Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 11, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000770460 | ||
Entity Registrant Name | PEOPLES FINANCIAL CORP /MS/ | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-12103 | ||
Entity Incorporation, State or Country Code | MS | ||
Entity Tax Identification Number | 64-0709834 | ||
Entity Address, Address Line One | Lameuse and Howard Avenues | ||
Entity Address, City or Town | Biloxi | ||
Entity Address, State or Province | MS | ||
Entity Address, Postal Zip Code | 39533 | ||
City Area Code | 228 | ||
Local Phone Number | 435-5511 | ||
Title of 12(g) Security | Common, $1.00 Par Value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 56,100,000 | ||
Entity Common Stock, Shares Outstanding | 4,678,186 | ||
Auditor Name | Wipfli LLP | ||
Auditor Location | Atlanta, Georgia | ||
Auditor Firm ID | 344 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 49,991,000 | $ 91,542,000 |
Available for sale securities | 376,803,000 | 180,130,000 |
Held to maturity securities, fair value of $111,340 - 2021; $78,474 - 2020 | 110,208,000 | 75,688,000 |
Other investments | 2,404,000 | 2,593,000 |
Federal Home Loan Bank Stock, at cost | 2,153,000 | 2,149,000 |
Loans | 239,162,000 | 278,421,000 |
Less: Allowance for loan losses | 3,311,000 | 4,426,000 |
Loans, net | 235,851,000 | 273,995,000 |
Bank premises and equipment, net of accumulated depreciation | 15,799,000 | 15,679,000 |
Other real estate | 1,891,000 | 3,475,000 |
Accrued interest receivable | 2,841,000 | 2,100,000 |
Cash surrender value of life insurance | 20,150,000 | 19,609,000 |
Other assets | 722,000 | 1,066,000 |
Total assets | 818,813,000 | 668,026,000 |
Deposits: | ||
Demand, non-interest bearing | 193,473,000 | 170,269,000 |
Savings and demand, interest bearing | 428,411,000 | 319,165,000 |
Time, $100,000 or more | 62,040,000 | 38,581,000 |
Other time deposits | 20,914,000 | 22,483,000 |
Total deposits | 704,838,000 | 550,498,000 |
Borrowings from Federal Home Loan Bank | 888,886 | 969,000 |
Employee and director benefit plans liabilities | 19,332,000 | 18,882,000 |
Other liabilities | 2,162,000 | 2,811,000 |
Total liabilities | 727,221,000 | 573,160,000 |
Shareholders' Equity: | ||
Common stock, $1 par value, 15,000,000 shares authorized, 4,678,186 and 4,878,557 shares issued and outstanding at December 31, 2021 and 2020 | 4,678,000 | 4,879,000 |
Surplus | 65,780,000 | 65,780,000 |
Undivided profits | 22,965,000 | 18,335,000 |
Accumulated other comprehensive income (loss) | (1,831,000) | 5,872,000 |
Total shareholders' equity | 91,592,000 | 94,866,000 |
Total liabilities and shareholders' equity | $ 818,813,000 | $ 668,026,000 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Held to maturity securities, fair value | $ 111,340 | $ 78,474 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 4,678,186 | 4,878,557 |
Common stock, shares outstanding (in shares) | 4,678,186 | 4,878,557 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Interest and fees on loans | $ 12,592,000 | $ 13,076,000 | $ 13,812,000 |
Interest and dividends on securities: | |||
U. S. Treasuries | 663,000 | 657,000 | 1,077,000 |
U.S. Government agencies | 95,000 | 199,000 | 477,000 |
Mortgage-backed securities | 2,076,000 | 2,530,000 | 3,208,000 |
Collateralized mortgage obligations | 860,000 | 466,000 | 192,000 |
States and political subdivisions | 3,903,000 | 2,126,000 | 1,745,000 |
Other investments | 8,000 | 27,000 | 71,000 |
Interest on balances due from depository institutions | 95,000 | 227,000 | 346,000 |
Total interest income | 20,292,000 | 19,308,000 | 20,928,000 |
Interest expense: | |||
Deposits | 806,000 | 1,549,000 | 2,998,000 |
Borrowings from Federal Home Loan Bank | 24,000 | 32,000 | 248,000 |
Total interest expense | 830,000 | 1,581,000 | 3,246,000 |
Net interest income | 19,462,000 | 17,727,000 | 17,682,000 |
Provision for (reduction of) allowance for loan losses | (5,663,000) | 6,002,000 | |
Net interest income after provision for (reduction of) allowance for loan losses | 25,125,000 | 11,725,000 | 17,682,000 |
Non-interest income: | |||
Gain (loss) on liquidation, sales and calls of securities | (45,000) | 539,000 | 147,000 |
Increase in cash surrender value of life insurance | 435,000 | 484,000 | 440,000 |
Gain from death benefits from life insurance | 224,000 | ||
Gain on sale of banking house | 318,000 | ||
Other income | 586,000 | 543,000 | 532,000 |
Total non-interest income | 6,470,000 | 7,251,000 | 6,535,000 |
Non-interest expense: | |||
Salaries and employee benefits | 10,614,000 | 10,367,000 | 10,701,000 |
Net occupancy | 1,918,000 | 1,865,000 | 2,187,000 |
Equipment rentals, depreciation and maintenance | 3,057,000 | 3,187,000 | 3,084,000 |
Other expense | 7,365,000 | 6,308,000 | 6,566,000 |
Total non-interest expense | 22,954,000 | 21,727,000 | 22,538,000 |
Income (loss) before income taxes | 8,641,000 | (2,751,000) | 1,679,000 |
Income tax | 62,000 | 0 | 0 |
Net income (loss) | $ 8,579,000 | $ (2,751,000) | $ 1,679,000 |
Basic and diluted earnings (loss) per share (in dollars per share) | $ 1.77 | $ (0.56) | $ 0.34 |
Dividends declared per share (in dollars per share) | $ 0.16 | $ 0.02 | $ 0.03 |
Trust Department Income and Fees [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | $ 1,849,000 | $ 1,695,000 | $ 1,614,000 |
Service Charges on Deposit Accounts [Member] | |||
Non-interest income: | |||
Revenue from contract with customer | $ 3,645,000 | $ 3,448,000 | $ 3,802,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ 8,579 | $ (2,751) | $ 1,679 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on available for sale securities | (7,519) | 4,225 | 6,411 |
Reclassification adjustment for realized (gains) losses on available for sale securities called or sold in current year | 45 | (539) | (147) |
Gain (loss) from unfunded post-retirement benefit obligation | (229) | (359) | 394 |
Total other comprehensive income (loss) | (7,703) | 3,327 | 6,658 |
Total comprehensive income | $ 876 | $ 576 | $ 8,337 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 4,943,186 | ||||
December 31, 2020: at Dec. 31, 2019 | $ 4,943 | $ 65,780 | $ 21,855 | $ 2,545 | $ 95,123 |
Net income (loss) | (2,751) | (2,751) | |||
Dividend | (98) | (98) | |||
Other comprehensive income (loss) | 3,327 | 3,327 | |||
Stock repurchase (in shares) | (64,629) | ||||
Stock repurchase | $ (64) | (671) | (735) | ||
Balance (in shares) at Dec. 31, 2020 | 4,878,557 | ||||
December 31, 2021 at Dec. 31, 2020 | $ 4,879 | 65,780 | 18,335 | 5,872 | 94,866 |
Net income (loss) | 8,579 | 8,579 | |||
Dividend | (769) | (769) | |||
Other comprehensive income (loss) | (7,703) | (7,703) | |||
Stock repurchase (in shares) | (200,371) | ||||
Stock repurchase | $ (201) | (3,180) | (3,381) | ||
Balance (in shares) at Dec. 31, 2021 | 4,678,186 | ||||
December 31, 2021 at Dec. 31, 2021 | $ 4,678 | $ 65,780 | $ 22,965 | $ (1,831) | $ 91,592 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash dividend, per share (in dollars per share) | $ 0.16 | $ 0.02 | $ 0.03 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 8,579 | $ (2,751) | $ 1,679 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 1,824 | 1,954 | 1,914 |
Provision for (reduction of) allowance for loan losses | (5,663) | 6,002 | |
Write-down of other real estate | 299 | 661 | 442 |
(Gain) loss on sales of other real estate | (284) | 103 | (387) |
Loss from other investments | 189 | 50 | 168 |
Amortization (accretion) of available for sale securities | 412 | (29) | 182 |
Amortization of held to maturity securities | 442 | 271 | 266 |
(Gain) loss on liquidation, sales and calls of securities | 45 | (539) | (147) |
Gain on sale of bank premises and equipment | (318) | ||
Increase in cash surrender value of life insurance | (434) | (483) | (440) |
Gain from death benefits from life insurance | (224) | ||
Change in accrued interest receivable | (741) | (413) | 269 |
Change in other assets | 344 | 214 | 102 |
Change in employee and director benefit plan liabilities and other liabilities | (428) | 1,424 | 101 |
Net cash provided by operating activities | 4,584 | 5,922 | 4,149 |
Cash flows from investing activities: | |||
Proceeds from maturities, liquidation, sales and calls of available for sale securities | 54,627 | 183,726 | 65,658 |
Purchases of available for sale securities | (259,231) | (163,291) | (33,631) |
Proceeds from maturities of held to maturity securities | 4,937 | 9,365 | 5,705 |
Purchases of held to maturity securities | (39,899) | (33,093) | (3,604) |
Purchase of Federal Home Loan Bank Stock | (4) | (20) | (60) |
Proceeds from sales of other real estate | 1,583 | 3,890 | 3,142 |
Proceeds from insurance on other real estate | 77 | ||
Loans, net change | 43,793 | (16,008) | 1,557 |
Acquisition of bank premises and equipment | (1,944) | (441) | (456) |
Proceeds from sale of bank premises and equipment | 547 | ||
Investment in cash surrender value of life insurance | (107) | (69) | (100) |
Proceeds from death benefits from life insurance | 548 | ||
Net cash provided by (used in) investing activities | (196,245) | (14,769) | 38,211 |
Cash flows from financing activities: | |||
Demand and savings deposits, net change | 132,450 | 103,689 | (7,539) |
Time deposits, net change | 21,890 | (29,334) | 10,176 |
Cash dividends | (769) | (98) | (148) |
Stock repurchase | (3,381) | (735) | |
Borrowings from Federal Home Loan Bank | 79,523 | 59,500 | 984,856 |
Repayments to Federal Home Loan Bank | (79,603) | (62,057) | (1,017,472) |
Net cash provided by (used in) financing activities | 150,110 | 70,965 | (30,127) |
Net increase (decrease) in cash and cash equivalents | (41,551) | 62,118 | 12,233 |
Cash and cash equivalents, beginning of year | 91,542 | 29,424 | 17,191 |
Cash and cash equivalents, end of year | $ 49,991 | $ 91,542 | $ 29,424 |
Note A - Business and Summary o
Note A - Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE A – BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Business of The Company Peoples Financial Corporation (the “Company”) is a one two fifty three Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Basis of Accounting The Company and its subsidiaries recognize assets and liabilities, and income and expense, on the accrual basis of accounting. The preparation of 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 these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not Revenue Recognition Accounting Standards Update (“ASU”) 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 Trust department income and fees Service charges on deposit accounts ATM fee income Other non-interest income New Accounting Pronouncements Accounting Standards Update 2016 13, Financial Instruments-Credit Losses (Topic 326 on Financial Instruments 2016 13” 2016 13 not 2016 13 third 2016 13, third 2016 13 December 15, 2019. November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 2019–10” 2019 10 2016 13, Financial Instruments Credit Losses 2016 13 December 15, 2022, In August 2021, 2021 06 2021 06” Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 ASU 2021 06 No. 33 10786, No. 33 10835, 10 Cash and Due from Banks Until March 26, 2020, zero December 31, 2020. Securities The classification of securities is determined by Management at the time of purchase. Securities are classified as held to maturity when the Company has the positive intent and ability to hold the security until maturity. Securities held to maturity are stated at amortized cost. Securities not Other Investments Other investments include a low income housing partnership in which the Company is a 99% limited partner. The partnership has qualified to receive annual low income housing federal tax credits that are recognized as a reduction of the current tax expense. The investment is accounted for using the equity method. Federal Home Loan Bank Stock The Company is a member of the Federal Home Loan Bank of Dallas (“FHLB”) and as such is required to maintain a minimum investment in its stock that varies with the level of FHLB advances outstanding. The stock is bought from and sold to the FHLB based on its $100 par value. The stock does not Loans The loan portfolio consists of commercial and industrial and real estate loans within the Company’s trade area that we have the intent and ability to hold for the foreseeable future or until maturity. The loan policy establishes