Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000741516 | ||
Entity Registrant Name | AMERICAN NATIONAL BANKSHARES INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-12820 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1284688 | ||
Entity Address, Address Line One | 628 Main Street | ||
Entity Address, City or Town | Danville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24541 | ||
City Area Code | 434 | ||
Local Phone Number | 792-5111 | ||
Title of 12(b) Security | Common Stock, $1 par value | ||
Trading Symbol | AMNB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 321,204,000 | ||
Entity Common Stock, Shares Outstanding | 10,635,286 | ||
Auditor Name | YOUNT, HYDE & BARBOUR, P.C. | ||
Auditor Firm ID | 613 | ||
Auditor Location | Richmond, Virginia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 32,207 | $ 23,095 |
Interest-bearing deposits in other banks | 41,133 | 483,723 |
Securities available for sale, at fair value | 608,062 | 692,467 |
Restricted stock, at cost | 12,651 | 8,056 |
Loans held for sale | 1,061 | 8,481 |
Loans, net of deferred fees and costs | 2,186,449 | 1,946,580 |
Less allowance for loan losses | (19,555) | (18,678) |
Net loans | 2,166,894 | 1,927,902 |
Premises and equipment, net | 32,900 | 34,182 |
Assets held-for-sale | 1,382 | 1,382 |
Other real estate owned, net of valuation allowance | 27 | 143 |
Goodwill | 85,048 | 85,048 |
Core deposit intangibles, net | 3,367 | 4,627 |
Bank owned life insurance | 29,692 | 29,107 |
Other assets | 51,478 | 36,384 |
Total assets | 3,065,902 | 3,334,597 |
Liabilities: | ||
Noninterest-bearing deposits | 1,010,602 | 1,009,081 |
Interest-bearing deposits | 1,585,726 | 1,881,272 |
Total deposits | 2,596,328 | 2,890,353 |
Customer repurchase agreements | 370 | 41,128 |
Other short-term borrowings | 100,531 | 0 |
Junior subordinated debt | 28,334 | 28,232 |
Other liabilities | 19,165 | 20,092 |
Total liabilities | 2,744,728 | 2,979,805 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $5 par value, 2,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $1 par value, 20,000,000 shares authorized, 10,608,781 shares outstanding at December 31, 2022 and 10,766,967 shares outstanding at December 31, 2021 | 10,538 | 10,710 |
Capital in excess of par value | 141,948 | 147,777 |
Retained earnings | 223,664 | 201,380 |
Accumulated other comprehensive loss, net | (54,976) | (5,075) |
Total shareholders' equity | 321,174 | 354,792 |
Total liabilities and shareholders' equity | $ 3,065,902 | $ 3,334,597 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 10,608,781 | 10,766,967 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Dividend Income: | |||
Interest and fees on loans | $ 82,568 | $ 87,040 | $ 87,700 |
Interest and dividends on securities: | |||
Taxable | 10,065 | 7,309 | 6,764 |
Tax-exempt | 407 | 385 | 433 |
Dividends | 473 | 464 | 503 |
Other interest income | 2,491 | 598 | 440 |
Total interest and dividend income | 96,004 | 95,796 | 95,840 |
Interest Expense: | |||
Interest on deposits | 3,553 | 3,645 | 9,729 |
Interest on short-term borrowings | 659 | 22 | 259 |
Interest on subordinated debt | 0 | 203 | 489 |
Interest on junior subordinated debt | 1,554 | 1,535 | 1,543 |
Total interest expense | 5,766 | 5,405 | 12,020 |
Net Interest Income | 90,238 | 90,391 | 83,820 |
Provision for (recovery of) loan losses | 1,597 | (2,825) | 8,916 |
Net Interest Income after Provision for (Recovery of) Loan Losses | 88,641 | 93,216 | 74,904 |
Noninterest Income: | |||
Securities gains, net | 0 | 35 | 814 |
Income from Small Business Investment Companies | 1,409 | 1,972 | 270 |
Income from insurance investments | 747 | 1,199 | 321 |
Losses on premises and equipment, net | (228) | (885) | (110) |
Other | 1,003 | 932 | 763 |
Total noninterest income | 18,807 | 21,031 | 16,843 |
Noninterest Expense: | |||
Salaries and employee benefits | 36,382 | 32,342 | 29,765 |
Occupancy and equipment | 6,075 | 6,032 | 5,586 |
FDIC assessment | 903 | 864 | 639 |
Bank franchise tax | 1,953 | 1,767 | 1,702 |
Amortization of intangible assets | 1,260 | 1,464 | 1,637 |
Data processing | 3,310 | 2,958 | 3,017 |
Software | 1,505 | 1,368 | 1,454 |
Other real estate owned, net | 3 | 131 | 60 |
Other | 12,695 | 12,082 | 10,705 |
Total noninterest expense | 64,086 | 59,008 | 54,565 |
Income Before Income Taxes | 43,362 | 55,239 | 37,182 |
Income Taxes | 8,934 | 11,713 | 7,137 |
Net Income | $ 34,428 | $ 43,526 | $ 30,045 |
Net Income Per Common Share: | |||
Basic (in dollars per share) | $ 3.23 | $ 4 | $ 2.74 |
Diluted (in dollars per share) | $ 3.23 | $ 4 | $ 2.73 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 10,672,314 | 10,873,817 | 10,981,623 |
Diluted (in shares) | 10,674,613 | 10,877,231 | 10,985,790 |
Asset Management [Member] | |||
Noninterest Income: | |||
Noninterest Income | $ 6,521 | $ 6,019 | $ 4,789 |
Deposit Account [Member] | |||
Noninterest Income: | |||
Noninterest Income | 2,676 | 2,611 | 2,557 |
Interchange Service [Member] | |||
Noninterest Income: | |||
Noninterest Income | 4,107 | 4,152 | 3,213 |
Financial Service, Other [Member] | |||
Noninterest Income: | |||
Noninterest Income | 906 | 801 | 712 |
Mortgage Banking [Member] | |||
Noninterest Income: | |||
Noninterest Income | $ 1,666 | $ 4,195 | $ 3,514 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 34,428 | $ 43,526 | $ 30,045 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on securities available for sale | (68,877) | (12,236) | 7,213 |
Tax effect | 14,868 | 2,643 | (1,557) |
Reclassification adjustment for gains on sale or call of securities | 0 | (35) | (814) |
Tax effect | 0 | 7 | 176 |
Unrealized gains (losses) on cash flow hedges | 4,125 | 2,068 | (2,210) |
Tax effect | (866) | (434) | 448 |
Change in unfunded pension liability | 1,082 | 590 | (413) |
Tax effect | (233) | (115) | 77 |
Other comprehensive income (loss) | (49,901) | (7,512) | 2,920 |
Comprehensive income (loss) | $ (15,473) | $ 36,014 | $ 32,965 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2019 | $ 11,019 | $ 158,244 | $ 151,478 | $ (483) | $ 320,258 |
Net income | 0 | 0 | 30,045 | 0 | 30,045 |
Other comprehensive income | 0 | 0 | 0 | 2,920 | 2,920 |
Stock repurchased | (141) | (4,840) | 0 | 0 | (4,981) |
Stock options exercised | 3 | 40 | 0 | 0 | 43 |
Vesting of restricted stock | 18 | (18) | 0 | 0 | 0 |
Equity based compensation | 27 | 1,424 | 0 | 0 | 1,451 |
Cash dividends paid | 0 | 0 | (11,842) | 0 | (11,842) |
Other comprehensive income (loss) | 0 | 0 | 0 | 2,920 | 2,920 |
Stock repurchased | (141) | (4,840) | 0 | 0 | (4,981) |
Balance at Dec. 31, 2020 | 10,926 | 154,850 | 169,681 | 2,437 | 337,894 |
Net income | 0 | 0 | 43,526 | 0 | 43,526 |
Other comprehensive income | 0 | 0 | 0 | (7,512) | (7,512) |
Stock repurchased | (266) | (8,544) | 0 | 0 | (8,810) |
Stock options exercised | 5 | 84 | 0 | 0 | 89 |
Vesting of restricted stock | 24 | (24) | 0 | 0 | 0 |
Equity based compensation | 21 | 1,411 | 0 | 0 | 1,432 |
Cash dividends paid | 0 | 0 | (11,827) | 0 | (11,827) |
Other comprehensive income (loss) | 0 | 0 | 0 | (7,512) | (7,512) |
Stock repurchased | (266) | (8,544) | 0 | 0 | (8,810) |
Balance at Dec. 31, 2021 | 10,710 | 147,777 | 201,380 | (5,075) | 354,792 |
Net income | 0 | 0 | 34,428 | 0 | 34,428 |
Other comprehensive income | 0 | 0 | 0 | (49,901) | (49,901) |
Stock repurchased | (207) | (7,298) | 0 | 0 | (7,505) |
Stock options exercised | 1 | 11 | 0 | 0 | 12 |
Vesting of restricted stock | 18 | (18) | 0 | 0 | 0 |
Equity based compensation | 16 | 1,476 | 0 | 0 | 1,492 |
Cash dividends paid | 0 | 0 | (12,144) | 0 | (12,144) |
Other comprehensive income (loss) | 0 | 0 | 0 | (49,901) | (49,901) |
Stock repurchased | (207) | (7,298) | 0 | 0 | (7,505) |
Balance at Dec. 31, 2022 | $ 10,538 | $ 141,948 | $ 223,664 | $ (54,976) | $ 321,174 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock repurchased, shares (in shares) | 206,978 | 265,939 | 140,526 |
Stock options exercised, shares (in shares) | 713 | 5,346 | 2,573 |
Vesting of restricted stock, shares (in shares) | 17,583 | 23,968 | 18,487 |
Equity based compensation, shares (in shares) | 16,462 | 45,193 | 48,780 |
Cash dividends paid, per share (in dollars per share) | $ 1.14 | $ 1.09 | $ 1.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income | $ 34,428 | $ 43,526 | $ 30,045 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for (recovery of) loan losses | 1,597 | (2,825) | 8,916 |
Depreciation | 2,246 | 2,243 | 2,188 |
Net accretion of acquisition accounting adjustments | (1,597) | (5,236) | (3,812) |
Amortization of intangible assets | 1,260 | 1,464 | 1,637 |
Net amortization of securities | 1,646 | 1,846 | 1,186 |
Net gain on sale or call of securities available for sale | 0 | (35) | (814) |
Gain on sale of loans held for sale | (1,666) | (4,195) | (3,514) |
Proceeds from sales of loans held for sale | 70,059 | 154,041 | 155,705 |
Originations of loans held for sale | (60,973) | (142,736) | (165,755) |
Net (gain) loss on other real estate owned | (2) | 111 | (4) |
Net loss on sale, write-down or disposal of premises and equipment | 228 | 885 | 110 |
Equity based compensation expense | 1,492 | 1,432 | 1,451 |
Earnings on bank owned life insurance | (585) | (625) | (665) |
Deferred income tax (benefit) expense | (385) | 808 | (640) |
Net change in other assets | (2,484) | 245 | (3,421) |
Net change in other liabilities | 2,677 | 146 | (2,387) |
Net cash provided by operating activities | 47,941 | 51,095 | 20,226 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of securities available for sale | 0 | 561 | 5,811 |
Proceeds from maturities, calls and paydowns of securities available for sale | 120,052 | 192,672 | 208,429 |
Purchases of securities available for sale | (106,170) | (433,690) | (295,109) |
Net change in restricted stock | (4,595) | 659 | (85) |
Proceeds from sales of purchased credit impaired loans | 0 | 0 | 4,939 |
Net decrease (increase) in loans | (238,993) | 73,836 | (186,635) |
Net change in collateral with other financial institutions | 3,200 | 1,700 | (2,300) |
Proceeds from sale of premises and equipment | 4 | 2,031 | 1 |
Purchases of premises and equipment | (1,196) | (1,000) | (2,694) |
Proceeds from sales of other real estate owned | 118 | 704 | 195 |
Net cash used in investing activities | (227,580) | (162,527) | (267,448) |
Cash Flows from Financing Activities: | |||
Net change in noninterest-bearing deposits | 1,521 | 178,987 | 251,488 |
Net change in interest-bearing deposits | (295,496) | 100,114 | 299,476 |
Net change in customer repurchase agreements | (40,758) | (1,423) | 2,076 |
Net change in short-term borrowings | 100,531 | 0 | 0 |
Net change in long-term borrowings | 0 | (7,500) | 0 |
Common stock dividends paid | (12,144) | (11,827) | (11,842) |
Repurchase of common stock | (7,505) | (8,810) | (4,981) |
Proceeds from exercise of stock options | 12 | 89 | 43 |
Net cash (used in) provided by financing activities | (253,839) | 249,630 | 536,260 |
Net (Decrease) Increase in Cash and Cash Equivalents | (433,478) | 138,198 | 289,038 |
Cash and Cash Equivalents at Beginning of Period | 506,818 | 368,620 | 79,582 |
Cash and Cash Equivalents at End of Period | $ 73,340 | $ 506,818 | $ 368,620 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 – Summary of Significant Accounting Policies Nature of Operations and Consolidation The consolidated financial statements include the accounts of American National Bankshares Inc. (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Bank offers a wide variety of retail, commercial, secondary market mortgage lending, and trust and investment services which also include non-deposit products such as mutual funds and insurance policies. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, and accounting for acquired loans with specific credit-related deterioration. The accompanying consolidated financial statements include financial information related to the Company and its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary, if any. In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not . 11 Cash and Cash Equivalents Cash includes cash on hand, cash with correspondent banks, and cash on deposit at the Federal Reserve Bank of Richmond. Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with original maturities of three Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks mature within one Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Debt securities not The Company does not no not not two 1 2 Equity securities with readily determinable fair values are carried at fair value with changes in fair value included in noninterest income. Due to the nature and restrictions placed on the Company's investment in common stock of the Federal Home Loan Bank of Atlanta ("FHLB") and the Federal Reserve Bank of Richmond, these securities have been classified as restricted equity securities and carried at cost. Loans Held for Sale Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not Derivative Loan Commitments The Company enters into mortgage loan commitments whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets with net changes in their fair values recorded in other expenses. The period of time between issuance of a loan commitment and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery contracts, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed the interest rate risk on the loan. As a result, the Company is not The fair value of rate lock commitments and best efforts contracts is not not Loans Held for Investment The Company makes mortgage, commercial, and consumer loans. A substantial portion of the loan portfolio is secured by real estate. The ability of the Company's debtors to honor their contracts is dependent upon the real estate market and general economic conditions in the Company's market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balance adjusted for the allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Loans are typically charged off when the loan is 120 days past due, unless secured and in process of collection. Loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Interest accrued but not A loan is considered past due when a payment of principal or interest or both is due but not 30 59 60 89 90 These policies apply to all loan portfolio classes and segments. Substandard and doubtful risk graded commercial, commercial real estate, and construction loans are reviewed for impairment. All troubled debt restructurings ("TDRs"), regardless of dollar amount, are also evaluated for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment and establishing a specific allowance include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Generally, large groups of smaller balance homogeneous loans (residential real estate and consumer loans) are collectively evaluated for impairment. The Company's policy for recognizing interest income on impaired loans is consistent with its nonaccrual policy. The Company's loan portfolio is organized by major segment. These include: commercial, commercial real estate, residential real estate and consumer loans. Each segment has particular risk characteristics that are specific to the borrower and the generic category of credit. Commercial loan repayments are highly dependent on cash flows associated with the underlying business and its profitability. They can also be impacted by changes in collateral values. Commercial real estate loans share the same general risk characteristics as commercial loans but are often more dependent on the value of the underlying real estate collateral and, when construction is involved, the ultimate completion of and sale of the project. Residential real estate loans are generally dependent on the value of collateral and the credit worthiness of the underlying borrower. Consumer loans are very similar in risk characteristics to residential real estate. In connection with mergers, certain loans were acquired which exhibited deteriorated credit quality since origination and for which the Company does not 310 30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality no Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan's or pool's contractual principal and interest over expected cash flows is not Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower's financial condition, management may not may Allowance for Loan Losses The purpose of the allowance for loan losses ("ALLL") is to provide for probable losses inherent in the loan portfolio. The allowance is increased by the provision for loan losses and by recoveries of previously charged-off loans. Loan charge-offs decrease the allowance. The goal of the Company is to maintain an appropriate, systematic, and consistently applied process to determine the amounts of the ALLL and the provision for loan loss expense. The Company uses certain practices to manage its credit risk. These practices include ( 1 2 3 4 5 6 7 Risk grades are assigned as part of the loan origination process. From time to time risk grades may Calculation and analysis of the allowance for loan losses is prepared quarterly by the Finance Department. The Company's Credit Committee, Risk and Compliance Committee, Audit Committee, and the Board of Directors review the allowance for adequacy. The Company's allowance for loan losses has two The formula allowance uses historical loss experience as an indicator of future losses, along with various qualitative factors, including levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, trends in volume and terms of loans, effects of changes in underwriting standards, experience of lending staff, economic conditions, and portfolio concentrations. In the formula allowance for commercial and commercial real estate loans, the historical loss rate is combined with the qualitative factors, resulting in an adjusted loss factor for each risk-grade category of loans. The period-end balances for each loan risk-grade category are multiplied by the adjusted loss factor. Allowance calculations for consumer loans are calculated based on historical losses for each product category without regard to risk grade. This loss rate is combined with qualitative factors resulting in an adjusted loss factor for each product category. The specific allowance uses various techniques to arrive at an estimate of loss for specifically identified impaired loans. These include: • The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan); • The loan's observable market price; or • The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent. The use of these computed values is inherently subjective and actual losses could be greater or less than the estimates. No The relationships and ratios used in calculating the allowance, including the qualitative factors, may not may On January 1, 2023, No. 2016 13, 326 December 31, 2022, 2021, 2020. 1 Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three thirty-nine three Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. The Company follows ASC 350, June 30 not five ten Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Consolidated Balance Sheets. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Consolidated Statements of Income. Right-of-use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may Wealth Management Assets Securities and other property held by the wealth management segment in a fiduciary or agency capacity are not not Other Real Estate Owned ("OREO") OREO represents real estate that has been acquired through loan foreclosures or deeds received in lieu of loan payments. Generally, such properties are appraised at the time acquired and are recorded at fair value less estimated selling costs. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense. Bank Owned Life Insurance In connection with mergers, the Company has acquired bank owned life insurance ("BOLI"). The asset is reflected as the cash surrender value of the policies as provided by the insurer on a monthly basis. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Income Taxes The Company uses the balance sheet method to account for deferred income tax assets and liabilities. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 no December 31, 2022 2021. Stock-Based Compensation Stock compensation accounting guidance ASC 718, Compensation - Stock Compensation The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. Earnings Per Common Share Basic earnings per common share represent income available to common shareholders divided by the average number of common shares outstanding during the period. Diluted earnings per common share reflect the impact of additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may Comprehensive Income Comprehensive income is shown in a two first second Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred. Mergers and Acquisitions Business combinations are accounted for under ASC 805, Business Combinations third one no December 31, 2022, 2021, 2020. Derivative Financial Instruments The Company uses derivatives primarily to manage risk associated with changing interest rates. The Company's derivative financial instruments consist of interest rate swaps that qualify as cash flow hedges of the Company's trust preferred capital notes. The Company recognizes derivative financial instruments at fair value as either an other asset or other liability in the consolidated balance sheets. The effective portion of the gain or loss on the Company's cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and is reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Reclassifications Certain reclassifications have been made in prior years' financial statements to conform to classifications used in the current year. There were no Recent Accounting Pronouncements During June 2016, 2016 13, 326 2016 13 January 1, 2023 The Company is utilizing a third 326, not may 2022, third Effective November 25, 2019, 119. 119 326, 1 2 3 4 In March 2020, 2020 04 848 March 12, 2020 December 31, 2022. January 2021, No. 2021 01 848 848 848 may No. 2021 01 March 12, 2020, January 7, 2021, may No. 2021 01 March 12, 2020, March 12, 2020. January 1, 2022 December 31, 2022. 2020 04 not In December 2022, 2022 06, 848 848". 2022 06 848. 848 848 2021, June 30, 2023. 2022 06 not To ensure the relief in Topic 848 may 848 December 31, 2022, December 31, 2024, no 848. 2022 06 In March 2022, No. 2022 02, 326 2022 02 2016 13 2016 13, 2022 02 December 15, 2022, not 2016 13, 2022 02 2016 13. 2016 13. may January 1, 2023. No. 2022 02 not |
