 136,355 | |
Gross unrealized gains, available for sale securities | 2,787 | 3,952 | |
Gross unrealized losses, available for sale securities | (1,650) | (82) | |
Fair value, available for sale securities | 266,600 | 140,225 | [1] |
Securities held to maturity, at amortized cost (fair value, 2021, $10,262; 2020, $14,743) | 10,046 | 14,234 | [1] |
Gross unrealized gains, held to maturity securities | 218 | 509 | |
Gross unrealized losses, held to maturity securities | (2) | 0 | |
Securities, fair value | 10,262 | 14,743 | [1] |
Amortized cost, held to maturity securities | 10,046 | 14,234 | [1] |
Fair value, held to maturity securities | 10,262 | 14,743 | [1] |
Amortized cost | 275,509 | 150,589 | |
Gross unrealized gains | 3,005 | 4,461 | |
Gross unrealized losses | (1,652) | (82) | |
Total securities, fair value | 276,862 | 154,968 | |
US Treasury Securities [Member] | |||
Amortized cost, available for sale securities | 19,951 | ||
Gross unrealized gains, available for sale securities | 63 | ||
Gross unrealized losses, available for sale securities | (38) | ||
Fair value, available for sale securities | 19,976 | ||
US Agency and Mortgage-backed Securities [Member] | |||
Amortized cost, available for sale securities | 172,782 | 98,848 | |
Gross unrealized gains, available for sale securities | 1,713 | 2,830 | |
Gross unrealized losses, available for sale securities | (1,234) | (80) | |
Fair value, available for sale securities | 173,261 | 101,598 | |
Securities held to maturity, at amortized cost (fair value, 2021, $10,262; 2020, $14,743) | 7,301 | 9,588 | |
Gross unrealized gains, held to maturity securities | 117 | 264 | |
Gross unrealized losses, held to maturity securities | (2) | 0 | |
Securities, fair value | 7,416 | 9,852 | |
Amortized cost, held to maturity securities | 7,301 | 9,588 | |
Fair value, held to maturity securities | 7,416 | 9,852 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Amortized cost, available for sale securities | 70,703 | 37,507 | |
Gross unrealized gains, available for sale securities | 1,002 | 1,122 | |
Gross unrealized losses, available for sale securities | (378) | (2) | |
Fair value, available for sale securities | 71,327 | 38,627 | |
Securities held to maturity, at amortized cost (fair value, 2021, $10,262; 2020, $14,743) | 2,745 | 3,146 | |
Gross unrealized gains, held to maturity securities | 101 | 140 | |
Gross unrealized losses, held to maturity securities | 0 | 0 | |
Securities, fair value | 2,846 | 3,286 | |
Amortized cost, held to maturity securities | 2,745 | 3,146 | |
Fair value, held to maturity securities | 2,846 | 3,286 | |
Corporate Debt Securities [Member] | |||
Securities held to maturity, at amortized cost (fair value, 2021, $10,262; 2020, $14,743) | 2,027 | 1,500 | |
Gross unrealized gains, held to maturity securities | 9 | 105 | |
Gross unrealized losses, held to maturity securities | 0 | 0 | |
Securities, fair value | 2,036 | 1,605 | |
Amortized cost, held to maturity securities | 2,027 | 1,500 | |
Fair value, held to maturity securities | $ 2,036 | $ 1,605 | |
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities - Investmen
Note 2 - Securities - Investments in an Unrealized Loss Position That Were Temporarily Impaired (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Less than 12 months, fair value, available for sale securities | $ 145,767 | $ 18,387 |
Less than 12 months, unrealized (loss), available for sale securities | (1,650) | (82) |
12 months or more, fair value, available for sale securities | 0 | 0 |
12 months or more, unrealized (loss), available for sale securities | 0 | 0 |
Total, fair value, available for sale securities | 145,767 | 18,387 |
Total, unrealized (loss), available for sale securities | (1,650) | (82) |
Less than 12 months, fair value, held to maturity securities | 0 | 0 |
Less than 12 months, fair value, held to maturity securities | 0 | 0 |
12 months or more, fair value, held to maturity securities | 0 | 0 |
12 months or more, unrealized (loss), available for sale securities | 0 | 0 |
Total, fair value, held to maturity securities | 0 | 0 |
Total, unrealized (loss), held to maturity securities | 0 | 0 |
Less than 12 months, fair value | 145,767 | 18,387 |
Less than 12 months, fair value, | (1,650) | (82) |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized (loss) | 0 | 0 |
Total, fair value | 145,767 | 18,387 |
Total, unrealized (loss) | (1,650) | (82) |
US Treasury Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 9,934 | |
Less than 12 months, unrealized (loss), available for sale securities | (38) | |
12 months or more, fair value, available for sale securities | 0 | |
12 months or more, unrealized (loss), available for sale securities | 0 | |
Total, fair value, available for sale securities | 9,934 | |
Total, unrealized (loss), available for sale securities | (38) | |
US Agency and Mortgage-backed Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 110,631 | 17,367 |
Less than 12 months, unrealized (loss), available for sale securities | (1,234) | (80) |
12 months or more, fair value, available for sale securities | 0 | 0 |
12 months or more, unrealized (loss), available for sale securities | 0 | 0 |
Total, fair value, available for sale securities | 110,631 | 17,367 |
Total, unrealized (loss), available for sale securities | (1,234) | (80) |
Less than 12 months, fair value, held to maturity securities | 0 | 0 |
Less than 12 months, fair value, held to maturity securities | 0 | 0 |
12 months or more, fair value, held to maturity securities | 0 | 0 |
12 months or more, unrealized (loss), available for sale securities | 0 | 0 |
Total, fair value, held to maturity securities | 0 | 0 |
Total, unrealized (loss), held to maturity securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 25,202 | 1,020 |
Less than 12 months, unrealized (loss), available for sale securities | (378) | (2) |
12 months or more, fair value, available for sale securities | 0 | 0 |