guidelines relating to pricing; repayment terms; collateral standards including loan to value limits, appraisal and environmental standards; lending authority; lending limits and documentation requirements. Loans are stated at the amount of unpaid principal, reduced by unearned income and the allowance for loan losses. Interest on loans is recognized on a daily basis over the terms of each loan based on the unpaid principal balance. Loan origination fees are recognized as income when received. Revenue from these fees is not The Company continuously monitors its relationships with its loan customers in concentrated industries such as gaming and hotel/motel, as well as the exposure for out of area, land development, construction and commercial real estate loans, and their direct and indirect impact on its operations. Loan delinquencies and deposit overdrafts are monitored on a weekly basis in order to identify developing problems as early as possible. On a monthly basis, a watch list of credits based on our loan grading system is prepared. Grades are applied to individual loans based on factors including repayment ability, financial condition of the borrower and payment performance. Loans with lower grades are placed on the watch list of credits. The watch list is the primary tool for monitoring the credit quality of the loan portfolio. Once loans are determined to be past due, the loan officer and the special assets department work vigorously to return the loans to a current status. The Company places loans on a nonaccrual status when, in the opinion of Management, they possess sufficient uncertainty as to timely collection of interest or principal so as to preclude the recognition in reported earnings of some or all of the contractual interest. Accrued interest on loans classified as nonaccrual is reversed at the time the loans are placed on nonaccrual. Interest received on nonaccrual loans is applied against principal. Loans are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no Loans which become 90 Allowance for Loan Losses The allowance for loan losses (“ALL”) is a valuation account available to absorb losses on loans. The ALL is established through provisions for loan losses charged against earnings. Loans deemed to be uncollectible are charged against the ALL, and subsequent recoveries, if any, are credited to the allowance. The ALL is based on Management's evaluation of the loan portfolio under current economic conditions and is an amount that Management believes will be adequate to absorb probable losses on loans existing at the reporting date. On a quarterly basis, the Company’s problem asset committee meets to review the watch list of credits, which is formulated from the loan grading system. Members of this committee include loan officers, collection officers, the special assets director, the chief lending officer, the chief credit officer, the chief financial officer and the chief executive officer. The evaluation includes Management’s assessment of several factors: review and evaluation of specific loans, changes in the nature and volume of the loan portfolio, current and anticipated economic conditions and the related impact on specific borrowers and industry groups, a study of loss experience, a review of classified, non-performing and delinquent loans, the estimated value of any underlying collateral, an estimate of the possibility of loss based on the risk characteristics of the portfolio, adverse situations that may may The ALL consists of specific and general components. The specific component relates to loans that are classified as impaired. The general component of the allowance relates to loans that are not December 31, 2021. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructurings and performing and non-performing major loans for which full payment of principal or interest is not not All impaired loans are reviewed, at a minimum, on a quarterly basis. The Company calculates the specific allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of its collateral. Most of the Company’s impaired loans are collateral-dependent. The fair value of the collateral for collateral-dependent loans is based on appraisals performed by third 1989 2010. $500,000. $500,000 When Management determines that a loan is impaired and the loan is collateral-dependent, an evaluation of the fair value of the collateral is performed. The Company maintains established criteria for assessing whether an existing appraisal continues to reflect the fair value of the property for collateral-dependent loans. Appraisals are generally considered to be valid for a period of at least twelve 12 may no During the interim period between ordering and receipt of the new appraisal, Management considers if the existing appraisal should be discounted to determine the estimated fair value of collateral. Discounts are applied to the existing appraisal and take into consideration the property type, condition of the property, external market data, internal data, reviews of recently obtained appraisals and evaluations of similar properties, comparable sales of similar properties and tax assessment valuations. When the new appraisal is received and approved by Management, the valuation stated in the appraisal is used as the fair value of the collateral in determining impairment, if any. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance is required as a specific component of the allowance for loan losses. Any specific reserves recorded in the interim are adjusted accordingly. The general component of the ALL is the loss estimated by applying historical loss percentages to non-classified loans which have been divided into segments. These segments include gaming; hotel/motel; real estate, construction; real estate, mortgage; commercial and industrial and all other. The loss percentages are based on each segment’s historical five may Management considers the following when assessing risk in the Company's loan portfolio segments: gaming - loans in this segment are primarily susceptible to declines in tourism and general economic conditions; hotel/motel - loans in this segment are primarily susceptible to tourism, declines in occupancy rates, business failure, industry concentrations and general economic conditions; real estate, construction - loans in this segment are primarily susceptible to cost overruns, changes in market demand for property, delay in completion of construction and declining real estate values; real estate, mortgage - loans in this segment are primarily susceptible to general economic conditions, declining real estate values, industry concentrations and business failure; commercial and industrial - loans in this segment are primarily susceptible to general economic conditions, declining real estate values, industry concentrations and business failure; and other - loans in this segment, most of which are consumer loans, are primarily susceptible to regulatory risks, unemployment and general economic conditions. Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by the straight-line method based on the estimated useful lives of the related assets. Other Real Estate Other real estate (“ORE”) includes real estate acquired through foreclosure. Each other real estate property is carried at fair value, less estimated costs to sell. Fair value is principally based on appraisals performed by third Trust Department Income and Fees Corporate trust fees are accounted for on an accrual basis and personal trust fees are recorded when the underlying trust is serviced. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, the recognition of future tax benefits, such as net operating loss carry forwards, is required to the extent that realization of such benefits is more likely than not. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not not Post-Retirement Benefit Plan The Company accounts for its post-retirement benefit plan under Accounting Standards Codification (“Codification” or “ASC”) Topic 715, 715” not Earnings Per Share Basic and diluted earnings per share are computed on the basis of the weighted average number of common shares outstanding of 4,844,248 for 2021, 2020, 2019. Accumulated Other Comprehensive Income (Loss) At December 31, 2021, 2020 2019, Statements of Cash Flows The Company has defined cash and cash equivalents to include cash and due from banks. The Company paid $840,992, $1,610,864, and $3,231,710 in 2021, 2020 2019, 2021. 2020 2019. 2021, 2020 2019, Fair Value Measurement The Company reports certain assets and liabilities at their estimated fair value. These assets and liabilities are classified and disclosed in one three |
Note B - Securities
Note B - Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE B – SECURITIES: The amortized cost and fair value of securities at December 31, 2021 2020, Gross Gross Unrealized Unrealized December 31, 2021 Amortized Cost Gains Losses Fair Value Available for sale securities: U.S. Treasuries $ 73,889 $ $ (735 ) $ 73,154 Mortgage-backed securities 71,187 1,236 (441 ) 71,982 Collateralized mortgage obligations 130,181 841 (1,035 ) 129,987 States and political subdivisions 103,704 293 (2,317 ) 101,680 Total available for sale securities $ 378,961 $ 2,370 $ (4,528 ) $ 376,803 Held to maturity securities: States and political subdivisions $ 110,208 $ 1,760 $ (628 ) $ 111,340 Total held to maturity securities $ 110,208 $ 1,760 $ (628 ) $ 111,340 Gross Gross Unrealized Unrealized December 31, 2020 Amortized Cost Gains Losses Fair Value Available for sale securities: U.S. Treasuries $ 19,999 $ 125 $ $ 20,124 U.S. Government agencies 2,500 83 2,583 Mortgage-backed securities 69,485 3,237 (46 ) 72,676 Collateralized mortgage obligations 44,230 1,207 45,437 States and political subdivisions 38,600 751 (41 ) 39,310 Total available for sale securities $ 174,814 $ 5,403 $ (87 ) $ 180,130 Held to maturity securities: States and political subdivisions $ 75,688 $ 2,809 $ (23 ) $ 78,474 Total held to maturity securities $ 75,688 $ 2,809 $ (23 ) $ 78,474 The amortized cost and fair value of debt securities at December 31, 2021, ( may Amortized Cost Fair Value Available for sale securities: Due in one year or less $ 765 $ 770 Due after one year through five years 665 666 Due after five years through ten years 102,511 101,288 Due after ten years 73,652 72,110 Mortgage-backed securities 71,187 71,982 Collaterized mortgage obligations 130,181 129,987 Total $ 378,961 $ 376,803 Held to maturity securities: Due in one year or less $ 5,976 $ 6,014 Due after one year through five years 16,954 17,437 Due after five years through ten years 44,337 44,414 Due after ten years 42,941 43,475 Total $ 110,208 $ 111,340 Available for sale and held to maturity securities with gross unrealized losses at December 31, 2021 2020, Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2021: U.S. Treasuries $ 73,154 $ 735 $ $ $ 73,154 $ 735 Mortgage-backed securities 26,288 441 26,288 441 Collateralized mortgage obligations 66,369 1,035 66,369 1,035 States and political subdivisions 102,413 2,577 7,470 368 109,883 2,945 Total $ 268,224 $ 4,788 $ 7,470 $ 368 $ 275,694 $ 5,156 December 31, 2020: Mortgage-backed securities $ 6,278 $ 30 $ 1,619 $ 16 $ 7,897 $ 46 States and political subdivisions 12,335 64 12,335 64 Total $ 18,613 $ 94 $ 1,619 $ 16 $ 20,232 $ 110 At December 31, 2021, Management evaluates securities for other-than-temporary impairment on a monthly basis. In performing this evaluation, the length of time and the extent to which the fair value has been less than cost, the fact that the Company’s securities are primarily issued by U.S. Treasury and U.S. Government agencies and the cause of the decline in value are considered. In addition, the Company does not not not not Proceeds from sales of available for sale debt securities were $29,457,361 during 2020. 2020. 2021. Securities with a fair value of $229,092,900 and $206,544,282 at December 31, 2021 2020, |
Note C - Loans
