Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 08, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 321,204,000 | ||
Entity Common Stock, Shares Outstanding | 10,630,679 | ||
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, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 31,500 | $ 32,207 |
Interest-bearing deposits in other banks | 35,219 | 41,133 |
Securities available for sale, at fair value | 521,519 | 608,062 |
Restricted stock, at cost | 10,614 | 12,651 |
Loans held for sale | 1,279 | 1,061 |
Loans, net of deferred fees and costs | 2,288,320 | 2,186,449 |
Less allowance for credit losses | (25,273) | (19,555) |
Net loans | 2,263,047 | 2,166,894 |
Premises and equipment, net | 31,809 | 32,900 |
Assets held-for-sale | 1,131 | 1,382 |
Other real estate owned, net of valuation allowance | 0 | 27 |
Goodwill | 85,048 | 85,048 |
Core deposit intangibles, net | 2,298 | 3,367 |
Bank owned life insurance | 30,409 | 29,692 |
Other assets | 76,844 | 51,478 |
Total assets | 3,090,717 | 3,065,902 |
Liabilities: | ||
Noninterest-bearing deposits | 805,584 | 1,010,602 |
Interest-bearing deposits | 1,800,929 | 1,585,726 |
Total deposits | 2,606,513 | 2,596,328 |
Customer repurchase agreements | 59,348 | 370 |
Other short-term borrowings | 35,000 | 100,531 |
Junior subordinated debt | 28,435 | 28,334 |
Other liabilities | 18,253 | 19,165 |
Total liabilities | 2,747,549 | 2,744,728 |
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, 10,633,409 shares outstanding at December 31, 2023 and 10,608,781 shares outstanding at December 31, 2022 | 10,551 | 10,538 |
Capital in excess of par value | 142,834 | 141,948 |
Retained earnings | 232,847 | 223,664 |
Accumulated other comprehensive loss, net | (43,064) | (54,976) |
Total shareholders' equity | 343,168 | 321,174 |
Total liabilities and shareholders' equity | $ 3,090,717 | $ 3,065,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 10,633,409 | 10,608,781 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Dividend Income: | |||
Interest and fees on loans | $ 106,471 | $ 82,568 | $ 87,040 |
Interest and dividends on securities: | |||
Taxable | 10,358 | 10,065 | 7,309 |
Tax-exempt | 139 | 407 | 385 |
Dividends | 676 | 473 | 464 |
Other interest income | 2,585 | 2,491 | 598 |
Total interest and dividend income | 120,229 | 96,004 | 95,796 |
Interest Expense: | |||
Interest on deposits | 28,843 | 3,553 | 3,645 |
Interest on short-term borrowings | 5,192 | 659 | 22 |
Interest on subordinated debt | 0 | 0 | 203 |
Interest on junior subordinated debt | 1,612 | 1,554 | 1,535 |
Total interest expense | 35,647 | 5,766 | 5,405 |
Net Interest Income | 84,582 | 90,238 | 90,391 |
Provision for (recovery of) credit losses | 495 | 1,597 | (2,825) |
Net Interest Income after Provision for (Recovery of) Credit Losses | 84,087 | 88,641 | 93,216 |
Noninterest Income: | |||
Securities (losses) gains, net | (68) | 0 | 35 |
Income from Small Business Investment Companies | 932 | 1,409 | 1,972 |
Income from insurance investments | 764 | 747 | 1,199 |
Losses on premises and equipment, net | (155) | (228) | (885) |
Other | 1,647 | 1,003 | 932 |
Total noninterest income | 18,336 | 18,807 | 21,031 |
Noninterest Expense: | |||
Salaries and employee benefits | 36,356 | 36,382 | 32,342 |
Occupancy and equipment | 6,219 | 6,075 | 6,032 |
FDIC assessment | 1,404 | 903 | 864 |
Bank franchise tax | 2,052 | 1,953 | 1,767 |
Amortization of intangible assets | 1,069 | 1,260 | 1,464 |
Data processing | 3,565 | 3,310 | 2,958 |
Software | 1,829 | 1,505 | 1,368 |
Other real estate owned, net | (10) | 3 | 131 |
Merger related expenses | 2,577 | 0 | 0 |
Other | 12,989 | 12,695 | 12,082 |
Total noninterest expense | 68,050 | 64,086 | 59,008 |
Income Before Income Taxes | 34,373 | 43,362 | 55,239 |
Income Taxes | 8,214 | 8,934 | 11,713 |
Net Income | $ 26,159 | $ 34,428 | $ 43,526 |
Net Income Per Common Share: | |||
Basic (in dollars per share) | $ 2.46 | $ 3.23 | $ 4 |
Diluted (in dollars per share) | $ 2.46 | $ 3.23 | $ 4 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 10,627,709 | 10,672,314 | 10,873,817 |
Diluted (in shares) | 10,628,559 | 10,674,613 | 10,877,231 |
Asset Management [Member] | |||
Noninterest Income: | |||
Noninterest Income | $ 6,751 | $ 6,521 | $ 6,019 |
Deposit Account [Member] | |||
Noninterest Income: | |||
Noninterest Income | 2,216 | 2,676 | 2,611 |
Interchange Service [Member] | |||
Noninterest Income: | |||
Noninterest Income | 4,775 | 4,107 | 4,152 |
Financial Service, Other [Member] | |||
Noninterest Income: | |||
Noninterest Income | 650 | 906 | 801 |
Mortgage Banking [Member] | |||
Noninterest Income: | |||
Noninterest Income | $ 824 | $ 1,666 | $ 4,195 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 26,159 | $ 34,428 | $ 43,526 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on securities available for sale | 14,709 | (68,877) | (12,236) |
Tax effect | (3,168) | 14,868 | 2,643 |
Reclassification adjustment for losses (gains) on sale or call of securities | 68 | 0 | (35) |
Reclassification adjustment for realized gains on securities, tax | (14) | 0 | 7 |
Unrealized gains on cash flow hedges | 795 | 4,125 | 2,068 |
Tax effect | (387) | (866) | (434) |
Change in unfunded pension liability | (112) | 1,082 | 590 |
Tax effect | 21 | (233) | (115) |
Other comprehensive income (loss) | 11,912 | (49,901) | (7,512) |
Comprehensive income (loss) | $ 38,071 | $ (15,473) | $ 36,014 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 loss | 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) | |||||
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 loss | 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) | |||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (4,221) | $ 0 | $ (4,221) | |||||
Balance at Dec. 31, 2022 | 10,538 | 141,948 | 223,664 | (54,976) | 321,174 | |||||
Net income | 0 | 0 | 26,159 | 0 | 26,159 | |||||
Other comprehensive loss | 0 | 0 | 0 | 11,912 | 11,912 | |||||
Stock repurchased | (34) | (1,010) | 0 | 0 | (1,044) | |||||
Stock options exercised | 4 | 65 | 0 | 0 | 69 | |||||
Vesting of restricted stock | 19 | (19) | 0 | 0 | 0 | |||||
Equity based compensation | 24 | 1,850 | 0 | 0 | 1,874 | |||||
Cash dividends paid | 0 | 0 | (12,755) | 0 | (12,755) | |||||
Balance at Dec. 31, 2023 | $ 10,551 | $ 142,834 | $ 232,847 | $ (43,064) | $ 343,168 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock repurchased, shares (in shares) | 34,131 | 206,978 | 265,939 |
Stock options exercised, shares (in shares) | 4,150 | 713 | 5,346 |
Vesting of restricted stock, shares (in shares) | 19,264 | 17,583 | 23,968 |
Equity based compensation, shares (in shares) | 23,934 | 16,462 | 45,193 |
Cash dividends paid, per share (in dollars per share) | $ 1.2 | $ 1.14 | $ 1.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income | $ 26,159 | $ 34,428 | $ 43,526 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Provision for (recovery of) credit losses | 495 | 1,597 | (2,825) |
Depreciation | 2,094 | 2,246 | 2,243 |
Net accretion of acquisition accounting adjustments | (1,897) | (1,597) | (5,236) |
Amortization of intangible assets | 1,069 | 1,260 | 1,464 |
Net amortization of securities | 1,038 | 1,646 | 1,846 |
Net loss (gain) on sale or call of securities available for sale | 68 | 0 | (35) |
Gain on sale of loans held for sale | (824) | (1,666) | (4,195) |
Proceeds from sales of loans held for sale | 82,535 | 70,059 | 154,041 |
Originations of loans held for sale | (81,929) | (60,973) | (142,736) |
Net (gain) loss on other real estate owned | (13) | (2) | 111 |
Net loss on sale, write-down or disposal of premises and equipment | 42 | 228 | 885 |
Net loss on sale of assets held-for-sale | 113 | 0 | 0 |
Equity based compensation expense | 1,874 | 1,492 | 1,432 |
Earnings on bank owned life insurance | (717) | (585) | (625) |
Deferred income tax expense (benefit) | 1,273 | (385) | 808 |
Net change in other assets | (11,197) | (2,484) | 245 |
Net change in other liabilities | (1,217) | 2,677 | 146 |
Net cash (used in) provided by operating activities | 18,966 | 47,941 | 51,095 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of securities available for sale | 13,180 | 0 | 561 |
Proceeds from maturities, calls and paydowns of securities available for sale | 66,622 | 120,052 | 192,672 |
Purchases of securities available for sale | 0 | (106,170) | (433,690) |
Net change in restricted stock | 2,037 | (4,595) | 659 |
Net (increase) decrease in loans | (99,872) | (238,993) | 73,836 |
Net change in collateral with other financial institutions | 850 | 3,200 | 1,700 |
Proceeds from sale of other investments | 493 | 0 | 0 |
Proceeds from swap terminations | 2,037 | 0 | 0 |
Proceeds from sale of premises and equipment | 44 | 4 | 2,031 |
Purchases of premises and equipment | (1,538) | (1,196) | (1,000) |
Proceeds from sales of other real estate owned | 40 | 118 | 704 |
Proceeds from the sale of assets held-for-sale | 587 | 0 | 0 |
Net cash provided by (used in) used in investing activities | (15,520) | (227,580) | (162,527) |
Cash Flows from Financing Activities: | |||
Net change in noninterest-bearing deposits | (205,018) | 1,521 | 178,987 |
Net change in interest-bearing deposits | 215,234 | (295,496) | 100,114 |
Net change in customer repurchase agreements | 58,978 | (40,758) | (1,423) |
Net change in short-term borrowings | (65,531) | 100,531 | 0 |
Net change in junior subordinated debt | 0 | 0 | (7,500) |
Common stock dividends paid | (12,755) | (12,144) | (11,827) |
Repurchase of common stock | (1,044) | (7,505) | (8,810) |
Proceeds from exercise of stock options | 69 | 12 | 89 |
Net cash (used in) provided by financing activities | (10,067) | (253,839) | 249,630 |
Net (Decrease) Increase in Cash and Cash Equivalents | (6,621) | (433,478) | 138,198 |
Cash and Cash Equivalents at Beginning of Period | 73,340 | 506,818 | 368,620 |
Cash and Cash Equivalents at End of Period | $ 66,719 | $ 73,340 | $ 506,818 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 credit losses, goodwill and intangible assets. 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 Agreement and Plan of Merger On July 24, 2023, April 1, 2024, 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 For available-for-sale ("AFS") securities, the Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security will be evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company's AFS portfolio are security type and credit rating, which is influenced by a number of security-specific factors that may no December 31, 2023. 3 The Company does not no 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 credit 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. 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. Allowance for Credit Losses ("ACL") - Loans The provision for credit losses charged to operations is an amount sufficient to bring the allowance to an estimated balance that management considers adequate to absorb expected losses in the Company's loan portfolio. The ACL is a valuation allowance that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Amortized cost is the principal balance outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs. The ACL represents management's estimate of credit losses over the remaining life of the loan portfolio. Loans are charged off against the ACL when management believes the loan balance is no The Company's ACL consists of quantitative and qualitative allowances and an allowance for loans that are individually assessed for credit losses. Each of these components is determined based upon estimates and judgments. The quantitative allowance uses historical default and loss experience as well as estimates for prepayments to calculate lifetime expected losses, along with various qualitative factors, including the effects of changes in risk selection, underwriting standards, and lending policies; expected economic conditions throughout a reasonable and supportable period of 24 third two Loans that do not Allowance for Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is adjusted through the provision for credit losses. The calculation of the allowance is consistent with the loss rate calculations for the loan portfolio described above. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded and the provision is recorded in ACL and the reserve is in "Other Liabilities" within the Company's Consolidated Balance Sheets. 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 Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other, 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, 2023 2022 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 December 31, 2023. December 31, 2022 2021 Derivative Financial Instruments The Company uses derivatives primarily to manage risk associated with changing interest rates. The Company's derivative financial instruments consisted of interest rate swaps that qualify as cash flow hedges of the Company's trust preferred capital notes. The Company recognized 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 was reported as a component of other comprehensive income, net of deferred income taxes, and was reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. The company terminated the interest rate swaps in October 2023. See Note 12 Reclassifications Certain reclassifications have been made in prior years' financial statements to conform to classifications used in the current year. There were no Accounting Standards Adopted in 2023 On January 1, 2023, 2016 13, 326 The Company adopted ASC 326 310 30. January 1, 2023 326 not 90 In March 2022, 2022 02, 326 2022 02 2022 02 January 1, 2023. no December 31, 2022. 2022 02 not 4 Information contained within the report prior to adoption of ASU 2022 02 2016 13 December 31, 2022 2021, In December 2022, 2022 06, 848 848." 2022 06 848. 848 848 2021, June 30, 2023. 848 may 848 December 31, 2022, December 31, 2024, no 848. 2022 06 December 31, 2023. not Recent Accounting Pronouncements In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 |
Note 2 - Restrictions on Cash
Note 2 - Restrictions on Cash | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 2 The Company maintains cash accounts in other commercial banks. The amount on deposit with correspondent institutions at December 31, 2023 $2.8 million. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 The amortized cost and estimated fair value of investments in securities at December 31, 2023 2022 December 31, 2023 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 131,731 $ — $ 7,964 $ 123,767 Federal agencies and GSEs 76,702 3 4,472 72,233 Mortgage-backed and CMOs 292,590 1 35,827 256,764 State and municipal 45,999 — 3,577 42,422 Corporate 30,812 — 4,479 26,333 Total securities available for sale $ 577,834 $ 4 $ 56,319 $ 521,519 The Company had no December 31, 2023 December 31, 2022 (Dollars in thousands) 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 amortized cost and estimated fair value of investments in debt securities at December 31, 2023 may Available for Sale Amortized Cost Fair Value Due in one year or less $ 66,221 $ 64,528 Due after one year through five years 155,815 144,776 Due after five years through ten years 52,229 45,302 Due after ten years 10,979 10,148 Mortgage-backed and CMOs 292,590 256,765 $ 577,834 $ 521,519 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, 2023 2022 2021 Gross realized gains $ 55 $ — $ 35 Gross realized losses (123 ) — — Proceeds from sales of securities 13,180 — 561 Securities with a carrying value of approximately $202.0 million and $118.9 million at December 31, 2023 and 2022 , respectively, were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. FHLB letters of credit were used as additional collateral in the amounts of $210.0 million at December 31, 2023 and $170.0 million at December 31, 2022 . Unrealized Losses on Securities The following table shows estimated fair value and gross unrealized losses for which an ACL has not December 31, 2023. twelve AFS securities that have been in a continuous unrealized loss position, at December 31, 2023, Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 123,767 $ 7,964 $ — $ — $ 123,767 $ 7,964 Federal agencies and GSEs 71,975 4,472 210 — 71,765 4,472 Mortgage-backed and CMOs 256,615 35,827 111 2 256,504 35,825 State and municipal 42,377 3,577 1,621 15 40,756 3,562 Corporate 26,333 4,479 1,506 194 24,827 4,285 Total $ 521,067 $ 56,319 $ 3,448 $ 211 $ 517,619 $ 56,108 U.S. Treasury : The unrealized losses on the Company's investment in 19 U.S. Treasury securities were caused by normal market fluctuations. Nineteen of these securities were in an unrealized loss position for 12 not not not not may no December 31, 2023 . Federal agencies and GSEs: The unrealized losses on the Company's investment in 38 government sponsored entities ("GSEs") were caused by normal market fluctuations. Thirty- seven 12 not not not not may no December 31, 2023 . Mortgage-backed securities: The unrealized losses on the Company's investment in 131 GSE mortgage-backed securities were caused by normal market fluctuations. One hundred twenty-one 12 not not not not not may no December 31, 2023 . Collateralized Mortgage Obligations: The unrealized losses associated with 53 GSE collateralized mortgage obligations ("CMOs") were due to normal market fluctuations. All of these securities were in an unrealized loss position for 12 not not not not not may no December 31, 2023 . State and municipal securities : The unrealized losses on 59 state and municipal securities were caused by normal market fluctuations. Fifty- seven 12 not not not not may no December 31, 2023 . Corporate securities : The unrealized losses on 12 corporate securities were caused by normal market fluctuations and not 12 not not not not not not may no December 31, 2023 . 