Note 2 - Restrictions on Cash
Note 2 - Restrictions on Cash | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 2 The Company is a member of the Federal Reserve System and prior to March 2020 The gross reserve requirement and the required balances with the Federal Reserve Bank of Richmond were zero December 31, 2022 2021 The Company maintains cash accounts in other commercial banks. The amount on deposit with correspondent institutions at December 31, 2022 $2.3 million. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 The amortized cost and estimated fair value of investments in securities at December 31, 2022 2021 December 31, 2022 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 152,033 $ — $ 12,606 $ 139,427 Federal agencies and GSEs 90,363 4 7,019 83,348 Mortgage-backed and CMOs 336,393 1 42,301 294,093 State and municipal 69,023 12 5,312 63,723 Corporate 31,299 — 3,828 27,471 Total securities available for sale $ 679,111 $ 17 $ 71,066 $ 608,062 The Company had no December 31, 2022 December 31, 2021 (Dollars in thousands) December 31, 2021 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 150,751 $ — $ 1,174 $ 149,577 Federal agencies and GSEs 104,518 993 931 104,580 Mortgage-backed and CMOs 357,981 2,854 4,525 356,310 State and municipal 65,939 1,021 488 66,472 Corporate 15,450 218 140 15,528 Total securities available for sale $ 694,639 $ 5,086 $ 7,258 $ 692,467 The amortized cost and estimated fair value of investments in debt securities at December 31, 2022 may Available for Sale Amortized Cost Fair Value Due in one year or less $ 44,859 $ 43,579 Due after one year through five years 208,162 191,338 Due after five years through ten years 74,582 65,037 Due after ten years 15,114 14,015 Mortgage-backed and CMOs 336,394 294,093 $ 679,111 $ 608,062 Gross realized gains and losses on, and the proceeds from the sale of, securities available for sale were as follows (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Gross realized gains $ — $ 35 $ 814 Gross realized losses — — — Proceeds from sales of securities — 561 5,811 Securities with a carrying value of approximately $118.9 million and $150.4 million at December 31, 2022 and 2021, December 31, 2022 and $275.0 million at December 31, 2021. Temporarily Impaired Securities The following table shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 twelve Available for sale securities that have been in a continuous unrealized loss position are as follows (dollars in thousands): Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 139,427 $ 12,606 $ 10,824 $ 915 $ 128,603 $ 11,691 Federal agencies and GSEs 82,958 7,019 29,204 1,920 53,754 5,099 Mortgage-backed and CMOs 293,929 42,301 96,758 7,245 197,171 35,056 State and municipal 60,629 5,312 31,866 980 28,763 4,332 Corporate 27,471 3,828 18,991 2,556 8,480 1,272 Total $ 604,414 $ 71,066 $ 187,643 $ 13,616 $ 416,771 $ 57,450 U.S. Treasury Nineteen 12 not he investments. Because the Company does not not not may not December 31, 2022 Federal agencies and GSEs: The unrealized losses on the Company's investment in 43 government sponsored entities ("GSEs") were caused by normal market fluctuations. Twenty- one 12 not not not not may not December 31, 2022 Mortgage-backed securities: The unrealized losses on the Company's investment in 138 GSE mortgage-backed securities were caused by normal market fluctuations. Twenty- one 12 not not not not not may not December 31, 2022 Collateralized Mortgage Obligations: The unrealized losses associated with 56 GSE collateralized mortgage obligations ("CMOs") were due to normal market fluctuations. Thirty-five of these securities were in an unrealized loss position for 12 not not not not not may not December 31, 2022 State and municipal securities : The unrealized losses on 81 state and municipal securities were caused by normal market fluctuations. Forty- six 12 not not not not may not December 31, 2022 Corporate securities not Four of these securities were in an unrealized loss position for 12 not not not not not not may not December 31, 2022 Due to restrictions placed upon the Bank's common stock investment in the Federal Reserve Bank of Richmond and FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not $6.5 million as of December 31, 2022 2021 December 31, 2022 2021, The table below shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2021 Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 149,577 $ 1,174 $ 149,577 $ 1,174 $ — $ — Federal agencies and GSEs 73,640 931 63,042 512 10,598 419 Mortgage-backed and CMOs 253,444 4,525 213,292 3,014 40,152 1,511 State and municipal 26,646 488 23,341 354 3,305 134 Corporate 7,611 140 7,611 140 — — Total $ 510,918 $ 7,258 $ 456,863 $ 5,194 $ 54,055 $ 2,064 Other-Than-Temporary-Impaired Securities As of December 31, 2022 2021, |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 Loans, excluding loans held for sale, at December 31, 2022 2021 December 31, 2022 2021 Commercial $ 304,247 $ 299,773 Commercial real estate: Construction and land development 197,525 134,221 Commercial real estate - owner occupied 418,462 391,517 Commercial real estate - non-owner occupied 827,728 731,034 Residential real estate: Residential 338,132 289,757 Home equity 93,740 93,203 Consumer 6,615 7,075 Total loans, net of deferred fees and costs $ 2,186,449 $ 1,946,580 Commercial includes approximately $74 thousand and $12.2 million in net PPP loans at December 31, 2022 2021, December 31, 2022 2021 2022 2021 Overdraft deposits were reclassified to consumer loans in the amount of $70 thousand and $90 thousand for 2022 2021, Acquired Loans The outstanding principal balance and the carrying amount of these loans, including ASC 310 30 December 31, 2022 2021 2022 2021 Outstanding principal balance $ 125,856 $ 163,574 Carrying amount 120,432 156,975 The outstanding principal balance and related carrying amount of purchased credit impaired loans, for which the Company applies ASC 310 30 December 31, 2022 2021 2022 2021 Outstanding principal balance $ 17,788 $ 24,696 Carrying amount 13,541 19,802 The following table presents changes in the accretable yield on purchased credit impaired loans, for which the Company applies ASC 310 30, December 31, 2022, 2021, 2020 2022 2021 2020 Balance at January 1 $ 4,902 $ 6,513 $ 7,893 Accretion (2,186 ) (5,292 ) (3,553 ) Reclassification from nonaccretable difference 986 2,780 2,233 Other changes, net (1) (172 ) 901 (60 ) Balance at December 31 $ 3,530 $ 4,902 $ 6,513 __________________________ ( 1 Past Due Loans The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2022 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 161 $ — $ — $ 4 $ 165 $ 304,082 $ 304,247 Commercial real estate: Construction and land development — — — — — 197,525 197,525 Commercial real estate - owner occupied 724 268 — — 992 417,470 418,462 Commercial real estate - non-owner occupied 319 — — 301 620 827,108 827,728 Residential: Residential 664 90 — 797 1,551 336,581 338,132 Home equity 104 — — 205 309 93,431 93,740 Consumer — — 16 — 16 6,599 6,615 Total $ 1,972 $ 358 $ 16 $ 1,307 $ 3,653 $ 2,182,796 $ 2,186,449 The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2021 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 120 $ — $ — $ 26 $ 146 $ 299,627 $ 299,773 Commercial real estate: Construction and land development — — — — — 134,221 134,221 Commercial real estate - owner occupied — — — 12 12 391,505 391,517 Commercial real estate - non-owner occupied — — — 1,093 1,093 729,941 731,034 Residential: Residential 670 20 154 792 1,636 288,121 289,757 Home equity 12 30 47 80 169 93,034 93,203 Consumer 6 — 15 3 24 7,051 7,075 Total $ 808 $ 50 $ 216 $ 2,006 $ 3,080 $ 1,943,500 $ 1,946,580 Impaired Loans The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 2,420 2,420 — 1,454 108 Commercial real estate - non-owner occupied 1,360 1,359 — 1,186 40 Residential: Residential 1,149 1,156 — 935 21 Home equity 165 165 — 93 — Consumer — — — — — $ 5,094 $ 5,100 $ — $ 3,668 $ 169 With a related allowance recorded: Commercial $ — $ — $ — $ 139 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied — — — — — Residential Residential — — — 41 — Home equity — — — — — Consumer — — — 38 — $ — $ — $ — $ 218 $ — Total: Commercial $ — $ — $ — $ 139 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 2,420 2,420 — 1,454 108 Commercial real estate - non-owner occupied 1,360 1,359 — 1,186 40 Residential: Residential 1,149 1,156 — 976 21 Home equity 165 165 — 93 — Consumer — — — 38 — $ 5,094 $ 5,100 $ — $ 3,886 $ 169 In the table above, recorded investment may The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ — $ — $ — $ 4 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 8 5 — 71 1 Commercial real estate - non-owner occupied 1,185 1,186 — 1,107 23 Residential: Residential 1,021 1,031 — 1,217 41 Home equity 4 4 — 5 1 Consumer — — — — — $ 2,218 $ 2,226 $ — $ 2,404 $ 66 With a related allowance recorded: Commercial $ 14 $ 7 $ 7 $ 25 $ 1 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied — — — 30 — Residential: Residential — — — 61 2 Home equity — — — — — Consumer — — — — — $ 14 $ 7 $ 7 $ 116 $ 3 Total: Commercial $ 14 $ 7 $ 7 $ 29 $ 1 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 8 5 — 71 1 Commercial real estate - non-owner occupied 1,185 1,186 — 1,137 23 Residential: Residential 1,021 1,031 — 1,278 43 Home equity 4 4 — 5 1 Consumer — — — — — $ 2,232 $ 2,233 $ 7 $ 2,520 $ 69 In the table above, recorded investment may The following table shows the detail of loans modified as TDRs during the years ended December 31, 2022, 2021, 2020, Loans Modified as TDRs for the Year Ended December 31, 2022 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied 1 2,420 2,420 Commercial real estate - non-owner occupied — — — Residential real estate 1 109 109 Home equity — — — Consumer — — — Total 2 $ 2,529 $ 2,529 Loans Modified as TDRs for the Year Ended December 31, 2021 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied 1 1,093 1,093 Residential real estate — — — Home equity — — — Consumer — — — Total 1 $ 1,093 $ 1,093 Loans Modified as TDRs for the Year Ended December 31, 2020 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial 1 $ 106 $ 106 Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied 2 1,311 1,311 Residential real estate 1 82 82 Home equity 1 6 6 Consumer — — — Total 5 $ 1,505 $ 1,505 All loans modified as TDRs during the years ended December 31, 2022, 2021, 2020 no 2022. no 2021. 2020 one 2020 no no 2020. December 31, 2020, During the year ended December 31, 2022, 12 December 31, 2021, no 12 December 31, 2020, one 12 one 90 The loan portfolio consists primarily of commercial and residential real estate loans, commercial loans to small and medium-sized businesses, construction and land development loans, and home equity loans. The Company had $715 thousand and $102 thousand in residential real estate loans in the process of foreclosure at December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021, Risk Ratings The following tables show the Company's loan portfolio broken down by internal risk grading as of December 31, 2022 Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 288,041 $ 197,331 $ 405,223 $ 826,844 $ 333,124 $ 93,062 Special Mention 10,657 — 2,388 239 1,577 — Substandard 5,548 194 10,851 645 3,431 678 Doubtful 1 — — — — — Total $ 304,247 $ 197,525 $ 418,462 $ 827,728 $ 338,132 $ 93,740 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 6,599 Nonperforming 16 Total $ 6,615 Loans classified in the Pass category typically are fundamentally sound, and risk factors are reasonable and acceptable. Loans classified in the Special Mention category typically have been criticized internally, by loan review or the loan officer, or by external regulators under the current credit policy regarding risk grades. Loans classified in the Substandard category typically have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are typically characterized by the possibility that the Bank will sustain some loss if the deficiencies are not Loans classified in the Doubtful category typically have all the weaknesses inherent in loans classified as substandard, plus the added characteristic the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not may may Consumer loans are classified as performing or nonperforming. A loan is nonperforming when payments of interest and principal are past due 90 The following tables show the Company's loan portfolio broken down by internal risk grading as of December 31, 2021 Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 290,823 $ 130,111 $ 372,177 $ 720,138 $ 285,188 $ 92,807 Special Mention 8,333 2,881 11,048 8,702 1,774 — Substandard 617 1,229 8,292 2,194 2,795 396 Doubtful — — — — — — Total $ 299,773 $ 134,221 $ 391,517 $ 731,034 $ 289,757 $ 93,203 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 7,057 Nonperforming 18 Total $ 7,075 |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 5 Changes in the allowance for loan losses and the reserve for unfunded lending commitments (included in other liabilities) for each of the years in the three December 31, 2022, Year Ended December 31, 2022 2021 2020 Allowance for Loan Losses Balance, beginning of year $ 18,678 $ 21,403 $ 13,152 Provision for (recovery of) loan losses 1,597 (2,825 ) 8,916 Charge-offs (1,019 ) (146 ) (1,006 ) Recoveries 299 246 341 Balance, end of year $ 19,555 $ 18,678 $ 21,403 Year Ended December 31, 2022 2021 2020 Reserve for Unfunded Lending Commitments Balance, beginning of year $ 386 $ 304 $ 329 Provision for (recovery of) unfunded commitments (9 ) 82 (25 ) Charge-offs — — — Balance, end of year $ 377 $ 386 $ 304 The reserve for unfunded loan commitments is included in other liabilities, and the provision for unfunded commitments is included in noninterest expense. The following table presents the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment for the year ended December 31, 2022 Commercial (1) Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2021 $ 2,668 $ 1,397 $ 3,964 $ 7,141 $ 3,458 $ 50 $ 18,678 Charge-offs (357 ) — — (436 ) (5 ) (221 ) (1,019 ) Recoveries 121 — 20 3 41 114 299 Provision/(recovery) 442 399 (199 ) 476 373 106 1,597 Balance at December 31, 2022 $ 2,874 $ 1,796 $ 3,785 $ 7,184 $ 3,867 $ 49 $ 19,555 Balance at December 31, 2022: Allowance for Loan Losses Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 2,873 1,772 3,762 7,184 3,822 49 19,462 Purchased credit impaired loans 1 24 23 — 45 — 93 Total $ 2,874 $ 1,796 $ 3,785 $ 7,184 $ 3,867 $ 49 $ 19,555 Loans Individually evaluated for impairment $ — $ — $ 2,420 $ 1,360 $ 1,314 $ — $ 5,094 Collectively evaluated for impairment 304,240 196,357 408,656 824,153 427,809 6,599 2,167,814 Purchased credit impaired loans 7 1,168 7,386 2,215 2,749 16 13,541 Total $ 304,247 $ 197,525 $ 418,462 $ 827,728 $ 431,872 $ 6,615 $ 2,186,449 __________________________ ( 1 The following table presents the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment for the year ended December 31, 2021 Commercial (1) Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2020 $ 3,373 $ 1,927 $ 4,340 $ 7,626 $ 4,067 $ 70 $ 21,403 Charge-offs — — (3 ) — (53 ) (90 ) (146 ) Recoveries 40 — 7 8 99 92 246 Provision/(recovery) (745 ) (530 ) (380 ) (493 ) (655 ) (22 ) (2,825 ) Balance at December 31, 2021 $ 2,668 $ 1,397 $ 3,964 $ 7,141 $ 3,458 $ 50 $ 18,678 Balance at December 31, 2021: Allowance for Loan Losses Individually evaluated for impairment $ 7 $ — $ — $ — $ — $ — $ 7 Collectively evaluated for impairment 2,642 1,365 3,767 6,778 3,402 50 18,004 Purchased credit impaired loans 19 32 197 363 56 — 667 Total $ 2,668 $ 1,397 $ 3,964 $ 7,141 $ 3,458 $ 50 $ 18,678 Loans Individually evaluated for impairment $ 14 $ — $ 8 $ 1,185 $ 1,025 $ — $ 2,232 Collectively evaluated for impairment 299,470 133,984 382,562 724,180 377,290 7,060 1,924,546 Purchased credit impaired loans 289 237 8,947 5,669 4,645 15 19,802 Total $ 299,773 $ 134,221 $ 391,517 $ 731,034 $ 382,960 $ 7,075 $ 1,946,580 ( 1 The allowance for loan losses is allocated to loan segments based upon historical loss factors, risk grades on individual loans, portfolio analysis of smaller balance, homogenous loans, and qualitative factors. Qualitative factors include trends in delinquencies, nonaccrual loans, and loss rates; trends in volume and terms of loans, effects of changes in risk selection, underwriting standards, and lending policies; experience of lending officers, other lending staff and loan review; national, regional, and local economic trends and conditions; legal, regulatory and collateral factors; and concentrations of credit. The provision expense recorded for the year ended December 31, 2022 December 31, 2021, 2020 not Changes in economic conditions may |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 Major classifications of premises and equipment at December 31, 2022 2021 December 31, 2022 2021 Land $ 9,308 $ 9,489 Buildings 32,515 32,475 Leasehold improvements 1,536 1,524 Furniture and equipment 19,379 18,494 62,738 61,982 Accumulated depreciation (29,838 ) (27,800 ) Premises and equipment, net $ 32,900 $ 34,182 Depreciation expense was $2.2 million for the years ended December 31, 2022 2021 2020. |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 The Company records as goodwill the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Impairment testing is performed annually, as well as when an event triggering impairment may first not not not not no not 19 four 2020 no December 31, 2022 2021, Core deposit intangibles resulting from the MidCarolina Financial Corporation ("MidCarolina") acquisition in July 2011 June 30, 2020. January 2015 April 2019 The changes in the carrying amount of goodwill and intangibles for the twelve December 31, 2022, Goodwill Intangibles Balance at December 31, 2021 $ 85,048 $ 4,627 Amortization — (1,260 ) Balance at December 31, 2022 $ 85,048 $ 3,367 Goodwill and intangible assets at December 31, 2022 2021 Gross Carrying Accumulated Net Carrying Value Amortization Value December 31, 2022 Core deposit intangibles $ 19,708 $ (16,341 ) $ 3,367 Goodwill 85,048 — 85,048 December 31, 2021 Core deposit intangibles $ 19,708 $ (15,081 ) $ 4,627 Goodwill 85,048 — 85,048 Amortization expense of core deposit intangibles for the years ended December 31, 2022, 2021, 2020 December 31, 2022, Year Amount 2023 $ 1,069 2024 800 2025 617 2026 454 2027 427 Total $ 3,367 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8 The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company under noncancelable operating lease agreements. The aggregate right-of-use assets and lease liabilities are included in other assets and other liabilities, respectively, in the Company's consolidated balance sheets. Lease liabilities represent the Company's obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company's incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company's right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company's long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term, and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not no The following tables present information about the Company's leases as of December 31, 2022 2021 December 31, 2022, 2021 2020 December 31, 2022 December 31, 2021 Lease liabilities $ 3,318 $ 4,023 Right-of-use assets $ 3,245 $ 3,939 Weighted average remaining lease term (in years) 6.77 6.92 Weighted average discount rate 3.16 % 3.09 % Year Ended Year Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Lease cost Operating lease cost $ 1,072 $ 1,069 $ 993 Short-term lease cost — — 3 Total lease cost $ 1,072 $ 1,069 $ 996 Cash paid for amounts included in the measurement of lease liabilities $ 1,083 $ 1,047 $ 959 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows (dollars in thousands): Lease payments due As of December 31, 2022 2023 $ 1,002 2024 573 2025 516 2026 279 2027 208 2028 and after 1,142 Total undiscounted cash flows $ 3,720 Discount (402 ) Lease liabilities $ 3,318 Lease expense, a component of occupancy and equipment expense, for the years ended December 31, 2022 2021 December 31, 2020 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9 The aggregate amount of time deposits in denominations of $250,000 December 31, 2022 2021 s $89.8 million and $15 9.8 At December 31, 2022, Year Amount 2023 $ 171,415 2024 28,939 2025 12,819 2026 25,284 2027 13,200 2028 and after 6,276 Total $ 257,933 There were no December 31, 2022 December 31, 2021. |
Note 10 - Short-term Borrowings
Note 10 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Short-Term Debt [Text Block] | Note 10 Short-term borrowings consist of customer repurchase agreements, overnight borrowings from the FHLB, and federal funds purchased. The Company has federal funds lines of credit established with correspondent banks in the amount of $60 million and has access to the Federal Reserve Bank of Richmond's discount window. The Company has $220.8 million in collateral pledged to the Federal reserve discount window. Customer repurchase agreements are collateralized by securities of the U.S. Government, its agencies or GSEs. They mature daily. The interest rates are generally fixed but may may December 31, 2022 2021 December 31, 2022 December 31, 2021 Amount Weighted Average Rate Amount Weighted Average Rate Customer repurchase agreements $ 370 0.10 % $ 41,128 0.03 % FHLB borrowings 100,531 4.42 — — Total short-term borrowings $ 100,901 4.40 % $ 41,128 0.03 % |
Note 11 - Long-term Borrowings
