Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 19, 2024 | Jun. 30, 2023 | |
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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 85,479,214 | ||
Entity Common Stock, Shares Outstanding | 6,277,373 | ||
Auditor Name | Yount, Hyde & Barbour, P.C | ||
Auditor Firm ID | 613 | ||
Auditor Location | Winchester, Virginia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 17,194 | $ 20,784 |
Interest-bearing deposits in banks | 69,967 | 46,130 |
Securities available for sale, at fair value | 152,857 | 162,907 |
Securities held to maturity, at amortized cost (net of allowance for credit losses of $107 at December 31, 2023) | 148,244 | 153,158 |
Restricted securities, at cost | 2,078 | 1,908 |
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 957,456 | 913,077 |
Other real estate owned, net of valuation allowance, 2023, $0, 2022, $13 | 0 | 184 |
Premises and equipment, net | 22,142 | 21,876 |
Accrued interest receivable | 4,655 | 4,543 |
Bank owned life insurance | 24,902 | 24,531 |
Core deposit intangibles, net | 117 | 136 |
Goodwill | 3,030 | 3,030 |
Other assets | 16,653 | 17,119 |
Total assets | 1,419,295 | 1,369,383 |
Liabilities | ||
Noninterest-bearing demand deposits | 379,208 | 427,344 |
Savings and interest-bearing demand deposits | 662,169 | 677,139 |
Time deposits | 192,349 | 136,849 |
Total deposits | 1,233,726 | 1,241,332 |
Other borrowings | 50,000 | 0 |
Subordinated debt | 4,997 | 4,995 |
Junior subordinated debt | 9,279 | 9,279 |
Accrued interest payable and other liabilities | 5,022 | 5,417 |
Total liabilities | 1,303,024 | 1,261,023 |
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, 2023, 6,263,102 shares, 2022, 6,264,912 shares | 7,829 | 7,831 |
Surplus | 32,950 | 32,716 |
Retained earnings | 94,198 | 90,284 |
Accumulated other comprehensive (loss), net | (18,706) | (22,471) |
Total shareholders’ equity | 116,271 | 108,360 |
Total liabilities and shareholders’ equity | $ 1,419,295 | $ 1,369,383 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Held-to-Maturity, Allowance for Credit Loss | $ 107 | $ 0 |
Allowance for Credit Loss | 11,974 | 7,446 |
Other real estate owned, valuation allowance | $ 0 | $ 13 |
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) | 6,263,102 | 6,264,912 |
Common stock, shares outstanding (in shares) | 6,263,102 | 6,264,912 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest and Dividend Income | ||
Interest and fees on loans | $ 49,293 | $ 41,720 |
Interest on deposits in banks | 1,809 | 1,223 |
Interest and dividends on securities: | ||
Taxable interest | 5,286 | 5,131 |
Tax-exempt interest | 1,220 | 1,229 |
Dividends | 111 | 92 |
Total interest and dividend income | 57,719 | 49,395 |
Interest Expense | ||
Interest on deposits | 13,660 | 3,273 |
Interest on federal funds purchased | 1 | 0 |
Interest on subordinated debt | 277 | 277 |
Interest on junior subordinated debt | 271 | 270 |
Interest on other borrowings | 97 | 0 |
Total interest expense | 14,306 | 3,820 |
Net interest income | 43,413 | 45,575 |
Provision for credit losses | 6,150 | 1,850 |
Net interest income after provision for credit losses | 37,263 | 43,725 |
Noninterest Income | ||
Noninterest income | 10,238 | 10,069 |
Income from bank owned life insurance | 627 | 597 |
Net (losses) on securities available for sale | 0 | (2,004) |
Net gains (losses) on disposal of premises and equipment | 47 | (29) |
Gain on sale of other investment | 186 | 2,885 |
Other operating income | 686 | 1,103 |
Total noninterest income | 11,784 | 12,621 |
Noninterest Expense | ||
Salaries and employee benefits | 21,039 | 20,709 |
Occupancy | 2,154 | 2,218 |
Equipment | 2,377 | 2,300 |
Marketing | 910 | 813 |
Supplies | 576 | 528 |
Legal and professional fees | 1,647 | 1,414 |
ATM and check card expenses | 1,578 | 1,370 |
FDIC assessment | 633 | 463 |
Bank franchise tax | 1,040 | 930 |
Data processing expense | 1,047 | 989 |
Amortization expense | 18 | 19 |
Other real estate (gain) loss and expense, net | (199) | (106) |
Other operating expense | 4,422 | 3,950 |
Total noninterest expense | 37,242 | 35,597 |
Income before income taxes | 11,805 | 20,749 |
Income tax expense | 2,181 | 3,952 |
Net income | $ 9,624 | $ 16,797 |
Earnings per common share | ||
Basic (in dollars per share) | $ 1.54 | $ 2.69 |
Diluted (in dollars per share) | $ 1.53 | $ 2.68 |
Deposit Account [Member] | ||
Noninterest Income | ||
Noninterest income | $ 2,780 | $ 2,677 |
Credit and Debit Card [Member] | ||
Noninterest Income | ||
Noninterest income | 3,449 | 3,300 |
Asset Management [Member] | ||
Noninterest Income | ||
Noninterest income | 3,120 | 3,008 |
Financial Service, Other [Member] | ||
Noninterest Income | ||
Noninterest income | 770 | 839 |
Mortgage Banking [Member] | ||
Noninterest Income | ||
Noninterest income | $ 119 | $ 245 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 9,624 | $ 16,797 |
Other comprehensive loss, net of tax: | ||
Unrealized holding gains (losses) on available for sale securities, net of tax $697 and ($5,327), respectively | 2,621 | (20,033) |
Unrealized holding losses on securities transferred from available for sale to held to maturity, net of tax ($1,638). There were no securities transferred for the year ended December 31, 2023 | 0 | (6,160) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity, net of tax of $344 and $125, respectively | 1,295 | 468 |
Reclassification adjustment for losses included in net income, net of tax $0 and $421, respectively | 0 | 1,583 |
Change in fair value of cash flow hedges, net of tax ($40) and $365, respectively | (151) | 1,373 |
Total other comprehensive income (loss) | 3,765 | (22,769) |
Total comprehensive income (loss) | $ 13,389 | $ (5,972) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized holding gains losses, tax | $ 697 | $ (5,327) |
Unrealized holding losses on securities transferred from available for sale to held to maturity, tax | 0 | (1,638) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity, tax | 344 | 125 |
Reclassification adjustment, tax | 0 | 421 |
Change in fair value of cash flow hedges, tax | $ (40) | $ 365 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 9,624 | $ 16,797 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,597 | 1,495 |
Amortization of core deposit intangibles | 19 | 18 |
Amortization of debt issuance costs | 2 | 2 |
Provision for credit losses on loans | 5,917 | 1,850 |
Provision for credit losses on unfunded commitments | 260 | 0 |
Fair value adjustments on other real estate owned | 0 | 13 |
Losses on securities available for sale | 0 | 2,004 |
Net gains on sale of other real estate owned | (233) | (176) |
Increase in cash value of bank owned life insurance | (627) | (597) |
Accretion of discounts and amortization of premiums on securities, net | 932 | 1,152 |
Accretion of premium on time deposits | (86) | (187) |
Accretion of certain acquisition-related discounts, net | (594) | (1,130) |
Stock-based compensation | 753 | 785 |
Excess tax benefits on stock-based compensation | 4 | 3 |
(Gains) losses on disposal of premises and equipment | (47) | 29 |
Deferred income tax expense (benefit) | (399) | (241) |
Changes in assets and liabilities: | ||
(Increase) in interest receivable | (112) | (640) |
(Increase) decrease in other assets | 188 | 4,918 |
(Decrease) increase in accrued interest payable and other liabilities | (808) | 677 |
Net cash provided by operating activities | 16,390 | 26,772 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls, principal payments, and sales of securities available for sale | 12,462 | 39,100 |
Proceeds from maturities, calls, and principal payments of securities held to maturity | 8,485 | 9,239 |
Purchases of securities available for sale | 0 | (21,147) |
Purchases of securities held to maturity | (2,091) | (54,038) |
Net purchase of restricted securities | (170) | (95) |
Purchase of premises and equipment, net | (1,866) | (1,181) |
Proceeds from sale of premises and equipment | 50 | 0 |
Proceeds from sale of other real estate owned | 417 | 2,011 |
Proceeds from cash value of bank owned life insurance | 256 | 360 |
Net (increase) in loans | (51,888) | (94,389) |
Net cash used in investing activities | (34,345) | (120,140) |
Cash Flows from Financing Activities | ||
Net (decrease) increase in demand deposits and savings accounts | (63,106) | 1,297 |
Net increase (decrease) in time deposits | 55,586 | (8,530) |
Increase in other borrowings | 50,000 | 0 |
Repayment of subordinated debt | 0 | (5,000) |
Cash dividends paid on common stock, net of reinvestment | (3,596) | (3,308) |
Net cash provided by (used in) financing activities | 38,202 | (15,724) |
Increase (decrease) in cash and cash equivalents | 20,247 | (109,092) |
Cash and Cash Equivalents | ||
Beginning | 66,914 | 176,006 |
Ending | 87,161 | 66,914 |
Supplemental Disclosures of Cash Flow Information | ||
Interest | 9,355 | 3,996 |
Income taxes | 3,426 | 3,365 |
Unrealized gain (losses) on securities available for sale | 3,318 | (23,356) |
Unrealized losses on securities transferred from available for sale to held to maturity | 0 | (7,205) |
Fair value of securities transferred from available for sale to held to maturity | 0 | 74,416 |
Change in fair value of cash flow hedges | (191) | 1,738 |
Transfer from premises and equipment to other real estate owned, net | 0 | (184) |
Lease liabilities arising from obtaining right-of-use assets during the period | 20 | 491 |
Issuance of common stock, dividend reinvestment plan | 161 | 194 |
Stock Repurchase Plan [Member] | ||
Cash Flows from Financing Activities | ||
Repurchase of common stock | (114) | 0 |
First National Corporation 2014 Stock Incentive Plan [Member] | ||
Cash Flows from Financing Activities | ||
Repurchase of common stock | $ (568) | $ (183) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Stock Incentive Plan [Member] Common Stock [Member] | Stock Incentive Plan [Member] Additional Paid-in Capital [Member] | Stock Incentive Plan [Member] Retained Earnings [Member] | Stock Incentive Plan [Member] AOCI Attributable to Parent [Member] | 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, 2021 | $ 7,785 | $ 31,966 | $ 76,990 | $ 298 | $ 117,039 | |||||||||||||||
Net income | 0 | 0 | 16,797 | 0 | 16,797 | |||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (22,769) | (22,769) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (3,503) | 0 | (3,503) | |||||||||||||||
Stock-based compensation | 0 | 785 | 0 | 0 | 785 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 13 | 181 | 0 | 0 | 194 | |||||||||||||||
Issuance of common stock, stock incentive plan | 43 | (43) | 0 | 0 | 0 | |||||||||||||||
Repurchase of common stock | $ (10) | $ (173) | $ 0 | $ 0 | $ (183) | |||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (1,953) | $ 0 | $ (1,953) | |||||||||||||||
Balance at Dec. 31, 2022 | 7,831 | 32,716 | 90,284 | (22,471) | 108,360 | |||||||||||||||
Net income | 0 | 0 | 9,624 | 0 | 9,624 | |||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 3,765 | 3,765 | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (3,757) | 0 | (3,757) | |||||||||||||||
Stock-based compensation | 0 | 753 | 0 | 0 | 753 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 12 | 149 | 0 | 0 | 161 | |||||||||||||||
Issuance of common stock, stock incentive plan | 41 | (41) | 0 | 0 | 0 | |||||||||||||||
Repurchase of common stock | $ (8) | $ (106) | $ 0 | $ 0 | $ (114) | $ (47) | $ (521) | $ 0 | $ 0 | $ (568) | ||||||||||
Balance at Dec. 31, 2023 | $ 7,829 | $ 32,950 | $ 94,198 | $ (18,706) | $ 116,271 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common Stock [Member] | Stock Incentive Plan [Member] | ||
Repurchase of common stock shares (in shares) | 6,495 | 8,283 |
Common Stock [Member] | Stock Repurchase Plan [Member] | ||
Repurchase of common stock shares (in shares) | 37,532 | |
Common Stock [Member] | ||
Issuance of common stock, dividend reinvestment plan, shares (in shares) | 9,214 | 10,384 |
Issuance of common stock, stock incentive plan, shares (in shares) | 33,002 | 34,634 |
Cash dividends on common stock, per share (in dollars per share) | $ 0.6 | $ 0.56 |
Issuance of common stock, dividend reinvestment plan, shares (in shares) | 9,214 | 10,384 |
Note 1 - Nature of Banking Acti
Note 1 - Nature of Banking Activities and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. First National Corporation (the Company) is the bank holding company of First Bank (the Bank). The Company also owns First National (VA) Statutory Trust II (Trust II), and First National (VA) Statutory Trust III (Trust III and, together with Trust II, the Trusts). The Trusts were formed for the purpose of issuing redeemable capital securities, commonly known as trust preferred securities and are not tes. First Bank also owns Bank of Fincastle Services, Inc. which owns an entity that provides mortgage services. T The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and to accepted practices within the banking industry. Principles of Consolidation The consolidated financial statements of First National Corporation include the accounts of all six Use of Estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that require the most subjective or complex judgments relate to the allowance for credit losses, loans acquired in a business combination, and goodwill. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Shenandoah Valley, central regions of Virginia, and the Richmond and Roanoke market areas. The types of lending that the Company engages in are included in Note 3. not one Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company has defined cash equivalents as those amounts included in the balance sheet captions “Cash and due from banks” and “Interest-bearing deposits in banks.” Securities Investments in debt securities with readily determinable fair values are classified as either held to maturity (HTM), available for sale (AFS), or trading based on management’s intent. Currently, all of the Company’s debt securities are classified as either AFS or HTM. Equity investments in the FHLB, the Federal Reserve Bank of Richmond, and Community Bankers Bank are separately classified as restricted securities and are carried at cost. AFS securities are carried at estimated fair value with the corresponding unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), and HTM securities are carried at amortized cost. When an individual AFS security is sold, the Company releases the income tax effects associated with the AFS security from accumulated other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains or losses on the sale of securities are recorded on the trade date using the amortized cost of the specific security sold. Transfers of debt securities into the held to maturity classification from the available for sale classification are made at fair value on the date of transfer. The unrealized holding gain or loss on the date of the transfer is reported in accumulated other comprehensive loss and in the carrying value of the held to maturity securities. Such amounts are amortized over the remaining contractual lives of the securities. The net impact to income from the amortization and accretion of the unrealized loss at date of transfer is zero. Equity securities with readily determinable fair values are carried at fair value, with changes in fair value reported in net income. Any equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Restricted equity securities are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value. The entirety of any impairment on equity securities is recognized in earnings. The Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security is evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company’s AFS portfolio are security type and credit rating, which are influenced by a number of security-specific factors that may If unrealized losses are related to credit quality, the Company estimates the credit related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, an ACL is recorded for the credit loss, limited by the amount that the fair value is less than The Company evaluates the credit risk of its HTM securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis based on the probability of default/loss given default methodology. The primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The majority of the Company’s HTM securities with credit risk are obligations of states and political subdivisions. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. The Company, through its banking subsidiary, requires a firm purchase commitment from a permanent investor before loans held for sale can be closed, thus limiting interest rate risk. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Bank enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from 30 60 not The market value of rate lock commitments and best efforts contracts is not not no Loans The Company, through its banking subsidiary, grants mortgage, commercial, and consumer loans to customers. The Bank segments its loan portfolio into real estate loans, commercial and industrial loans, and consumer and other loans. Real estate loans are further divided into the following classes: Construction and Land Development; 1 4 Real Estate Loans – Construction and Land Development one four Real Estate Loans – 1 4 Family one four first Real Estate Loans – Other Commercial and Industrial Loans: may third Consumer and Other Loans A substantial portion of the loan portfolio is represented by residential and commercial loans secured by real estate throughout the Bank's market area. The ability of the Bank’s debtors to honor their contracts may Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances less the ACLL and any deferred fees or costs on originated loans. Interest income is accrued and credited to income based on the unpaid principal balance. Loan origination fees, net of certain origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest income includes amortization of purchase premiums and discounts, recognized evenly over the life of the loans. A loan’s past due status is based on the contractual due date of the most delinquent payment due. Loans are generally placed on non-accrual status when the collection of principal or interest is 90 90 may first may All interest accrued but not Any unsecured loan that is deemed uncollectible is charged-off in full. Any secured loan that is considered by management to be uncollectible is partially charged-off and carried at the fair value of the collateral less estimated selling costs. This charge-off policy applies to all loan segments. Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three forty three seven Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. Other Real Estate Owned Other real estate owned (OREO) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans and properties originally acquired for branch operations or expansion but no may Bank-Owned Life Insurance The Company owns insurance on the lives of a certain group of key employees. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The cash surrender value of these policies is included as an asset on the consolidated balance sheets, and any increase in cash surrender value is recorded as income from bank owned life insurance on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company receives a death benefit which is also recorded as income from bank owned life insurance. The Company is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. Goodwill and Other Intangible Assets Goodwill arises from business combinations and is determined as the excess fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not June 30 The Company recorded goodwill as a result of the acquisition of the Bank of Fincastle and SmartBank in 2021. Other intangible assets consist of core deposit intangible assets arising from whole bank and branch acquisitions and are amortized on an accelerated method over their estimated useful lives, which range from 6 to 10 years. Derivative Financial Instruments The Company recognizes de 24. Stock Based Compensation Compensation cost is recognized for restricted stock units and other stock awards issued to employees and directors based on the fair value of the awards at the date of grant. The market price of the Company’s common stock at the date of grant is used to estimate the fair value of restricted stock units and other stock awards. Retirement Plans Employee 401 Transfers of Financial Assets Transfers of financial assets, including loan participations, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Income Taxes Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 no December 31, 2023 and 2022 . Interest and penalties associated with unrecognized tax benefits, if any, are classified as additional income taxes in the consolidated statements of income. Wealth Management Department Securities and other property held by the wealth management department in a fiduciary or agency capacity are not not Earnings Per Common Share 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 reflect 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. Potential common shares that may 14 Advertising Costs The Company follows the policy of charging the production costs of advertising to expense as incurred. Total advertising expense incurred for 2023 2022 Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and changes in fair values of cash flow hedges, are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not Adoption of New Accounting Pronouncements ASU 2016 13: January 1, 2023, No. 2016 13, 326 326 In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not not not The Company adopted ASC 326 January 1, 2023 January 1, 2023 January 1, 2023 The Company adopted ASC 326 310 30. not December 31, 2023, no The Company adopted ASC 326 January 1, 2023. December 31, 2022, not 326, not The Company elected not 90 January 1, 2023 December 31, 2022 As reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption 326 Adoption Assets: Allowance for credit losses on held to maturity securities: Corporate securities 134 - 134 Allowance for credit losses on loans: - Construction and land development 233 546 (313 ) Secured by 1-4 family residential 2,517 1,108 1,409 Other real estate loans 5,311 3,609 1,702 Commercial and industrial loans 1,487 1,874 (387 ) Consumer and other loans 84 309 (225 ) Allowance for credit losses on loans 9,632 7,446 2,186 Liabilities: Allowance for credit losses for unfunded commitments 153 - 153 Allowance for Credit Losses - Held-to-Maturity Securities The Company estimates expected credit losses on held-to-maturity securities on an individual basis based on a Probability of Default/Loss Given Default (“PD/LGD”) methodology primarily using security-level credit ratings. The primary indicators of credit quality for the Company’s held-to-maturity portfolio are security type and credit ratings, which are influenced by a number of factors including obligor cash flow, geography, seniority, among other factors. The Company’s held-to-maturity securities with credit risk are municipal bonds and corporate debt securities. All other held-to-maturity securities are covered by the explicit or implied guarantee of the United States government or one Changes in the allowance for credit loss are recorded as provision for (or recovery of) credit losses in the Consolidated Statements of Income. The Company recorded an allowance for credit losses on held-to-maturity securities of $134 thousand upon adoption of ASC 326. December 31, 2023 , the Company recorded a recovery of credit losses on held-to-maturity securities of $107 thousand. There was no December 31, 2022. Allowance for Credit Losses – Available-for-Sale Securities Management evaluates all available-for-sale securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not If either of the above criteria is not may not Changes in the allowance for credit loss are recorded as a provision for (or recovery of) credit losses in the Consolidated Statements of Income. Losses are charged against the allowance for credit loss when management believes an available-for-sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2023 , there was no allowance for credit loss related to the available-for-sale portfolio. Accrued interest receivable on available-for-sale securities totaled $769 thousand at December 31, 2023 and was excluded from the estimate of credit losses. Allowance for Credit Losses - Loans The allowance for loan credit losses represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected losses that may The Company is utilizing a discounted cash flow model to estimate its current expected credit losses. For the purposes of calculating its quantitative reserves, the Company has segmented its loan portfolio based on loans which share similar risk characteristics. Within the quantitative portion of the calculation, the Company utilizes at least one may one eight not may not not Loans that do not not not no The adoption of CECL did not Allowance for Credit Losses – Unfunded Commitments Financial Instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit losses in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records all allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for (or recovery of) credit losses in the Consolidated Statement of Income. The allowances for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit losses model using the same methodology as the loan portfolio, taking into consideration the likelihood that funding will occur as well as any third Accrued Interest Receivable The Company has elected to exclude the accrued interest from the amortized cost basis in its determination of the allowance for credit losses for both loans and held-to-maturity securities, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $3.1 million on loans and $593 thousand on held-to-maturity securities at September 30, 2023 ASU 2022 01: January 1, 2023, 2022 01, 815 2022 01 815 2017, 2017 12 one not 2022 01 2022 01 not ASU 2022 02: January 1, 2023, 2022 02, 326 2022 02 2016 13 not Recent Accounting Pronouncements In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In March 2023, 2023 01, 842 December 15, 2023, not 2023 01 In June 2022, 2022 03, 820 2022 03 not not December 15, 2023. not 2022 03 |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2023 | |
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. Treasury securities, U.S. agency and mortgage-backed securities, obligations of states and political subdivisions, and corporate debt securities. Amortized costs and fair values of securities at December 31, 2023 2022 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Allowance for Credit Losses Securities available for sale: U.S. Treasury securities $ 12,476 $ — $ (1,026 ) $ 11,450 $ — U.S. agency and mortgage-backed securities 96,937 55 (12,192 ) 84,800 — Obligations of states and political subdivisions 64,045 6 (7,444 ) 56,607 — Total securities available for sale $ 173,458 $ 61 $ (20,662 ) $ 152,857 $ — Securities held to maturity: U.S. Treasury securities $ 39,085 $ — $ (389 ) $ 38,696 $ — U.S. agency and mortgage-backed securities 94,617 — (8,992 ) 85,625 — Obligations of states and political subdivisions 11,649 107 (943 ) 10,813 — Corporate debt securities 3,000 — (520 ) 2,480 (107 ) Total securities held to maturity $ 148,351 $ 107 $ (10,844 ) $ 137,614 $ (107 ) Total securities $ 321,809 $ 168 $ (31,506 ) $ 290,471 $ (107 ) 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. Treasury securities $ 12,468 $ — $ (1,239 ) $ 11,229 U.S. agency and mortgage-backed securities 109,972 95 (13,149 ) 96,918 Obligations of states and political subdivisions 64,386 4 (9,630 ) 54,760 Total securities available for sale $ 186,826 $ 99 $ (24,018 ) $ 162,907 Securities held to maturity: U.S. Treasury securities $ 38,211 $ — $ (568 ) $ 37,643 U.S. agency and mortgage-backed securities 99,374 — (9,189 ) 90,185 Obligations of states and political subdivisions 12,573 — (1,252 ) 11,321 Corporate debt securities 3,000 — (352 ) 2,648 Total securities held to maturity $ 153,158 $ — $ (11,361 ) $ 141,797 Total securities $ 339,984 $ 99 $ (35,379 ) $ 304,704 Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows (in thousands): 2023 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 $ — $ — $ 11,450 $ (1,026 ) $ 11,450 $ (1,026 ) U.S. agency and mortgage-backed securities 1,281 (29 ) 78,800 (12,163 ) 80,081 (12,192 ) Obligations of states and political subdivisions 4,469 (215 ) 47,004 (7,229 ) 51,473 (7,444 ) Total securities available for sale $ 5,750 $ (244 ) $ 137,254 $ (20,418 ) $ 143,004 $ (20,662 ) 2022 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 $ 9,041 $ (932 ) $ 2,188 $ (307 ) $ 11,229 $ (1,239 ) U.S. agency and mortgage-backed securities 27,282 (1,945 ) 62,342 (11,204 ) 89,624 (13,149 ) Obligations of states and political subdivisions 24,689 (2,581 ) 26,362 (7,049 ) 51,051 (9,630 ) Total securities available for sale $ 61,012 $ (5,458 ) $ 90,892 $ (18,560 ) $ 151,904 $ (24,018 ) Securities held to maturity: U.S. Treasury securities $ 19,302 $ (258 ) $ 18,342 $ (310 ) $ 37,644 $ (568 ) U.S. agency and mortgage-backed securities 58,019 (6,848 ) 32,167 (2,341 ) 90,186 (9,189 ) Obligations of states and political subdivisions 8,648 (1,008 ) 2,672 (244 ) 11,320 (1,252 ) Corporate debt securities 2,648 (352 ) — — 2,648 (352 ) Total securities held to maturity $ 88,617 $ (8,466 ) $ 53,181 $ (2,895 ) $ 141,798 $ (11,361 ) Total securities $ 149,629 $ (13,924 ) $ 144,073 $ (21,455 ) $ 293,702 $ (35,379 ) The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at December 31, 2023 2022 no 1 2 3 not 4 5 not not” not Additionally, the majority of the Company’s mortgage-backed securities are issued by FNMA, FHLMC, and GNMA and do not 20% December 31, 2023 2022, At December 31, 2023 , the allowance for credit losses on held to maturity securities was $107 thousand. There was no allowance for credit losses on held to maturity securities at December 31, 2022. At December 31, 2023 as 5.9 years December 31, 2023 At December 31, 2022 , there December 31, 2022 December 31, 2022 December 31, 2023 not The amortized cost and fair value of securities at December 31, 2023 may Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 760 $ 758 $ 30,690 $ 30,470 Due after one year through five years 23,155 21,736 22,634 21,529 Due after five years through ten years 36,990 33,779 19,830 18,092 Due after ten years 112,553 96,584 75,197 67,523 $ 173,458 $ 152,857 $ 148,351 $ 137,614 Proceeds from maturities, calls, principal payments, and sales of secur ities available for sale during 2023 and 2022 were $12.5 million and $39.1 million, respectively. There were no gains or losses realized in 2023. Gross losses of $2.0 million were realized on calls and sales during 2023 . Proceeds from maturities, calls, and principal payments of securities held to maturity during 2023 and 2022 were $7.6 million and $9.3 million, respectively. There were no December 31, 2023 or 2022 . The Company did not 2023 or 2022 . Securities having a fair value of $184.4 million and $134.5 million at December 31, 2023 2022 During the third 2022, 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 December 31, 2023 The composition of restricted securities at December 31, 2023 2022 2023 2022 Federal Home Loan Bank stock $ 965 $ 796 Federal Reserve Bank stock 981 980 Community Bankers’ Bank stock 132 132 $ 2,078 $ 1,908 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 investments were $642 thousand and $599 thousand at December 31, 2023 2022 , respectively. Credit Quality Indicators & Allowance for Credit Losses - HTM The Company monitors the credit quality of the debt securities held to maturity through the use of credit ratings from Moody's, S&P, and Egan-Jones. The Company monitors the credit ratings on a quarterly basis. The following table summarizes the amortized cost of debt securities held to maturity at December 31, 2023 , and 2022 U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities December 31, 2023 Aaa $ 39,085 $ 22,936 $ 2,807 $ — $ 64,828 Aa1 / Aa2 / Aa3 — — 8,842 — 8,842 A1 / A2 / A3 — — — — — Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 71,681 — — 71,681 Not rated - Non Agency — — — — — Total $ 39,085 $ 94,617 $ 11,649 $ 3,000 $ 148,351 December 31, 2022 Aaa $ 38,211 $ 22,706 $ 3,126 $ — $ 64,043 Aa1 / Aa2 / Aa3 — — 9,447 — 9,447 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 76,668 — — 76,668 Not rated - Non Agency — — — — — Total $ 38,211 $ 99,374 $ 12,573 $ 3,000 $ 153,158 ( 1 Generally considered not The following table summarizes the change in the allowance for credit losses on held to maturity securities for the year ended December 31, 2023 . U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities Balance, December 31, 2022 $ — $ — $ — $ — $ — Adjustment for adoption of ASU 2016-13 — — — 134 134 Provision for credit losses — — — 10 10 Charge-offs of securities — — — — — Recoveries — — — (37 ) (37 ) Balance, December 31, 2023 $ — $ — $ — $ 107 $ 107 At December 31, 2023 , the Company had no 30 no December 31, 2023 . |
Note 3 - Loans
Note 3 - Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | Note 3. Loans at December 31, 2023 2022 2023 2022 Real estate loans: Construction and land development $ 52,680 $ 51,840 Secured by 1-4 family residential 344,369 331,421 Other real estate 447,272 418,456 Commercial and industrial loans 113,074 111,225 Consumer and other loans 12,035 7,581 Total loans $ 969,430 $ 920,523 Allowance for credit losses (11,974 ) (7,446 ) Loans, net $ 957,456 $ 913,077 Net deferred loan fees included in the above loan categories were $1.1 million a December 31, 2023 2022 December 31, 2023 December 31, 2022. third as of December 31, 2023 December 31, 2022. December 31, 2023 2022 The following tables provide a summary of loan classes and an aging of past due loans as of December 31, 2023 2022 December 31, 2023 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 $ 183 $ 4 $ 38 $ 225 $ 52,455 $ 52,680 $ 38 $ — 1-4 family residential 1,364 350 392 2,106 342,263 344,369 495 245 Other real estate — — 82 82 447,190 447,272 — 82 Commercial and industrial 252 316 197 765 112,309 113,074 6,230 197 Consumer and other loans 33 — — 33 12,002 12,035 — — Total $ 1,832 $ 670 $ 709 $ 3,211 $ 966,219 $ 969,430 $ 6,763 $ 524 December 31, 2022 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 $ 115 $ 20 $ 1,045 $ 1,180 $ 50,660 $ 51,840 $ 1,045 $ — 1-4 family residential 1,033 60 207 1,300 330,121 331,421 530 — Other real estate 109 — — 109 418,347 418,456 13 — Commercial and industrial 31 130 1,085 1,246 109,979 111,225 1,085 — Consumer and other loans 26 25 — 51 7,530 7,581 — — Total $ 1,314 $ 235 $ 2,337 $ 3,886 $ 916,637 $ 920,523 $ 2,673 $ — 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 December 31, 2023 2022 Acquired Loans - Purchased Performing (Dollars in thousands) 2023 2022 Outstanding principal balance $ 164,028 $ 187,017 Carrying amount Real estate loans: Construction and land development $ 7,851 $ 9,823 Secured by 1-4 family residential 36,290 42,915 Other real estate loans 94,882 103,521 Commercial and industrial loans 19,611 24,661 Consumer and other loans 3,451 3,560 Total acquired loans $ 162,085 $ 184,480 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 table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023 (in thousands). December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Construction and land development Pass $ 2,477 $ 2,925 $ 4,350 $ 3,450 $ 2,085 $ 2,859 $ 34,496 $ 52,642 Special Mention — — — — — — — — Substandard — — — — — 38 — 38 Doubtful — — — — — — — — Total Construction and land development $ 2,477 $ 2,925 $ 4,350 $ 3,450 $ 2,085 $ 2,897 $ 34,496 $ 52,680 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Secured by 1-4 family residential Pass $ 43,029 $ 77,196 $ 64,063 $ 41,192 $ 31,509 $ 76,295 $ 10,303 $ 343,587 Special Mention — — — — — — — — Substandard — 98 19 — — 665 — 782 Doubtful — — — — — — — — Total Secured by 1-4 family residential $ 43,029 $ 77,294 $ 64,082 $ 41,192 $ 31,509 $ 76,960 $ 10,303 $ 344,369 Current period gross write-offs $ — $ 59 $ — $ — $ — $ — $ — $ 59 Other real estate loans Pass $ 51,560 $ 94,666 $ 90,089 $ 41,186 $ 36,747 $ 122,755 $ 10,269 $ 447,272 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Other real estate loans $ 51,560 $ 94,666 $ 90,089 $ 41,186 $ 36,747 $ 122,755 $ 10,269 $ 447,272 Current period gross write-offs $ — $ — $ — $ — $ — $ 34 $ — $ 34 Commercial and industrial Pass $ 22,086 $ 26,755 $ 20,352 $ 4,102 $ 4,448 $ 8,276 $ 20,825 $ 106,844 Special Mention — — — — — — — — Substandard 58 3,757 1,453 — 167 795 — 6,230 Doubtful — — — — — — — — Total Commercial and industrial $ 22,144 $ 30,512 $ 21,805 $ 4,102 $ 4,615 $ 9,071 $ 20,825 $ 113,074 Current period gross write-offs $ 315 $ 1,121 $ 1,139 $ 624 $ — $ 253 $ — $ 3,452 Consumer and other loans Pass $ 3,021 $ 1,203 $ 311 $ 1,471 $ 2,172 $ 14 $ 3,843 $ 12,035 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Consumer and other loans $ 3,021 $ 1,203 $ 311 $ 1,471 $ 2,172 $ 14 $ 3,843 $ 12,035 Current period gross write-offs $ 366 $ 57 $ 4 $ 15 $ 3 $ 3 $ — $ 448 The following tables provide an analysis of the credit risk profile of each loan class as of December 31, 2022 ( December 31, 2022 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 50,795 $ — $ 1,045 $ — $ 51,840 Secured by 1-4 family residential 330,590 — 831 — 331,421 Other real estate 416,559 1,884 13 — 418,456 Commercial and industrial 110,065 75 1,085 — 111,225 Consumer and other loans 7,581 — — — 7,581 Total $ 915,590 $ 1,959 $ 2,974 $ — $ 920,523 |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4. The following tables present, as of December 31, 2023 2022 December 31, 2023 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for credit losses: Beginning Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Adjustment to allowance for adoption of ASU 2016-13 (313 ) 1,409 1,702 (387 ) (225 ) 2,186 Charge-offs — (59 ) (34 ) (3,452 ) (448 ) (3,993 ) Recoveries — 47 14 145 212 418 Provision for (recovery of) credit losses 79 654 (593 ) 5,526 251 5,917 Ending Balance, December 31, 2023 $ 312 $ 3,159 $ 4,698 $ 3,706 $ 99 $ 11,974 Ending Balance: Individually evaluated — — — 2,705 — 2,705 Collectively evaluated 312 3,159 4,698 1,001 99 9,269 Loans: Ending Balance 52,680 344,369 447,272 113,074 12,035 969,430 Individually evaluated 38 495 — 6,230 — 6,763 Collectively evaluated 52,642 343,874 447,272 106,844 12,035 962,667 December 31, 2022 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, 2021 $ 345 $ 1,077 $ 3,230 $ 718 $ 340 $ 5,710 Charge-offs — (6 ) — (32 ) (491 ) (529 ) Recoveries 10 19 15 145 226 415 Provision for loan losses 191 18 364 1,043 234 1,850 Ending Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Ending Balance: Individually evaluated — — — 888 — 888 Collectively evaluated 546 1,108 3,609 986 309 6,558 Loans: Ending Balance 51,840 331,421 418,456 111,225 7,581 920,523 Individually evaluated 1,045 530 13 1,085 — 2,673 Collectively evaluated 50,795 330,891 418,443 110,140 7,581 917,850 Nonaccrual loans The following is a summary of the Company's nonaccrual loans by major categories for the periods indicated (in thousands): CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Real estate loans: Construction and land development $ 38 $ — $ 38 $ 1,045 Secured by 1-4 family residential 495 — 495 530 Other real estate loans — — — 13 Commercial and industrial — 6,230 6,230 1,085 Total $ 533 $ 6,230 $ 6,763 $ 2,673 Prior to the adoption of ASU 2016 13, Impaired loans and the related allowance as of and for the periods ended December 31, 2022 December 31, 2022 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 $ 2,412 $ 1,045 $ — $ 1,045 $ — $ 30 $ 75 Secured by 1-4 family 680 530 — 530 — 580 11 Other real estate loans 26 13 — 13 — 22 — Commercial and industrial 1,084 — 1,085 1,085 888 650 40 Total $ 4,202 $ 1,588 $ 1,085 $ 2,673 $ 888 $ 1,282 $ 126 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 December 31, 2022, December 31, 2022, For the year ended December 31, 2022, twelve ninety twelve There were no non-accrual loans excluded from impaired loan disclosure at December 31, 2023 and December 31, 2022 . Had non-accrual loans performed in accordance with their original contract terms, the Company would have recognized additional interest income in the amount of $223 thousand and $177 thousand during the years ended December 31, 2023 and 2022 , respectively. Collateral-Dependent Loans The Company may • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first second • Home equity lines of credit are generally secured by second • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no The following table presents the amortized cost of collateral-dependent loans (in thousands): December 31, 2023 (Dollars in thousands) Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real estate loans: Construction and land development $ 38 $ — $ 38 Secured by 1-4 family residential 495 — 495 Total $ 533 $ — $ 533 At December 31, 2023 , no Modifications Made to Borrowers Experiencing Financial Difficulty Effective January 1, 2023, The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and restructuring to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. If the modification meets the criteria to be accounted for as a new loan, any deferred fees and costs remaining prior to the modification are recognized in income and any new deferred fees and costs are recorded on the loan as part of the modification. If the modification does not The Company adopted the accounting guidance in ASU No. 2022 02 January 1, 2023 no The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one may two During the year ended December 31, 2023 there were no loans modified to borrowers experiencing financial difficulty. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. For the year ended December 31, 2023 , there were no twelve Unfunded Commitments The Company maintains a separate reserve for credit losses on off-balance-sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described in Note 1, No may On January 1, 2023, 326. December 31, 2023 , the Company recorded a provision for credit losses for unfunded commitments of $260 thousand. At December 31, 2023 , the liability for credit losses on off-balance-sheet exposures included in other liabilities was $413 thousand. |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 5. Changes in the balance for OREO during the years en ded December 31, 2023 and 2022 ar 2023 2022 Balance at the beginning of year, net $ 184 $ 1,848 Transfers from loans to other real estate owned — — Transfers from property and equipment to other real estate owned — 184 Acquired in merger — — Sales proceeds (417 ) (2,011 ) Gain on disposition 233 176 Balance at the end of year, gross $ — $ 197 Less: valuation allowance — (13 ) Balance at the end of year, net $ — $ 184 There were no residential real estate properties included in the ending OREO balances a t December 31, 2023 and 2022 . T not December 31, 2023 Net expenses applicable to OREO, other than the valuation allowance and gain on disposition, were $10 and $52 thousand fo d December 31, 2023 and 2022 , re |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. Premises and equipment are summarized as follows at December 31, 2023 2022 2023 2022 Land $ 5,412 $ 5,412 Buildings and leasehold improvements 21,145 20,801 Furniture and equipment 8,237 8,081 Construction in process 962 8 $ 35,756 $ 34,302 Less accumulated depreciation 13,614 12,426 Premises and equipment, net $ 22,142 $ 21,876 Depreciation expense included in operating expenses for 2023 2022 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7. The aggregate amount of time deposits, in denominations of $250 December 31, 2023 2022 The Bank obtains certain deposits through the efforts of third December 31, 2023 2022 At December 31, 2023 2024 $ 134,695 2025 44,530 2026 7,010 2027 3,763 2028 2,351 Thereafter — $ 192,349 |