Note C - Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE C - LOANS: The composition of the loan portfolio at December 31, 2021 2020 December 31, 2021 2020 Gaming $ 7,900 $ 18,765 Hotel/motel 50,765 45,499 Real estate, construction 27,191 26,609 Real estate, mortgage 128,352 144,276 Commercial and industrial 15,882 37,429 Other 9,072 5,843 Total $ 239,162 $ 278,421 On March 27, 2020, 19, not 2020 1.00% two not ten 100% 1.00% 5.00%, The Company worked with its customers to close 363 PPP loans for a total outstanding balance of $22,445,026. As of December 31, 2021, December 31, 2021 Additional funds were provided in 2021 1.00% five December 31, 2021, In the ordinary course of business, the Company’s bank subsidiary extends loans to certain officers and directors and their personal business interests at, in the opinion of Management, the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans of similar credit risk with persons not not not 2021 2020 Balance, January 1 $ 4,458 $ 9,190 January 1 balance, loans of officer appointed during the year 247 January 1 balance, loans of directors retired or deceased during the year (4,441 ) New loans and advances 2,049 126 Repayments (529 ) (664 ) Balance, December 31 $ 5,978 $ 4,458 As part of its evaluation of the quality of the loan portfolio, Management monitors the Company’s credit concentrations on a monthly basis. Total outstanding concentrations were as follows (in thousands): December 31, 2021 2020 Gaming $ 7,900 $ 18,765 Hotel/motel 50,765 45,499 Out of area 6,987 7,995 The age analysis of the loan portfolio, segregated by class of loans, as of December 31, 2021 2020 Number of Days Past Due Loans Past Due Greater Than 90 30 - 59 60 - 89 Greater Than 90 Total Past Due Current Total Loans Days and Still Accruing December 31, 2021: Gaming $ $ $ $ $ 7,900 $ 7,900 $ Hotel/motel 50,765 50,765 Real estate, construction 105 105 27,086 27,191 Real estate, mortgage 1,996 60 63 2,119 126,233 128,352 Commercial and industrial 21 320 341 15,541 15,882 Other 209 209 8,863 9,072 Total $ 2,331 $ 380 $ 63 $ 2,774 $ 236,388 $ 239,162 $ December 31, 2020: Gaming $ $ $ $ $ 18,765 $ 18,765 $ Hotel/motel 45,499 45,499 Real estate, construction 277 277 26,332 26,609 Real estate, mortgage 2,865 263 118 3,246 141,030 144,276 Commercial and industrial 80 80 37,349 37,429 Other 63 63 5,780 5,843 Total $ 3,285 $ 263 $ 118 $ 3,666 $ 274,755 $ 278,421 $ The Company monitors the credit quality of its loan portfolio through the use of a loan grading system. A score of 1 5 no 60 89 90 A grade of F is applied to loans which are considered uncollectible and of such little value that their continuance in an active bank is not may An analysis of the loan portfolio by loan grade, segregated by class of loans, as of December 31, 2021 2020 Loans With A Grade Of: A, B or C S D E F Total December 31, 2021: Gaming $ 7,900 $ $ $ $ $ 7,900 Hotel/motel 50,765 50,765 Real estate, construction 26,980 6 205 27,191 Real estate, mortgage 124,289 87 3,344 632 128,352 Commercial and industrial 15,834 27 21 15,882 Other 9,060 12 9,072 Total $ 234,828 $ 87 $ 3,389 $ 858 $ $ 239,162 December 31, 2020: Gaming $ 15,938 $ $ 2,827 $ $ $ 18,765 Hotel/motel 45,499 45,499 Real estate, construction 26,098 61 450 26,609 Real estate, mortgage 129,825 7,977 3,741 2,733 144,276 Commercial and industrial 31,810 5,525 45 49 37,429 Other 5,822 21 5,843 Total $ 254,992 $ 13,502 $ 6,695 $ 3,232 $ $ 278,421 A loan may not December 31, 2021 2020 December 31, 2021 2020 Real estate, construction $ 138 $ 346 Real estate, mortgage 563 2,656 Commercial and industrial 25 Total $ 701 $ 3,027 The CARES Act also addressed COVID- 19 March 1, 2020 60 December 31, 2020, December 31, 2019, not 19 not 2020, 90 3 6 19. not December 31, 2021, Prior to 2020, 2021 2020 not December 31, 2021 2020. December 31, 2021 2020. Impaired loans, which include loans classified as nonaccrual and TDRs, segregated by class of loans, as of December 31, 2021 2020 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2021: With no related allowance recorded: Real estate, construction $ 272 $ 205 $ $ 369 $ 7 Real estate, mortgage 1,014 1,014 1,075 21 Total 1,286 1,219 1,444 28 With a related allowance recorded: Real estate, mortgage 199 199 70 203 5 Total 199 199 70 203 5 Total by class of loans: Real estate, construction 272 205 369 7 Real estate, mortgage 1,213 1,213 70 1,278 26 Total $ 1,485 $ 1,418 $ 70 $ 1,647 $ 33 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2020: With no related allowance recorded: Real estate, construction $ 304 $ 239 $ $ 246 $ 11 Real estate, mortgage 3,112 3,112 3,496 39 Total 3,416 3,351 3,742 50 With a related allowance recorded: Real estate, construction 211 211 20 214 Real estate, mortgage 253 253 76 250 6 Commercial and industrial 25 25 4 31 Total 489 489 100 495 6 Total by class of loans: Real estate, construction 515 450 20 460 11 Real estate, mortgage 3,365 3,365 76 3,746 45 Commercial and industrial 25 25 4 31 Total $ 3,905 $ 3,840 $ 100 $ 4,237 $ 56 Transactions in the allowance for loan losses for the years ended December 31, 2021, 2020 2019, December 31, 2021, 2020 2019 Gaming Hotel/Motel Real Estate, Construction Real Estate, Mortgage Commercial and Industrial Other Total December 31, 2021: Allowance for Loan Losses: Beginning Balance $ 186 $ 754 $ 111 $ 2,849 $ 417 $ 109 $ 4,426 Charge-offs (2 ) (2 ) (286 ) (290 ) Recoveries 18 4,599 102 119 4,838 Provision (84 ) (63 ) 12 (5,397 ) (267 ) 136 (5,663 ) Ending Balance $ 102 $ 691 $ 139 $ 2,049 $ 252 $ 78 $ 3,311 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ $ $ 115 $ 27 $ $ 142 Ending balance: collectively evaluated for impairment $ 102 $ 691 $ 139 $ 1,934 $ 225 $ 78 $ 3,169 Total Loans: Ending balance: individually evaluated for impairment $ $ $ 211 $ 3,976 $ 48 $ 12 $ 4,247 Ending balance: collectively evaluated for impairment $ 7,900 $ 50,765 $ 26,980 $ 124,376 $ 15,834 $ 9,060 $ 234,915 December 31, 2020: Allowance for Loan Losses: Beginning Balance $ 223 $ 779 $ 102 $ 2,454 $ 553 $ 96 $ 4,207 Charge-offs (17 ) (5,472 ) (261 ) (227 ) (5,977 ) Recoveries 15 34 145 194 Provision (37 ) (25 ) 11 5,867 91 95 6,002 Ending Balance $ 186 $ 754 $ 111 $ 2,849 $ 417 $ 109 $ 4,426 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ $ 20 $ 200 $ 40 $ $ 260 Ending balance: collectively evaluated for impairment $ 186 $ 754 $ 91 $ 2,649 $ 377 $ 109 $ 4,166 Total Loans: Ending balance: individually evaluated for impairment $ 2,827 $ $ 511 $ 6,474 $ 94 $ 21 $ 9,927 Ending balance: collectively evaluated for impairment $ 15,938 $ 45,499 $ 26,098 $ 137,802 $ 37,335 $ 5,822 $ 268,494 Gaming Hotel/Motel Real Estate, Construction Real Estate, Mortgage Commercial and Industrial Other Total December 31, 2019: Allowance for Loan Losses: Beginning Balance $ 416 $ 1,442 $ 429 $ 2,444 $ 476 $ 133 $ 5,340 Charge-offs (404 ) (63 ) (591 ) (270 ) (1,328 ) Recoveries 25 4 55 111 195 Provision (193 ) (663 ) 52 69 613 122 Ending Balance $ 223 $ 779 $ 102 $ 2,454 $ 553 $ 96 $ 4,207 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ $ 20 $ 180 $ 57 $ 4 $ 261 Ending balance: collectively evaluated for impairment $ 223 $ 779 $ 82 $ 2,274 $ 496 $ 92 $ 3,946 Total Loans: Ending balance: individually evaluated for impairment $ $ $ 597 $ 12,228 $ 390 $ 15 $ 13,230 Ending balance: collectively evaluated for impairment $ 19,899 $ 47,294 $ 22,612 $ 129,178 $ 30,236 $ 6,500 $ 255,719 |
Note D - Bank Premises and Equi
Note D - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE D - BANK PREMISES AND EQUIPMENT: Bank premises and equipment are shown as follows (in thousands): December 31, Estimated Useful Lives 2021 2020 Land $ 5,554 $ 5,554 Building 5 - 40 years 32,334 30,791 Furniture, fixtures and equipment 3 - 10 years 16,482 17,117 Totals, at cost 54,370 53,462 Less: Accumulated depreciation 38,571 37,783 Totals $ 15,799 $ 15,679 |
Note E - Other Real Estate
Note E - Other Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | NOTE E – OTHER REAL ESTATE: The Company’s other real estate consisted of the following as of December 31, 2021 2020, December 31, 2021 2020 Number of Number of Properties Balance Properties Balance Construction, land development and other land 4 $ 785 9 $ 2,303 1 - 4 family residential properties 1 49 Nonfarm nonresidential 1 753 2 770 Other 1 353 1 353 Total 6 $ 1,891 13 $ 3,475 |
Note F - Deposits
Note F - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE F - DEPOSITS: At December 31, 2021, 2022 $ 67,320 2023 12,069 2024 2,064 2025 902 2026 599 Total $ 82,954 Time deposits of more than $250,000 December 31, 2021 2020, Deposits held for related parties amounted to $5,372,218 and $4,396,827 at December 31, 2021 2020, Overdrafts totaling $770,542 and $470,700 were reclassified as loans at December 31, 2021 2020, |
Note G - Federal Funds Purchase
Note G - Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE G – FEDERAL FUNDS PURCHASED: At December 31, 2021, |
Note H - Borrowings
Note H - Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE H - BORROWINGS: At December 31, 2021, one .25% December 31, 2021. December 31, 2021. At December 31, 2021, may December 31, 2021 2034. first |
Note I - Income Taxes
Note I - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE I - INCOME TAXES: Deferred taxes (or deferred charges) as of December 31, 2021 2020, December 31, 2021 2020 Deferred tax assets: Allowance for loan losses $ 695 $ 930 Employee benefit plans' liabilities 3,240 3,223 Loss on credit impairment of securities 356 356 Earned retiree health benefits plan liability 1,098 1,048 General business and AMT credits 1,525 1,707 Tax net operating loss carryforward 1,575 2,558 Other 523 854 Valuation allowance (6,889 ) (7,209 ) Deferred tax assets 2,123 3,467 Deferred tax liabilities: Unrealized gain on available for sale securities, charged from equity 3 1,116 Unearned retiree health benefits plan asset 257 305 Bank premises and equipment 1,575 1,797 Other 288 249 Deferred tax liabilities 2,123 3,467 Net deferred taxes $ $ Income taxes consist of the following components (in thousands): Years Ended December 31, 2021 2020 2019 Current $ 62 $ $ Deferred: Federal 1,482 (809 ) 166 Change in valuation allowance (1,482 ) 809 (166 ) Total deferred Totals $ 62 $ $ Income taxes amounted to less than the amounts computed by applying the U.S. Federal income tax rate of 21.0% for 2021, 2020 2019 2021 2020 2019 Tax Rate Tax Rate Tax Rate Taxes computed at statutory rate $ 1,815 21 $ (578 ) (21 ) $ 321 21 Increase (decrease) resulting from: Tax-exempt interest income (187 ) (2 ) (127 ) (5 ) (172 ) (11 ) Income from BOLI (91 ) (1 ) (148 ) (5 ) (92 ) (6 ) Federal tax credits (20 ) (1 ) Other 6 44 2 129 8 Other changes in valuation allowance (1,481 ) (17 ) 809 29 (166 ) (11 ) Total income tax expense $ 62 1 $ $ During 2021, 2020 2019, December 22, 2017, 34% 21%, December 31, 2017. 2018, 2019 2020, 50%. 2021 80% 2021. A valuation allowance is recognized against deferred tax assets when, based on the consideration of all available positive and negative evidence using a more likely than not may not three December 31, 2014, December 31, 2014. December 31, 2021, The Company intends to maintain this valuation allowance until it determines it is more likely than not not 2035. The Company has reviewed its income tax positions and specifically considered the recognition and measurement requirements of the benefits recorded in its financial statements for tax positions taken or expected to be taken in its tax returns. The Company currently has no unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. |
Note J - Shareholders' Equity