Note 11 - Long-term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 11 Under the terms of its collateral agreement with the FHLB, the Company provides a blanket lien covering all of its residential first second December 31, 2022 , $1.0 billion December 31, 2022 The Company had Junior Subordinated debt at December 31, 2022 2021, In the regular course of conducting its business, the Company takes deposits from political subdivisions of the states of Virginia and North Carolina. At December 31, 2022, December 31, 2022, Junior Subordinated Debt On April 7, 2006, June 30, 2036, may September 30, 2011. September 30, 2011, three may On July 1, 2011, two 1 not In accordance with ASC 810 10 15 14, Consolidation - Overall - Scope and Scope Exceptions not A description of the junior subordinated debt securities outstanding payable to the trusts is shown below (dollars in thousands): Principal Amount As of December 31, Issuing Entity Date Issued Interest Rate Maturity Date 2022 2021 AMNB Trust I 4/7/2006 Libor plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 Libor plus 3.45% 11/7/2032 4,601 4,545 MidCarolina Trust II 12/3/2003 Libor plus 2.95% 10/7/2033 3,114 3,068 $ 28,334 $ 28,232 The principal amounts reflected above for the MidCarolina Trusts are net of fair value adjustments of $554 thousand and $495 thousand at December 31, 2022 December 31, 2021, July 1, 2011, |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12 The Company uses derivative financial instruments ("derivatives") primarily to manage risks associated with changing interest rates. The Company's derivatives are hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows on variable rate borrowings such as the Company's Trust Preferred Capital Notes. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging variable-rate interest payments on a notional amount equal to the principal amount of the borrowings for fixed-rate interest payments, with such interest rates set based on benchmarked interest rates. 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 Terms and conditions of the interest rate swaps vary and amounts receivable or payable are recognized as accrued under the terms of the agreements. The Company assesses the effectiveness of each hedging relationship on a periodic basis. In accordance with ASC 815, Derivatives and Hedging (Dollars in thousands) December 31, 2022 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ 1,325 $ — $ 850 (Dollars in thousands) December 31, 2021 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ — $ 2,800 $ 4,050 In addition, the Company has commitments to fund certain mortgage loans (interest rate lock commitments) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third not |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 13 The Company's 2018 "2018 2018 Stock Options Accounting guidance requires that compensation cost relating to share-based payment transactions be recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. A summary of stock option transactions for the year ended December 31, 2022 Weighted Weighted Average Aggregate Average Remaining Intrinsic Option Exercise Contractual Term Value Shares Price (In Years) ($000) Outstanding at December 31, 2021 4,863 $ 16.63 Granted — — Exercised (713 ) 16.63 Expired — — Outstanding at December 31, 2022 4,150 $ 16.63 1.97 $ 84 Exercisable at December 31, 2022 4,150 $ 16.63 1.97 $ 84 The aggregate intrinsic value of stock options in the table above represents the total pre-tax intrinsic value (the amount by which the current fair value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2022. The total proceeds of the in-the-money options exercised during the years ended December 31, 2022, 2021, 2020 December 31, 2022, 2021, 2020 There was no recognized or unrecognized stock compensation expense attributable to outstanding stock options at December 31, 2022 2021. No stock options were granted in 2022, 2021 2020. Restricted Stock The Company from time-to-time grants shares of restricted stock to key employees and non-employee directors. These awards help align the interests of these employees and directors with the interests of the shareholders of the Company by providing economic value directly related to increases in the value of the Company's common stock. The value of the stock awarded is established as the fair market value of the stock at the time of the grant. The Company recognizes expense, equal to the total value of such awards, ratably over the vesting period of the stock grants. Restricted stock granted in 2022 December 31, 2022 Weighted Average Grant Shares Date Value Per Share Nonvested at December 31, 2021 58,461 $ 31.71 Granted 33,363 35.18 Vested (18,370 ) 31.23 Forfeited (1,747 ) 34.12 Nonvested at December 31, 2022 71,707 33.39 As of December 31, 2022, 2021, 2020, 2018 2022, 2021, 2020, The Company offers its outside directors alternatives with respect to director compensation. For 2022, 2021, 2020 2022, 2021 2020, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 14 The Company files income tax returns in the U.S. federal jurisdiction and the states of Virginia and North Carolina. With few exceptions, the Company is no 2019. The components of the Company's net deferred tax assets were as follows (dollars in thousands): December 31, 2022 2021 Deferred tax assets: Allowance for loan losses $ 4,226 $ 4,116 Nonaccrual loan interest 229 250 Other real estate owned valuation allowance 12 23 Deferred compensation 1,277 1,183 Acquisition accounting 1,174 1,258 Lease liability, net of right of use asset 16 18 Accrued pension liability 86 320 Net unrealized loss on cash flow hedges — 588 Net unrealized loss on securities available for sale 15,339 469 Other 374 253 Total deferred tax assets 22,733 8,478 Deferred tax liabilities: Depreciation 1,044 1,094 Core deposit intangibles 728 999 Deferred loan origination costs, net 42 72 Net unrealized gain on cash flow hedges 278 — Other 179 6 Total deferred tax liabilities 2,271 2,171 Net deferred tax assets $ 20,462 $ 6,307 The provision for income taxes consists of the following (dollars in thousands): Year Ended December 31, 2022 2021 2020 Current tax expense $ 9,319 $ 10,905 $ 7,777 Deferred tax (benefit) expense (385 ) 808 (640 ) Total income tax expense $ 8,934 $ 11,713 $ 7,137 A reconcilement of the "expected" federal income tax expense to reported income tax expense is as follows (dollars in thousands): Year Ended December 31, 2022 2021 2020 Expected federal tax expense $ 9,106 $ 11,600 $ 7,808 Nondeductible interest expense 10 8 31 Tax-exempt interest (202 ) (198 ) (259 ) State income taxes 308 326 207 Other, net (288 ) (23 ) (650 ) Total income tax expense $ 8,934 $ 11,713 $ 7,137 |
Note 15 - Earnings Per Common S
Note 15 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 15 The following shows the weighted average number of shares used in computing earnings per common share and the effect on the weighted average number of shares of potentially dilutive common stock. Potentially dilutive common stock had no Year Ended December 31, 2022 2021 2020 Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Basic earnings per share 10,672,314 $ 3.23 10,873,817 $ 4.00 10,981,623 $ 2.74 Effect of dilutive securities - stock options 2,299 — 3,414 — 4,167 (0.01 ) Diluted earnings per share 10,674,613 $ 3.23 10,877,231 $ 4.00 10,985,790 $ 2.73 There were no 2022, 2021, 2020. |
Note 16 - Off-balance Sheet Act
Note 16 - Off-balance Sheet Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Off-balance Sheet Activities [Text Block] | Note 16 The Company is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if applicable, is based on management's credit evaluation of the customer. The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The following off-balance sheet financial instruments whose contract amounts represent credit risk were outstanding at December 31, 2022 2021 December 31, 2022 2021 Commitments to extend credit $ 635,851 $ 654,436 Standby letters of credit 12,897 10,201 Mortgage loan rate lock commitments 1,920 10,891 Commitments to extend credit are agreements to lend to a customer as long as there is no may not Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third At December 31, 2022, one |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 17 In the ordinary course of business, loans are granted to executive officers, directors, and their related entities. Management believes that all such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans to similar, unrelated borrowers, and do not December 31, 2022 2021, none An analysis of these loans for 2022 Balance at December 31, 2021 $ 15,853 Additions 3,907 Repayments (1,816 ) Reclassifications (1) 6,532 Balance at December 31, 2022 $ 24,476 __________________________ ( 1 two Related party deposits totaled $9.5 million at December 31, 2022 December 31, 2021. |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 18 Defined Benefit Plan The Company previously maintained a non-contributory defined benefit pension plan which covered substantially all employees who were 21 one December 31, 2009. 10 December 12 24 2023 2024. As of and for the Year Ended December 31, 2022 2021 2020 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 5,013 $ 5,821 $ 6,262 Service cost — — — Interest cost 107 91 152 Actuarial (gain) loss (1,403 ) (259 ) 814 Settlement gain (loss) (10 ) 6 44 Benefits paid (437 ) (646 ) (1,451 ) Projected benefit obligation at end of year 3,270 5,013 5,821 Change in Plan Assets: Fair value of plan assets at beginning of year 5,045 4,701 5,915 Actual return on plan assets (344 ) 190 237 Employer contributions — 800 — Benefits paid (437 ) (646 ) (1,451 ) Fair value of plan assets at end of year 4,264 5,045 4,701 Funded Status at End of Year $ 994 $ 32 $ (1,120 ) Amounts Recognized in the Consolidated Balance Sheets Other assets (liabilities) $ 994 $ 32 $ (1,120 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 400 $ 1,481 $ 2,071 Deferred income taxes (86 ) (320 ) (435 ) Amount recognized $ 314 $ 1,161 $ 1,636 As of and for the Year Ended December 31, 2022 2021 2020 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — Interest cost 107 91 152 Expected return on plan assets (245 ) (230 ) (285 ) Recognized net loss due to settlement 112 195 352 Recognized net actuarial loss 145 182 140 Net periodic benefit cost $ 119 $ 238 $ 359 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss Net actuarial (gain) loss $ (1,082 ) $ (590 ) $ 413 Amortization of prior service cost — — — Total recognized in other comprehensive (income) loss $ (1,082 ) $ (590 ) $ 413 Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss $ (963 ) $ (352 ) $ 772 The accumulated benefit obligation as of December 31, 2022, 2021, 2020 no The plan sponsor selected the expected long-term rate-of-return-on-assets assumption in consultation with their investment advisors and actuary. This rate was intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not may not Because assets are held in a qualified trust, anticipated returns are not not not Below is a description of the plan's assets. The plan's weighted-average asset allocations by asset category are as follows as of December 31, 2022 2021: Asset Category December 31, 2022 2021 Fixed Income 71.4 % 56.5 % Equity 0.0 % 22.9 % Cash and Accrued Income 28.6 % 20.6 % Total 100.0 % 100.0 % The investment policy and strategy for plan assets can best be described as a growth and income strategy. Diversification is accomplished by limiting the holding of any one no No not The fair value of the Company's pension plan assets at December 31, 2022 2021, Fair Value Measurements at December 31, 2022 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2022 Level 1 Level 2 Level 3 Cash $ 1,218 $ 1,218 $ — $ — Fixed income securities Government sponsored entities 1,532 — 1,532 — Municipal bonds and notes 1,154 — 1,154 — Corporate bonds and notes 360 — 360 — $ 4,264 $ 1,218 $ 3,046 $ — Fair Value Measurements at December 31, 2021 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2021 Level 1 Level 2 Level 3 Cash $ 1,042 $ 1,042 $ — $ — Fixed income securities Government sponsored entities 469 — 469 — Municipal bonds and notes 2,067 — 2,067 — Corporate bonds and notes 312 — 312 — Equity securities U.S. companies 964 964 — — Foreign companies 191 191 — — $ 5,045 $ 2,197 $ 2,848 $ — 401 The Company maintains a 401 one 401 2022, 2021, 2020, Deferred Compensation Arrangements Prior to 2015, 10 December 31, 2022, one December 31, 2022 2021, December 31, 2022, 2021, 2020. December 31, 2022 2021, December 31, 2022, 2021, 2020, Certain named executive officers are eligible to participate in a voluntary, nonqualified deferred compensation plan pursuant to which the officers may may December 31, 2022, 2021 2020, Incentive Arrangements The Company maintains a cash incentive compensation plan for officers based on the Company's performance and individual officer goals. The total amount charged to salary expense for this plan was $5.1 million, $3.1 million and $1.2 million for the years ended December 31, 2022, 2021, 2020, |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 19 Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the fair value measurements and disclosures topic of FASB ASC 825, Financial Instruments no not may not not may Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 Valuation is based on model-based techniques that use one The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale 1 not may 2 Loans held for sale not 2 Derivative asset (liability) - cash flow hedges third 2. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis during the period (dollars in thousands): Fair Value Measurements at December 31, 2022 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2022 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 139,427 $ — $ 139,427 $ — Federal agencies and GSEs 83,348 — 83,348 — Mortgage-backed and CMOs 294,093 — 294,093 — State and municipal 63,723 — 63,723 — Corporate 27,471 — 27,471 — Total securities available for sale $ 608,062 $ — $ 608,062 $ — Loans held for sale $ 1,061 $ — $ 1,061 $ — Derivative - cash flow hedges $ 1,325 $ — $ 1,325 $ — Fair Value Measurements at December 31, 2021 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2021 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 149,577 $ — $ 149,577 $ — Federal agencies and GSEs 104,580 — 104,580 — Mortgage-backed and CMOs 356,310 — 356,310 — State and municipal 66,472 — 66,472 — Corporate 15,528 — 15,528 — Total securities available for sale $ 692,467 $ — $ 692,467 $ — Loans held for sale $ 8,481 $ — $ 8,481 $ — Liabilities: Derivative - cash flow hedges $ 2,800 $ — $ 2,800 $ — 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: Impaired loans not may one 2 one not 3 one not 3 Other real estate owned The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis during the period (dollars in thousands): Fair Value Measurements at December 31, 2022 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2022 Level 1 Level 2 Level 3 Assets: Other real estate owned, net $ 27 $ - $ - $ 27 Fair Value Measurements at December 31, 2021 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2021 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 7 $ — $ — $ 7 Other real estate owned, net 143 — — 143 Quantitative Information About Level 3 December 31, 2022 2021: December 31, 2022 December 31, 2021 Assets Valuation Technique Unobservable Input Range; Weighted Average Range; Weighted Average Other real estate owned, net Discounted appraised value Selling cost 8.00% 8.00% FASB ASC 825, Financial Instruments not 825 may not not The carrying values and estimated fair values of the Company's financial instruments at December 31, 2022 Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 73,340 $ 73,340 $ — $ — $ 73,340 Securities available for sale 608,062 — 608,062 — 608,062 Restricted stock 12,651 — 12,651 — 12,651 Loans held for sale 1,061 — 1,061 — 1,061 Loans, net of allowance 2,166,894 — — 2,096,480 2,096,480 Bank owned life insurance 29,692 — 29,692 — 29,692 Derivative - cash flow hedges 1,325 — 1,325 — 1,325 Accrued interest receivable 7,255 — 7,255 — 7,255 Financial Liabilities: Deposits $ 2,596,328 $ — $ 2,595,713 $ — $ 2,595,713 Repurchase agreements 370 — 370 — 370 Other short-term borrowings 100,531 — 100,531 — 100,531 Junior subordinated debt 28,334 — — 24,479 24,479 Accrued interest payable 799 — 799 — 799 The carrying values and estimated fair values of the Company's financial instruments at December 31, 2021 Fair Value Measurements at December 31, 2021 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 506,818 $ 506,818 $ — $ — $ 506,818 Securities available for sale 692,467 — 692,467 — 692,467 Restricted stock 8,056 — 8,056 — 8,056 Loans held for sale 8,481 — 8,481 — 8,481 Loans, net of allowance 1,927,902 — — 1,914,887 1,914,887 Bank owned life insurance 29,107 — 29,107 — 29,107 Accrued interest receivable 5,822 — 5,822 — 5,822 Financial Liabilities: Deposits $ 2,890,353 $ — $ 2,892,487 $ — $ 2,892,487 Repurchase agreements 41,128 — 41,128 — 41,128 Junior subordinated debt 28,232 — — 26,635 26,635 Accrued interest payable 392 — 392 — 392 Derivative - cash flow hedges 2,800 — 2,800 — 2,800 |
Note 20 - Dividend Restrictions
Note 20 - Dividend Restrictions and Regulatory Capital | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | Note 20 The approval of the Office of the Comptroller of the Currency is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank's retained net income, as defined, for that year combined with its retained net income for the preceding two to $58.2 million December 31, 2022. Federal bank regulators have issued substantially similar guidelines requiring banks and bank holding companies to maintain capital at certain levels. In addition, regulators may Management believes that as of December 31, 2022, 2022 2021, no Actual and required capital amounts (in thousands) and ratios are presented below at year-end. To Be Well Capitalized Under Prompt Corrective Actual Required for Capital Adequacy Purposes* Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Common Equity Tier 1 Company $ 287,735 11.70 % $ 172,098 >7.00% N/A N/A Bank 308,690 12.57 171,962 >7.00 $ 159,679 >6.50% Tier 1 Capital Company 316,069 12.86 208,977 >8.50 N/A N/A Bank 308,690 12.57 208,811 >8.50 196,528 >8.00 Total Capital Company 336,001 13.67 258,147 >10.50 N/A N/A Bank 328,622 13.38 257,942 >10.50 245,660 >10.00 Leverage Capital Company 316,069 10.36 122,086 >4.00 N/A N/A Bank 308,690 10.12 121,990 >4.00 152,488 >5.00 December 31, 2021 Common Equity Tier 1 Company $ 270,192 12.43 % $ 97,798 >7.00% N/A N/A Bank 285,260 13.15 151,845 >7.00 $ 140,999 >6.50% Tier 1 Capital Company 298,424 13.73 130,397 >8.50 N/A N/A Bank 285,260 13.15 184,383 >8.50 173,537 >8.00 Total Capital Company 317,488 14.61 173,862 >10.50 N/A N/A Bank 304,324 14.03 277,767 >10.50 216,921 >10.00 Leverage Capital Company 298,424 9.13 130,722 >4.00 N/A N/A Bank 285,260 8.76 130,264 >4.00 162,830 >5.00 *Ratios include the conservation buffer. |
Note 21 - Segment and Related I
Note 21 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 21 The Company has two reportable segments, community banking and wealth management. Community banking involves making loans to and generating deposits from individuals and businesses. All assets and liabilities of the Company are allocated to community banking. Investment income from securities is also allocated to the community banking segment. Loan fee income, service charges from deposit accounts, and non-deposit fees such as automated teller machine fees and insurance commissions generate additional income for the community banking segment. Wealth management include estate planning, trust account administration, investment management, and retail brokerage. Investment management include purchasing equity, fixed income, and mutual fund investments for customer accounts. The wealth management segment receives fees for investment and administrative services. Segment information as of and for the years ended December 31, 2022, 2021, 2020, 2022 Community Banking Wealth Management Total Interest income $ 96,004 $ — $ 96,004 Interest expense 5,766 — 5,766 Noninterest income 12,286 6,521 18,807 Noninterest expense 61,173 2,913 64,086 Income before income taxes 39,754 3,608 43,362 Net income 31,578 2,850 34,428 Depreciation and amortization 3,496 10 3,506 Total assets 3,065,611 291 3,065,902 Goodwill 85,048 — 85,048 Capital expenditures 1,196 — 1,196 2021 Community Banking Wealth Management Total Interest income $ 95,796 $ — $ 95,796 Interest expense 5,405 — 5,405 Noninterest income 15,012 6,019 21,031 Noninterest expense 56,251 2,757 59,008 Income before income taxes 51,977 3,262 55,239 Net income 40,949 2,577 43,526 Depreciation and amortization 3,697 10 3,707 Total assets 3,334,347 250 3,334,597 Goodwill 85,048 — 85,048 Capital expenditures 1,000 — 1,000 2020 Community Banking Wealth Management Total Interest income $ 95,840 $ — $ 95,840 Interest expense 12,020 — 12,020 Noninterest income 12,054 4,789 16,843 Noninterest expense 52,245 2,320 54,565 Income before income taxes 34,714 2,468 37,182 Net income 28,052 1,993 30,045 Depreciation and amortization 3,815 10 3,825 Total assets 3,049,779 231 3,050,010 Goodwill 85,048 — 85,048 Capital expenditures 2,690 4 2,694 |
Note 22 - Parent Company Financ
Note 22 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 22 Condensed Parent Company financial information is as follows (dollars in thousands): December 31, Parent Company Condensed Balance Sheets 2022 2021 Cash $ 3,906 $ 10,560 Securities available for sale, at fair value 1,639 1,766 Investment in subsidiaries 342,013 372,902 Due from subsidiaries 152 128 Other assets 2,222 607 Total Assets $ 349,932 $ 385,963 Junior subordinated debt $ 28,334 $ 28,232 Other liabilities 424 2,939 Shareholders' equity 321,174 354,792 Total Liabilities and Shareholders' Equity $ 349,932 $ 385,963 Year Ended December 31, Parent Company Condensed Statements of Income 2022 2021 2020 Dividends from subsidiary $ 16,000 $ 16,000 $ 25,500 Other income 146 411 512 Expenses 2,994 3,057 3,369 Income tax benefit (598 ) (556 ) (600 ) Income before equity in undistributed earnings of subsidiary 13,750 13,910 23,243 Equity in undistributed earnings of subsidiary 20,678 29,616 6,802 Net Income $ 34,428 $ 43,526 $ 30,045 Year Ended December 31, Parent Company Condensed Statements of Cash Flows 2022 2021 2020 Cash Flows from Operating Activities: Net income $ 34,428 $ 43,526 $ 30,045 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in earnings) of subsidiary (20,678 ) (29,616 ) (6,802 ) Net amortization of securities — 10 — Net change in other assets (876 ) 27 84 Net change in other liabilities 109 102 85 Net cash provided by operating activities 12,983 14,049 23,412 Cash Flows from Investing Activities: Sales, cal1s and maturities of equity securities — 6,800 — Net cash provided by investing activities — 6,800 — Cash Flows from Financing Activities: Common stock dividends paid (12,144 ) (11,827 ) (11,842 ) Repurchase of common stock (7,505 ) (8,810 ) (4,981 ) Proceeds from exercise of stock options 12 89 43 Net change in subordinated debt — (7,500 ) — Net cash used in financing activities (19,637 ) (28,048 ) (16,780 ) Net increase (decrease) in cash and cash equivalents (6,654 ) (7,199 ) 6,632 Cash and cash equivalents at beginning of period 10,560 17,759 11,127 Cash and cash equivalents at end of period $ 3,906 $ 10,560 $ 17,759 |