Note 8 - Other Borrowings
Note 8 - Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Borrowings [Text Block] | Note 8. The Company had an unsecured line of credit totaling $5.0 million with a non-affiliated bank at December 31, 2023 . There were no borrowings outstanding on the line of credit at December 31, 2023 . 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 25, 2026. The Bank had unused lines of credit totaling $368.2 million and $287.3 million available with non-affiliated banks at December 31, 2023 and 2022 , respectively. These available sources of credit included $247.7 million available from Federal Home Loan Bank of Atlanta (FHLB), $69.5 million available from the Federal Reserve Bank, and unsecured lines of credit with correspondent banks totaling $51.0 million. The Bank can borrow up to 16% of its total assets through the blanket floating lien agreement with the FHLB. The Bank had collateral pledged on the borrowing line at December 31, 2023 and 2022 including real estate loans totaling $397.4 million and $286.6 million, respectively, and FHLB stock with a book value of $965 thousand and $796 thousand, respectively. Other borrowings increased $50.0 million during the year as the Bank borrowed funds in December 2023 December 31, 2023, December 26, 2024. December 31, 2023. no December 31, 2022. |
Note 9 - Subordinated Debt
Note 9 - Subordinated Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 9. On October 30, 2015, 2025 December 31, 2023 January 1, 2021 October 1, 2025. January 1, 2022 On June 29, 2020, 2030 July 1, 2025, three December 31, 2023 2022 July 1, 2030. may July 1, 2025 may not not not |
Note 10 - Junior Subordinated D
Note 10 - Junior Subordinated Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10. On June 8, 2004, June 17, 2004, December 31, 2023 2022 was 5.64% a June 17, 2034, September 17, 2009. On July 24, 2006, July 31, 2006, December 31, 2023 2022 was 5.59% an October 1, 2036, October 1, 2011. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. The Company is subject to U.S. federal and Virginia income tax as well as bank franchise tax in the state of Virginia. With few exceptions, the Company is no 2020. Net deferred tax assets consisted of the following components at December 31, 2023 2022 2023 2022 Deferred Tax Assets Allowance for credit losses $ 2,624 $ 1,564 Acquisition accounting adjustments, net 420 570 Post-retirement benefits 214 188 Core deposit intangible 232 270 Unvested stock-based compensation 87 81 Reserve for letter of credit losses 44 88 Limited partnership investments 39 39 Lease liability 69 113 Unrealized loss on securities available for sale 5,495 6,536 NOL carryover - acquired from Fincastle 1,337 1,434 Loan origination fees, net 241 176 $ 10,802 $ 11,059 Deferred Tax Liabilities Depreciation $ 638 $ 701 Right of use asset 69 112 Other real estate owned — 29 Cash flow hedges 523 563 $ 1,230 $ 1,405 Net deferred tax assets $ 9,572 $ 9,654 The income tax expense for the years ended December 31, 2023 2022 2023 2022 Current tax expense $ 2,580 $ 4,193 Deferred tax expense (benefit) (399 ) (241 ) $ 2,181 $ 3,952 The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2023 2022 2023 2022 Computed tax expense at statutory federal rate $ 2,479 $ 4,357 Increase in income taxes resulting from: Other 29 8 Decrease in income taxes resulting from: Tax-exempt interest and dividend income (156 ) (252 ) Income from bank owned life insurance (171 ) (161 ) $ 2,181 $ 3,952 |
Note 12 - Funds Restrictions an
Note 12 - Funds Restrictions and Reserve Balance | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Funds Restrictions and Reserve Balance [Text Block] | Note 12. Transfers of funds from the banking subsidiary to the parent company in the form of loans, advances, and cash dividends are restricted by federal and state regulatory authorities. At December 31, 2023 mpany, without prior regulatory approval, totaled $17.1 million. The amount of unrestricted funds is generally determined by subtracting the total dividend payments of the Bank from the Bank’s net income for that year, combined with the Bank’s retained net income for the preceding two The Bank is typically required to maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. The Federal Reserve adopted a rule in March 2020 December 31, 2023 or December 31, 2022 |
Note 13 - Benefit Plans
Note 13 - Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 13. 401 The Company maintains a 401 may first one fifty two six one thousand nineteen two December 31, 2023 2022 Supplemental Executive Retirement Plans On March 15, 2019, three December 31, 2023 2022 December 31, 2023 2022 |
Note 14 - Earnings Per Common S
Note 14 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 14. 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 years ended December 31, 2023 2022 2023 2022 (Numerator): Net income $ 9,624 $ 16,797 (Denominator): Weighted average shares outstanding – basic 6,265,394 6,252,369 Potentially dilutive common shares – restricted stock units 13,711 6,988 Weighted average shares outstanding – diluted 6,279,105 6,259,357 Income per common share Basic $ 1.54 $ 2.69 Diluted $ 1.53 $ 2.68 |
Note 15 - Commitments and Unfun
Note 15 - Commitments and Unfunded Credits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 15. The Company, through its banking subsidiary, is a party to credit related financial instruments with risk not At December 31, 2023 2022 2023 2022 Commitments to extend credit and unfunded commitments under lines of credit $ 194,242 $ 158,297 Stand-by letters of credit 11,615 17,950 Commitments to extend credit are agreements to lend to a customer as long as there is no may may not Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are collateralized as deemed necessary and may may not Commercial and standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third one At December 31, 2023 e Bank had $1.2 million in locked-rate commitments to ori no December 31, 2023 not The Bank has cash accounts in other commercial banks. The amount on deposit at these banks at December 31, 2023 e Federal Deposit Insurance Corporation by $1.8 million. |
Note 16 - Transactions with Rel
Note 16 - Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 16. During the year, executive officers and directors (and their affiliates) were customers of and had transactions with the Company in the normal course of business. In management’s opinion, these transactions were made on substantially the same terms as those prevailing for other customers. At December 31, 2023 2022 d $1.1 million an 2023 tions were $133 thousand and total principal payments were $135 thousand. Deposits from related parties held by the Bank at December 31, 2023 2022 d to $40.5 million an |
Note 17 - Lease Commitments
Note 17 - Lease Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 17. Lease liabilities represent the Company's obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company's incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company's right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and, if applicable, prepaid rent, initial direct costs, and any incentives received from the lessor. Lease payments Lease payments for short-term leases are recognized as lease expense on a straight-line basis over the lease term, or for variable lease payments, in the period in which the obligation was incurred. Payments for leases with terms longer than twelve may not not Options to extend, residual value guarantees, and restrictions and covenants Of the Company's eight six None none The following table presents the operating lease right-of-use asset and operating lease liability as of December 31, 2023 2022 Classification in the Consolidated Balance Sheets 2023 2022 Operating lease right-of-use asset Other assets $ 328 $ 535 Operating lease liability Accrued interest payable and other liabilities 330 537 The following table presents the weighted average remaining operating lease term and the weighted average discount rate for operating leases as of December 31, 2023 2022 2023 2022 Weighted average remaining lease term, in years 1.7 2.5 Weighted average discount rate 3.69 % 3.51 % The following table presents the components of operating lease expense and supplemental cash flow information for the years ended December 31, 2023 2022 2023 2022 Lease Expense Operating lease expense $ 257 $ 247 Short-term lease expense 26 33 Total lease expense (1) $ 283 $ 280 Cash paid for amounts included in lease liability $ 240 $ 249 Right of use assets obtained in exchange for operating lease liabilities commencing during the period $ 20 $ 491 ( 1 Included in occupancy expense in the Company's consolidated statements of income. The following table presents a maturity schedule of undiscounted cash flows that contribute to the operating lease liability as of December 31, 2023 Twelve months ending December 31, 2024 $ 223 Twelve months ending December 31, 2025 99 Twelve months ending December 31, 2026 19 Twelve months ending December 31, 2027 — Twelve months ending December 31, 2028 — Total undiscounted cash flows $ 341 Less: discount (11 ) Operating lease liability $ 330 The contracts in which the Company is lessee are with parties external to the Company and not |
Note 18 - Dividend Reinvestment
Note 18 - Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Dividend Reinvestment Plan [Text Block] | Note 18. The Company has in effect a Dividend Reinvestment Plan (DRIP) which provides an automatic conversion of dividends into common stock for enrolled shareholders. The Company may The Compan y issued 9,214 and 10,384 December 31, 2023 2022 |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 19. Determination of Fair Value 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 December 31, 2023 2022 Fair Value Measurements at December 31, 2023 Description Balance as of December 31, 2023 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 $ 11,450 $ — $ 11,450 $ — U.S. agency and mortgage-backed securities 84,800 — 84,800 — Obligations of states and political subdivisions 56,607 — 56,607 — Total securities available for sale $ 152,857 $ — $ 152,857 $ — Derivatives - cash flow hedges 2,488 — 2,488 — Total assets $ 155,345 $ — $ 155,345 $ — Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 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 $ 11,229 $ — $ 11,229 $ — U.S. agency and mortgage-backed securities 96,918 — 96,918 — Obligations of states and political subdivisions 54,760 — 54,760 — Corporate debt securities — — — — Total securities available for sale $ 162,907 $ — $ 162,907 $ — Derivatives - cash flow hedges 2,679 — 2,679 — Total assets $ 165,586 $ — $ 165,586 $ — 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: Collateral Dependent Loans with an ACLL In accordance with ASC 326, may 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 December 31, 2023 and 2022 . The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis as of December 31, 2023 2022 Fair Value Measurements at December 31, 2023 Description Balance as of December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans $ 533 $ — $ — $ 533 Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs(Level 2) Significant Unobservable Inputs (Level 3) Other real estate owned $ 184 $ — $ — $ 184 Impaired loans, net $ 197 $ — $ — $ 197 Quantitative information about Level 3 Fair Value Measurements for December 31, 2023 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Collateral dependent loans $ 533 Property appraisals Selling cost 10.00 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Other real estate owned $ 184 Property appraisals Selling cost 10.00 % Impaired loans, net 197 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 December 31, 2023 2022 Fair Value Measurements at December 31, 2023 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 $ 87,161 $ 87,161 $ — $ — $ 87,161 Securities available for sale 152,857 — 152,857 — 152,857 Securities held to maturity, net 148,244 — 137,507 — 137,507 Restricted securities 2,078 — 2,078 — 2,078 Loans, net 957,456 — — 919,266 919,266 Bank owned life insurance 24,902 — 24,902 — 24,902 Accrued interest receivable 4,655 — 4,655 — 4,655 Derivatives - cash flow hedges 2,488 — 2,488 — 2,488 Financial Liabilities Deposits $ 1,233,726 $ — $ 1,041,377 $ 189,354 $ 1,230,731 FRB borrowings 50,000 — — 49,987 49,987 Subordinated debt 4,997 — — 5,412 5,412 Junior subordinated debt 9,279 — — 8,493 8,493 Accrued interest payable 764 — 764 — 764 Fair Value Measurements at December 31, 2022 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 $ 66,914 $ 66,914 $ — $ — $ 66,914 Securities available for sale 162,907 — 162,907 — 162,907 Securities held to maturity 153,158 — 141,797 — 141,797 Restricted securities 1,908 — 1,908 — 1,908 Loans, net 913,077 — — 880,473 880,473 Bank owned life insurance 24,531 — 24,531 — 24,531 Accrued interest receivable 4,543 — 4,543 — 4,543 Derivatives - cash flow hedges 2,679 — 2,679 — 2,679 Financial Liabilities Deposits $ 1,241,332 $ — $ 1,104,483 $ 131,304 $ 1,235,787 Subordinated debt 4,995 — — 5,267 5,267 Junior subordinated debt 9,279 — — 6,067 6,067 Accrued interest payable 163 — 163 — 163 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 20 - Regulatory Matters
Note 20 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 20. 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 December 31, 2023 December 31, 2022 As of December 31, 2023 no A comparison of the capital of the Bank at December 31, 2023 December 31, 2022 Actual Minimum Capital Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2023: Total Capital (to Risk-Weighted Assets) $ 142,334 14.05 % $ 81,027 8.00 % $ 101,284 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 129,840 12.82 % $ 60,771 6.00 % $ 81,027 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 129,840 12.82 % $ 45,578 4.50 % $ 65,835 6.50 % Tier 1 Capital (to Average Assets) $ 129,840 9.31 % $ 55,797 4.00 % $ 69,746 5.00 % December 31, 2022: Total Capital (to Risk-Weighted Assets) $ 139,549 14.60 % $ 76,462 8.00 % $ 95,578 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 132,103 13.82 % $ 57,347 6.00 % $ 76,462 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 132,103 13.82 % $ 43,010 4.50 % $ 62,126 6.50 % Tier 1 Capital (to Average Assets) $ 132,103 9.36 % $ 55,228 4.00 % $ 69,035 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 |
Note 21 - Accumulated Other Com
Note 21 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 21. 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 December 31, 2021 $ (445 ) $ 743 $ 298 Unrealized holding losses (net of tax, ($ 5,327 (20,033 ) — (20,033 ) Unrealized holding losses on securities transferred from available for sale to held to maturity (net of tax ($ 1,638 (6,160 ) — (6,160 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 125 468 — 468 Reclassification adjustment (net of tax, $ 421 1,583 — 1,583 Change in fair value (net of tax, $ 365 — 1,373 1,373 Change during period (24,142 ) 1,373 (22,769 ) Balance at December 31, 2022 $ (24,587 ) $ 2,116 $ (22,471 ) Unrealized holding gains (net of tax, $ 697 2,621 — 2,621 Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 344 1,295 — 1,295 Change in fair value (net of tax, ($ 40 — (151 ) (151 ) Change during period 3,916 (151 ) 3,765 Balance at December 31, 2023 $ (20,671 ) $ 1,965 $ (18,706 ) The following table presents information related to reclassifications from accumulated other comprehensive income (loss) for the years ended December 31, 2023 2022 Details About Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income For the year ended December 31, 2023 2022 Securities available for sale: Net securities losses reclassified into earnings $ — $ 2,004 Net (losses) on securities available for sale Related income tax benefit — (421 ) Income tax benefit Total reclassifications $ — $ 1,583 Net of tax |
Note 22 - Stock Compensation Pl
Note 22 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 22. On May 10, 2023, 2023 2014 May 11, 2023, 2023 not 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 During 2023 rt. Also during 2023, d $402 December 31, 2023 2022 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 one On February 8, 2023 , 13,727 re one two not A summary of the activity for the Company’s restricted stock units for the period indicated is presented in the following table: 2023 Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2023 29,181 $ 20.31 Granted 23,727 16.56 Vested (11,401 ) 19.20 Forfeited — — Unvested, December 31, 2023 41,507 $ 18.47 At December 31, 2023 2028. December 31, 2023 2022 |
Note 23 - Revenue Recognition
Note 23 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 23. Most revenue associated with financial instruments, including interest income, loan origination fees, and credit card fees, is outside the scope of ASC topic 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. Brokered mortgage fees Brokered mortgage fees are comprised of loan fee income earned from generating loans in the secondary market. Brokered mortgage fee income is recognized at loan closing. Fees for other customer services Fees for other customer services include 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. Gains and losses are recorded when control of the property transfers to the buyer, which generally occurs at the time of transfer of the deed. If the Company finances the sale of a foreclosed property to the buyer, we assess whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed property is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. For the years ended December 31, 2023 2022 The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, December 31, 2023 2022 2023 2022 Noninterest Income Service charges on deposit accounts $ 2,780 $ 2,677 ATM and check card fees 3,449 3,300 Wealth management fees 3,120 3,008 Brokered mortgage fees 119 245 Fees for other customer services 770 839 Noninterest income (in-scope of Topic 606) $ 10,238 $ 10,069 Noninterest income (out-of-scope of Topic 606) 1,546 2,552 Total noninterest income $ 11,784 $ 12,621 |
Note 24 - Derivative Financial
Note 24 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 24. On April 21, 2020, 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 1 no December 31, 2023 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 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 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 December 31, 2023 2022 2023 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,488 $ — $ — 2022 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,679 $ — $ — ( 1 Collateral pledged may |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 25. On March 25, 2024, not December 31, 2023. twelve December 31, 2023, In connection with the transaction, the Company expects to issue approximately 2.7 million shares of its common stock to the shareholders of Touchstone. Upon completion of the transaction, Touchstone Bank, which is Touchstone’s wholly owned banking subsidiary, is expected to be merged with and into First Bank. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations |
Note 27 - Parent Company Only F
Note 27 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 27. FIRST NATIONAL CORPORATION (Parent Company Only) Balance Sheets December 31, 2023 2022 (in thousands) 2023 2022 Assets Cash $ 15,572 $ 9,501 Investment in subsidiaries, at cost, plus undistributed net income 112,317 110,682 Other assets 3,193 3,024 Total assets $ 131,082 $ 123,207 Liabilities and Shareholders’ Equity Subordinated debt $ 4,997 $ 4,995 Junior subordinated debt 9,279 9,279 Other liabilities 535 573 Total liabilities $ 14,811 $ 14,847 Preferred stock $ — $ — Common stock 7,829 7,831 Surplus 32,950 32,716 Retained earnings 94,198 90,284 Accumulated other comprehensive (loss), net (18,706 ) (22,471 ) Total shareholders’ equity $ 116,271 $ 108,360 Total liabilities and shareholders’ equity $ 131,082 $ 123,207 FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Income Years Ended December 31, 2023 2022 (in thousands) 2023 2022 Income Dividends from subsidiary $ 11,000 $ 6,000 Total income $ 11,000 $ 6,000 Expense Interest expense $ 548 $ 547 Supplies 2 5 Legal and professional fees 262 209 Data processing 60 47 Management fee-subsidiary 369 469 Other expense 85 70 Total expense $ 1,326 $ 1,347 Income before allocated tax benefits and undistributed income of subsidiary $ 9,674 $ 4,653 Allocated income tax benefit 278 283 Income before equity in undistributed income of subsidiary $ 9,952 $ 4,936 Equity in undistributed (loss) income of subsidiary (328 ) 11,861 Net income $ 9,624 $ 16,797 FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Cash Flows Years Ended December 31, 2023 2022 (in thousands) 2023 2022 Cash Flows from Operating Activities Net income $ 9,624 $ 16,797 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiary 328 (11,861 ) Stock-based compensation 753 785 Amortization of debt issuance costs 2 2 (Increase) decrease in other assets (360 ) 4,969 Increase (decrease) increase in other liabilities 2 (3 ) Net cash provided by operating activities $ 10,349 $ 10,689 Cash Flows from Financing Activities Redemption of subordinated debt, net of issuance costs $ — $ (5,000 ) Cash dividends paid on common stock, net of reinvestment (3,597 ) (3,308 ) Repurchase of common stock (682 ) (183 ) Net cash (used in) financing activities $ (4,279 ) $ (8,491 ) Increase (decrease) in cash and cash equivalents $ 6,070 $ 2,198 Cash and Cash Equivalents Beginning 9,501 7,303 Ending $ 15,571 $ 9,501 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information Trading Arrangements During the three December 31, 2023, none 16a 1 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | First National Corporation (the Company) is the bank holding company of First Bank (the Bank). The Company also owns First National (VA) Statutory Trust II (Trust II), and First National (VA) Statutory Trust III (Trust III and, together with Trust II, the Trusts). The Trusts were formed for the purpose of issuing redeemable capital securities, commonly known as trust preferred securities and are not tes. First Bank also owns Bank of Fincastle Services, Inc. which owns an entity that provides mortgage services. T The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and to accepted practices within the banking industry. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements of First National Corporation include the accounts of all six |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that require the most subjective or complex judgments relate to the allowance for credit losses, loans acquired in a business combination, and goodwill. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Shenandoah Valley, central regions of Virginia, and the Richmond and Roanoke market areas. The types of lending that the Company engages in are included in Note 3. not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company has defined cash equivalents as those amounts included in the balance sheet captions “Cash and due from banks” and “Interest-bearing deposits in banks.” |