Note J - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE J - SHAREHOLDERS' EQUITY: Shareholders’ equity of the Company includes the undistributed earnings of the bank subsidiary. Dividends to the Company’s shareholders can generally be paid only from dividends paid to the Company by its bank subsidiary. Consequently, dividends are dependent upon the earnings, capital needs, regulatory policies and statutory limitations affecting the bank subsidiary. Dividends paid by the bank subsidiary are subject to the written approval of the Commissioner of Banking and Consumer Finance of the State of Mississippi and the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2021, On November 8, 2019, December 31, 2021. On April 28, 2021, December 31, 2021. On April 22, 2020, $.02 May 8, 2020 May 4, 2020. On March 24, 2021, .10 April 8, 2021, April 5, 2021. On November 23, 2021, .06 December 8, 2021, December 3, 2021. The Company and the bank subsidiary are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, specific capital guidelines must be met that involve quantitative measures of the assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the bank subsidiary and the Company are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of December 31, 2021, 1 1 no The Company’s actual capital amounts and ratios and required minimum capital amounts and ratios for 2021 2020, Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio December 31, 2021: Total Capital (to Risk Weighted Assets) $ 96,582 21.44 % $ 36,033 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 93,271 20.71 % 20,269 4.50 % Tier 1 Capital (to Risk Weighted Assets) 93,271 20.71 % 27,025 6.00 % Tier 1 Capital (to Average Assets) 93,271 12.55 % 29,737 4.00 % December 31, 2020: Total Capital (to Risk Weighted Assets) $ 93,268 23.00 % $ 32,442 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 88,842 21.91 % 18,249 4.50 % Tier 1 Capital (to Risk Weighted Assets) 88,842 21.91 % 24,331 6.00 % Tier 1 Capital (to Average Assets) 88,842 14.07 % 25,255 4.00 % The bank subsidiary’s actual capital amounts and ratios and required minimum capital amounts and ratios and capital amounts and ratios to be well capitalized for 2021 2020, For Capital To Be Well Actual Adequacy Purposes Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2021: Total Capital (to Risk Weighted Assets) $ 93,988 20.98 % $ 35,839 8.00 % $ 44,799 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 90,677 20.24 % 20,160 4.50 % 29,119 6.50 % Tier 1 Capital (to Risk Weighted Assets) 90,677 20.24 % 26,879 6.00 % 35,839 8.00 % Tier 1 Capital (to Average Assets) 90,677 11.13 % 32,599 4.00 % 40,749 5.00 % December 31, 2020: Total Capital (to Risk Weighted Assets) $ 90,559 22.87 % $ 31,683 8.00 % $ 39,603 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 86,133 21.75 % 17,821 4.50 % 25,742 6.50 % Tier 1 Capital (to Risk Weighted Assets) 86,133 21.75 % 23,762 6.00 % 31,683 8.00 % Tier 1 Capital (to Average Assets) 86,133 12.53 % 27,504 4.00 % 34,380 5.00 % |
Note K - Other Income and Expen
Note K - Other Income and Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE K - OTHER INCOME AND EXPENSES: Other income consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Other service charges, commissions and fees $ 86 $ 80 $ 91 Rentals 364 369 329 Other 136 94 112 Totals $ 586 $ 543 $ 532 Other expenses consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Advertising $ 377 $ 350 $ 529 Data processing 1,408 1,226 1,356 FDIC and state banking assessments 415 359 374 Legal and accounting 1,930 532 714 Other real estate 86 1,044 553 ATM expense 1,084 917 697 Trust expense 347 338 368 Other 1,718 1,542 1,975 Totals $ 7,365 $ 6,308 $ 6,566 |
Note L - Financial Instruments
Note L - Financial Instruments with Off-balance-sheet Risk | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | NOTE L - FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK: The Company is a party to 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 irrevocable letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the bank subsidiary has in particular classes of financial instruments. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and irrevocable letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no third may may not may The Company generally grants loans to customers in its trade area. At December 31, 2021 2020, December 31, 2021 2020, December 31, 2021 2020, |
Note M - Contingencies
Note M - Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE M - CONTINGENCIES: The Bank is involved in various legal matters and claims which are being defended and handled in the ordinary course of business. None 2021 |
Note N - Condensed Parent Compa
Note N - Condensed Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE N - CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION: Peoples Financial Corporation began its operations September 30, 1985, CONDENSED BALANCE SHEETS (IN THOUSANDS): December 31, 2021 2020 Assets Investments in subsidiaries, at underlying equity: Bank subsidiary $ 88,998 $ 92,157 Nonbank subsidiary 1 1 Cash in bank subsidiary 166 92 Other assets 2,427 2,616 Total assets $ 91,592 $ 94,866 Liabilities and Shareholders' Equity: Other liabilities $ $ Total liabilities Shareholders' equity 91,592 94,866 Total liabilities and shareholders' equity $ 91,592 $ 94,866 CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS): Years Ended December 31, 2021 2020 2019 Income Distributed income of bank subsidiary $ 4,610 $ 250 $ 700 Undistributed income (loss) of bank subsidiary 4,544 (2,888 ) 1,240 Other loss (186 ) (46 ) (164 ) Total income 8,968 (2,684 ) 1,776 Expenses Other 389 67 97 Total expenses 389 67 97 Income (loss) before income taxes 8,579 (2,751 ) 1,679 Income tax Net income (loss) $ 8,579 $ (2,751 ) $ 1,679 CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS): Years Ended December 31, 2021 2020 2019 Cash flows from operating activities: Net income (loss) $ 8,579 $ (2,751 ) $ 1,679 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Loss from other investments 190 50 166 Undistributed (income) loss of subsidiaries (4,544 ) 2,888 (1,240 ) Other assets (1 ) (2 ) Net cash provided by operating activities 4,224 185 605 Cash flows from investing activities: Net cash provided by investing activities Cash flows from financing activities: Stock repurchase (3,381 ) (735 ) Dividends paid (769 ) (98 ) (148 ) Net cash used in financing activities (4,150 ) (833 ) (148 ) Net increase (decrease) in cash 74 (648 ) 457 Cash, beginning of year 92 740 283 Cash, end of year $ 166 $ 92 $ 740 |
Note O - Employee and Director
Note O - Employee and Director Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE O - EMPLOYEE AND DIRECTOR BENEFIT PLANS: The Company sponsors the Peoples Financial Corporation Employee Stock Ownership Plan (“ESOP”). Employees who are in a position requiring at least 1,000 21 401 January 1, 2001, 401 401 no 401 may 2021, 2020 2019. The ESOP was frozen to further contributions and eligibility effective January 1, 2019. December 31, 2021, 2020 2019, The Company established an Executive Supplemental Income Plan and a Directors' Deferred Income Plan, which provide for pre-retirement and post-retirement benefits to certain key executives and directors. Benefits under the Executive Supplemental Income Plan are based upon the position and salary of the officer at retirement or death. Normal retirement benefits under the plan are equal to 67% of salary for the president and chief executive officer, 58% of salary for the executive vice president and 50% of salary for all other executive officers and are payable monthly over a period of fifteen ten first 65 ten December 31, 2022, may December 31, 2021 2020, December 31, 2021 2020, December 31, 2021 2020, The Company also has additional plans for post-retirement benefits for certain key executives. The Company has acquired insurance policies, with the bank subsidiary as owner and beneficiary, which it may December 31, 2021 2020, December 31, 2021 2020, December 31, 2021 2020, Additionally, there are two December 31, 2021 2020, December 31, 2021 2020, December 31, 2021 2020, The Company has additional plans for post-retirement benefits for directors. The Company has acquired insurance policies, with the bank subsidiary as owner and beneficiary, which it may December 31, 2021 2020, December 31, 2021 2020, December 31, 2021 2020, The Company provides post-retirement health insurance to certain of its retired employees. Employees are eligible to participate in the retiree health plan if they retire from active service no 60. 25 65 January 1, 1995, not 25 not December 31, 2006. first The net postretirement benefit cost was as follows (in thousands): For the Year Ended December 31, 2021 2020 Net Postretirement Benefit Cost $ 139 $ 61 The accumulated postretirement benefit obligation and the balance in accumulated other comprehensive income was as follows (in thousands): December 31, 2021 2020 Accumulated Postretirement Benefit Obligation $ 4,003 $ 3,625 Fair Value of Plan Assets Funded Status $ 4,003 $ 3,625 Balance in Accumulated Other Comprehensive Income $ 1,224 $ 1,453 Amounts recognized in Accumulated Other Comprehensive Income were as follows (in thousands): For the Year Ended December 31, 2021 2020 Net Gain $ 606 $ 754 Prior Service Credit 618 699 Total $ 1,224 $ 1,453 The prior service credit that will be recognized in accumulated other comprehensive income during 2022 The following is a summary of the actuarial assumptions used to determine the accumulated postretirement benefit obligation: December 31, 2021 2020 Equivalent APBO Single Discount Rate 2.80 % 2.50 % Rate of Increase in Future Compensation Levels N/A N/A Current Pre 65 Health Care Trend Rate 5.50 % 5.75 % Current Post 64 Health Care Trend Rate 5.50 % 5.75 % Ultimate Health Care Trend Rate 4.50 % 4.50 % Year Ultimate Trend Rate Reached 2026 2026 The following is a summary of the assumptions used to determine the net postretirement benefit cost: January 1, 2021 2020 Equivalent APBO Single Discount Rate 2.50 % 3.20 % Rate of Increase in Future Compensation Levels N/A N/A Current Pre 65 Health Care Trend Rate 5.75 % 6.00 % Current Post 64 Health Care Trend Rate 5.75 % 6.00 % Ultimate Health Care Trend Rate 4.50 % 4.50 % Year Ultimate Trend Rate Reached 2026 2026 The following is a reconciliation of the accumulated postretirement benefit obligation, which is included in Employee and director benefit plans liabilities (in thousands): Accumulated Postretirement Benefit Fair Value of Funded Reconciliation of Funded Status Obligation Plan Assets Status December 31, 2020: $ (3,625 ) $ $ (3,625 ) Service cost (120 ) (120 ) Interest cost (100 ) (100 ) Losses (148 ) (148 ) Benefits paid 44 (44 ) Participant contributions (54 ) 54 Employer Contributions (10 ) (10 ) December 31, 2021 $ (4,003 ) $ $ (4,003 ) The following is a reconciliation of the accumulated other comprehensive income (in thousands): Accumulated Other Net Prior Service Comprehensive Gain/Loss Cost/(Credit) Income December 31, 2020: $ (754 ) $ (699 ) $ (1,453 ) Amortization payment 81 81 Liability (Gain)/Loss 148 148 December 31, 2021 $ (606 ) $ (618 ) $ (1,224 ) The following is a reconciliation of the Accrued Postretirement Cost (in thousands): Accrued Postretirement Cost at December 31, 2020 $ (5,079 ) Employer Contributions (10 ) Total Net Postretirement Benefit cost (139 ) Accrued Postretirement Cost at December 31, 2021 $ (5,228 ) |
Note P - Fair Value Measurement
Note P - Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE P - FAIR VALUE MEASUREMENTS AND DISCLOSURES: The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may not Fair Value Hierarchy The Company groups assets and liabilities at fair value in three Level 1 Level 2 not Level 3 one not Following is a description of valuation methodologies used to determine the fair value of financial assets and liabilities. Cash and Due from Banks The carrying amount shown as cash and due from banks approximates fair value. Available for Sale Securities The fair value of available for sale securities is based on quoted market prices. The Company’s available for sale securities are reported at their estimated fair value, which is determined utilizing several sources. The primary source is ICE Data Pricing and Reference Date, LLC (“ICE”) which purchased Interactive Data Corporation (“IDC”) but kept the IDC methodologies. Those methodologies include utilizing pricing models that vary based on asset class and include available trade, bid and other market information and whose methodology includes broker quotes, proprietary models and vast descriptive databases. Another source for determining fair value is matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark securities. The Company’s available for sale securities for which fair value is determined through the use of such pricing models and matrix pricing are classified as Level 2 Held to Maturity Securities The fair value of held to maturity securities is based on quoted market prices. The Company’s held to maturity securities are reported at their amortized cost, and their estimated fair value, which is determined utilizing several sources, is disclosed in the financial statements and footnotes. The primary source is ICE Data Pricing and Reference Date, LLC (“ICE”) which purchased Interactive Data Corporation (“IDC”) but kept the IDC methodologies. Those methodologies include utilizing pricing models that vary based on asset class and include available trade, bid and