Note 23 - Supplemental Cash Flo
Note 23 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 23 (dollars in thousands) As of or for the Year Ended December 31, 2022 2021 2020 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 32,207 $ 23,095 $ 30,767 Interest-bearing deposits in other banks 41,133 483,723 337,853 $ 73,340 $ 506,818 $ 368,620 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 5,308 $ 5,791 $ 12,455 Income taxes 8,472 3,102 7,609 Noncash investing and financing activities: Transfer of loans to other real estate owned — — 95 Transfer of loans to repossessions 53 — 411 Transfer from premises and equipment to other assets — 1,316 — Increase (decrease) in operating lease right-of-use asset 240 (21 ) 371 Increase (decrease) in operating lease liabilities 240 (21 ) 371 Unrealized gains (losses) on securities available for sale (68,877 ) (12,271 ) 6,399 Unrealized gains (losses) on cash flow hedges 4,125 2,068 (2,210 ) Change in unfunded pension liability 1,082 590 (413 ) |
Note 24 - Accumulated Other Com
Note 24 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 24 Changes in each component of accumulated other comprehensive income (loss) were as follows (dollars in thousands): Unrealized Adjustments Accumulated Net Unrealized Losses on Related to Other Gains (Losses) Cash Flow Pension Comprehensive on Securities Hedges Benefits Income (Loss) Balance at Balance at December 31, 2019 $ 2,902 $ (2,084 ) $ (1,301 ) $ (483 ) Net unrealized gains on securities available for sale, net of tax, $ 1,557 5,656 — — 5,656 Reclassification adjustment for realized gains on securities, net of tax, $ (176) (638 ) — — (638 ) Net unrealized losses on cash flow hedges, net of tax, $ (448) — (1,762 ) — (1,762 ) Change in unfunded pension liability, net of tax, $ (77) — — (336 ) (336 ) Balance at December 31, 2020 7,920 (3,846 ) (1,637 ) 2,437 Net unrealized losses on securities available for sale, net of tax, $ (2,643) (9,593 ) — — (9,593 ) Reclassification adjustment for realized gains on securities, net of tax, $ (7) (28 ) — — (28 ) Net unrealized gains on cash flow hedges, net of tax, $ 434 — 1,634 — 1,634 Change in unfunded pension liability, net of tax, $ 115 — — 475 475 Balance at December 31, 2021 (1,701 ) (2,212 ) (1,162 ) (5,075 ) Net unrealized losses on securities available for sale, net of tax, $ (14,868) (54,009 ) — — (54,009 ) Net unrealized gains on cash flow hedges, net of tax, $ 866 — 3,259 — 3,259 Change in unfunded pension liability, net of tax, $ 233 — — 849 849 Balance at December 31, 2022 $ (55,710 ) $ 1,047 $ (313 ) $ (54,976 ) The following table provides information regarding reclassifications out of accumulated other comprehensive income (loss) (dollars in thousands): Reclassifications Out of Accumulated Other Comprehensive Income (Loss) For the Three Years Ended December 31, 2022 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Year Ended December 31, 2022 2021 2020 Available for sale securities: Realized gain on sale of securities $ — $ 35 $ 814 Securities gains, net — (7 ) (176 ) Income taxes $ — $ 28 $ 638 Net of tax |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations and Consolidation [Policy Text Block] | Nature of Operations and Consolidation The consolidated financial statements include the accounts of American National Bankshares Inc. (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Bank offers a wide variety of retail, commercial, secondary market mortgage lending, and trust and investment services which also include non-deposit products such as mutual funds and insurance policies. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, and accounting for acquired loans with specific credit-related deterioration. The accompanying consolidated financial statements include financial information related to the Company and its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary, if any. In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not . 11 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash includes cash on hand, cash with correspondent banks, and cash on deposit at the Federal Reserve Bank of Richmond. Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with original maturities of three |
Interest-bearing Deposits in Other Banks [Policy Text Block] | Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks mature within one |
Marketable Securities, Policy [Policy Text Block] | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Debt securities not The Company does not no not not two 1 2 Equity securities with readily determinable fair values are carried at fair value with changes in fair value included in noninterest income. Due to the nature and restrictions placed on the Company's investment in common stock of the Federal Home Loan Bank of Atlanta ("FHLB") and the Federal Reserve Bank of Richmond, these securities have been classified as restricted equity securities and carried at cost. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not |
Loan Commitments, Policy [Policy Text Block] | Derivative Loan Commitments The Company enters into mortgage loan commitments whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets with net changes in their fair values recorded in other expenses. The period of time between issuance of a loan commitment and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery contracts, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed the interest rate risk on the loan. As a result, the Company is not The fair value of rate lock commitments and best efforts contracts is not not |
Receivable [Policy Text Block] | Loans Held for Investment The Company makes mortgage, commercial, and consumer loans. A substantial portion of the loan portfolio is secured by real estate. The ability of the Company's debtors to honor their contracts is dependent upon the real estate market and general economic conditions in the Company's market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balance adjusted for the allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Loans are typically charged off when the loan is 120 days past due, unless secured and in process of collection. Loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Interest accrued but not A loan is considered past due when a payment of principal or interest or both is due but not 30 59 60 89 90 These policies apply to all loan portfolio classes and segments. Substandard and doubtful risk graded commercial, commercial real estate, and construction loans are reviewed for impairment. All troubled debt restructurings ("TDRs"), regardless of dollar amount, are also evaluated for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment and establishing a specific allowance include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Generally, large groups of smaller balance homogeneous loans (residential real estate and consumer loans) are collectively evaluated for impairment. The Company's policy for recognizing interest income on impaired loans is consistent with its nonaccrual policy. The Company's loan portfolio is organized by major segment. These include: commercial, commercial real estate, residential real estate and consumer loans. Each segment has particular risk characteristics that are specific to the borrower and the generic category of credit. Commercial loan repayments are highly dependent on cash flows associated with the underlying business and its profitability. They can also be impacted by changes in collateral values. Commercial real estate loans share the same general risk characteristics as commercial loans but are often more dependent on the value of the underlying real estate collateral and, when construction is involved, the ultimate completion of and sale of the project. Residential real estate loans are generally dependent on the value of collateral and the credit worthiness of the underlying borrower. Consumer loans are very similar in risk characteristics to residential real estate. In connection with mergers, certain loans were acquired which exhibited deteriorated credit quality since origination and for which the Company does not 310 30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality no Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan's or pool's contractual principal and interest over expected cash flows is not Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower's financial condition, management may not may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The purpose of the allowance for loan losses ("ALLL") is to provide for probable losses inherent in the loan portfolio. The allowance is increased by the provision for loan losses and by recoveries of previously charged-off loans. Loan charge-offs decrease the allowance. The goal of the Company is to maintain an appropriate, systematic, and consistently applied process to determine the amounts of the ALLL and the provision for loan loss expense. The Company uses certain practices to manage its credit risk. These practices include ( 1 2 3 4 5 6 7 Risk grades are assigned as part of the loan origination process. From time to time risk grades may Calculation and analysis of the allowance for loan losses is prepared quarterly by the Finance Department. The Company's Credit Committee, Risk and Compliance Committee, Audit Committee, and the Board of Directors review the allowance for adequacy. The Company's allowance for loan losses has two The formula allowance uses historical loss experience as an indicator of future losses, along with various qualitative factors, including levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, trends in volume and terms of loans, effects of changes in underwriting standards, experience of lending staff, economic conditions, and portfolio concentrations. In the formula allowance for commercial and commercial real estate loans, the historical loss rate is combined with the qualitative factors, resulting in an adjusted loss factor for each risk-grade category of loans. The period-end balances for each loan risk-grade category are multiplied by the adjusted loss factor. Allowance calculations for consumer loans are calculated based on historical losses for each product category without regard to risk grade. This loss rate is combined with qualitative factors resulting in an adjusted loss factor for each product category. The specific allowance uses various techniques to arrive at an estimate of loss for specifically identified impaired loans. These include: • The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan); • The loan's observable market price; or • The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent. The use of these computed values is inherently subjective and actual losses could be greater or less than the estimates. No The relationships and ratios used in calculating the allowance, including the qualitative factors, may not may On January 1, 2023, No. 2016 13, 326 December 31, 2022, 2021, 2020. 1 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three thirty-nine three Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquired entity over the fair value of the identifiable net assets acquired. The Company follows ASC 350, June 30 not five ten |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Consolidated Balance Sheets. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Consolidated Statements of Income. Right-of-use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may |
Wealth Management Assets [Policy Text Block] | Wealth Management Assets Securities and other property held by the wealth management segment in a fiduciary or agency capacity are not not |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Other Real Estate Owned ("OREO") OREO represents real estate that has been acquired through loan foreclosures or deeds received in lieu of loan payments. Generally, such properties are appraised at the time acquired and are recorded at fair value less estimated selling costs. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense. |
Life Insurance, Bank Owned [Policy Text Block] | Bank Owned Life Insurance In connection with mergers, the Company has acquired bank owned life insurance ("BOLI"). The asset is reflected as the cash surrender value of the policies as provided by the insurer on a monthly basis. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the balance sheet method to account for deferred income tax assets and liabilities. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 no December 31, 2022 2021. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation Stock compensation accounting guidance ASC 718, Compensation - Stock Compensation The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per common share represent income available to common shareholders divided by the average number of common shares outstanding during the period. Diluted earnings per common share reflect the impact of additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is shown in a two first second |
Advertising Cost [Policy Text Block] | Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred. |
Business Combinations Policy [Policy Text Block] | Mergers and Acquisitions Business combinations are accounted for under ASC 805, Business Combinations third one no December 31, 2022, 2021, 2020. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company uses derivatives primarily to manage risk associated with changing interest rates. The Company's derivative financial instruments consist of interest rate swaps that qualify as cash flow hedges of the Company's trust preferred capital notes. The Company recognizes derivative financial instruments at fair value as either an other asset or other liability in the consolidated balance sheets. The effective portion of the gain or loss on the Company's cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and is reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in prior years' financial statements to conform to classifications used in the current year. There were no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements During June 2016, 2016 13, 326 2016 13 January 1, 2023 The Company is utilizing a third 326, not may 2022, third Effective November 25, 2019, 119. 119 326, 1 2 3 4 In March 2020, 2020 04 848 March 12, 2020 December 31, 2022. January 2021, No. 2021 01 848 848 848 may No. 2021 01 March 12, 2020, January 7, 2021, may No. 2021 01 March 12, 2020, March 12, 2020. January 1, 2022 December 31, 2022. 2020 04 not In December 2022, 2022 06, 848 848". 2022 06 848. 848 848 2021, June 30, 2023. 2022 06 not To ensure the relief in Topic 848 may 848 December 31, 2022, December 31, 2024, no 848. 2022 06 In March 2022, No. 2022 02, 326 2022 02 2016 13 2016 13, 2022 02 December 15, 2022, not 2016 13, 2022 02 2016 13. 2016 13. may January 1, 2023. No. 2022 02 not |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | December 31, 2022 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 152,033 $ — $ 12,606 $ 139,427 Federal agencies and GSEs 90,363 4 7,019 83,348 Mortgage-backed and CMOs 336,393 1 42,301 294,093 State and municipal 69,023 12 5,312 63,723 Corporate 31,299 — 3,828 27,471 Total securities available for sale $ 679,111 $ 17 $ 71,066 $ 608,062 (Dollars in thousands) December 31, 2021 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 150,751 $ — $ 1,174 $ 149,577 Federal agencies and GSEs 104,518 993 931 104,580 Mortgage-backed and CMOs 357,981 2,854 4,525 356,310 State and municipal 65,939 1,021 488 66,472 Corporate 15,450 218 140 15,528 Total securities available for sale $ 694,639 $ 5,086 $ 7,258 $ 692,467 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due in one year or less $ 44,859 $ 43,579 Due after one year through five years 208,162 191,338 Due after five years through ten years 74,582 65,037 Due after ten years 15,114 14,015 Mortgage-backed and CMOs 336,394 294,093 $ 679,111 $ 608,062 |
Realized Gain (Loss) on Investments [Table Text Block] | For the Year Ended December 31, 2022 2021 2020 Gross realized gains $ — $ 35 $ 814 Gross realized losses — — — Proceeds from sales of securities — 561 5,811 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 139,427 $ 12,606 $ 10,824 $ 915 $ 128,603 $ 11,691 Federal agencies and GSEs 82,958 7,019 29,204 1,920 53,754 5,099 Mortgage-backed and CMOs 293,929 42,301 96,758 7,245 197,171 35,056 State and municipal 60,629 5,312 31,866 980 28,763 4,332 Corporate 27,471 3,828 18,991 2,556 8,480 1,272 Total $ 604,414 $ 71,066 $ 187,643 $ 13,616 $ 416,771 $ 57,450 Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 149,577 $ 1,174 $ 149,577 $ 1,174 $ — $ — Federal agencies and GSEs 73,640 931 63,042 512 10,598 419 Mortgage-backed and CMOs 253,444 4,525 213,292 3,014 40,152 1,511 State and municipal 26,646 488 23,341 354 3,305 134 Corporate 7,611 140 7,611 140 — — Total $ 510,918 $ 7,258 $ 456,863 $ 5,194 $ 54,055 $ 2,064 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 Commercial $ 304,247 $ 299,773 Commercial real estate: Construction and land development 197,525 134,221 Commercial real estate - owner occupied 418,462 391,517 Commercial real estate - non-owner occupied 827,728 731,034 Residential real estate: Residential 338,132 289,757 Home equity 93,740 93,203 Consumer 6,615 7,075 Total loans, net of deferred fees and costs $ 2,186,449 $ 1,946,580 |
Schedule of Outstanding and Carrying Amount of Certain Loans Acquired in Transfer [Table Text Block] | 2022 2021 Outstanding principal balance $ 125,856 $ 163,574 Carrying amount 120,432 156,975 2022 2021 Outstanding principal balance $ 17,788 $ 24,696 Carrying amount 13,541 19,802 |
Schedule of Changes in Accretable Yield on Acquired Loans [Table Text Block] | 2022 2021 2020 Balance at January 1 $ 4,902 $ 6,513 $ 7,893 Accretion (2,186 ) (5,292 ) (3,553 ) Reclassification from nonaccretable difference 986 2,780 2,233 Other changes, net (1) (172 ) 901 (60 ) Balance at December 31 $ 3,530 $ 4,902 $ 6,513 |
Financing Receivable, Past Due [Table Text Block] | 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 161 $ — $ — $ 4 $ 165 $ 304,082 $ 304,247 Commercial real estate: Construction and land development — — — — — 197,525 197,525 Commercial real estate - owner occupied 724 268 — — 992 417,470 418,462 Commercial real estate - non-owner occupied 319 — — 301 620 827,108 827,728 Residential: Residential 664 90 — 797 1,551 336,581 338,132 Home equity 104 — — 205 309 93,431 93,740 Consumer — — 16 — 16 6,599 6,615 Total $ 1,972 $ 358 $ 16 $ 1,307 $ 3,653 $ 2,182,796 $ 2,186,449 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 120 $ — $ — $ 26 $ 146 $ 299,627 $ 299,773 Commercial real estate: Construction and land development — — — — — 134,221 134,221 Commercial real estate - owner occupied — — — 12 12 391,505 391,517 Commercial real estate - non-owner occupied — — — 1,093 1,093 729,941 731,034 Residential: Residential 670 20 154 792 1,636 288,121 289,757 Home equity 12 30 47 80 169 93,034 93,203 Consumer 6 — 15 3 24 7,051 7,075 Total $ 808 $ 50 $ 216 $ 2,006 $ 3,080 $ 1,943,500 $ 1,946,580 |
Impaired Financing Receivables [Table Text Block] | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ — $ — $ — $ — $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 2,420 2,420 — 1,454 108 Commercial real estate - non-owner occupied 1,360 1,359 — 1,186 40 Residential: Residential 1,149 1,156 — 935 21 Home equity 165 165 — 93 — Consumer — — — — — $ 5,094 $ 5,100 $ — $ 3,668 $ 169 With a related allowance recorded: Commercial $ — $ — $ — $ 139 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied — — — — — Residential Residential — — — 41 — Home equity — — — — — Consumer — — — 38 — $ — $ — $ — $ 218 $ — Total: Commercial $ — $ — $ — $ 139 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 2,420 2,420 — 1,454 108 Commercial real estate - non-owner occupied 1,360 1,359 — 1,186 40 Residential: Residential 1,149 1,156 — 976 21 Home equity 165 165 — 93 — Consumer — — — 38 — $ 5,094 $ 5,100 $ — $ 3,886 $ 169 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ — $ — $ — $ 4 $ — Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 8 5 — 71 1 Commercial real estate - non-owner occupied 1,185 1,186 — 1,107 23 Residential: Residential 1,021 1,031 — 1,217 41 Home equity 4 4 — 5 1 Consumer — — — — — $ 2,218 $ 2,226 $ — $ 2,404 $ 66 With a related allowance recorded: Commercial $ 14 $ 7 $ 7 $ 25 $ 1 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied — — — 30 — Residential: Residential — — — 61 2 Home equity — — — — — Consumer — — — — — $ 14 $ 7 $ 7 $ 116 $ 3 Total: Commercial $ 14 $ 7 $ 7 $ 29 $ 1 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 8 5 — 71 1 Commercial real estate - non-owner occupied 1,185 1,186 — 1,137 23 Residential: Residential 1,021 1,031 — 1,278 43 Home equity 4 4 — 5 1 Consumer — — — — — $ 2,232 $ 2,233 $ 7 $ 2,520 $ 69 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Loans Modified as TDRs for the Year Ended December 31, 2022 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied 1 2,420 2,420 Commercial real estate - non-owner occupied — — — Residential real estate 1 109 109 Home equity — — — Consumer — — — Total 2 $ 2,529 $ 2,529 Loans Modified as TDRs for the Year Ended December 31, 2021 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied 1 1,093 1,093 Residential real estate — — — Home equity — — — Consumer — — — Total 1 $ 1,093 $ 1,093 Loans Modified as TDRs for the Year Ended December 31, 2020 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial 1 $ 106 $ 106 Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied 2 1,311 1,311 Residential real estate 1 82 82 Home equity 1 6 6 Consumer — — — Total 5 $ 1,505 $ 1,505 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 288,041 $ 197,331 $ 405,223 $ 826,844 $ 333,124 $ 93,062 Special Mention 10,657 — 2,388 239 1,577 — Substandard 5,548 194 10,851 645 3,431 678 Doubtful 1 — — — — — Total $ 304,247 $ 197,525 $ 418,462 $ 827,728 $ 338,132 $ 93,740 Consumer Performing $ 6,599 Nonperforming 16 Total $ 6,615 Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 290,823 $ 130,111 $ 372,177 $ 720,138 $ 285,188 $ 92,807 Special Mention 8,333 2,881 11,048 8,702 1,774 — Substandard 617 1,229 8,292 2,194 2,795 396 Doubtful — — — — — — Total $ 299,773 $ 134,221 $ 391,517 $ 731,034 $ 289,757 $ 93,203 Consumer Performing $ 7,057 Nonperforming 18 Total $ 7,075 |