12 months or more, unrealized (loss), available for sale securities | 0 | 0 |
Total, fair value, available for sale securities | 25,202 | 1,020 |
Total, unrealized (loss), available for sale securities | (378) | (2) |
Less than 12 months, fair value, held to maturity securities | 0 | 0 |
Less than 12 months, fair value, held to maturity securities | 0 | 0 |
12 months or more, fair value, held to maturity securities | 0 | 0 |
12 months or more, unrealized (loss), available for sale securities | 0 | 0 |
Total, fair value, held to maturity securities | 0 | 0 |
Total, unrealized (loss), held to maturity securities | $ 0 | $ 0 |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Due within one year, amortized cost, available for sale securities | $ 2,765 | ||
Due within one year, fair value, available for sale securities | 2,781 | ||
Due within one year, amortized cost, held to maturity securities | 2,410 | ||
Due within one year, fair value, held to maturity securities | 2,418 | ||
Due after one year through five years, amortized cost, available for sale securities | 15,905 | ||
Due after one year through five years, fair value, available for sale securities | 16,002 | ||
Due after one year through five years, amortized cost, held to maturity securities | 2,335 | ||
Due after one year through five years, fair value, held to maturity securities | 2,432 | ||
Due after five years through ten years, amortized cost, available for sale securities | 62,654 | ||
Due after five years through ten years, fair value, available for sale securities | 63,525 | ||
Due after five years through ten years, amortized cost, held to maturity securities | 1,552 | ||
Due after five years through ten years, fair value, held to maturity securities | 1,599 | ||
Due after ten years, amortized cost, available for sale securities | 184,139 | ||
Due after ten years, fair value, available for sale securities | 184,292 | ||
Due after ten years, amortized cost, held to maturity securities | 3,749 | ||
Due after ten years, fair value, held to maturity securities | 3,813 | ||
Amortized cost, available for sale securities | 265,463 | $ 136,355 | |
Fair value, available for sale securities | 266,600 | 140,225 | [1] |
Amortized cost, held to maturity securities | 10,046 | ||
Securities, fair value | $ 10,262 | $ 14,743 | [1] |
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities - Compositi
Note 2 - Securities - Composition of Restricted Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank stock | $ 701 | $ 818 | |
Federal Reserve Bank stock | 980 | 980 | |
Community Bankers’ Bank stock | 132 | 77 | |
Total restricted securities | $ 1,813 | $ 1,875 | [1] |
[1] | Derived from audited consolidated financial statements. |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 1,100 | $ 1,600 | |
Loans and Leases Receivable, Gross, Total | 822,411 | 629,914 | $ 648,368 |
Consumer and Other Loans [Member] | |||
Loans and Leases Receivable, Gross, Total | 14,768 | 10,051 | $ 11,102 |
Consumer and Other Loans [Member] | Demand Deposit Overdrafts [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 179 | $ 143 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Loans | $ 822,411 | $ 629,914 | $ 648,368 | ||
Allowance for loan losses | (5,434) | (7,485) | [1] | (7,777) | $ (4,934) |
Loans, net | 816,977 | 622,429 | [1] | ||
Commercial and Industrial Loans [Member] | |||||
Loans | 105,664 | 109,838 | 125,277 | ||
Allowance for loan losses | (709) | (784) | (908) | (562) | |
Consumer and Other Loans [Member] | |||||
Loans | 14,768 | 10,051 | 11,102 | ||
Allowance for loan losses | (335) | (417) | (491) | (836) | |
Construction and Land Development [Member] | Real Estate 1 [Member] | |||||
Loans | 45,120 | 27,328 | 27,472 | ||
Allowance for loan losses | (281) | (306) | (302) | (464) | |
Secured by Multi-family Residential Properties [Member] | Real Estate 1 [Member] | |||||
Loans | 294,216 | 235,814 | 234,198 | ||
Allowance for loan losses | (956) | (1,022) | (1,087) | (776) | |
Other Real Estate Loans [Member] | Real Estate 1 [Member] | |||||
Loans | 362,643 | 246,883 | 250,319 | ||
Allowance for loan losses | $ (3,153) | (4,956) | $ (4,989) | $ (2,296) | |
Consumer and Other Loans [Member] | Consumer and Other Loans [Member] | |||||
Loans | $ 10,051 | ||||
[1] | Derived from audited consolidated financial statements. |
Note 3 - Loans - Loans Acquired
Note 3 - Loans - Loans Acquired in Business Combinations (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Outstanding principal balance | $ 822,411 | $ 629,914 | $ 648,368 | |
Carrying amount | 816,977 | 622,429 | [1] | |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||||
Outstanding principal balance | 45,120 | 27,328 | 27,472 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||
Outstanding principal balance | 294,216 | 235,814 | 234,198 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||
Outstanding principal balance | 362,643 | 246,883 | 250,319 | |
Commercial and Industrial Loans [Member] | ||||
Outstanding principal balance | 105,664 | 109,838 | 125,277 | |
Consumer and Other Loans [Member] | ||||
Outstanding principal balance | 14,768 | $ 10,051 | $ 11,102 | |
Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Outstanding principal balance | 244,054 | |||
Carrying amount | 240,597 | |||
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | ||||
Carrying amount | 20,264 | |||
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||
Carrying amount | 58,570 | |||
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||
Carrying amount | 115,514 | |||
Financial Asset Acquired and No Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | ||||
Carrying amount | 39,597 | |||
Financial Asset Acquired and No Credit Deterioration [Member] | Consumer and Other Loans [Member] | ||||
Carrying amount | $ 6,652 | |||
[1] | Derived from audited consolidated financial statements. |
Note 3 - Loans - Summary of L_2
