Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 09, 2024 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-38874 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1232965 | |
Entity Address, Address Line One | 112 West King Street | |
Entity Address, City or Town | Strasburg | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22657 | |
City Area Code | 540 | |
Local Phone Number | 465-9121 | |
Title of 12(b) Security | Common stock, par value $1.25 per share | |
Trading Symbol | FXNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,280,406 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 16,729 | $ 17,194 |
Interest-bearing deposits in banks | 118,906 | 69,967 |
Cash and cash equivalents | 135,635 | 87,161 |
Securities available for sale, at fair value | 144,816 | 152,857 |
Securities held to maturity, at amortized cost (net of allowance for credit losses, 2024, $109; 2023, $107) | 123,497 | 148,244 |
Restricted securities, at cost | 2,112 | 2,078 |
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | 977,423 | 957,456 |
Premises and equipment, net | 22,205 | 22,142 |
Accrued interest receivable | 4,916 | 4,655 |
Bank owned life insurance | 24,802 | 24,902 |
Goodwill | 3,030 | 3,030 |
Core deposit intangibles, net | 108 | 117 |
Other assets | 18,984 | 16,653 |
Total assets | 1,457,528 | 1,419,295 |
Liabilities | ||
Noninterest-bearing demand deposits | 397,770 | 379,208 |
Savings and interest-bearing demand deposits | 665,208 | 662,169 |
Time deposits | 202,818 | 192,349 |
Total deposits | 1,265,796 | 1,233,726 |
Other borrowings | 50,000 | 50,000 |
Subordinated debt, net of issuance cost | 4,998 | 4,997 |
Junior subordinated debt | 9,279 | 9,279 |
Accrued interest payable and other liabilities | 7,564 | 5,022 |
Total liabilities | 1,337,637 | 1,303,024 |
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, 2024, 6,280,406 shares; 2023, 6,263,102 shares | 7,851 | 7,829 |
Surplus | 33,116 | 32,950 |
Retained earnings | 97,966 | 94,198 |
Accumulated other comprehensive loss, net | (19,042) | (18,706) |
Total shareholders’ equity | 119,891 | 116,271 |
Total liabilities and shareholders’ equity | $ 1,457,528 | $ 1,419,295 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Held-to-Maturity, Allowance for Credit Loss | $ 109 | $ 107 |
Allowance for Credit Loss | $ 12,553 | $ 11,974 |
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) | 6,280,406 | 6,263,102 |
Common stock, shares outstanding (in shares) | 6,280,406 | 6,263,102 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and Dividend Income | ||||
Interest and fees on loans | $ 14,004 | $ 11,886 | $ 27,488 | $ 23,398 |
Interest on deposits in banks | 1,579 | 759 | 2,867 | 1,103 |
Interest and dividends on securities: | ||||
Taxable interest | 1,134 | 1,306 | 2,358 | 2,645 |
Tax-exempt interest | 306 | 307 | 611 | 613 |
Dividends | 32 | 28 | 65 | 55 |
Total interest and dividend income | 17,055 | 14,286 | 33,389 | 27,814 |
Interest Expense | ||||
Interest on deposits | 4,820 | 3,402 | 9,591 | 5,618 |
Interest on subordinated debt | 69 | 69 | 138 | 138 |
Interest on junior subordinated debt | 66 | 67 | 134 | 134 |
Interest on other borrowings | 606 | 3 | 1,182 | 3 |
Total interest expense | 5,561 | 3,541 | 11,045 | 5,893 |
Net interest income | 11,494 | 10,745 | 22,344 | 21,921 |
Provision for credit losses | 400 | 100 | 1,400 | 100 |
Net interest income after provision for credit losses | 11,094 | 10,645 | 20,944 | 21,821 |
Noninterest Income | ||||
Noninterest income | 2,510 | 2,535 | 5,050 | 4,953 |
Income from bank owned life insurance | 149 | 135 | 300 | 284 |
Other operating income | 27 | 214 | 1,383 | 425 |
Total noninterest income | 2,686 | 2,884 | 6,733 | 5,662 |
Noninterest Expense | ||||
Salaries and employee benefits | 5,839 | 5,189 | 11,710 | 10,535 |
Occupancy | 548 | 524 | 1,083 | 1,052 |
Equipment | 691 | 571 | 1,282 | 1,158 |
Marketing | 273 | 248 | 468 | 516 |
Supplies | 115 | 147 | 231 | 295 |
Legal and professional fees | 1,124 | 422 | 1,576 | 765 |
ATM and check card expense | 368 | 425 | 729 | 825 |
FDIC assessment | 203 | 212 | 380 | 318 |
Bank franchise tax | 261 | 262 | 523 | 516 |
Data processing expense | 163 | 252 | 409 | 454 |
Amortization expense | 5 | 4 | 9 | 9 |
Other real estate owned (income), net | 0 | (219) | 0 | (216) |
Net losses (gains) on disposal of premises and equipment | 0 | 0 | 49 | (2) |
Other operating expense | 1,069 | 1,121 | 2,097 | 2,133 |
Total noninterest expense | 10,659 | 9,158 | 20,546 | 18,358 |
Income before income taxes | 3,121 | 4,371 | 7,131 | 9,125 |
Income tax expense | 679 | 866 | 1,480 | 1,771 |
Net income | $ 2,442 | $ 3,505 | $ 5,651 | $ 7,354 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.39 | $ 0.56 | $ 0.9 | $ 1.17 |
Diluted (in dollars per share) | $ 0.39 | $ 0.56 | $ 0.9 | $ 1.17 |
Deposit Account [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 612 | $ 683 | $ 1,266 | $ 1,329 |
Credit and Debit Card [Member] | ||||
Noninterest Income | ||||
Noninterest income | 809 | 848 | 1,579 | 1,648 |
Asset Management [Member] | ||||
Noninterest Income | ||||
Noninterest income | 879 | 749 | 1,762 | 1,525 |
Financial Service, Other [Member] | ||||
Noninterest Income | ||||
Noninterest income | 178 | 220 | 373 | 416 |
Mortgage Banking [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 32 | $ 35 | $ 70 | $ 35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 2,442 | $ 3,505 | $ 5,651 | $ 7,354 |
Other comprehensive income (loss), net of tax, | ||||
Unrealized holding gains (losses) on available for sale securities, net of tax $56 and ($421) for the three months and ($274) and $155 for the six months ended June 30, 2024 and 2023, respectively | 211 | (1,579) | (1,035) | 583 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity, net of tax of $67 and $88 for the three months and $144 and $172 for the six months ended June 30, 2024 and 2023, respectively | 253 | 333 | 543 | 649 |
Change in fair value of cash flow hedges, net of tax $3 and $29 for the three months and $41 and ($31) for the six months ended June 30, 2024 and 2023, respectively | 11 | 103 | 156 | (120) |
Total other comprehensive (loss) | 475 | (1,143) | (336) | 1,112 |
Total comprehensive income | $ 2,917 | $ 2,362 | $ 5,315 | $ 8,466 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | $ 56 | $ (421) | $ (274) | $ 155 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity, tax | 67 | 88 | 144 | 172 |
Reclassification adjustment for losses included in net income, tax | $ 3 | $ 29 | $ 41 | $ (31) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash Flows from Operating Activities | |||||
Net income | $ 2,442 | $ 3,505 | $ 5,651 | $ 7,354 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization of premises and equipment | 846 | 795 | |||
Amortization of core deposit intangibles | 9 | 9 | |||
Amortization of debt issuance costs | 1 | 1 | |||
Provision for credit losses on loans | 1,424 | 45 | $ 5,917 | ||
Provision for credit losses on securities held to maturity | 2 | 11 | |||
(Recovery) provision for credit losses on unfunded commitments | (26) | 44 | |||
Net (gain) on sale of other real estate owned | 0 | (246) | |||
Increase in cash value of bank owned life insurance | (301) | (284) | |||
Accretion of discounts and amortization of premiums on securities, net | 441 | 507 | |||
Accretion of premium on time deposits | (32) | (48) | |||
Accretion of certain acquisition-related loan discounts, net | (191) | (303) | |||
Stock-based compensation | 202 | 407 | |||
Excess tax benefits on stock-based compensation | 1 | 4 | |||
Net losses (gains) on disposal of premises and equipment | 0 | 0 | 49 | (2) | |
Deferred income tax (benefit) expense | (53) | 274 | |||
Changes in assets and liabilities: | |||||
(Increase) decrease in interest receivable | (261) | 295 | |||
(Increase) in other assets | (1,993) | (108) | |||
Increase (decrease) in accrued interest payable and other liabilities | 2,567 | (893) | |||
Net cash provided by operating activities | 8,336 | 7,862 | |||
Cash Flows from Investing Activities | |||||
Proceeds from maturities, calls, and principal payments of securities available for sale | 6,318 | 6,422 | |||
Proceeds from maturities, calls, and principal payments of securities held to maturity | 25,405 | 4,220 | |||
Purchases of securities held to maturity | 0 | (2,091) | |||
Net (purchase) redemption of restricted securities | (34) | 105 | |||
Purchase of premises and equipment | (958) | (475) | |||
Proceeds from sale of premises and equipment | 0 | 2 | |||
Proceeds from sale of other real estate owned | 0 | 385 | |||
Proceeds from cash value of bank owned life insurance | 401 | 256 | |||
Net (increase) in loans | (21,200) | (10,187) | |||
Net cash provided by (used in) investing activities | 9,932 | (1,363) | |||
Cash Flows from Financing Activities | |||||
Net increase (decrease) in demand deposits and savings accounts | 21,601 | (38,341) | |||
Net increase in time deposits | 10,501 | 39,425 | |||
Cash dividends paid on common stock, net of reinvestment | (1,799) | (1,801) | |||
Net cash provided by (used in) financing activities | 30,205 | (1,337) | |||
Increase in cash and cash equivalents | 48,473 | 5,162 | |||
Cash and Cash Equivalents | |||||
Beginning | 87,161 | 66,914 | 66,914 | ||
Ending | $ 135,634 | $ 72,076 | 135,634 | 72,076 | $ 87,161 |
Supplemental Disclosures of Cash Flow Information | |||||
Interest | 10,999 | 5,622 | |||
Income taxes | 1,230 | 1,626 | |||
Supplemental Disclosures of Noncash Investing and Financing Activities | |||||
Unrealized gains (losses) on securities available for sale | (1,309) | 738 | |||
Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 687 | 0 | |||
Change in fair value of cash flow hedges | 197 | (151) | |||
Issuance of common stock, dividend reinvestment plan | 84 | 80 | |||
Stock Repurchase Plan [Member] | |||||
Cash Flows from Financing Activities | |||||
Repurchase of common stock | 0 | (507) | |||
First National Corporation 2014 Stock Incentive Plan [Member] | |||||
Cash Flows from Financing Activities | |||||
Repurchase of common stock | $ (98) | $ (113) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 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 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] | 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] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (1,952) | $ 0 | $ (1,952) | |||||||||||||||
Balance at Dec. 31, 2022 | $ 7,831 | $ 32,716 | $ 90,284 | $ (22,471) | $ 108,360 | |||||||||||||||
Net income | 0 | 0 | 7,354 | 0 | 7,354 | |||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | 1,112 | 1,112 | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (1,881) | 0 | (1,881) | |||||||||||||||
Stock-based compensation | 0 | 407 | 0 | 0 | 407 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 6 | 74 | 0 | 0 | 80 | |||||||||||||||
Repurchase of 32,301 shares of common stock, stock repurchase plan | $ (43) | $ (464) | $ 0 | $ 0 | $ (507) | |||||||||||||||
Issuance of common stock, stock incentive plan | 27 | (27) | 0 | 0 | 0 | |||||||||||||||
Repurchase of common stock | $ (8) | $ (105) | $ 0 | $ 0 | $ (113) | |||||||||||||||
Balance at Jun. 30, 2023 | 7,813 | 32,601 | 93,805 | (21,359) | 112,860 | |||||||||||||||
Balance at Mar. 31, 2023 | 7,851 | 32,937 | 91,239 | (20,216) | 111,811 | |||||||||||||||
Net income | 0 | 0 | 3,505 | 0 | 3,505 | |||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (1,143) | (1,143) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (939) | 0 | (939) | |||||||||||||||
Stock-based compensation | 0 | 69 | 0 | 0 | 69 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 3 | 36 | 0 | 0 | 39 | |||||||||||||||
Repurchase of 32,301 shares of common stock, stock repurchase plan | $ (41) | $ (441) | $ 0 | $ 0 | $ (482) | |||||||||||||||
Balance at Jun. 30, 2023 | 7,813 | 32,601 | 93,805 | (21,359) | 112,860 | |||||||||||||||
Balance at Dec. 31, 2023 | 7,829 | 32,950 | 94,198 | (18,706) | 116,271 | |||||||||||||||
Net income | 0 | 0 | 5,651 | 0 | 5,651 | |||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (336) | (336) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (1,883) | 0 | (1,883) | |||||||||||||||
Stock-based compensation | 0 | 202 | 0 | 0 | 202 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 6 | 78 | 0 | 0 | 84 | |||||||||||||||