Note 5 - Allowance for Loan L_2
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2022 2021 2020 Allowance for Loan Losses Balance, beginning of year $ 18,678 $ 21,403 $ 13,152 Provision for (recovery of) loan losses 1,597 (2,825 ) 8,916 Charge-offs (1,019 ) (146 ) (1,006 ) Recoveries 299 246 341 Balance, end of year $ 19,555 $ 18,678 $ 21,403 Year Ended December 31, 2022 2021 2020 Reserve for Unfunded Lending Commitments Balance, beginning of year $ 386 $ 304 $ 329 Provision for (recovery of) unfunded commitments (9 ) 82 (25 ) Charge-offs — — — Balance, end of year $ 377 $ 386 $ 304 Commercial (1) Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2021 $ 2,668 $ 1,397 $ 3,964 $ 7,141 $ 3,458 $ 50 $ 18,678 Charge-offs (357 ) — — (436 ) (5 ) (221 ) (1,019 ) Recoveries 121 — 20 3 41 114 299 Provision/(recovery) 442 399 (199 ) 476 373 106 1,597 Balance at December 31, 2022 $ 2,874 $ 1,796 $ 3,785 $ 7,184 $ 3,867 $ 49 $ 19,555 Balance at December 31, 2022: Allowance for Loan Losses Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 2,873 1,772 3,762 7,184 3,822 49 19,462 Purchased credit impaired loans 1 24 23 — 45 — 93 Total $ 2,874 $ 1,796 $ 3,785 $ 7,184 $ 3,867 $ 49 $ 19,555 Loans Individually evaluated for impairment $ — $ — $ 2,420 $ 1,360 $ 1,314 $ — $ 5,094 Collectively evaluated for impairment 304,240 196,357 408,656 824,153 427,809 6,599 2,167,814 Purchased credit impaired loans 7 1,168 7,386 2,215 2,749 16 13,541 Total $ 304,247 $ 197,525 $ 418,462 $ 827,728 $ 431,872 $ 6,615 $ 2,186,449 Commercial (1) Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2020 $ 3,373 $ 1,927 $ 4,340 $ 7,626 $ 4,067 $ 70 $ 21,403 Charge-offs — — (3 ) — (53 ) (90 ) (146 ) Recoveries 40 — 7 8 99 92 246 Provision/(recovery) (745 ) (530 ) (380 ) (493 ) (655 ) (22 ) (2,825 ) Balance at December 31, 2021 $ 2,668 $ 1,397 $ 3,964 $ 7,141 $ 3,458 $ 50 $ 18,678 Balance at December 31, 2021: Allowance for Loan Losses Individually evaluated for impairment $ 7 $ — $ — $ — $ — $ — $ 7 Collectively evaluated for impairment 2,642 1,365 3,767 6,778 3,402 50 18,004 Purchased credit impaired loans 19 32 197 363 56 — 667 Total $ 2,668 $ 1,397 $ 3,964 $ 7,141 $ 3,458 $ 50 $ 18,678 Loans Individually evaluated for impairment $ 14 $ — $ 8 $ 1,185 $ 1,025 $ — $ 2,232 Collectively evaluated for impairment 299,470 133,984 382,562 724,180 377,290 7,060 1,924,546 Purchased credit impaired loans 289 237 8,947 5,669 4,645 15 19,802 Total $ 299,773 $ 134,221 $ 391,517 $ 731,034 $ 382,960 $ 7,075 $ 1,946,580 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 Land $ 9,308 $ 9,489 Buildings 32,515 32,475 Leasehold improvements 1,536 1,524 Furniture and equipment 19,379 18,494 62,738 61,982 Accumulated depreciation (29,838 ) (27,800 ) Premises and equipment, net $ 32,900 $ 34,182 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill Intangibles Balance at December 31, 2021 $ 85,048 $ 4,627 Amortization — (1,260 ) Balance at December 31, 2022 $ 85,048 $ 3,367 Gross Carrying Accumulated Net Carrying Value Amortization Value December 31, 2022 Core deposit intangibles $ 19,708 $ (16,341 ) $ 3,367 Goodwill 85,048 — 85,048 December 31, 2021 Core deposit intangibles $ 19,708 $ (15,081 ) $ 4,627 Goodwill 85,048 — 85,048 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2023 $ 1,069 2024 800 2025 617 2026 454 2027 427 Total $ 3,367 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2022 December 31, 2021 Lease liabilities $ 3,318 $ 4,023 Right-of-use assets $ 3,245 $ 3,939 Weighted average remaining lease term (in years) 6.77 6.92 Weighted average discount rate 3.16 % 3.09 % Year Ended Year Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Lease cost Operating lease cost $ 1,072 $ 1,069 $ 993 Short-term lease cost — — 3 Total lease cost $ 1,072 $ 1,069 $ 996 Cash paid for amounts included in the measurement of lease liabilities $ 1,083 $ 1,047 $ 959 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Lease payments due As of December 31, 2022 2023 $ 1,002 2024 573 2025 516 2026 279 2027 208 2028 and after 1,142 Total undiscounted cash flows $ 3,720 Discount (402 ) Lease liabilities $ 3,318 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | Year Amount 2023 $ 171,415 2024 28,939 2025 12,819 2026 25,284 2027 13,200 2028 and after 6,276 Total $ 257,933 |
Note 10 - Short-term Borrowin_2
Note 10 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | December 31, 2022 December 31, 2021 Amount Weighted Average Rate Amount Weighted Average Rate Customer repurchase agreements $ 370 0.10 % $ 41,128 0.03 % FHLB borrowings 100,531 4.42 — — Total short-term borrowings $ 100,901 4.40 % $ 41,128 0.03 % |
Note 11 - Long-term Borrowings
Note 11 - Long-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Principal Amount As of December 31, Issuing Entity Date Issued Interest Rate Maturity Date 2022 2021 AMNB Trust I 4/7/2006 Libor plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 Libor plus 3.45% 11/7/2032 4,601 4,545 MidCarolina Trust II 12/3/2003 Libor plus 2.95% 10/7/2033 3,114 3,068 $ 28,334 $ 28,232 |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | (Dollars in thousands) December 31, 2022 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ 1,325 $ — $ 850 (Dollars in thousands) December 31, 2021 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ — $ 2,800 $ 4,050 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Stock Options Roll Forward [Table Text Block] | Weighted Weighted Average Aggregate Average Remaining Intrinsic Option Exercise Contractual Term Value Shares Price (In Years) ($000) Outstanding at December 31, 2021 4,863 $ 16.63 Granted — — Exercised (713 ) 16.63 Expired — — Outstanding at December 31, 2022 4,150 $ 16.63 1.97 $ 84 Exercisable at December 31, 2022 4,150 $ 16.63 1.97 $ 84 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Shares Date Value Per Share Nonvested at December 31, 2021 58,461 $ 31.71 Granted 33,363 35.18 Vested (18,370 ) 31.23 Forfeited (1,747 ) 34.12 Nonvested at December 31, 2022 71,707 33.39 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Deferred tax assets: Allowance for loan losses $ 4,226 $ 4,116 Nonaccrual loan interest 229 250 Other real estate owned valuation allowance 12 23 Deferred compensation 1,277 1,183 Acquisition accounting 1,174 1,258 Lease liability, net of right of use asset 16 18 Accrued pension liability 86 320 Net unrealized loss on cash flow hedges — 588 Net unrealized loss on securities available for sale 15,339 469 Other 374 253 Total deferred tax assets 22,733 8,478 Deferred tax liabilities: Depreciation 1,044 1,094 Core deposit intangibles 728 999 Deferred loan origination costs, net 42 72 Net unrealized gain on cash flow hedges 278 — Other 179 6 Total deferred tax liabilities 2,271 2,171 Net deferred tax assets $ 20,462 $ 6,307 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2022 2021 2020 Current tax expense $ 9,319 $ 10,905 $ 7,777 Deferred tax (benefit) expense (385 ) 808 (640 ) Total income tax expense $ 8,934 $ 11,713 $ 7,137 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2022 2021 2020 Expected federal tax expense $ 9,106 $ 11,600 $ 7,808 Nondeductible interest expense 10 8 31 Tax-exempt interest (202 ) (198 ) (259 ) State income taxes 308 326 207 Other, net (288 ) (23 ) (650 ) Total income tax expense $ 8,934 $ 11,713 $ 7,137 |
Note 15 - Earnings Per Common_2
Note 15 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2022 2021 2020 Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Basic earnings per share 10,672,314 $ 3.23 10,873,817 $ 4.00 10,981,623 $ 2.74 Effect of dilutive securities - stock options 2,299 — 3,414 — 4,167 (0.01 ) Diluted earnings per share 10,674,613 $ 3.23 10,877,231 $ 4.00 10,985,790 $ 2.73 |
Note 16 - Off-balance Sheet A_2
Note 16 - Off-balance Sheet Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, 2022 2021 Commitments to extend credit $ 635,851 $ 654,436 Standby letters of credit 12,897 10,201 Mortgage loan rate lock commitments 1,920 10,891 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Balance at December 31, 2021 $ 15,853 Additions 3,907 Repayments (1,816 ) Reclassifications (1) 6,532 Balance at December 31, 2022 $ 24,476 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | As of and for the Year Ended December 31, 2022 2021 2020 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 5,013 $ 5,821 $ 6,262 Service cost — — — Interest cost 107 91 152 Actuarial (gain) loss (1,403 ) (259 ) 814 Settlement gain (loss) (10 ) 6 44 Benefits paid (437 ) (646 ) (1,451 ) Projected benefit obligation at end of year 3,270 5,013 5,821 Change in Plan Assets: Fair value of plan assets at beginning of year 5,045 4,701 5,915 Actual return on plan assets (344 ) 190 237 Employer contributions — 800 — Benefits paid (437 ) (646 ) (1,451 ) Fair value of plan assets at end of year 4,264 5,045 4,701 Funded Status at End of Year $ 994 $ 32 $ (1,120 ) Amounts Recognized in the Consolidated Balance Sheets Other assets (liabilities) $ 994 $ 32 $ (1,120 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 400 $ 1,481 $ 2,071 Deferred income taxes (86 ) (320 ) (435 ) Amount recognized $ 314 $ 1,161 $ 1,636 As of and for the Year Ended December 31, 2022 2021 2020 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — Interest cost 107 91 152 Expected return on plan assets (245 ) (230 ) (285 ) Recognized net loss due to settlement 112 195 352 Recognized net actuarial loss 145 182 140 Net periodic benefit cost $ 119 $ 238 $ 359 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss Net actuarial (gain) loss $ (1,082 ) $ (590 ) $ 413 Amortization of prior service cost — — — Total recognized in other comprehensive (income) loss $ (1,082 ) $ (590 ) $ 413 Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss $ (963 ) $ (352 ) $ 772 |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category December 31, 2022 2021 Fixed Income 71.4 % 56.5 % Equity 0.0 % 22.9 % Cash and Accrued Income 28.6 % 20.6 % Total 100.0 % 100.0 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Fair Value Measurements at December 31, 2022 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2022 Level 1 Level 2 Level 3 Cash $ 1,218 $ 1,218 $ — $ — Fixed income securities Government sponsored entities 1,532 — 1,532 — Municipal bonds and notes 1,154 — 1,154 — Corporate bonds and notes 360 — 360 — $ 4,264 $ 1,218 $ 3,046 $ — Fair Value Measurements at December 31, 2021 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2021 Level 1 Level 2 Level 3 Cash $ 1,042 $ 1,042 $ — $ — Fixed income securities Government sponsored entities 469 — 469 — Municipal bonds and notes 2,067 — 2,067 — Corporate bonds and notes 312 — 312 — Equity securities U.S. companies 964 964 — — Foreign companies 191 191 — — $ 5,045 $ 2,197 $ 2,848 $ — |
Note 19 - Fair Value Measurem_2
Note 19 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2022 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2022 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 139,427 $ — $ 139,427 $ — Federal agencies and GSEs 83,348 — 83,348 — Mortgage-backed and CMOs 294,093 — 294,093 — State and municipal 63,723 — 63,723 — Corporate 27,471 — 27,471 — Total securities available for sale $ 608,062 $ — $ 608,062 $ — Loans held for sale $ 1,061 $ — $ 1,061 $ — Derivative - cash flow hedges $ 1,325 $ — $ 1,325 $ — Fair Value Measurements at December 31, 2021 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2021 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 149,577 $ — $ 149,577 $ — Federal agencies and GSEs 104,580 — 104,580 — Mortgage-backed and CMOs 356,310 — 356,310 — State and municipal 66,472 — 66,472 — Corporate 15,528 — 15,528 — Total securities available for sale $ 692,467 $ — $ 692,467 $ — Loans held for sale $ 8,481 $ — $ 8,481 $ — Liabilities: Derivative - cash flow hedges $ 2,800 $ — $ 2,800 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 2022 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2022 Level 1 Level 2 Level 3 Assets: Other real estate owned, net $ 27 $ - $ - $ 27 Fair Value Measurements at December 31, 2021 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2021 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 7 $ — $ — $ 7 Other real estate owned, net 143 — — 143 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | December 31, 2022 December 31, 2021 Assets Valuation Technique Unobservable Input Range; Weighted Average Range; Weighted Average Other real estate owned, net Discounted appraised value Selling cost 8.00% 8.00% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2022 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 73,340 $ 73,340 $ — $ — $ 73,340 Securities available for sale 608,062 — 608,062 — 608,062 Restricted stock 12,651 — 12,651 — 12,651 Loans held for sale 1,061 — 1,061 — 1,061 Loans, net of allowance 2,166,894 — — 2,096,480 2,096,480 Bank owned life insurance 29,692 — 29,692 — 29,692 Derivative - cash flow hedges 1,325 — 1,325 — 1,325 Accrued interest receivable 7,255 — 7,255 — 7,255 Financial Liabilities: Deposits $ 2,596,328 $ — $ 2,595,713 $ — $ 2,595,713 Repurchase agreements 370 — 370 — 370 Other short-term borrowings 100,531 — 100,531 — 100,531 Junior subordinated debt 28,334 — — 24,479 24,479 Accrued interest payable 799 — 799 — 799 Fair Value Measurements at December 31, 2021 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 506,818 $ 506,818 $ — $ — $ 506,818 Securities available for sale 692,467 — 692,467 — 692,467 Restricted stock 8,056 — 8,056 — 8,056 Loans held for sale 8,481 — 8,481 — 8,481 Loans, net of allowance 1,927,902 — — 1,914,887 1,914,887 Bank owned life insurance 29,107 — 29,107 — 29,107 Accrued interest receivable 5,822 — 5,822 — 5,822 Financial Liabilities: Deposits $ 2,890,353 $ — $ 2,892,487 $ — $ 2,892,487 Repurchase agreements 41,128 — 41,128 — 41,128 Junior subordinated debt 28,232 — — 26,635 26,635 Accrued interest payable 392 — 392 — 392 Derivative - cash flow hedges 2,800 — 2,800 — 2,800 |
Note 20 - Dividend Restrictio_2
Note 20 - Dividend Restrictions and Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under Prompt Corrective Actual Required for Capital Adequacy Purposes* Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Common Equity Tier 1 Company $ 287,735 11.70 % $ 172,098 >7.00% N/A N/A Bank 308,690 12.57 171,962 >7.00 $ 159,679 >6.50% Tier 1 Capital Company 316,069 12.86 208,977 >8.50 N/A N/A Bank 308,690 12.57 208,811 >8.50 196,528 >8.00 Total Capital Company 336,001 13.67 258,147 >10.50 N/A N/A Bank 328,622 13.38 257,942 >10.50 245,660 >10.00 Leverage Capital Company 316,069 10.36 122,086 >4.00 N/A N/A Bank 308,690 10.12 121,990 >4.00 152,488 >5.00 December 31, 2021 Common Equity Tier 1 Company $ 270,192 12.43 % $ 97,798 >7.00% N/A N/A Bank 285,260 13.15 151,845 >7.00 $ 140,999 >6.50% Tier 1 Capital Company 298,424 13.73 130,397 >8.50 N/A N/A Bank 285,260 13.15 184,383 >8.50 173,537 >8.00 Total Capital Company 317,488 14.61 173,862 >10.50 N/A N/A Bank 304,324 14.03 277,767 >10.50 216,921 >10.00 Leverage Capital Company 298,424 9.13 130,722 >4.00 N/A N/A Bank 285,260 8.76 130,264 >4.00 162,830 >5.00 |
Note 21 - Segment and Related_2
Note 21 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2022 Community Banking Wealth Management Total Interest income $ 96,004 $ — $ 96,004 Interest expense 5,766 — 5,766 Noninterest income 12,286 6,521 18,807 Noninterest expense 61,173 2,913 64,086 Income before income taxes 39,754 3,608 43,362 Net income 31,578 2,850 34,428 Depreciation and amortization 3,496 10 3,506 Total assets 3,065,611 291 3,065,902 Goodwill 85,048 — 85,048 Capital expenditures 1,196 — 1,196 2021 Community Banking Wealth Management Total Interest income $ 95,796 $ — $ 95,796 Interest expense 5,405 — 5,405 Noninterest income 15,012 6,019 21,031 Noninterest expense 56,251 2,757 59,008 Income before income taxes 51,977 3,262 55,239 Net income 40,949 2,577 43,526 Depreciation and amortization 3,697 10 3,707 Total assets 3,334,347 250 3,334,597 Goodwill 85,048 — 85,048 Capital expenditures 1,000 — 1,000 2020 Community Banking Wealth Management Total Interest income $ 95,840 $ — $ 95,840 Interest expense 12,020 — 12,020 Noninterest income 12,054 4,789 16,843 Noninterest expense 52,245 2,320 54,565 Income before income taxes 34,714 2,468 37,182 Net income 28,052 1,993 30,045 Depreciation and amortization 3,815 10 3,825 Total assets 3,049,779 231 3,050,010 Goodwill 85,048 — 85,048 Capital expenditures 2,690 4 2,694 |
Note 22 - Parent Company Fina_2
Note 22 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, Parent Company Condensed Balance Sheets 2022 2021 Cash $ 3,906 $ 10,560 Securities available for sale, at fair value 1,639 1,766 Investment in subsidiaries 342,013 372,902 Due from subsidiaries 152 128 Other assets 2,222 607 Total Assets $ 349,932 $ 385,963 Junior subordinated debt $ 28,334 $ 28,232 Other liabilities 424 2,939 Shareholders' equity 321,174 354,792 Total Liabilities and Shareholders' Equity $ 349,932 $ 385,963 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, Parent Company Condensed Statements of Income 2022 2021 2020 Dividends from subsidiary $ 16,000 $ 16,000 $ 25,500 Other income 146 411 512 Expenses 2,994 3,057 3,369 Income tax benefit (598 ) (556 ) (600 ) Income before equity in undistributed earnings of subsidiary 13,750 13,910 23,243 Equity in undistributed earnings of subsidiary 20,678 29,616 6,802 Net Income $ 34,428 $ 43,526 $ 30,045 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, Parent Company Condensed Statements of Cash Flows 2022 2021 2020 Cash Flows from Operating Activities: Net income $ 34,428 $ 43,526 $ 30,045 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in earnings) of subsidiary (20,678 ) (29,616 ) (6,802 ) Net amortization of securities — 10 — Net change in other assets (876 ) 27 84 Net change in other liabilities 109 102 85 Net cash provided by operating activities 12,983 14,049 23,412 Cash Flows from Investing Activities: Sales, cal1s and maturities of equity securities — 6,800 — Net cash provided by investing activities — 6,800 — Cash Flows from Financing Activities: Common stock dividends paid (12,144 ) (11,827 ) (11,842 ) Repurchase of common stock (7,505 ) (8,810 ) (4,981 ) Proceeds from exercise of stock options 12 89 43 Net change in subordinated debt — (7,500 ) — Net cash used in financing activities (19,637 ) (28,048 ) (16,780 ) Net increase (decrease) in cash and cash equivalents (6,654 ) (7,199 ) 6,632 Cash and cash equivalents at beginning of period 10,560 17,759 11,127 Cash and cash equivalents at end of period $ 3,906 $ 10,560 $ 17,759 |
Note 23 - Supplemental Cash F_2
Note 23 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (dollars in thousands) As of or for the Year Ended December 31, 2022 2021 2020 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 32,207 $ 23,095 $ 30,767 Interest-bearing deposits in other banks 41,133 483,723 337,853 $ 73,340 $ 506,818 $ 368,620 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 5,308 $ 5,791 $ 12,455 Income taxes 8,472 3,102 7,609 Noncash investing and financing activities: Transfer of loans to other real estate owned — — 95 Transfer of loans to repossessions 53 — 411 Transfer from premises and equipment to other assets — 1,316 — Increase (decrease) in operating lease right-of-use asset 240 (21 ) 371 Increase (decrease) in operating lease liabilities 240 (21 ) 371 Unrealized gains (losses) on securities available for sale (68,877 ) (12,271 ) 6,399 Unrealized gains (losses) on cash flow hedges 4,125 2,068 (2,210 ) Change in unfunded pension liability 1,082 590 (413 ) |
Note 24 - Accumulated Other C_2
Note 24 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Adjustments Accumulated Net Unrealized Losses on Related to Other Gains (Losses) Cash Flow Pension Comprehensive on Securities Hedges Benefits Income (Loss) Balance at Balance at December 31, 2019 $ 2,902 $ (2,084 ) $ (1,301 ) $ (483 ) Net unrealized gains on securities available for sale, net of tax, $ 1,557 5,656 — — 5,656 Reclassification adjustment for realized gains on securities, net of tax, $ (176) (638 ) — — (638 ) Net unrealized losses on cash flow hedges, net of tax, $ (448) — (1,762 ) — (1,762 ) Change in unfunded pension liability, net of tax, $ (77) — — (336 ) (336 ) Balance at December 31, 2020 7,920 (3,846 ) (1,637 ) 2,437 Net unrealized losses on securities available for sale, net of tax, $ (2,643) (9,593 ) — — (9,593 ) Reclassification adjustment for realized gains on securities, net of tax, $ (7) (28 ) — — (28 ) Net unrealized gains on cash flow hedges, net of tax, $ 434 — 1,634 — 1,634 Change in unfunded pension liability, net of tax, $ 115 — — 475 475 Balance at December 31, 2021 (1,701 ) (2,212 ) (1,162 ) (5,075 ) Net unrealized losses on securities available for sale, net of tax, $ (14,868) (54,009 ) — — (54,009 ) Net unrealized gains on cash flow hedges, net of tax, $ 866 — 3,259 — 3,259 Change in unfunded pension liability, net of tax, $ 233 — — 849 849 Balance at December 31, 2022 $ (55,710 ) $ 1,047 $ (313 ) $ (54,976 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Year Ended December 31, 2022 2021 2020 Available for sale securities: Realized gain on sale of securities $ — $ 35 $ 814 Securities gains, net — (7 ) (176 ) Income taxes $ — $ 28 $ 638 Net of tax |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2021 | |
Maturity Period of Interest-bearing Deposits in Other Banks (Year) | 1 year | ||