Note 3 - Loans - Summary of Loan Classes and an Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Loans | $ 822,411 | $ 629,914 | $ 648,368 |
Non-accrual loans | 2,158 | 6,714 | |
Accruing loans past due 90 days or more amounted | 7 | 302 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 2,037 | 824 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 670 | 297 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 262 | 461 | |
Financial Asset, Past Due [Member] | |||
Loans | 2,969 | 1,582 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 819,442 | 628,332 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 45,120 | 27,328 | 27,472 |
Non-accrual loans | 0 | 276 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 47 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 178 | 20 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Past Due [Member] | |||
Loans | 178 | 67 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 44,942 | 27,261 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 294,216 | 235,814 | 234,198 |
Non-accrual loans | 470 | 449 | |
Accruing loans past due 90 days or more amounted | 0 | 298 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,898 | 657 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 289 | 125 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 137 | 324 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Past Due [Member] | |||
Loans | 2,324 | 1,106 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 291,892 | 234,708 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 362,643 | 246,883 | 250,319 |
Non-accrual loans | 153 | 4,441 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 131 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 122 | 133 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 122 | 264 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 362,521 | 246,619 | |
Commercial and Industrial Loans [Member] | |||
Loans | 105,664 | 109,838 | 125,277 |
Non-accrual loans | 1,535 | 1,548 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Commercial and Industrial Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 92 | 104 | |
Commercial and Industrial Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 196 | 0 | |
Commercial and Industrial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 288 | 104 | |
Commercial and Industrial Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 105,376 | 109,734 | |
Consumer and Other Loans [Member] | |||
Loans | 14,768 | 10,051 | $ 11,102 |
Non-accrual loans | 0 | 0 | |
Accruing loans past due 90 days or more amounted | 7 | 4 | |
Consumer and Other Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 47 | 16 | |
Consumer and Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 7 | 21 | |
Consumer and Other Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 3 | 4 | |
Consumer and Other Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 57 | 41 | |
Consumer and Other Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | $ 14,711 | $ 10,010 |
Note 3 - Loans - Analysis of th
Note 3 - Loans - Analysis of the Credit Risk Profile of Each Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Loans | $ 822,411 | $ 629,914 | $ 648,368 |
Pass [Member] | |||
Loans | 819,934 | 621,806 | |
Special Mention [Member] | |||
Loans | 0 | 0 | |
Substandard [Member] | |||
Loans | 2,477 | 8,108 | |
Doubtful [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 45,120 | 27,328 | 27,472 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Pass [Member] | |||
Loans | 45,120 | 26,896 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Special Mention [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Substandard [Member] | |||
Loans | 0 | 432 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 294,216 | 235,814 | 234,198 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Pass [Member] | |||
Loans | 293,427 | 235,035 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Special Mention [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Substandard [Member] | |||
Loans | 789 | 779 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 362,643 | 246,883 | 250,319 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Pass [Member] | |||
Loans | 362,490 | 242,441 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Special Mention [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Substandard [Member] | |||
Loans | 153 | 4,442 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial Loans [Member] | |||
Loans | 105,664 | 109,838 | 125,277 |
Commercial and Industrial Loans [Member] | Pass [Member] | |||
Loans | 104,129 | 107,383 | |
Commercial and Industrial Loans [Member] | Special Mention [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial Loans [Member] | Substandard [Member] | |||
Loans | 1,535 | 2,455 | |
Commercial and Industrial Loans [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Loans | 14,768 | 10,051 | $ 11,102 |
Consumer and Other Loans [Member] | Pass [Member] | |||
Loans | 14,768 | 10,051 | |
Consumer and Other Loans [Member] | Special Mention [Member] | |||
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | Substandard [Member] | |||
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | Doubtful [Member] | |||
Loans | $ 0 | $ 0 |
Note 4 - Allowance for Loan L_3
Note 4 - Allowance for Loan Losses (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring | $ 1,700 | $ 6,000 | $ 1,700 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||
Financing Receivable, Deferred Payments | $ 0 | $ 0 | 0 | $ 0 | |
Financing Receivable, Modifications, Interest Only Payments | 13,300 | 13,300 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | $ 0 | |||
Minimum [Member] | |||||
Financing Receivable, Modifications, Interest Only Payments, Period (Month) | 6 months | ||||
Maximum [Member] | |||||
Financing Receivable, Modifications, Interest Only Payments, Period (Month) | 24 months | ||||
Performing Financial Instruments [Member] | |||||