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 $6.6 million and $6.5 million as of December 31, 2023 2022 December 31, 2023 2022 Allowance for Credit Losses-Available for Sale Securities As of December 31, 2023 2022, not December 31, 2023, sed of 312 in December 31, 2023 2022, zero not not not not may Realized Gains and Losses Net proceeds from sales of AFS securities for the year ended December 31, 2023 not December 31, 2022 December 31, 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, 2022 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 |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 Loans, excluding loans held for sale at December 31, 2023 2022 December 31, 2023 2022 Commercial $ 302,305 $ 304,247 Commercial real estate: Construction and land development 274,035 197,525 Commercial real estate - owner occupied 414,321 418,462 Commercial real estate - non-owner occupied 830,655 827,728 Residential real estate: Residential 369,892 338,132 Home equity 90,298 93,740 Consumer 6,814 6,615 Total loans, net of deferred fees and costs $ 2,288,320 $ 2,186,449 Net deferred loan costs included in the above loan categories are $255 thousand for 2023 and $202 thousand for 2022 in all other categories. Overdraft deposits were reclassified to consumer loans in the amount of $132 th 2023 2022 Acquired Loans The following information as of and for the year ended December 31, 2022 326. 310 30 December 31, 2022 2022 Outstanding principal balance $ 125,856 Carrying amount 120,432 The outstanding principal balance and related carrying amount of purchased credit impaired loans, for which the Company applies ASC 310 30 December 31, 2022 2022 Outstanding principal balance $ 17,788 Carrying amount 13,541 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 2022 Balance at January 1 $ 4,902 Accretion (2,186 ) Reclassification from nonaccretable difference 986 Other changes, net (1) (172 ) Balance at December 31 $ 3,530 _________________________ ( 1 Past Due Loans The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2023 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 $ 1,642 $ — $ — $ — $ 1,642 $ 300,663 $ 302,305 Commercial real estate: Construction and land development 326 — — — 326 273,709 274,035 Commercial real estate - owner occupied 269 — — 2,911 3,180 411,141 414,321 Commercial real estate - non-owner occupied 597 — — 2,327 2,924 827,731 830,655 Residential: Residential 614 208 — 390 1,212 368,680 369,892 Home equity 121 25 — 171 317 89,981 90,298 Consumer 1 3 — 15 19 6,795 6,814 Total $ 3,570 $ 236 $ — $ 5,814 $ 9,620 $ 2,278,700 $ 2,288,320 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 is a summary of nonaccrual loans by major categories for the dates indicated (dollars in thousands). All payments received while on nonaccrual status are applied against the principal balance of the loan. The Company does not CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans Nonaccrual Loans Total with No Allowance with an Allowance Nonaccrual Loans Nonaccrual Loans Commercial $ - $ - $ - $ 4 Commercial real estate: Construction and land development - - - - Commercial real estate-owner occupied 2,911 - 2,911 - Commercial real estate-non-owner occupied 2,327 - 2,327 301 Residential: Residential 340 50 390 797 Home equity - 171 171 205 Consumer - 15 15 - Total $ 5,578 $ 236 $ 5,814 $ 1,307 The following table represents the accrued interest receivables written off by reversing interest during the twelve December 31, 2023 ( For the Twelve Months Ended December 31, 2023 Commercial $ 2 Commercial real estate: Construction and land development - Commercial real estate-owner occupied 10 Commercial real estate-non-owner occupied 15 Residential: Residential 3 Home equity 1 Consumer - Total accrued interest reversed $ 31 The following table presents a nonaccrual loan analysis of collateral dependent loans as of December 31, 2023. Residential Business Commercial Owner Total Properties Assets Land Property Occupied Loans Commercial real estate: $ - $ - $ - $ 2,327 $ 2,911 $ 5,238 Residential: Residential 340 - - - - 340 Home equity - - - - - - Total collateral dependent loans $ 340 $ - $ - $ 2,327 $ 2,911 $ 5,578 The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not one may The following table shows the amortized cost basis of loans modified to borrowers experiencing financial difficulty during the year ended December 31, 2023. not no December 31, 2023 2022. Type of Modification Amortized Cost Basis % of Total Loan Type Financial Effect Commercial real estate-owner occupied $ 2,315 0.56 % Term extension. Commercial real estate-nonowner occupied 2,517 0.30 Interest rate reduction and term extension. Residential real estate 8 - Term extension. Commercial real estate-owner occupied 454 0.11 Term extension. 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 Residential Real Estate in process of Foreclosure The Company had $23 thousand and $715 thousand in residential real estate loans in the process of foreclosure at December 31, 2023 and December 31, 2022 , respectively. The Company had no residential OREO at December 31, 2023 and December 31, 2022 Risk Grades 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 The following table shows the Company's recorded investment in loans by credit quality indicators further disaggregated by year of origination as of December 31, 2023 ( Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Pass $ 38,996 $ 37,024 $ 53,730 $ 18,292 $ 8,886 $ 24,380 $ 109,050 $ 290,358 Special Mention 1,311 1,071 2,054 61 386 65 1,801 6,749 Substandard - 134 16 - 324 2,390 2,334 5,198 Total commercial $ 40,307 $ 38,229 $ 55,800 $ 18,353 $ 9,596 $ 26,835 $ 113,185 $ 302,305 Current period gross write-offs $ - $ - $ (359 ) $ - $ - $ - $ (535 ) $ (894 ) Construction and land development Pass $ 51,120 $ 83,122 $ 100,392 $ 7,462 $ 5,296 $ 16,116 $ 6,063 $ 269,571 Special Mention - - 4,364 - - - - 4,364 Substandard - - - - - 100 - 100 Total construction and land development $ 51,120 $ 83,122 $ 104,756 $ 7,462 $ 5,296 $ 16,216 $ 6,063 $ 274,035 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate - owner occupied Pass $ 32,233 $ 60,890 $ 98,415 $ 42,971 $ 23,733 $ 138,802 $ 5,208 $ 402,252 Special Mention - - 1,329 - - 788 4,529 6,646 Substandard - - - 2,315 - 2,654 454 5,423 Total commercial real estate - owner occupied $ 32,233 $ 60,890 $ 99,744 $ 45,286 $ 23,733 $ 142,244 $ 10,191 $ 414,321 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate - non-owner occupied Pass $ 47,264 $ 144,118 $ 219,493 $ 129,747 $ 56,852 $ 209,351 $ 6,336 $ 813,161 Special Mention - - - 121 1,034 6,960 - 8,115 Substandard 3,073 - 1,330 1,458 1,866 1,652 - 9,379 Total commercial real estate - non-owner occupied $ 50,337 $ 144,118 $ 220,823 $ 131,326 $ 59,752 $ 217,963 $ 6,336 $ 830,655 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential Pass $ 74,488 $ 93,929 $ 83,377 $ 23,637 $ 14,226 $ 63,336 $ 14,381 $ 367,374 Special Mention - 256 199 - - 757 - 1,212 Substandard - - 259 229 - 818 - 1,306 Total residential $ 74,488 $ 94,185 $ 83,835 $ 23,866 $ 14,226 $ 64,911 $ 14,381 $ 369,892 Current period gross write-offs $ - $ - $ - $ - $ - $ (6 ) $ - $ (6 ) Home equity Pass $ - $ - $ - $ - $ - $ - $ 89,872 $ 89,872 Special Mention - - - - - - - - Substandard - - - - - - 426 426 Total home equity $ - $ - $ - $ - $ - $ - $ 90,298 $ 90,298 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ (9 ) $ (9 ) Consumer Pass $ 2,452 $ 1,276 $ 477 $ 225 $ 141 $ 1,717 $ 509 $ 6,797 Special Mention - - - - - - - - Substandard - 2 - - - 15 - 17 Total consumer $ 2,452 $ 1,278 $ 477 $ 225 $ 141 $ 1,732 $ 509 $ 6,814 Current period gross write-offs $ (3 ) $ (2 ) $ (7 ) $ - $ - $ (78 ) $ (3 ) $ (93 ) 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 |
Note 5 - Allowance for Credit L
Note 5 - Allowance for Credit Losses - Loans and Reserve for Unfunded Lending Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 5 Changes in the allowance for credit losses and the reserve for unfunded lending commitments (included in other liabilities) for each of the years in the three December 31, 2023 Year Ended December 31, 2023 2022 2021 Allowance for Credit Losses Balance, beginning of year $ 19,555 $ 18,678 $ 21,403 Day 1 impact of CECL adoption 5,192 — — Provision for (recovery of) credit losses 433 1,597 (2,825 ) Charge-offs (1,002 ) (1,019 ) (146 ) Recoveries 1,095 299 246 Balance, end of year $ 25,273 $ 19,555 $ 18,678 Year Ended December 31, 2023 2022 2021 Reserve for Unfunded Lending Commitments Balance, beginning of year $ 377 $ 386 $ 304 Day 1 impact of CECL adoption 305 — - Provision for (recovery of) unfunded commitments 63 (9 ) 82 Balance, end of year $ 745 $ 377 $ 386 The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not 1. The following table presents the Company's allowance for credit losses by portfolio segment at and for the year ended December 31, 2023 Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Consumer Total Allowance for Credit Losses Balance at December 31, 2022 $ 2,874 $ 1,796 $ 3,785 $ 7,184 $ 3,077 $ 790 $ 49 $ 19,555 Day 1 impact of CECL adoption 883 272 1,078 2,069 653 190 47 5,192 Charge-offs (894 ) — — — (6 ) (9 ) (93 ) (1,002 ) Recoveries 492 10 37 213 164 57 122 1,095 Provision/(recovery) 390 769 (317 ) (355 ) 40 (69 ) (25 ) 433 Balance at December 31, 2023 $ 3,745 $ 2,847 $ 4,583 $ 9,111 $ 3,928 $ 959 $ 100 $ 25,273 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 allowance for credit losses - loans is allocated to loan segments based upon historical default and loss experience, prepayment estimates, risk grades on individual loans, and qualitative factors. Qualitative factors include effects of changes in risk selection, underwriting standards, and lending policies; expected economic conditions throughout a reasonable and supportable forecast period; experience of lending staff; quality of loan review system; and changes in the regulatory, legal, and competitive environment. The provision expense recorded of $433 thousand for the year ended December 31, 2023 was necessitated by loan growth. For the year ended December 31, 2022 , the Company recorded a provision expense of $1.6 million necessitated by loan growth . Management will continue to evaluate the adequacy of the Company's allowance for credit losses as more economic data becomes available and as changes within the Company's loan portfolio are known. Changes in economic conditions may |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 Major classifications of premises and equipment at December 31, 2023 2022 December 31, 2023 2022 Land $ 8,859 $ 9,308 Buildings 32,538 32,515 Leasehold improvements 1,615 1,536 Furniture and equipment 17,216 19,379 60,228 62,738 Accumulated depreciation (28,419 ) (29,838 ) Premises and equipment, net $ 31,809 $ 32,900 Depreciation expense was $2.1 million for the year ended December 31, 2023 2022 2021 |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 2022 Core deposit intangibles resulting from the MainStreet Bankshares, Inc. acquisition in January 2015 April 2019 The changes in the carrying amount of goodwill and intangibles for the twelve December 31, 2023 Goodwill Intangibles Balance at December 31, 2022 $ 85,048 $ 3,367 Amortization — (1,069 ) Balance at December 31, 2023 $ 85,048 $ 2,298 Goodwill and intangible assets at December 31, 2023 2022 Gross Carrying Accumulated Net Carrying Value Amortization Value December 31, 2023 Core deposit intangibles $ 19,708 $ (17,410 ) $ 2,298 Goodwill 85,048 — 85,048 December 31, 2022 Core deposit intangibles $ 19,708 $ (16,341 ) $ 3,367 Goodwill 85,048 — 85,048 Amortization expense of core deposit intangibles for the years ended December 31, 2023 2022 2021 December 31, 2023 Year Amount 2024 $ 800 2025 617 2026 454 2027 291 2028 136 Total $ 2,298 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 December 31, 2023 2022 2021 December 31, 2023 December 31, 2022 Lease liabilities $ 6,541 $ 3,318 Right-of-use assets $ 6,460 $ 3,245 Weighted average remaining lease term (in years) 7.49 6.77 Weighted average discount rate 4.12 % 3.16 % Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Lease cost Operating lease cost $ 1,255 $ 1,072 $ 1,069 Short-term lease cost — — — Total lease cost $ 1,255 $ 1,072 $ 1,069 Cash paid for amounts included in the measurement of lease liabilities $ 1,243 $ 1,083 $ 1,047 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, 2023 2024 $ 1,204 2025 1,182 2026 964 2027 913 2028 831 2029 and after 2,547 Total undiscounted cash flows $ 7,641 Discount (1,100 ) Lease liabilities $ 6,541 Lease expense, a component of occupancy and equipment expense, for the years ended December 31, 2023 December 31, 2022 2021 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9 The aggregate amount of time deposits in denominations of $250,000 December 31, 2023 2022 s $138.5 million and $89.8 At December 31, 2023 Year Amount 2024 $ 325,529 2025 17,422 2026 13,010 2027 6,736 2028 5,102 2029 and after 4,267 Total $ 372,066 There were no December 31, 2023 December 31, 2022 |
Note 10 - Short-term Borrowings
Note 10 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
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 $110 million and has access to the Federal Reserve Bank of Richmond's discount window. The Company h as $215.5 m may may December 31, 2023 2022 December 31, 2023 December 31, 2022 Amount Weighted Average Rate Amount Weighted Average Rate Customer repurchase agreements $ 59,348 4.75 % $ 370 0.10 % FHLB borrowings 35,000 5.57 100,531 4.42 Total short-term borrowings $ 94,348 5.05 % $ 100,901 4.40 % |
Note 11 - Long-term Borrowings
Note 11 - Long-term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 , $1.1 billion in el December 31, 2023 was $408.3 million, with $245.0 million remaining collateral eligible to be pledged. 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, 2023 December 31, 2023 Junior Subordinated Debt On April 7, 2006, June 30, 2036, may September 30, 2011. September 30, 2011, three July 2023, three may The Company also has outstanding $8.8 million in junior subordinated debentures to MidCarolina Trust I and MidCarolina Trust II, 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 2023 2022 AMNB Trust I 4/7/2006 SOFR plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 SOFR plus 3.45% 11/7/2032 4,657 4,601 MidCarolina Trust II 12/3/2003 SOFR plus 2.95% 10/7/2033 3,159 3,114 $ 28,435 $ 28,334 The principal amounts reflected above for the MidCarolina Trusts are net of fair value adjustments of $498 thousand and $449 thousand at December 31, 2023 December 31, 2022 July 1, 2011, |
Note 12 - Derivative Financial
Note 12 - Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
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 were 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 was 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 The Company terminated the swap agreements on October 16, 2023, June 2028. (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 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, 2023 | |
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. During the year ended December 31, 2023, December 31, 2023. December 31, 2023 2022 2023 2022 2021 The total proceeds of the in-the-money options exercised during the years ended December 31, 2023 2022 2021 December 31, 2023 2022 2021 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. All restricted stock grants cliff vest at the end of a 36-month period beginning on the date of grant. Nonvested restricted stock activity for the year ended December 31, 2023 Weighted Average Grant Shares Date Value Per Share Nonvested at December 31, 2022 71,707 $ 33.39 Granted 32,554 35.78 Vested (19,805 ) 33.73 Forfeited (1,878 ) 34.16 Nonvested at December 31, 2023 82,578 34.21 As of December 31, 2023 2022 2021 20 18 2023 2022 2021 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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 2020. The components of the Company's net deferred tax assets were as follows (dollars in thousands): December 31, 2023 2022 Deferred tax assets: Allowance for credit losses $ 5,476 $ 4,226 Nonaccrual loan interest 222 229 Other real estate owned valuation allowance — 12 Deferred compensation 1,182 1,277 Acquisition accounting 732 1,174 Lease liability, net of right of use asset 18 16 Accrued pension liability 108 86 Net unrealized loss on cash flow hedges 387 — Net unrealized loss on securities available for sale 12,161 15,339 Other 535 374 Total deferred tax assets 20,821 22,733 Deferred tax liabilities: Depreciation 979 1,044 Core deposit intangibles 498 728 Deferred loan origination costs, net 55 42 Net unrealized gain on cash flow hedges — 278 Prepaid merger expenses 1,240 — Other 185 179 Total deferred tax liabilities 2,957 2,271 Net deferred tax assets $ 17,864 $ 20,462 The provision for income taxes consists of the following (dollars in thousands): Year Ended December 31, 2023 2022 2021 Current tax expense $ 6,941 $ 9,319 $ 10,905 Deferred tax expense (benefit) 1,273 (385 ) 808 Total income tax expense $ 8,214 $ 8,934 $ 11,713 A reconcilement of the "expected" federal income tax expense to reported income tax expense is as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Expected federal tax expense $ 7,218 $ 9,106 $ 11,600 Nondeductible merger related expense 313 — — Nondeductible interest expense 75 10 8 Tax-exempt interest (186 ) (202 ) (198 ) State income taxes 261 308 326 Other, net 533 (288 ) (23 ) Total income tax expense $ 8,214 $ 8,934 $ 11,713 |
Note 15 - Earnings Per Common S
Note 15 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Basic earnings per share 10,627,709 $ 2.46 10,672,314 $ 3.23 10,873,817 $ 4.00 Effect of dilutive securities - stock options 850 — 2,299 — 3,414 — Diluted earnings per share 10,628,559 $ 2.46 10,674,613 $ 3.23 10,877,231 $ 4.00 There were no 2023 2022 2021 |
Note 16 - Off-balance Sheet Act
Note 16 - Off-balance Sheet Activities | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 December 31, 2023 2022 Commitments to extend credit $ 614,705 $ 635,851 Standby letters of credit 17,228 12,897 Mortgage loan rate lock commitments 1,822 1,920 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, 2023 one |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 none An analysis of these loans for 2023 Balance at December 31, 2022 $ 24,476 Additions 7,332 Repayments (4,372 ) Reclassifications(1) 9,494 Balance at December 31, 2023 $ 36,930 ( 1 two May 2023. Related party deposits totaled $10.6 million at December 31, 2023 December 31, 2022 |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