Issuance of common stock, stock incentive plan | 22 | (22) | 0 | 0 | 0 | |||||||||||||||
Repurchase of common stock | (6) | (92) | 0 | 0 | (98) | |||||||||||||||
Balance at Jun. 30, 2024 | 7,851 | 33,116 | 97,966 | (19,042) | 119,891 | |||||||||||||||
Balance at Mar. 31, 2024 | 7,847 | 33,021 | 96,465 | (19,517) | 117,816 | |||||||||||||||
Net income | 0 | 0 | 2,442 | 0 | 2,442 | |||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | 475 | 475 | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (941) | 0 | (941) | |||||||||||||||
Stock-based compensation | 0 | 60 | 0 | 0 | 60 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 3 | 39 | 0 | 0 | 42 | |||||||||||||||
Issuance of common stock, stock incentive plan | 1 | (1) | 0 | 0 | 0 | |||||||||||||||
Repurchase of common stock | $ 0 | $ (3) | $ 0 | $ 0 | $ (3) | |||||||||||||||
Balance at Jun. 30, 2024 | $ 7,851 | $ 33,116 | $ 97,966 | $ (19,042) | $ 119,891 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Common Stock [Member] | Stock Repurchase Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 32,301 | 33,858 | ||
Common Stock [Member] | Stock Incentive Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 177 | 5,019 | 6,495 | |
Common Stock [Member] | ||||
Issuance of common stock, dividend reinvestment plan, shares (in shares) | 2,710 | 2,536 | 5,060 | 4,752 |
Issuance of common stock, stock incentive plan, shares (in shares) | 500 | 16,762 | 21,302 | |
Cash dividends on common stock, per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.3 | $ 0.3 |
Note 1 - General
Note 1 - General | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Basis of Presentation The accompanying unaudited consolidated financial statements of First National Corporation (the Company) and its subsidiary, First Bank (the Bank), have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (SEC). Accordingly, they do not June 30, 2024 and December 31, 2023 , the statements of income and comprehensive income for the six June 30, 2024 2023 , the cash flows for the six June 30, 2024 2023 , and the changes in shareholders’ equity for the three six June 30, 2024 2023 . The statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10 December 31, 2023 . Operating results for the six June 30, 2024 are not may December 31, 2024 . no Significant Accounting Policies and Estimates Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions, and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements may may Material estimates that are particularly The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 December 31, 2023 2023 10 Business Combination On March 25, 2024, not June 30, 2024. twelve As of June 30, 2024, 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 Recent Accounting Pronouncements In March 2024, 2024 01, 718 718. December 15, 2024, not 2024 01 In March 2024, 2024 02, not December 15, 2024. first first not 2024 02 In December 2023, 2023 09, 740 five five ggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. not 2023 09 |
Note 2 - Securities
Note 2 - Securities | 6 Months Ended |
Jun. 30, 2024 | |
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 state and political subdivisions, and corporate debt securities. Amortized co sts, gross unrealized gains and losses, allowance for credit losses, an June 30, 2024 December 31, 2023 June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Allowance for Credit Losses Securities available for sale: U.S. Treasury securities $ 12,480 $ — $ (1,019 ) $ 11,461 $ — U.S. agency and mortgage-backed securities 90,869 52 (12,091 ) 78,830 — Obligations of states and political subdivisions 63,377 2 (8,854 ) 54,525 — Total securities available for sale $ 166,726 $ 54 $ (21,964 ) $ 144,816 $ — Securities held to maturity: U.S. Treasury securities $ 19,404 $ — $ (310 ) $ 19,094 $ — U.S. agency and mortgage-backed securities 89,911 — (9,556 ) 80,355 — Obligations of states and political subdivisions 11,291 27 (1,039 ) 10,279 (1 ) Corporate debt securities 3,000 — (486 ) 2,514 (108 ) Total securities held to maturity $ 123,606 $ 27 $ (11,391 ) $ 112,242 $ (109 ) Total securities $ 290,332 $ 81 $ (33,355 ) $ 257,058 $ (109 ) December 31, 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 ) Information pertaining to available for sale 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): June 30, 2024 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 $ — $ — $ 11,461 $ (1,019 ) $ 11,461 $ (1,019 ) U.S. agency and mortgage-backed securities 367 (6 ) 73,849 (12,085 ) 74,216 (12,091 ) Obligations of states and political subdivisions 5,288 (252 ) 48,135 (8,602 ) 53,423 (8,854 ) Total securities available for sale $ 5,655 $ (258 ) $ 133,445 $ (21,706 ) $ 139,100 $ (21,964 ) December 31, 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 ) The tables above provide information about securities that have been in an unrealized loss position for less than twelve twelve Presently, the Company does not not Accrued interest receivable on securities available for sale and securities held to maturity totaled $727 thousand and $450 thousand, respectively, at June 30, 2024 . Accrued interest on debt securities is included in accrued interest receivable on the Company's consolidated balance sheets. At June 30, 2024 , there were three three U.S. Treasury securities, 91 out of 108 U.S. agency and mortgage-backed securities, and 97 out of 99 oblig in an unrealized loss position. One hundred percent of the Company’s investment portfolio was considered investment grade. The weighted-ave rage re-pricing term of the portfolio was 6.0 years at June 30, 2024 . One hund December 31, 2023 . The weighted-average re-pricing term of the portfolio was 5.9 years at December 31, 2023 . The unrealized losses at June 30, 2024 in the U.S. Treasury securities portfolio, U.S. agency and mortgage-backed securities portfolio, and obligations of states and political subdivisions portfolio were related to changes in market interest rates and not On September 1, 2022, first six 2024. may The amortized cost and fair value of securities at June 30, 2024 may Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 1,111 $ 1,096 $ 10,534 $ 10,456 Due after one year through five years 30,939 28,641 23,167 21,987 Due after five years through ten years 31,574 28,077 17,399 15,655 Due after ten years 103,101 87,002 72,505 64,144 $ 166,726 $ 144,816 $ 123,606 $ 112,242 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 composition of restricted securities at June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Federal Home Loan Bank stock $ 999 $ 965 Federal Reserve Bank stock 981 981 Community Bankers’ Bank stock 132 132 $ 2,112 $ 2,078 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 June 30, 2024 December 31, 2023 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 June 30, 2024 and 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 June 30, 2024 Aaa $ 19,404 $ 23,053 $ 2,797 $ — $ 45,254 Aa1 / Aa2 / Aa3 — — 8,494 — 8,494 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 66,858 — — 66,858 Total $ 19,404 $ 89,911 $ 11,291 $ 3,000 $ 123,606 December 31, 2023 Aaa $ 39,085 $ 22,936 $ 2,807 $ — $ 64,828 Aa1 / Aa2 / Aa3 — — 8,842 — 8,842 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 71,681 — — 71,681 Total $ 39,085 $ 94,617 $ 11,649 $ 3,000 $ 148,351 ( 1 Generally considered not The following tables summarize the change in the allowance for credit losses on held to maturity securities for the six June 30, 2024 and 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, 2023 $ — $ — $ — $ 107 $ 107 Provision for credit losses — — 1 1 2 Charge-offs of securities — — — — — Recoveries — — — — — Balance, June 30, 2024 $ — $ — $ 1 $ 108 $ 109 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 June 30, 2024 , the Company had no securities held-to-maturity that were past due 30 June 30, 2024 . |
Note 3 - Loans
Note 3 - Loans | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | Note 3. Loans at June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Real estate loans: Construction and land development $ 60,919 $ 52,680 Secured by 1-4 family residential 346,977 344,369 Other real estate loans 449,768 447,272 Commercial and industrial loans 116,299 113,074 Consumer and other loans 16,013 12,035 Total loans $ 989,976 $ 969,430 Allowance for credit losses (12,553 ) (11,974 ) Loans, net $ 977,423 $ 957,456 Net deferred loan fees included in the above loan categor ies were $1.2 million a June 30, 2024 December 31, 2023 ectively. Unamortized premiums on loans purchased from a third June 30, 2024 nd $7.9 million as of December 31, 2023 . Co ed $365 thousand and $222 June 30, 2024 December 31, 2023 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 principal balance of purchased loans is included in the allowance for credit losses calculation. The remaining net discount on purchased loans at June 30, 2024 was $1.8 million. The outstanding principal balance and the carrying amount at June 30, 2024 December 31, 2023 of loans acquired in business combinations were as follows: June 30, 2024 December 31, 2023 Acquired Loans- Acquired Loans- Non-Purchased Non-Purchased (Dollars in thousands) Credit Deteriorated Credit Deteriorated Outstanding principal balance $ 152,630 $ 164,028 Carrying amount Real estate loans: Construction and land development $ 7,491 $ 7,851 Secured by 1-4 family residential 34,154 36,290 Other real estate loans 90,250 94,882 Commercial and industrial loans 15,659 19,611 Consumer and other loans 3,324 3,451 Total acquired loans $ 150,878 $ 162,085 Risk characteristics of each loan portfolio class that are considered by the Company include: • 1 4 • Real estate construction and land development loans carry risks that the project may not may not may, may may not may • Other real estate loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because repayment of these loans may • Commercial and industrial loans carry risks associated with the successful operation of a business because repayment of these loans may may • Consumer and other loans carry risks associated with the continued creditworthiness of the borrower and the value of the collateral, if any. Consumer loans are typically either unsecured or secured by rapidly depreciating assets such as automobiles. They are also likely to be immediately and adversely affected by job loss, divorce, illness, personal bankruptcy, or other changes in circumstances. Consumer and other loans also include purchased consumer loans which could have been originated outside of the Company's market area. Other loans included in this category include loans to states and political subdivisions. The following tables provide a summary of loan classes and an aging of past due loans as of June 30, 2024 December 31, 2023 June 30, 2024 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 $ — $ — $ 36 $ 36 $ 60,883 $ 60,919 $ 36 $ — Secured by 1-4 family residential 1,184 219 248 1,651 345,326 346,977 749 — Other real estate loans 78 — — 78 449,690 449,768 — — Commercial and industrial 742 401 2,188 3,331 112,968 116,299 7,845 — Consumer and other loans 24 — — 24 15,989 16,013 — — Total $ 2,028 $ 620 $ 2,472 $ 5,120 $ 984,856 $ 989,976 $ 8,630 $ — 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 $ — Secured by 1-4 family residential 1,364 350 392 2,106 342,263 344,369 495 245 Other real estate loans — — 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 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 June 30, 2024 and December 31, 2023 ( June 30, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Revolving Total Construction and land development Pass $ 861 $ 1,702 $ 2,679 $ 4,436 $ 3,306 $ 4,546 $ 43,352 $ 60,882 Special Mention — — — — — — — — Substandard — — — — — 37 — 37 Doubtful — — — — — — — — Total construction and land development $ 861 $ 1,702 $ 2,679 $ 4,436 $ 3,306 $ 4,583 $ 43,352 $ 60,919 Current period gross write-offs $ — $ — $ — $ — $ — $ 4 $ — $ 4 Secured by 1-4 family residential Pass $ 8,034 $ 36,903 $ 65,212 $ 58,106 $ 36,961 $ 90,690 $ 50,037 $ 345,943 Special Mention — — — — — — — — Substandard — 133 201 — 700 — 1,034 Doubtful — — — — — — — — Total secured by 1-4 family residential $ 8,034 $ 36,903 $ 65,345 $ 58,307 $ 36,961 $ 91,390 $ 50,037 $ 346,977 Current period gross write-offs $ — $ — $ — $ — $ — $ 