Financing Receivable, Troubled Debt Restructuring | $ 0 | $ 0 | $ 0 |
Note 4 - Allowance for Loan L_4
Note 4 - Allowance for Loan Losses - Allowance by Impairment Methodology and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |||
Beginning balance | $ 7,485 | [1] | $ 4,934 | $ 4,934 | |
Charge-offs | (1,262) | (619) | (784) | ||
Recoveries | 211 | 262 | 335 | ||
(Recovery of) provision for loan losses | (1,000) | 3,200 | 3,000 | ||
Ending balance | 5,434 | 7,777 | 7,485 | [1] | |
Individually evaluated for impairment, allowance | 84 | 2,289 | 2,223 | ||
Collectively evaluated for impairment, allowance | 5,350 | 5,488 | 5,262 | ||
Loans | 822,411 | 648,368 | 629,914 | ||
Individually evaluated for impairment, loans | 2,158 | 6,974 | 6,714 | ||
Collectively evaluated for impairment, loans | 820,253 | 641,394 | 623,200 | ||
Real Estate 1 [Member] | Construction and Land Development [Member] | |||||
Beginning balance | 306 | 464 | 464 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 2 | 2 | ||
(Recovery of) provision for loan losses | (25) | (164) | (160) | ||
Ending balance | 281 | 302 | 306 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | ||
Collectively evaluated for impairment, allowance | 281 | 302 | 306 | ||
Loans | 45,120 | 27,472 | 27,328 | ||
Individually evaluated for impairment, loans | 0 | 283 | 276 | ||
Collectively evaluated for impairment, loans | 45,120 | 27,189 | 27,052 | ||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||||
Beginning balance | 1,022 | 776 | 776 | ||
Charge-offs | (15) | 0 | 0 | ||
Recoveries | 46 | 6 | 8 | ||
(Recovery of) provision for loan losses | (97) | 305 | 238 | ||
Ending balance | 956 | 1,087 | 1,022 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | ||
Collectively evaluated for impairment, allowance | 956 | 1,087 | 1,022 | ||
Loans | 294,216 | 234,198 | 235,814 | ||
Individually evaluated for impairment, loans | 470 | 469 | 449 | ||
Collectively evaluated for impairment, loans | 293,746 | 233,729 | 235,365 | ||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||||
Beginning balance | 4,956 | 2,296 | 2,296 | ||
Charge-offs | (992) | 0 | 0 | ||
Recoveries | 2 | 2 | 2 | ||
(Recovery of) provision for loan losses | (813) | 2,691 | 2,658 | ||
Ending balance | 3,153 | 4,989 | 4,956 | ||
Individually evaluated for impairment, allowance | 0 | 2,108 | 2,065 | ||
Collectively evaluated for impairment, allowance | 3,153 | 2,881 | 2,891 | ||
Loans | 362,643 | 250,319 | 246,883 | ||
Individually evaluated for impairment, loans | 153 | 4,674 | 4,441 | ||
Collectively evaluated for impairment, loans | 362,490 | 245,645 | 242,442 | ||
Commercial and Industrial Loans [Member] | |||||
Beginning balance | 784 | 562 | 562 | ||
Charge-offs | 0 | (69) | (69) | ||
Recoveries | 6 | 17 | 18 | ||
(Recovery of) provision for loan losses | (81) | 398 | 273 | ||
Ending balance | 709 | 908 | 784 | ||
Individually evaluated for impairment, allowance | 84 | 181 | 158 | ||
Collectively evaluated for impairment, allowance | 625 | 727 | 626 | ||
Loans | 105,664 | 125,277 | 109,838 | ||
Individually evaluated for impairment, loans | 1,535 | 1,548 | 1,548 | ||
Collectively evaluated for impairment, loans | 104,129 | 123,729 | 108,290 | ||
Consumer and Other Loans [Member] | |||||
Beginning balance | 417 | 836 | 836 | ||
Charge-offs | (255) | (550) | (715) | ||
Recoveries | 157 | 235 | 305 | ||
(Recovery of) provision for loan losses | 16 | (30) | (9) | ||
Ending balance | 335 | 491 | 417 | ||
Individually evaluated for impairment, allowance | 0 | 0 | 0 | ||
Collectively evaluated for impairment, allowance | 335 | 491 | 417 | ||
Loans | 14,768 | 11,102 | 10,051 | ||
Individually evaluated for impairment, loans | 0 | 0 | 0 | ||
Collectively evaluated for impairment, loans | $ 14,768 | $ 11,102 | $ 10,051 | ||
[1] | Derived from audited consolidated financial statements. |
Note 4 - Allowance for Loan L_5
Note 4 - Allowance for Loan Losses - Impaired Loans and Related Allowances (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Impaired loans, unpaid principal balance | $ 2,433 | $ 7,149 | $ 6,967 |
Impaired loans, recorded investment with no allowance | 623 | 1,113 | 896 |
Impaired loans, recorded investment with allowance | 1,535 | 5,861 | 5,818 |
Impaired loans, total recorded investment | 2,158 | 6,974 | 6,714 |
Impaired loans, related allowance | 84 | 2,289 | 2,223 |
Impaired loans, average recorded investment | 5,400 | 2,882 | 3,877 |
Impaired loans, interest income recognized | 4 | 187 | 187 |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Impaired loans, unpaid principal balance | 0 | 325 | 325 |
Impaired loans, recorded investment with no allowance | 0 | 283 | 276 |
Impaired loans, recorded investment with allowance | 0 | 0 | 0 |
Impaired loans, total recorded investment | 0 | 283 | 276 |
Impaired loans, related allowance | 0 | 0 | 0 |
Impaired loans, average recorded investment | 273 | 366 | 344 |
Impaired loans, interest income recognized | 0 | 0 | 0 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Impaired loans, unpaid principal balance | 611 | 578 | 568 |
Impaired loans, recorded investment with no allowance | 470 | 469 | 449 |
Impaired loans, recorded investment with allowance | 0 | 0 | 0 |
Impaired loans, total recorded investment | 470 | 469 | 449 |
Impaired loans, related allowance | 0 | 0 | 0 |
Impaired loans, average recorded investment | 420 | 536 | 517 |
Impaired loans, interest income recognized | 3 | 1 | 1 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Impaired loans, unpaid principal balance | 167 | 4,698 | 4,492 |
Impaired loans, recorded investment with no allowance | 153 | 361 | 171 |
Impaired loans, recorded investment with allowance | 0 | 4,313 | 4,270 |
Impaired loans, total recorded investment | 153 | 4,674 | 4,441 |
Impaired loans, related allowance | 0 | 2,108 | 2,065 |
Impaired loans, average recorded investment | 3,159 | 1,974 | 2,623 |