other market information and whose methodology includes broker quotes, proprietary models and vast descriptive databases. Another source for determining fair value is matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark securities. The Company’s held to maturity securities for which fair value is determined through the use of such pricing models and matrix pricing are classified as Level 2 Other Investments The carrying amount shown as other investments approximates fair value. Federal Home Loan Bank Stock The carrying amount shown as Federal Home Loan Bank Stock approximates fair value. Loans The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings for the remaining maturities. The cash flows considered in computing the fair value of such loans are segmented into categories relating to the nature of the contract and collateral based on contractual principal maturities. Appropriate adjustments are made to reflect probable credit losses. Cash flows have not third 3 Other Real Estate In the course of lending operations, Management may third one 3 Cash Surrender Value of Life Insurance The carrying amount of cash surrender value of bank-owned life insurance approximates fair value. Deposits The fair value of non-interest bearing demand and interest bearing savings and demand deposits is the amount reported in the financial statements. The fair value of time deposits is estimated by discounting the cash flows using current rates for time deposits with similar remaining maturities. The cash flows considered in computing the fair value of such deposits are based on contractual maturities, since approximately 98% of time deposits provide for automatic renewal at current interest rates. Borrowings from Federal Home Loan Bank The fair value of FHLB fixed rate borrowings is estimated using discounted cash flows based on current incremental borrowing rates for similar types of borrowing arrangements. The fair value of FHLB variable rate borrowings is estimated to be its carrying value. The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of December 31, 2021 2020, Fair Value Measurements Using Total Level 1 Level 2 Level 3 December 31, 2021: U.S. Treasuries $ 73,154 $ $ 73,154 $ Mortgage-backed securities 71,982 71,982 Collateralized mortgage obligations 129,987 129,987 States and political subdivisions 101,680 101,680 Total $ 376,803 $ $ 376,803 $ December 31, 2020: U.S. Treasuries $ 20,124 $ $ 20,124 $ U.S. Government agencies 2,583 2,583 Mortgage-backed securities 72,676 72,676 Collateralized mortgage obligations 45,437 45,437 States and political subdivisions 39,310 39,310 Total $ 180,130 $ $ 180,130 $ Impaired loans, which are measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of December 31, 2021 2020 Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2021 $ 129 $ $ $ 129 2020 493 493 Other real estate, which is measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of December 31, 2021 2020 Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2021 $ 1,891 $ $ $ 1,891 2020 3,475 3,475 The following table presents a summary of changes in the fair value of other real estate which is measured using Level 3 2021 2020 Balance, beginning of year $ 3,475 $ 7,453 Loans transferred to ORE 14 753 Sales (1,299 ) (4,070 ) Write-downs (299 ) (661 ) Balance, end of year $ 1,891 $ 3,475 The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at December 31, 2021 2020 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2021: Financial Assets: Cash and due from banks $ 49,991 $ 49,991 $ $ $ 49,991 Available for sale securities 376,803 376,803 376,803 Held to maturity securities 110,208 111,340 111,340 Other investments 2,404 2,404 2,404 Federal Home Loan Bank stock 2,153 2,153 2,153 Loans, net 235,851 238,305 238,305 Cash surrender value of life insurance 20,150 20,150 20,150 Financial Liabilities: Deposits: Non-interest bearing 193,473 193,473 193,473 Interest bearing 511,365 512,034 512,034 Borrowings from Federal Home Loan Bank 889 1,072 1,072 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2020: Financial Assets: Cash and due from banks $ 91,542 $ 91,542 $ $ $ 91,542 Available for sale securities 180,130 180,130 180,130 Held to maturity securities 75,688 78,474 78,474 Other investments 2,593 2,593 2,593 Federal Home Loan Bank stock 2,149 2,149 2,149 Loans, net 273,995 278,898 278,898 Cash surrender value of life insurance 19,609 19,609 19,609 Financial Liabilities: Deposits: Non-interest bearing 170,269 170,269 170,269 Interest bearing 380,229 380,733 380,733 Borrowings from Federal Home Loan Bank 969 1,316 1,316 |
Note Q - Subsequent Events
Note Q - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE Q: SUBSEQUENT EVENTS: On March 11, 2022, .09 March 30, 2022 March 23, 2022. On March 17, 2022, second 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Company Description [Policy Text Block] | Business of The Company Peoples Financial Corporation (the “Company”) is a one two fifty three |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The Company and its subsidiaries recognize assets and liabilities, and income and expense, on the accrual basis of accounting. The preparation of 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 these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not |
Revenue [Policy Text Block] | Revenue Recognition Accounting Standards Update (“ASU”) 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 Trust department income and fees Service charges on deposit accounts ATM fee income Other non-interest income |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Accounting Standards Update 2016 13, Financial Instruments-Credit Losses (Topic 326 on Financial Instruments 2016 13” 2016 13 not 2016 13 third 2016 13, third 2016 13 December 15, 2019. November 2019, 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 2019–10” 2019 10 2016 13, Financial Instruments Credit Losses 2016 13 December 15, 2022, In August 2021, 2021 06 2021 06” Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 ASU 2021 06 No. 33 10786, No. 33 10835, 10 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Due from Banks Until March 26, 2020, zero December 31, 2020. |
Marketable Securities, Policy [Policy Text Block] | Securities The classification of securities is determined by Management at the time of purchase. Securities are classified as held to maturity when the Company has the positive intent and ability to hold the security until maturity. Securities held to maturity are stated at amortized cost. Securities not |
Investment, Policy [Policy Text Block] | Other Investments Other investments include a low income housing partnership in which the Company is a 99% limited partner. The partnership has qualified to receive annual low income housing federal tax credits that are recognized as a reduction of the current tax expense. The investment is accounted for using the equity method. |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock The Company is a member of the Federal Home Loan Bank of Dallas (“FHLB”) and as such is required to maintain a minimum investment in its stock that varies with the level of FHLB advances outstanding. The stock is bought from and sold to the FHLB based on its $100 par value. The stock does not |
Financing Receivable [Policy Text Block] | Loans The loan portfolio consists of commercial and industrial and real estate loans within the Company’s trade area that we have the intent and ability to hold for the foreseeable future or until maturity. The loan policy establishes guidelines relating to pricing; repayment terms; collateral standards including loan to value limits, appraisal and environmental standards; lending authority; lending limits and documentation requirements. Loans are stated at the amount of unpaid principal, reduced by unearned income and the allowance for loan losses. Interest on loans is recognized on a daily basis over the terms of each loan based on the unpaid principal balance. Loan origination fees are recognized as income when received. Revenue from these fees is not The Company continuously monitors its relationships with its loan customers in concentrated industries such as gaming and hotel/motel, as well as the exposure for out of area, land development, construction and commercial real estate loans, and their direct and indirect impact on its operations. Loan delinquencies and deposit overdrafts are monitored on a weekly basis in order to identify developing problems as early as possible. On a monthly basis, a watch list of credits based on our loan grading system is prepared. Grades are applied to individual loans based on factors including repayment ability, financial condition of the borrower and payment performance. Loans with lower grades are placed on the watch list of credits. The watch list is the primary tool for monitoring the credit quality of the loan portfolio. Once loans are determined to be past due, the loan officer and the special assets department work vigorously to return the loans to a current status. The Company places loans on a nonaccrual status when, in the opinion of Management, they possess sufficient uncertainty as to timely collection of interest or principal so as to preclude the recognition in reported earnings of some or all of the contractual interest. Accrued interest on loans classified as nonaccrual is reversed at the time the loans are placed on nonaccrual. Interest received on nonaccrual loans is applied against principal. Loans are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no Loans which become 90 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses (“ALL”) is a valuation account available to absorb losses on loans. The ALL is established through provisions for loan losses charged against earnings. Loans deemed to be uncollectible are charged against the ALL, and subsequent recoveries, if any, are credited to the allowance. The ALL is based on Management's evaluation of the loan portfolio under current economic conditions and is an amount that Management believes will be adequate to absorb probable losses on loans existing at the reporting date. On a quarterly basis, the Company’s problem asset committee meets to review the watch list of credits, which is formulated from the loan grading system. Members of this committee include loan officers, collection officers, the special assets director, the chief lending officer, the chief credit officer, the chief financial officer and the chief executive officer. The evaluation includes Management’s assessment of several factors: review and evaluation of specific loans, changes in the nature and volume of the loan portfolio, current and anticipated economic conditions and the related impact on specific borrowers and industry groups, a study of loss experience, a review of classified, non-performing and delinquent loans, the estimated value of any underlying collateral, an estimate of the possibility of loss based on the risk characteristics of the portfolio, adverse situations that may may The ALL consists of specific and general components. The specific component relates to loans that are classified as impaired. The general component of the allowance relates to loans that are not December 31, 2021. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructurings and performing and non-performing major loans for which full payment of principal or interest is not not All impaired loans are reviewed, at a minimum, on a quarterly basis. The Company calculates the specific allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of its collateral. Most of the Company’s impaired loans are collateral-dependent. The fair value of the collateral for collateral-dependent loans is based on appraisals performed by third 1989 2010. $500,000. $500,000 When Management determines that a loan is impaired and the loan is collateral-dependent, an evaluation of the fair value of the collateral is performed. The Company maintains established criteria for assessing whether an existing appraisal continues to reflect the fair value of the property for collateral-dependent loans. Appraisals are generally considered to be valid for a period of at least twelve 12 may no During the interim period between ordering and receipt of the new appraisal, Management considers if the existing appraisal should be discounted to determine the estimated fair value of collateral. Discounts are applied to the existing appraisal and take into consideration the property type, condition of the property, external market data, internal data, reviews of recently obtained appraisals and evaluations of similar properties, comparable sales of similar properties and tax assessment valuations. When the new appraisal is received and approved by Management, the valuation stated in the appraisal is used as the fair value of the collateral in determining impairment, if any. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance is required as a specific component of the allowance for loan losses. Any specific reserves recorded in the interim are adjusted accordingly. The general component of the ALL is the loss estimated by applying historical loss percentages to non-classified loans which have been divided into segments. These segments include gaming; hotel/motel; real estate, construction; real estate, mortgage; commercial and industrial and all other. The loss percentages are based on each segment’s historical five may Management considers the following when assessing risk in the Company's loan portfolio segments: gaming - loans in this segment are primarily susceptible to declines in tourism and general economic conditions; hotel/motel - loans in this segment are primarily susceptible to tourism, declines in occupancy rates, business failure, industry concentrations and general economic conditions; real estate, construction - loans in this segment are primarily susceptible to cost overruns, changes in market demand for property, delay in completion of construction and declining real estate values; real estate, mortgage - loans in this segment are primarily susceptible to general economic conditions, declining real estate values, industry concentrations and business failure; commercial and industrial - loans in this segment are primarily susceptible to general economic conditions, declining real estate values, industry concentrations and business failure; and other - loans in this segment, most of which are consumer loans, are primarily susceptible to regulatory risks, unemployment and general economic conditions. |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by the straight-line method based on the estimated useful lives of the related assets. |
Real Estate, Policy [Policy Text Block] | Other Real Estate Other real estate (“ORE”) includes real estate acquired through foreclosure. Each other real estate property is carried at fair value, less estimated costs to sell. Fair value is principally based on appraisals performed by third |
Trust Department Income and Fees [Policy Text Block] | Trust Department Income and Fees Corporate trust fees are accounted for on an accrual basis and personal trust fees are recorded when the underlying trust is serviced. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, the recognition of future tax benefits, such as net operating loss carry forwards, is required to the extent that realization of such benefits is more likely than not. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not not |
Postemployment Benefit Plans, Policy [Policy Text Block] | Post-Retirement Benefit Plan The Company accounts for its post-retirement benefit plan under Accounting Standards Codification (“Codification” or “ASC”) Topic 715, 715” not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic and diluted earnings per share are computed on the basis of the weighted average number of common shares outstanding of 4,844,248 for 2021, 2020, 2019. |
Accumulated Other Comprehensive Income (Loss) [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) At December 31, 2021, 2020 2019, |
Statement of Cash Flows [Policy Text Block] | Statements of Cash Flows The Company has defined cash and cash equivalents to include cash and due from banks. The Company paid $840,992, $1,610,864, and $3,231,710 in 2021, 2020 2019, 2021. 2020 2019. 2021, 2020 2019, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement The Company reports certain assets and liabilities at their estimated fair value. These assets and liabilities are classified and disclosed in one three |
Note B - Securities (Tables)
Note B - Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Unrealized Unrealized December 31, 2021 Amortized Cost Gains Losses Fair Value Available for sale securities: U.S. Treasuries $ 73,889 $ $ (735 ) $ 73,154 Mortgage-backed securities 71,187 1,236 (441 ) 71,982 Collateralized mortgage obligations 130,181 841 (1,035 ) 129,987 States and political subdivisions 103,704 293 (2,317 ) 101,680 Total available for sale securities $ 378,961 $ 2,370 $ (4,528 ) $ 376,803 Held to maturity securities: States and political subdivisions $ 110,208 $ 1,760 $ (628 ) $ 111,340 Total held to maturity securities $ 110,208 $ 1,760 $ (628 ) $ 111,340 Gross Gross Unrealized Unrealized December 31, 2020 Amortized Cost Gains Losses Fair Value Available for sale securities: U.S. Treasuries $ 19,999 $ 125 $ $ 20,124 U.S. Government agencies 2,500 83 2,583 Mortgage-backed securities 69,485 3,237 (46 ) 72,676 Collateralized mortgage obligations 44,230 1,207 45,437 States and political subdivisions 38,600 751 (41 ) 39,310 Total available for sale securities $ 174,814 $ 5,403 $ (87 ) $ 180,130 Held to maturity securities: States and political subdivisions $ 75,688 $ 2,809 $ (23 ) $ 78,474 Total held to maturity securities $ 75,688 $ 2,809 $ (23 ) $ 78,474 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Amortized Cost Fair Value Available for sale securities: Due in one year or less $ 765 $ 770 Due after one year through five years 665 666 Due after five years through ten years 102,511 101,288 Due after ten years 73,652 72,110 Mortgage-backed securities 71,187 71,982 Collaterized mortgage obligations 130,181 129,987 Total $ 378,961 $ 376,803 Held to maturity securities: Due in one year or less $ 5,976 $ 6,014 Due after one year through five years 16,954 17,437 Due after five years through ten years 44,337 44,414 Due after ten years 42,941 43,475 Total $ 110,208 $ 111,340 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2021: U.S. Treasuries $ 73,154 $ 735 $ $ $ 73,154 $ 735 Mortgage-backed securities 26,288 441 26,288 441 Collateralized mortgage obligations 66,369 1,035 66,369 1,035 States and political subdivisions 102,413 2,577 7,470 368 109,883 2,945 Total $ 268,224 $ 4,788 $ 7,470 $ 368 $ 275,694 $ 5,156 December 31, 2020: Mortgage-backed securities $ 6,278 $ 30 $ 1,619 $ 16 $ 7,897 $ 46 States and political subdivisions 12,335 64 12,335 64 Total $ 18,613 $ 94 $ 1,619 $ 16 $ 20,232 $ 110 |
Note C - Loans (Tables)
Note C - Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 Gaming $ 7,900 $ 18,765 Hotel/motel 50,765 45,499 Real estate, construction 27,191 26,609 Real estate, mortgage 128,352 144,276 Commercial and industrial 15,882 37,429 Other 9,072 5,843 Total $ 239,162 $ 278,421 |
Schedule of Related Party Transactions [Table Text Block] | 2021 2020 Balance, January 1 $ 4,458 $ 9,190 January 1 balance, loans of officer appointed during the year 247 January 1 balance, loans of directors retired or deceased during the year (4,441 ) New loans and advances 2,049 126 Repayments (529 ) (664 ) Balance, December 31 $ 5,978 $ 4,458 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | December 31, 2021 2020 Gaming $ 7,900 $ 18,765 Hotel/motel 50,765 45,499 Out of area 6,987 7,995 |
Financing Receivable, Past Due [Table Text Block] | Number of Days Past Due Loans Past Due Greater Than 90 30 - 59 60 - 89 Greater Than 90 Total Past Due Current Total Loans Days and Still Accruing December 31, 2021: Gaming $ $ $ $ $ 7,900 $ 7,900 $ Hotel/motel 50,765 50,765 Real estate, construction 105 105 27,086 27,191 Real estate, mortgage 1,996 60 63 2,119 126,233 128,352 Commercial and industrial 21 320 341 15,541 15,882 Other 209 209 8,863 9,072 Total $ 2,331 $ 380 $ 63 $ 2,774 $ 236,388 $ 239,162 $ December 31, 2020: Gaming $ $ $ $ $ 18,765 $ 18,765 $ Hotel/motel 45,499 45,499 Real estate, construction 277 277 26,332 26,609 Real estate, mortgage 2,865 263 118 3,246 141,030 144,276 Commercial and industrial 80 80 37,349 37,429 Other 63 63 5,780 5,843 Total $ 3,285 $ 263 $ 118 $ 3,666 $ 274,755 $ 278,421 $ |
Financing Receivable Credit Quality Indicators [Table Text Block] | Loans With A Grade Of: A, B or C S D E F Total December 31, 2021: Gaming $ 7,900 $ $ $ $ $ 7,900 Hotel/motel 50,765 50,765 Real estate, construction 26,980 6 205 27,191 Real estate, mortgage 124,289 87 3,344 632 128,352 Commercial and industrial 15,834 27 21 15,882 Other 9,060 12 9,072 Total $ 234,828 $ 87 $ 3,389 $ 858 $ $ 239,162 December 31, 2020: Gaming $ 15,938 $ $ 2,827 $ $ $ 18,765 Hotel/motel 45,499 45,499 Real estate, construction 26,098 61 450 26,609 Real estate, mortgage 129,825 7,977 3,741 2,733 144,276 Commercial and industrial 31,810 5,525 45 49 37,429 Other 5,822 21 5,843 Total $ 254,992 $ 13,502 $ 6,695 $ 3,232 $ $ 278,421 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2021 2020 Real estate, construction $ 138 $ 346 Real estate, mortgage 563 2,656 Commercial and industrial 25 Total $ 701 $ 3,027 |
Impaired Financing Receivables [Table Text Block] | Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2021: With no related allowance recorded: Real estate, construction $ 272 $ 205 $ $ 369 $ 7 Real estate, mortgage 1,014 1,014 1,075 21 Total 1,286 1,219 1,444 28 With a related allowance recorded: Real estate, mortgage 199 199 70 203 5 Total 199 199 70 203 5 Total by class of loans: Real estate, construction 272 205 369 7 Real estate, mortgage 1,213 1,213 70 1,278 26 Total $ 1,485 $ 1,418 $ 70 $ 1,647 $ 33 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2020: With no related allowance recorded: Real estate, construction $ 304 $ 239 $ $ 246 $ 11 Real estate, mortgage 3,112 3,112 3,496 39 Total 3,416 3,351 3,742 50 With a related allowance recorded: Real estate, construction 211 211 20 214 Real estate, mortgage 253 253 76 250 6 Commercial and industrial 25 25 4 31 Total 489 489 100 495 6 Total by class of loans: Real estate, construction 515 450 20 460 11 Real estate, mortgage 3,365 3,365 76 3,746 45 Commercial and industrial 25 25 4 31 Total $ 3,905 $ 3,840 $ 100 $ 4,237 $ 56 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Gaming Hotel/Motel Real Estate, Construction Real Estate, Mortgage Commercial and Industrial Other Total December 31, 2021: Allowance for Loan Losses: Beginning Balance $ 186 $ 754 $ 111 $ 2,849 $ 417 $ 109 $ 4,426 Charge-offs (2 ) (2 ) (286 ) (290 ) Recoveries 18 4,599 102 119 4,838 Provision (84 ) (63 ) 12 (5,397 ) (267 ) 136 (5,663 ) Ending Balance $ 102 $ 691 $ 139 $ 2,049 $ 252 $ 78 $ 3,311 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ $ $ 115 $ 27 $ $ 142 Ending balance: collectively evaluated for impairment $ 102 $ 691 $ 139 $ 1,934 $ 225 $ 78 $ 3,169 Total Loans: Ending balance: individually evaluated for impairment $ $ $ 211 $ 3,976 $ 48 $ 12 $ 4,247 Ending balance: collectively evaluated for impairment $ 7,900 $ 50,765 $ 26,980 $ 124,376 $ 15,834 $ 9,060 $ 234,915 December 31, 2020: Allowance for Loan Losses: Beginning Balance $ 223 $ 779 $ 102 $ 2,454 $ 553 $ 96 $ 4,207 Charge-offs (17 ) (5,472 ) (261 ) (227 ) (5,977 ) Recoveries 15 34 145 194 Provision (37 ) (25 ) 11 5,867 91 95 6,002 Ending Balance $ 186 $ 754 $ 111 $ 2,849 $ 417 $ 109 $ 4,426 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ $ 20 $ 200 $ 40 $ $ 260 Ending balance: collectively evaluated for impairment $ 186 $ 754 $ 91 $ 2,649 $ 377 $ 109 $ 4,166 Total Loans: Ending balance: individually evaluated for impairment $ 2,827 $ $ 511 $ 6,474 $ 94 $ 21 $ 9,927 Ending balance: collectively evaluated for impairment $ 15,938 $ 45,499 $ 26,098 $ 137,802 $ 37,335 $ 5,822 $ 268,494 Gaming Hotel/Motel Real Estate, Construction Real Estate, Mortgage Commercial and Industrial Other Total December 31, 2019: Allowance for Loan Losses: Beginning Balance $ 416 $ 1,442 $ 429 $ 2,444 $ 476 $ 133 $ 5,340 Charge-offs (404 ) (63 ) (591 ) (270 ) (1,328 ) Recoveries 25 4 55 111 195 Provision (193 ) (663 ) 52 69 613 122 Ending Balance $ 223 $ 779 $ 102 $ 2,454 $ 553 $ 96 $ 4,207 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ $ 20 $ 180 $ 57 $ 4 $ 261 Ending balance: collectively evaluated for impairment $ 223 $ 779 $ 82 $ 2,274 $ 496 $ 92 $ 3,946 Total Loans: Ending balance: individually evaluated for impairment $ $ $ 597 $ 12,228 $ 390 $ 15 $ 13,230 Ending balance: collectively evaluated for impairment $ 19,899 $ 47,294 $ 22,612 $ 129,178 $ 30,236 $ 6,500 $ 255,719 |