10 $ — $ 10 Other real estate loans Pass $ 21,012 $ 51,426 $ 93,506 $ 90,608 $ 35,884 $ 147,472 $ 9,860 $ 449,768 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other real estate loans $ 21,012 $ 51,426 $ 93,506 $ 90,608 $ 35,884 $ 147,472 $ 9,860 $ 449,768 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 10,839 $ 21,949 $ 19,250 $ 16,297 $ 2,388 $ 9,961 $ 26,477 $ 107,161 Special Mention — — 1,380 — — — — 1,380 Substandard 109 701 4,220 1,780 — 948 — 7,758 Doubtful — — — — — — — — Total commercial and industrial $ 10,948 $ 22,650 $ 24,850 $ 18,077 $ 2,388 $ 10,909 $ 26,477 $ 116,299 Current period gross write-offs $ 101 $ 653 $ — $ 2 $ — $ — $ — $ 756 Consumer and other loans Pass $ 2,977 $ 2,138 $ 864 $ 157 $ 1,317 $ 2,082 $ 6,478 $ 16,013 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total consumer and other loans $ 2,977 $ 2,138 $ 864 $ 157 $ 1,317 $ 2,082 $ 6,478 $ 16,013 Current period gross write-offs $ 127 $ 24 $ 9 $ 3 $ 1 $ — $ — $ 164 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 |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4. The following tables present, as of and during the periods ended June 30, 2024 December 31, 2023 June 30, 2023 June 30, 2024 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, 2023 $ 312 $ 3,159 $ 4,698 $ 3,706 $ 99 $ 11,974 Charge-offs (4 ) (10 ) — (756 ) (164 ) (934 ) Recoveries — 5 1 16 67 89 Provision for (recovery of) credit losses on loans 39 (466 ) 141 1,596 114 1,424 Ending Balance, June 30, 2024 $ 347 $ 2,688 $ 4,840 $ 4,562 $ 116 $ 12,553 Ending Balance: Individually evaluated — — — 3,750 — 3,750 Collectively evaluated 347 2,688 4,840 809 119 8,803 Loans: Ending Balance $ 60,919 $ 346,977 $ 449,768 $ 116,299 $ 16,013 $ 989,976 Individually evaluated 36 749 — 7,845 — 8,630 Collectively evaluated 60,883 346,228 449,768 108,454 16,013 981,346 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 on loans 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 for impairment — — — 2,705 — 2,705 Collectively evaluated for impairment 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 for impairment 38 495 — 6,230 — 6,763 Collectively evaluated for impairment 52,642 343,874 447,272 106,844 12,035 962,667 June 30, 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 — — — (877 ) (208 ) (1,085 ) Recoveries 1 9 13 144 99 266 Provision for (recovery of) credit losses on loans 68 77 (80 ) (137 ) 117 45 Ending Balance, June 30, 2023 $ 302 $ 2,603 $ 5,244 $ 617 $ 92 $ 8,858 Ending Balance: Individually evaluated for impairment — — — — — — Collectively evaluated for impairment 302 2,603 5,244 617 92 8,858 Loans: Ending Balance $ 49,282 $ 337,601 $ 421,970 $ 112,803 $ 8,538 930,194 Individually evaluated for impairment 40 567 70 — — 677 Collectively evaluated for impairment 49,242 337,034 421,900 112,803 8,538 929,517 Nonaccrual loans The following is a summary of the Company's nonaccrual loans by major categories for the periods indicated (in thousands): June 30, 2024 December 31, 2023 Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Real estate loans: Construction and land development $ 36 $ — $ 36 $ 38 $ — $ 38 Secured by 1-4 family residential 749 — 749 495 — 495 Other real estate loans — — — — — — Commercial and industrial — 7,845 7,845 — 6,230 6,230 Total $ 785 $ 7,845 $ 8,630 $ 533 $ 6,230 $ 6,763 Collateral-Dependent Loans The Company may The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • 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): June 30, 2024 December 31, 2023 (Dollars in thousands) Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real estate loans: Construction and land development $ 36 $ — $ 36 $ 38 $ — $ 38 Secured by 1-4 family residential 749 — 749 495 — 495 Other real estate loans — — — — — — Commercial and industrial — — — — — — Total $ 785 $ — $ 785 $ 533 $ — $ 533 At June 30, 2024 and December 31, 2023 e for credit losses on collateral-dependent loans. Modifications Made to Borrowers Experiencing Financial Difficulty 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. Because 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 June 30, 2024 December 31, 2023, 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 six June 30, 2024 2023 , there were no payment defaults of modified loans that were modified during the previous twelve June 30, 2024 and 2023 s no allowance for credit losses on modified loans. 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 For the six June 30, 2024 2023 $387 an June 30, 2024 2023, |
Note 5 - Earnings Per Common Sh
Note 5 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5. Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The following table presents the computation of basic and diluted earnings per share for the three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Numerator): Net income $ 2,442 $ 3,505 $ 5,651 $ 7,354 (Denominator): Weighted average shares outstanding – basic 6,278,113 6,269,668 6,273,952 6,271,779 Potentially dilutive common shares – restricted stock units 11,292 7,493 12,018 7,348 Weighted average shares outstanding – diluted 6,289,405 6,277,161 6,285,970 6,279,127 Income per common share Basic $ 0.39 $ 0.56 $ 0.90 $ 1.17 Diluted $ 0.39 $ 0.56 $ 0.90 $ 1.17 Restricted stock uni ts for 880 sh not three six June 30, 2024 ts for 603 sh not for the three six June 30, 2023 because they were antidilutive. |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. 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 June 30, 2024 December 31, 2023 Fair Value Measurements at June 30, 2024 Description Balance as of June 30, 2024 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 $ 11,461 $ — $ 11,461 $ — U.S. agency and mortgage-backed securities 78,830 — 78,830 — Obligations of states and political subdivisions 54,525 — 54,525 — Total securities available for sale $ 144,816 $ — $ 144,816 $ — Derivatives - cash flow hedges 2,685 — 2,685 — Total assets $ 147,501 $ — $ 147,501 $ — 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 $ — 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 no June 30, 2024 December 31, 2023. Other Real Estate Owned Certain assets such as OREO are measured at fair value less cost to sell. Valuation of OREO is determined using current appraisals from independent parties, a Level 2 3 3 The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis during the periods (dollars in thousands): Fair Value Measurements at June 30, 2024 Description Balance as of June 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans $ 785 $ — $ — $ 785 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 Quantitative information about Level 3 Fair Value Measurements for June 30, 2024 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Collateral dependent loans $ 785 Present value of cash flows Discount rate 6.50 % . 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 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 June 30, 2024 December 31, 2023 Fair Value Measurements at June 30, 2024 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 interest-bearing deposits in banks $ 135,635 $ 135,635 $ — $ — $ 135,635 Securities available for sale 144,816 — 144,816 — 144,816 Securities held to maturity 123,497 — 112,133 — 112,133 Restricted securities 2,112 — 2,112 — 2,112 Loans, net 977,423 — — 942,911 942,911 Bank owned life insurance 24,802 — 24,802 — 24,802 Accrued interest receivable 4,916 — 4,916 — 4,916 Derivatives - cash flow hedges 2,685 — 2,685 — 2,685 Financial Liabilities Deposits $ 1,265,796 $ — 1,062,979 199,677 $ 1,262,656 Other borrowings 50,000 — — 49,850 49,850 Subordinated debt 4,998 — — 5,395 5,395 Junior subordinated debt 9,279 — — 8,143 8,143 Accrued interest payable 812 — 812 — 812 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 interest-bearing deposits in banks $ 87,161 $ 87,161 $ — $ — $ 87,161 Securities available for sale 152,857 — 152,857 — 152,857 Securities held to maturity 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 Other 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 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 7 - Stock Compensation Pla
Note 7 - Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 7. On May 10, 2023, 2023 2014 ed awards. Beginning on May 11, 2023, 2023 not 2014 Awards are made at the discretion of the Board of Directors and compensation cost equal to the fair value of the award is recognized over the vesting period. 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 There was no c ompensation expense related to stock awards for the three six nded June 30, 2024 . Compensation expense related to stock awards totaled for the three six nded June 30, 2023. Restricted Stock Units Restricted stock units are an award of units that correspond in number and value to a specified number of shares of employer stock which the recipient receives according to a vesting plan and distribution schedule after achieving required performance milestones or upon remaining with the employer for a particular length of time. Each restricted stock unit that vests entitles the recipient to receive o ne share of common stock on a specified issuance date. During the first 2024 , 13,412 restricted stock units were granted to employees, with 4,475 units vesting on February 15, 2024, two one The recipient does not A summary of the activity for the Company’s restricted stock units for the period indicated is presented in the following table: Six Months Ended June 30, 2024 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 41,507 $ 18.47 Granted 13,412 19.06 Vested (16,762 ) 19.39 Forfeited (956 ) — Unvested, end of period 37,201 $ 18.25 At June 30, 2024 e-tax compensation expense related to unvested restricted stock unit awards was $404 thousand. This expense is expected to be recognized through 2028. three June 30, 2024 and 2023 six June 30, 2024 and 2023 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8. Changes in each component of accumulated other comprehensive (loss) were as follows (in thousands): Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive (Loss) Balance at March 31, 2023 $ (22,109 ) $ 1,893 $ (20,216 ) Unrealized holding losses (net of tax, ($421)) (1,579 ) — (1,579 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $88) 333 — 333 Change in fair value of cash flow hedge (net of tax, $29) — 103 103 Change during period (1,246 ) 103 (1,143 ) Balance at June 30, 2023 $ (23,355 ) $ 1,996 $ (21,359 ) Balance at March 31, 2024 $ (21,627 ) $ 2,110 $ (19,517 ) Unrealized holding gains (net of tax, $56) 211 — 211 Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $67) 253 — 253 Change in fair value of cash flow hedge (net of tax, $3) — 11 11 Change during period 464 11 475 Balance at June 30, 2024 $ (21,163 ) $ 2,121 $ (19,042 ) Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive (Loss) Balance at December 31, 2022 $ (24,587 ) $ 2,116 $ (22,471 ) Unrealized holding gains (net of tax, $155) 583 — 583 Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $172) 649 — 649 Change in fair value of cash flow hedge (net of tax, ($31)) — (120 ) (120 ) Change during period 1,232 (120 ) 1,112 Balance at June 30, 2023 $ (23,355 ) $ 1,996 $ (21,359 ) Balance at December 31, 2023 $ (20,671 ) $ 1,965 $ (18,706 ) Unrealized holding losses (net of tax, ($274)) (1,035 ) — (1,035 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $144) 543 — 543 Change in fair value of cash flow hedge (net of tax, $41) — 156 156 Change during period (492 ) 156 (336 ) Balance at June 30, 2024 $ (21,163 ) $ 2,121 $ (19,042 ) |
Note 9 - Revenue Recognition