Impaired loans, interest income recognized | 1 | 109 | 109 |
Commercial and Industrial Loans [Member] | |||
Impaired loans, unpaid principal balance | 1,655 | 1,548 | 1,582 |
Impaired loans, recorded investment with no allowance | 0 | 0 | 0 |
Impaired loans, recorded investment with allowance | 1,535 | 1,548 | 1,548 |
Impaired loans, total recorded investment | 1,535 | 1,548 | 1,548 |
Impaired loans, related allowance | 84 | 181 | 158 |
Impaired loans, average recorded investment | 1,548 | 6 | 393 |
Impaired loans, interest income recognized | $ 0 | $ 77 | $ 77 |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (OREO) (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Other Real Estate, Ending Balance | $ 1,848 | $ 0 | [1] | ||
Mortgage Loans in Process of Foreclosure, Amount | 0 | ||||
Other Real Estate, Additions | 2,137 | 0 | |||
Other Real Estate Owned, Expenses | $ 21 | $ 0 | 0 | ||
The Bank of Fincastle [Member] | |||||
Other Real Estate, Additions | $ 2,100 | ||||
Residential Real Estate Properties [Member] | |||||
Other Real Estate, Ending Balance | $ 0 | $ 0 | |||
Real Estate and Building Formerly Used as Bank Premises [Member] | The Bank of Fincastle [Member] | |||||
Other Real Estate, Additions | $ 1,800 | ||||
[1] | Derived from audited consolidated financial statements. |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned (OREO) - Changes in Balance for OREO (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Balance at the beginning of year, gross | $ 0 | $ 0 | $ 0 | |
Transfers in | 130 | 0 | 0 | |
Acquired in merger | 2,137 | 0 | ||
Sales proceeds | (288) | 0 | ||
Gain on disposition | 8 | $ 0 | 0 | |
Balance at the end of period, gross | 1,987 | 0 | ||
Less: valuation allowance | (139) | 0 | ||
Balance at the end of period, net | $ 1,848 | $ 0 | [1] | |
[1] | Derived from audited consolidated financial statements. |
Note 6 - Other Borrowings (Deta
Note 6 - Other Borrowings (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 229,000 | $ 237,700 |
Percentage of Assets, Maximum Borrowing Capacity from FHLB | 19.00% | |
Loans Pledged as Collateral | $ 216,300 | 221,100 |
Federal Home Loan Bank Stock | 701 | 818 |
Advances from Federal Home Loan Banks, Total | 0 | $ 0 |
FHLB Loans [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 159,400 | |
Line of Credit [Member] | Unsecured Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |
Long-term Line of Credit, Total | $ 0 | |
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Debt Instrument, Interest Rate Floor | 3.50% |
Note 7 - Capital Requirements_2
Note 7 - Capital Requirements (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Capital Conservation Buffer, Percentage | 2.50% | 2.50% |
Capital Conservation Buffer Percentage, Maintained at Bank | 6.42% | 7.82% |
Note 7 - Capital Requirements -
Note 7 - Capital Requirements - Comparison of Capital of Company and Bank with Minimum Regulatory Guidelines (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital (to Risk-Weighted Assets), actual amount | $ 128,197 | $ 91,243 |
Total Capital (to Risk-Weighted Assets), actual ratio | 0.1442 | 0.1582 |
Total Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 71,108 | $ 46,129 |
Total Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 0.0800 | 0.0800 |
Total Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 88,885 | $ 57,661 |
Total Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 Capital (to Risk-Weighted Assets), actual amount | $ 122,763 | $ 84,032 |
Tier 1 Capital (to Risk-Weighted Assets), actual ratio | 0.1381 | 0.1457 |
Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 53,331 | $ 34,597 |
Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 0.0600 | 0.0600 |
Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 71,108 | $ 46,129 |
Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), actual amount | $ 122,763 | $ 84,032 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), actual ratio | 0.1381 | 0.1457 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 39,998 | $ 25,948 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 57,775 | $ 37,480 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets), actual amount | $ 122,763 | $ 84,032 |
Tier 1 Capital (to Average Assets), actual ratio | 0.0922 | 0.0880 |
Tier 1 Capital (to Average Assets), minimum capital requirement amount | $ 53,274 | $ 38,187 |
Tier 1 Capital (to Average Assets), minimum capital requirement ratio | 0.0400 | 0.0400 |
Tier 1 Capital (to Average Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 66,593 | $ 47,733 |
Tier 1 Capital (to Average Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Note 8 - Subordinated Debt (Det
Note 8 - Subordinated Debt (Details Textual) - USD ($) $ in Thousands | Jun. 29, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Oct. 30, 2015 |
Subordinated Loan Agreement Note [Member] | ||||
Debt Instrument, Face Amount | $ 5,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||
Subordinated Term Note Due 2030 [Member] | ||||
Debt Instrument, Face Amount | $ 5,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||
Debt Issuance Costs, Net, Total | $ 7 | $ 9 | ||
Subordinated Term Note Due 2030 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.10% |
Note 9 - Junior Subordinated _2
Note 9 - Junior Subordinated Debt (Details Textual) - USD ($) $ in Millions | Jul. 31, 2006 | Jun. 17, 2004 | Sep. 30, 2021 | Dec. 31, 2020 |
First National (VA) Statutory Trust II [Member] | ||||
Proceeds from Issuance of Trust Preferred Securities | $ 5 | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.72% | 2.83% | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 5.2 | |||
First National (VA) Statutory Trust III [Member] | ||||
Proceeds from Issuance of Trust Preferred Securities | $ 4 | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.73% | 1.83% | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 4.1 |
Note 10 - Benefit Plans (Detail