Note D - Bank Premises and Eq_2
Note D - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, Estimated Useful Lives 2021 2020 Land $ 5,554 $ 5,554 Building 5 - 40 years 32,334 30,791 Furniture, fixtures and equipment 3 - 10 years 16,482 17,117 Totals, at cost 54,370 53,462 Less: Accumulated depreciation 38,571 37,783 Totals $ 15,799 $ 15,679 |
Note E - Other Real Estate (Tab
Note E - Other Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | December 31, 2021 2020 Number of Number of Properties Balance Properties Balance Construction, land development and other land 4 $ 785 9 $ 2,303 1 - 4 family residential properties 1 49 Nonfarm nonresidential 1 753 2 770 Other 1 353 1 353 Total 6 $ 1,891 13 $ 3,475 |
Note F - Deposits (Tables)
Note F - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | 2022 $ 67,320 2023 12,069 2024 2,064 2025 902 2026 599 Total $ 82,954 |
Note I - Income Taxes (Tables)
Note I - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Allowance for loan losses $ 695 $ 930 Employee benefit plans' liabilities 3,240 3,223 Loss on credit impairment of securities 356 356 Earned retiree health benefits plan liability 1,098 1,048 General business and AMT credits 1,525 1,707 Tax net operating loss carryforward 1,575 2,558 Other 523 854 Valuation allowance (6,889 ) (7,209 ) Deferred tax assets 2,123 3,467 Deferred tax liabilities: Unrealized gain on available for sale securities, charged from equity 3 1,116 Unearned retiree health benefits plan asset 257 305 Bank premises and equipment 1,575 1,797 Other 288 249 Deferred tax liabilities 2,123 3,467 Net deferred taxes $ $ |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2021 2020 2019 Current $ 62 $ $ Deferred: Federal 1,482 (809 ) 166 Change in valuation allowance (1,482 ) 809 (166 ) Total deferred Totals $ 62 $ $ |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 2019 Tax Rate Tax Rate Tax Rate Taxes computed at statutory rate $ 1,815 21 $ (578 ) (21 ) $ 321 21 Increase (decrease) resulting from: Tax-exempt interest income (187 ) (2 ) (127 ) (5 ) (172 ) (11 ) Income from BOLI (91 ) (1 ) (148 ) (5 ) (92 ) (6 ) Federal tax credits (20 ) (1 ) Other 6 44 2 129 8 Other changes in valuation allowance (1,481 ) (17 ) 809 29 (166 ) (11 ) Total income tax expense $ 62 1 $ $ |
Note J - Shareholders' Equity (
Note J - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio December 31, 2021: Total Capital (to Risk Weighted Assets) $ 96,582 21.44 % $ 36,033 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 93,271 20.71 % 20,269 4.50 % Tier 1 Capital (to Risk Weighted Assets) 93,271 20.71 % 27,025 6.00 % Tier 1 Capital (to Average Assets) 93,271 12.55 % 29,737 4.00 % December 31, 2020: Total Capital (to Risk Weighted Assets) $ 93,268 23.00 % $ 32,442 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 88,842 21.91 % 18,249 4.50 % Tier 1 Capital (to Risk Weighted Assets) 88,842 21.91 % 24,331 6.00 % Tier 1 Capital (to Average Assets) 88,842 14.07 % 25,255 4.00 % For Capital To Be Well Actual Adequacy Purposes Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2021: Total Capital (to Risk Weighted Assets) $ 93,988 20.98 % $ 35,839 8.00 % $ 44,799 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 90,677 20.24 % 20,160 4.50 % 29,119 6.50 % Tier 1 Capital (to Risk Weighted Assets) 90,677 20.24 % 26,879 6.00 % 35,839 8.00 % Tier 1 Capital (to Average Assets) 90,677 11.13 % 32,599 4.00 % 40,749 5.00 % December 31, 2020: Total Capital (to Risk Weighted Assets) $ 90,559 22.87 % $ 31,683 8.00 % $ 39,603 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 86,133 21.75 % 17,821 4.50 % 25,742 6.50 % Tier 1 Capital (to Risk Weighted Assets) 86,133 21.75 % 23,762 6.00 % 31,683 8.00 % Tier 1 Capital (to Average Assets) 86,133 12.53 % 27,504 4.00 % 34,380 5.00 % |
Note K - Other Income and Exp_2
Note K - Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Years Ended December 31, 2021 2020 2019 Other service charges, commissions and fees $ 86 $ 80 $ 91 Rentals 364 369 329 Other 136 94 112 Totals $ 586 $ 543 $ 532 |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Years Ended December 31, 2021 2020 2019 Advertising $ 377 $ 350 $ 529 Data processing 1,408 1,226 1,356 FDIC and state banking assessments 415 359 374 Legal and accounting 1,930 532 714 Other real estate 86 1,044 553 ATM expense 1,084 917 697 Trust expense 347 338 368 Other 1,718 1,542 1,975 Totals $ 7,365 $ 6,308 $ 6,566 |
Note N - Condensed Parent Com_2
Note N - Condensed Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2021 2020 Assets Investments in subsidiaries, at underlying equity: Bank subsidiary $ 88,998 $ 92,157 Nonbank subsidiary 1 1 Cash in bank subsidiary 166 92 Other assets 2,427 2,616 Total assets $ 91,592 $ 94,866 Liabilities and Shareholders' Equity: Other liabilities $ $ Total liabilities Shareholders' equity 91,592 94,866 Total liabilities and shareholders' equity $ 91,592 $ 94,866 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, 2021 2020 2019 Income Distributed income of bank subsidiary $ 4,610 $ 250 $ 700 Undistributed income (loss) of bank subsidiary 4,544 (2,888 ) 1,240 Other loss (186 ) (46 ) (164 ) Total income 8,968 (2,684 ) 1,776 Expenses Other 389 67 97 Total expenses 389 67 97 Income (loss) before income taxes 8,579 (2,751 ) 1,679 Income tax Net income (loss) $ 8,579 $ (2,751 ) $ 1,679 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, 2021 2020 2019 Cash flows from operating activities: Net income (loss) $ 8,579 $ (2,751 ) $ 1,679 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Loss from other investments 190 50 166 Undistributed (income) loss of subsidiaries (4,544 ) 2,888 (1,240 ) Other assets (1 ) (2 ) Net cash provided by operating activities 4,224 185 605 Cash flows from investing activities: Net cash provided by investing activities Cash flows from financing activities: Stock repurchase (3,381 ) (735 ) Dividends paid (769 ) (98 ) (148 ) Net cash used in financing activities (4,150 ) (833 ) (148 ) Net increase (decrease) in cash 74 (648 ) 457 Cash, beginning of year 92 740 283 Cash, end of year $ 166 $ 92 $ 740 |
Note O - Employee and Directo_2
Note O - Employee and Director Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | For the Year Ended December 31, 2021 2020 Net Postretirement Benefit Cost $ 139 $ 61 |
Defined Benefit Plan, Accumulated Postemployment Benefit Obligations and Amounts in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2021 2020 Accumulated Postretirement Benefit Obligation $ 4,003 $ 3,625 Fair Value of Plan Assets Funded Status $ 4,003 $ 3,625 Balance in Accumulated Other Comprehensive Income $ 1,224 $ 1,453 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | For the Year Ended December 31, 2021 2020 Net Gain $ 606 $ 754 Prior Service Credit 618 699 Total $ 1,224 $ 1,453 |
Defined Benefit Plan, Assumptions [Table Text Block] | December 31, 2021 2020 Equivalent APBO Single Discount Rate 2.80 % 2.50 % Rate of Increase in Future Compensation Levels N/A N/A Current Pre 65 Health Care Trend Rate 5.50 % 5.75 % Current Post 64 Health Care Trend Rate 5.50 % 5.75 % Ultimate Health Care Trend Rate 4.50 % 4.50 % Year Ultimate Trend Rate Reached 2026 2026 January 1, 2021 2020 Equivalent APBO Single Discount Rate 2.50 % 3.20 % Rate of Increase in Future Compensation Levels N/A N/A Current Pre 65 Health Care Trend Rate 5.75 % 6.00 % Current Post 64 Health Care Trend Rate 5.75 % 6.00 % Ultimate Health Care Trend Rate 4.50 % 4.50 % Year Ultimate Trend Rate Reached 2026 2026 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Accumulated Postretirement Benefit Fair Value of Funded Reconciliation of Funded Status Obligation Plan Assets Status December 31, 2020: $ (3,625 ) $ $ (3,625 ) Service cost (120 ) (120 ) Interest cost (100 ) (100 ) Losses (148 ) (148 ) Benefits paid 44 (44 ) Participant contributions (54 ) 54 Employer Contributions (10 ) (10 ) December 31, 2021 $ (4,003 ) $ $ (4,003 ) |
Schedule of Accumulated Other Comprehensive Income for Defined Benefit Plan [Table Text Block] | Accumulated Other Net Prior Service Comprehensive Gain/Loss Cost/(Credit) Income December 31, 2020: $ (754 ) $ (699 ) $ (1,453 ) Amortization payment 81 81 Liability (Gain)/Loss 148 148 December 31, 2021 $ (606 ) $ (618 ) $ (1,224 ) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | Accrued Postretirement Cost at December 31, 2020 $ (5,079 ) Employer Contributions (10 ) Total Net Postretirement Benefit cost (139 ) Accrued Postretirement Cost at December 31, 2021 $ (5,228 ) |
Note P - Fair Value Measureme_2
Note P - Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Total Level 1 Level 2 Level 3 December 31, 2021: U.S. Treasuries $ 73,154 $ $ 73,154 $ Mortgage-backed securities 71,982 71,982 Collateralized mortgage obligations 129,987 129,987 States and political subdivisions 101,680 101,680 Total $ 376,803 $ $ 376,803 $ December 31, 2020: U.S. Treasuries $ 20,124 $ $ 20,124 $ U.S. Government agencies 2,583 2,583 Mortgage-backed securities 72,676 72,676 Collateralized mortgage obligations 45,437 45,437 States and political subdivisions 39,310 39,310 Total $ 180,130 $ $ 180,130 $ |
Schedule of Change in Other Real Estate [Table Text Block] | 2021 2020 Balance, beginning of year $ 3,475 $ 7,453 Loans transferred to ORE 14 753 Sales (1,299 ) (4,070 ) Write-downs (299 ) (661 ) Balance, end of year $ 1,891 $ 3,475 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2021: Financial Assets: Cash and due from banks $ 49,991 $ 49,991 $ $ $ 49,991 Available for sale securities 376,803 376,803 376,803 Held to maturity securities 110,208 111,340 111,340 Other investments 2,404 2,404 2,404 Federal Home Loan Bank stock 2,153 2,153 2,153 Loans, net 235,851 238,305 238,305 Cash surrender value of life insurance 20,150 20,150 20,150 Financial Liabilities: Deposits: Non-interest bearing 193,473 193,473 193,473 Interest bearing 511,365 512,034 512,034 Borrowings from Federal Home Loan Bank 889 1,072 1,072 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2020: Financial Assets: Cash and due from banks $ 91,542 $ 91,542 $ $ $ 91,542 Available for sale securities 180,130 180,130 180,130 Held to maturity securities 75,688 78,474 78,474 Other investments 2,593 2,593 2,593 Federal Home Loan Bank stock 2,149 2,149 2,149 Loans, net 273,995 278,898 278,898 Cash surrender value of life insurance 19,609 19,609 19,609 Financial Liabilities: Deposits: Non-interest bearing 170,269 170,269 170,269 Interest bearing 380,229 380,733 380,733 Borrowings from Federal Home Loan Bank 969 1,316 1,316 |
Other Real Estate [Member] | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2021 $ 1,891 $ $ $ 1,891 2020 3,475 3,475 |
Impaired Loans Receivable [Member] | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2021 $ 129 $ $ $ 129 2020 493 493 |
Note A - Business and Summary_2
Note A - Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Average Reserve Balance with Federal Reserve Bank | $ 17,000 | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) | 4,844,248 | 4,893,151 | 4,943,186 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 840,992 | $ 1,610,864 | $ 3,231,710 |
Income Taxes Paid, Net, Total | 165,000 | 0 | 0 |
Real Estate Owned, Transfer to Real Estate Owned | 13,648 | $ 753,620 | $ 1,707,389 |
Federal Home Loan Bank of Dallas [Member] | |||
Federal Home Loan Bank, Advances, Par Value, Total | $ 100 | ||
Low Income Housing Partnership [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 99.00% |
Note B - Securities (Details Te
Note B - Securities (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 29,457,361 |
Debt and Equity Securities, Realized Gain (Loss), Total | 539,023 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 229,092,900 | $ 206,544,282 |
US Treasury Securities [Member] | ||
Securities In Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | |
Securities, Qualitative Disclosure, Number of Positions | 6 | |
Collateralized Mortgage Backed Securities [Member] | ||
Securities In Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 6 | |
Securities, Qualitative Disclosure, Number of Positions | 48 | |
Collateralized Mortgage Obligations [Member] | ||
Securities In Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 16 | |