Note 9 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 9. 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. 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 Fees for other customer services Fees for other customer services include fees for brokered loans, check ordering charges, merchant services income, safe deposit box rental fees, and other service charges. Check ordering charges are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. Merchant services income mainly represent fees charged to merchants to process their debit and credit card transactions. The Company's performance obligation for merchant services income is largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Accounting Standards Codification Topic 606, three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Noninterest Income Service charges on deposit accounts $ 612 $ 683 $ 1,266 $ 1,329 ATM and check card fees 809 848 1,579 1,648 Wealth management fees 879 749 1,762 1,525 Brokered mortgage fees 32 35 70 35 Fees for other customer services 178 220 373 416 Noninterest income (in-scope of Topic 606) $ 2,510 $ 2,535 $ 5,050 $ 4,953 Noninterest income (out-of-scope of Topic 606) 176 349 1,683 709 Total noninterest income $ 2,686 $ 2,884 $ 6,733 $ 5,662 |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 10. 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 no June 30, 2024 June 2034 October 2036. not not All interest rate swaps were entered into with counterparties that met the Company's credit standards and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in these derivative contracts is not Unrealized gains or losses recorded in other comprehensive (loss) income related to cash flow hedges are reclassified into earnings in the same period(s) during which the hedged interest payments affect earnings. When a designated hedging instrument is terminated and the hedged interest payments remain probable of occurring, any remaining unrecognized gain or loss in other comprehensive (loss) income is reclassified into earnings in the period(s) during which the forecasted interest payments affect earnings. Amounts reclassified into earnings and interest receivable or payable under designated interest rate swaps are reported in interest expense. The Company does not twelve The following table summarizes key elements of the Company's derivative instruments at June 30, 2024 December 31, 2023 June 30, 2024 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,685 $ — $ — December 31, 2023 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,488 $ — $ — ( 1 Collateral pledged may |
Note 11 - Acquisitions
Note 11 - Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 11. On March 25, 2024, March 25, 2024). not June 30, 2024. twelve As of June 30, 2024, 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. During the three June 30, 2024, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements of First National Corporation (the Company) and its subsidiary, First Bank (the Bank), have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (SEC). Accordingly, they do not June 30, 2024 and December 31, 2023 , the statements of income and comprehensive income for the six June 30, 2024 2023 , the cash flows for the six June 30, 2024 2023 , and the changes in shareholders’ equity for the three six June 30, 2024 2023 . The statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10 December 31, 2023 . Operating results for the six June 30, 2024 are not may December 31, 2024 . no |
Use of Estimates, Policy [Policy Text Block] | Significant Accounting Policies and Estimates Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions, and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements may may Material estimates that are particularly The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 December 31, 2023 2023 10 |
Business Combinations Policy [Policy Text Block] | Business Combination On March 25, 2024, not June 30, 2024. twelve As of June 30, 2024, 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2024, 2024 01, 718 718. December 15, 2024, not 2024 01 In March 2024, 2024 02, not December 15, 2024. first first not 2024 02 In December 2023, 2023 09, 740 five five |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-maturity Reconciliation [Table Text Block] | June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Allowance for Credit Losses Securities available for sale: U.S. Treasury securities $ 12,480 $ — $ (1,019 ) $ 11,461 $ — U.S. agency and mortgage-backed securities 90,869 52 (12,091 ) 78,830 — Obligations of states and political subdivisions 63,377 2 (8,854 ) 54,525 — Total securities available for sale $ 166,726 $ 54 $ (21,964 ) $ 144,816 $ — Securities held to maturity: U.S. Treasury securities $ 19,404 $ — $ (310 ) $ 19,094 $ — U.S. agency and mortgage-backed securities 89,911 — (9,556 ) 80,355 — Obligations of states and political subdivisions 11,291 27 (1,039 ) 10,279 (1 ) Corporate debt securities 3,000 — (486 ) 2,514 (108 ) Total securities held to maturity $ 123,606 $ 27 $ (11,391 ) $ 112,242 $ (109 ) Total securities $ 290,332 $ 81 $ (33,355 ) $ 257,058 $ (109 ) December 31, 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 ) |
Gain (Loss) on Securities [Table Text Block] | June 30, 2024 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 $ — $ — $ 11,461 $ (1,019 ) $ 11,461 $ (1,019 ) U.S. agency and mortgage-backed securities 367 (6 ) 73,849 (12,085 ) 74,216 (12,091 ) Obligations of states and political subdivisions 5,288 (252 ) 48,135 (8,602 ) 53,423 (8,854 ) Total securities available for sale $ 5,655 $ (258 ) $ 133,445 $ (21,706 ) $ 139,100 $ (21,964 ) December 31, 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 ) |
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 $ 1,111 $ 1,096 $ 10,534 $ 10,456 Due after one year through five years 30,939 28,641 23,167 21,987 Due after five years through ten years 31,574 28,077 17,399 15,655 Due after ten years 103,101 87,002 72,505 64,144 $ 166,726 $ 144,816 $ 123,606 $ 112,242 |
Marketable Securities [Table Text Block] | June 30, 2024 December 31, 2023 Federal Home Loan Bank stock $ 999 $ 965 Federal Reserve Bank stock 981 981 Community Bankers’ Bank stock 132 132 $ 2,112 $ 2,078 |
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 June 30, 2024 Aaa $ 19,404 $ 23,053 $ 2,797 $ — $ 45,254 Aa1 / Aa2 / Aa3 — — 8,494 — 8,494 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 66,858 — — 66,858 Total $ 19,404 $ 89,911 $ 11,291 $ 3,000 $ 123,606 December 31, 2023 Aaa $ 39,085 $ 22,936 $ 2,807 $ — $ 64,828 Aa1 / Aa2 / Aa3 — — 8,842 — 8,842 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 71,681 — — 71,681 Total $ 39,085 $ 94,617 $ 11,649 $ 3,000 $ 148,351 |
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, 2023 $ — $ — $ — $ 107 $ 107 Provision for credit losses — — 1 1 2 Charge-offs of securities — — — — — Recoveries — — — — — Balance, June 30, 2024 $ — $ — $ 1 $ 108 $ 109 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) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2024 December 31, 2023 Real estate loans: Construction and land development $ 60,919 $ 52,680 Secured by 1-4 family residential 346,977 344,369 Other real estate loans 449,768 447,272 Commercial and industrial loans 116,299 113,074 Consumer and other loans 16,013 12,035 Total loans $ 989,976 $ 969,430 Allowance for credit losses (12,553 ) (11,974 ) Loans, net $ 977,423 $ 957,456 |
Financing Receivable, Purchased with Credit Deterioration [Table Text Block] | June 30, 2024 December 31, 2023 Acquired Loans- Acquired Loans- Non-Purchased Non-Purchased (Dollars in thousands) Credit Deteriorated Credit Deteriorated Outstanding principal balance $ 152,630 $ 164,028 Carrying amount Real estate loans: Construction and land development $ 7,491 $ 7,851 Secured by 1-4 family residential 34,154 36,290 Other real estate loans 90,250 94,882 Commercial and industrial loans 15,659 19,611 Consumer and other loans 3,324 3,451 Total acquired loans $ 150,878 $ 162,085 |
Financing Receivable, Past Due [Table Text Block] | June 30, 2024 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 $ — $ — $ 36 $ 36 $ 60,883 $ 60,919 $ 36 $ — Secured by 1-4 family residential 1,184 219 248 1,651 345,326 346,977 749 — Other real estate loans 78 — — 78 449,690 449,768 — — Commercial and industrial 742 401 2,188 3,331 112,968 116,299 7,845 — Consumer and other loans 24 — — 24 15,989 16,013 — — Total $ 2,028 $ 620 $ 2,472 $ 5,120 $ 984,856 $ 989,976 $ 8,630 $ — 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 $ — Secured by 1-4 family residential 1,364 350 392 2,106 342,263 344,369 495 245 Other real estate loans — — 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2024 Term Loans by Year of Origination 2024 2023 2022 2021 2020 Prior Revolving Total Construction and land development Pass $ 861 $ 1,702 $ 2,679 $ 4,436 $ 3,306 $ 4,546 $ 43,352 $ 60,882 Special Mention — — — — — — — — Substandard — — — — — 37 — 37 Doubtful — — — — — — — — Total construction and land development $ 861 $ 1,702 $ 2,679 $ 4,436 $ 3,306 $ 4,583 $ 43,352 $ 60,919 Current period gross write-offs $ — $ — $ — $ — $ — $ 4 $ — $ 4 Secured by 1-4 family residential Pass $ 8,034 $ 36,903 $ 65,212 $ 58,106 $ 36,961 $ 90,690 $ 50,037 $ 345,943 Special Mention — — — — — — — — Substandard — 133 201 — 700 — 1,034 Doubtful — — — — — — — — Total secured by 1-4 family residential $ 8,034 $ 36,903 $ 65,345 $ 58,307 $ 36,961 $ 91,390 $ 50,037 $ 346,977 Current period gross write-offs $ — $ — $ — $ — $ — $ 10 $ — $ 10 Other real estate loans Pass $ 21,012 $ 51,426 $ 93,506 $ 90,608 $ 35,884 $ 147,472 $ 9,860 $ 449,768 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total other real estate loans $ 21,012 $ 51,426 $ 93,506 $ 90,608 $ 35,884 $ 147,472 $ 9,860 $ 449,768 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 10,839 $ 21,949 $ 19,250 $ 16,297 $ 2,388 $ 9,961 $ 26,477 $ 107,161 Special Mention — — 1,380 — — — — 1,380 Substandard 109 701 4,220 1,780 — 948 — 7,758 Doubtful — — — — — — — — Total commercial and industrial $ 10,948 $ 22,650 $ 24,850 $ 18,077 $ 2,388 $ 10,909 $ 26,477 $ 116,299 Current period gross write-offs $ 101 $ 653 $ — $ 2 $ — $ — $ — $ 756 Consumer and other loans Pass $ 2,977 $ 2,138 $ 864 $ 157 $ 1,317 $ 2,082 $ 6,478 $ 16,013 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total consumer and other loans $ 2,977 $ 2,138 $ 864 $ 157 $ 1,317 $ 2,082 $ 6,478 $ 16,013 Current period gross write-offs $ 127 $ 24 $ 9 $ 3 $ 1 $ — $ — $ 164 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 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | June 30, 2024 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, 2023 $ 312 $ 3,159 $ 4,698 $ 3,706 $ 99 $ 11,974 Charge-offs (4 ) (10 ) — (756 ) (164 ) (934 ) Recoveries — 5 1 16 67 89 Provision for (recovery of) credit losses on loans 39 (466 ) 141 1,596 114 1,424 Ending Balance, June 30, 2024 $ 347 $ 2,688 $ 4,840 $ 4,562 $ 116 $ 12,553 Ending Balance: Individually evaluated — — — 3,750 — 3,750 Collectively evaluated 347 2,688 4,840 809 119 8,803 Loans: Ending Balance $ 60,919 $ 346,977 $ 449,768 $ 116,299 $ 16,013 $ 989,976 Individually evaluated 36 749 — 7,845 — 8,630 Collectively evaluated 60,883 346,228 449,768 108,454 16,013 981,346 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 on loans 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 for impairment — — — 2,705 — 2,705 Collectively evaluated for impairment 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 for impairment 38 495 — 6,230 — 6,763 Collectively evaluated for impairment 52,642 343,874 447,272 106,844 12,035 962,667 June 30, 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 — — — (877 ) (208 ) (1,085 ) Recoveries 1 9 13 144 99 266 Provision for (recovery of) credit losses on loans 68 77 (80 ) (137 ) 117 45 Ending Balance, June 30, 2023 $ 302 $ 2,603 $ 5,244 $ 617 $ 92 $ 8,858 Ending Balance: Individually evaluated for impairment — — — — — — Collectively evaluated for impairment 302 2,603 5,244 617 92 8,858 Loans: Ending Balance $ 49,282 $ 337,601 $ 421,970 $ 112,803 $ 8,538 930,194 Individually evaluated for impairment 40 567 70 — — 677 Collectively evaluated for impairment 49,242 337,034 421,900 112,803 8,538 929,517 |
Financing Receivable, Nonaccrual [Table Text Block] | June 30, 2024 December 31, 2023 Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Real estate loans: Construction and land development $ 36 $ — $ 36 $ 38 $ — $ 38 Secured by 1-4 family residential 749 — 749 495 — 495 Other real estate loans — — — — — — Commercial and industrial — 7,845 7,845 — 6,230 6,230 Total $ 785 $ 7,845 $ 8,630 $ 533 $ 6,230 $ 6,763 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | June 30, 2024 December 31, 2023 (Dollars in thousands) Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real estate loans: Construction and land development $ 36 $ — $ 36 $ 38 $ — $ 38 Secured by 1-4 family residential 749 — 749 495 — 495 Other real estate loans — — — — — — Commercial and industrial — — — — — — Total $ 785 $ — $ 785 $ 533 $ — $ 533 |