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 2024. As of and for the Year Ended December 31, 2023 2022 2021 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 3,270 $ 5,013 $ 5,821 Service cost — — — Interest cost 166 107 91 Actuarial (gain) loss 185 (1,403 ) (259 ) Settlement gain (loss) — (10 ) 6 Benefits paid (78 ) (437 ) (646 ) Projected benefit obligation at end of year 3,543 3,270 5,013 Change in Plan Assets: Fair value of plan assets at beginning of year 4,264 5,045 4,701 Actual return on plan assets 158 (344 ) 190 Employer contributions — — 800 Benefits paid (78 ) (437 ) (646 ) Fair value of plan assets at end of year 4,344 4,264 5,045 Funded Status at End of Year $ 801 $ 994 $ 32 Amounts Recognized in the Consolidated Balance Sheets Other assets $ 801 $ 994 $ 32 Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 512 $ 400 $ 1,481 Deferred income taxes (110 ) (86 ) (320 ) Amount recognized $ 402 $ 314 $ 1,161 As of and for the Year Ended December 31, 2023 2022 2021 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — Interest cost 166 107 91 Expected return on plan assets (85 ) (245 ) (230 ) Recognized net loss due to settlement — 112 195 Recognized net actuarial loss — 145 182 Net periodic benefit cost $ 81 $ 119 $ 238 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) Net actuarial loss (gain) $ 112 $ (1,082 ) $ (590 ) Amortization of prior service cost — — — Total recognized in other comprehensive loss $ 112 $ (1,082 ) $ (590 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Loss (Income) $ 193 $ (963 ) $ (352 ) The accumulated benefit obligation as of December 31, 2023 2022 2021 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, 2023 2022 Asset Category December 31, 2023 2022 Fixed Income 54.4 % 71.4 % Cash and Accrued Income 45.6 % 28.6 % 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, 2023 2022 Fair Value Measurements at December 31, 2023 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2023 Level 1 Level 2 Level 3 Cash $ 1,961 $ 1,961 $ — $ — Fixed income securities Government sponsored entities 1,267 — 1,267 — Municipal bonds and notes 733 — 733 — Corporate bonds and notes 383 — 383 — $ 4,344 $ 1,961 $ 2,383 $ — 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 $ — 401 The Company maintains a 401 one 401 2023 2022 2021 Deferred Compensation Arrangements Prior to 2015, 10 December 31, 2023 one December 31, 2023 2022 December 31, 2023 2022 2021 December 31, 2023 2022 December 31, 2023, December 31, 2022 2021 Certain named executive officers are eligible to participate in a voluntary, nonqualified deferred compensation plan pursuant to which the officers may may December 31, 2023 2022 2021 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 $3.3 million, $5.1 million, and $3.1 million for the years ended December 31, 2023 2022 2021 |
Note 19 - Fair Value Measuremen
Note 19 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 19 Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the fair value 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, 2023 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2023 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 123,767 $ — $ 123,767 $ — Federal agencies and GSEs 72,233 — 72,233 — Mortgage-backed and CMOs 256,764 — 256,764 — State and municipal 42,422 — 42,422 — Corporate 26,333 — 26,333 — Total securities available for sale $ 521,519 $ — $ 521,519 $ — Loans held for sale $ 1,279 $ — $ 1,279 $ — 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 $ — 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: Other real estate owned There were no December 31, 2023.The December 31, 2022 ( 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 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, 2023 Fair Value Measurements at December 31, 2023 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 $ 66,719 $ 66,719 $ — $ — $ 66,719 Securities available for sale 521,519 — 521,519 — 521,519 Restricted stock 10,614 — 10,614 — 10,614 Loans held for sale 1,279 — 1,279 — 1,279 Loans, net of allowance 2,263,047 — — 2,161,793 2,161,793 Bank owned life insurance 30,409 — 30,409 — 30,409 Accrued interest receivable 8,161 — 8,161 — 8,161 Financial Liabilities: Deposits $ 2,606,513 $ — $ 2,602,453 $ — $ 2,602,453 Repurchase agreements 59,348 — 59,348 — 59,348 Other short-term borrowings 35,000 — 35,000 — 35,000 Junior subordinated debt 28,435 — — 22,985 22,985 Accrued interest payable 2,386 — 2,386 — 2,386 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 |
Note 20 - Dividend Restrictions
Note 20 - Dividend Restrictions and Regulatory Capital | 12 Months Ended |
Dec. 31, 2023 | |
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 $65.1 million December 31, 2023 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, 2023 2023 2022 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, 2023 Common Equity Tier 1 Company $ 298,885 11.70 % $ 178,891 >7.00% N/A N/A Bank 322,168 12.61 178,826 >7.00 $ 166,053 >6.50% Tier 1 Capital Company 327,320 12.81 217,225 >8.50 N/A N/A Bank 322,168 12.61 217,146 >8.50 204,372 >8.00 Total Capital Company 353,180 13.82 268,337 >10.50 N/A N/A Bank 348,028 13.62 268,239 >10.50 255,465 >10.00 Leverage Capital Company 327,320 10.61 123,359 >4.00 N/A N/A Bank 322,168 10.46 123,238 >4.00 154,048 >5.00 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 *Ratios include the conservation buffer. |
Note 21 - Segment and Related I
Note 21 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2023 | |
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 includes 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, 2023 2022 2021 2023 Community Banking Wealth Management Total Interest income $ 120,229 $ — $ 120,229 Interest expense 35,647 — 35,647 Noninterest income 11,585 6,751 18,336 Noninterest expense 65,008 3,042 68,050 Income before income taxes 30,664 3,709 34,373 Net income 23,229 2,930 26,159 Depreciation and amortization 3,157 5 3,162 Total assets 3,090,502 215 3,090,717 Goodwill 85,048 — 85,048 Capital expenditures 1,538 — 1,538 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 85,018 — 85,018 Capital expenditures 1,000 — 1,000 |
Note 22 - Parent Company Financ
Note 22 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 Cash $ 4,343 $ 3,906 Securities available for sale, at fair value 1,506 1,639 Investment in subsidiaries 366,032 342,013 Due from subsidiaries 264 152 Other assets — 2,222 Total Assets $ 372,145 $ 349,932 Junior subordinated debt $ 28,435 $ 28,334 Other liabilities 542 424 Shareholders' equity 343,168 321,174 Total Liabilities and Shareholders' Equity $ 372,145 $ 349,932 Year Ended December 31, Parent Company Condensed Statements of Income 2023 2022 2021 Dividends from subsidiary $ 16,000 $ 16,000 $ 16,000 Other income 198 146 411 Expenses 5,627 2,994 3,057 Income tax benefit (832 ) (598 ) (556 ) Income before equity in undistributed earnings of subsidiary 11,403 13,750 13,910 Equity in undistributed earnings of subsidiary 14,756 20,678 29,616 Net Income $ 26,159 $ 34,428 $ 43,526 Year Ended December 31, Parent Company Condensed Statements of Cash Flows 2023 2022 2021 Cash Flows from Operating Activities: Net income $ 26,159 $ 34,428 $ 43,526 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in undistributed earnings) of subsidiary (14,756 ) (20,678 ) (29,616 ) Net amortization of securities — — 10 Net change in other assets 2,545 (876 ) 27 Net change in other liabilities 219 109 102 Net cash provided by operating activities 14,167 12,983 14,049 Cash Flows from Investing Activities: Sales, calls and maturities of equity securities — — 6,800 Net cash provided by investing activities — — 6,800 Cash Flows from Financing Activities: Common stock dividends paid (12,755 ) (12,144 ) (11,827 ) Repurchase of common stock (1,044 ) (7,505 ) (8,810 ) Proceeds from exercise of stock options 69 12 89 Net change in subordinated debt — — (7,500 ) Net cash used in financing activities (13,730 ) (19,637 ) (28,048 ) Net increase (decrease) in cash and cash equivalents 437 (6,654 ) (7,199 ) Cash and cash equivalents at beginning of period 3,906 10,560 17,759 Cash and cash equivalents at end of period $ 4,343 $ 3,906 $ 10,560 |
Note 23 - Supplemental Cash Flo
Note 23 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 23 (dollars in thousands) As of or for the Year Ended December 31, 2023 2022 2021 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 31,500 $ 32,207 $ 23,095 Interest-bearing deposits in other banks 35,219 41,133 483,723 $ 66,719 $ 73,340 $ 506,818 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 34,029 $ 5,308 $ 5,791 Income taxes 8,228 8,472 3,102 Noncash investing and financing activities: Unsettled securities transactions 20,369 — — Transfer of loans to repossessions — 53 — Transfer from premises and equipment to other assets held for sale 449 — 1,316 Increase (decrease) in operating lease right-of-use asset 2,425 240 (21 ) Increase (decrease) in operating lease liabilities 2,425 240 (21 ) Unrealized gains (losses) on securities available for sale 14,709 (68,877 ) (12,271 ) Unrealized gains on cash flow hedges — 4,125 2,068 Change in unfunded pension liability (112 ) 1082 590 |
Note 24 - Accumulated Other Com
Note 24 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 24 Changes in each component of accumulated other comprehensive loss were as follows (dollars in thousands): Unrealized Adjustments Accumulated Net Unrealized Gains (Losses) Related to Other Gains/Losses on Cash Flow Pension Comprehensive on Securities Hedges Benefits Loss Balance at 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 losses 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 ) Net unrealized gains on securities available for sale, net of tax, $ 3,168 11,541 — — 11,541 Reclassification adjustment for realized losses on securities, net of tax, $ 14 54 — — 54 Net unrealized losses on cash flow hedges, net of tax, $ 387 — 408 — 408 Change in unfunded pension liability, net of tax, $( 21 — — (91 ) (91 ) Balance at December 31, 2023 $ (44,115 ) $ 1,455 $ (404 ) $ (43,064 ) The following table provides information regarding reclassifications out of accumulated other comprehensive loss (dollars in thousands): Reclassifications Out of Accumulated Other Comprehensive Loss For the Three Years Ended December 31, 2023 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Year Ended December 31, 2023 2022 2021 Available for sale securities: Realized (losses) gains on sale of securities $ (68 ) $ — $ 35 Securities (losses)gains, net Tax effect 14 — (7 ) Income taxes $ (54 ) $ — $ 28 Net of tax |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B OTHER INFORMATION (a) None. (b) During the quarter ended December 31, 2023, no 16 10b5 1 10b5 1 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 credit losses, goodwill and intangible assets. 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 |
Merger Agreement [Policy Text Block] | Agreement and Plan of Merger On July 24, 2023, April 1, 2024, |
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 For available-for-sale ("AFS") securities, the Company evaluates the fair value and credit quality of its AFS securities on at least a quarterly basis. In the event the fair value of a security falls below its amortized cost basis, the security will be evaluated to determine whether the decline in value was caused by changes in market interest rates or security credit quality. The primary indicators of credit quality for the Company's AFS portfolio are security type and credit rating, which is influenced by a number of security-specific factors that may no December 31, 2023. 3 The Company does not no 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 credit 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. 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. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses ("ACL") - Loans The provision for credit losses charged to operations is an amount sufficient to bring the allowance to an estimated balance that management considers adequate to absorb expected losses in the Company's loan portfolio. The ACL is a valuation allowance that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Amortized cost is the principal balance outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs. The ACL represents management's estimate of credit losses over the remaining life of the loan portfolio. Loans are charged off against the ACL when management believes the loan balance is no The Company's ACL consists of quantitative and qualitative allowances and an allowance for loans that are individually assessed for credit losses. Each of these components is determined based upon estimates and judgments. The quantitative allowance uses historical default and loss experience as well as estimates for prepayments to calculate lifetime expected losses, along with various qualitative factors, including the effects of changes in risk selection, underwriting standards, and lending policies; expected economic conditions throughout a reasonable and supportable period of 24 third two Loans that do not |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Allowance for Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is adjusted through the provision for credit losses. The calculation of the allowance is consistent with the loss rate calculations for the loan portfolio described above. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded and the provision is recorded in ACL and the reserve is in "Other Liabilities" within the Company's Consolidated Balance Sheets. |
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 Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other, 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, 2023 2022 |
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 December 31, 2023. December 31, 2022 2021 |
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 consisted of interest rate swaps that qualify as cash flow hedges of the Company's trust preferred capital notes. The Company recognized 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 was reported as a component of other comprehensive income, net of deferred income taxes, and was reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. The company terminated the interest rate swaps in October 2023. See Note 12 |
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] | Accounting Standards Adopted in 2023 On January 1, 2023, 2016 13, 326 The Company adopted ASC 326 310 30. January 1, 2023 326 not 90 In March 2022, 2022 02, 326 2022 02 2022 02 January 1, 2023. no December 31, 2022. 2022 02 not 4 Information contained within the report prior to adoption of ASU 2022 02 2016 13 December 31, 2022 2021, In December 2022, 2022 06, 848 848." 2022 06 848. 848 848 2021, June 30, 2023. 848 may 848 December 31, 2022, December 31, 2024, no 848. 2022 06 December 31, 2023. not Recent Accounting Pronouncements In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Marketable Securities [Table Text Block] | December 31, 2023 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 131,731 $ — $ 7,964 $ 123,767 Federal agencies and GSEs 76,702 3 4,472 72,233 Mortgage-backed and CMOs 292,590 1 35,827 256,764 State and municipal 45,999 — 3,577 42,422 Corporate 30,812 — 4,479 26,333 Total securities available for sale $ 577,834 $ 4 $ 56,319 $ 521,519 (Dollars in thousands) 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due in one year or less $ 66,221 $ 64,528 Due after one year through five years 155,815 144,776 Due after five years through ten years 52,229 45,302 Due after ten years 10,979 10,148 Mortgage-backed and CMOs 292,590 256,765 $ 577,834 $ 521,519 |
Realized Gain (Loss) on Investments [Table Text Block] | For the Year Ended December 31, 2023 2022 2021 Gross realized gains $ 55 $ — $ 35 Gross realized losses (123 ) — — Proceeds from sales of securities 13,180 — 561 |
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 $ 123,767 $ 7,964 $ — $ — $ 123,767 $ 7,964 Federal agencies and GSEs 71,975 4,472 210 — 71,765 4,472 Mortgage-backed and CMOs 256,615 35,827 111 2 256,504 35,825 State and municipal 42,377 3,577 1,621 15 40,756 3,562 Corporate 26,333 4,479 1,506 194 24,827 4,285 Total $ 521,067 $ 56,319 $ 3,448 $ 211 $ 517,619 $ 56,108 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 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 Commercial $ 302,305 $ 304,247 Commercial real estate: Construction and land development 274,035 197,525 Commercial real estate - owner occupied 414,321 418,462 Commercial real estate - non-owner occupied 830,655 827,728 Residential real estate: Residential 369,892 338,132 Home equity 90,298 93,740 Consumer 6,814 6,615 Total loans, net of deferred fees and costs $ 2,288,320 $ 2,186,449 |
Schedule of Outstanding and Carrying Amount of Certain Loans Acquired in Transfer [Table Text Block] | 2022 Outstanding principal balance $ 125,856 Carrying amount 120,432 2022 Outstanding principal balance $ 17,788 Carrying amount 13,541 |
Schedule of Changes in Accretable Yield on Acquired Loans [Table Text Block] | 2022 Balance at January 1 $ 4,902 Accretion (2,186 ) Reclassification from nonaccretable difference 986 Other changes, net (1) (172 ) Balance at December 31 $ 3,530 |
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 $ 1,642 $ — $ — $ — $ 1,642 $ 300,663 $ 302,305 Commercial real estate: Construction and land development 326 — — — 326 273,709 274,035 Commercial real estate - owner occupied 269 — — 2,911 3,180 411,141 414,321 Commercial real estate - non-owner occupied 597 — — 2,327 2,924 827,731 830,655 Residential: Residential 614 208 — 390 1,212 368,680 369,892 Home equity 121 25 — 171 317 89,981 90,298 Consumer 1 3 — 15 19 6,795 6,814 Total $ 3,570 $ 236 $ — $ 5,814 $ 9,620 $ 2,278,700 $ 2,288,320 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 |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans Nonaccrual Loans Total with No Allowance with an Allowance Nonaccrual Loans Nonaccrual Loans Commercial $ - $ - $ - $ 4 Commercial real estate: Construction and land development - - - - Commercial real estate-owner occupied 2,911 - 2,911 - Commercial real estate-non-owner occupied 2,327 - 2,327 301 Residential: Residential 340 50 390 797 Home equity - 171 171 205 Consumer - 15 15 - Total $ 5,578 $ 236 $ 5,814 $ 1,307 Residential Business Commercial Owner Total Properties Assets Land Property Occupied Loans Commercial real estate: $ - $ - $ - $ 2,327 $ 2,911 $ 5,238 Residential: Residential 340 - - - - 340 Home equity - - - - - - Total collateral dependent loans $ 340 $ - $ - $ 2,327 $ 2,911 $ 5,578 |