Debt Securities, Held-to-maturity, Total | $ 0 | ||
Minimum Period of Time Between Issuance and Sale of Loan Commitment (Day) | 30 days | ||
Maximum Period of Time Between Issuance and Sale of Loan Commitment (Day) | 60 days | ||
Period to Discontinued Interest Accrual on Delinquent Loans (Day) | 90 days | ||
Past Due Period when Loans are Charged Off (Day) | 120 days | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 19,555 | $ 18,678 | |
Software Development [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Subsequent Event [Member] | Accounting Standards Update 2016-13 [Member] | Minimum [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 4,000 | ||
Subsequent Event [Member] | Accounting Standards Update 2016-13 [Member] | Maximum [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 6,000 |
Note 2 - Restrictions on Cash (
Note 2 - Restrictions on Cash (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents, Total | $ 0 | $ 0 |
Cash, Uninsured Amount | $ 2,300 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-Sale, Restricted | $ 118,900 | $ 150,400 |
Federal Home Loan Bank Letters of Credit Used as Additional Collateral Amount | 170,000 | 275,000 |
Other than Temporary Impairment Losses, Investments, Total | 0 | 0 |
Federal Reserve Bank Stock | 6,500 | |
Federal Home Loan Bank Stock | 6,100 | $ 1,600 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Other than Temporary Impairment Losses, Investments, Total | $ 0 | |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 22 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 19 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 43 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 21 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 138 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 56 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 5 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 81 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 6 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 13 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 4 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Fair Value of Investments in Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Amortized Cost | $ 679,111 | $ 694,639 |
Securities available for sale, unrealized gains | 17 | 5,086 |
Securities available for sale, unrealized losses | 71,066 | 7,258 |
Securities available for sale, fair value | 608,062 | 692,467 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 152,033 | 150,751 |
Securities available for sale, unrealized gains | 0 | 0 |
Securities available for sale, unrealized losses | 12,606 | 1,174 |
Securities available for sale, fair value | 139,427 | 149,577 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 90,363 | 104,518 |
Securities available for sale, unrealized gains | 4 | 993 |
Securities available for sale, unrealized losses | 7,019 | 931 |
Securities available for sale, fair value | 83,348 | 104,580 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 336,393 | 357,981 |
Securities available for sale, unrealized gains | 1 | 2,854 |
Securities available for sale, unrealized losses | 42,301 | 4,525 |
Securities available for sale, fair value | 294,093 | 356,310 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 69,023 | 65,939 |
Securities available for sale, unrealized gains | 12 | 1,021 |
Securities available for sale, unrealized losses | 5,312 | 488 |
Securities available for sale, fair value | 63,723 | 66,472 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 31,299 | 15,450 |
Securities available for sale, unrealized gains | 0 | 218 |
Securities available for sale, unrealized losses | 3,828 | 140 |
Securities available for sale, fair value | $ 27,471 | $ 15,528 |
Note 3 - Securities - Amortiz_2
Note 3 - Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due in one year or less, Amortized cost | $ 44,859 | |
Due in one year or less, Fair value | 43,579 | |
Due after one year through five years, Amortized cost | 208,162 | |
Due after one year through five years, Fair value | 191,338 | |
Due after five years through ten years, Amortized cost | 74,582 | |
Due after five years through ten years, Fair value | 65,037 | |
Due after ten years, Amortized cost | 15,114 | |
Due after ten years, Fair value | 14,015 | |
Debt Securities, Available-for-sale, Amortized Cost | 679,111 | $ 694,639 |
Securities available for sale, at fair value | 608,062 | $ 692,467 |
Mortgage-backed and CMOs [Member] | ||
Mortgage-backed and CMOs, Amortized cost | 336,394 | |
Mortgage-backed and CMOs, Fair value | $ 294,093 |
Note 3 - Securities - Realized
Note 3 - Securities - Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross realized gains | $ 0 | $ 35 | $ 814 |
Gross realized losses | 0 | 0 | 0 |
Proceeds from sales of securities available for sale | $ 0 | $ 561 | $ 5,811 |
Note 3 - Securities - Available
Note 3 - Securities - Available for Sale Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total, fair value | $ 604,414 | $ 510,918 |
Total, unrealized loss | 71,066 | 7,258 |
Less than 12 months, fair value | 187,643 | 456,863 |
Less than 12 months, unrealized loss | 13,616 | 5,194 |
12 months or more, fair value | 416,771 | 54,055 |
12 months or more, unrealized loss | 57,450 | 2,064 |
US Treasury Securities [Member] | ||
Total, fair value | 139,427 | 149,577 |
Total, unrealized loss | 12,606 | 1,174 |
Less than 12 months, fair value | 10,824 | 149,577 |
Less than 12 months, unrealized loss | 915 | 1,174 |
12 months or more, fair value | 128,603 | 0 |
12 months or more, unrealized loss | 11,691 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Total, fair value | 82,958 | 73,640 |
Total, unrealized loss | 7,019 | 931 |
Less than 12 months, fair value | 29,204 | 63,042 |
Less than 12 months, unrealized loss | 1,920 | 512 |
12 months or more, fair value | 53,754 | 10,598 |
12 months or more, unrealized loss | 5,099 | 419 |
Collateralized Mortgage-Backed Securities [Member] | ||
Total, fair value | 293,929 | 253,444 |
Total, unrealized loss | 42,301 | 4,525 |
Less than 12 months, fair value | 96,758 | 213,292 |
Less than 12 months, unrealized loss | 7,245 | 3,014 |
12 months or more, fair value | 197,171 | 40,152 |
12 months or more, unrealized loss | 35,056 | 1,511 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total, fair value | 60,629 | 26,646 |
Total, unrealized loss | 5,312 | 488 |
Less than 12 months, fair value | 31,866 | 23,341 |
Less than 12 months, unrealized loss | 980 | 354 |
12 months or more, fair value | 28,763 | 3,305 |
12 months or more, unrealized loss | 4,332 | 134 |
Corporate Debt Securities [Member] | ||
Total, fair value | 27,471 | 7,611 |
Total, unrealized loss | 3,828 | 140 |
Less than 12 months, fair value | 18,991 | 7,611 |
Less than 12 months, unrealized loss | 2,556 | 140 |
12 months or more, fair value | 8,480 | 0 |
12 months or more, unrealized loss | $ 1,272 | $ 0 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | $ 74 | $ 12,200 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 202 | 616 | |
Overdraft Deposits | $ 70 | $ 90 | |
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | 5 |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 138 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 715 | $ 102 | |
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 88 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 1,100 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | $ 109 | ||
SBA CARES Act Paycheck Protection Program [Member] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 5 | $ 282 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 21, 2022 | Dec. 31, 2021 |
Total loans | $ 2,186,449 | $ 2,186,449 | $ 1,946,580 |
Commercial Portfolio Segment [Member] | |||
Total loans | 304,247 | 304,247 | 299,773 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Total loans | 197,525 | 197,525 | 134,221 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Total loans | 418,462 | 418,462 | 391,517 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Total loans | 827,728 | 827,728 | 731,034 |
Residential Portfolio Segment [Member] | Residential [Member] | |||
Total loans | 338,132 | 338,132 | 289,757 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Total loans | 93,740 | 93,740 | 93,203 |
Consumer Portfolio Segment [Member] | |||
Total loans | $ 6,615 | $ 6,615 | $ 7,075 |
Note 4 - Loans - Acquired Loans
Note 4 - Loans - Acquired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Outstanding principal balance | $ 125,856 | $ 163,574 |
Carrying amount | 120,432 | 156,975 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Outstanding principal balance | 17,788 | 24,696 |
Carrying amount | $ 13,541 | $ 19,802 |
Note 4 - Loans - Accretable Yie
Note 4 - Loans - Accretable Yield on Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance | $ 4,902 | $ 6,513 | $ 7,893 | |
Accretion | (2,186) | (5,292) | (3,553) | |
Reclassification from nonaccretable difference | 986 | 2,780 | 2,233 | |
Other changes, net (1) | [1] | (172) | 901 | (60) |
Balance | $ 3,530 | $ 4,902 | $ 6,513 | |
[1]This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate acquired impaired loans, and discounted payoffs that occurred in the period. |
Note 4 - Loans - Past Due Loans
Note 4 - Loans - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 21, 2022 | Dec. 31, 2021 |
Loans, net of deferred fees and costs | $ 2,186,449 | $ 2,186,449 | $ 1,946,580 |
90 days past due and still accruing | 16 | 216 | |
Nonaccrual loans | 1,307 | 2,006 | |
Total loans | 2,186,449 | 2,186,449 | 1,946,580 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, net of deferred fees and costs | 1,972 | 808 | |
Total loans | 1,972 | 808 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, net of deferred fees and costs | 358 | 50 | |
Total loans | 358 | 50 | |
Financial Asset, Past Due [Member] | |||
Loans, net of deferred fees and costs | 3,653 | 3,080 | |
Total loans | 3,653 | 3,080 | |
Financial Asset, Not Past Due [Member] | |||
Loans, net of deferred fees and costs | 2,182,796 | 1,943,500 | |
Total loans | 2,182,796 | 1,943,500 | |
Commercial Portfolio Segment [Member] | |||
Loans, net of deferred fees and costs | 304,247 | 304,247 | 299,773 |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 4 | 26 | |
Total loans | 304,247 | 304,247 | 299,773 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, net of deferred fees and costs | 161 | 120 | |
Total loans | 161 | 120 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, net of deferred fees and costs | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans, net of deferred fees and costs | 165 | 146 | |
Total loans | 165 | 146 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, net of deferred fees and costs | 304,082 | 299,627 | |
Total loans | 304,082 | 299,627 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Loans, net of deferred fees and costs | 197,525 | 197,525 | 134,221 |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 0 | 0 | |
Total loans | 197,525 | 197,525 | 134,221 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 418,462 | 418,462 | 391,517 |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 0 | 12 | |
Total loans | 418,462 | 418,462 | 391,517 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 827,728 | 827,728 | 731,034 |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 301 | 1,093 | |
Total loans | 827,728 | 827,728 | 731,034 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | |||
Loans, net of deferred fees and costs | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 724 | 0 | |
Total loans | 724 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 319 | 0 | |
Total loans | 319 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | |||
Loans, net of deferred fees and costs | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 268 | 0 | |
Total loans | 268 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Construction and Land Development [Member] | |||
Loans, net of deferred fees and costs | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 992 | 12 | |
Total loans | 992 | 12 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 620 | 1,093 | |
Total loans | 620 | 1,093 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Construction and Land Development [Member] | |||
Loans, net of deferred fees and costs | 197,525 | 134,221 | |
Total loans | 197,525 | 134,221 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 417,470 | 391,505 | |
Total loans | 417,470 | 391,505 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans, net of deferred fees and costs | 827,108 | 729,941 | |
Total loans | 827,108 | 729,941 | |
Residential Portfolio Segment [Member] | Residential [Member] | |||
Loans, net of deferred fees and costs | 338,132 | 338,132 | 289,757 |
90 days past due and still accruing | 0 | 154 | |
Nonaccrual loans | 797 | 792 | |
Total loans | 338,132 | 338,132 | 289,757 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Loans, net of deferred fees and costs | 93,740 | 93,740 | 93,203 |
90 days past due and still accruing | 0 | 47 | |
Nonaccrual loans | 205 | 80 | |
Total loans | 93,740 | 93,740 | 93,203 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Residential [Member] | |||
Loans, net of deferred fees and costs | 664 | 670 | |
Total loans | 664 | 670 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Loans, net of deferred fees and costs | 104 | 12 | |
Total loans | 104 | 12 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Residential [Member] | |||
Loans, net of deferred fees and costs | 90 | 20 | |
Total loans | 90 | 20 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Loans, net of deferred fees and costs | 0 | 30 | |
Total loans | 0 | 30 | |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Residential [Member] | |||
Loans, net of deferred fees and costs | 1,551 | 1,636 | |
Total loans | 1,551 | 1,636 | |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Home Equity Line of Credit [Member] | |||
Loans, net of deferred fees and costs | 309 | 169 | |
Total loans | 309 | 169 | |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Residential [Member] | |||
Loans, net of deferred fees and costs | 336,581 | 288,121 | |
Total loans | 336,581 | 288,121 | |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Home Equity Line of Credit [Member] | |||
Loans, net of deferred fees and costs | 93,431 | 93,034 | |
Total loans | 93,431 | 93,034 | |
Consumer Portfolio Segment [Member] | |||
Loans, net of deferred fees and costs | 6,615 | 6,615 | 7,075 |
90 days past due and still accruing | 16 | 15 | |
Nonaccrual loans | 0 | 3 | |
Total loans | 6,615 | $ 6,615 | 7,075 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans, net of deferred fees and costs | 0 | 6 | |
Total loans | 0 | 6 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans, net of deferred fees and costs | 0 | 0 | |
Total loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans, net of deferred fees and costs | 16 | 24 | |
Total loans | 16 | 24 | |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, net of deferred fees and costs | 6,599 | 7,051 | |
Total loans | $ 6,599 | $ 7,051 |
Note 4 - Loans - Impaired Loan
Note 4 - Loans - Impaired Loan Balances by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Recorded investment, with no related allowance recorded | $ 5,094 | $ 2,218 |
Unpaid principal balance, with no related allowance recorded | 2,226 | |
Average recorded investment, with no related allowance recorded | 3,668 | 2,404 |
Interest income recognized, with no related allowance recorded | 66 | |
Unpaid principal balance | 5,100 | 2,233 |
Related allowance | 0 | 7 |
Interest income recognized | 169 | 69 |
Recorded investment, with a related allowance recorded | 0 | 14 |
Unpaid principal balance, with a related allowance recorded | 0 | 7 |
Average recorded investment, with a related allowance recorded | 218 | 116 |
Interest income recognized, with a related allowance recorded | 0 | 3 |
Recorded investment | 5,094 | 2,232 |
Average recorded investment | 3,886 | 2,520 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 4 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Unpaid principal balance | 0 | 7 |
Related allowance | 0 | 7 |
Interest income recognized | 0 | 1 |
Recorded investment, with a related allowance recorded | 0 | 14 |
Unpaid principal balance, with a related allowance recorded | 0 | 7 |
Average recorded investment, with a related allowance recorded | 139 | 25 |
Interest income recognized, with a related allowance recorded | 0 | 1 |
Recorded investment | 0 | 14 |
Average recorded investment | 139 | 29 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Interest income recognized | 0 | 0 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Average recorded investment | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Recorded investment, with no related allowance recorded | 2,420 | 8 |
Unpaid principal balance, with no related allowance recorded | 2,420 | 5 |
Average recorded investment, with no related allowance recorded | 1,454 | 71 |
Interest income recognized, with no related allowance recorded | 108 | 1 |
Unpaid principal balance | 2,420 | 5 |
Related allowance | 0 | 0 |
Interest income recognized | 108 | 1 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 2,420 | 8 |
Average recorded investment | 1,454 | 71 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Recorded investment, with no related allowance recorded | 1,360 | 1,185 |
Unpaid principal balance, with no related allowance recorded | 1,359 | 1,186 |
Average recorded investment, with no related allowance recorded | 1,186 | 1,107 |
Interest income recognized, with no related allowance recorded | 40 | 23 |
Unpaid principal balance | 1,359 | 1,186 |
Related allowance | 0 | 0 |
Interest income recognized | 40 | 23 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 30 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 1,360 | 1,185 |
Average recorded investment | 1,186 | 1,137 |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Recorded investment, with no related allowance recorded | 1,149 | 1,021 |
Unpaid principal balance, with no related allowance recorded | 1,156 | 1,031 |
Average recorded investment, with no related allowance recorded | 935 | 1,217 |
Interest income recognized, with no related allowance recorded | 21 | 41 |
Unpaid principal balance | 1,156 | 1,031 |
Related allowance | 0 | 0 |
Interest income recognized | 21 | 43 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Average recorded investment, with a related allowance recorded | 41 | 61 |
Interest income recognized, with a related allowance recorded | 0 | 2 |
Recorded investment | 1,149 | 1,021 |
Average recorded investment | 976 | 1,278 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Recorded investment, with no related allowance recorded | 165 | 4 |
Unpaid principal balance, with no related allowance recorded | 165 | 4 |
Average recorded investment, with no related allowance recorded | 93 | 5 |
Interest income recognized, with no related allowance recorded | 0 | 1 |
Unpaid principal balance | 165 | 4 |
Related allowance | 0 | 0 |
Interest income recognized | 0 | 1 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 165 | 4 |
Average recorded investment | 93 | 5 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Interest income recognized | 0 | 0 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Average recorded investment, with a related allowance recorded | 38 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Average recorded investment | $ 38 | $ 0 |
Note 4 - Loans - Loans Modified
Note 4 - Loans - Loans Modified as TDRs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Contracts | 2 | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 2,529 | $ 1,093 | $ 1,505 |
Post-Modification Outstanding Recorded Investment | $ 2,529 | $ 1,093 | $ 1,505 |
Commercial Portfolio Segment [Member] | |||
Number of Contracts | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 106 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 106 |
Commercial Real Estate Portfolio Segment [Member] | |||
Number of Contracts | 1 | 1 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Number of Contracts | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 2,420 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 2,420 | $ 0 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Number of Contracts | 0 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,093 | $ 1,311 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,093 | $ 1,311 |
Residential Portfolio Segment [Member] | |||
Number of Contracts | 1 | ||
Residential Portfolio Segment [Member] | Residential [Member] | |||
Number of Contracts | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 109 | $ 0 | $ 82 |
Post-Modification Outstanding Recorded Investment | $ 109 | $ 0 | $ 82 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Number of Contracts | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 6 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 6 |
Consumer Portfolio Segment [Member] | |||
Number of Contracts | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Note 4 - Loans - Credit Risk Pr
Note 4 - Loans - Credit Risk Profile (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Total loans | $ 2,186,449 | $ 1,946,580 | ||
Commercial Portfolio Segment [Member] | ||||
Total loans | [1] | 304,247 | 299,773 | |
Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Total loans | 288,041 | 290,823 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Total loans | 10,657 | 8,333 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Total loans | 5,548 | 617 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||||
Total loans | 1 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||||
Total loans | 197,525 | 134,221 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 418,462 | 391,517 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 827,728 | 731,034 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction and Land Development [Member] | ||||
Total loans | 197,331 | 130,111 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 405,223 | 372,177 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction and Land Development [Member] | ||||