Note 5 - Earnings Per Common _2
Note 5 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Numerator): Net income $ 2,442 $ 3,505 $ 5,651 $ 7,354 (Denominator): Weighted average shares outstanding – basic 6,278,113 6,269,668 6,273,952 6,271,779 Potentially dilutive common shares – restricted stock units 11,292 7,493 12,018 7,348 Weighted average shares outstanding – diluted 6,289,405 6,277,161 6,285,970 6,279,127 Income per common share Basic $ 0.39 $ 0.56 $ 0.90 $ 1.17 Diluted $ 0.39 $ 0.56 $ 0.90 $ 1.17 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at June 30, 2024 Description Balance as of June 30, 2024 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 $ 11,461 $ — $ 11,461 $ — U.S. agency and mortgage-backed securities 78,830 — 78,830 — Obligations of states and political subdivisions 54,525 — 54,525 — Total securities available for sale $ 144,816 $ — $ 144,816 $ — Derivatives - cash flow hedges 2,685 — 2,685 — Total assets $ 147,501 $ — $ 147,501 $ — 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, Nonrecurring [Table Text Block] | Fair Value Measurements at June 30, 2024 Description Balance as of June 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans $ 785 $ — $ — $ 785 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 Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements for June 30, 2024 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Collateral dependent loans $ 785 Present value of cash flows Discount rate 6.50 % . 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 Present value of cash flows Discount rate 6.50 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30, 2024 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 interest-bearing deposits in banks $ 135,635 $ 135,635 $ — $ — $ 135,635 Securities available for sale 144,816 — 144,816 — 144,816 Securities held to maturity 123,497 — 112,133 — 112,133 Restricted securities 2,112 — 2,112 — 2,112 Loans, net 977,423 — — 942,911 942,911 Bank owned life insurance 24,802 — 24,802 — 24,802 Accrued interest receivable 4,916 — 4,916 — 4,916 Derivatives - cash flow hedges 2,685 — 2,685 — 2,685 Financial Liabilities Deposits $ 1,265,796 $ — 1,062,979 199,677 $ 1,262,656 Other borrowings 50,000 — — 49,850 49,850 Subordinated debt 4,998 — — 5,395 5,395 Junior subordinated debt 9,279 — — 8,143 8,143 Accrued interest payable 812 — 812 — 812 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 interest-bearing deposits in banks $ 87,161 $ 87,161 $ — $ — $ 87,161 Securities available for sale 152,857 — 152,857 — 152,857 Securities held to maturity 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 Other 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 |
Note 7 - Stock Compensation P_2
Note 7 - Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Six Months Ended June 30, 2024 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 41,507 $ 18.47 Granted 13,412 19.06 Vested (16,762 ) 19.39 Forfeited (956 ) — Unvested, end of period 37,201 $ 18.25 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 (Loss) Balance at March 31, 2023 $ (22,109 ) $ 1,893 $ (20,216 ) Unrealized holding losses (net of tax, ($421)) (1,579 ) — (1,579 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $88) 333 — 333 Change in fair value of cash flow hedge (net of tax, $29) — 103 103 Change during period (1,246 ) 103 (1,143 ) Balance at June 30, 2023 $ (23,355 ) $ 1,996 $ (21,359 ) Balance at March 31, 2024 $ (21,627 ) $ 2,110 $ (19,517 ) Unrealized holding gains (net of tax, $56) 211 — 211 Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $67) 253 — 253 Change in fair value of cash flow hedge (net of tax, $3) — 11 11 Change during period 464 11 475 Balance at June 30, 2024 $ (21,163 ) $ 2,121 $ (19,042 ) Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive (Loss) Balance at December 31, 2022 $ (24,587 ) $ 2,116 $ (22,471 ) Unrealized holding gains (net of tax, $155) 583 — 583 Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $172) 649 — 649 Change in fair value of cash flow hedge (net of tax, ($31)) — (120 ) (120 ) Change during period 1,232 (120 ) 1,112 Balance at June 30, 2023 $ (23,355 ) $ 1,996 $ (21,359 ) Balance at December 31, 2023 $ (20,671 ) $ 1,965 $ (18,706 ) Unrealized holding losses (net of tax, ($274)) (1,035 ) — (1,035 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $144) 543 — 543 Change in fair value of cash flow hedge (net of tax, $41) — 156 156 Change during period (492 ) 156 (336 ) Balance at June 30, 2024 $ (21,163 ) $ 2,121 $ (19,042 ) |
Note 9 - Revenue Recognition (T
Note 9 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Noninterest Income Service charges on deposit accounts $ 612 $ 683 $ 1,266 $ 1,329 ATM and check card fees 809 848 1,579 1,648 Wealth management fees 879 749 1,762 1,525 Brokered mortgage fees 32 35 70 35 Fees for other customer services 178 220 373 416 Noninterest income (in-scope of Topic 606) $ 2,510 $ 2,535 $ 5,050 $ 4,953 Noninterest income (out-of-scope of Topic 606) 176 349 1,683 709 Total noninterest income $ 2,686 $ 2,884 $ 6,733 $ 5,662 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | June 30, 2024 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,685 $ — $ — December 31, 2023 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,488 $ — $ — |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Thousands, shares in Millions | Mar. 25, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Assets | $ 1,457,528 | $ 1,419,295 | ||
Financing Receivable, before Allowance for Credit Loss | 989,976 | 969,430 | $ 930,194 | |
Deposits | 1,265,796 | $ 1,233,726 | ||
Touchstone Bankshares, Inc [Member] | ||||
Assets | 662,700 | |||
Financing Receivable, before Allowance for Credit Loss | 500,600 | |||
Deposits | $ 546,700 | |||
Touchstone Bankshares, Inc [Member] | ||||
Business Combination, Consideration Transferred | $ 47,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 2.7 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 01, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 727 | ||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 450 | ||
Weighted Average Re-pricing Term (Year) | 6 years | 5 years 10 months 24 days | |
Available For Sale Securities Transferred to Held For Sale | 24 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 166,726 | $ 173,458 | $ 82,200 |
Debt Securities, Available-for-Sale | 144,816 | 152,857 | 74,400 |
Debt Securities, Available-for-Sale, Unrealized Loss | $ 7,800 | ||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), before Tax | (687) | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 123,606 | 148,351 | |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | ||
Financial Asset, 30 or More Past Due [Member] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | ||
Other Assets [Member] | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 642 | 642 | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 3 | ||
Available-for-Sale Securities, Number of Securities | 3 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 12,480 | 12,476 | |
Debt Securities, Available-for-Sale | 11,461 | 11,450 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 19,404 | 39,085 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 91 | ||
Available-for-Sale Securities, Number of Securities | 108 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 97 | ||
Available-for-Sale Securities, Number of Securities | 99 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 63,377 | 64,045 | |
Debt Securities, Available-for-Sale | 54,525 | 56,607 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 11,291 | $ 11,649 |
Note 2 - Securities - Summary o
Note 2 - Securities - Summary of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Debt Securities, Available-for-Sale, Amortized Cost | $ 166,726 | $ 173,458 | $ 82,200 | |
Gross unrealized gains, available for sale securities | 54 | 61 | ||
Gross unrealized losses, available for sale securities | (21,964) | (20,662) | ||
Debt Securities, Available-for-Sale | 144,816 | 152,857 | $ 74,400 | |
Securities available for sale, AFS | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 123,606 | 148,351 | ||
Gross unrealized gains, held to maturity securities | 27 | 107 | ||
Gross unrealized losses, held to maturity securities | (11,391) | (10,844) | ||
Fair value, held to maturity securities | 112,242 | 137,614 | ||
Securities available for sale, HTM | (109) | (107) | $ 0 | |
Amortized cost | 290,332 | 321,809 | ||
Gross unrealized gains | 81 | 168 | ||
Gross unrealized losses | (33,355) | (31,506) | ||
Total securities, fair value | 257,058 | 290,471 | ||
Total securities, allowance for credit loss | (109) | (107) | ||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 12,480 | 12,476 | ||
Gross unrealized gains, available for sale securities | 0 | 0 | ||
Gross unrealized losses, available for sale securities | (1,019) | (1,026) | ||
Debt Securities, Available-for-Sale | 11,461 | 11,450 | ||
Securities available for sale, AFS | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 19,404 | 39,085 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (310) | (389) | ||
Fair value, held to maturity securities | 19,094 | 38,696 | ||
Securities available for sale, HTM | 0 | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 90,869 | 96,937 | ||
Gross unrealized gains, available for sale securities | 52 | 55 | ||
Gross unrealized losses, available for sale securities | (12,091) | (12,192) | ||
Debt Securities, Available-for-Sale | 78,830 | 84,800 | ||
Securities available for sale, AFS | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 89,911 | 94,617 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (9,556) | (8,992) | ||
Fair value, held to maturity securities | 80,355 | 85,625 | ||
Securities available for sale, HTM | 0 | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 63,377 | 64,045 | ||
Gross unrealized gains, available for sale securities | 2 | 6 | ||
Gross unrealized losses, available for sale securities | (8,854) | (7,444) | ||
Debt Securities, Available-for-Sale | 54,525 | 56,607 | ||
Securities available for sale, AFS | 0 | 0 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 11,291 | 11,649 | ||
Gross unrealized gains, held to maturity securities | 27 | 107 | ||
Gross unrealized losses, held to maturity securities | (1,039) | (943) | ||
Fair value, held to maturity securities | 10,279 | 10,813 | ||
Securities available for sale, HTM | (1) | 0 | 0 | |
Corporate Debt Securities [Member] | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,000 | 3,000 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (486) | (520) | ||
Fair value, held to maturity securities | 2,514 | 2,480 | ||
Securities available for sale, HTM | $ (108) | $ (107) | $ 0 |
Note 2 - Securities - Investmen
Note 2 - Securities - Investments in an Unrealized Loss Position That Were Temporarily Impaired (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Less than 12 months, fair value, available for sale securities | $ 5,655 | $ 5,750 |
Less than 12 months, unrealized (loss), available for sale securities | (258) | (244) |
12 months or more, fair value, available for sale securities | 133,445 | 137,254 |
12 months or more, unrealized (loss), available for sale securities | (21,706) | (20,418) |
Total, fair value, available for sale securities | 139,100 | 143,004 |
Total, unrealized (loss), available for sale securities | (21,964) | (20,662) |
US Treasury Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 0 | 0 |
Less than 12 months, unrealized (loss), available for sale securities | 0 | 0 |
12 months or more, fair value, available for sale securities | 11,461 | 11,450 |
12 months or more, unrealized (loss), available for sale securities | (1,019) | (1,026) |
Total, fair value, available for sale securities | 11,461 | 11,450 |
Total, unrealized (loss), available for sale securities | (1,019) | (1,026) |
US Agency and Mortgage-backed Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 367 | 1,281 |
Less than 12 months, unrealized (loss), available for sale securities | (6) | (29) |
12 months or more, fair value, available for sale securities | 73,849 | 78,800 |
12 months or more, unrealized (loss), available for sale securities | (12,085) | (12,163) |
Total, fair value, available for sale securities | 74,216 | 80,081 |