Financing Receivable, Accrued Interest Receivables Written Off [Table Text Block] | For the Twelve Months Ended December 31, 2023 Commercial $ 2 Commercial real estate: Construction and land development - Commercial real estate-owner occupied 10 Commercial real estate-non-owner occupied 15 Residential: Residential 3 Home equity 1 Consumer - Total accrued interest reversed $ 31 |
Financing Receivable, Modified [Table Text Block] | Type of Modification Amortized Cost Basis % of Total Loan Type Financial Effect Commercial real estate-owner occupied $ 2,315 0.56 % Term extension. Commercial real estate-nonowner occupied 2,517 0.30 Interest rate reduction and term extension. Residential real estate 8 - Term extension. Commercial real estate-owner occupied 454 0.11 Term extension. |
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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Pass $ 38,996 $ 37,024 $ 53,730 $ 18,292 $ 8,886 $ 24,380 $ 109,050 $ 290,358 Special Mention 1,311 1,071 2,054 61 386 65 1,801 6,749 Substandard - 134 16 - 324 2,390 2,334 5,198 Total commercial $ 40,307 $ 38,229 $ 55,800 $ 18,353 $ 9,596 $ 26,835 $ 113,185 $ 302,305 Current period gross write-offs $ - $ - $ (359 ) $ - $ - $ - $ (535 ) $ (894 ) Construction and land development Pass $ 51,120 $ 83,122 $ 100,392 $ 7,462 $ 5,296 $ 16,116 $ 6,063 $ 269,571 Special Mention - - 4,364 - - - - 4,364 Substandard - - - - - 100 - 100 Total construction and land development $ 51,120 $ 83,122 $ 104,756 $ 7,462 $ 5,296 $ 16,216 $ 6,063 $ 274,035 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate - owner occupied Pass $ 32,233 $ 60,890 $ 98,415 $ 42,971 $ 23,733 $ 138,802 $ 5,208 $ 402,252 Special Mention - - 1,329 - - 788 4,529 6,646 Substandard - - - 2,315 - 2,654 454 5,423 Total commercial real estate - owner occupied $ 32,233 $ 60,890 $ 99,744 $ 45,286 $ 23,733 $ 142,244 $ 10,191 $ 414,321 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate - non-owner occupied Pass $ 47,264 $ 144,118 $ 219,493 $ 129,747 $ 56,852 $ 209,351 $ 6,336 $ 813,161 Special Mention - - - 121 1,034 6,960 - 8,115 Substandard 3,073 - 1,330 1,458 1,866 1,652 - 9,379 Total commercial real estate - non-owner occupied $ 50,337 $ 144,118 $ 220,823 $ 131,326 $ 59,752 $ 217,963 $ 6,336 $ 830,655 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Residential Pass $ 74,488 $ 93,929 $ 83,377 $ 23,637 $ 14,226 $ 63,336 $ 14,381 $ 367,374 Special Mention - 256 199 - - 757 - 1,212 Substandard - - 259 229 - 818 - 1,306 Total residential $ 74,488 $ 94,185 $ 83,835 $ 23,866 $ 14,226 $ 64,911 $ 14,381 $ 369,892 Current period gross write-offs $ - $ - $ - $ - $ - $ (6 ) $ - $ (6 ) Home equity Pass $ - $ - $ - $ - $ - $ - $ 89,872 $ 89,872 Special Mention - - - - - - - - Substandard - - - - - - 426 426 Total home equity $ - $ - $ - $ - $ - $ - $ 90,298 $ 90,298 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ (9 ) $ (9 ) Consumer Pass $ 2,452 $ 1,276 $ 477 $ 225 $ 141 $ 1,717 $ 509 $ 6,797 Special Mention - - - - - - - - Substandard - 2 - - - 15 - 17 Total consumer $ 2,452 $ 1,278 $ 477 $ 225 $ 141 $ 1,732 $ 509 $ 6,814 Current period gross write-offs $ (3 ) $ (2 ) $ (7 ) $ - $ - $ (78 ) $ (3 ) $ (93 ) 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 |
Note 5 - Allowance for Credit_2
Note 5 - Allowance for Credit Losses - Loans and Reserve for Unfunded Lending Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2023 2022 2021 Allowance for Credit Losses Balance, beginning of year $ 19,555 $ 18,678 $ 21,403 Day 1 impact of CECL adoption 5,192 — — Provision for (recovery of) credit losses 433 1,597 (2,825 ) Charge-offs (1,002 ) (1,019 ) (146 ) Recoveries 1,095 299 246 Balance, end of year $ 25,273 $ 19,555 $ 18,678 Year Ended December 31, 2023 2022 2021 Reserve for Unfunded Lending Commitments Balance, beginning of year $ 377 $ 386 $ 304 Day 1 impact of CECL adoption 305 — - Provision for (recovery of) unfunded commitments 63 (9 ) 82 Balance, end of year $ 745 $ 377 $ 386 Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Consumer Total Allowance for Credit Losses Balance at December 31, 2022 $ 2,874 $ 1,796 $ 3,785 $ 7,184 $ 3,077 $ 790 $ 49 $ 19,555 Day 1 impact of CECL adoption 883 272 1,078 2,069 653 190 47 5,192 Charge-offs (894 ) — — — (6 ) (9 ) (93 ) (1,002 ) Recoveries 492 10 37 213 164 57 122 1,095 Provision/(recovery) 390 769 (317 ) (355 ) 40 (69 ) (25 ) 433 Balance at December 31, 2023 $ 3,745 $ 2,847 $ 4,583 $ 9,111 $ 3,928 $ 959 $ 100 $ 25,273 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 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land $ 8,859 $ 9,308 Buildings 32,538 32,515 Leasehold improvements 1,615 1,536 Furniture and equipment 17,216 19,379 60,228 62,738 Accumulated depreciation (28,419 ) (29,838 ) Premises and equipment, net $ 31,809 $ 32,900 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill Intangibles Balance at December 31, 2022 $ 85,048 $ 3,367 Amortization — (1,069 ) Balance at December 31, 2023 $ 85,048 $ 2,298 Gross Carrying Accumulated Net Carrying Value Amortization Value December 31, 2023 Core deposit intangibles $ 19,708 $ (17,410 ) $ 2,298 Goodwill 85,048 — 85,048 December 31, 2022 Core deposit intangibles $ 19,708 $ (16,341 ) $ 3,367 Goodwill 85,048 — 85,048 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2024 $ 800 2025 617 2026 454 2027 291 2028 136 Total $ 2,298 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2023 December 31, 2022 Lease liabilities $ 6,541 $ 3,318 Right-of-use assets $ 6,460 $ 3,245 Weighted average remaining lease term (in years) 7.49 6.77 Weighted average discount rate 4.12 % 3.16 % Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Lease cost Operating lease cost $ 1,255 $ 1,072 $ 1,069 Short-term lease cost — — — Total lease cost $ 1,255 $ 1,072 $ 1,069 Cash paid for amounts included in the measurement of lease liabilities $ 1,243 $ 1,083 $ 1,047 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Lease payments due As of December 31, 2023 2024 $ 1,204 2025 1,182 2026 964 2027 913 2028 831 2029 and after 2,547 Total undiscounted cash flows $ 7,641 Discount (1,100 ) Lease liabilities $ 6,541 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | Year Amount 2024 $ 325,529 2025 17,422 2026 13,010 2027 6,736 2028 5,102 2029 and after 4,267 Total $ 372,066 |
Note 10 - Short-term Borrowin_2
Note 10 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | December 31, 2023 December 31, 2022 Amount Weighted Average Rate Amount Weighted Average Rate Customer repurchase agreements $ 59,348 4.75 % $ 370 0.10 % FHLB borrowings 35,000 5.57 100,531 4.42 Total short-term borrowings $ 94,348 5.05 % $ 100,901 4.40 % |
Note 11 - Long-term Borrowings
Note 11 - Long-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 AMNB Trust I 4/7/2006 SOFR plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 SOFR plus 3.45% 11/7/2032 4,657 4,601 MidCarolina Trust II 12/3/2003 SOFR plus 2.95% 10/7/2033 3,159 3,114 $ 28,435 $ 28,334 |
Note 12 - Derivative Financia_2
Note 12 - Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Shares Date Value Per Share Nonvested at December 31, 2022 71,707 $ 33.39 Granted 32,554 35.78 Vested (19,805 ) 33.73 Forfeited (1,878 ) 34.16 Nonvested at December 31, 2023 82,578 34.21 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax assets: Allowance for credit losses $ 5,476 $ 4,226 Nonaccrual loan interest 222 229 Other real estate owned valuation allowance — 12 Deferred compensation 1,182 1,277 Acquisition accounting 732 1,174 Lease liability, net of right of use asset 18 16 Accrued pension liability 108 86 Net unrealized loss on cash flow hedges 387 — Net unrealized loss on securities available for sale 12,161 15,339 Other 535 374 Total deferred tax assets 20,821 22,733 Deferred tax liabilities: Depreciation 979 1,044 Core deposit intangibles 498 728 Deferred loan origination costs, net 55 42 Net unrealized gain on cash flow hedges — 278 Prepaid merger expenses 1,240 — Other 185 179 Total deferred tax liabilities 2,957 2,271 Net deferred tax assets $ 17,864 $ 20,462 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 Current tax expense $ 6,941 $ 9,319 $ 10,905 Deferred tax expense (benefit) 1,273 (385 ) 808 Total income tax expense $ 8,214 $ 8,934 $ 11,713 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Expected federal tax expense $ 7,218 $ 9,106 $ 11,600 Nondeductible merger related expense 313 — — Nondeductible interest expense 75 10 8 Tax-exempt interest (186 ) (202 ) (198 ) State income taxes 261 308 326 Other, net 533 (288 ) (23 ) Total income tax expense $ 8,214 $ 8,934 $ 11,713 |
Note 15 - Earnings Per Common_2
Note 15 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 2021 Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Basic earnings per share 10,627,709 $ 2.46 10,672,314 $ 3.23 10,873,817 $ 4.00 Effect of dilutive securities - stock options 850 — 2,299 — 3,414 — Diluted earnings per share 10,628,559 $ 2.46 10,674,613 $ 3.23 10,877,231 $ 4.00 |
Note 16 - Off-balance Sheet A_2
Note 16 - Off-balance Sheet Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, 2023 2022 Commitments to extend credit $ 614,705 $ 635,851 Standby letters of credit 17,228 12,897 Mortgage loan rate lock commitments 1,822 1,920 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Balance at December 31, 2022 $ 24,476 Additions 7,332 Repayments (4,372 ) Reclassifications(1) 9,494 Balance at December 31, 2023 $ 36,930 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | As of and for the Year Ended December 31, 2023 2022 2021 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 3,270 $ 5,013 $ 5,821 Service cost — — — Interest cost 166 107 91 Actuarial (gain) loss 185 (1,403 ) (259 ) Settlement gain (loss) — (10 ) 6 Benefits paid (78 ) (437 ) (646 ) Projected benefit obligation at end of year 3,543 3,270 5,013 Change in Plan Assets: Fair value of plan assets at beginning of year 4,264 5,045 4,701 Actual return on plan assets 158 (344 ) 190 Employer contributions — — 800 Benefits paid (78 ) (437 ) (646 ) Fair value of plan assets at end of year 4,344 4,264 5,045 Funded Status at End of Year $ 801 $ 994 $ 32 Amounts Recognized in the Consolidated Balance Sheets Other assets $ 801 $ 994 $ 32 Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 512 $ 400 $ 1,481 Deferred income taxes (110 ) (86 ) (320 ) Amount recognized $ 402 $ 314 $ 1,161 As of and for the Year Ended December 31, 2023 2022 2021 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — Interest cost 166 107 91 Expected return on plan assets (85 ) (245 ) (230 ) Recognized net loss due to settlement — 112 195 Recognized net actuarial loss — 145 182 Net periodic benefit cost $ 81 $ 119 $ 238 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) Net actuarial loss (gain) $ 112 $ (1,082 ) $ (590 ) Amortization of prior service cost — — — Total recognized in other comprehensive loss $ 112 $ (1,082 ) $ (590 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Loss (Income) $ 193 $ (963 ) $ (352 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category December 31, 2023 2022 Fixed Income 54.4 % 71.4 % Cash and Accrued Income 45.6 % 28.6 % Total 100.0 % 100.0 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Fair Value Measurements at December 31, 2023 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2023 Level 1 Level 2 Level 3 Cash $ 1,961 $ 1,961 $ — $ — Fixed income securities Government sponsored entities 1,267 — 1,267 — Municipal bonds and notes 733 — 733 — Corporate bonds and notes 383 — 383 — $ 4,344 $ 1,961 $ 2,383 $ — 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 $ — |
Note 19 - Fair Value Measurem_2
Note 19 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2023 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2023 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 123,767 $ — $ 123,767 $ — Federal agencies and GSEs 72,233 — 72,233 — Mortgage-backed and CMOs 256,764 — 256,764 — State and municipal 42,422 — 42,422 — Corporate 26,333 — 26,333 — Total securities available for sale $ 521,519 $ — $ 521,519 $ — Loans held for sale $ 1,279 $ — $ 1,279 $ — 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, 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, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2023 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 $ 66,719 $ 66,719 $ — $ — $ 66,719 Securities available for sale 521,519 — 521,519 — 521,519 Restricted stock 10,614 — 10,614 — 10,614 Loans held for sale 1,279 — 1,279 — 1,279 Loans, net of allowance 2,263,047 — — 2,161,793 2,161,793 Bank owned life insurance 30,409 — 30,409 — 30,409 Accrued interest receivable 8,161 — 8,161 — 8,161 Financial Liabilities: Deposits $ 2,606,513 $ — $ 2,602,453 $ — $ 2,602,453 Repurchase agreements 59,348 — 59,348 — 59,348 Other short-term borrowings 35,000 — 35,000 — 35,000 Junior subordinated debt 28,435 — — 22,985 22,985 Accrued interest payable 2,386 — 2,386 — 2,386 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 |
Note 20 - Dividend Restrictio_2
Note 20 - Dividend Restrictions and Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Common Equity Tier 1 Company $ 298,885 11.70 % $ 178,891 >7.00% N/A N/A Bank 322,168 12.61 178,826 >7.00 $ 166,053 >6.50% Tier 1 Capital Company 327,320 12.81 217,225 >8.50 N/A N/A Bank 322,168 12.61 217,146 >8.50 204,372 >8.00 Total Capital Company 353,180 13.82 268,337 >10.50 N/A N/A Bank 348,028 13.62 268,239 >10.50 255,465 >10.00 Leverage Capital Company 327,320 10.61 123,359 >4.00 N/A N/A Bank 322,168 10.46 123,238 >4.00 154,048 >5.00 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 |
Note 21 - Segment and Related_2
Note 21 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 Community Banking Wealth Management Total Interest income $ 120,229 $ — $ 120,229 Interest expense 35,647 — 35,647 Noninterest income 11,585 6,751 18,336 Noninterest expense 65,008 3,042 68,050 Income before income taxes 30,664 3,709 34,373 Net income 23,229 2,930 26,159 Depreciation and amortization 3,157 5 3,162 Total assets 3,090,502 215 3,090,717 Goodwill 85,048 — 85,048 Capital expenditures 1,538 — 1,538 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 85,018 — 85,018 Capital expenditures 1,000 — 1,000 |
Note 22 - Parent Company Fina_2
Note 22 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, Parent Company Condensed Balance Sheets 2023 2022 Cash $ 4,343 $ 3,906 Securities available for sale, at fair value 1,506 1,639 Investment in subsidiaries 366,032 342,013 Due from subsidiaries 264 152 Other assets — 2,222 Total Assets $ 372,145 $ 349,932 Junior subordinated debt $ 28,435 $ 28,334 Other liabilities 542 424 Shareholders' equity 343,168 321,174 Total Liabilities and Shareholders' Equity $ 372,145 $ 349,932 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, Parent Company Condensed Statements of Income 2023 2022 2021 Dividends from subsidiary $ 16,000 $ 16,000 $ 16,000 Other income 198 146 411 Expenses 5,627 2,994 3,057 Income tax benefit (832 ) (598 ) (556 ) Income before equity in undistributed earnings of subsidiary 11,403 13,750 13,910 Equity in undistributed earnings of subsidiary 14,756 20,678 29,616 Net Income $ 26,159 $ 34,428 $ 43,526 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, Parent Company Condensed Statements of Cash Flows 2023 2022 2021 Cash Flows from Operating Activities: Net income $ 26,159 $ 34,428 $ 43,526 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in undistributed earnings) of subsidiary (14,756 ) (20,678 ) (29,616 ) Net amortization of securities — — 10 Net change in other assets 2,545 (876 ) 27 Net change in other liabilities 219 109 102 Net cash provided by operating activities 14,167 12,983 14,049 Cash Flows from Investing Activities: Sales, calls and maturities of equity securities — — 6,800 Net cash provided by investing activities — — 6,800 Cash Flows from Financing Activities: Common stock dividends paid (12,755 ) (12,144 ) (11,827 ) Repurchase of common stock (1,044 ) (7,505 ) (8,810 ) Proceeds from exercise of stock options 69 12 89 Net change in subordinated debt — — (7,500 ) Net cash used in financing activities (13,730 ) (19,637 ) (28,048 ) Net increase (decrease) in cash and cash equivalents 437 (6,654 ) (7,199 ) Cash and cash equivalents at beginning of period 3,906 10,560 17,759 Cash and cash equivalents at end of period $ 4,343 $ 3,906 $ 10,560 |
Note 23 - Supplemental Cash F_2
Note 23 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (dollars in thousands) As of or for the Year Ended December 31, 2023 2022 2021 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 31,500 $ 32,207 $ 23,095 Interest-bearing deposits in other banks 35,219 41,133 483,723 $ 66,719 $ 73,340 $ 506,818 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 34,029 $ 5,308 $ 5,791 Income taxes 8,228 8,472 3,102 Noncash investing and financing activities: Unsettled securities transactions 20,369 — — Transfer of loans to repossessions — 53 — Transfer from premises and equipment to other assets held for sale 449 — 1,316 Increase (decrease) in operating lease right-of-use asset 2,425 240 (21 ) Increase (decrease) in operating lease liabilities 2,425 240 (21 ) Unrealized gains (losses) on securities available for sale 14,709 (68,877 ) (12,271 ) Unrealized gains on cash flow hedges — 4,125 2,068 Change in unfunded pension liability (112 ) 1082 590 |
Note 24 - Accumulated Other C_2
Note 24 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Adjustments Accumulated Net Unrealized Gains (Losses) Related to Other Gains/Losses on Cash Flow Pension Comprehensive on Securities Hedges Benefits Loss Balance at 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 losses 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 ) Net unrealized gains on securities available for sale, net of tax, $ 3,168 11,541 — — 11,541 Reclassification adjustment for realized losses on securities, net of tax, $ 14 54 — — 54 Net unrealized losses on cash flow hedges, net of tax, $ 387 — 408 — 408 Change in unfunded pension liability, net of tax, $( 21 — — (91 ) (91 ) Balance at December 31, 2023 $ (44,115 ) $ 1,455 $ (404 ) $ (43,064 ) |