Investment, Policy [Policy Text Block] | Securities Investments in debt securities with readily determinable fair values are classified as either held to maturity (HTM), available for sale (AFS), or trading based on management’s intent. Currently, all of the Company’s debt securities are classified as either AFS or HTM. Equity investments in the FHLB, the Federal Reserve Bank of Richmond, and Community Bankers Bank are separately classified as restricted securities and are carried at cost. AFS securities are carried at estimated fair value with the corresponding unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), and HTM securities are carried at amortized cost. When an individual AFS security is sold, the Company releases the income tax effects associated with the AFS security from accumulated other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains or losses on the sale of securities are recorded on the trade date using the amortized cost of the specific security sold. Transfers of debt securities into the held to maturity classification from the available for sale classification are made at fair value on the date of transfer. The unrealized holding gain or loss on the date of the transfer is reported in accumulated other comprehensive loss and in the carrying value of the held to maturity securities. Such amounts are amortized over the remaining contractual lives of the securities. The net impact to income from the amortization and accretion of the unrealized loss at date of transfer is zero. Equity securities with readily determinable fair values are carried at fair value, with changes in fair value reported in net income. Any equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Restricted equity securities are carried at cost and are periodically evaluated for impairment based on the ultimate recovery of par value. The entirety of any impairment on equity securities is recognized in earnings. The Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security is evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company’s AFS portfolio are security type and credit rating, which are influenced by a number of security-specific factors that may If unrealized losses are related to credit quality, the Company estimates the credit related loss by evaluating the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security and a credit loss exists, an ACL is recorded for the credit loss, limited by the amount that the fair value is less than The Company evaluates the credit risk of its HTM securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis based on the probability of default/loss given default methodology. The primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The majority of the Company’s HTM securities with credit risk are obligations of states and political subdivisions. |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. The Company, through its banking subsidiary, requires a firm purchase commitment from a permanent investor before loans held for sale can be closed, thus limiting interest rate risk. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Bank enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from 30 60 not The market value of rate lock commitments and best efforts contracts is not not no |
Financing Receivable [Policy Text Block] | Loans The Company, through its banking subsidiary, grants mortgage, commercial, and consumer loans to customers. The Bank segments its loan portfolio into real estate loans, commercial and industrial loans, and consumer and other loans. Real estate loans are further divided into the following classes: Construction and Land Development; 1 4 Real Estate Loans – Construction and Land Development one four Real Estate Loans – 1 4 Family one four first Real Estate Loans – Other Commercial and Industrial Loans: may third Consumer and Other Loans A substantial portion of the loan portfolio is represented by residential and commercial loans secured by real estate throughout the Bank's market area. The ability of the Bank’s debtors to honor their contracts may Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances less the ACLL and any deferred fees or costs on originated loans. Interest income is accrued and credited to income based on the unpaid principal balance. Loan origination fees, net of certain origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest income includes amortization of purchase premiums and discounts, recognized evenly over the life of the loans. A loan’s past due status is based on the contractual due date of the most delinquent payment due. Loans are generally placed on non-accrual status when the collection of principal or interest is 90 90 may first may All interest accrued but not Any unsecured loan that is deemed uncollectible is charged-off in full. Any secured loan that is considered by management to be uncollectible is partially charged-off and carried at the fair value of the collateral less estimated selling costs. This charge-off policy applies to all loan segments. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three forty three seven Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned Other real estate owned (OREO) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans and properties originally acquired for branch operations or expansion but no may |
Bank Owned Life Insurance [Policy Text Block] | Bank-Owned Life Insurance The Company owns insurance on the lives of a certain group of key employees. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The cash surrender value of these policies is included as an asset on the consolidated balance sheets, and any increase in cash surrender value is recorded as income from bank owned life insurance on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company receives a death benefit which is also recorded as income from bank owned life insurance. The Company is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill arises from business combinations and is determined as the excess fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not June 30 The Company recorded goodwill as a result of the acquisition of the Bank of Fincastle and SmartBank in 2021. Other intangible assets consist of core deposit intangible assets arising from whole bank and branch acquisitions and are amortized on an accelerated method over their estimated useful lives, which range from 6 to 10 years. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company recognizes de 24. |
Share-Based Payment Arrangement [Policy Text Block] | Stock Based Compensation Compensation cost is recognized for restricted stock units and other stock awards issued to employees and directors based on the fair value of the awards at the date of grant. The market price of the Company’s common stock at the date of grant is used to estimate the fair value of restricted stock units and other stock awards. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Retirement Plans Employee 401 |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets, including loan participations, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income tax assets and liabilities are determined using the asset and liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 no December 31, 2023 and 2022 . Interest and penalties associated with unrecognized tax benefits, if any, are classified as additional income taxes in the consolidated statements of income. |
Management and Investment Advisory Fees, Policy [Policy Text Block] | Wealth Management Department Securities and other property held by the wealth management department in a fiduciary or agency capacity are not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share 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 reflect 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. Potential common shares that may 14 |
Advertising Cost [Policy Text Block] | Advertising Costs The Company follows the policy of charging the production costs of advertising to expense as incurred. Total advertising expense incurred for 2023 2022 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and changes in fair values of cash flow hedges, are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements ASU 2016 13: January 1, 2023, No. 2016 13, 326 326 In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not not not The Company adopted ASC 326 January 1, 2023 January 1, 2023 January 1, 2023 The Company adopted ASC 326 310 30. not December 31, 2023, no The Company adopted ASC 326 January 1, 2023. December 31, 2022, not 326, not The Company elected not 90 January 1, 2023 December 31, 2022 As reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption 326 Adoption Assets: Allowance for credit losses on held to maturity securities: Corporate securities 134 - 134 Allowance for credit losses on loans: - Construction and land development 233 546 (313 ) Secured by 1-4 family residential 2,517 1,108 1,409 Other real estate loans 5,311 3,609 1,702 Commercial and industrial loans 1,487 1,874 (387 ) Consumer and other loans 84 309 (225 ) Allowance for credit losses on loans 9,632 7,446 2,186 Liabilities: Allowance for credit losses for unfunded commitments 153 - 153 Allowance for Credit Losses - Held-to-Maturity Securities The Company estimates expected credit losses on held-to-maturity securities on an individual basis based on a Probability of Default/Loss Given Default (“PD/LGD”) methodology primarily using security-level credit ratings. The primary indicators of credit quality for the Company’s held-to-maturity portfolio are security type and credit ratings, which are influenced by a number of factors including obligor cash flow, geography, seniority, among other factors. The Company’s held-to-maturity securities with credit risk are municipal bonds and corporate debt securities. All other held-to-maturity securities are covered by the explicit or implied guarantee of the United States government or one Changes in the allowance for credit loss are recorded as provision for (or recovery of) credit losses in the Consolidated Statements of Income. The Company recorded an allowance for credit losses on held-to-maturity securities of $134 thousand upon adoption of ASC 326. December 31, 2023 , the Company recorded a recovery of credit losses on held-to-maturity securities of $107 thousand. There was no December 31, 2022. Allowance for Credit Losses – Available-for-Sale Securities Management evaluates all available-for-sale securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not If either of the above criteria is not may not Changes in the allowance for credit loss are recorded as a provision for (or recovery of) credit losses in the Consolidated Statements of Income. Losses are charged against the allowance for credit loss when management believes an available-for-sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2023 , there was no allowance for credit loss related to the available-for-sale portfolio. Accrued interest receivable on available-for-sale securities totaled $769 thousand at December 31, 2023 and was excluded from the estimate of credit losses. Allowance for Credit Losses - Loans The allowance for loan credit losses represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected losses that may The Company is utilizing a discounted cash flow model to estimate its current expected credit losses. For the purposes of calculating its quantitative reserves, the Company has segmented its loan portfolio based on loans which share similar risk characteristics. Within the quantitative portion of the calculation, the Company utilizes at least one may one eight not may not not Loans that do not not not no The adoption of CECL did not Allowance for Credit Losses – Unfunded Commitments Financial Instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit losses in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records all allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for (or recovery of) credit losses in the Consolidated Statement of Income. The allowances for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit losses model using the same methodology as the loan portfolio, taking into consideration the likelihood that funding will occur as well as any third Accrued Interest Receivable The Company has elected to exclude the accrued interest from the amortized cost basis in its determination of the allowance for credit losses for both loans and held-to-maturity securities, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $3.1 million on loans and $593 thousand on held-to-maturity securities at September 30, 2023 ASU 2022 01: January 1, 2023, 2022 01, 815 2022 01 815 2017, 2017 12 one not 2022 01 2022 01 not ASU 2022 02: January 1, 2023, 2022 02, 326 2022 02 2016 13 not Recent Accounting Pronouncements In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 In March 2023, 2023 01, 842 December 15, 2023, not 2023 01 In June 2022, 2022 03, 820 2022 03 not not December 15, 2023. not 2022 03 |
Note 1 - Nature of Banking Ac_2
Note 1 - Nature of Banking Activities and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 December 31, 2022 As reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption 326 Adoption Assets: Allowance for credit losses on held to maturity securities: Corporate securities 134 - 134 Allowance for credit losses on loans: - Construction and land development 233 546 (313 ) Secured by 1-4 family residential 2,517 1,108 1,409 Other real estate loans 5,311 3,609 1,702 Commercial and industrial loans 1,487 1,874 (387 ) Consumer and other loans 84 309 (225 ) Allowance for credit losses on loans 9,632 7,446 2,186 Liabilities: Allowance for credit losses for unfunded commitments 153 - 153 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-maturity Reconciliation [Table Text Block] | 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Allowance for Credit Losses Securities available for sale: U.S. Treasury securities $ 12,476 $ — $ (1,026 ) $ 11,450 $ — U.S. agency and mortgage-backed securities 96,937 55 (12,192 ) 84,800 — Obligations of states and political subdivisions 64,045 6 (7,444 ) 56,607 — Total securities available for sale $ 173,458 $ 61 $ (20,662 ) $ 152,857 $ — Securities held to maturity: U.S. Treasury securities $ 39,085 $ — $ (389 ) $ 38,696 $ — U.S. agency and mortgage-backed securities 94,617 — (8,992 ) 85,625 — Obligations of states and political subdivisions 11,649 107 (943 ) 10,813 — Corporate debt securities 3,000 — (520 ) 2,480 (107 ) Total securities held to maturity $ 148,351 $ 107 $ (10,844 ) $ 137,614 $ (107 ) Total securities $ 321,809 $ 168 $ (31,506 ) $ 290,471 $ (107 ) 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. Treasury securities $ 12,468 $ — $ (1,239 ) $ 11,229 U.S. agency and mortgage-backed securities 109,972 95 (13,149 ) 96,918 Obligations of states and political subdivisions 64,386 4 (9,630 ) 54,760 Total securities available for sale $ 186,826 $ 99 $ (24,018 ) $ 162,907 Securities held to maturity: U.S. Treasury securities $ 38,211 $ — $ (568 ) $ 37,643 U.S. agency and mortgage-backed securities 99,374 — (9,189 ) 90,185 Obligations of states and political subdivisions 12,573 — (1,252 ) 11,321 Corporate debt securities 3,000 — (352 ) 2,648 Total securities held to maturity $ 153,158 $ — $ (11,361 ) $ 141,797 Total securities $ 339,984 $ 99 $ (35,379 ) $ 304,704 |
Gain (Loss) on Securities [Table Text Block] | 2023 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 $ — $ — $ 11,450 $ (1,026 ) $ 11,450 $ (1,026 ) U.S. agency and mortgage-backed securities 1,281 (29 ) 78,800 (12,163 ) 80,081 (12,192 ) Obligations of states and political subdivisions 4,469 (215 ) 47,004 (7,229 ) 51,473 (7,444 ) Total securities available for sale $ 5,750 $ (244 ) $ 137,254 $ (20,418 ) $ 143,004 $ (20,662 ) 2022 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 $ 9,041 $ (932 ) $ 2,188 $ (307 ) $ 11,229 $ (1,239 ) U.S. agency and mortgage-backed securities 27,282 (1,945 ) 62,342 (11,204 ) 89,624 (13,149 ) Obligations of states and political subdivisions 24,689 (2,581 ) 26,362 (7,049 ) 51,051 (9,630 ) Total securities available for sale $ 61,012 $ (5,458 ) $ 90,892 $ (18,560 ) $ 151,904 $ (24,018 ) Securities held to maturity: U.S. Treasury securities $ 19,302 $ (258 ) $ 18,342 $ (310 ) $ 37,644 $ (568 ) U.S. agency and mortgage-backed securities 58,019 (6,848 ) 32,167 (2,341 ) 90,186 (9,189 ) Obligations of states and political subdivisions 8,648 (1,008 ) 2,672 (244 ) 11,320 (1,252 ) Corporate debt securities 2,648 (352 ) — — 2,648 (352 ) Total securities held to maturity $ 88,617 $ (8,466 ) $ 53,181 $ (2,895 ) $ 141,798 $ (11,361 ) Total securities $ 149,629 $ (13,924 ) $ 144,073 $ (21,455 ) $ 293,702 $ (35,379 ) |
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 $ 760 $ 758 $ 30,690 $ 30,470 Due after one year through five years 23,155 21,736 22,634 21,529 Due after five years through ten years 36,990 33,779 19,830 18,092 Due after ten years 112,553 96,584 75,197 67,523 $ 173,458 $ 152,857 $ 148,351 $ 137,614 |
Marketable Securities [Table Text Block] | 2023 2022 Federal Home Loan Bank stock $ 965 $ 796 Federal Reserve Bank stock 981 980 Community Bankers’ Bank stock 132 132 $ 2,078 $ 1,908 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities December 31, 2023 Aaa $ 39,085 $ 22,936 $ 2,807 $ — $ 64,828 Aa1 / Aa2 / Aa3 — — 8,842 — 8,842 A1 / A2 / A3 — — — — — Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 71,681 — — 71,681 Not rated - Non Agency — — — — — Total $ 39,085 $ 94,617 $ 11,649 $ 3,000 $ 148,351 December 31, 2022 Aaa $ 38,211 $ 22,706 $ 3,126 $ — $ 64,043 Aa1 / Aa2 / Aa3 — — 9,447 — 9,447 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 76,668 — — 76,668 Not rated - Non Agency — — — — — Total $ 38,211 $ 99,374 $ 12,573 $ 3,000 $ 153,158 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities Balance, December 31, 2022 $ — $ — $ — $ — $ — Adjustment for adoption of ASU 2016-13 — — — 134 134 Provision for credit losses — — — 10 10 Charge-offs of securities — — — — — Recoveries — — — (37 ) (37 ) Balance, December 31, 2023 $ — $ — $ — $ 107 $ 107 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2023 2022 Real estate loans: Construction and land development $ 52,680 $ 51,840 Secured by 1-4 family residential 344,369 331,421 Other real estate 447,272 418,456 Commercial and industrial loans 113,074 111,225 Consumer and other loans 12,035 7,581 Total loans $ 969,430 $ 920,523 Allowance for credit losses (11,974 ) (7,446 ) Loans, net $ 957,456 $ 913,077 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 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 $ 183 $ 4 $ 38 $ 225 $ 52,455 $ 52,680 $ 38 $ — 1-4 family residential 1,364 350 392 2,106 342,263 344,369 495 245 Other real estate — — 82 82 447,190 447,272 — 82 Commercial and industrial 252 316 197 765 112,309 113,074 6,230 197 Consumer and other loans 33 — — 33 12,002 12,035 — — Total $ 1,832 $ 670 $ 709 $ 3,211 $ 966,219 $ 969,430 $ 6,763 $ 524 December 31, 2022 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 $ 115 $ 20 $ 1,045 $ 1,180 $ 50,660 $ 51,840 $ 1,045 $ — 1-4 family residential 1,033 60 207 1,300 330,121 331,421 530 — Other real estate 109 — — 109 418,347 418,456 13 — Commercial and industrial 31 130 1,085 1,246 109,979 111,225 1,085 — Consumer and other loans 26 25 — 51 7,530 7,581 — — Total $ 1,314 $ 235 $ 2,337 $ 3,886 $ 916,637 $ 920,523 $ 2,673 $ — |