Total, unrealized (loss), available for sale securities | (12,091) | (12,192) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 5,288 | 4,469 |
Less than 12 months, unrealized (loss), available for sale securities | (252) | (215) |
12 months or more, fair value, available for sale securities | 48,135 | 47,004 |
12 months or more, unrealized (loss), available for sale securities | (8,602) | (7,229) |
Total, fair value, available for sale securities | 53,423 | 51,473 |
Total, unrealized (loss), available for sale securities | $ (8,854) | $ (7,444) |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Sep. 01, 2022 |
Due within one year, amortized cost, available for sale securities | $ 1,111 | ||
Due within one year, fair value, available for sale securities | 1,096 | ||
Due within one year, amortized cost, held to maturity securities | 10,534 | ||
Due within one year, fair value, held to maturity securities | 10,456 | ||
Due after one year through five years, amortized cost, available for sale securities | 30,939 | ||
Due after one year through five years, fair value, available for sale securities | 28,641 | ||
Due after one year through five years, amortized cost, held to maturity securities | 23,167 | ||
Due after one year through five years, fair value, held to maturity securities | 21,987 | ||
Due after five years through ten years, amortized cost, available for sale securities | 31,574 | ||
Due after five years through ten years, fair value, available for sale securities | 28,077 | ||
Due after five years through ten years, amortized cost, held to maturity securities | 17,399 | ||
Due after five years through ten years, fair value, held to maturity securities | 15,655 | ||
Due after ten years, amortized cost, available for sale securities | 103,101 | ||
Due after ten years, fair value, available for sale securities | 87,002 | ||
Due after ten years, amortized cost, held to maturity securities | 72,505 | ||
Due after ten years, fair value, held to maturity securities | 64,144 | ||
Amortized cost, available for sale securities | 166,726 | $ 173,458 | $ 82,200 |
Fair value, available for sale securities | 144,816 | 152,857 | $ 74,400 |
Amortized cost, held to maturity securities | 123,606 | 148,351 | |
Fair value, held to maturity securities | $ 112,242 | $ 137,614 |
Note 2 - Securities - Compositi
Note 2 - Securities - Composition of Restricted Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank stock | $ 999 | $ 965 |
Federal Reserve Bank stock | 981 | 981 |
Community Bankers’ Bank stock | 132 | 132 |
Total restricted securities | $ 2,112 | $ 2,078 |
Note 2 - Securities - Credit Qu
Note 2 - Securities - Credit Quality Indicators for Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Amortized cost, held to maturity securities | $ 123,606 | $ 148,351 | |
Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 45,254 | 64,828 | |
Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 8,494 | 8,842 | |
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] | 66,858 | 71,681 |
US Treasury Securities [Member] | |||
Amortized cost, held to maturity securities | 19,404 | 39,085 | |
US Treasury Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 19,404 | 39,085 | |
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, 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 Agency and Mortgage-backed Securities [Member] | |||
Amortized cost, held to maturity securities | 89,911 | 94,617 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 23,053 | 22,936 | |
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, 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] | 66,858 | 71,681 |
US States and Political Subdivisions Debt Securities [Member] | |||
Amortized cost, held to maturity securities | 11,291 | 11,649 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 2,797 | 2,807 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 8,494 | 8,842 | |
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 |
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, 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 |
[1]Generally considered not to have credit risk given the implied 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) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Balance, HTM | $ 107 | $ 0 |
Provision for credit losses, HTM | 2 | 10 |
Charge-offs of securities, HTM | 0 | 0 |
Recoveries, HTM | 0 | (37) |
Balance, HTM | 109 | 107 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance, HTM | 134 | |
US Treasury Securities [Member] | ||
Balance, HTM | 0 | 0 |
Provision for credit losses, HTM | 0 | 0 |
Charge-offs of securities, HTM | 0 | 0 |
Recoveries, HTM | 0 | 0 |
Balance, HTM | 0 | 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 | 0 |
Provision for credit losses, HTM | 0 | 0 |
Charge-offs of securities, HTM | 0 | 0 |
Recoveries, HTM | 0 | 0 |
Balance, HTM | 0 | 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 | 0 |
Provision for credit losses, HTM | 1 | 0 |
Charge-offs of securities, HTM | 0 | 0 |
Recoveries, HTM | 0 | 0 |
Balance, HTM | 1 | 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 | 107 | 0 |
Provision for credit losses, HTM | 1 | 10 |
Charge-offs of securities, HTM | 0 | 0 |
Recoveries, HTM | 0 | (37) |
Balance, HTM | $ 108 | 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 | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 1,200 | $ 1,100 | |
Financing Receivable, Unamortized Purchase Premium (Discount) | 7,100 | ||
Financing Receivable, before Allowance for Credit Loss | 989,976 | 969,430 | $ 930,194 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | 1,800 | ||
Commercial and Industrial Loans [Member] | |||
Financing Receivable, Unamortized Purchase Premium (Discount) | 7,900 | ||
Financing Receivable, before Allowance for Credit Loss | 116,299 | 113,074 | 112,803 |
Consumer and Other Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 16,013 | 12,035 | $ 8,538 |
Consumer and Other Loans [Member] | Demand Deposit Overdrafts [Member] | |||
Financing Receivable, before Allowance for Credit Loss | $ 365 | $ 222 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Loans | $ 989,976 | $ 969,430 | $ 930,194 | |
Allowance for credit losses | (12,553) | (11,974) | (8,858) | $ (7,446) |
Loans, net | 977,423 | 957,456 | ||
Commercial and Industrial Loans [Member] | ||||
Loans | 116,299 | 113,074 | 112,803 | |
Allowance for credit losses | (4,562) | (3,706) | (617) | (1,874) |
Consumer and Other Loans [Member] | ||||
Loans | 16,013 | 12,035 | 8,538 | |
Allowance for credit losses | (116) | (99) | (92) | (309) |
Construction and Land Development [Member] | Real Estate 1 [Member] | ||||
Loans | 60,919 | 52,680 | 49,282 | |
Allowance for credit losses | (347) | (312) | (302) | (546) |
Secured by Multi-family Residential Properties [Member] | Real Estate 1 [Member] | ||||
Loans | 346,977 | 344,369 | 337,601 | |
Allowance for credit losses | (2,688) | (3,159) | (2,603) | (1,108) |
Other Real Estate Loans [Member] | Real Estate 1 [Member] | ||||
Loans | 449,768 | 447,272 | 421,970 | |
Allowance for credit losses | $ (4,840) | $ (4,698) | $ (5,244) | $ (3,609) |
Note 3 - Loans - Acquired Loans
Note 3 - Loans - Acquired Loans in Business Combinations (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Loans | $ 989,976 | $ 969,430 | $ 930,194 |
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | 977,423 | 957,456 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 60,919 | 52,680 | 49,282 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 346,977 | 344,369 | 337,601 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 449,768 | 447,272 | 421,970 |
Commercial and Industrial Loans [Member] | |||
Loans | 116,299 | 113,074 | 112,803 |
Consumer and Other Loans [Member] | |||
Loans | 16,013 | 12,035 | $ 8,538 |
Financial Asset Acquired and No Credit Deterioration [Member] | |||
Loans | 152,630 | 164,028 | |
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | 150,878 | 162,085 | |
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | 7,491 | 7,851 | |
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, 2024, $12,553; 2023, $11,974 | 34,154 | 36,290 | |
Financial Asset Acquired and No Credit Deterioration [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | 90,250 | 94,882 | |
Financial Asset Acquired and No Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | |||
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | 15,659 | 19,611 | |
Financial Asset Acquired and No Credit Deterioration [Member] | Consumer and Other Loans [Member] | |||
Loans, net of allowance for credit losses, 2024, $12,553; 2023, $11,974 | $ 3,324 | $ 3,451 |
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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Loans | $ 989,976 | $ 969,430 | $ 930,194 |
Non-accrual loans | 8,630 | 6,763 | |
Accruing loans past due 90 days or more amounted | 0 | 524 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 2,028 | 1,832 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 620 | 670 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 2,472 | 709 | |
Financial Asset, Past Due [Member] | |||
Loans | 5,120 | 3,211 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 984,856 | 966,219 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 60,919 | 52,680 | 49,282 |
Non-accrual loans | 36 | 38 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 183 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 4 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 36 | 38 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Past Due [Member] | |||
Loans | 36 | 225 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 60,883 | 52,455 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 346,977 | 344,369 | 337,601 |
Non-accrual loans | 749 | 495 | |
Accruing loans past due 90 days or more amounted | 0 | 245 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,184 | 1,364 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 219 | 350 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 248 | 392 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,651 | 2,106 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 345,326 | 342,263 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 449,768 | 447,272 | 421,970 |
Non-accrual loans | 0 | 0 | |
Accruing loans past due 90 days or more amounted | 0 | 82 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 78 | 0 | |
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 | 0 | 82 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 78 | 82 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 449,690 | 447,190 | |
Commercial and Industrial Loans [Member] | |||
Loans | 116,299 | 113,074 | 112,803 |
Non-accrual loans | 7,845 | 6,230 | |
Accruing loans past due 90 days or more amounted | 0 | 197 | |
Commercial and Industrial Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 742 | 252 | |
Commercial and Industrial Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 401 | 316 | |
Commercial and Industrial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 2,188 | 197 | |
Commercial and Industrial Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 3,331 | 765 | |
Commercial and Industrial Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 112,968 | 112,309 | |
Consumer and Other Loans [Member] | |||
Loans | 16,013 | 12,035 | $ 8,538 |
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 | 24 | 33 | |
Consumer and Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 0 | |
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 | 24 | 33 | |
Consumer and Other Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | $ 15,989 | $ 12,002 |
Note 3 - Loans - Analysis of th
Note 3 - Loans - Analysis of the Credit Risk Profile of Each Loan Class (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loans | $ 989,976 | $ 930,194 | $ 969,430 |
Current period gross write-offs, total | 934 | 1,085 | 3,993 |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans, current year | 861 | 2,477 | |
Loans, one year before | 1,702 | 2,925 | |
Loans, two years before | 2,679 | 4,350 | |
Loans, three years before | 4,436 | 3,450 | |
Loans, four years before | 3,306 | 2,085 | |
Loans, prior | 4,583 | 2,897 | |
Loans, revolving | 43,352 | 34,496 | |
Loans | 60,919 | 49,282 | 52,680 |
Current period gross write-offs, current year | 0 | 0 | |