Note 10 - Benefit Plans (Details Textual) $ in Thousands | Mar. 15, 2019 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 1.00% | ||
Defined Contribution Plan, Employer Matching Contribution for Employee's Contribution Between Two and Six Percent, Percent of Match | 50.00% | ||
Defined Contribution Plan, Service Hours Required by Eligible Employees to Receive Additional Contributions | 1,000 | ||
Defined Contribution Plan, Minimum Age for Eligibility (Year) | 19 years | ||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period (Year) | 2 years | ||
The 401(k) Plan [Member] | |||
Defined Contribution Plan, Cost | $ 706 | $ 449 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Contribution Plan, Cost | $ 197 | $ 198 | |
Defined Contribution Plan, Number of Employees | 3 | ||
Defined Contribution Plan, Retirement Benefits Payable, Number of Monthly Payments | 180 | ||
Minimum [Member] | |||
Defined Contribution Plan, Stated Percentage of Employees Contribution | 2.00% | ||
Maximum [Member] | |||
Defined Contribution Plan, Stated Percentage of Employees Contribution | 6.00% |
Note 11 - Earnings Per Common_3
Note 11 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 9,632 |
Note 11 - Earnings Per Common_4
Note 11 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 2,398 | $ 1,754 | $ 8,176 | $ 5,702 |
Weighted average shares outstanding – basic (in shares) | 6,220,456 | 4,854,144 | 5,322,696 | 4,884,805 |
Potentially dilutive common shares – restricted stock units (in shares) | 9,068 | 505 | 7,243 | 1,863 |
Weighted average shares outstanding – diluted (in shares) | 6,229,524 | 4,854,649 | 5,329,939 | 4,886,668 |
Basic (in dollars per share) | $ 0.39 | $ 0.36 | $ 1.54 | $ 1.17 |
Diluted (in dollars per share) | $ 0.38 | $ 0.36 | $ 1.53 | $ 1.17 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loans Held for Sale [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Adjustment | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Balances of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair value, available for sale securities | $ 266,600 | $ 140,225 | [1] |
Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 266,600 | 140,225 | |
Derivatives - cash flow hedges | 990 | 431 | |
Assets, Fair Value | 267,590 | 140,656 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Assets, Fair Value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 266,600 | 140,225 | |
Derivatives - cash flow hedges | 990 | 431 | |
Assets, Fair Value | 267,590 | 140,656 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Assets, Fair Value | 0 | 0 | |
US Treasury Securities [Member] | |||
Fair value, available for sale securities | 19,976 | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 19,976 | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 19,976 | ||
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | ||
US Agency and Mortgage-backed Securities [Member] | |||
Fair value, available for sale securities | 173,261 | 101,598 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 173,261 | 101,598 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 173,261 | 101,598 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 71,327 | 38,627 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 71,327 | 38,627 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | $ 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 2,036 | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 2,036 | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | $ 0 | ||
[1] | Derived from audited consolidated financial statements. |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets, Fair Value | $ 1,451 | $ 3,595 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 1,451 | $ 3,595 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Assets, Fair Value | $ 1,451 | $ 3,595 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value | $ 1,451 | $ 3,595 | |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Cost to Sell [Member] | |||
Measurement input | [1] | 0.0650 | 0.1000 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | |||
Measurement input | [1] | 0.0650 | |
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Property Appraisals [Member] | |||
Assets, Fair Value | $ 1,451 | $ 2,205 | |
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Assets, Fair Value | $ 1,390 | ||
[1] | Unobservable inputs were weighted by the relative fair value of the instruments |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements - Carrying Values and Estimated Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair value, available for sale securities | $ 266,600 | $ 140,225 | [1] |
Securities held to maturity | 10,046 | ||
Restricted securities | 1,813 | 1,875 | [1] |
Bank owned life insurance | 24,141 | 17,916 | [1] |
Reported Value Measurement [Member] | |||
Cash and short-term investments | 195,230 | 127,297 | |
Fair value, available for sale securities | 266,600 | 140,225 | |
Securities held to maturity | 10,046 | 14,234 | |
Restricted securities | 1,813 | 1,875 | |
Loans, net | 816,977 | 622,429 | |
Bank owned life insurance | 24,141 | 17,916 | |
Accrued interest receivable | 3,823 | 2,717 | |
Derivatives - cash flow hedges | 990 | 431 | |
Deposits | 1,212,570 | 842,461 | |
Subordinated debt | 9,993 | 9,991 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable | 232 | 134 | |
Loans held for sale | 245 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and short-term investments | 195,230 | 127,297 | |
Fair value, available for sale securities | 266,600 | 140,225 | |
Securities held to maturity | 10,262 | 14,743 | |
Restricted securities | 1,813 | 1,875 | |
Loans, net | 823,227 | 633,638 | |
Bank owned life insurance | 24,141 | 17,916 | |
Accrued interest receivable | 3,823 | 2,717 | |
Derivatives - cash flow hedges | 990 | 431 | |
Deposits | 1,212,831 | 843,418 | |
Subordinated debt | 10,935 | 10,304 | |
Junior subordinated debt | 10,824 | 10,364 | |