Financing Receivable, Purchased with Credit Deterioration [Table Text Block] | Acquired Loans - Purchased Performing (Dollars in thousands) 2023 2022 Outstanding principal balance $ 164,028 $ 187,017 Carrying amount Real estate loans: Construction and land development $ 7,851 $ 9,823 Secured by 1-4 family residential 36,290 42,915 Other real estate loans 94,882 103,521 Commercial and industrial loans 19,611 24,661 Consumer and other loans 3,451 3,560 Total acquired loans $ 162,085 $ 184,480 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Construction and land development Pass $ 2,477 $ 2,925 $ 4,350 $ 3,450 $ 2,085 $ 2,859 $ 34,496 $ 52,642 Special Mention — — — — — — — — Substandard — — — — — 38 — 38 Doubtful — — — — — — — — Total Construction and land development $ 2,477 $ 2,925 $ 4,350 $ 3,450 $ 2,085 $ 2,897 $ 34,496 $ 52,680 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Secured by 1-4 family residential Pass $ 43,029 $ 77,196 $ 64,063 $ 41,192 $ 31,509 $ 76,295 $ 10,303 $ 343,587 Special Mention — — — — — — — — Substandard — 98 19 — — 665 — 782 Doubtful — — — — — — — — Total Secured by 1-4 family residential $ 43,029 $ 77,294 $ 64,082 $ 41,192 $ 31,509 $ 76,960 $ 10,303 $ 344,369 Current period gross write-offs $ — $ 59 $ — $ — $ — $ — $ — $ 59 Other real estate loans Pass $ 51,560 $ 94,666 $ 90,089 $ 41,186 $ 36,747 $ 122,755 $ 10,269 $ 447,272 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Other real estate loans $ 51,560 $ 94,666 $ 90,089 $ 41,186 $ 36,747 $ 122,755 $ 10,269 $ 447,272 Current period gross write-offs $ — $ — $ — $ — $ — $ 34 $ — $ 34 Commercial and industrial Pass $ 22,086 $ 26,755 $ 20,352 $ 4,102 $ 4,448 $ 8,276 $ 20,825 $ 106,844 Special Mention — — — — — — — — Substandard 58 3,757 1,453 — 167 795 — 6,230 Doubtful — — — — — — — — Total Commercial and industrial $ 22,144 $ 30,512 $ 21,805 $ 4,102 $ 4,615 $ 9,071 $ 20,825 $ 113,074 Current period gross write-offs $ 315 $ 1,121 $ 1,139 $ 624 $ — $ 253 $ — $ 3,452 Consumer and other loans Pass $ 3,021 $ 1,203 $ 311 $ 1,471 $ 2,172 $ 14 $ 3,843 $ 12,035 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Consumer and other loans $ 3,021 $ 1,203 $ 311 $ 1,471 $ 2,172 $ 14 $ 3,843 $ 12,035 Current period gross write-offs $ 366 $ 57 $ 4 $ 15 $ 3 $ 3 $ — $ 448 December 31, 2022 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 50,795 $ — $ 1,045 $ — $ 51,840 Secured by 1-4 family residential 330,590 — 831 — 331,421 Other real estate 416,559 1,884 13 — 418,456 Commercial and industrial 110,065 75 1,085 — 111,225 Consumer and other loans 7,581 — — — 7,581 Total $ 915,590 $ 1,959 $ 2,974 $ — $ 920,523 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2023 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for credit losses: Beginning Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Adjustment to allowance for adoption of ASU 2016-13 (313 ) 1,409 1,702 (387 ) (225 ) 2,186 Charge-offs — (59 ) (34 ) (3,452 ) (448 ) (3,993 ) Recoveries — 47 14 145 212 418 Provision for (recovery of) credit losses 79 654 (593 ) 5,526 251 5,917 Ending Balance, December 31, 2023 $ 312 $ 3,159 $ 4,698 $ 3,706 $ 99 $ 11,974 Ending Balance: Individually evaluated — — — 2,705 — 2,705 Collectively evaluated 312 3,159 4,698 1,001 99 9,269 Loans: Ending Balance 52,680 344,369 447,272 113,074 12,035 969,430 Individually evaluated 38 495 — 6,230 — 6,763 Collectively evaluated 52,642 343,874 447,272 106,844 12,035 962,667 December 31, 2022 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, 2021 $ 345 $ 1,077 $ 3,230 $ 718 $ 340 $ 5,710 Charge-offs — (6 ) — (32 ) (491 ) (529 ) Recoveries 10 19 15 145 226 415 Provision for loan losses 191 18 364 1,043 234 1,850 Ending Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Ending Balance: Individually evaluated — — — 888 — 888 Collectively evaluated 546 1,108 3,609 986 309 6,558 Loans: Ending Balance 51,840 331,421 418,456 111,225 7,581 920,523 Individually evaluated 1,045 530 13 1,085 — 2,673 Collectively evaluated 50,795 330,891 418,443 110,140 7,581 917,850 |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Real estate loans: Construction and land development $ 38 $ — $ 38 $ 1,045 Secured by 1-4 family residential 495 — 495 530 Other real estate loans — — — 13 Commercial and industrial — 6,230 6,230 1,085 Total $ 533 $ 6,230 $ 6,763 $ 2,673 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 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 $ 2,412 $ 1,045 $ — $ 1,045 $ — $ 30 $ 75 Secured by 1-4 family 680 530 — 530 — 580 11 Other real estate loans 26 13 — 13 — 22 — Commercial and industrial 1,084 — 1,085 1,085 888 650 40 Total $ 4,202 $ 1,588 $ 1,085 $ 2,673 $ 888 $ 1,282 $ 126 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | December 31, 2023 (Dollars in thousands) Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real estate loans: Construction and land development $ 38 $ — $ 38 Secured by 1-4 family residential 495 — 495 Total $ 533 $ — $ 533 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | 2023 2022 Balance at the beginning of year, net $ 184 $ 1,848 Transfers from loans to other real estate owned — — Transfers from property and equipment to other real estate owned — 184 Acquired in merger — — Sales proceeds (417 ) (2,011 ) Gain on disposition 233 176 Balance at the end of year, gross $ — $ 197 Less: valuation allowance — (13 ) Balance at the end of year, net $ — $ 184 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 Land $ 5,412 $ 5,412 Buildings and leasehold improvements 21,145 20,801 Furniture and equipment 8,237 8,081 Construction in process 962 8 $ 35,756 $ 34,302 Less accumulated depreciation 13,614 12,426 Premises and equipment, net $ 22,142 $ 21,876 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | 2024 $ 134,695 2025 44,530 2026 7,010 2027 3,763 2028 2,351 Thereafter — $ 192,349 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred Tax Assets Allowance for credit losses $ 2,624 $ 1,564 Acquisition accounting adjustments, net 420 570 Post-retirement benefits 214 188 Core deposit intangible 232 270 Unvested stock-based compensation 87 81 Reserve for letter of credit losses 44 88 Limited partnership investments 39 39 Lease liability 69 113 Unrealized loss on securities available for sale 5,495 6,536 NOL carryover - acquired from Fincastle 1,337 1,434 Loan origination fees, net 241 176 $ 10,802 $ 11,059 Deferred Tax Liabilities Depreciation $ 638 $ 701 Right of use asset 69 112 Other real estate owned — 29 Cash flow hedges 523 563 $ 1,230 $ 1,405 Net deferred tax assets $ 9,572 $ 9,654 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Current tax expense $ 2,580 $ 4,193 Deferred tax expense (benefit) (399 ) (241 ) $ 2,181 $ 3,952 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Computed tax expense at statutory federal rate $ 2,479 $ 4,357 Increase in income taxes resulting from: Other 29 8 Decrease in income taxes resulting from: Tax-exempt interest and dividend income (156 ) (252 ) Income from bank owned life insurance (171 ) (161 ) $ 2,181 $ 3,952 |
Note 14 - Earnings Per Common_2
Note 14 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 (Numerator): Net income $ 9,624 $ 16,797 (Denominator): Weighted average shares outstanding – basic 6,265,394 6,252,369 Potentially dilutive common shares – restricted stock units 13,711 6,988 Weighted average shares outstanding – diluted 6,279,105 6,259,357 Income per common share Basic $ 1.54 $ 2.69 Diluted $ 1.53 $ 2.68 |
Note 15 - Commitments and Unf_2
Note 15 - Commitments and Unfunded Credits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | 2023 2022 Commitments to extend credit and unfunded commitments under lines of credit $ 194,242 $ 158,297 Stand-by letters of credit 11,615 17,950 |
Note 17 - Lease Commitments (Ta
Note 17 - Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Classification in the Consolidated Balance Sheets 2023 2022 Operating lease right-of-use asset Other assets $ 328 $ 535 Operating lease liability Accrued interest payable and other liabilities 330 537 |
Lease, Cost [Table Text Block] | 2023 2022 Weighted average remaining lease term, in years 1.7 2.5 Weighted average discount rate 3.69 % 3.51 % 2023 2022 Lease Expense Operating lease expense $ 257 $ 247 Short-term lease expense 26 33 Total lease expense (1) $ 283 $ 280 Cash paid for amounts included in lease liability $ 240 $ 249 Right of use assets obtained in exchange for operating lease liabilities commencing during the period $ 20 $ 491 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Twelve months ending December 31, 2024 $ 223 Twelve months ending December 31, 2025 99 Twelve months ending December 31, 2026 19 Twelve months ending December 31, 2027 — Twelve months ending December 31, 2028 — Total undiscounted cash flows $ 341 Less: discount (11 ) Operating lease liability $ 330 |
Note 19 - Fair Value Measurem_2
Note 19 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2023 Description Balance as of December 31, 2023 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 $ 11,450 $ — $ 11,450 $ — U.S. agency and mortgage-backed securities 84,800 — 84,800 — Obligations of states and political subdivisions 56,607 — 56,607 — Total securities available for sale $ 152,857 $ — $ 152,857 $ — Derivatives - cash flow hedges 2,488 — 2,488 — Total assets $ 155,345 $ — $ 155,345 $ — Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 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 $ 11,229 $ — $ 11,229 $ — U.S. agency and mortgage-backed securities 96,918 — 96,918 — Obligations of states and political subdivisions 54,760 — 54,760 — Corporate debt securities — — — — Total securities available for sale $ 162,907 $ — $ 162,907 $ — Derivatives - cash flow hedges 2,679 — 2,679 — Total assets $ 165,586 $ — $ 165,586 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 2023 Description Balance as of December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans $ 533 $ — $ — $ 533 Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs(Level 2) Significant Unobservable Inputs (Level 3) Other real estate owned $ 184 $ — $ — $ 184 Impaired loans, net $ 197 $ — $ — $ 197 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements for December 31, 2023 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Collateral dependent loans $ 533 Property appraisals Selling cost 10.00 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Other real estate owned $ 184 Property appraisals Selling cost 10.00 % Impaired loans, net 197 Present value of cash flows Discount rate 6.50 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2023 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 $ 87,161 $ 87,161 $ — $ — $ 87,161 Securities available for sale 152,857 — 152,857 — 152,857 Securities held to maturity, net 148,244 — 137,507 — 137,507 Restricted securities 2,078 — 2,078 — 2,078 Loans, net 957,456 — — 919,266 919,266 Bank owned life insurance 24,902 — 24,902 — 24,902 Accrued interest receivable 4,655 — 4,655 — 4,655 Derivatives - cash flow hedges 2,488 — 2,488 — 2,488 Financial Liabilities Deposits $ 1,233,726 $ — $ 1,041,377 $ 189,354 $ 1,230,731 FRB borrowings 50,000 — — 49,987 49,987 Subordinated debt 4,997 — — 5,412 5,412 Junior subordinated debt 9,279 — — 8,493 8,493 Accrued interest payable 764 — 764 — 764 Fair Value Measurements at December 31, 2022 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 $ 66,914 $ 66,914 $ — $ — $ 66,914 Securities available for sale 162,907 — 162,907 — 162,907 Securities held to maturity 153,158 — 141,797 — 141,797 Restricted securities 1,908 — 1,908 — 1,908 Loans, net 913,077 — — 880,473 880,473 Bank owned life insurance 24,531 — 24,531 — 24,531 Accrued interest receivable 4,543 — 4,543 — 4,543 Derivatives - cash flow hedges 2,679 — 2,679 — 2,679 Financial Liabilities Deposits $ 1,241,332 $ — $ 1,104,483 $ 131,304 $ 1,235,787 Subordinated debt 4,995 — — 5,267 5,267 Junior subordinated debt 9,279 — — 6,067 6,067 Accrued interest payable 163 — 163 — 163 |
Note 20 - Regulatory Matters (T
Note 20 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023: Total Capital (to Risk-Weighted Assets) $ 142,334 14.05 % $ 81,027 8.00 % $ 101,284 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 129,840 12.82 % $ 60,771 6.00 % $ 81,027 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 129,840 12.82 % $ 45,578 4.50 % $ 65,835 6.50 % Tier 1 Capital (to Average Assets) $ 129,840 9.31 % $ 55,797 4.00 % $ 69,746 5.00 % December 31, 2022: Total Capital (to Risk-Weighted Assets) $ 139,549 14.60 % $ 76,462 8.00 % $ 95,578 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 132,103 13.82 % $ 57,347 6.00 % $ 76,462 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 132,103 13.82 % $ 43,010 4.50 % $ 62,126 6.50 % Tier 1 Capital (to Average Assets) $ 132,103 9.36 % $ 55,228 4.00 % $ 69,035 5.00 % |
Note 21 - Accumulated Other C_2
Note 21 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2021 $ (445 ) $ 743 $ 298 Unrealized holding losses (net of tax, ($ 5,327 (20,033 ) — (20,033 ) Unrealized holding losses on securities transferred from available for sale to held to maturity (net of tax ($ 1,638 (6,160 ) — (6,160 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 125 468 — 468 Reclassification adjustment (net of tax, $ 421 1,583 — 1,583 Change in fair value (net of tax, $ 365 — 1,373 1,373 Change during period (24,142 ) 1,373 (22,769 ) Balance at December 31, 2022 $ (24,587 ) $ 2,116 $ (22,471 ) Unrealized holding gains (net of tax, $ 697 2,621 — 2,621 Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 344 1,295 — 1,295 Change in fair value (net of tax, ($ 40 — (151 ) (151 ) Change during period 3,916 (151 ) 3,765 Balance at December 31, 2023 $ (20,671 ) $ 1,965 $ (18,706 ) |
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 For the year ended December 31, 2023 2022 Securities available for sale: Net securities losses reclassified into earnings $ — $ 2,004 Net (losses) on securities available for sale Related income tax benefit — (421 ) Income tax benefit Total reclassifications $ — $ 1,583 Net of tax |
Note 22 - Stock Compensation _2
Note 22 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2023 Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2023 29,181 $ 20.31 Granted 23,727 16.56 Vested (11,401 ) 19.20 Forfeited — — Unvested, December 31, 2023 41,507 $ 18.47 |
Note 23 - Revenue Recognition (
Note 23 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2023 2022 Noninterest Income Service charges on deposit accounts $ 2,780 $ 2,677 ATM and check card fees 3,449 3,300 Wealth management fees 3,120 3,008 Brokered mortgage fees 119 245 Fees for other customer services 770 839 Noninterest income (in-scope of Topic 606) $ 10,238 $ 10,069 Noninterest income (out-of-scope of Topic 606) 1,546 2,552 Total noninterest income $ 11,784 $ 12,621 |
Note 24 - Derivative Financia_2
Note 24 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | 2023 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,488 $ — $ — 2022 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,679 $ — $ — |
Note 27 - Parent Company Only_2
Note 27 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2023 2022 Assets Cash $ 15,572 $ 9,501 Investment in subsidiaries, at cost, plus undistributed net income 112,317 110,682 Other assets 3,193 3,024 Total assets $ 131,082 $ 123,207 Liabilities and Shareholders’ Equity Subordinated debt $ 4,997 $ 4,995 Junior subordinated debt 9,279 9,279 Other liabilities 535 573 Total liabilities $ 14,811 $ 14,847 Preferred stock $ — $ — Common stock 7,829 7,831 Surplus 32,950 32,716 Retained earnings 94,198 90,284 Accumulated other comprehensive (loss), net (18,706 ) (22,471 ) Total shareholders’ equity $ 116,271 $ 108,360 Total liabilities and shareholders’ equity $ 131,082 $ 123,207 |
Condensed Income Statement [Table Text Block] | 2023 2022 Income Dividends from subsidiary $ 11,000 $ 6,000 Total income $ 11,000 $ 6,000 Expense Interest expense $ 548 $ 547 Supplies 2 5 Legal and professional fees 262 209 Data processing 60 47 Management fee-subsidiary 369 469 Other expense 85 70 Total expense $ 1,326 $ 1,347 Income before allocated tax benefits and undistributed income of subsidiary $ 9,674 $ 4,653 Allocated income tax benefit 278 283 Income before equity in undistributed income of subsidiary $ 9,952 $ 4,936 Equity in undistributed (loss) income of subsidiary (328 ) 11,861 Net income $ 9,624 $ 16,797 |
Condensed Cash Flow Statement [Table Text Block] | 2023 2022 Cash Flows from Operating Activities Net income $ 9,624 $ 16,797 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income of subsidiary 328 (11,861 ) Stock-based compensation 753 785 Amortization of debt issuance costs 2 2 (Increase) decrease in other assets (360 ) 4,969 Increase (decrease) increase in other liabilities 2 (3 ) Net cash provided by operating activities $ 10,349 $ 10,689 Cash Flows from Financing Activities Redemption of subordinated debt, net of issuance costs $ — $ (5,000 ) Cash dividends paid on common stock, net of reinvestment (3,597 ) (3,308 ) Repurchase of common stock (682 ) (183 ) Net cash (used in) financing activities $ (4,279 ) $ (8,491 ) Increase (decrease) in cash and cash equivalents $ 6,070 $ 2,198 Cash and Cash Equivalents Beginning 9,501 7,303 Ending $ 15,571 $ 9,501 |
Note 1 - Nature of Banking Ac_3
Note 1 - Nature of Banking Activities and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2021 | |
Advertising Expense | $ 573 | $ 455 | |||
Financing Receivable, Allowance for Credit Loss | 11,974 | 7,446 | $ 7,446 | $ 5,710 | |
Off-Balance-Sheet, Credit Loss, Liability | 0 | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 107 | 0 | |||
Retained Earnings (Accumulated Deficit) | 94,198 | 90,284 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 5,917 | 1,850 | |||
Accrued Interest Receivable [Member] | |||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 3,100 | ||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 593 | ||||
Accounting Standards Update 2016-13 [Member] | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 0 | 134 | |||
Financing Receivable, Credit Loss, Expense (Reversal) | 107 | ||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 769 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | 2,186 | 2,186 | |||
Off-Balance-Sheet, Credit Loss, Liability | 153 | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 134 | 134 | |||
Retained Earnings (Accumulated Deficit) | $ (2,000) | ||||
Minimum [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | ||||
Maximum [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Premises and Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Premises and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||
Software and Software Development Costs [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 1 - Nature of Banking Ac_4
Note 1 - Nature of Banking Activities and Significant Accounting Policies - Impact of Adoption of New ASU (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Held-to-Maturity, Allowance for Credit Loss | $ 107 | $ 0 | ||
Allowance for Credit Loss | 11,974 | $ 7,446 | 7,446 | $ 5,710 |
Allowance for credit losses for unfunded commitments | 0 | |||
Real Estate 1 [Member] | Construction and Land Development [Member] | ||||
Allowance for Credit Loss | 312 | 546 | 546 | 345 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||
Allowance for Credit Loss | 3,159 | 1,108 | 1,108 | 1,077 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||
Allowance for Credit Loss | 4,698 | 3,609 | 3,609 | 3,230 |
Commercial and Industrial Loans [Member] | ||||
Allowance for Credit Loss | 3,706 | 1,874 | 1,874 | 718 |
Consumer and Other Loans [Member] | ||||
Allowance for Credit Loss | 99 | 309 | 309 | $ 340 |
Accounting Standards Update 2016-13 [Member] | ||||
Held-to-Maturity, Allowance for Credit Loss | 134 | 0 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Loss | 9,632 | |||
Allowance for credit losses for unfunded commitments | 153 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | ||||
Allowance for Credit Loss | 233 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||
Allowance for Credit Loss | 2,517 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||
Allowance for Credit Loss | 5,311 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial and Industrial Loans [Member] | ||||
Allowance for Credit Loss | 1,487 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer and Other Loans [Member] | ||||
Allowance for Credit Loss | 84 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Held-to-Maturity, Allowance for Credit Loss | 134 | 134 | ||
Allowance for Credit Loss | 2,186 | 2,186 | ||
Allowance for credit losses for unfunded commitments | 153 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | ||||
Allowance for Credit Loss | (313) | (313) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||
Allowance for Credit Loss | 1,409 | 1,409 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||
Allowance for Credit Loss | 1,702 | 1,702 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial Loans [Member] | ||||
Allowance for Credit Loss | (387) | (387) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer and Other Loans [Member] | ||||
Allowance for Credit Loss | (225) | (225) | ||
Corporate Debt Securities [Member] | ||||
Held-to-Maturity, Allowance for Credit Loss | $ 107 | 0 | 0 | |
Corporate Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Held-to-Maturity, Allowance for Credit Loss | 134 | |||
Corporate Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Held-to-Maturity, Allowance for Credit Loss | $ 134 | $ 134 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | Sep. 01, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Amortized Cost | $ 173,458 | $ 186,826 | $ 82,200 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 107 | $ 0 | ||
Weighted Average Re-pricing Term (Year) | 5 years 10 months 24 days | 6 years 6 months | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | $ 12,462 | $ 39,100 | ||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | (2,000) | ||
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities | 7,600 | 9,300 | ||
Debt Securities, Available-for-Sale, Restricted | 184,400 | 134,500 | ||
Debt Securities, Available-for-Sale, Unrealized Loss | 7,800 | |||
Debt Securities, Available-for-Sale | 152,857 | 162,907 | $ 74,400 | |