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, 2023 2022 2021 Available for sale securities: Realized (losses) gains on sale of securities $ (68 ) $ — $ 35 Securities (losses)gains, net Tax effect 14 — (7 ) Income taxes $ (54 ) $ — $ 28 Net of tax |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Jul. 24, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | Dec. 31, 2020 | |
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 | |||||
Business Combination, Acquisition Related Costs | $ 2,577 | $ 0 | $ 0 | |||
Financing Receivable, Allowance for Credit Loss | 25,273 | 19,555 | 18,678 | $ 21,403 | ||
Retained Earnings (Accumulated Deficit) | $ 232,847 | 223,664 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | $ 5,192 | $ 0 | $ 5,200 | $ 0 | ||
Off-Balance-Sheet, Credit Loss, Liability | 305 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 1,200 | |||||
Retained Earnings (Accumulated Deficit) | $ (4,200) | |||||
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 | |||||
Atlantic Union [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Issued Per Share Of Common Stock (in dollars per share) | $ 1.35 |
Note 2 - Restrictions on Cash (
Note 2 - Restrictions on Cash (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Cash, Uninsured Amount | $ 2.8 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-Sale, Restricted | $ 202,000 | $ 118,900 | |
Federal Home Loan Bank Letters of Credit Used as Additional Collateral Amount | $ 210,000 | 170,000 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 312 | ||
Federal Reserve Bank Stock | $ 6,600 | 6,500 | |
Federal Home Loan Bank Stock | 4,000 | 6,100 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | 0 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 13,180 | 0 | $ 561 |
Debt Securities, Available-for-Sale, Realized Gain | 55 | 0 | 35 |
Debt Securities, Available-for-Sale, Realized Loss | 123 | 0 | 0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ (68) | $ 0 | $ 35 |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 19 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 38 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 37 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 131 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 121 | ||
Collateralized Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 53 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 59 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 57 | ||
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 12 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Fair Value of Investments in Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Amortized Cost | $ 577,834 | $ 679,111 |
Securities available for sale, unrealized gains | 4 | 17 |
Securities available for sale, unrealized losses | 56,319 | 71,066 |
Securities available for sale, fair value | 521,519 | 608,062 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 131,731 | 152,033 |
Securities available for sale, unrealized gains | 0 | 0 |
Securities available for sale, unrealized losses | 7,964 | 12,606 |
Securities available for sale, fair value | 123,767 | 139,427 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 76,702 | 90,363 |
Securities available for sale, unrealized gains | 3 | 4 |
Securities available for sale, unrealized losses | 4,472 | 7,019 |
Securities available for sale, fair value | 72,233 | 83,348 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 292,590 | 336,393 |
Securities available for sale, unrealized gains | 1 | 1 |
Securities available for sale, unrealized losses | 35,827 | 42,301 |
Securities available for sale, fair value | 256,764 | 294,093 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 45,999 | 69,023 |
Securities available for sale, unrealized gains | 0 | 12 |
Securities available for sale, unrealized losses | 3,577 | 5,312 |
Securities available for sale, fair value | 42,422 | 63,723 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 30,812 | 31,299 |
Securities available for sale, unrealized gains | 0 | 0 |
Securities available for sale, unrealized losses | 4,479 | 3,828 |
Securities available for sale, fair value | $ 26,333 | $ 27,471 |
Note 3 - Securities - Amortiz_2
Note 3 - Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, Amortized cost | $ 66,221 | |
Due in one year or less, Fair value | 64,528 | |
Due after one year through five years, Amortized cost | 155,815 | |
Due after one year through five years, Fair value | 144,776 | |
Due after five years through ten years, Amortized cost | 52,229 | |
Due after five years through ten years, Fair value | 45,302 | |
Due after ten years, Amortized cost | 10,979 | |
Due after ten years, Fair value | 10,148 | |
Debt Securities, Available-for-sale, Amortized Cost | 577,834 | $ 679,111 |
Securities available for sale, at fair value | 521,519 | $ 608,062 |
Mortgage-backed and CMOs [Member] | ||
Mortgage-backed and CMOs, Amortized cost | 292,590 | |
Mortgage-backed and CMOs, Fair value | $ 256,765 |
Note 3 - Securities - Realized
Note 3 - Securities - Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross realized gains | $ 55 | $ 0 | $ 35 |
Gross realized losses | (123) | 0 | 0 |
Proceeds from sales of securities available for sale | $ 13,180 | $ 0 | $ 561 |
Note 3 - Securities - Available
Note 3 - Securities - Available for Sale Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total, fair value | $ 521,067 | $ 604,414 |
Total, unrealized loss | 56,319 | 71,066 |
Less than 12 months, fair value | 3,448 | 187,643 |
Less than 12 months, unrealized loss | 211 | 13,616 |
12 months or more, fair value | 517,619 | 416,771 |
12 months or more, unrealized loss | 56,108 | 57,450 |
US Treasury Securities [Member] | ||
Total, fair value | 123,767 | 139,427 |
Total, unrealized loss | 7,964 | 12,606 |
Less than 12 months, fair value | 0 | 10,824 |
Less than 12 months, unrealized loss | 0 | 915 |
12 months or more, fair value | 123,767 | 128,603 |
12 months or more, unrealized loss | 7,964 | 11,691 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Total, fair value | 71,975 | 82,958 |
Total, unrealized loss | 4,472 | 7,019 |
Less than 12 months, fair value | 210 | 29,204 |
Less than 12 months, unrealized loss | 0 | 1,920 |
12 months or more, fair value | 71,765 | 53,754 |
12 months or more, unrealized loss | 4,472 | 5,099 |
Collateralized Mortgage-Backed Securities [Member] | ||
Total, fair value | 256,615 | 293,929 |
Total, unrealized loss | 35,827 | 42,301 |
Less than 12 months, fair value | 111 | 96,758 |
Less than 12 months, unrealized loss | 2 | 7,245 |
12 months or more, fair value | 256,504 | 197,171 |
12 months or more, unrealized loss | 35,825 | 35,056 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total, fair value | 42,377 | 60,629 |
Total, unrealized loss | 3,577 | 5,312 |
Less than 12 months, fair value | 1,621 | 31,866 |
Less than 12 months, unrealized loss | 15 | 980 |
12 months or more, fair value | 40,756 | 28,763 |
12 months or more, unrealized loss | 3,562 | 4,332 |
Corporate Debt Securities [Member] | ||
Total, fair value | 26,333 | 27,471 |
Total, unrealized loss | 4,479 | 3,828 |
Less than 12 months, fair value | 1,506 | 18,991 |
Less than 12 months, unrealized loss | 194 | 2,556 |
12 months or more, fair value | 24,827 | 8,480 |
12 months or more, unrealized loss | $ 4,285 | $ 1,272 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 255 | $ 202 |
Overdraft Deposits | 132 | 70 |
Mortgage Loans in Process of Foreclosure, Amount | 23 | 715 |
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross loans | $ 2,288,320 | $ 2,186,449 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 302,305 | 304,247 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Gross loans | 274,035 | 197,525 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 414,321 | 418,462 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 830,655 | 827,728 |
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 827,728 | |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Gross loans | 369,892 | 338,132 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 90,298 | 93,740 |
Consumer Portfolio Segment [Member] | ||
Gross loans | $ 6,814 | $ 6,615 |
Note 4 - Loans - Acquired Loans
Note 4 - Loans - Acquired Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Outstanding principal balance | $ 125,856 |
Carrying amount | 120,432 |
Financial Asset Acquired with Credit Deterioration [Member] | |
Outstanding principal balance | 17,788 |
Carrying amount | $ 13,541 |
Note 4 - Loans - Accretable Yie
Note 4 - Loans - Accretable Yield on Acquired Impaired Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Balance | $ 4,902 | |
Accretion | (2,186) | |
Reclassification from nonaccretable difference | 986 | |
Other changes, net (1) | (172) | [1] |
Balance | $ 3,530 | |
[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, 2023 | Dec. 31, 2022 |
Gross loans | $ 2,288,320 | $ 2,186,449 |
Nonaccrual loans | 5,814 | 1,307 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 3,570 | 1,972 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 236 | 358 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 16 |
Financial Asset, Past Due [Member] | ||
Gross loans | 9,620 | 3,653 |
Financial Asset, Not Past Due [Member] | ||
Gross loans | 2,278,700 | 2,182,796 |
Commercial Portfolio Segment [Member] | ||
Gross loans | 302,305 | 304,247 |
Nonaccrual loans | 0 | 4 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 1,642 | 161 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 1,642 | 165 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | 300,663 | 304,082 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Gross loans | 274,035 | 197,525 |
Nonaccrual loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 414,321 | 418,462 |
Nonaccrual loans | 2,911 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 830,655 | 827,728 |
Nonaccrual loans | 2,327 | 301 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Gross loans | 326 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 269 | 724 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 597 | 319 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 0 | 268 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction and Land Development [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Construction and Land Development [Member] | ||
Gross loans | 326 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 3,180 | 992 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 2,924 | 620 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Construction and Land Development [Member] | ||
Gross loans | 273,709 | 197,525 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 411,141 | 417,470 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 827,731 | 827,108 |
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Gross loans | 827,728 | |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Gross loans | 369,892 | 338,132 |
Nonaccrual loans | 390 | 797 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 90,298 | 93,740 |
Nonaccrual loans | 171 | 205 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Residential [Member] | ||
Gross loans | 614 | 664 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 121 | 104 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Residential [Member] | ||
Gross loans | 208 | 90 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 25 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Residential [Member] | ||
Gross loans | 1,212 | 1,551 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 317 | 309 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Residential [Member] | ||
Gross loans | 368,680 | 336,581 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Home Equity Line of Credit [Member] | ||
Gross loans | 89,981 | 93,431 |
Consumer Portfolio Segment [Member] | ||
Gross loans | 6,814 | 6,615 |
Nonaccrual loans | 15 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Gross loans | 1 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Gross loans | 3 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Gross loans | 0 | 16 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Gross loans | 19 | 16 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Gross loans | $ 6,795 | $ 6,599 |
Note 4 - Loans - Summary of Non
Note 4 - Loans - Summary of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual, No Allowance | $ 5,578 | |
Nonaccrual, With Allowance | 236 | |
Nonaccrual loans | 5,814 | $ 1,307 |
Residential Real Estate [Member] | ||
Nonaccrual loans | 340 | |
Business Assets [Member] | ||
Nonaccrual loans | 0 | |
Land [Member] | ||
Nonaccrual loans | 0 | |
Commercial Real Estate [Member] | ||
Nonaccrual loans | 2,327 | |
Owner Occupied [Member] | ||
Nonaccrual loans | 2,911 | |
Collateral Pledged [Member] | ||
Nonaccrual loans | 5,578 | |
Commercial Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual loans | 0 | 4 |
Commercial Portfolio Segment [Member] | Residential Real Estate [Member] | ||
Nonaccrual loans | 0 | |
Commercial Portfolio Segment [Member] | Business Assets [Member] | ||
Nonaccrual loans | 0 | |
Commercial Portfolio Segment [Member] | Land [Member] | ||
Nonaccrual loans | 0 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Nonaccrual loans | 2,327 | |
Commercial Portfolio Segment [Member] | Owner Occupied [Member] | ||
Nonaccrual loans | 2,911 | |
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Nonaccrual loans | 5,238 | |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Nonaccrual, No Allowance | 340 | |
Nonaccrual, With Allowance | 50 | |
Nonaccrual loans | 390 | 797 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 171 | |
Nonaccrual loans | 171 | 205 |
Residential Portfolio Segment [Member] | Residential Real Estate [Member] | Residential [Member] | ||
Nonaccrual loans | 340 | |
Residential Portfolio Segment [Member] | Residential Real Estate [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Business Assets [Member] | Residential [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Business Assets [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Land [Member] | Residential [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Land [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Commercial Real Estate [Member] | Residential [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Commercial Real Estate [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Owner Occupied [Member] | Residential [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Owner Occupied [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 0 | |
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | Residential [Member] | ||
Nonaccrual loans | 340 | |
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Nonaccrual, No Allowance | 2,911 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual loans | 2,911 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Nonaccrual, No Allowance | 2,327 | |
Nonaccrual, With Allowance | 0 | |
Nonaccrual loans | 2,327 | 301 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 15 | |
Nonaccrual loans | $ 15 | $ 0 |
Note 4 - Loans - Writeoff of Ac
Note 4 - Loans - Writeoff of Accrued Interest on Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accrued Interest, Writeoff | $ 31 |
Commercial Portfolio Segment [Member] | |
Accrued Interest, Writeoff | 2 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |
Accrued Interest, Writeoff | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |
Accrued Interest, Writeoff | 10 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |
Accrued Interest, Writeoff | 15 |
Residential Portfolio Segment [Member] | Residential [Member] | |
Accrued Interest, Writeoff | 3 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |
Accrued Interest, Writeoff | 1 |
Consumer Portfolio Segment [Member] | |
Accrued Interest, Writeoff | $ 0 |
Note 4 - Loans - Summary of Tro
Note 4 - Loans - Summary of Troubled Debt Restructurings of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Extended Maturity [Member] | |
Amortized cost basis | $ 2,315 |
% of total loan type | 0.56% |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Term Extension [Member] | |
Amortized cost basis | $ 454 |
% of total loan type | 0.11% |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | Extended Maturity and Interest Rate Reduction [Member] | |
Amortized cost basis | $ 2,517 |
% of total loan type | 0.30% |
Residential Portfolio Segment [Member] | Residential [Member] | Term Extension [Member] | |
Amortized cost basis | $ 8 |
% of total loan type | 0% |
Note 4 - Loans - Impaired Loan
Note 4 - Loans - Impaired Loan Balances by Portfolio Segment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Recorded investment, with no related allowance recorded | $ 5,094 |
Unpaid principal balance, with no related allowance recorded | 5,100 |
Average recorded investment, with no related allowance recorded | 3,668 |
Interest income recognized, with no related allowance recorded | 169 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 218 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 5,094 |
Unpaid principal balance | 5,100 |
Average recorded investment | 3,886 |
Interest income recognized | 169 |
Commercial Portfolio Segment [Member] | |
Recorded investment, with no related allowance recorded | 0 |
Unpaid principal balance, with no related allowance recorded | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 139 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 0 |
Unpaid principal balance | 0 |
Average recorded investment | 139 |
Interest income recognized | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |
Recorded investment, with no related allowance recorded | 0 |
Unpaid principal balance, with no related allowance recorded | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 0 |
Unpaid principal balance | 0 |
Average recorded investment | 0 |
Interest income recognized | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |
Recorded investment, with no related allowance recorded | 2,420 |
Unpaid principal balance, with no related allowance recorded | 2,420 |
Average recorded investment, with no related allowance recorded | 1,454 |
Interest income recognized, with no related allowance recorded | 108 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 2,420 |
Unpaid principal balance | 2,420 |
Average recorded investment | 1,454 |