Current period gross write-offs. one year before | 0 | 0 | |
Current period gross write-offs, two years before | 0 | 0 | |
Current period gross write-offs, three years before | 0 | 0 | |
Current period gross write-offs, four years before | 0 | 0 | |
Current period gross write-offs, prior | 4 | 0 | |
Current period gross write-offs, revolving | 0 | 0 | |
Current period gross write-offs, total | 4 | 0 | 0 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Pass [Member] | |||
Loans, current year | 861 | 2,477 | |
Loans, one year before | 1,702 | 2,925 | |
Loans, two years before | 2,679 | 4,350 | |
Loans, three years before | 4,436 | 3,450 | |
Loans, four years before | 3,306 | 2,085 | |
Loans, prior | 4,546 | 2,859 | |
Loans, revolving | 43,352 | 34,496 | |
Loans | 60,882 | 52,642 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Special Mention [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Substandard [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 37 | 38 | |
Loans, revolving | 0 | 0 | |
Loans | 37 | 38 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Doubtful [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans, current year | 8,034 | 43,029 | |
Loans, one year before | 36,903 | 77,294 | |
Loans, two years before | 65,345 | 64,082 | |
Loans, three years before | 58,307 | 41,192 | |
Loans, four years before | 36,961 | 31,509 | |
Loans, prior | 91,390 | 76,960 | |
Loans, revolving | 50,037 | 10,303 | |
Loans | 346,977 | 337,601 | 344,369 |
Current period gross write-offs, current year | 0 | 0 | |
Current period gross write-offs. one year before | 0 | 59 | |
Current period gross write-offs, two years before | 0 | 0 | |
Current period gross write-offs, three years before | 0 | 0 | |
Current period gross write-offs, four years before | 0 | 0 | |
Current period gross write-offs, prior | 10 | 0 | |
Current period gross write-offs, revolving | 0 | 0 | |
Current period gross write-offs, total | 10 | 0 | 59 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Pass [Member] | |||
Loans, current year | 8,034 | 43,029 | |
Loans, one year before | 36,903 | 77,196 | |
Loans, two years before | 65,212 | 64,063 | |
Loans, three years before | 58,106 | 41,192 | |
Loans, four years before | 36,961 | 31,509 | |
Loans, prior | 90,690 | 76,295 | |
Loans, revolving | 50,037 | 10,303 | |
Loans | 345,943 | 343,587 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Special Mention [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Substandard [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 98 | ||
Loans, two years before | 133 | 19 | |
Loans, three years before | 201 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 700 | 665 | |
Loans, revolving | 0 | 0 | |
Loans | 1,034 | 782 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Doubtful [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans, current year | 21,012 | 51,560 | |
Loans, one year before | 51,426 | 94,666 | |
Loans, two years before | 93,506 | 90,089 | |
Loans, three years before | 90,608 | 41,186 | |
Loans, four years before | 35,884 | 36,747 | |
Loans, prior | 147,472 | 122,755 | |
Loans, revolving | 9,860 | 10,269 | |
Loans | 449,768 | 421,970 | 447,272 |
Current period gross write-offs, current year | 0 | 0 | |
Current period gross write-offs. one year before | 0 | 0 | |
Current period gross write-offs, two years before | 0 | 0 | |
Current period gross write-offs, three years before | 0 | 0 | |
Current period gross write-offs, four years before | 0 | 0 | |
Current period gross write-offs, prior | 0 | 34 | |
Current period gross write-offs, revolving | 0 | 0 | |
Current period gross write-offs, total | 0 | 0 | 34 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Pass [Member] | |||
Loans, current year | 21,012 | 51,560 | |
Loans, one year before | 51,426 | 94,666 | |
Loans, two years before | 93,506 | 90,089 | |
Loans, three years before | 90,608 | 41,186 | |
Loans, four years before | 35,884 | 36,747 | |
Loans, prior | 147,472 | 122,755 | |
Loans, revolving | 9,860 | 10,269 | |
Loans | 449,768 | 447,272 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Special Mention [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Substandard [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Doubtful [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Commercial and Industrial Loans [Member] | |||
Loans, current year | 10,948 | 22,144 | |
Loans, one year before | 22,650 | 30,512 | |
Loans, two years before | 24,850 | 21,805 | |
Loans, three years before | 18,077 | 4,102 | |
Loans, four years before | 2,388 | 4,615 | |
Loans, prior | 10,909 | 9,071 | |
Loans, revolving | 26,477 | 20,825 | |
Loans | 116,299 | 112,803 | 113,074 |
Current period gross write-offs, current year | 101 | 315 | |
Current period gross write-offs. one year before | 653 | 1,121 | |
Current period gross write-offs, two years before | 0 | 1,139 | |
Current period gross write-offs, three years before | 2 | 624 | |
Current period gross write-offs, four years before | 0 | 0 | |
Current period gross write-offs, prior | 0 | 253 | |
Current period gross write-offs, revolving | 0 | 0 | |
Current period gross write-offs, total | 756 | 877 | 3,452 |
Commercial and Industrial Loans [Member] | Pass [Member] | |||
Loans, current year | 10,839 | 22,086 | |
Loans, one year before | 21,949 | 26,755 | |
Loans, two years before | 19,250 | 20,352 | |
Loans, three years before | 16,297 | 4,102 | |
Loans, four years before | 2,388 | 4,448 | |
Loans, prior | 9,961 | 8,276 | |
Loans, revolving | 26,477 | 20,825 | |
Loans | 107,161 | 106,844 | |
Commercial and Industrial Loans [Member] | Special Mention [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 1,380 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 1,380 | 0 | |
Commercial and Industrial Loans [Member] | Substandard [Member] | |||
Loans, current year | 109 | 58 | |
Loans, one year before | 701 | 3,757 | |
Loans, two years before | 4,220 | 1,453 | |
Loans, three years before | 1,780 | 0 | |
Loans, four years before | 0 | 167 | |
Loans, prior | 948 | 795 | |
Loans, revolving | 0 | 0 | |
Loans | 7,758 | 6,230 | |
Commercial and Industrial Loans [Member] | Doubtful [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Loans, current year | 2,977 | 3,021 | |
Loans, one year before | 2,138 | 1,203 | |
Loans, two years before | 864 | 311 | |
Loans, three years before | 157 | 1,471 | |
Loans, four years before | 1,317 | 2,172 | |
Loans, prior | 2,082 | 14 | |
Loans, revolving | 6,478 | 3,843 | |
Loans | 16,013 | 8,538 | 12,035 |
Current period gross write-offs, current year | 127 | 366 | |
Current period gross write-offs. one year before | 24 | 57 | |
Current period gross write-offs, two years before | 9 | 4 | |
Current period gross write-offs, three years before | 3 | 15 | |
Current period gross write-offs, four years before | 1 | 3 | |
Current period gross write-offs, prior | 0 | 3 | |
Current period gross write-offs, revolving | 0 | 0 | |
Current period gross write-offs, total | 164 | $ 208 | 448 |
Consumer and Other Loans [Member] | Pass [Member] | |||
Loans, current year | 2,977 | 3,021 | |
Loans, one year before | 2,138 | 1,203 | |
Loans, two years before | 864 | 311 | |
Loans, three years before | 157 | 1,471 | |
Loans, four years before | 1,317 | 2,172 | |
Loans, prior | 2,082 | 14 | |
Loans, revolving | 6,478 | 3,843 | |
Loans | 16,013 | 12,035 | |
Consumer and Other Loans [Member] | Special Mention [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | Substandard [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | Doubtful [Member] | |||
Loans, current year | 0 | 0 | |
Loans, one year before | 0 | 0 | |
Loans, two years before | 0 | 0 | |
Loans, three years before | 0 | 0 | |
Loans, four years before | 0 | 0 | |
Loans, prior | 0 | 0 | |
Loans, revolving | 0 | 0 | |
Loans | $ 0 | $ 0 |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss | $ 12,553 | $ 8,858 | $ 11,974 | $ 7,446 |
Financing Receivable, Modified, Accumulated | 0 | 0 | ||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | ||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 26 | 44 | ||
Other Liabilities [Member] | ||||
Off-Balance-Sheet, Credit Loss, Liability | 387 | 197 | ||
TDR Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss | 0 | $ 0 | ||
Collateral Pledged [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Balance | $ 11,974 | $ 7,446 | $ 7,446 |
Charge-offs | (934) | (1,085) | (3,993) |
Recoveries | 89 | 266 | 418 |
Provision for (recovery of) credit losses on loans | 1,424 | 45 | 5,917 |
Balance | 12,553 | 8,858 | 11,974 |
Individually evaluated | 3,750 | 0 | 2,705 |
Collectively evaluated | 8,803 | 8,858 | 9,269 |
Loans | 989,976 | 930,194 | 969,430 |
Individually evaluated | 8,630 | 677 | 6,763 |
Collectively evaluated | 981,346 | 929,517 | 962,667 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 2,186 | 2,186 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Balance | 312 | 546 | 546 |
Charge-offs | (4) | 0 | 0 |
Recoveries | 0 | 1 | 0 |
Provision for (recovery of) credit losses on loans | 39 | 68 | 79 |
Balance | 347 | 302 | 312 |
Individually evaluated | 0 | 0 | 0 |
Collectively evaluated | 347 | 302 | 312 |
Loans | 60,919 | 49,282 | 52,680 |
Individually evaluated | 36 | 40 | 38 |
Collectively evaluated | 60,883 | 49,242 | 52,642 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | (313) | (313) | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Balance | 3,159 | 1,108 | 1,108 |
Charge-offs | (10) | 0 | (59) |
Recoveries | 5 | 9 | 47 |
Provision for (recovery of) credit losses on loans | (466) | 77 | 654 |
Balance | 2,688 | 2,603 | 3,159 |
Individually evaluated | 0 | 0 | 0 |
Collectively evaluated | 2,688 | 2,603 | 3,159 |
Loans | 346,977 | 337,601 | 344,369 |
Individually evaluated | 749 | 567 | 495 |
Collectively evaluated | 346,228 | 337,034 | 343,874 |
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 | 1,409 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Balance | 4,698 | 3,609 | 3,609 |
Charge-offs | 0 | 0 | (34) |
Recoveries | 1 | 13 | 14 |
Provision for (recovery of) credit losses on loans | 141 | (80) | (593) |
Balance | 4,840 | 5,244 | 4,698 |
Individually evaluated | 0 | 0 | 0 |
Collectively evaluated | 4,840 | 5,244 | 4,698 |
Loans | 449,768 | 421,970 | 447,272 |
Individually evaluated | 0 | 70 | 0 |
Collectively evaluated | 449,768 | 421,900 | 447,272 |
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 | 1,702 | |
Commercial and Industrial Loans [Member] | |||
Balance | 3,706 | 1,874 | 1,874 |
Charge-offs | (756) | (877) | (3,452) |
Recoveries | 16 | 144 | 145 |
Provision for (recovery of) credit losses on loans | 1,596 | (137) | 5,526 |
Balance | 4,562 | 617 | 3,706 |
Individually evaluated | 3,750 | 0 | 2,705 |
Collectively evaluated | 809 | 617 | 1,001 |
Loans | 116,299 | 112,803 | 113,074 |
Individually evaluated | 7,845 | 0 | 6,230 |
Collectively evaluated | 108,454 | 112,803 | 106,844 |
Commercial and Industrial Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | (387) | (387) | |
Consumer and Other Loans [Member] | |||
Balance | 99 | 309 | 309 |
Charge-offs | (164) | (208) | (448) |
Recoveries | 67 | 99 | 212 |
Provision for (recovery of) credit losses on loans | 114 | 117 | 251 |
Balance | 116 | 92 | 99 |
Individually evaluated | 0 | 0 | 0 |
Collectively evaluated | 119 | 92 | 99 |
Loans | 16,013 | 8,538 | 12,035 |
Individually evaluated | 0 | 0 | 0 |
Collectively evaluated | $ 16,013 | 8,538 | 12,035 |
Consumer and Other Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | $ (225) | $ (225) |
Note 4 - Allowance for Credit_5
Note 4 - Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Nonaccrual, No Allowance | $ 785 | $ 533 |
Nonaccrual, With Allowance | 7,845 | 6,230 |
Non-accrual loans | 8,630 | 6,763 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Nonaccrual, No Allowance | 36 | 38 |
Nonaccrual, With Allowance | 0 | 0 |
Non-accrual loans | 36 | 38 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Nonaccrual, No Allowance | 749 | 495 |
Nonaccrual, With Allowance | 0 | 0 |
Non-accrual loans | 749 | 495 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual, With Allowance | 0 | 0 |
Non-accrual loans | 0 | 0 |
Commercial and Industrial Loans [Member] | ||
Nonaccrual, No Allowance | 0 | 0 |
Nonaccrual, With Allowance | 7,845 | 6,230 |
Non-accrual loans | $ 7,845 | $ 6,230 |