Impairment Losses Related to Federal Home Loan Stock | 0 | |||
Debt Securities, Available for Sale Securities, Nonaccrual | 0 | 0 | ||
Other Assets [Member] | ||||
Equity Securities without Readily Determinable Fair Value, Amount | 642 | 599 | ||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 12,476 | 12,468 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 0 | $ 0 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 3 | 11 | ||
Available-for-Sale Securities, Number of Securities | 3 | 11 | ||
Debt Securities, Available-for-Sale | $ 11,450 | $ 11,229 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 93 | 126 | ||
Available-for-Sale Securities, Number of Securities | 108 | 143 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | $ 64,045 | $ 64,386 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 0 | $ 0 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 85 | 107 | ||
Available-for-Sale Securities, Number of Securities | 99 | 116 | ||
Debt Securities, Available-for-Sale | $ 56,607 | $ 54,760 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 107 | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 1 | |||
Available-for-Sale Securities, Number of Securities | 1 | |||
Financial Asset, Past Due [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | $ 0 | $ 0 |
Note 2 - Securities - Summary o
Note 2 - Securities - Summary of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Debt Securities, Available-for-Sale, Amortized Cost | $ 173,458 | $ 186,826 | $ 82,200 | |
Gross unrealized gains, available for sale securities | 61 | 99 | ||
Gross unrealized losses, available for sale securities | (20,662) | (24,018) | ||
Debt Securities, Available-for-Sale | 152,857 | 162,907 | $ 74,400 | |
Securities available for sale, AFS | 0 | 0 | ||
Amortized cost, held to maturity securities | 148,351 | 153,158 | ||
Gross unrealized gains, held to maturity securities | 107 | 0 | ||
Gross unrealized losses, held to maturity securities | (10,844) | (11,361) | ||
Fair value, held to maturity securities | 137,614 | 141,797 | ||
Securities available for sale, HTM | (107) | 0 | ||
Amortized cost | 321,809 | 339,984 | ||
Gross unrealized gains | 168 | 99 | ||
Gross unrealized losses | (31,506) | (35,379) | ||
Total securities, fair value | 290,471 | 304,704 | ||
Total securities, allowance for credit loss | (107) | |||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 12,476 | 12,468 | ||
Gross unrealized gains, available for sale securities | 0 | 0 | ||
Gross unrealized losses, available for sale securities | (1,026) | (1,239) | ||
Debt Securities, Available-for-Sale | 11,450 | 11,229 | ||
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 39,085 | 38,211 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (389) | (568) | ||
Fair value, held to maturity securities | 38,696 | 37,643 | ||
Securities available for sale, HTM | 0 | 0 | ||
US Agency and Mortgage-backed Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 96,937 | 109,972 | ||
Gross unrealized gains, available for sale securities | 55 | 95 | ||
Gross unrealized losses, available for sale securities | (12,192) | (13,149) | ||
Debt Securities, Available-for-Sale | 84,800 | 96,918 | ||
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 94,617 | 99,374 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (8,992) | (9,189) | ||
Fair value, held to maturity securities | 85,625 | 90,185 | ||
Securities available for sale, HTM | 0 | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 64,045 | 64,386 | ||
Gross unrealized gains, available for sale securities | 6 | 4 | ||
Gross unrealized losses, available for sale securities | (7,444) | (9,630) | ||
Debt Securities, Available-for-Sale | 56,607 | 54,760 | ||
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 11,649 | 12,573 | ||
Gross unrealized gains, held to maturity securities | 107 | 0 | ||
Gross unrealized losses, held to maturity securities | (943) | (1,252) | ||
Fair value, held to maturity securities | 10,813 | 11,321 | ||
Securities available for sale, HTM | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Amortized cost, held to maturity securities | 3,000 | 3,000 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (520) | (352) | ||
Fair value, held to maturity securities | 2,480 | 2,648 | ||
Securities available for sale, HTM | $ (107) | $ 0 | $ 0 |
Note 2 - Securities - Investmen
Note 2 - Securities - Investments in an Unrealized Loss Position That Were Temporarily Impaired (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 12 months, fair value, available for sale securities | $ 5,750 | $ 61,012 |
Less than 12 months, unrealized (loss), available for sale securities | (244) | (5,458) |
12 months or more, fair value, available for sale securities | 137,254 | 90,892 |
12 months or more, unrealized (loss), available for sale securities | (20,418) | (18,560) |
Total, fair value, available for sale securities | 143,004 | 151,904 |
Total, unrealized (loss), available for sale securities | (20,662) | (24,018) |
Less than 12 months, fair value, held to maturity securities | 88,617 | |
Less than 12 months, fair value, held to maturity securities | (8,466) | |
12 months or more, fair value, held to maturity securities | 53,181 | |
12 months or more, unrealized (loss), available for sale securities | (2,895) | |
Total, fair value, held to maturity securities | 141,798 | |
Total, unrealized (loss), held to maturity securities | (11,361) | |
Less than 12 months, fair value | 149,629 | |
Less than 12 months, accumulated loss | (13,924) | |
12 months or more, fair value | 144,073 | |
12 months or more, unrealized (loss) | (21,455) | |
Total, fair value | 293,702 | |
Total, unrealized (loss) | (35,379) | |
US Treasury Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 0 | 9,041 |
Less than 12 months, unrealized (loss), available for sale securities | 0 | (932) |
12 months or more, fair value, available for sale securities | 11,450 | 2,188 |
12 months or more, unrealized (loss), available for sale securities | (1,026) | (307) |
Total, fair value, available for sale securities | 11,450 | 11,229 |
Total, unrealized (loss), available for sale securities | (1,026) | (1,239) |
Less than 12 months, fair value, held to maturity securities | 19,302 | |
Less than 12 months, fair value, held to maturity securities | (258) | |
12 months or more, fair value, held to maturity securities | 18,342 | |
12 months or more, unrealized (loss), available for sale securities | (310) | |
Total, fair value, held to maturity securities | 37,644 | |
Total, unrealized (loss), held to maturity securities | (568) | |
US Agency and Mortgage-backed Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 1,281 | 27,282 |
Less than 12 months, unrealized (loss), available for sale securities | (29) | (1,945) |
12 months or more, fair value, available for sale securities | 78,800 | 62,342 |
12 months or more, unrealized (loss), available for sale securities | (12,163) | (11,204) |
Total, fair value, available for sale securities | 80,081 | 89,624 |
Total, unrealized (loss), available for sale securities | (12,192) | (13,149) |
Less than 12 months, fair value, held to maturity securities | 58,019 | |
Less than 12 months, fair value, held to maturity securities | (6,848) | |
12 months or more, fair value, held to maturity securities | 32,167 | |
12 months or more, unrealized (loss), available for sale securities | (2,341) | |
Total, fair value, held to maturity securities | 90,186 | |
Total, unrealized (loss), held to maturity securities | (9,189) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 4,469 | 24,689 |
Less than 12 months, unrealized (loss), available for sale securities | (215) | (2,581) |
12 months or more, fair value, available for sale securities | 47,004 | 26,362 |
12 months or more, unrealized (loss), available for sale securities | (7,229) | (7,049) |
Total, fair value, available for sale securities | 51,473 | 51,051 |
Total, unrealized (loss), available for sale securities | $ (7,444) | (9,630) |
Less than 12 months, fair value, held to maturity securities | 8,648 | |
Less than 12 months, fair value, held to maturity securities | (1,008) | |
12 months or more, fair value, held to maturity securities | 2,672 | |
12 months or more, unrealized (loss), available for sale securities | (244) | |
Total, fair value, held to maturity securities | 11,320 | |
Total, unrealized (loss), held to maturity securities | (1,252) | |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value, held to maturity securities | 2,648 | |
Less than 12 months, fair value, held to maturity securities | (352) | |
12 months or more, fair value, held to maturity securities | 0 | |
12 months or more, unrealized (loss), available for sale securities | 0 | |
Total, fair value, held to maturity securities | 2,648 | |
Total, unrealized (loss), held to maturity securities | $ (352) |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Due within one year, amortized cost, available for sale securities | $ 760 | ||
Due within one year, fair value, available for sale securities | 758 | ||
Due within one year, amortized cost, held to maturity securities | 30,690 | ||
Due within one year, fair value, held to maturity securities | 30,470 | ||
Due after one year through five years, amortized cost, available for sale securities | 23,155 | ||
Due after one year through five years, fair value, available for sale securities | 21,736 | ||
Due after one year through five years, amortized cost, held to maturity securities | 22,634 | ||
Due after one year through five years, fair value, held to maturity securities | 21,529 | ||
Due after five years through ten years, amortized cost, available for sale securities | 36,990 | ||
Due after five years through ten years, fair value, available for sale securities | 33,779 | ||
Due after five years through ten years, amortized cost, held to maturity securities | 19,830 | ||
Due after five years through ten years, fair value, held to maturity securities | 18,092 | ||
Due after ten years, amortized cost, available for sale securities | 112,553 | ||
Due after ten years, fair value, available for sale securities | 96,584 | ||
Due after ten years, amortized cost, held to maturity securities | 75,197 | ||
Due after ten years, fair value, held to maturity securities | 67,523 | ||
Amortized cost, available for sale securities | 173,458 | $ 186,826 | $ 82,200 |
Fair value, available for sale securities | 152,857 | 162,907 | $ 74,400 |
Amortized cost, held to maturity securities | 148,351 | 153,158 | |
Fair value, held to maturity securities | $ 137,614 | $ 141,797 |
Note 2 - Securities - Compositi
Note 2 - Securities - Composition of Restricted Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank stock | $ 965 | $ 796 |
Federal Reserve Bank stock | 981 | 980 |
Community Bankers’ Bank stock | 132 | 132 |
Total restricted securities | $ 2,078 | $ 1,908 |
Note 2 - Securities - Credit Qu
Note 2 - Securities - Credit Quality Indicators for Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Amortized cost, held to maturity securities | $ 148,351 | $ 153,158 | |
Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 64,828 | 64,043 | |
Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 8,842 | 9,447 | |
Moody's, A1/A2/A3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | ||
Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 3,000 | 3,000 | |
Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 71,681 | 76,668 |
Not Rated - Non Agency [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Treasury Securities [Member] | |||
Amortized cost, held to maturity securities | 39,085 | 38,211 | |
US Treasury Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 39,085 | 38,211 | |
US Treasury Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Treasury Securities [Member] | Moody's, A1/A2/A3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | ||
US Treasury Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Treasury Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 0 | 0 |
US Treasury Securities [Member] | Not Rated - Non Agency [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | |||
Amortized cost, held to maturity securities | 94,617 | 99,374 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 22,936 | 22,706 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, A1/A2/A3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | ||
US Agency and Mortgage-backed Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 71,681 | 76,668 |
US Agency and Mortgage-backed Securities [Member] | Not Rated - Non Agency [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Amortized cost, held to maturity securities | 11,649 | 12,573 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 2,807 | 3,126 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 8,842 | 9,447 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, A1/A2/A3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Not Rated - Non Agency [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Amortized cost, held to maturity securities | 3,000 | 3,000 | |
Corporate Debt Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
Corporate Debt Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
Corporate Debt Securities [Member] | Moody's, A1/A2/A3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | ||
Corporate Debt Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 3,000 | 3,000 | |
Corporate Debt Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 0 | 0 |
Corporate Debt Securities [Member] | Not Rated - Non Agency [Member] | |||
Amortized cost, held to maturity securities | $ 0 | $ 0 | |
[1]Generally considered not to have credit risk given the governmental guarantees associated with these agencies |
Note 2 - Securities - Changes i
Note 2 - Securities - Changes in the Allowance for Credit Loss on Held to Maturity Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Balance, HTM | $ 0 |
Provision for credit losses, HTM | 10 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | (37) |
Balance, HTM | 107 |
Accounting Standards Update 2016-13 [Member] | |
Balance, HTM | 0 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 134 |
US Treasury Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 0 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | 0 |
Balance, HTM | 0 |
US Treasury Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 0 |
US Agency and Mortgage-backed Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 0 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | 0 |
Balance, HTM | 0 |
US Agency and Mortgage-backed Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 0 |
US States and Political Subdivisions Debt Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 0 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | 0 |
Balance, HTM | 0 |
US States and Political Subdivisions Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 0 |
Corporate Debt Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 10 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | (37) |
Balance, HTM | 107 |
Corporate Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | $ 134 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 1,100 | $ 838 |
Financing Receivable, before Allowance for Credit Loss | 969,430 | 920,523 |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 113,074 | 111,225 |
Consumer and Other Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 12,035 | 7,581 |
Consumer and Other Loans [Member] | Demand Deposit Overdrafts [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 222 | 197 |
Loans Acquired Through Business Combinations [Member] | ||
Financing Receivable, Unamortized Purchase Premium (Discount) | (1,900) | (2,500) |
Loans Purchased From Loan Originator [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Unamortized Purchase Premium (Discount) | $ 7,900 | $ 7,400 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 969,430 | $ 920,523 | ||
Allowance for credit losses | (11,974) | $ (7,446) | (7,446) | $ (5,710) |
Loans, net | 957,456 | 913,077 | ||
Commercial and Industrial Loans [Member] | ||||
Loans | 113,074 | 111,225 | ||
Allowance for credit losses | (3,706) | (1,874) | (1,874) | (718) |
Consumer and Other Loans [Member] | ||||
Loans | 12,035 | 7,581 | ||
Allowance for credit losses | (99) | (309) | (309) | (340) |
Construction and Land Development [Member] | Real Estate 1 [Member] | ||||
Loans | 52,680 | 51,840 | ||
Allowance for credit losses | (312) | (546) | (546) | (345) |
Secured by Multi-family Residential Properties [Member] | Real Estate 1 [Member] | ||||
Loans | 344,369 | 331,421 | ||
Allowance for credit losses | (3,159) | (1,108) | (1,108) | (1,077) |
Other Real Estate Loans [Member] | Real Estate 1 [Member] | ||||
Loans | 447,272 | 418,456 | ||
Allowance for credit losses | $ (4,698) | $ (3,609) | (3,609) | $ (3,230) |
Consumer and Other Loans [Member] | Consumer and Other Loans [Member] | ||||
Loans | $ 7,581 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 969,430 | $ 920,523 |
Non-accrual loans | 6,763 | 2,673 |
Accruing loans past due 90 days or more amounted | 524 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 1,832 | 1,314 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 670 | 235 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 709 | 2,337 |
Financial Asset, Past Due [Member] | ||
Loans | 3,211 | 3,886 |
Financial Asset, Not Past Due [Member] | ||
Loans | 966,219 | 916,637 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Loans | 52,680 | 51,840 |
Non-accrual loans | 38 | 1,045 |
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 | 183 | 115 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 4 | 20 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 38 | 1,045 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Past Due [Member] | ||
Loans | 225 | 1,180 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 52,455 | 50,660 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Loans | 344,369 | 331,421 |
Non-accrual loans | 495 | 530 |
Accruing loans past due 90 days or more amounted | 245 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 1,364 | 1,033 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 350 | 60 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 392 | 207 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Past Due [Member] | ||
Loans | 2,106 | 1,300 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 342,263 | 330,121 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Loans | 447,272 | 418,456 |
Non-accrual loans | 0 | 13 |
Accruing loans past due 90 days or more amounted | 82 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 109 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 82 | 0 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 82 | 109 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 447,190 | 418,347 |
Commercial and Industrial Loans [Member] | ||
Loans | 113,074 | 111,225 |
Non-accrual loans | 6,230 | 1,085 |
Accruing loans past due 90 days or more amounted | 197 | 0 |
Commercial and Industrial Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 252 | 31 |
Commercial and Industrial Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 316 | 130 |
Commercial and Industrial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 197 | 1,085 |
Commercial and Industrial Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 765 | 1,246 |
Commercial and Industrial Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 112,309 | 109,979 |
Consumer and Other Loans [Member] | ||
Loans | 12,035 | 7,581 |
Non-accrual loans | 0 | 0 |
Accruing loans past due 90 days or more amounted | 0 | 0 |
Consumer and Other Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 33 | 26 |
Consumer and Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 25 |
Consumer and Other Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer and Other Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 33 | 51 |
Consumer and Other Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 12,002 | $ 7,530 |
Note 3 - Loans - Acquired Loans
Note 3 - Loans - Acquired Loans in Business Combinations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 969,430 | $ 920,523 |
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 957,456 | 913,077 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Loans | 52,680 | 51,840 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Loans | 344,369 | 331,421 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Loans | 447,272 | 418,456 |
Commercial and Industrial Loans [Member] | ||
Loans | 113,074 | 111,225 |
Consumer and Other Loans [Member] | ||
Loans | 12,035 | 7,581 |
Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans | 164,028 | 187,017 |
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 162,085 | 184,480 |
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 7,851 | 9,823 |
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 36,290 | 42,915 |
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 94,882 | 103,521 |
Financial Asset Acquired and No Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | ||
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | 19,611 | 24,661 |
Financial Asset Acquired and No Credit Deterioration [Member] | Consumer and Other Loans [Member] | ||
Loans, net of allowance for credit losses, 2023, $11,974, 2022, $7,446 | $ 3,451 | $ 3,560 |
Note 3 - Loans - Analysis of th
Note 3 - Loans - Analysis of the Credit Risk Profile of Each Loan Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 969,430 | $ 920,523 |
Current period gross write-offs, total | 3,993 | 529 |
Pass [Member] | ||
Loans | 915,590 | |
Special Mention [Member] | ||
Loans | 1,959 | |
Substandard [Member] | ||
Loans | 2,974 | |
Doubtful [Member] | ||
Loans | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Loans, current year | 2,477 | |