Interest income recognized | 108 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |
Recorded investment, with no related allowance recorded | 1,360 |
Unpaid principal balance, with no related allowance recorded | 1,359 |
Average recorded investment, with no related allowance recorded | 1,186 |
Interest income recognized, with no related allowance recorded | 40 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 1,360 |
Unpaid principal balance | 1,359 |
Average recorded investment | 1,186 |
Interest income recognized | 40 |
Residential Portfolio Segment [Member] | Residential [Member] | |
Recorded investment, with no related allowance recorded | 1,149 |
Unpaid principal balance, with no related allowance recorded | 1,156 |
Average recorded investment, with no related allowance recorded | 935 |
Interest income recognized, with no related allowance recorded | 21 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 41 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 1,149 |
Unpaid principal balance | 1,156 |
Average recorded investment | 976 |
Interest income recognized | 21 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |
Recorded investment, with no related allowance recorded | 165 |
Unpaid principal balance, with no related allowance recorded | 165 |
Average recorded investment, with no related allowance recorded | 93 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 0 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 165 |
Unpaid principal balance | 165 |
Average recorded investment | 93 |
Interest income recognized | 0 |
Consumer Portfolio Segment [Member] | |
Recorded investment, with no related allowance recorded | 0 |
Unpaid principal balance, with no related allowance recorded | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment, with a related allowance recorded | 0 |
Unpaid principal balance, with a related allowance recorded | 0 |
Average recorded investment, with a related allowance recorded | 38 |
Interest income recognized, with a related allowance recorded | 0 |
Related allowance | 0 |
Recorded investment | 0 |
Unpaid principal balance | 0 |
Average recorded investment | 38 |
Interest income recognized | $ 0 |
Note 4 - Loans - Credit Risk Pr
Note 4 - Loans - Credit Risk Profile (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Loans, net of deferred fees and costs | $ 2,288,320 | $ 2,186,449 | ||
Current period gross write-offs, total | (1,002) | (1,019) | $ (146) | |
Gross loans | 2,288,320 | 2,186,449 | ||
Commercial Portfolio Segment [Member] | ||||
Loans, current year | 40,307 | |||
Loans, one year before | 38,229 | |||
Loans, two years before | 55,800 | |||
Loans, three years before | 18,353 | |||
Loans, four years before | 9,596 | |||
Loans, prior | 26,835 | |||
Loans, revolving | 113,185 | |||
Loans, net of deferred fees and costs | 302,305 | 304,247 | ||
Current period gross write-offs, current | 0 | |||
Current period gross write-offs, one year before | 0 | |||
Current period gross write-offs, two years before | (359) | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | 0 | |||
Current period gross write-offs, revolving | (535) | |||
Current period gross write-offs, total | [1] | (894) | (357) | |
Gross loans | 302,305 | 304,247 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Loans, current year | 38,996 | |||
Loans, one year before | 37,024 | |||
Loans, two years before | 53,730 | |||
Loans, three years before | 18,292 | |||
Loans, four years before | 8,886 | |||
Loans, prior | 24,380 | |||
Loans, revolving | 109,050 | |||
Loans, net of deferred fees and costs | 290,358 | 288,041 | ||
Gross loans | 290,358 | 288,041 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Loans, current year | 1,311 | |||
Loans, one year before | 1,071 | |||
Loans, two years before | 2,054 | |||
Loans, three years before | 61 | |||
Loans, four years before | 386 | |||
Loans, prior | 65 | |||
Loans, revolving | 1,801 | |||
Loans, net of deferred fees and costs | 6,749 | 10,657 | ||
Gross loans | 6,749 | 10,657 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 134 | |||
Loans, two years before | 16 | |||
Loans, three years before | 0 | |||
Loans, four years before | 324 | |||
Loans, prior | 2,390 | |||
Loans, revolving | 2,334 | |||
Loans, net of deferred fees and costs | 5,198 | 5,548 | ||
Gross loans | 5,198 | 5,548 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||||
Loans, net of deferred fees and costs | 1 | |||
Gross loans | 1 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||||
Loans, current year | 51,120 | |||
Loans, one year before | 83,122 | |||
Loans, two years before | 104,756 | |||
Loans, three years before | 7,462 | |||
Loans, four years before | 5,296 | |||
Loans, prior | 16,216 | |||
Loans, revolving | 6,063 | |||
Loans, net of deferred fees and costs | 274,035 | 197,525 | ||
Current period gross write-offs, current | 0 | |||
Current period gross write-offs, one year before | 0 | |||
Current period gross write-offs, two years before | 0 | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | 0 | |||
Current period gross write-offs, revolving | 0 | |||
Current period gross write-offs, total | 0 | |||
Gross loans | 274,035 | 197,525 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 32,233 | |||
Loans, one year before | 60,890 | |||
Loans, two years before | 99,744 | |||
Loans, three years before | 45,286 | |||
Loans, four years before | 23,733 | |||
Loans, prior | 142,244 | |||
Loans, revolving | 10,191 | |||
Loans, net of deferred fees and costs | 414,321 | 418,462 | ||
Current period gross write-offs, current | 0 | |||
Current period gross write-offs, one year before | 0 | |||
Current period gross write-offs, two years before | 0 | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | 0 | |||
Current period gross write-offs, revolving | 0 | |||
Current period gross write-offs, total | 0 | 0 | ||
Gross loans | 414,321 | 418,462 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 50,337 | |||
Loans, one year before | 144,118 | |||
Loans, two years before | 220,823 | |||
Loans, three years before | 131,326 | |||
Loans, four years before | 59,752 | |||
Loans, prior | 217,963 | |||
Loans, revolving | 6,336 | |||
Loans, net of deferred fees and costs | 830,655 | 827,728 | ||
Current period gross write-offs, current | 0 | |||
Current period gross write-offs, one year before | 0 | |||
Current period gross write-offs, two years before | 0 | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | 0 | |||
Current period gross write-offs, revolving | 0 | |||
Current period gross write-offs, total | 0 | (436) | ||
Gross loans | 830,655 | 827,728 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction and Land Development [Member] | ||||
Loans, current year | 51,120 | |||
Loans, one year before | 83,122 | |||
Loans, two years before | 100,392 | |||
Loans, three years before | 7,462 | |||
Loans, four years before | 5,296 | |||
Loans, prior | 16,116 | |||
Loans, revolving | 6,063 | |||
Loans, net of deferred fees and costs | 269,571 | 197,331 | ||
Gross loans | 269,571 | 197,331 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 32,233 | |||
Loans, one year before | 60,890 | |||
Loans, two years before | 98,415 | |||
Loans, three years before | 42,971 | |||
Loans, four years before | 23,733 | |||
Loans, prior | 138,802 | |||
Loans, revolving | 5,208 | |||
Loans, net of deferred fees and costs | 402,252 | 405,223 | ||
Gross loans | 402,252 | 405,223 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 47,264 | |||
Loans, one year before | 144,118 | |||
Loans, two years before | 219,493 | |||
Loans, three years before | 129,747 | |||
Loans, four years before | 56,852 | |||
Loans, prior | 209,351 | |||
Loans, revolving | 6,336 | |||
Loans, net of deferred fees and costs | 813,161 | |||
Gross loans | 813,161 | |||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction and Land Development [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 4,364 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 0 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 4,364 | 0 | ||
Gross loans | 4,364 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 1,329 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 788 | |||
Loans, revolving | 4,529 | |||
Loans, net of deferred fees and costs | 6,646 | 2,388 | ||
Gross loans | 6,646 | 2,388 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 121 | |||
Loans, four years before | 1,034 | |||
Loans, prior | 6,960 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 8,115 | |||
Gross loans | 8,115 | |||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction and Land Development [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 100 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 100 | 194 | ||
Gross loans | 100 | 194 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 2,315 | |||
Loans, four years before | 0 | |||
Loans, prior | 2,654 | |||
Loans, revolving | 454 | |||
Loans, net of deferred fees and costs | 5,423 | 10,851 | ||
Gross loans | 5,423 | 10,851 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, current year | 3,073 | |||
Loans, one year before | 0 | |||
Loans, two years before | 1,330 | |||
Loans, three years before | 1,458 | |||
Loans, four years before | 1,866 | |||
Loans, prior | 1,652 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 9,379 | |||
Gross loans | 9,379 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction and Land Development [Member] | ||||
Loans, net of deferred fees and costs | 0 | |||
Gross loans | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Loans, net of deferred fees and costs | 0 | |||
Gross loans | 0 | |||
Residential Portfolio Segment [Member] | ||||
Current period gross write-offs, total | (5) | |||
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, net of deferred fees and costs | 827,728 | |||
Gross loans | 827,728 | |||
Residential Portfolio Segment [Member] | Residential [Member] | ||||
Loans, current year | 74,488 | |||
Loans, one year before | 94,185 | |||
Loans, two years before | 83,835 | |||
Loans, three years before | 23,866 | |||
Loans, four years before | 14,226 | |||
Loans, prior | 64,911 | |||
Loans, revolving | 14,381 | |||
Loans, net of deferred fees and costs | 369,892 | 338,132 | ||
Current period gross write-offs, current | 0 | |||
Current period gross write-offs, one year before | 0 | |||
Current period gross write-offs, two years before | 0 | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | (6) | |||
Current period gross write-offs, revolving | 0 | |||
Current period gross write-offs, total | (6) | |||
Gross loans | 369,892 | 338,132 | ||
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 0 | |||
Loans, revolving | 90,298 | |||
Loans, net of deferred fees and costs | 90,298 | 93,740 | ||
Current period gross write-offs, current | 0 | |||
Current period gross write-offs, one year before | 0 | |||
Current period gross write-offs, two years before | 0 | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | 0 | |||
Current period gross write-offs, revolving | (9) | |||
Current period gross write-offs, total | (9) | |||
Gross loans | 90,298 | 93,740 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, net of deferred fees and costs | 826,844 | |||
Gross loans | 826,844 | |||
Residential Portfolio Segment [Member] | Pass [Member] | Residential [Member] | ||||
Loans, current year | 74,488 | |||
Loans, one year before | 93,929 | |||
Loans, two years before | 83,377 | |||
Loans, three years before | 23,637 | |||
Loans, four years before | 14,226 | |||
Loans, prior | 63,336 | |||
Loans, revolving | 14,381 | |||
Loans, net of deferred fees and costs | 367,374 | 333,124 | ||
Gross loans | 367,374 | 333,124 | ||
Residential Portfolio Segment [Member] | Pass [Member] | Home Equity Line of Credit [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 0 | |||
Loans, revolving | 89,872 | |||
Loans, net of deferred fees and costs | 89,872 | 93,062 | ||
Gross loans | 89,872 | 93,062 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, net of deferred fees and costs | 239 | |||
Gross loans | 239 | |||
Residential Portfolio Segment [Member] | Special Mention [Member] | Residential [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 256 | |||
Loans, two years before | 199 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 757 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 1,212 | 1,577 | ||
Gross loans | 1,212 | 1,577 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | Home Equity Line of Credit [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 0 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 0 | 0 | ||
Gross loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, net of deferred fees and costs | 645 | |||
Gross loans | 645 | |||
Residential Portfolio Segment [Member] | Substandard [Member] | Residential [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 259 | |||
Loans, three years before | 229 | |||
Loans, four years before | 0 | |||
Loans, prior | 818 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 1,306 | 3,431 | ||
Gross loans | 1,306 | 3,431 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | Home Equity Line of Credit [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 0 | |||
Loans, revolving | 426 | |||
Loans, net of deferred fees and costs | 426 | 678 | ||
Gross loans | 426 | 678 | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||
Loans, net of deferred fees and costs | 0 | |||
Gross loans | 0 | |||
Residential Portfolio Segment [Member] | Doubtful [Member] | Residential [Member] | ||||
Loans, net of deferred fees and costs | 0 | |||
Gross loans | 0 | |||
Residential Portfolio Segment [Member] | Doubtful [Member] | Home Equity Line of Credit [Member] | ||||
Loans, net of deferred fees and costs | 0 | |||
Gross loans | 0 | |||
Consumer Portfolio Segment [Member] | ||||
Loans, current year | 2,452 | |||
Loans, one year before | 1,278 | |||
Loans, two years before | 477 | |||
Loans, three years before | 225 | |||
Loans, four years before | 141 | |||
Loans, prior | 1,732 | |||
Loans, revolving | 509 | |||
Loans, net of deferred fees and costs | 6,814 | 6,615 | ||
Current period gross write-offs, current | (3) | |||
Current period gross write-offs, one year before | (2) | |||
Current period gross write-offs, two years before | (7) | |||
Current period gross write-offs, three years before | 0 | |||
Current period gross write-offs, four years before | 0 | |||
Current period gross write-offs, prior | (78) | |||
Current period gross write-offs, revolving | (3) | |||
Current period gross write-offs, total | (93) | (221) | ||
Gross loans | 6,814 | 6,615 | ||
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Loans, net of deferred fees and costs | 6,599 | |||
Gross loans | 6,599 | |||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans, net of deferred fees and costs | 16 | |||
Gross loans | $ 16 | |||
Consumer Portfolio Segment [Member] | Pass [Member] | ||||
Loans, current year | 2,452 | |||
Loans, one year before | 1,276 | |||
Loans, two years before | 477 | |||
Loans, three years before | 225 | |||
Loans, four years before | 141 | |||
Loans, prior | 1,717 | |||
Loans, revolving | 509 | |||
Loans, net of deferred fees and costs | 6,797 | |||
Gross loans | 6,797 | |||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 0 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 0 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 0 | |||
Gross loans | 0 | |||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||||
Loans, current year | 0 | |||
Loans, one year before | 2 | |||
Loans, two years before | 0 | |||
Loans, three years before | 0 | |||
Loans, four years before | 0 | |||
Loans, prior | 15 | |||
Loans, revolving | 0 | |||
Loans, net of deferred fees and costs | 17 | |||
Gross loans | $ 17 | |||
[1]Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 5 - Allowance for Credit_3
Note 5 - Allowance for Credit Losses - Loans and Reserve for Unfunded Lending Commitments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss | $ 25,273 | $ 19,555 | $ 18,678 | $ 21,403 |
Financing Receivable, Credit Loss, Expense (Reversal) | 433 | $ 1,597 | $ (2,825) | |
SBA CARES Act Paycheck Protection Program [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 0 |
Note 5 - Allowance for Credit_4
Note 5 - Allowance for Credit Losses - Loans 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | ||
Balance, | $ 19,555 | $ 18,678 | $ 21,403 | ||
Provision for (recovery of) credit losses | 433 | 1,597 | (2,825) | ||
Current period gross write-offs, total | (1,002) | (1,019) | (146) | ||
Recoveries | 1,095 | 299 | 246 | ||
Balance, | 25,273 | 19,555 | 18,678 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 19,462 | ||||
Total | 25,273 | 19,555 | 18,678 | ||
Individually evaluated for impairment | 5,094 | ||||
Collectively evaluated for impairment | 2,167,814 | ||||
Total | 2,186,449 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | 93 | ||||
Individually evaluated for impairment | 13,541 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 5,192 | 0 | 0 | ||
Balance, | 5,192 | 0 | |||
Total | 5,192 | 0 | $ 5,200 | ||
Loans Discluding Unfunded Commitments [Member] | |||||
Balance, | 19,555 | ||||
Provision for (recovery of) credit losses | 433 | ||||
Current period gross write-offs, total | (1,002) | ||||
Recoveries | 1,095 | ||||
Balance, | 25,273 | 19,555 | |||
Total | 25,273 | 19,555 | |||
Loans Discluding Unfunded Commitments [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 5,192 | ||||
Balance, | 5,192 | ||||
Total | 5,192 | ||||
Unfunded Loan Commitment [Member] | |||||
Balance, | 377 | 386 | 304 | ||
Provision for (recovery of) credit losses | 63 | (9) | 82 | ||
Balance, | 745 | 377 | 386 | ||
Total | 745 | 377 | 386 | ||
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 305 | 0 | 0 | ||
Balance, | 305 | 0 | |||
Total | 305 | 0 | |||
Commercial Portfolio Segment [Member] | |||||
Balance, | [1] | 2,874 | 2,668 | ||
Provision for (recovery of) credit losses | 390 | 442 | |||
Current period gross write-offs, total | [1] | (894) | (357) | ||
Recoveries | [1] | 492 | 121 | ||
Balance, | [1] | 3,745 | 2,874 | 2,668 | |
Individually evaluated for impairment | [1] | 0 | |||
Collectively evaluated for impairment | [1] | 2,873 | |||
Total | [1] | 3,745 | 2,874 | 2,668 | |
Individually evaluated for impairment | [1] | 0 | |||