Total loans | 0 | 2,881 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 2,388 | 11,048 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction and Land Development [Member] | ||||
Total loans | 194 | 1,229 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 10,851 | 8,292 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction and Land Development [Member] | ||||
Total loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Total loans | 431,872 | 382,960 | ||
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 827,728 | 731,034 | ||
Residential Portfolio Segment [Member] | Residential [Member] | ||||
Total loans | 338,132 | 289,757 | ||
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||
Total loans | $ 93,740 | 93,203 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 826,844 | 720,138 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Residential [Member] | ||||
Total loans | 333,124 | 285,188 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Home Equity Line of Credit [Member] | ||||
Total loans | 93,062 | 92,807 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 239 | 8,702 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | Residential [Member] | ||||
Total loans | 1,577 | 1,774 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | Home Equity Line of Credit [Member] | ||||
Total loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 645 | 2,194 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | Residential [Member] | ||||
Total loans | 3,431 | 2,795 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | Home Equity Line of Credit [Member] | ||||
Total loans | 678 | 396 | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | Residential [Member] | ||||
Total loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | Home Equity Line of Credit [Member] | ||||
Total loans | $ 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Total loans | 6,615 | 7,075 | ||
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Total loans | 6,599 | 7,057 | ||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Total loans | $ 16 | $ 18 | ||
[1]Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 5 - Allowance for Loan L_3
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable, Allowance | $ 19,555 | $ 18,678 | $ 21,403 | $ 13,152 |
SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Allowance | $ 0 | $ 0 |
Note 5 - Allowance for Loan L_4
Note 5 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments - Changes in Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance | $ 18,678 | $ 21,403 | $ 13,152 | |
Provision for (recovery of) loan losses | 1,597 | (2,825) | 8,916 | |
Charge-offs | (1,019) | (146) | (1,006) | |
Recoveries | 299 | 246 | 341 | |
Balance | 19,555 | 18,678 | 21,403 | |
Balance, beginning of year | 18,678 | |||
Balance, end of year | 19,555 | 18,678 | ||
Provision/(recovery) | 1,597 | (2,825) | 8,916 | |
Individually evaluated for impairment | 0 | 7 | ||
Collectively evaluated for impairment | 19,462 | 18,004 | ||
Loans and Leases Receivable, Allowance | 19,555 | 18,678 | 21,403 | |
Individually evaluated for impairment | 5,094 | 2,232 | ||
Collectively evaluated for impairment | 2,167,814 | 1,924,546 | ||
Total loans | 2,186,449 | 1,946,580 | ||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 667 | |||
Balance | 93 | 667 | ||
Loans and Leases Receivable, Allowance | 93 | 667 | ||
Total loans | 13,541 | 19,802 | ||
Unfunded Loan Commitment [Member] | ||||
Balance, beginning of year | 386 | 304 | 329 | |
Provision for (recovery of) unfunded commitments | (9) | 82 | (25) | |
Charge-offs | 0 | 0 | 0 | |
Balance, end of year | 377 | 386 | 304 | |
Commercial Portfolio Segment [Member] | ||||
Balance | [1] | 2,668 | 3,373 | |
Provision for (recovery of) loan losses | 442 | (745) | ||
Charge-offs | [1] | (357) | 0 | |
Recoveries | [1] | 121 | 40 | |
Balance | [1] | 2,874 | 2,668 | 3,373 |
Provision/(recovery) | 442 | (745) | ||
Individually evaluated for impairment | [1] | 0 | 7 | |
Collectively evaluated for impairment | [1] | 2,873 | 2,642 | |
Loans and Leases Receivable, Allowance | [1] | 2,874 | 2,668 | 3,373 |
Individually evaluated for impairment | [1] | 0 | 14 | |
Collectively evaluated for impairment | [1] | 304,240 | 299,470 | |
Total loans | [1] | 304,247 | 299,773 | |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | [1] | 19 | ||
Balance | [1] | 1 | 19 | |
Loans and Leases Receivable, Allowance | [1] | 1 | 19 | |
Total loans | [1] | 7 | 289 | |
Construction and Land Development [Member] | ||||
Balance | 1,397 | 1,927 | ||
Provision for (recovery of) loan losses | 399 | (530) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Balance | 1,796 | 1,397 | 1,927 | |
Provision/(recovery) | 399 | (530) | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,772 | 1,365 | ||
Loans and Leases Receivable, Allowance | 1,796 | 1,397 | 1,927 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 196,357 | 133,984 | ||
Total loans | 197,525 | 134,221 | ||
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 32 | |||
Balance | 24 | 32 | ||
Loans and Leases Receivable, Allowance | 24 | 32 | ||
Total loans | 1,168 | 237 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Balance | 3,964 | 4,340 | ||
Provision for (recovery of) loan losses | (199) | (380) | ||
Charge-offs | 0 | (3) | ||
Recoveries | 20 | 7 | ||
Balance | 3,785 | 3,964 | 4,340 | |
Provision/(recovery) | (199) | (380) | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,762 | 3,767 | ||
Loans and Leases Receivable, Allowance | 3,785 | 3,964 | 4,340 | |
Individually evaluated for impairment | 2,420 | 8 | ||
Collectively evaluated for impairment | 408,656 | 382,562 | ||
Total loans | 418,462 | 391,517 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 197 | |||
Balance | 23 | 197 | ||
Loans and Leases Receivable, Allowance | 23 | 197 | ||
Total loans | 7,386 | 8,947 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Balance | 7,141 | 7,626 | ||
Provision for (recovery of) loan losses | 476 | (493) | ||
Charge-offs | (436) | 0 | ||
Recoveries | 3 | 8 | ||
Balance | 7,184 | 7,141 | 7,626 | |
Provision/(recovery) | 476 | (493) | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 7,184 | 6,778 | ||
Loans and Leases Receivable, Allowance | 7,184 | 7,141 | 7,626 | |
Individually evaluated for impairment | 1,360 | 1,185 | ||
Collectively evaluated for impairment | 824,153 | 724,180 | ||
Total loans | 827,728 | 731,034 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 363 | |||
Balance | 0 | 363 | ||
Loans and Leases Receivable, Allowance | 0 | 363 | ||
Total loans | 2,215 | 5,669 | ||
Residential Portfolio Segment [Member] | ||||
Balance | 3,458 | 4,067 | ||
Provision for (recovery of) loan losses | 373 | (655) | ||
Charge-offs | (5) | (53) | ||
Recoveries | 41 | 99 | ||
Balance | 3,867 | 3,458 | 4,067 | |
Provision/(recovery) | 373 | (655) | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,822 | 3,402 | ||
Loans and Leases Receivable, Allowance | 3,867 | 3,458 | 4,067 | |
Individually evaluated for impairment | 1,314 | 1,025 | ||
Collectively evaluated for impairment | 427,809 | 377,290 | ||
Total loans | 431,872 | 382,960 | ||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 56 | |||
Balance | 45 | 56 | ||
Loans and Leases Receivable, Allowance | 45 | 56 | ||
Total loans | 2,749 | 4,645 | ||
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Total loans | 827,728 | 731,034 | ||
Consumer Portfolio Segment [Member] | ||||
Balance | 50 | 70 | ||
Provision for (recovery of) loan losses | 106 | (22) | ||
Charge-offs | (221) | (90) | ||
Recoveries | 114 | 92 | ||
Balance | 49 | 50 | 70 | |
Provision/(recovery) | 106 | (22) | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 49 | 50 | ||
Loans and Leases Receivable, Allowance | 49 | 50 | $ 70 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 6,599 | 7,060 | ||
Total loans | 6,615 | 7,075 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Balance | 0 | |||
Balance | 0 | 0 | ||
Loans and Leases Receivable, Allowance | 0 | 0 | ||
Total loans | $ 16 | $ 15 | ||
[1]Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 2.2 | $ 2.2 | $ 2 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises and equipment, gross | $ 62,738 | $ 61,982 |
Accumulated depreciation | (29,838) | (27,800) |
Premises and equipment, net | 32,900 | 34,182 |
Land [Member] | ||
Premises and equipment, gross | 9,308 | 9,489 |
Building [Member] | ||
Premises and equipment, gross | 32,515 | 32,475 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | 1,536 | 1,524 |
Furniture and Equipment [Member] | ||
Premises and equipment, gross | $ 19,379 | $ 18,494 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 52 Months Ended | |||
Apr. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2019 | Jul. 31, 2011 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||
Amortization of Intangible Assets | $ 1,260 | $ 1,464 | $ 1,637 | |||
MidCarolina Financial Corporation [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,600 | |||||
MainStreet BancShares, Inc [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,800 | $ 1,800 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 120 months | |||||
HomeTown Bankshares Corporation [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,200 | $ 8,200 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 120 months |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, goodwill | $ 85,048 | $ 85,048 | |
Balance, intangibles | 4,627 | ||
Amortization, intangibles | (1,260) | (1,464) | $ (1,637) |
Balance, goodwill | 85,048 | 85,048 | 85,048 |
Balance, intangibles | 3,367 | 4,627 | |
Core deposit intangibles, net | 3,367 | 4,627 | |
Goodwill, gross | 85,048 | 85,048 | |
Goodwill, net | 85,048 | 85,048 | $ 85,048 |
Core Deposits [Member] | |||
Balance, intangibles | 4,627 | ||
Balance, intangibles | 3,367 | 4,627 | |
Core deposit intangibles, gross | 19,708 | 19,708 | |
Core deposit intangibles, accumulated amortization | (16,341) | (15,081) | |
Core deposit intangibles, net | $ 3,367 | $ 4,627 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense of Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2026 | $ 454 | |
2027 | 427 | |
Total | 3,367 | $ 4,627 |
Core Deposits [Member] | ||
2023 | 1,069 | |
2024 | 800 | |
2025 | 617 | |
Total | $ 3,367 | $ 4,627 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Expense | $ 1.3 | $ 1.3 | $ 1.2 |
Note 8 - Leases - Lease Informa
Note 8 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average remaining lease term (in years) (Year) | 6 years 9 months 7 days | 6 years 11 months 1 day | |
Weighted average discount rate | 3.16% | 3.09% | |
Operating lease cost | $ 1,072 | $ 1,069 | $ 993 |
Short-term lease cost | 0 | 0 | 3 |
Total lease cost | 1,072 | 1,069 | 996 |
Cash paid for amounts included in the measurement of lease liabilities | 1,083 | 1,047 | $ 959 |
Other Liabilities [Member] | |||
Lease liabilities | 3,318 | 4,023 | |
Other Assets [Member] | |||
Right-of-use assets | $ 3,245 | $ 3,939 |
Note 8 - Leases - Maturity of O
Note 8 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 1,002 | |
2024 | 573 | |
2025 | 516 | |
2026 | 279 | |
2027 | 208 | |
2028 and after | 1,142 | |
Total undiscounted cash flows | 3,720 | |
Discount | (402) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 3,318 | $ 4,023 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 89,800 | $ 159,800 |
Interest-Bearing Domestic Deposit, Brokered | $ 0 | $ 0 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturities and Amounts of Certificates of Deposits (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 171,415 |
2024 | 28,939 |
2025 | 12,819 |
2026 | 25,284 |
2027 | 13,200 |
2028 and after | 6,276 |
Total | $ 257,933 |
Note 10 - Short-term Borrowin_3
Note 10 - Short-term Borrowings (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,000 |
Federal Funds [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 60 |
Federal Reserve Discount Window [Member] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 220.8 |
Note 10 - Short-term Borrowin_4
Note 10 - Short-term Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer repurchase agreements | $ 370 | $ 41,128 |
Customer repurchase agreements, weighted average rate | 0.10% | 0.03% |
FHLB borrowings, amount | $ 100,531 | $ 0 |
FHLB borrowings, weighted average rate | 4.42% | 0% |
Total short-term borrowings, amount | $ 100,901 | $ 41,128 |
Total short-term borrowings, weighted average rate | 4.40% | 0.03% |
Note 11 - Long-term Borrowing_2
Note 11 - Long-term Borrowings (Details Textual) $ in Thousands | 12 Months Ended | |||||
Apr. 07, 2006 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2011 | Jul. 01, 2011 USD ($) | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,000,000 | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 406,700 | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 270,100 | |||||
Public Deposit Accounts | 220,100 | |||||
Number of Consecutive Quarterly Periods for Deferral of Distributions on Trust Preferred Securities, Maximum | 20 | |||||
Proceeds from Issuance of Common Stock | $ 619 | |||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 20,600 | 28,334 | $ 28,232 | |||
AMNB Statutory Trust I [Member] | ||||||
Equity Method Investments | $ 619 | |||||
MidCarolina Trusts [Member] | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 8,800 | |||||
Equity Method Investments | 264 | |||||
MidCarolina Trust I [Member] | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | 554 | 610 | 1,200 | |||
MidCarolina Trust II [Member] | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | 495 | 541 | $ 1,000 | |||
Private Placement [Member] | Wholly-Owned Subsidiary, Unconsolidated [Member] | ||||||
Proceeds from Issuance of Trust Preferred Securities | $ 20,000 | |||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 88,200 | |||||
FHLB Line of Credit [Member] | ||||||
Debt Instrument, Percentage of Assets | 30% | |||||
Letters of Credit Outstanding, Amount | $ 170,000 | |||||
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.66% | |||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 20,619 | 20,619 | ||||
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | 1.35% | ||||
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 4,601 | 4,545 | ||||
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.45% | |||||
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | ||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 3,114 | $ 3,068 | ||||
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% |
Note 11 - Long-term Borrowing_3
Note 11 - Long-term Borrowings - Junior Subordinated Debt Outstanding Payables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 07, 2006 | Dec. 31, 2022 | Dec. 31, 2021 | |
Principal amount | $ 20,600 | $ 28,334 | $ 28,232 |
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | |||
Principal amount | 20,619 | 20,619 | |
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | |||
Principal amount | 4,601 | 4,545 | |
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | |||
Principal amount | $ 3,114 | $ 3,068 | |
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | |||
Interest rate | 1.35% | 1.35% | |
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | |||
Interest rate | 3.45% | ||
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | |||
Interest rate | 2.95% |
Note 12 - Derivative Financia_3
Note 12 - Derivative Financial Instruments and Hedging Activities - Derivative Financial Instruments (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Notional amount | $ 28,500 | $ 28,500 |
Positions | 3 | 3 |
Assets | $ 1,325 | $ 0 |
Liabilities | 0 | 2,800 |
Cash collateral pledged | $ 850 | $ 4,050 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 20, 2018 | |
Proceeds from Stock Options Exercised | $ 12,000 | $ 89,000 | $ 43,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 16,000 | $ 96,000 | $ 42,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |
Regular Quarterly Retainer of Vested Restricted Stock | $ 10,000 | $ 10,000 | $ 10,000 | |
Monthly Meeting Fees Director Could Receive in Cash | 800 | 800 | 800 | |
Monthly Meeting Fees Director Could Receive in Vested Restricted Stock | 1,000 | 1,000 | 1,000 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Expense | 0 | 0 | ||
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Expense | 889,000 | 749,000 | 672,000 | |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 1,100,000 | 782,000 | 797,000 | |
Restricted Stock [Member] | Director [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 603,000 | $ 683,000 | $ 779,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 16,474 | 20,474 | 27,986 | |
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 12 months | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 36 months | |||
Restricted Stock [Member] | Cliff Vested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 36 months | |||
The 2018 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 675,000 |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, option shares (in shares) | 4,863 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Granted, option shares (in shares) | 0 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | ||
Exercised, option shares (in shares) | (713) | (5,346) | (2,573) |
Exercised, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Expired, option shares (in shares) | 0 | ||
Expired, weighted average exercise price (in dollars per share) | $ 0 | ||
Outstanding, option shares (in shares) | 4,150 | 4,863 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.63 | $ 16.63 | |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 1 year 11 months 19 days | ||
Outstanding, Aggregate Intrinsic Value | $ 84 | ||
Exercisable, option shares (in shares) | 4,150 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Exercisable, Weighted Average Remaining Contractual Term (Year) | 1 year 11 months 19 days | ||
Exercisable, Aggregate Intrinsic Value | $ 84 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Nonvested, shares (in shares) | shares | 58,461 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 31.71 |
Granted, shares (in shares) | shares | 33,363 |
Granted, weighted average grant date value per share (in dollars per share) | $ / shares | $ 35.18 |
Vested, shares (in shares) | shares | (18,370) |
Vested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 31.23 |
Forfeited, shares (in shares) | shares | (1,747) |
Forfeited, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.12 |
Nonvested, shares (in shares) | shares | 71,707 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 33.39 |
Note 14 - Income Taxes - Schedu
Note 14 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for loan losses | $ 4,226 | $ 4,116 |
Nonaccrual loan interest | 229 | 250 |
Other real estate owned valuation allowance | 12 | 23 |
Deferred compensation | 1,277 | 1,183 |
Acquisition accounting | 1,174 | 1,258 |
Lease liability, net of right of use asset | 16 | 18 |
Accrued pension liability | 86 | 320 |
Net unrealized loss on cash flow hedges | 0 | 588 |
Net unrealized loss on securities available for sale | 15,339 | 469 |
Other | 374 | 253 |
Total deferred tax assets | 22,733 | 8,478 |
Deferred tax liabilities: | ||
Depreciation | 1,044 | 1,094 |
Core deposit intangibles | 728 | 999 |
Deferred loan origination costs, net | 42 | 72 |
Net unrealized gain on cash flow hedges | 278 | 0 |
Other | 179 | 6 |
Total deferred tax liabilities | 2,271 | 2,171 |
Net deferred tax assets | $ 20,462 | $ 6,307 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax expense | $ 9,319 | $ 10,905 | $ 7,777 |
Deferred tax (benefit) expense | (385) | 808 | (640) |
Total income tax expense | $ 8,934 | $ 11,713 | $ 7,137 |
Note 14 - Income Taxes - Summar
Note 14 - Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected federal tax expense | $ 9,106 | $ 11,600 | $ 7,808 |
Nondeductible interest expense | 10 | 8 | 31 |
Tax-exempt interest | (202) | (198) | (259) |
State income taxes | 308 | 326 | 207 |
Other, net | (288) | (23) | (650) |
Total income tax expense | $ 8,934 | $ 11,713 | $ 7,137 |
Note 15 - Earnings Per Common_3
Note 15 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 |
Note 15 - Earnings Per Common_4
Note 15 - Earnings Per Common Share - Earnings Per Common Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic earnings per share (in shares) | 10,672,314 | 10,873,817 | 10,981,623 |
Basic earnings per share (in dollars per share) | $ 3.23 | $ 4 | $ 2.74 |
Effect of dilutive securities - stock options (in shares) | 2,299 | 3,414 | 4,167 |
Effect of dilutive securities - stock options (in dollars per share) | $ 0 | $ 0 | $ (0.01) |
Diluted earnings per share (in shares) | 10,674,613 | 10,877,231 | 10,985,790 |
Diluted earnings per share (in dollars per share) | $ 3.23 | $ 4 | $ 2.73 |
Note 16 - Off-balance Sheet A_3
Note 16 - Off-balance Sheet Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosure, Off-balance Sheet Risks, Loan Repurchase Requirement Number of Days Past Due (Day) | 90 days | |
Fair Value Disclosure, Off-balance Sheet Risks, Loan Repurchase Requirement, Number of Days Following Sale (Day) | 180 days | |
Mortgage Loan Rate Lock Commitments [Member] | ||
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability | $ 1,920 | $ 10,891 |
Loans Held for Sale [Member] | ||
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability | $ 1,100 |
Note 16 - Off-balance Sheet A_4
Note 16 - Off-balance Sheet Activities - Off-balance Sheet Financial Instruments Whose Contractual Amounts Represents Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Off-balance sheet financial instruments outstanding | $ 635,851 | $ 654,436 |
Standby Letters of Credit [Member] | ||
Off-balance sheet financial instruments outstanding | 12,897 | 10,201 |
Mortgage Loan Rate Lock Commitments [Member] | ||
Off-balance sheet financial instruments outstanding | $ 1,920 | $ 10,891 |
Note 17 - Related Party Trans_3
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Deposit Liabilities | $ 9.5 | $ 10.9 |
Note 17 - Related Party Trans_4
Note 17 - Related Party Transactions - Analysis of Related Party Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Balance at December 31, 2021 | $ 15,853 | |
Additions | 3,907 | |