Loans, one year before | 2,925 | |
Loans, two years before | 4,350 | |
Loans, three years before | 3,450 | |
Loans, four years before | 2,085 | |
Loans, prior | 2,897 | |
Loans, revolving | 34,496 | |
Loans | 52,680 | 51,840 |
Current period gross write-offs, current year | 0 | |
Current period gross write-offs. one year before | 0 | |
Current period gross write-offs, two years before | 0 | |
Current period gross write-offs, three years before | 0 | |
Current period gross write-offs, four years before | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 0 | 0 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Pass [Member] | ||
Loans, current year | 2,477 | |
Loans, one year before | 2,925 | |
Loans, two years before | 4,350 | |
Loans, three years before | 3,450 | |
Loans, four years before | 2,085 | |
Loans, prior | 2,859 | |
Loans, revolving | 34,496 | |
Loans | 52,642 | 50,795 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 38 | |
Loans, revolving | 0 | |
Loans | 38 | 1,045 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Loans, current year | 43,029 | |
Loans, one year before | 77,294 | |
Loans, two years before | 64,082 | |
Loans, three years before | 41,192 | |
Loans, four years before | 31,509 | |
Loans, prior | 76,960 | |
Loans, revolving | 10,303 | |
Loans | 344,369 | 331,421 |
Current period gross write-offs, current year | 0 | |
Current period gross write-offs. one year before | 59 | |
Current period gross write-offs, two years before | 0 | |
Current period gross write-offs, three years before | 0 | |
Current period gross write-offs, four years before | 0 | |
Current period gross write-offs, prior | 0 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 59 | 6 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Pass [Member] | ||
Loans, current year | 43,029 | |
Loans, one year before | 77,196 | |
Loans, two years before | 64,063 | |
Loans, three years before | 41,192 | |
Loans, four years before | 31,509 | |
Loans, prior | 76,295 | |
Loans, revolving | 10,303 | |
Loans | 343,587 | 330,590 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 98 | |
Loans, two years before | 19 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 665 | |
Loans, revolving | 0 | |
Loans | 782 | 831 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Loans, current year | 51,560 | |
Loans, one year before | 94,666 | |
Loans, two years before | 90,089 | |
Loans, three years before | 41,186 | |
Loans, four years before | 36,747 | |
Loans, prior | 122,755 | |
Loans, revolving | 10,269 | |
Loans | 447,272 | 418,456 |
Current period gross write-offs, current year | 0 | |
Current period gross write-offs. one year before | 0 | |
Current period gross write-offs, two years before | 0 | |
Current period gross write-offs, three years before | 0 | |
Current period gross write-offs, four years before | 0 | |
Current period gross write-offs, prior | 34 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 34 | 0 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Pass [Member] | ||
Loans, current year | 51,560 | |
Loans, one year before | 94,666 | |
Loans, two years before | 90,089 | |
Loans, three years before | 41,186 | |
Loans, four years before | 36,747 | |
Loans, prior | 122,755 | |
Loans, revolving | 10,269 | |
Loans | 447,272 | 416,559 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 1,884 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 13 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Commercial and Industrial Loans [Member] | ||
Loans, current year | 22,144 | |
Loans, one year before | 30,512 | |
Loans, two years before | 21,805 | |
Loans, three years before | 4,102 | |
Loans, four years before | 4,615 | |
Loans, prior | 9,071 | |
Loans, revolving | 20,825 | |
Loans | 113,074 | 111,225 |
Current period gross write-offs, current year | 315 | |
Current period gross write-offs. one year before | 1,121 | |
Current period gross write-offs, two years before | 1,139 | |
Current period gross write-offs, three years before | 624 | |
Current period gross write-offs, four years before | 0 | |
Current period gross write-offs, prior | 253 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 3,452 | 32 |
Commercial and Industrial Loans [Member] | Pass [Member] | ||
Loans, current year | 22,086 | |
Loans, one year before | 26,755 | |
Loans, two years before | 20,352 | |
Loans, three years before | 4,102 | |
Loans, four years before | 4,448 | |
Loans, prior | 8,276 | |
Loans, revolving | 20,825 | |
Loans | 106,844 | 110,065 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 75 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ||
Loans, current year | 58 | |
Loans, one year before | 3,757 | |
Loans, two years before | 1,453 | |
Loans, three years before | 0 | |
Loans, four years before | 167 | |
Loans, prior | 795 | |
Loans, revolving | 0 | |
Loans | 6,230 | 1,085 |
Commercial and Industrial Loans [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Consumer and Other Loans [Member] | ||
Loans, current year | 3,021 | |
Loans, one year before | 1,203 | |
Loans, two years before | 311 | |
Loans, three years before | 1,471 | |
Loans, four years before | 2,172 | |
Loans, prior | 14 | |
Loans, revolving | 3,843 | |
Loans | 12,035 | 7,581 |
Current period gross write-offs, current year | 366 | |
Current period gross write-offs. one year before | 57 | |
Current period gross write-offs, two years before | 4 | |
Current period gross write-offs, three years before | 15 | |
Current period gross write-offs, four years before | 3 | |
Current period gross write-offs, prior | 3 | |
Current period gross write-offs, revolving | 0 | |
Current period gross write-offs, total | 448 | 491 |
Consumer and Other Loans [Member] | Pass [Member] | ||
Loans, current year | 3,021 | |
Loans, one year before | 1,203 | |
Loans, two years before | 311 | |
Loans, three years before | 1,471 | |
Loans, four years before | 2,172 | |
Loans, prior | 14 | |
Loans, revolving | 3,843 | |
Loans | 12,035 | 7,581 |
Consumer and Other Loans [Member] | Special Mention [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Consumer and Other Loans [Member] | Substandard [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | 0 | 0 |
Consumer and Other Loans [Member] | Doubtful [Member] | ||
Loans, current year | 0 | |
Loans, one year before | 0 | |
Loans, two years before | 0 | |
Loans, three years before | 0 | |
Loans, four years before | 0 | |
Loans, prior | 0 | |
Loans, revolving | 0 | |
Loans | $ 0 | $ 0 |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses (Details Textual) Pure in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | |
Financing Receivable, Modified, Accumulated | $ 0 | $ 101 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Financing Receivable, Modified, Subsequent Default | $ 0 | ||
Financing Receivable Non-accrual Loans Excluded from Impaired Loan Disclosure | 0 | 0 | |
Financing Receivable, Nonaccrual, Interest Income | 223 | $ 177 | |
Off-Balance-Sheet, Credit Loss, Liability | $ 0 | ||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 260 | ||
Other Liabilities [Member] | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 413 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 153 |
Note 4 - Allowance for Credit_4
Note 4 - Allowance for Credit Losses - Allowance by Impairment Methodology and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 7,446 | $ 5,710 |
Charge-offs | (3,993) | (529) |
Recoveries | 418 | 415 |
Financing Receivable, Credit Loss, Expense (Reversal) | 5,917 | 1,850 |
Balance | 11,974 | 7,446 |
Individually evaluated | 2,705 | 888 |
Collectively evaluated | 9,269 | 6,558 |
Loans | 969,430 | 920,523 |
Individually evaluated | 6,763 | 2,673 |
Collectively evaluated | 962,667 | 917,850 |
Accounting Standards Update 2016-13 [Member] | ||
Financing Receivable, Credit Loss, Expense (Reversal) | 107 | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 2,186 | |
Balance | 2,186 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Balance | 546 | 345 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 10 |
Financing Receivable, Credit Loss, Expense (Reversal) | 79 | 191 |
Balance | 312 | 546 |
Individually evaluated | 0 | 0 |
Collectively evaluated | 312 | 546 |
Loans | 52,680 | 51,840 |
Individually evaluated | 38 | 1,045 |
Collectively evaluated | 52,642 | 50,795 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | (313) | |
Balance | (313) | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Balance | 1,108 | 1,077 |
Charge-offs | (59) | (6) |
Recoveries | 47 | 19 |
Financing Receivable, Credit Loss, Expense (Reversal) | 654 | 18 |
Balance | 3,159 | 1,108 |
Individually evaluated | 0 | 0 |
Collectively evaluated | 3,159 | 1,108 |
Loans | 344,369 | 331,421 |
Individually evaluated | 495 | 530 |
Collectively evaluated | 343,874 | 330,891 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 1,409 | |
Balance | 1,409 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Balance | 3,609 | 3,230 |
Charge-offs | (34) | 0 |
Recoveries | 14 | 15 |
Financing Receivable, Credit Loss, Expense (Reversal) | (593) | 364 |
Balance | 4,698 | 3,609 |
Individually evaluated | 0 | 0 |
Collectively evaluated | 4,698 | 3,609 |
Loans | 447,272 | 418,456 |
Individually evaluated | 0 | 13 |
Collectively evaluated | 447,272 | 418,443 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 1,702 | |
Balance | 1,702 | |
Commercial and Industrial Loans [Member] | ||
Balance | 1,874 | 718 |
Charge-offs | (3,452) | (32) |
Recoveries | 145 | 145 |
Financing Receivable, Credit Loss, Expense (Reversal) | 5,526 | 1,043 |
Balance | 3,706 | 1,874 |
Individually evaluated | 2,705 | 888 |
Collectively evaluated | 1,001 | 986 |
Loans | 113,074 | 111,225 |
Individually evaluated | 6,230 | 1,085 |
Collectively evaluated | 106,844 | 110,140 |
Commercial and Industrial Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | (387) | |
Balance | (387) | |
Consumer and Other Loans [Member] | ||
Balance | 309 | 340 |
Charge-offs | (448) | (491) |
Recoveries | 212 | 226 |
Financing Receivable, Credit Loss, Expense (Reversal) | 251 | 234 |
Balance | 99 | 309 |
Individually evaluated | 0 | 0 |
Collectively evaluated | 99 | 309 |
Loans | 12,035 | 7,581 |
Individually evaluated | 0 | 0 |
Collectively evaluated | 12,035 | 7,581 |
Consumer and Other Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ (225) | |
Balance | $ (225) |
Note 4 - Allowance for Credit_5
Note 4 - Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual, No Allowance | $ 533 | |
Nonaccrual, With Allowance | 6,230 | |
Non-accrual loans | 6,763 | $ 2,673 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Nonaccrual, No Allowance | 38 | |
Nonaccrual, With Allowance | 0 | |
Non-accrual loans | 38 | 1,045 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Nonaccrual, No Allowance | 495 | |
Nonaccrual, With Allowance | 0 | |
Non-accrual loans | 495 | 530 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 0 | |
Non-accrual loans | 0 | 13 |
Commercial and Industrial Loans [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 6,230 | |
Non-accrual loans | $ 6,230 | $ 1,085 |
Note 4 - Allowance for Credit_6
Note 4 - Allowance for Credit Losses - Impaired Loans and Related Allowances (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Impaired loans, unpaid principal balance | $ 4,202 |
Impaired loans, recorded investment with no allowance | 1,588 |
Impaired loans, recorded investment with allowance | 1,085 |
Impaired loans, total recorded investment | 2,673 |
Impaired loans, related allowance | 888 |
Impaired loans, average recorded investment | 1,282 |
Impaired loans, interest income recognized | 126 |
Real Estate 1 [Member] | Construction and Land Development [Member] | |
Impaired loans, unpaid principal balance | 2,412 |
Impaired loans, recorded investment with no allowance | 1,045 |
Impaired loans, recorded investment with allowance | 0 |
Impaired loans, total recorded investment | 1,045 |
Impaired loans, related allowance | 0 |
Impaired loans, average recorded investment | 30 |
Impaired loans, interest income recognized | 75 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |
Impaired loans, unpaid principal balance | 680 |
Impaired loans, recorded investment with no allowance | 530 |
Impaired loans, recorded investment with allowance | 0 |
Impaired loans, total recorded investment | 530 |
Impaired loans, related allowance | 0 |
Impaired loans, average recorded investment | 580 |
Impaired loans, interest income recognized | 11 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |
Impaired loans, unpaid principal balance | 26 |
Impaired loans, recorded investment with no allowance | 13 |
Impaired loans, recorded investment with allowance | 0 |
Impaired loans, total recorded investment | 13 |
Impaired loans, related allowance | 0 |
Impaired loans, average recorded investment | 22 |
Impaired loans, interest income recognized | 0 |
Commercial and Industrial Loans [Member] | |
Impaired loans, unpaid principal balance | 1,084 |
Impaired loans, recorded investment with no allowance | 0 |
Impaired loans, recorded investment with allowance | 1,085 |
Impaired loans, total recorded investment | 1,085 |
Impaired loans, related allowance | 888 |
Impaired loans, average recorded investment | 650 |
Impaired loans, interest income recognized | $ 40 |
Note 4 - Allowance for Credit_7
Note 4 - Allowance for Credit Losses- Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 969,430 | $ 920,523 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Loans | 52,680 | 51,840 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Real Estate [Member] | ||
Loans | 38 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Non Real Estate [Member] | ||
Loans | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Collateral Pledged [Member] | ||
Loans | 38 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Loans | 344,369 | 331,421 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Real Estate [Member] | ||
Loans | 495 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Non Real Estate [Member] | ||
Loans | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Collateral Pledged [Member] | ||
Loans | 495 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Loans | 447,272 | $ 418,456 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Real Estate [Member] | ||
Loans | 533 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Non Real Estate [Member] | ||
Loans | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Collateral Pledged [Member] | ||
Loans | $ 533 |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Real Estate | $ 0 | $ 184 | $ 1,848 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | ||
Other Real Estate Owned, Expenses | 10 | 52 | |
Residential Real Estate Properties [Member] | |||
Other Real Estate | $ 0 | $ 0 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned - Changes in Balance for OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at the beginning of year, net | $ 184 | $ 1,848 |
Transfers from loans to other real estate owned | 0 | 0 |
Transfers from property and equipment to other real estate owned | 0 | 184 |
Acquired in merger | 0 | 0 |
Sales proceeds | (417) | (2,011) |
Gains (Losses) on Sales of Other Real Estate | 233 | 176 |
Balance, gross | 0 | 197 |
Less: valuation allowance | 0 | (13) |
Balance at the end of period, net | $ 0 | $ 184 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 1.6 | $ 1.5 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Gross | $ 35,756 | $ 34,302 |
Less accumulated depreciation | 13,614 | 12,426 |
Premises and equipment, net | 22,142 | 21,876 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 5,412 | 5,412 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | 21,145 | 20,801 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 8,237 | 8,081 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 962 | $ 8 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 28,800 | $ 18,800 |
Brokered Deposits | $ 3,900 | $ 556 |
Note 7 - Deposits - Scheduled M
Note 7 - Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 134,695 | |
2025 | 44,530 | |
2026 | 7,010 | |
2027 | 3,763 | |
2028 | 2,351 | |
Thereafter | 0 | |
Total time deposits | $ 192,349 | $ 136,849 |
Note 8 - Other Borrowings (Deta
Note 8 - Other Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 368,200 | $ 368,200 | $ 287,300 |
Percentage of Assets, Maximum Borrowing Capacity from FHLB | 16% | ||
Financing Receivable, before Allowance for Credit Loss | 969,430 | $ 969,430 | 920,523 |
Federal Home Loan Bank Stock | 965 | 965 | 796 |
Other Borrowings | 50,000 | 50,000 | 0 |
Letter of Credit [Member] | Asset Pledged as Collateral [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 397,400 | 397,400 | 286,600 |
Federal Home Loan Bank Stock | 965 | 965 | $ 796 |
Federal Home Loan Bank of Atlanta [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 247,700 | 247,700 | |
Unsecured Line of Credit [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 51,000 | 51,000 | |
Secured Line of Credit Through Federal Reserve Bank [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 69,500 | 69,500 | |
Bank Term Funding Program [Member] | Federal Reserve Bank Advances [Member] | |||
Proceeds from Short-Term Debt | 50,000 | ||
Short-Term Debt | $ 50,000 | $ 50,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.85% | 4.85% | |
Line of Credit [Member] | Unsecured Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | $ 5,000 | |
Long-term Line of Credit, Total | $ 0 | $ 0 | |
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Debt Instrument, Interest Rate Floor | 3.50% |
Note 9 - Subordinated Debt (Det
Note 9 - Subordinated Debt (Details Textual) - USD ($) $ in Thousands | Jun. 29, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | 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 | $ 3 | $ 5 | ||
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 10 - Junior Subordinated_2
Note 10 - Junior Subordinated Debt (Details Textual) - USD ($) $ in Millions | Jul. 31, 2006 | Jun. 17, 2004 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
First National (VA) Statutory Trust II [Member] | |||||
Proceeds from Issuance of Trust Preferred Securities | $ 5 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.64% | 7.34% | |||
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 | 5.59% | 5.34% | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 4.1 |
Note 11 - Income Taxes - Net De
Note 11 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 2,624 | $ 1,564 |
Acquisition accounting adjustments, net | 420 | 570 |
Post-retirement benefits | 214 | 188 |
Core deposit intangible | 232 | 270 |
Unvested stock-based compensation | 87 | 81 |
Reserve for letter of credit losses | 44 | 88 |
Limited partnership investments | 39 | 39 |
Lease liability | 69 | 113 |
Unrealized loss on securities available for sale | 5,495 | 6,536 |
NOL carryover - acquired from Fincastle | 1,337 | 1,434 |
Loan origination fees, net | 241 | 176 |
Total deferred tax assets | 10,802 | 11,059 |
Depreciation | 638 | 701 |
Right of use asset | 69 | 112 |
Other real estate owned | 0 | 29 |
Cash flow hedges | 523 | 563 |
Total deferred tax liabilities | 1,230 | 1,405 |
Net deferred tax assets | $ 9,572 | $ 9,654 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current tax expense | $ 2,580 | $ 4,193 |
Deferred income tax expense (benefit) | (399) | (241) |
Income Tax Expense (Benefit) | $ 2,181 | $ 3,952 |
Note 11 - Income Taxes - Inco_2
Note 11 - Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Computed tax expense at statutory federal rate | $ 2,479 | $ 4,357 |
Other | 29 | 8 |
Tax-exempt interest and dividend income | (156) | (252) |
Income from bank owned life insurance | (171) | (161) |
Income Tax Expense (Benefit) | $ 2,181 | $ 3,952 |
Note 12 - Funds Restrictions _2
Note 12 - Funds Restrictions and Reserve Balance (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Aggregate Amount of Unrestricted Funds Transferred from Bank | $ 17,100 | |
Aggregate Amount of Daily Average Deposit | $ 0 | $ 0 |
Note 13 - Benefit Plans (Detail
Note 13 - Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | ||
Mar. 15, 2019 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 1% | ||
Defined Contribution Plan, Employer Matching Contribution for Employee's Contribution Between Two and Six Percent, Percent of Match | 50% | ||
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 | $ 1,200 | $ 1,200 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Contribution Plan, Cost | 126 | 151 | |
Defined Contribution Plan, Number of Employees | 3 | ||
Defined Contribution Plan, Retirement Benefits Payable, Number of Monthly Payments | 180 | ||
Liability, Retirement and Postemployment Benefits | $ 1,000 | $ 894 | |
Minimum [Member] | |||
Defined Contribution Plan, Stated Percentage of Employees Contribution | 2% | ||
Maximum [Member] | |||
Defined Contribution Plan, Stated Percentage of Employees Contribution | 6% |
Note 14 - Earnings Per Common_3
Note 14 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 9,624 | $ 16,797 |
Weighted average shares outstanding – basic (in shares) | 6,265,394 | 6,252,369 |
Potentially dilutive common shares – restricted stock units (in shares) | 13,711 | 6,988 |
Weighted average shares outstanding – diluted (in shares) | 6,279,105 | 6,259,357 |
Basic (in dollars per share) | $ 1.54 | $ 2.69 |
Diluted (in dollars per share) | $ 1.53 | $ 2.68 |
Note 15 - Commitments and Unf_3
Note 15 - Commitments and Unfunded Credits (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Amount of Locked Rate Commitments for Mortgage Loans | $ 1.2 |
Access Deposit in Other Commercial Banks | $ 1.8 |
Note 15 - Commitments and Unf_4