Collectively evaluated for impairment | [1] | 304,240 | |||
Total | [1] | 304,247 | |||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | [1] | 1 | |||
Individually evaluated for impairment | [1] | 7 | |||
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 883 | ||||
Balance, | 883 | ||||
Total | 883 | ||||
Construction and Land Development [Member] | |||||
Balance, | 1,796 | 1,397 | |||
Provision for (recovery of) credit losses | 769 | 399 | |||
Current period gross write-offs, total | 0 | 0 | |||
Recoveries | 10 | 0 | |||
Balance, | 2,847 | 1,796 | 1,397 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 1,772 | ||||
Total | 2,847 | 1,796 | 1,397 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 196,357 | ||||
Total | 197,525 | ||||
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | 24 | ||||
Individually evaluated for impairment | 1,168 | ||||
Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 272 | ||||
Balance, | 272 | ||||
Total | 272 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||
Balance, | 3,785 | 3,964 | |||
Provision for (recovery of) credit losses | (317) | (199) | |||
Current period gross write-offs, total | 0 | 0 | |||
Recoveries | 37 | 20 | |||
Balance, | 4,583 | 3,785 | 3,964 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 3,762 | ||||
Total | 4,583 | 3,785 | 3,964 | ||
Individually evaluated for impairment | 2,420 | ||||
Collectively evaluated for impairment | 408,656 | ||||
Total | 418,462 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | 23 | ||||
Individually evaluated for impairment | 7,386 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 1,078 | ||||
Balance, | 1,078 | ||||
Total | 1,078 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||||
Balance, | 7,184 | 7,141 | |||
Provision for (recovery of) credit losses | (355) | 476 | |||
Current period gross write-offs, total | 0 | (436) | |||
Recoveries | 213 | 3 | |||
Balance, | 9,111 | 7,184 | 7,141 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 7,184 | ||||
Total | 9,111 | 7,184 | 7,141 | ||
Individually evaluated for impairment | 1,360 | ||||
Collectively evaluated for impairment | 824,153 | ||||
Total | 827,728 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | 0 | ||||
Individually evaluated for impairment | 2,215 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 2,069 | ||||
Balance, | 2,069 | ||||
Total | 2,069 | ||||
Residential Portfolio Segment [Member] | |||||
Balance, | 3,867 | 3,458 | |||
Provision for (recovery of) credit losses | 373 | ||||
Current period gross write-offs, total | (5) | ||||
Recoveries | 41 | ||||
Balance, | 3,867 | 3,458 | |||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 3,822 | ||||
Total | 3,867 | 3,458 | |||
Individually evaluated for impairment | 1,314 | ||||
Collectively evaluated for impairment | 427,809 | ||||
Total | 431,872 | ||||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | 45 | ||||
Individually evaluated for impairment | 2,749 | ||||
Residential Portfolio Segment [Member] | Residential [Member] | |||||
Balance, | 3,077 | ||||
Provision for (recovery of) credit losses | 40 | ||||
Current period gross write-offs, total | (6) | ||||
Recoveries | 164 | ||||
Balance, | 3,928 | 3,077 | |||
Total | 3,928 | 3,077 | |||
Residential Portfolio Segment [Member] | Residential [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 653 | ||||
Balance, | 653 | ||||
Total | 653 | ||||
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||||
Balance, | 790 | ||||
Provision for (recovery of) credit losses | (69) | ||||
Current period gross write-offs, total | (9) | ||||
Recoveries | 57 | ||||
Balance, | 959 | 790 | |||
Total | 959 | 790 | |||
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | 190 | ||||
Balance, | 190 | ||||
Total | 190 | ||||
Consumer Portfolio Segment [Member] | |||||
Balance, | 49 | 50 | |||
Provision for (recovery of) credit losses | (25) | 106 | |||
Current period gross write-offs, total | (93) | (221) | |||
Recoveries | 122 | 114 | |||
Balance, | 100 | 49 | 50 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 49 | ||||
Total | 100 | 49 | $ 50 | ||
Individually evaluated for impairment | 0 | ||||
Collectively evaluated for impairment | 6,599 | ||||
Total | 6,615 | ||||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Individually evaluated for impairment | 0 | ||||
Individually evaluated for impairment | 16 | ||||
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance, | $ 47 | ||||
Balance, | 47 | ||||
Total | $ 47 | ||||
[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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 2.1 | $ 2.2 | $ 2.2 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Premises and equipment, gross | $ 60,228 | $ 62,738 |
Accumulated depreciation | (28,419) | (29,838) |
Premises and equipment, net | 31,809 | 32,900 |
Land [Member] | ||
Premises and equipment, gross | 8,859 | 9,308 |
Building [Member] | ||
Premises and equipment, gross | 32,538 | 32,515 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | 1,615 | 1,536 |
Furniture and Equipment [Member] | ||
Premises and equipment, gross | $ 17,216 | $ 19,379 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2019 | Jan. 31, 2015 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |||
Amortization of Intangible Assets | $ 1,069 | $ 1,260 | $ 1,464 | ||
MainStreet BancShares, Inc [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 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 | ||||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Balance, goodwill | $ 85,048 | $ 85,018 | ||
Balance, intangibles | 3,367 | |||
Amortization, intangibles | (1,069) | (1,260) | $ (1,464) | |
Balance, goodwill | 85,048 | 85,048 | 85,018 | |
Balance, intangibles | 2,298 | 3,367 | ||
Core deposit intangibles, net | 2,298 | 3,367 | ||
Goodwill, gross | 85,048 | 85,048 | ||
Goodwill, net | 85,048 | 85,048 | $ 85,018 | $ 85,048 |
Core Deposits [Member] | ||||
Balance, intangibles | 3,367 | |||
Balance, intangibles | 2,298 | 3,367 | ||
Core deposit intangibles, gross | 19,708 | 19,708 | ||
Core deposit intangibles, accumulated amortization | (17,410) | (16,341) | ||
Core deposit intangibles, net | $ 2,298 | $ 3,367 |
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, 2023 | Dec. 31, 2022 |
2026 | $ 454 | |
2027 | 291 | |
2028 | 136 | |
Total | 2,298 | $ 3,367 |
Core Deposits [Member] | ||
2024 | 800 | |
2025 | 617 | |
Total | $ 2,298 | $ 3,367 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Expense | $ 1.4 | $ 1.2 | $ 1.2 |
Note 8 - Leases - Lease Informa
Note 8 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average remaining lease term (in years) (Year) | 7 years 5 months 26 days | 6 years 9 months 7 days | |
Weighted average discount rate | 4.12% | 3.16% | |
Operating lease cost | $ 1,255 | $ 1,072 | $ 1,069 |
Short-term lease cost | 0 | 0 | 0 |
Total lease cost | 1,255 | 1,072 | 1,069 |
Cash paid for amounts included in the measurement of lease liabilities | 1,243 | 1,083 | $ 1,047 |
Other Liabilities [Member] | |||
Lease liabilities | 6,541 | 3,318 | |
Other Assets [Member] | |||
Right-of-use assets | $ 6,460 | $ 3,245 |
Note 8 - Leases - Maturity of O
Note 8 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 1,204 | |
2025 | 1,182 | |
2026 | 964 | |
2027 | 913 | |
2028 | 831 | |
2029 and after | 2,547 | |
Total undiscounted cash flows | 7,641 | |
Discount | (1,100) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 6,541 | $ 3,318 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 138,500 | $ 89,800 |
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, 2023 USD ($) |
2024 | $ 325,529 |
2025 | 17,422 |
2026 | 13,010 |
2027 | 6,736 |
2028 | 5,102 |
2029 and after | 4,267 |
Total | $ 372,066 |
Note 10 - Short-term Borrowin_3
Note 10 - Short-term Borrowings (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1.1 |
Federal Funds [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 110 |
Federal Reserve Discount Window [Member] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 215.5 |
Note 10 - Short-term Borrowin_4
Note 10 - Short-term Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer repurchase agreements | $ 59,348 | $ 370 |
Customer repurchase agreements, weighted average rate | 4.75% | 0.10% |
FHLB borrowings, amount | $ 35,000 | $ 100,531 |
FHLB borrowings, weighted average rate | 5.57% | 4.42% |
Total short-term borrowings, amount | $ 94,348 | $ 100,901 |
Total short-term borrowings, weighted average rate | 5.05% | 4.40% |
Note 11 - Long-term Borrowing_2
Note 11 - Long-term Borrowings (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 07, 2006 USD ($) | Jul. 31, 2023 | Dec. 31, 2023 USD ($) | 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 | $ 1,100 | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 408,300 | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 245,000 | |||||||
Public Deposit Accounts | 283,800 | |||||||
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 | 28,435 | $ 28,334 | |||||
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 | 498 | 554 | 1,200 | |||||
MidCarolina Trust II [Member] | ||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | 449 | $ 495 | $ 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 | 132,300 | |||||||
FHLB Line of Credit [Member] | ||||||||
Debt Instrument, Percentage of Assets | 30% | |||||||
Letters of Credit Outstanding, Amount | 210,000 | |||||||
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 [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | Secured Overnight Financing Rate (SOFR) [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 | $ 4,657 | 4,601 | ||||||
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | Secured Overnight Financing Rate (SOFR) [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 | $ 3,159 | $ 3,114 | ||||||
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | Secured Overnight Financing Rate (SOFR) [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 | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 07, 2006 | |
Principal amount | $ 28,435 | $ 28,334 | $ 20,600 | |
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 | 4,657 | 4,601 | ||
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | ||||
Principal amount | $ 3,159 | $ 3,114 | ||
Secured Overnight Financing Rate (SOFR) [Member] | Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | ||||
Interest rate | 1.35% | 1.35% | ||
Secured Overnight Financing Rate (SOFR) [Member] | Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | ||||
Interest rate | 3.45% | |||
Secured Overnight Financing Rate (SOFR) [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 (Details Textual) $ in Thousands | Oct. 16, 2023 USD ($) |
Proceeds From Termination of Derivative Agreement | $ 2,000 |
Cash Collateral for Termination of Derivative Agreement | $ 850 |
Note 12 - Derivative Financia_4
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 ($) |
Notional amount | $ 28,500 |
Positions | 3 |
Assets | $ 1,325 |
Liabilities | 0 |
Cash collateral pledged | $ 850 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Feb. 20, 2018 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 4,150 | 713 | 5,346 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 16.63 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | ||
Proceeds from Stock Options Exercised | $ 69 | $ 12 | $ 89 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | 0 | 16 | 96 | ||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 1,200 | 1,100 | 782 | ||
Share-Based Payment Arrangement, Expense | $ 1,100 | $ 889 | $ 749 | ||
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 - Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Nonvested, shares (in shares) | shares | 71,707 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 33.39 |
Granted, shares (in shares) | shares | 32,554 |
Granted, weighted average grant date value per share (in dollars per share) | $ / shares | $ 35.78 |
Vested, shares (in shares) | shares | (19,805) |
Vested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 33.73 |
Forfeited, shares (in shares) | shares | (1,878) |
Forfeited, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.16 |
Nonvested, shares (in shares) | shares | 82,578 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.21 |
Note 14 - Income Taxes - Schedu
Note 14 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 5,476 | $ 4,226 |
Nonaccrual loan interest | 222 | 229 |
Other real estate owned valuation allowance | 0 | 12 |
Deferred compensation | 1,182 | 1,277 |
Acquisition accounting | 732 | 1,174 |
Lease liability, net of right of use asset | 18 | 16 |
Accrued pension liability | 108 | 86 |
Net unrealized loss on cash flow hedges | 387 | 0 |
Net unrealized loss on securities available for sale | 12,161 | 15,339 |
Other | 535 | 374 |
Total deferred tax assets | 20,821 | 22,733 |
Deferred tax liabilities: | ||
Depreciation | 979 | 1,044 |
Core deposit intangibles | 498 | 728 |
Deferred loan origination costs, net | 55 | 42 |
Net unrealized gain on cash flow hedges | 0 | 278 |
Prepaid merger expenses | 1,240 | 0 |
Other | 185 | 179 |
Total deferred tax liabilities | 2,957 | 2,271 |
Net deferred tax assets | $ 17,864 | $ 20,462 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense | $ 6,941 | $ 9,319 | $ 10,905 |
Deferred tax expense (benefit) | 1,273 | (385) | 808 |
Total income tax expense | $ 8,214 | $ 8,934 | $ 11,713 |
Note 14 - Income Taxes - Summar
Note 14 - Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expected federal tax expense | $ 7,218 | $ 9,106 | $ 11,600 |
Nondeductible merger related expense | 313 | 0 | 0 |
Nondeductible interest expense | 75 | 10 | 8 |
Tax-exempt interest | (186) | (202) | (198) |
State income taxes | 261 | 308 | 326 |
Other, net | 533 | (288) | (23) |
Total income tax expense | $ 8,214 | $ 8,934 | $ 11,713 |
Note 15 - Earnings Per Common_3
Note 15 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share (in shares) | 10,627,709 | 10,672,314 | 10,873,817 |
Basic earnings per share (in dollars per share) | $ 2.46 | $ 3.23 | $ 4 |
Effect of dilutive securities - stock options (in shares) | 850 | 2,299 | 3,414 |
Effect of dilutive securities - stock options (in dollars per share) | $ 0 | $ 0 | $ 0 |
Diluted earnings per share (in shares) | 10,628,559 | 10,674,613 | 10,877,231 |
Diluted earnings per share (in dollars per share) | $ 2.46 | $ 3.23 | $ 4 |
Note 16 - Off-balance Sheet A_3
Note 16 - Off-balance Sheet Activities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 1,822 | $ 1,920 |
Loans Held for Sale [Member] | ||
Fair Value Disclosure, off-Balance-Sheet Risks, Amount, Liability | $ 1,300 |
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, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Off-balance sheet financial instruments outstanding | $ 614,705 | $ 635,851 |
Standby Letters of Credit [Member] | ||
Off-balance sheet financial instruments outstanding | 17,228 | 12,897 |
Mortgage Loan Rate Lock Commitments [Member] | ||
Off-balance sheet financial instruments outstanding | $ 1,822 | $ 1,920 |
Note 17 - Related Party Trans_3
Note 17 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Deposit Liabilities | $ 10.6 | $ 9.5 |
Note 17 - Related Party Trans_4
Note 17 - Related Party Transactions - Analysis of Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Balance at December 31, 2022 | $ 24,476 |
Additions | 7,332 |
Repayments | (4,372) |
Reclassifications(1) | 9,494 |
Balance at December 31, 2023 | $ 36,930 |
Note 18 - Employee Benefit Pl_3
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Requisite Service Period (Year) | 1 year | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 3,500,000 | $ 3,300,000 | $ 5,000,000 |
Defined Benefit Plan, Maximum Percentage of Limiting Equities | 5% | ||
Defined Contribution Plan, Employer Matching Contribution, Service Requirement (Year) | 1 year | ||
Defined Contribution Plan, Cost | $ 1,400,000 | 1,200,000 | 1,100,000 |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Year) | 10 years | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 50,000 | 100,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 0 | 0 |
Profit Sharing and Deferred Compensation Arrangements Expense | 90,000 | 86,000 | 184,000 |
Profit Sharing and Incentive Arrangements Expense | 3,300,000 | 5,100,000 | 3,100,000 |
HomeTown Bankshares Corporation [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 4,800,000 | 5,400,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 143,000 | $ 159,000 | $ 430,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Projected benefit obligation at beginning of year | $ 3,270 | $ 5,013 | $ 5,821 |
Service cost | 0 | 0 | 0 |
Interest cost | 166 | 107 | 91 |
Actuarial (gain) loss | 185 | (1,403) | (259) |
Settlement gain (loss) | 0 | (10) | 6 |
Benefits paid | (78) | (437) | (646) |
Projected benefit obligation at end of year | 3,543 | 3,270 | 5,013 |
Fair value of plan assets at beginning of year | 4,264 | 5,045 | 4,701 |
Actual return on plan assets | 158 | (344) | 190 |
Employer contributions | 0 | 0 | 800 |
Benefits paid | (78) | (437) | (646) |
Fair value of plan assets at end of year | 4,344 | 4,264 | 5,045 |
Funded Status at End of Year | 801 | 994 | 32 |
Other assets | 801 | 994 | 32 |
Net actuarial loss | 512 | 400 | 1,481 |
Deferred income taxes | (110) | (86) | (320) |
Amount recognized | 402 | 314 | 1,161 |
Service cost | 0 | 0 | 0 |
Interest cost | 166 | 107 | 91 |
Expected return on plan assets | (85) | (245) | (230) |
Recognized net loss due to settlement | 0 | 112 | 195 |
Recognized net actuarial loss | 0 | 145 | 182 |
Net periodic benefit cost | 81 | 119 | 238 |
Net actuarial loss (gain) | (112) | 1,082 | 590 |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive loss | 112 | (1,082) | (590) |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Loss (Income) | $ 193 | $ (963) | $ (352) |
Note 18 - Employee Benefit Pl_5
Note 18 - Employee Benefit Plans - Weighted Average Asset Allocation by Asset Category (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Asset allocations | 100% | 100% |
Fixed Income Securities [Member] | ||
Asset allocations | 54.40% | 71.40% |
Defined Benefit Plan, Cash and Accrued Income [Member] | ||
Asset allocations | 45.60% | 28.60% |
Note 18 - Employee Benefit Pl_6