Repayments | (1,816) | |
Reclassifications(1) | 6,532 | [1] |
Balance at December 31, 2022 | $ 24,476 | |
[1]Includes loans to two new board members who joined the Company during the year. |
Note 18 - Employee Benefit Pl_3
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Requisite Service Period (Year) | 1 year | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 3,300,000 | $ 5,000,000 | $ 5,800,000 |
Defined Benefit Plan, Maximum Percentage of Limiting Equities | 5% | ||
Defined Contribution Plan, Employer Matching Contribution, Service Requirement (Year) | 1 year | ||
Defined Contribution Plan, Cost | $ 1,200,000 | 1,100,000 | 1,000,000 |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Year) | 10 years | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 100,000 | 150,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 0 | 0 |
Profit Sharing and Deferred Compensation Arrangements Expense | 86,000 | 184,000 | 0 |
Profit Sharing and Incentive Arrangements Expense | 5,100,000 | 3,100,000 | 1,200,000 |
HomeTown Bankshares Corporation [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 5,400,000 | 5,600,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 159,000 | $ 430,000 | $ 422,000 |
Minimum [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 25,000 | ||
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 50,000 |
Note 18 - Employee Benefit Pl_4
Note 18 - Employee Benefit Plans - Information Pertaining to Activity in the Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Projected benefit obligation at beginning of year | $ 5,013 | $ 5,821 | $ 6,262 |
Service cost | 0 | 0 | 0 |
Interest cost | 107 | 91 | 152 |
Actuarial (gain) loss | (1,403) | (259) | 814 |
Settlement gain (loss) | (10) | 6 | 44 |
Benefits paid | (437) | (646) | (1,451) |
Projected benefit obligation at end of year | 3,270 | 5,013 | 5,821 |
Fair value of plan assets at beginning of year | 5,045 | 4,701 | 5,915 |
Actual return on plan assets | (344) | 190 | 237 |
Employer contributions | 0 | 800 | 0 |
Benefits paid | (437) | (646) | (1,451) |
Fair value of plan assets at end of year | 4,264 | 5,045 | 4,701 |
Funded Status at End of Year | 994 | 32 | (1,120) |
Other assets (liabilities) | 994 | 32 | (1,120) |
Net actuarial loss | 400 | 1,481 | 2,071 |
Deferred income taxes | (86) | (320) | (435) |
Amount recognized | 314 | 1,161 | 1,636 |
Service cost | 0 | 0 | 0 |
Interest cost | 107 | 91 | 152 |
Expected return on plan assets | (245) | (230) | (285) |
Recognized net loss due to settlement | 112 | 195 | 352 |
Recognized net actuarial loss | 145 | 182 | 140 |
Net periodic benefit cost | 119 | 238 | 359 |
Net actuarial (gain) loss | 1,082 | 590 | (413) |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | (1,082) | (590) | 413 |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss | $ (963) | $ (352) | $ 772 |
Note 18 - Employee Benefit Pl_5
Note 18 - Employee Benefit Plans - Weighted Average Asset Allocation by Asset Category (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Asset allocations | 100% | 100% |
Fixed Income Securities [Member] | ||
Asset allocations | 71.40% | 56.50% |
Defined Benefit Plan, Equity Securities [Member] | ||
Asset allocations | 0% | 22.90% |
Defined Benefit Plan, Cash and Accrued Income [Member] | ||
Asset allocations | 28.60% | 20.60% |
Note 18 - Employee Benefit Pl_6
Note 18 - Employee Benefit Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of plan assets | $ 4,264 | $ 5,045 | $ 4,701 | $ 5,915 |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 1,218 | 2,197 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 3,046 | 2,848 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Cash [Member] | ||||
Fair value of plan assets | 1,218 | 1,042 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 1,218 | 1,042 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | ||||
Fair value of plan assets | 1,532 | 469 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 1,532 | 469 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | ||||
Fair value of plan assets | 1,154 | 2,067 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 1,154 | 2,067 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | ||||
Fair value of plan assets | 360 | 312 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 360 | 312 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 | 0 | ||
Defined Benefit Plan, Equity Securities, US Companies [Member] | ||||
Fair value of plan assets | 964 | |||
Defined Benefit Plan, Equity Securities, US Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 964 | |||
Defined Benefit Plan, Equity Securities, US Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Defined Benefit Plan, Equity Securities, US Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | ||||
Fair value of plan assets | 191 | |||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 191 | |||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 |
Note 19 - Fair Value Measurem_3
Note 19 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available for sale | $ 608,062 | $ 692,467 |
US Treasury Securities [Member] | ||
Securities available for sale | 139,427 | 149,577 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 83,348 | 104,580 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 63,723 | 66,472 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 27,471 | 15,528 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 608,062 | 692,467 |
Loans held for sale | 1,061 | 8,481 |
Fair Value, Recurring [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | 2,800 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 608,062 | 692,467 |
Loans held for sale | 1,061 | 8,481 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | 2,800 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale | 139,427 | 149,577 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 139,427 | 149,577 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 83,348 | 104,580 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 83,348 | 104,580 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available for sale | 294,093 | 356,310 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 294,093 | 356,310 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 63,723 | 66,472 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 63,723 | 66,472 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale | 27,471 | 15,528 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 27,471 | 15,528 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 19 - Fair Value Measurem_4
Note 19 - Fair Value Measurements - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other real estate owned, net | $ 27 | $ 143 |
Impaired loans, net of valuation allowance | 7 | |
Fair Value, Inputs, Level 1 [Member] | ||
Other real estate owned, net | 0 | 0 |
Impaired loans, net of valuation allowance | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Other real estate owned, net | 0 | 0 |
Impaired loans, net of valuation allowance | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Other real estate owned, net | $ 27 | 143 |
Impaired loans, net of valuation allowance | $ 7 |
Note 19 - Fair Value Measurem_5
Note 19 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Appraisal Value [Member] | Measurement Input, Cost to Sell [Member] | ||
Other real estate owned, net | 0.0800 | 0.0800 |
Note 19 - Fair Value Measurem_6
Note 19 - Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available for sale | $ 608,062 | $ 692,467 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 73,340 | 506,818 |
Securities available for sale | 608,062 | 692,467 |
Restricted stock | 12,651 | 8,056 |
Loans held for sale | 1,061 | 8,481 |
Loans, net of allowance | 2,166,894 | 1,927,902 |
Bank owned life insurance | 29,692 | 29,107 |
Accrued interest receivable | 7,255 | 5,822 |
Deposits | 2,596,328 | 2,890,353 |
Repurchase agreements | 370 | 41,128 |
Other short-term borrowings | 100,531 | |
Accrued interest payable | 799 | 392 |
Derivative - cash flow hedges | 2,800 | |
Reported Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 28,334 | 28,232 |
Reported Value Measurement [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 73,340 | 506,818 |
Securities available for sale | 608,062 | 692,467 |
Restricted stock | 12,651 | 8,056 |
Loans held for sale | 1,061 | 8,481 |
Loans, net of allowance | 2,096,480 | 1,914,887 |
Bank owned life insurance | 29,692 | 29,107 |
Accrued interest receivable | 7,255 | 5,822 |
Deposits | 2,595,713 | 2,892,487 |
Repurchase agreements | 370 | 41,128 |
Other short-term borrowings | 100,531 | |
Accrued interest payable | 799 | 392 |
Derivative - cash flow hedges | 2,800 | |
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 24,479 | 26,635 |
Estimate of Fair Value Measurement [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 73,340 | 506,818 |
Securities available for sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | |
Accrued interest payable | 0 | 0 |
Derivative - cash flow hedges | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 608,062 | 692,467 |
Restricted stock | 12,651 | 8,056 |
Loans held for sale | 1,061 | 8,481 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 29,692 | 29,107 |
Accrued interest receivable | 7,255 | 5,822 |
Deposits | 2,595,713 | 2,892,487 |
Repurchase agreements | 370 | 41,128 |
Other short-term borrowings | 100,531 | |
Accrued interest payable | 799 | 392 |
Derivative - cash flow hedges | 2,800 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 2,096,480 | 1,914,887 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | |
Accrued interest payable | 0 | 0 |
Derivative - cash flow hedges | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 24,479 | $ 26,635 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | $ 0 |
Note 20 - Dividend Restrictio_3
Note 20 - Dividend Restrictions and Regulatory Capital (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 58.2 |
Note 20 - Dividend Restrictio_4
Note 20 - Dividend Restrictions and Regulatory Capital - Actual and Required Capital Amounts (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Company [Member] | ||
Common equity tier 1, actual amount | $ 287,735 | $ 270,192 |
Common equity tier 1, actual ratio | 0.1170 | 0.1243 |
Common equity tier 1, required for capital adequacy purposes, amount | $ 172,098 | $ 97,798 |
Common equity tier 1, required for capital adequacy purposes, ratio | 0.0700 | 0.0700 |
Tier 1 capital, actual amount | $ 316,069 | $ 298,424 |
Tier 1 capital, actual ratio | 0.1286 | 0.1373 |
Tier 1 capital, required for capital adequacy purposes, amount | $ 208,977 | $ 130,397 |
Tier 1 capital, required for capital adequacy purposes, ratio | 0.0850 | 0.0850 |
Total capital, actual amount | $ 336,001 | $ 317,488 |
Total capital, actual ratio | 0.1367 | 0.1461 |
Total capital, required for capital adequacy purposes, amount | $ 258,147 | $ 173,862 |
Total capital, required for capital adequacy purposes, ratio | 0.1050 | 0.1050 |
Leverage capital, actual amount | $ 316,069 | $ 298,424 |
Leverage capital, actual ratio | 0.1036 | 0.0913 |
Leverage capital, required for capital adequacy purposes, amount | $ 122,086 | $ 130,722 |
Leverage capital, required for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Bank [Member] | ||
Common equity tier 1, actual amount | $ 308,690 | $ 285,260 |
Common equity tier 1, actual ratio | 0.1257 | 0.1315 |
Common equity tier 1, required for capital adequacy purposes, amount | $ 171,962 | $ 151,845 |
Common equity tier 1, required for capital adequacy purposes, ratio | 0.0700 | 0.0700 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, amount | $ 159,679 | $ 140,999 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 0.0650 | 0.0650 |
Tier 1 capital, actual amount | $ 308,690 | $ 285,260 |
Tier 1 capital, actual ratio | 0.1257 | 0.1315 |
Total capital, required for capital adequacy with buffer purposes, amount | $ 208,811 | $ 184,383 |
Tier 1 capital, required for capital adequacy purposes with buffer, ratio | 0.0850 | 8.50 |
Tier 1 capital, to be well capitalized under prompt corrective action provisions, amount | $ 196,528 | $ 173,537 |
Tier 1 capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total capital, actual amount | $ 328,622 | $ 304,324 |
Total capital, actual ratio | 0.1338 | 0.1403 |
Total capital, required for capital adequacy purposes, amount | $ 257,942 | $ 277,767 |
Total capital, required for capital adequacy purposes, ratio | 0.1050 | 0.1050 |
Total capital, to be well capitalized under prompt corrective action provisions, amount | $ 245,660 | $ 216,921 |
Total capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Leverage capital, actual amount | $ 308,690 | $ 285,260 |
Leverage capital, actual ratio | 0.1012 | 0.0876 |
Leverage capital, required for capital adequacy purposes, amount | $ 121,990 | $ 130,264 |
Leverage capital, required for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Leverage capital, to be well capitalized under prompt corrective action provisions, amount | $ 152,488 | $ 162,830 |
Leverage capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Note 21 - Segment and Related_3
Note 21 - Segment and Related Information (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Reportable Segments | 2 |
Note 21 - Segment and Related_4
Note 21 - Segment and Related Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 96,004 | $ 95,796 | $ 95,840 |
Interest expense | 5,766 | 5,405 | 12,020 |
Noninterest income | 18,807 | 21,031 | 16,843 |
Noninterest expense | 64,086 | 59,008 | 54,565 |
Income before income taxes | 43,362 | 55,239 | 37,182 |
Net income | 34,428 | 43,526 | 30,045 |
Depreciation and amortization | 3,506 | 3,707 | 3,825 |
Total assets | 3,065,902 | 3,334,597 | 3,050,010 |
Goodwill | 85,048 | 85,048 | 85,048 |
Capital expenditures | 1,196 | 1,000 | 2,694 |
Community Banking [Member] | Operating Segments [Member] | |||
Interest income | 96,004 | 95,796 | 95,840 |
Interest expense | 5,766 | 5,405 | 12,020 |
Noninterest income | 12,286 | 15,012 | 12,054 |
Noninterest expense | 61,173 | 56,251 | 52,245 |
Income before income taxes | 39,754 | 51,977 | 34,714 |
Net income | 31,578 | 40,949 | 28,052 |
Depreciation and amortization | 3,496 | 3,697 | 3,815 |
Total assets | 3,065,611 | 3,334,347 | 3,049,779 |
Goodwill | 85,048 | 85,048 | 85,048 |
Capital expenditures | 1,196 | 1,000 | 2,690 |
Trust and Investment Services [Member] | Operating Segments [Member] | |||
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Noninterest income | 6,521 | 6,019 | 4,789 |
Noninterest expense | 2,913 | 2,757 | 2,320 |
Income before income taxes | 3,608 | 3,262 | 2,468 |
Net income | 2,850 | 2,577 | 1,993 |
Depreciation and amortization | 10 | 10 | 10 |
Total assets | 291 | 250 | 231 |
Goodwill | 0 | 0 | 0 |
Capital expenditures | $ 0 | $ 0 | $ 4 |
Note 22 - Parent Company Fina_3
Note 22 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, at fair value | $ 608,062 | $ 692,467 | ||
Other assets | 51,478 | 36,384 | ||
Total assets | 3,065,902 | 3,334,597 | $ 3,050,010 | |
Junior subordinated debt | 28,334 | 28,232 | ||
Other liabilities | 19,165 | 20,092 | ||
Shareholders' equity | 321,174 | 354,792 | $ 337,894 | $ 320,258 |
Total Liabilities and Shareholders' Equity | 3,065,902 | 3,334,597 | ||
Parent Company [Member] | ||||
Cash | 3,906 | 10,560 | ||
Securities available for sale, at fair value | 1,639 | 1,766 | ||
Investment in subsidiaries | 342,013 | 372,902 | ||
Due from subsidiaries | 152 | 128 | ||
Other assets | 2,222 | 607 | ||
Total assets | 349,932 | 385,963 | ||
Junior subordinated debt | 28,334 | 28,232 | ||
Other liabilities | 424 | 2,939 | ||
Shareholders' equity | 321,174 | 354,792 | ||
Total Liabilities and Shareholders' Equity | $ 349,932 | $ 385,963 |
Note 22 - Parent Company Fina_4
Note 22 - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends | $ 473 | $ 464 | $ 503 |
Income Taxes | 8,934 | 11,713 | 7,137 |
Net income | 34,428 | 43,526 | 30,045 |
Parent Company [Member] | |||
Dividends | 16,000 | 16,000 | 25,500 |
Other income | 146 | 411 | 512 |
Expenses | 2,994 | 3,057 | 3,369 |
Income Taxes | (598) | (556) | (600) |
Income before equity in undistributed earnings of subsidiary | 13,750 | 13,910 | 23,243 |
Equity in undistributed earnings of subsidiary | 20,678 | 29,616 | 6,802 |
Net income | $ 34,428 | $ 43,526 | $ 30,045 |
Note 22 - Parent Company Fina_5
Note 22 - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 34,428 | $ 43,526 | $ 30,045 |
Net amortization of securities | (1,646) | (1,846) | (1,186) |
Net change in other assets | (2,484) | 245 | (3,421) |
Net change in other liabilities | 2,677 | 146 | (2,387) |
Net cash provided by operating activities | 47,941 | 51,095 | 20,226 |
Net cash provided by investing activities | (227,580) | (162,527) | (267,448) |
Common stock dividends paid | (12,144) | (11,827) | (11,842) |
Repurchase of common stock | (7,505) | (8,810) | (4,981) |
Proceeds from exercise of stock options | 12 | 89 | 43 |
Net cash used in financing activities | (253,839) | 249,630 | 536,260 |
Net increase (decrease) in cash and cash equivalents | (433,478) | 138,198 | 289,038 |
Parent Company [Member] | |||
Net income | 34,428 | 43,526 | 30,045 |
(Equity in earnings) of subsidiary | (20,678) | (29,616) | (6,802) |
Net amortization of securities | 0 | 10 | 0 |
Net change in other assets | (876) | 27 | 84 |
Net change in other liabilities | 109 | 102 | 85 |
Net cash provided by operating activities | 12,983 | 14,049 | 23,412 |
Sales, cal1s and maturities of equity securities | 0 | 6,800 | 0 |
Net cash provided by investing activities | 0 | 6,800 | 0 |
Common stock dividends paid | (12,144) | (11,827) | (11,842) |
Repurchase of common stock | (7,505) | (8,810) | (4,981) |
Proceeds from exercise of stock options | 12 | 89 | 43 |
Net change in subordinated debt | 0 | (7,500) | 0 |
Net cash used in financing activities | (19,637) | (28,048) | (16,780) |
Net increase (decrease) in cash and cash equivalents | (6,654) | (7,199) | 6,632 |
Cash and cash equivalents at beginning of period | 10,560 | 17,759 | 11,127 |
Cash and cash equivalents at end of period | $ 3,906 | $ 10,560 | $ 17,759 |
Note 23 - Supplemental Cash F_3
Note 23 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and due from banks | $ 32,207 | $ 23,095 | $ 30,767 |
Interest-bearing deposits in other banks | 41,133 | 483,723 | 337,853 |
Cash and Cash Equivalents, at Carrying Value, Total | 73,340 | 506,818 | 368,620 |
Interest on deposits and borrowed funds | 5,308 | 5,791 | 12,455 |
Income taxes | 8,472 | 3,102 | 7,609 |
Transfer of loans to other real estate owned | 0 | 0 | 95 |
Transfer of loans to repossessions | 53 | 0 | 411 |
Transfer from premises and equipment to other assets | 0 | 1,316 | 0 |
Increase (decrease) in operating lease right-of-use asset | 240 | 21 | 371 |
Increase (decrease) in operating lease liabilities | 240 | (21) | 371 |
Unrealized gains (losses) on securities available for sale | (68,877) | (12,271) | 6,399 |
Unrealized gains (losses) on cash flow hedges | 4,125 | 2,068 | (2,210) |
Change in unfunded pension liability | $ 1,082 | $ 590 | $ (413) |
Note 24 - Accumulated Other C_3
Note 24 - Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 354,792 | $ 337,894 | $ 320,258 |
Balance | 321,174 | 354,792 | 337,894 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (1,701) | 7,920 | 2,902 |
Net unrealized gains (losses) on securities available for sale, net of tax | (54,009) | (9,593) | 5,656 |
Reclassification adjustment for realized gains on securities, net of tax | (28) | (638) | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | |
Change in unfunded pension liability, net of tax | 0 | 0 | 0 |
Net unrealized gains on cash flow hedges, net of tax | 0 | ||
Balance | (55,710) | (1,701) | 7,920 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (2,212) | (3,846) | (2,084) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 |
Reclassification adjustment for realized gains on securities, net of tax | 0 | 0 | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 1,634 | (1,762) | |
Change in unfunded pension liability, net of tax | 0 | 0 | 0 |
Net unrealized gains on cash flow hedges, net of tax | 3,259 | ||
Balance | 1,047 | (2,212) | (3,846) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (1,162) | (1,637) | (1,301) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 |
Reclassification adjustment for realized gains on securities, net of tax | 0 | 0 | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | |
Change in unfunded pension liability, net of tax | 849 | 475 | (336) |
Net unrealized gains on cash flow hedges, net of tax | 0 | ||
Balance | (313) | (1,162) | (1,637) |
AOCI Attributable to Parent [Member] | |||
Balance | (5,075) | 2,437 | (483) |
Net unrealized gains (losses) on securities available for sale, net of tax | (54,009) | (9,593) | 5,656 |
Reclassification adjustment for realized gains on securities, net of tax | (28) | (638) | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 1,634 | (1,762) | |
Change in unfunded pension liability, net of tax | 849 | 475 | (336) |
Net unrealized gains on cash flow hedges, net of tax | 3,259 | ||
Balance | $ (54,976) | $ (5,075) | $ 2,437 |
Note 24 - Accumulated Other C_4
Note 24 - Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification adjustment for realized gains on securities, tax | $ 0 | $ (7) | $ (176) |
Change in unfunded pension liability, tax | (233) | (115) | 77 |
AOCI Attributable to Parent [Member] | |||
Net unrealized gains (losses) on securities available for sale, tax | (14,868) | (2,643) | 1,557 |
Reclassification adjustment for realized gains on securities, tax | (7) | (176) | |
Unrealized gain (losses) on cash flow hedges, tax | 866 | 434 | (448) |
Change in unfunded pension liability, tax | $ 233 | $ 115 | $ (77) |
Note 24 - Accumulated Other C_5
Note 24 - Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Realized gain on sale of securities | $ 0 | $ 35 | $ 814 |
Income taxes | 8,934 | 11,713 | 7,137 |
Net income | 34,428 | 43,526 | 30,045 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net income | 0 | 28 | 638 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Realized gain on sale of securities | 0 | 35 | 814 |
Income taxes | $ 0 | $ (7) | $ (176) |