Note 15 - Commitments and Unfunded Credits - Financial Instruments Representing Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Contract amounts represent credit risk | $ 194,242 | $ 158,297 |
Standby Letters of Credit [Member] | ||
Contract amounts represent credit risk | $ 11,615 | $ 17,950 |
Note 16 - Transactions with R_2
Note 16 - Transactions with Related Parties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties | $ 1,100 | $ 1,100 |
Loans and Leases Receivable, Related Parties, Additions | 133 | |
Loans and Leases Receivable, Related Parties, Proceeds | 135 | |
Deposit Related Party | $ 40,500 | $ 27,500 |
Note 17 - Lease Commitments (De
Note 17 - Lease Commitments (Details Textual) | Dec. 31, 2023 |
Number of Leases | 8 |
Leases With Option to Extend the Lease [Member] | |
Number of Leases | 6 |
Note 17 - Lease Commitments - O
Note 17 - Lease Commitments - Operating Lease Right-of-use Asset and Operating Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Member] | ||
Operating lease right-of-use asset | $ 328 | $ 535 |
Accrued Interest Payable and Other Liabilities [Member] | ||
Operating lease liability | $ 330 | $ 537 |
Note 17 - Lease Commitments - S
Note 17 - Lease Commitments - Schedule of Lease Cost and Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Weighted average remaining lease term, in years (Year) | 1 year 8 months 12 days | 2 years 6 months | |
Weighted average discount rate | 3.69% | 3.51% | |
Operating lease expense | $ 257 | $ 247 | |
Short-term lease expense | 26 | 33 | |
Total lease expense (1) | [1] | 283 | 280 |
Cash paid for amounts included in lease liability | 240 | 249 | |
Right of use assets obtained in exchange for operating lease liabilities commencing during the period | $ 20 | $ 491 | |
[1]Included in occupancy expense in the Company's consolidated statements of income. |
Note 17 - Lease Commitments -_2
Note 17 - Lease Commitments - Schedule of Undiscounted Cash Flows that Contribute to the Operating Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Twelve months ending December 31, 2024 | $ 223 | |
Twelve months ending December 31, 2025 | 99 | |
Twelve months ending December 31, 2026 | 19 | |
Twelve months ending December 31, 2027 | 0 | |
Twelve months ending December 31, 2028 | 0 | |
Total undiscounted cash flows | 341 | |
Less: discount | (11) | |
Accrued Interest Payable and Other Liabilities [Member] | ||
Operating lease liability | $ 330 | $ 537 |
Note 18 - Dividend Reinvestme_2
Note 18 - Dividend Reinvestment Plan (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Quoted Prices Preceding Dividend Payment Date Period (Day) | 10 days | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 9,214 | 10,384 |
Note 19 - Fair Value Measurem_3
Note 19 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans Held for Sale [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Adjustment | $ 0 | $ 0 |
Note 19 - Fair Value Measurem_4
Note 19 - Fair Value Measurements - Balances of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Fair value, available for sale securities | $ 152,857 | $ 162,907 | $ 74,400 |
Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 152,857 | 162,907 | |
Derivatives - cash flow hedges | 2,488 | 2,679 | |
Assets, Fair Value | 155,345 | 165,586 | |
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 | 152,857 | 162,907 | |
Derivatives - cash flow hedges | 2,488 | 2,679 | |
Assets, Fair Value | 155,345 | 165,586 | |
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 | 11,450 | 11,229 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 11,450 | 11,229 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 11,450 | 11,229 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | |||
Fair value, available for sale securities | 84,800 | 96,918 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 84,800 | 96,918 | |
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 | 84,800 | 96,918 | |
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 | 56,607 | 54,760 | |
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 | 56,607 | 54,760 | |
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 | 0 | ||
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 | 0 | ||
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | $ 0 |
Note 19 - Fair Value Measurem_5
Note 19 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral Dependent Loans [Member] | ||
Assets, Fair Value | $ 533 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 533 | |
Other Real Estate Owned [Member] | ||
Assets, Fair Value | $ 184 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | 184 | |
Impaired Loans [Member] | ||
Assets, Fair Value | 197 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 197 |
Note 19 - Fair Value Measurem_6
Note 19 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Collateral Dependent Loans [Member] | |||
Assets, Fair Value | $ 533 | ||
Other Real Estate Owned [Member] | |||
Assets, Fair Value | $ 184 | ||
Impaired Loans [Member] | |||
Assets, Fair Value | $ 197 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Impaired loans, net | 1.97 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Cost to Sell [Member] | |||
Other real estate owned | [1] | 0.10 | |
Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | |||
Assets, Fair Value | $ 533 | ||
Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Measurement Input, Discount Rate [Member] | |||
Collateral dependent loans | 0.10 | ||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | |||
Assets, Fair Value | $ 184 | ||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Valuation Technique, Property Appraisals [Member] | |||
Assets, Fair Value | 184 | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | |||
Assets, Fair Value | $ 197 | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Measurement Input, Cost to Sell [Member] | |||
Impaired loans, net | 0.065 | ||
[1]Unobservable inputs were weighted by the relative fair value of the instruments. |
Note 19 - Fair Value Measurem_7
Note 19 - Fair Value Measurements - Carrying Values and Estimated Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Fair value, available for sale securities | $ 152,857 | $ 162,907 | $ 74,400 |
Restricted securities | 2,078 | 1,908 | |
Bank owned life insurance | 24,902 | 24,531 | |
Reported Value Measurement [Member] | |||
Cash and short-term investments | 87,161 | 66,914 | |
Fair value, available for sale securities | 152,857 | 162,907 | |
Securities held to maturity, net | 148,244 | 153,158 | |
Restricted securities | 2,078 | 1,908 | |
Loans, net | 957,456 | 913,077 | |
Bank owned life insurance | 24,902 | 24,531 | |
Accrued interest receivable | 4,655 | 4,543 | |
Derivatives - cash flow hedges | 2,488 | 2,679 | |
Deposits | 1,233,726 | 1,241,332 | |
Subordinated debt | 4,997 | 4,995 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable | 764 | 163 | |
Reported Value Measurement [Member] | Federal Reserve Bank Advances [Member] | |||
FRB borrowings | 50,000 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and short-term investments | 87,161 | 66,914 | |
Fair value, available for sale securities | 152,857 | 162,907 | |
Securities held to maturity, net | 137,507 | 141,797 | |
Restricted securities | 2,078 | 1,908 | |
Loans, net | 919,266 | 880,473 | |
Bank owned life insurance | 24,902 | 24,531 | |
Accrued interest receivable | 4,655 | 4,543 | |
Derivatives - cash flow hedges | 2,488 | 2,679 | |
Deposits | 1,230,731 | 1,235,787 | |
Subordinated debt | 5,412 | 5,267 | |
Junior subordinated debt | 8,493 | 6,067 | |
Accrued interest payable | 764 | 163 | |
Estimate of Fair Value Measurement [Member] | Federal Reserve Bank Advances [Member] | |||
FRB borrowings | 49,987 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and short-term investments | 87,161 | 66,914 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity, net | 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 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Federal Reserve Bank Advances [Member] | |||
FRB borrowings | 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 | 152,857 | 162,907 | |
Securities held to maturity, net | 137,507 | 141,797 | |
Restricted securities | 2,078 | 1,908 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 24,902 | 24,531 | |
Accrued interest receivable | 4,655 | 4,543 | |
Derivatives - cash flow hedges | 2,488 | 2,679 | |
Deposits | 1,041,377 | 1,104,483 | |
Subordinated debt | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 764 | 163 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Federal Reserve Bank Advances [Member] | |||
FRB borrowings | 0 | ||
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, net | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 919,266 | 880,473 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 189,354 | 131,304 | |
Subordinated debt | 5,412 | 5,267 | |
Junior subordinated debt | 8,493 | 6,067 | |
Accrued interest payable | 0 | $ 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Reserve Bank Advances [Member] | |||
FRB borrowings | $ 49,987 |
Note 20 - Regulatory Matters (D
Note 20 - Regulatory Matters (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | |
Capital Conservation Buffer Percentage, Maintained at Bank | 6.60% | 6.76% |
Note 20 - Regulatory Matters -
Note 20 - Regulatory Matters - Comparison of Capital of Company and Bank with Minimum Regulatory Guidelines (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Total Capital (to Risk-Weighted Assets), actual amount | $ 142,334 | $ 139,549 |
Total Capital (to Risk-Weighted Assets), actual ratio | 0.1405 | 0.146 |
Total Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 81,027 | $ 76,462 |
Total Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 0.08 | 0.08 |
Total Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 101,284 | $ 95,578 |
Total Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 0.10 | 0.10 |
Tier 1 Capital (to Risk-Weighted Assets), actual amount | $ 129,840 | $ 132,103 |
Tier 1 Capital (to Risk-Weighted Assets), actual ratio | 0.1282 | 0.1382 |
Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 60,771 | $ 57,347 |
Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 0.06 | 0.06 |
Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 81,027 | $ 76,462 |
Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 0.08 | 0.08 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), actual amount | $ 129,840 | $ 132,103 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), actual ratio | 0.1282 | 0.1382 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 45,578 | $ 43,010 |
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 | $ 65,835 | $ 62,126 |
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 | $ 129,840 | $ 132,103 |
Tier 1 Capital (to Average Assets), actual ratio | 0.0931 | 0.0936 |
Tier 1 Capital (to Average Assets), minimum capital requirement amount | $ 55,797 | $ 55,228 |
Tier 1 Capital (to Average Assets), minimum capital requirement ratio | 0.04 | 0.04 |
Tier 1 Capital (to Average Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 69,746 | $ 69,035 |
Tier 1 Capital (to Average Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 0.05 | 0.05 |
Note 21 - Accumulated Other C_3
Note 21 - Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 108,360 | $ 117,039 |
Unrealized holding gains losses | 2,621 | (20,033) |
Unrealized holding losses on securities transferred from available for sale to held to maturity (net of tax ($1,638)) | 0 | (6,160) |
Reclassification adjustment for losses included in net income, net of tax $0 and $421, respectively | 0 | 1,583 |
Change in fair value | (151) | 1,373 |
Total other comprehensive income (loss) | 3,765 | (22,769) |
Balance | 116,271 | 108,360 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Balance | (24,587) | (445) |
Unrealized holding gains losses | 2,621 | (20,033) |
Unrealized holding losses on securities transferred from available for sale to held to maturity (net of tax ($1,638)) | (6,160) | |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 1,295 | 468 |
Reclassification adjustment for losses included in net income, net of tax $0 and $421, respectively | 1,583 | |
Change in fair value | 0 | 0 |
Total other comprehensive income (loss) | 3,916 | (24,142) |
Balance | (20,671) | (24,587) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 2,116 | 743 |
Unrealized holding gains losses | 0 | 0 |
Unrealized holding losses on securities transferred from available for sale to held to maturity (net of tax ($1,638)) | 0 | |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 0 | 0 |
Reclassification adjustment for losses included in net income, net of tax $0 and $421, respectively | 0 | |
Change in fair value | (151) | 1,373 |
Total other comprehensive income (loss) | (151) | 1,373 |
Balance | 1,965 | 2,116 |
AOCI Attributable to Parent [Member] | ||
Balance | (22,471) | 298 |
Unrealized holding gains losses | 2,621 | (20,033) |
Unrealized holding losses on securities transferred from available for sale to held to maturity (net of tax ($1,638)) | (6,160) | |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 1,295 | 468 |
Reclassification adjustment for losses included in net income, net of tax $0 and $421, respectively | 1,583 | |
Change in fair value | (151) | 1,373 |
Total other comprehensive income (loss) | 3,765 | (22,769) |
Balance | $ (18,706) | $ (22,471) |
Note 21 - Accumulated Other C_4
Note 21 - Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized holding gains losses, tax | $ 697 | $ (5,327) |
Unrealized holding losses on securities transferred from available for sale to held to maturity, tax | 0 | (1,638) |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, Tax | 344 | 125 |
Reclassification adjustment, tax | 0 | 421 |
Change in fair value of cash flow hedges, tax | $ (40) | $ 365 |
Note 21 - Accumulated Other C_5
Note 21 - Accumulated Other Comprehensive Income (Loss) - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allocated income tax benefit | $ 2,181 | $ 3,952 |
Net income | 9,624 | 16,797 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net securities losses reclassified into earnings | 0 | 2,004 |
Allocated income tax benefit | 0 | (421) |
Net income | $ 0 | $ 1,583 |
Note 22 - Stock Compensation _3
Note 22 - Stock Compensation Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 08, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 10, 2023 | |
Board of Directors [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 402 | $ 481 | ||
Common Stock [Member] | Board of Directors [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,700 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,727 | 23,727 | ||
Share-Based Payment Arrangement, Expense | $ 351 | $ 304 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 351 | |||
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) | 4,580 | |||
Restricted Stock Units (RSUs) [Member] | Vesting After One Year [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,575 | |||
Restricted Stock Units (RSUs) [Member] | Vesting After Two Years [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,572 | |||
First National Corporation 2023 Stock Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 325,000 | |||
Employee Stock Ownership Plan [Member] | Common Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 21,302 |
Note 22 - Stock Compensation _4
Note 22 - Stock Compensation Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Feb. 08, 2023 | Dec. 31, 2023 | |
Unvested, beginning of year (in shares) | 29,181 | |
Unvested, beginning of year, weighted average grant date fair value (in dollars per share) | $ 20.31 | |
Granted, shares (in shares) | 13,727 | 23,727 |
Granted, weighted average grant date fair value (in dollars per share) | $ 16.56 | |
Vested, shares (in shares) | (11,401) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 19.2 | |
Forfeited, shares (in shares) | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | |
Unvested, end of period (in shares) | 41,507 | |
Unvested, end of period, weighted average grant date fair value (in dollars per share) | $ 18.47 |
Note 23 - Revenue Recognition_2
Note 23 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gains (Losses) on Sales of Other Real Estate | $ 233 | $ 176 |
Note 23 - Revenue Recognition -
Note 23 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest income | $ 10,238 | $ 10,069 |
Noninterest income (out-of-scope of Topic 606) | 1,546 | 2,552 |
Total noninterest income | 11,784 | 12,621 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income | 2,780 | 2,677 |
ATM and Check Card Fees [Member] | ||
Noninterest income | 3,449 | 3,300 |
Wealth Management Fees [Member] | ||
Noninterest income | 3,120 | 3,008 |
Mortgage Banking [Member] | ||
Noninterest income | 119 | 245 |
Fees for Other Customer Services [Member] | ||
Noninterest income | $ 770 | $ 839 |
Note 24 - Derivative Financia_3
Note 24 - Derivative Financial Instruments (Details Textual) $ in Millions | Apr. 21, 2020 USD ($) |
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 24 - Derivative Financia_4
Note 24 - Derivative Financial Instruments - Derivative Instruments Components (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Notional amount | $ 9,000 | $ 9,000 | |
Derivative Assets | 2,488 | 2,679 | |
Derivative liabilities | 0 | 0 | |
Interest rate swap contracts | [1] | $ 0 | $ 0 |
[1]Collateral pledged may be comprised of cash or securities. |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) - USD ($) $ in Thousands, shares in Millions | Mar. 25, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | $ 1,419,295 | $ 1,369,383 | |
Financing Receivable, before Allowance for Credit Loss | 969,430 | 920,523 | |
Deposits | 1,233,726 | $ 1,241,332 | |
Touchstone Bankshares, Inc [Member] | |||
Assets | 658,700 | ||
Financing Receivable, before Allowance for Credit Loss | 508,800 | ||
Deposits | $ 542,200 | ||
Touchstone Bankshares, Inc [Member] | Subsequent Event [Member] | |||
Business Combination, Consideration Transferred | $ 47,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 2.7 |
Note 27 - Parent Company Only_3
Note 27 - Parent Company Only Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash | $ 17,194 | $ 20,784 | |
Other assets | 16,653 | 17,119 | |
Total assets | 1,419,295 | 1,369,383 | |
Subordinated debt | 4,997 | 4,995 | |
Junior subordinated debt | 9,279 | 9,279 | |
Total liabilities | 1,303,024 | 1,261,023 | |
Preferred stock | 0 | 0 | |
Common stock | 7,829 | 7,831 | |
Surplus | 32,950 | 32,716 | |
Retained earnings | 94,198 | 90,284 | |
Accumulated other comprehensive (loss), net | (18,706) | (22,471) | |
Total shareholders’ equity | 116,271 | 108,360 | $ 117,039 |
Total liabilities and shareholders’ equity | 1,419,295 | 1,369,383 | |
Parent Company [Member] | |||
Cash | 15,572 | 9,501 | |
Investment in subsidiaries, at cost, plus undistributed net income | 112,317 | 110,682 | |
Other assets | 3,193 | 3,024 | |
Total assets | 131,082 | 123,207 | |
Subordinated debt | 4,997 | 4,995 | |
Junior subordinated debt | 9,279 | 9,279 | |
Other liabilities | 535 | 573 | |
Total liabilities | 14,811 | 14,847 | |
Preferred stock | 0 | 0 | |
Common stock | 7,829 | 7,831 | |
Surplus | 32,950 | 32,716 | |
Retained earnings | 94,198 | 90,284 | |
Accumulated other comprehensive (loss), net | (18,706) | (22,471) | |
Total shareholders’ equity | 116,271 | 108,360 | |
Total liabilities and shareholders’ equity | $ 131,082 | $ 123,207 |
Note 27 - Parent Company Only_4
Note 27 - Parent Company Only Financial Statements - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest expense | $ 14,306 | $ 3,820 |
Supplies | 576 | 528 |
Legal and professional fees | 1,647 | 1,414 |
Data processing | 1,047 | 989 |
Allocated income tax benefit | 2,181 | 3,952 |
Net income | 9,624 | 16,797 |
Parent Company [Member] | ||
Dividends from subsidiary | 11,000 | 6,000 |
Total income | 11,000 | 6,000 |
Interest expense | 548 | 547 |
Supplies | 2 | 5 |
Legal and professional fees | 262 | 209 |
Data processing | 60 | 47 |
Management fee-subsidiary | 369 | 469 |
Other expense | 85 | 70 |
Total expense | 1,326 | 1,347 |
Income before allocated tax benefits and undistributed income of subsidiary | 9,674 | 4,653 |
Allocated income tax benefit | 278 | 283 |
Income before equity in undistributed income of subsidiary | 9,952 | 4,936 |
Equity in undistributed (loss) income of subsidiary | (328) | 11,861 |
Net income | $ 9,624 | $ 16,797 |
Note 27 - Parent Company Only_5
Note 27 - Parent Company Only Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 9,624 | $ 16,797 |
Stock-based compensation | 753 | 785 |
Amortization of debt issuance costs | 2 | 2 |
(Increase) decrease in other assets | (188) | (4,918) |
Increase (decrease) increase in other liabilities | (808) | 677 |
Net cash provided by operating activities | 16,390 | 26,772 |
Cash dividends paid on common stock, net of reinvestment | 3,596 | 3,308 |
Net cash (used in) financing activities | 38,202 | (15,724) |
Increase (decrease) in cash and cash equivalents | 20,247 | (109,092) |
Beginning | 66,914 | 176,006 |
Ending | 87,161 | 66,914 |
Parent Company [Member] | ||
Net income | 9,624 | 16,797 |
Equity in undistributed income of subsidiary | (328) | 11,861 |
Stock-based compensation | 753 | 785 |
Amortization of debt issuance costs | 2 | 2 |
(Increase) decrease in other assets | 360 | (4,969) |
Increase (decrease) increase in other liabilities | 2 | (3) |
Net cash provided by operating activities | 10,349 | 10,689 |
Redemption of subordinated debt, net of issuance costs | 0 | (5,000) |
Cash dividends paid on common stock, net of reinvestment | 3,597 | 3,308 |
Repurchase of common stock | 682 | 183 |
Net cash (used in) financing activities | (4,279) | (8,491) |
Increase (decrease) in cash and cash equivalents | 6,070 | 2,198 |
Beginning | 9,501 | 7,303 |
Ending | $ 15,571 | $ 9,501 |