Note 18 - Employee Benefit Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of plan assets | $ 4,344 | $ 4,264 | $ 5,045 | $ 4,701 |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 1,961 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 2,383 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Defined Benefit Plan, Cash [Member] | ||||
Fair value of plan assets | 1,961 | 1,218 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 1,961 | 1,218 | ||
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 | 1,267 | 1,532 | ||
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 | 1,267 | 1,532 | ||
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 | 733 | 1,154 | ||
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 | 733 | 1,154 | ||
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 | 383 | 360 | ||
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 | 383 | 360 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 | $ 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, 2023 | Dec. 31, 2022 |
Securities available for sale | $ 521,519 | $ 608,062 |
US Treasury Securities [Member] | ||
Securities available for sale | 123,767 | 139,427 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 72,233 | 83,348 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 42,422 | 63,723 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 26,333 | 27,471 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 521,519 | 608,062 |
Loans held for sale | 1,279 | 1,061 |
Fair Value, Recurring [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | |
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 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 521,519 | 608,062 |
Loans held for sale | 1,279 | 1,061 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 1,325 | |
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 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale | 123,767 | 139,427 |
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 | 123,767 | 139,427 |
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 | 72,233 | 83,348 |
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 | 72,233 | 83,348 |
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 | 256,764 | 294,093 |
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 | 256,764 | 294,093 |
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 | 42,422 | 63,723 |
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 | 42,422 | 63,723 |
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 | 26,333 | 27,471 |
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 | 26,333 | 27,471 |
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] $ in Thousands | Dec. 31, 2022 USD ($) |
Other real estate owned, net | $ 27 |
Fair Value, Inputs, Level 1 [Member] | |
Other real estate owned, net | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Other real estate owned, net | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Other real estate owned, net | $ 27 |
Note 19 - Fair Value Measurem_5
Note 19 - Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale | $ 521,519 | $ 608,062 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 66,719 | 73,340 |
Securities available for sale | 521,519 | 608,062 |
Restricted stock | 10,614 | 12,651 |
Loans held for sale | 1,279 | 1,061 |
Loans, net of allowance | 2,263,047 | 2,166,894 |
Bank owned life insurance | 30,409 | 29,692 |
Accrued interest receivable | 8,161 | 7,255 |
Deposits | 2,606,513 | 2,596,328 |
Repurchase agreements | 59,348 | 370 |
Other short-term borrowings | 35,000 | 100,531 |
Accrued interest payable | 2,386 | 799 |
Derivative - cash flow hedges | 1,325 | |
Reported Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 28,435 | 28,334 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 66,719 | 73,340 |
Securities available for sale | 521,519 | 608,062 |
Restricted stock | 10,614 | 12,651 |
Loans held for sale | 1,279 | 1,061 |
Loans, net of allowance | 2,161,793 | 2,096,480 |
Bank owned life insurance | 30,409 | 29,692 |
Accrued interest receivable | 8,161 | 7,255 |
Deposits | 2,602,453 | 2,595,713 |
Repurchase agreements | 59,348 | 370 |
Other short-term borrowings | 35,000 | 100,531 |
Accrued interest payable | 2,386 | 799 |
Derivative - cash flow hedges | 1,325 | |
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Junior subordinated debt | 22,985 | 24,479 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 66,719 | 73,340 |
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 | 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 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 521,519 | 608,062 |
Restricted stock | 10,614 | 12,651 |
Loans held for sale | 1,279 | 1,061 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 30,409 | 29,692 |
Accrued interest receivable | 8,161 | 7,255 |
Deposits | 2,602,453 | 2,595,713 |
Repurchase agreements | 59,348 | 370 |
Other short-term borrowings | 35,000 | 100,531 |
Accrued interest payable | 2,386 | 799 |
Derivative - cash flow hedges | 1,325 | |
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 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 | 2,161,793 | 2,096,480 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 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 | $ 22,985 | $ 24,479 |
Note 20 - Dividend Restrictio_3
Note 20 - Dividend Restrictions and Regulatory Capital (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 65.1 |
Note 20 - Dividend Restrictio_4
Note 20 - Dividend Restrictions and Regulatory Capital - Actual and Required Capital Amounts (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Company [Member] | ||
Common equity tier 1, actual amount | $ 298,885 | $ 287,735 |
Common equity tier 1, actual ratio | 0.117 | 0.117 |
Common equity tier 1, required for capital adequacy purposes, amount | $ 178,891 | $ 172,098 |
Common equity tier 1, required for capital adequacy purposes, ratio | 0.07 | 0.07 |
Tier 1 capital, actual amount | $ 327,320 | $ 316,069 |
Tier 1 capital, actual ratio | 0.1281 | 0.1286 |
Tier 1 capital, required for capital adequacy purposes, amount | $ 217,225 | $ 208,977 |
Tier 1 capital, required for capital adequacy purposes, ratio | 0.085 | 0.085 |
Total capital, actual amount | $ 353,180 | $ 336,001 |
Total capital, actual ratio | 0.1382 | 0.1367 |
Total capital, required for capital adequacy purposes, amount | $ 268,337 | $ 258,147 |
Total capital, required for capital adequacy purposes, ratio | 0.105 | 0.105 |
Leverage capital, actual amount | $ 327,320 | $ 316,069 |
Leverage capital, actual ratio | 0.1061 | 0.1036 |
Leverage capital, required for capital adequacy purposes, amount | $ 123,359 | $ 122,086 |
Leverage capital, required for capital adequacy purposes, ratio | 0.04 | 0.04 |
Bank [Member] | ||
Common equity tier 1, actual amount | $ 322,168 | $ 308,690 |
Common equity tier 1, actual ratio | 0.1261 | 0.1257 |
Common equity tier 1, required for capital adequacy purposes, amount | $ 178,826 | $ 171,962 |
Common equity tier 1, required for capital adequacy purposes, ratio | 0.07 | 0.07 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, amount | $ 166,053 | $ 159,679 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 0.065 | 0.065 |
Tier 1 capital, actual amount | $ 322,168 | $ 308,690 |
Tier 1 capital, actual ratio | 0.1261 | 0.1257 |
Total capital, required for capital adequacy with buffer purposes, amount | $ 217,146 | $ 208,811 |
Tier 1 capital, required for capital adequacy purposes with buffer, ratio | 0.085 | 8.5 |
Tier 1 capital, to be well capitalized under prompt corrective action provisions, amount | $ 204,372 | $ 196,528 |
Tier 1 capital, to be well capitalized under prompt corrective action provisions, ratio | 0.08 | 0.08 |
Total capital, actual amount | $ 348,028 | $ 328,622 |
Total capital, actual ratio | 0.1362 | 0.1338 |
Total capital, required for capital adequacy purposes, amount | $ 268,239 | $ 257,942 |
Total capital, required for capital adequacy purposes, ratio | 0.105 | 0.105 |
Total capital, to be well capitalized under prompt corrective action provisions, amount | $ 255,465 | $ 245,660 |
Total capital, to be well capitalized under prompt corrective action provisions, ratio | 0.10 | 0.10 |
Leverage capital, actual amount | $ 322,168 | $ 308,690 |
Leverage capital, actual ratio | 0.1046 | 0.1012 |
Leverage capital, required for capital adequacy purposes, amount | $ 123,238 | $ 121,990 |
Leverage capital, required for capital adequacy purposes, ratio | 0.04 | 0.04 |
Leverage capital, to be well capitalized under prompt corrective action provisions, amount | $ 154,048 | $ 152,488 |
Leverage capital, to be well capitalized under prompt corrective action provisions, ratio | 0.05 | 0.05 |
Note 21 - Segment and Related_3
Note 21 - Segment and Related Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 21 - Segment and Related_4
Note 21 - Segment and Related Information - Segment Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | $ 96,004 | $ 120,229 | $ 96,004 | $ 95,796 |
Interest expense | 5,766 | 35,647 | 5,766 | 5,405 |
Noninterest income | 18,807 | 18,336 | 18,807 | 21,031 |
Noninterest expense | 64,086 | 68,050 | 64,086 | 59,008 |
Income before income taxes | 43,362 | 34,373 | 43,362 | 55,239 |
Net income | 34,428 | 26,159 | 34,428 | 43,526 |
Depreciation and amortization | 3,506 | 3,162 | 3,707 | |
Total assets | 3,065,902 | 3,090,717 | 3,065,902 | 3,334,597 |
Goodwill | 85,048 | 85,048 | 85,048 | 85,018 |
Capital expenditures | 1,196 | 1,538 | $ 1,196 | 1,000 |
Community Banking [Member] | Operating Segments [Member] | ||||
Interest income | 96,004 | 120,229 | 95,796 | |
Interest expense | 5,766 | 35,647 | 5,405 | |
Noninterest income | 12,286 | 11,585 | 15,012 | |
Noninterest expense | 61,173 | 65,008 | 56,251 | |
Income before income taxes | 39,754 | 30,664 | 51,977 | |
Net income | 31,578 | 23,229 | 40,949 | |
Depreciation and amortization | 3,496 | 3,157 | 3,697 | |
Total assets | 3,065,611 | 3,090,502 | 3,334,347 | |
Goodwill | 85,048 | 85,048 | 85,018 | |
Capital expenditures | 1,196 | 1,538 | 1,000 | |
Trust and Investment Services [Member] | Operating Segments [Member] | ||||
Interest income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Noninterest income | 6,521 | 6,751 | 6,019 | |
Noninterest expense | 2,913 | 3,042 | 2,757 | |
Income before income taxes | 3,608 | 3,709 | 3,262 | |
Net income | 2,850 | 2,930 | 2,577 | |
Depreciation and amortization | 10 | 5 | 10 | |
Total assets | 291 | 215 | 250 | |
Goodwill | 0 | 0 | 0 | |
Capital expenditures | $ 0 | $ 0 | $ 0 |
Note 22 - Parent Company Fina_3
Note 22 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale, at fair value | $ 521,519 | $ 608,062 | |||
Other assets | 76,844 | 51,478 | |||
Total assets | 3,090,717 | 3,065,902 | $ 3,065,902 | $ 3,334,597 | |
Junior subordinated debt | 28,435 | 28,334 | |||
Other liabilities | 18,253 | 19,165 | |||
Shareholders' equity | 343,168 | 321,174 | $ 354,792 | $ 337,894 | |
Total Liabilities and Shareholders' Equity | 3,090,717 | 3,065,902 | |||
Parent Company [Member] | |||||
Cash | 4,343 | 3,906 | |||
Securities available for sale, at fair value | 1,506 | 1,639 | |||
Due from subsidiaries | 264 | 152 | |||
Other assets | 0 | 2,222 | |||
Total assets | 372,145 | 349,932 | |||
Junior subordinated debt | 28,435 | 28,334 | |||
Other liabilities | 542 | 424 | |||
Shareholders' equity | 343,168 | 321,174 | |||
Total Liabilities and Shareholders' Equity | 372,145 | 349,932 | |||
Parent Company [Member] | Subsidiaries [Member] | |||||
Investment in subsidiaries | $ 366,032 | $ 342,013 |
Note 22 - Parent Company Fina_4
Note 22 - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends | $ 676 | $ 473 | $ 464 | |
Income Taxes | 8,214 | 8,934 | 11,713 | |
Net income | $ 34,428 | 26,159 | 34,428 | 43,526 |
Parent Company [Member] | ||||
Dividends | 16,000 | 16,000 | 16,000 | |
Other income | 198 | 146 | 411 | |
Expenses | 5,627 | 2,994 | 3,057 | |
Income Taxes | (832) | (598) | (556) | |
Income before equity in undistributed earnings of subsidiary | 11,403 | 13,750 | 13,910 | |
Equity in undistributed earnings of subsidiary | 14,756 | 20,678 | 29,616 | |
Net income | $ 26,159 | $ 34,428 | $ 43,526 |
Note 22 - Parent Company Fina_5
Note 22 - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 34,428 | $ 26,159 | $ 34,428 | $ 43,526 |
Net amortization of securities | (1,038) | (1,646) | (1,846) | |
Net change in other assets | (11,197) | (2,484) | 245 | |
Net change in other liabilities | (1,217) | 2,677 | 146 | |
Net cash provided by operating activities | 18,966 | 47,941 | 51,095 | |
Net cash provided by investing activities | (15,520) | (227,580) | (162,527) | |
Common stock dividends paid | (12,755) | (12,144) | (11,827) | |
Repurchase of common stock | (1,044) | (7,505) | (8,810) | |
Proceeds from exercise of stock options | 69 | 12 | 89 | |
Net cash used in financing activities | (10,067) | (253,839) | 249,630 | |
Net increase (decrease) in cash and cash equivalents | (6,621) | (433,478) | 138,198 | |
Parent Company [Member] | ||||
Net income | 26,159 | 34,428 | 43,526 | |
(Equity in undistributed earnings) of subsidiary | (14,756) | (20,678) | (29,616) | |
Net amortization of securities | 0 | 0 | 10 | |
Net change in other assets | 2,545 | (876) | 27 | |
Net change in other liabilities | 219 | 109 | 102 | |
Net cash provided by operating activities | 14,167 | 12,983 | 14,049 | |
Sales, calls and maturities of equity securities | 0 | 0 | 6,800 | |
Net cash provided by investing activities | 0 | 0 | 6,800 | |
Common stock dividends paid | (12,755) | (12,144) | (11,827) | |
Repurchase of common stock | (1,044) | (7,505) | (8,810) | |
Proceeds from exercise of stock options | 69 | 12 | 89 | |
Net change in subordinated debt | 0 | 0 | (7,500) | |
Net cash used in financing activities | (13,730) | (19,637) | (28,048) | |
Net increase (decrease) in cash and cash equivalents | 437 | (6,654) | (7,199) | |
Cash and cash equivalents at beginning of period | $ 10,560 | 3,906 | 10,560 | 17,759 |
Cash and cash equivalents at end of period | $ 4,343 | $ 3,906 | $ 10,560 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and due from banks | $ 31,500 | $ 32,207 | $ 23,095 |
Interest-bearing deposits in other banks | 35,219 | 41,133 | 483,723 |
Cash and Cash Equivalents, at Carrying Value | 66,719 | 73,340 | 506,818 |
Interest on deposits and borrowed funds | 34,029 | 5,308 | 5,791 |
Income taxes | 8,228 | 8,472 | 3,102 |
Unsettled securities transactions | 20,369 | 0 | 0 |
Transfer of loans to repossessions | 0 | 53 | 0 |
Transfer from premises and equipment to other assets held for sale | 449 | 0 | 1,316 |
Increase (decrease) in operating lease right-of-use asset | 2,425 | 240 | 21 |
Increase (decrease) in operating lease liabilities | 2,425 | 240 | (21) |
Unrealized gains (losses) on securities available for sale | 14,709 | (68,877) | (12,271) |
Unrealized gains on cash flow hedges | 0 | 4,125 | 2,068 |
Change in unfunded pension liability | $ (112) | $ 1,082 | $ 590 |
Note 24 - Accumulated Other C_3
Note 24 - Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 321,174 | $ 354,792 | $ 337,894 |
Balance | 343,168 | 321,174 | 354,792 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (55,710) | (1,701) | 7,920 |
Net unrealized gains (losses) on securities available for sale, net of tax | 11,541 | (54,009) | (9,593) |
Reclassification adjustment for realized losses on securities, net of tax | 54 | (28) | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | 0 |
Change in unfunded pension liability, net of tax | 0 | 0 | 0 |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | 0 |
Balance | (44,115) | (55,710) | (1,701) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 1,047 | (2,212) | (3,846) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 |
Reclassification adjustment for realized losses on securities, net of tax | 0 | 0 | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 408 | 3,259 | 1,634 |
Change in unfunded pension liability, net of tax | 0 | 0 | 0 |
Net unrealized gains (losses) on cash flow hedges, net of tax | 408 | 3,259 | 1,634 |
Balance | 1,455 | 1,047 | (2,212) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (313) | (1,162) | (1,637) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 |
Reclassification adjustment for realized losses on securities, net of tax | 0 | 0 | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | 0 |
Change in unfunded pension liability, net of tax | (91) | 849 | 475 |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | 0 |
Balance | (404) | (313) | (1,162) |
AOCI Attributable to Parent [Member] | |||
Balance | (54,976) | (5,075) | 2,437 |
Net unrealized gains (losses) on securities available for sale, net of tax | 11,541 | (54,009) | (9,593) |
Reclassification adjustment for realized losses on securities, net of tax | 54 | (28) | |
Net unrealized gains (losses) on cash flow hedges, net of tax | 408 | 3,259 | 1,634 |
Change in unfunded pension liability, net of tax | (91) | 849 | 475 |
Net unrealized gains (losses) on cash flow hedges, net of tax | 408 | 3,259 | 1,634 |
Balance | $ (43,064) | $ (54,976) | $ (5,075) |
Note 24 - Accumulated Other C_4
Note 24 - Accumulated Other Comprehensive Loss - Changes in AOCI (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net unrealized gains (losses) on securities available for sale, tax | $ 3,168 | $ (2,643) | |
Reclassification adjustment for realized gains on securities, tax | (14) | $ 0 | 7 |
Unrealized gain (losses) on cash flow hedges, tax | 387 | 434 | |
Change in unfunded pension liability, tax | 21 | (233) | (115) |
AOCI Attributable to Parent [Member] | |||
Net unrealized gains (losses) on securities available for sale, tax | (14,868) | ||
Unrealized gain (losses) on cash flow hedges, tax | 866 | ||
Change in unfunded pension liability, tax | $ (21) | $ 233 | $ 115 |
Note 24 - Accumulated Other C_5
Note 24 - Accumulated Other Comprehensive Loss - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Realized (losses) gains on sale of securities | $ (68) | $ 0 | $ 35 | |
Tax effect | 8,214 | 8,934 | 11,713 | |
Net income | $ 34,428 | 26,159 | 34,428 | 43,526 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net income | (54) | 0 | 28 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Realized (losses) gains on sale of securities | (68) | 0 | 35 | |
Tax effect | $ 14 | $ 0 | $ (7) |