Accrued interest payable | 232 | 134 | |
Loans held for sale | 245 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and short-term investments | 195,230 | 127,297 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 0 | 0 | |
Subordinated debt | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Loans held for sale | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and short-term investments | 0 | 0 | |
Fair value, available for sale securities | 266,600 | 140,225 | |
Securities held to maturity | 10,262 | 13,138 | |
Restricted securities | 1,813 | 1,875 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 24,141 | 17,916 | |
Accrued interest receivable | 3,823 | 2,717 | |
Derivatives - cash flow hedges | 990 | 431 | |
Deposits | 1,064,150 | 742,264 | |
Subordinated debt | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 232 | 134 | |
Loans held for sale | 245 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and short-term investments | 0 | 0 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity | 0 | 1,605 | |
Restricted securities | 0 | 0 | |
Loans, net | 823,227 | 633,638 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 148,681 | 101,154 | |
Subordinated debt | 10,935 | 10,304 | |
Junior subordinated debt | 10,824 | 10,364 | |
Accrued interest payable | $ 0 | 0 | |
Loans held for sale | $ 0 | ||
[1] | Derived from audited consolidated financial statements. |
Note 13 - Stock Compensation _3
Note 13 - Stock Compensation Plans (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | May 13, 2014 | |
Board of Directors [Member] | |||
Share-based Payment Arrangement, Expense | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expense | $ 300 | $ 168 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 16,094 | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 290 | ||
Restricted Stock Units (RSUs) [Member] | Vesting Immediately [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,026 | ||
Restricted Stock Units (RSUs) [Member] | Vesting One Half Each Year for Two Years [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,040 | ||
Restricted Stock Units (RSUs) [Member] | Vesting on Fifth Anniversary of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,028 | ||
First National Corporation 2014 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 240,000 |
Note 13 - Stock Compensation _4
Note 13 - Stock Compensation Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Unvested, beginning of year (in shares) | shares | 15,858 |
Unvested, beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.40 |
Granted, shares (in shares) | shares | 16,094 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.88 |
Vested, shares (in shares) | shares | (8,073) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.84 |
Forfeited, shares (in shares) | shares | (98) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.41 |
Unvested, end of period (in shares) | shares | 23,781 |
Unvested, end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.89 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Balance | $ 88,682 | $ 80,788 | $ 84,916 | [1] | $ 77,219 |
Reclassification adjustment | 0 | (30) | (29) | (30) | |
Change in fair value of cash flow hedges, net of tax | 80 | 131 | 442 | 106 | |
Total other comprehensive (loss) income | (718) | 127 | (1,718) | 2,708 | |
Balance | 116,906 | 82,256 | 116,906 | 82,256 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Balance | 1,696 | 3,330 | 3,058 | 724 | |
Unrealized holding gains, net of tax | (798) | 26 | (2,131) | 2,632 | |
Reclassification adjustment | (30) | (29) | (30) | ||
Change in fair value of cash flow hedges, net of tax | 0 | 0 | 0 | 0 | |
Total other comprehensive (loss) income | (798) | (4) | (2,160) | 2,602 | |
Balance | 898 | 3,326 | 898 | 3,326 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Balance | 702 | (25) | 340 | 0 | |
Unrealized holding gains, net of tax | 0 | 0 | 0 | 0 | |
Reclassification adjustment | 0 | 0 | 0 | ||
Change in fair value of cash flow hedges, net of tax | 80 | 131 | 442 | 106 | |
Total other comprehensive (loss) income | 80 | 131 | 442 | 106 | |
Balance | 782 | 106 | 782 | 106 | |
AOCI Attributable to Parent [Member] | |||||
Balance | 2,398 | 3,305 | 3,398 | 724 | |
Unrealized holding gains, net of tax | (798) | 26 | (2,131) | 2,632 | |
Reclassification adjustment | (30) | (29) | (30) | ||
Change in fair value of cash flow hedges, net of tax | 80 | 131 | 442 | 106 | |
Total other comprehensive (loss) income | (718) | 127 | (1,718) | 2,708 | |
Balance | $ 1,680 | $ 3,432 | $ 1,680 | $ 3,432 | |
[1] | Derived from audited consolidated financial statements. |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification adjustment, tax | $ 0 | $ 8 | $ 8 | $ 8 |
Change in fair value of cash flow hedges, tax | 21 | 34 | 117 | 28 |
AOCI Attributable to Parent [Member] | ||||
Unrealized holding gains, tax | 211 | 8 | (565) | 700 |
Reclassification adjustment, tax | (8) | (8) | (8) | |
Change in fair value of cash flow hedges, tax | $ 21 | $ 34 | $ 117 | $ 28 |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Income (Loss) - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related income tax expense | $ 562 | $ 386 | $ 2,089 | $ 1,290 |
Total reclassifications | 2,398 | 1,754 | 8,176 | 5,702 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net securities gains reclassified into earnings | 0 | (38) | (37) | (38) |
Related income tax expense | 0 | 8 | 8 | 8 |
Total reclassifications | $ 0 | $ (30) | $ (29) | $ (30) |
Note 15 - Revenue Recognition -
Note 15 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noninterest income | $ 2,430 | $ 2,011 | $ 6,495 | $ 5,590 |
Noninterest income (out-of-scope of Topic 606) | 218 | 190 | 731 | 492 |
Total noninterest income | 2,648 | 2,201 | 7,226 | 6,082 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income | 547 | 446 | 1,436 | 1,475 |
ATM and Check Card Fees [Member] | ||||
Noninterest income | 753 | 669 | 2,036 | 1,738 |