Note 4 - Allowance for Credit_6
Note 4 - Allowance for Credit Losses- Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Loans | $ 989,976 | $ 969,430 | $ 930,194 |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 60,919 | 52,680 | 49,282 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 346,977 | 344,369 | 337,601 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 449,768 | 447,272 | $ 421,970 |
Real Estate [Member] | Real Estate 1 [Member] | |||
Loans | 785 | 533 | |
Real Estate [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 36 | 38 | |
Real Estate [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 749 | 495 | |
Real Estate [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 0 | 0 | |
Real Estate [Member] | Real Estate 1 [Member] | Commercial and Industrial Loans [Member] | |||
Loans | 0 | 0 | |
Non Real Estate [Member] | Real Estate 1 [Member] | |||
Loans | 0 | 0 | |
Non Real Estate [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 0 | 0 | |
Non Real Estate [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 0 | 0 | |
Non Real Estate [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 0 | 0 | |
Non Real Estate [Member] | Real Estate 1 [Member] | Commercial and Industrial Loans [Member] | |||
Loans | 0 | 0 | |
Collateral Pledged [Member] | Real Estate 1 [Member] | |||
Loans | 785 | 533 | |
Collateral Pledged [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 36 | 38 | |
Collateral Pledged [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 749 | 495 | |
Collateral Pledged [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 0 | 0 | |
Collateral Pledged [Member] | Real Estate 1 [Member] | Commercial and Industrial Loans [Member] | |||
Loans | $ 0 | $ 0 |
Note 5 - Earnings Per Common _3
Note 5 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 880 | 603 | 880 | 603 |
Note 5 - Earnings Per Common _4
Note 5 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 2,442 | $ 3,505 | $ 5,651 | $ 7,354 |
Weighted average shares outstanding – basic (in shares) | 6,278,113 | 6,269,668 | 6,273,952 | 6,271,779 |
Potentially dilutive common shares – restricted stock units (in shares) | 11,292 | 7,493 | 12,018 | 7,348 |
Weighted average shares outstanding – diluted (in shares) | 6,289,405 | 6,277,161 | 6,285,970 | 6,279,127 |
Basic (in dollars per share) | $ 0.39 | $ 0.56 | $ 0.9 | $ 1.17 |
Diluted (in dollars per share) | $ 0.39 | $ 0.56 | $ 0.9 | $ 1.17 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements - Balances of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Sep. 01, 2022 |
Fair value, available for sale securities | $ 144,816 | $ 152,857 | $ 74,400 |
Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 144,816 | 152,857 | |
Derivatives - cash flow hedges | 2,685 | 2,488 | |
Assets, Fair Value | 147,501 | 155,345 | |
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 | 144,816 | 152,857 | |
Derivatives - cash flow hedges | 2,685 | 2,488 | |
Assets, Fair Value | 147,501 | 155,345 | |
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 | 11,461 | 11,450 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 11,461 | 11,450 | |
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 | 11,461 | 11,450 | |
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 | 78,830 | 84,800 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 78,830 | 84,800 | |
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 | 78,830 | 84,800 | |
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 | 54,525 | 56,607 | |
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 | 54,525 | 56,607 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | $ 0 | $ 0 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Collateral Dependent Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets, Fair Value | $ 785 | $ 533 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 785 | $ 533 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] - Collateral Dependent Loans [Member] $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Assets, Fair Value | $ 785 | $ 533 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 785 | $ 533 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | ||
Collateral dependent loans | 0.065 | 0.065 |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements - Carrying Values and Estimated Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Sep. 01, 2022 |
Fair value, available for sale securities | $ 144,816 | $ 152,857 | $ 74,400 |
Restricted securities | 2,112 | 2,078 | |
Bank owned life insurance | 24,802 | 24,902 | |
Reported Value Measurement [Member] | |||
Cash and interest-bearing deposits in banks | 135,635 | 87,161 | |
Fair value, available for sale securities | 144,816 | 152,857 | |
Securities held to maturity | 123,497 | 148,244 | |
Restricted securities | 2,112 | 2,078 | |
Loans, net | 977,423 | 957,456 | |
Bank owned life insurance | 24,802 | 24,902 | |
Accrued interest receivable | 4,916 | 4,655 | |
Derivatives - cash flow hedges | 2,685 | 2,488 | |
Deposits | 1,265,796 | 1,233,726 | |
Other borrowings | 50,000 | 50,000 | |
Subordinated debt | 4,998 | 4,997 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable | 812 | 764 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and interest-bearing deposits in banks | 135,635 | 87,161 | |
Fair value, available for sale securities | 144,816 | 152,857 | |
Securities held to maturity | 112,133 | 137,507 | |
Restricted securities | 2,112 | 2,078 | |
Loans, net | 942,911 | 919,266 | |
Bank owned life insurance | 24,802 | 24,902 | |
Accrued interest receivable | 4,916 | 4,655 | |
Derivatives - cash flow hedges | 2,685 | 2,488 | |
Deposits | 1,262,656 | 1,230,731 | |
Other borrowings | 49,850 | 49,987 | |
Subordinated debt | 5,395 | 5,412 | |
Junior subordinated debt | 8,143 | 8,493 | |
Accrued interest payable | 812 | 764 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and interest-bearing deposits in banks | 135,635 | 87,161 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 0 | 0 | |
Other borrowings | 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 2 [Member] | |||
Cash and interest-bearing deposits in banks | 0 | 0 | |
Fair value, available for sale securities | 144,816 | 152,857 | |
Securities held to maturity | 112,133 | 137,507 | |
Restricted securities | 2,112 | 2,078 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 24,802 | 24,902 | |
Accrued interest receivable | 4,916 | 4,655 | |
Derivatives - cash flow hedges | 2,685 | 2,488 | |
Deposits | 1,062,979 | 1,041,377 | |
Other borrowings | 0 | 0 | |
Subordinated debt | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 812 | 764 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and interest-bearing deposits in banks | 0 | 0 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 942,911 | 919,266 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 199,677 | 189,354 | |
Other borrowings | 49,850 | 49,987 | |
Subordinated debt | 5,395 | 5,412 | |
Junior subordinated debt | 8,143 | 8,493 | |
Accrued interest payable | $ 0 | $ 0 |
Note 7 - Stock Compensation P_3
Note 7 - Stock Compensation Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | May 10, 2023 | |
Board of Directors [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 | $ 0 | $ 200 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Expense | 60 | $ 69 | $ 202 | $ 207 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,412 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 404 | $ 404 | |||
Restricted Stock Units (RSUs) [Member] | Vesting on February 15, 2024 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,475 | ||||
Restricted Stock Units (RSUs) [Member] | Vesting One Half Each Year for Two Years [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,937 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | ||||
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 |
Note 7 - Stock Compensation P_4
Note 7 - Stock Compensation Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Unvested, beginning of year (in shares) | shares | 41,507 |
Unvested, beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.47 |
Granted, shares (in shares) | shares | 13,412 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.06 |
Vested, shares (in shares) | shares | (16,762) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.39 |
Forfeited, shares (in shares) | shares | (956) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Unvested, end of period (in shares) | shares | 37,201 |
Unvested, end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.25 |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Balance | $ 117,816 | $ 111,811 | $ 116,271 | $ 108,360 |
Unrealized holding gains losses | 211 | (1,579) | (1,035) | 583 |
Total other comprehensive (loss) | 475 | (1,143) | (336) | 1,112 |
Balance | 119,891 | 112,860 | 119,891 | 112,860 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (21,627) | (22,109) | (20,671) | (24,587) |
Unrealized holding gains losses | 211 | (1,579) | (1,035) | 583 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 253 | 333 | 543 | 649 |
Change in fair value of cash flow hedge (net of tax, $29) | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) | 464 | (1,246) | (492) | 1,232 |
Change in fair value of cash flow hedge (net of tax, $3) | 0 | 0 | 0 | 0 |
Balance | (21,163) | (23,355) | (21,163) | (23,355) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 2,110 | 1,893 | 1,965 | 2,116 |
Unrealized holding gains losses | 0 | 0 | 0 | 0 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedge (net of tax, $29) | 11 | 103 | 156 | (120) |
Total other comprehensive (loss) | 11 | 103 | 156 | (120) |
Change in fair value of cash flow hedge (net of tax, $3) | 11 | 103 | 156 | (120) |
Balance | 2,121 | 1,996 | 2,121 | 1,996 |
AOCI Attributable to Parent [Member] | ||||
Balance | (19,517) | (20,216) | (18,706) | (22,471) |
Unrealized holding gains losses | 211 | (1,579) | (1,035) | 583 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 253 | 333 | 543 | 649 |
Change in fair value of cash flow hedge (net of tax, $29) | 11 | 103 | 156 | (120) |
Total other comprehensive (loss) | 475 | (1,143) | (336) | 1,112 |
Change in fair value of cash flow hedge (net of tax, $3) | 11 | 103 | 156 | (120) |
Balance | $ (19,042) | $ (21,359) | $ (19,042) | $ (21,359) |
Note 8 - Accumulated Other Co_4
Note 8 - Accumulated Other Comprehensive (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | $ 56 | $ (421) | $ (274) | $ 155 |
Note 9 - Revenue Recognition -
Note 9 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noninterest income | $ 2,510 | $ 2,535 | $ 5,050 | $ 4,953 |
Noninterest income (out-of-scope of Topic 606) | 176 | 349 | 1,683 | 709 |
Total noninterest income | 2,686 | 2,884 | 6,733 | 5,662 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income | 612 | 683 | 1,266 | 1,329 |
ATM and Check Card Fees [Member] | ||||
Noninterest income | 809 | 848 | 1,579 | 1,648 |
Wealth Management Fees [Member] | ||||
Noninterest income | 879 | 749 | 1,762 | 1,525 |
Mortgage Banking [Member] | ||||
Noninterest income | 32 | 35 | 70 | 35 |
Fees for Other Customer Services [Member] | ||||
Noninterest income | $ 178 | $ 220 | $ 373 | $ 416 |
Note 10 - Derivative Financia_3
Note 10 - 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 10 - Derivative Financia_4
Note 10 - Derivative Financial Instruments - Derivative Instruments Components (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Notional amount | $ 9,000 | $ 9,000 | |
Derivative Assets | 2,685 | 2,488 | |
Derivative liabilities | 0 | 0 | |
Interest rate swap contracts | [1] | $ 0 | $ 0 |
[1]Collateral pledged may be comprised of cash or securities. |
Note 11 - Acquisitions (Details
Note 11 - Acquisitions (Details Textual) - USD ($) $ in Thousands, shares in Millions | Mar. 25, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Assets | $ 1,457,528 | $ 1,419,295 | ||
Financing Receivable, before Allowance for Credit Loss | 989,976 | 969,430 | $ 930,194 | |
Deposits | 1,265,796 | $ 1,233,726 | ||
Touchstone Bankshares, Inc [Member] | ||||
Assets | 662,700 | |||
Financing Receivable, before Allowance for Credit Loss | 500,600 | |||
Deposits | $ 546,700 | |||
Touchstone Bankshares, Inc [Member] | ||||
Business Combination, Consideration Transferred | $ 47,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 2.7 |