Wealth Management Fees [Member] | ||||
Noninterest income | 696 | 573 | 1,996 | 1,610 |
Fees for Other Customer Services [Member] | ||||
Noninterest income | $ 434 | $ 323 | $ 1,027 | $ 767 |
Note 16 - Derivative Financia_3
Note 16 - Derivative Financial Instruments (Details Textual) $ in Millions | Apr. 21, 2020USD ($) |
Interest Rate Swap [Member] | |
Derivative, Number of Instruments Held, Total | 2 |
Interest Rate Swap One [Member] | |
Derivative, Notional Amount | $ 5 |
Derivative, Fixed Interest Rate | 0.79% |
Interest Rate Swap Two [Member] | |
Derivative, Notional Amount | $ 4 |
Derivative, Fixed Interest Rate | 0.82% |
Note 16 - Derivative Financia_4
Note 16 - Derivative Financial Instruments - Derivative Instruments Components (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] $ in Thousands | Sep. 30, 2021USD ($) | |
Notional amount | $ 9,000 | |
Derivative Assets | 990 | |
Derivative liabilities | 0 | |
Interest rate swap contracts | $ 0 | [1] |
[1] | Collateral pledged may be comprised of cash or securities. |
Note 17 - Acquisitions (Details
Note 17 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 01, 2021 | Sep. 30, 2021 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | [1] |
Business Combination, Consideration Transferred, Total | $ 117,566 | ||||||||
Payments to Acquire Businesses, Gross | 90,497 | ||||||||
Assets, Total | $ 1,355,789 | $ 1,355,789 | 1,355,789 | $ 950,932 | |||||
Loans and Leases Receivable, Net Amount, Total | 816,977 | 816,977 | 816,977 | 622,429 | |||||
Deposits, Total | 1,212,570 | 1,212,570 | 1,212,570 | $ 842,461 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 351,468 | 351,468 | 351,468 | ||||||
The Bank of Fincastle [Member] | |||||||||
Assets, Total | $ 267,900 | ||||||||
Loans and Leases Receivable, Net Amount, Total | 194,500 | ||||||||
Deposits, Total | $ 236,300 | ||||||||
The Bank of Fincastle [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 33,821 | ||||||||
Payments to Acquire Businesses, Gross | $ 6,752 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,348,065 | ||||||||
Business Combination, Acquisition Related Costs | 2,000 | 1,300 | 2,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 269,517 | ||||||||
The Bank of Fincastle [Member] | Forecast [Member] | |||||||||
Business Combination, Acquisition Related Costs | $ 1,400 | $ 3,400 | |||||||
Smartbank [Member] | |||||||||
Business Combination, Consideration Transferred, Total | 83,745 | ||||||||
Payments to Acquire Businesses, Gross | 83,745 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 81,951 | $ 81,951 | $ 81,951 | ||||||
[1] | Derived from audited consolidated financial statements. |
Note 17 - Acquisitions - Consid
Note 17 - Acquisitions - Consideration Paid and the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | [1] |
Cash paid | $ 90,497 | ||||
Common stock issued | 27,069 | ||||
Total purchase price | 117,566 | ||||
Cash and due from banks | $ 46,158 | 46,158 | |||
Federal funds sold | 120 | 120 | |||
Securities, AFS, at fair value | 12,112 | 12,112 | |||
Restricted securities | 183 | 183 | |||
Loans, net of ALLL | 275,300 | 275,300 | |||
Bank premises and equipment | 3,643 | 3,643 | |||
Accrued interest receivable | 1,704 | 1,704 | |||
OREO | 2,137 | 2,137 | |||
BOLI | 5,852 | 5,852 | |||
Other assets | 4,259 | 4,259 | |||
Total identifiable assets acquired | 351,468 | 351,468 | |||
Demand deposits & savings accounts | 184,535 | 184,535 | |||
Time deposits | 52,246 | 52,246 | |||
Accrued expenses and other liabilities | 1,132 | 1,132 | |||
Total identifiable liabilities assumed | 237,913 | 237,913 | |||
Net identifiable assets acquired at fair value | 113,555 | 113,555 | |||
Goodwill resulting from acquisitions | 4,011 | 4,011 | $ 0 | ||
The Bank of Fincastle [Member] | |||||
Cash paid | $ 6,752 | ||||
Common stock issued | 27,069 | ||||
Total purchase price | 33,821 | ||||
Cash and due from banks | 46,158 | ||||
Federal funds sold | 120 | ||||
Securities, AFS, at fair value | 12,112 | ||||
Restricted securities | 183 | ||||
Loans, net of ALLL | 193,664 | ||||
Bank premises and equipment | 3,471 | ||||
Accrued interest receivable | 1,561 | ||||
OREO | 2,137 | ||||
BOLI | 5,852 | ||||
Other assets | 4,259 | ||||
Total identifiable assets acquired | 269,517 | ||||
Demand deposits & savings accounts | 184,535 | ||||
Time deposits | 52,246 | ||||
Accrued expenses and other liabilities | 1,132 | ||||
Total identifiable liabilities assumed | 237,913 | ||||
Net identifiable assets acquired at fair value | 31,604 | ||||
Goodwill resulting from acquisitions | $ 2,217 | ||||
Smartbank [Member] | |||||
Cash paid | 83,745 | ||||
Common stock issued | 0 | ||||
Total purchase price | 83,745 | ||||
Cash and due from banks | 0 | 0 | |||
Federal funds sold | 0 | 0 | |||
Securities, AFS, at fair value | 0 | 0 | |||
Restricted securities | 0 | 0 | |||
Loans, net of ALLL | 81,636 | 81,636 | |||
Bank premises and equipment | 172 | 172 | |||
Accrued interest receivable | 143 | 143 | |||
OREO | 0 | 0 | |||
BOLI | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total identifiable assets acquired | 81,951 | 81,951 | |||
Demand deposits & savings accounts | 0 | 0 | |||
Time deposits | 0 | 0 | |||
Accrued expenses and other liabilities | 0 | 0 | |||
Total identifiable liabilities assumed | 0 | 0 | |||
Net identifiable assets acquired at fair value | 81,951 | 81,951 | |||
Goodwill resulting from acquisitions | $ 1,794 | $ 1,794 | |||
[1] | Derived from audited consolidated financial statements. |
Note 17 - Acquisitions - Unaudi
Note 17 - Acquisitions - Unaudited Pro Forma Amounts (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Total revenues (net interest income plus noninterest income) | $ 37,670 | $ 36,077 |
Net income | $ 7,849 | $ 7,145 |
Net income per share, basic (in dollars per share) | $ 1.26 | $ 1.15 |
Net income per share, diluted (in dollars per share) | $ 1.26 | $ 1.15 |