Securities, Qualitative Disclosure, Number of Positions | 34 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities In Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 90 | |
Securities, Qualitative Disclosure, Number of Positions | 224 |
Note B - Securities - Amortized
Note B - Securities - Amortized Cost and Fair Value Of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities, amortized cost | $ 378,961 | $ 174,814 |
Available for sale securities, gross unrealized gains | 2,370 | 5,403 |
Available for sale securities, gross unrealized losses | (4,528) | (87) |
Available for sale securities | 376,803 | 180,130 |
Held to maturity securities | 110,208 | 75,688 |
Held to maturity securities, gross unrealized gains | 1,760 | 2,809 |
Held to maturity securities, gross unrealized losses | (628) | (23) |
Held to maturity securities, fair value | 111,340 | 78,474 |
US Treasury Securities [Member] | ||
Available for sale securities, amortized cost | 73,889 | 19,999 |
Available for sale securities, gross unrealized gains | 125 | |
Available for sale securities, gross unrealized losses | (735) | |
Available for sale securities | 73,154 | 20,124 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities, amortized cost | 71,187 | 69,485 |
Available for sale securities, gross unrealized gains | 1,236 | 3,237 |
Available for sale securities, gross unrealized losses | (441) | (46) |
Available for sale securities | 71,982 | 72,676 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities, amortized cost | 2,500 | |
Available for sale securities, gross unrealized gains | 83 | |
Available for sale securities, gross unrealized losses | ||
Available for sale securities | 2,583 | |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities, amortized cost | 130,181 | 44,230 |
Available for sale securities, gross unrealized gains | 841 | 1,207 |
Available for sale securities, gross unrealized losses | (1,035) | |
Available for sale securities | 129,987 | 45,437 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, amortized cost | 103,704 | 38,600 |
Available for sale securities, gross unrealized gains | 293 | 751 |
Available for sale securities, gross unrealized losses | (2,317) | (41) |
Available for sale securities | 101,680 | 39,310 |
Held to maturity securities | 110,208 | 75,688 |
Held to maturity securities, gross unrealized gains | 1,760 | 2,809 |
Held to maturity securities, gross unrealized losses | (628) | (23) |
Held to maturity securities, fair value | $ 111,340 | $ 78,474 |
Note B - Securities - Amortiz_2
Note B - Securities - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities, due in one year or less, amortized cost | $ 765 | |
Available for sale securities, due in one year or less, fair value | 770 | |
Available for sale securities, due after one year through five years, amortized cost | 665 | |
Available for sale securities, due after one year through five years, fair value | 666 | |
Available for sale securities, due after five years through ten years, amortized cost | 102,511 | |
Available for sale securities, due after five years through ten years, fair value | 101,288 | |
Available for sale securities, due after ten years, amortized cost | 73,652 | |
Available for sale securities, due after ten years, fair value | 72,110 | |
Available for sale securities, amortized cost | 378,961 | $ 174,814 |
Available for sale securities, fair value | 376,803 | 180,130 |
Held to maturity securities, due in one year or less, amortized cost | 5,976 | |
Held to maturity securities, due in one year or less, fair value | 6,014 | |
Held to maturity securities, due after one years through five years, amortized cost | 16,954 | |
Held to maturity securities, due after one year through five years, fair value | 17,437 | |
Held to maturity securities, due after five years through ten years, amortized cost | 44,337 | |
Held to maturity securities, due after five years through ten years, fair value | 44,414 | |
Held to maturity securities, due after ten years, amortized cost | 42,941 | |
Held to maturity securities, due after ten years, fair value | 43,475 | |
Held to maturity securities, amortized cost | 110,208 | 75,688 |
Held to maturity securities, fair value | 111,340 | 78,474 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities, mortgage backed securities, amortized cost | 71,187 | |
Available for sale securities, mortgage backed securities, fair value | 71,982 | |
Available for sale securities, amortized cost | 71,187 | 69,485 |
Available for sale securities, fair value | 71,982 | 72,676 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities, mortgage backed securities, amortized cost | 130,181 | |
Available for sale securities, mortgage backed securities, fair value | 129,987 | |
Available for sale securities, amortized cost | 130,181 | 44,230 |
Available for sale securities, fair value | $ 129,987 | $ 45,437 |
Note B - Securities - Available
Note B - Securities - Available for Sale and Held to Maturity Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Less Than Twelve Months, Fair Value | $ 268,224 | $ 18,613 |
Less Than Twelve Months, Gross Unrealized Losses | 4,788 | 94 |
Over Twelve Months, Fair Value | 7,470 | 1,619 |
Over Twelve Months, Gross Unrealized Losses | 368 | 16 |
Total, Fair Value | 275,694 | 20,232 |
Total, Gross Unrealized Losses | 5,156 | 110 |
US Treasury Securities [Member] | ||
Less Than Twelve Months, Fair Value | 73,154 | |
Less Than Twelve Months, Gross Unrealized Losses | 735 | |
Over Twelve Months, Fair Value | ||
Over Twelve Months, Gross Unrealized Losses | ||
Total, Fair Value | 73,154 | |
Total, Gross Unrealized Losses | 735 | |
Collateralized Mortgage Backed Securities [Member] | ||
Less Than Twelve Months, Fair Value | 26,288 | 6,278 |
Less Than Twelve Months, Gross Unrealized Losses | 441 | 30 |
Over Twelve Months, Fair Value | 1,619 | |
Over Twelve Months, Gross Unrealized Losses | 16 | |
Total, Fair Value | 26,288 | 7,897 |
Total, Gross Unrealized Losses | 441 | 46 |
Collateralized Mortgage Obligations [Member] | ||
Less Than Twelve Months, Fair Value | 66,369 | |
Less Than Twelve Months, Gross Unrealized Losses | 1,035 | |
Over Twelve Months, Fair Value | ||
Over Twelve Months, Gross Unrealized Losses | ||
Total, Fair Value | 66,369 | |
Total, Gross Unrealized Losses | 1,035 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less Than Twelve Months, Fair Value | 102,413 | 12,335 |
Less Than Twelve Months, Gross Unrealized Losses | 2,577 | 64 |
Over Twelve Months, Fair Value | 7,470 | |
Over Twelve Months, Gross Unrealized Losses | 368 | |
Total, Fair Value | 109,883 | 12,335 |
Total, Gross Unrealized Losses | $ 2,945 | $ 64 |
Note C - Loans (Details Textual
Note C - Loans (Details Textual) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Gross, Total | $ 239,162,000 | $ 278,421,000 | |
Financing Receivable, Number of Payment Deferrals | 249 | ||
Financing Receivable, Deferred Payments | $ 95,010,325 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Allocated Specific Reserves To Modified TDRs | $ 50,000 | $ 50,000 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | $ 0 | |
SBA CARES Act Paycheck Protection Program [Member] | |||
Financing Receivable, Number 0f Loans Closing | 363 | ||
Loans and Leases Receivable, Gross, Total | $ 4,878 | $ 22,445,026 | |
Financing Receivable, Number of Loans Outstanding | 2 | ||
SBA CARES Act Paycheck Protection Program [Member] | PPP Loans 2021 [Member] | |||
Financing Receivable, Number 0f Loans Closing | 166 | ||
Loans and Leases Receivable, Gross, Total | $ 9,801,304 | $ 2,819,944 | |
Financing Receivable, Number of Loans Outstanding | 40 |
Note C - Loans - Composition of
Note C - Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable, Gross, Total | $ 239,162 | $ 278,421 |
Gaming [Member] | ||
Loans and Leases Receivable, Gross, Total | 7,900 | 18,765 |
Hotel/Motel [Member] | ||
Loans and Leases Receivable, Gross, Total | 50,765 | 45,499 |
Real Estate, Construction [Member] | ||
Loans and Leases Receivable, Gross, Total | 27,191 | 26,609 |
Real Estate, Mortgage [Member] | ||
Loans and Leases Receivable, Gross, Total | 128,352 | 144,276 |
Commercial And Industrial Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | 15,882 | 37,429 |
Other Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 9,072 | $ 5,843 |
Note C - Loans - Loans to Relat
Note C - Loans - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 4,458 | $ 9,190 |
New loans and advances | 2,049 | 126 |
Repayments | (529) | (664) |
Balance | 5,978 | 4,458 |
Officer [Member] | ||
New loans and advances | 247 | |
Director [Member] | ||
Repayments | $ (4,441) |
Note C - Loans - Evaluation of
Note C - Loans - Evaluation of Quality of Loan Portfolio (Details) - Credit Concentration Risk [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gaming [Member] | ||
Total outstanding concentrations | $ 7,900 | $ 18,765 |
Hotel/Motel [Member] | ||
Total outstanding concentrations | 50,765 | 45,499 |
Out of Area [Member] | ||
Total outstanding concentrations | $ 6,987 | $ 7,995 |
Note C - Loans - Age Analysis o
Note C - Loans - Age Analysis of the Loan Portfolio, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 239,162 | $ 278,421 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 380 | 263 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 236,388 | 274,755 |
Gaming [Member] | ||
Loans | 7,900 | 18,765 |
Gaming [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | ||
Gaming [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 7,900 | 18,765 |
Hotel/Motel [Member] | ||
Loans | 50,765 | 45,499 |
Hotel/Motel [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | ||
Hotel/Motel [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 50,765 | 45,499 |
Real Estate, Construction [Member] | ||
Loans | 27,191 | 26,609 |
Real Estate, Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | ||
Real Estate, Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 27,086 | 26,332 |
Real Estate, Mortgage [Member] | ||
Loans | 128,352 | 144,276 |
Real Estate, Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 60 | 263 |
Real Estate, Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 126,233 | 141,030 |
Commercial And Industrial Loan [Member] | ||
Loans | 15,882 | 37,429 |
Commercial And Industrial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 320 | |
Commercial And Industrial Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 15,541 | 37,349 |
Other Loan [Member] | ||
Loans | 9,072 | 5,843 |
Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | ||
Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | $ 8,863 | $ 5,780 |
Note C - Loans - Analysis of Lo
Note C - Loans - Analysis of Loan Portfolio by Loan Grade, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable, Gross, Total | $ 239,162 | $ 278,421 |
A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 234,828 | 254,992 |
D [Member] | ||
Loans and Leases Receivable, Gross, Total | 3,389 | 6,695 |
E [Member] | ||
Loans and Leases Receivable, Gross, Total | 858 | 3,232 |
S [Member] | ||
Loans and Leases Receivable, Gross, Total | 87 | 13,502 |
Gaming [Member] | ||
Loans and Leases Receivable, Gross, Total | 7,900 | 18,765 |
Gaming [Member] | A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 7,900 | 15,938 |
Gaming [Member] | D [Member] | ||
Loans and Leases Receivable, Gross, Total | 2,827 | |
Hotel/Motel [Member] | ||
Loans and Leases Receivable, Gross, Total | 50,765 | 45,499 |
Hotel/Motel [Member] | A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 50,765 | 45,499 |
Real Estate, Construction [Member] | ||
Loans and Leases Receivable, Gross, Total | 27,191 | 26,609 |
Real Estate, Construction [Member] | A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 26,980 | 26,098 |
Real Estate, Construction [Member] | D [Member] | ||
Loans and Leases Receivable, Gross, Total | 6 | 61 |
Real Estate, Construction [Member] | E [Member] | ||
Loans and Leases Receivable, Gross, Total | 205 | 450 |
Real Estate, Mortgage [Member] | ||
Loans and Leases Receivable, Gross, Total | 128,352 | 144,276 |
Real Estate, Mortgage [Member] | A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 124,289 | 129,825 |
Real Estate, Mortgage [Member] | D [Member] | ||
Loans and Leases Receivable, Gross, Total | 3,344 | 3,741 |
Real Estate, Mortgage [Member] | E [Member] | ||
Loans and Leases Receivable, Gross, Total | 632 | 2,733 |
Real Estate, Mortgage [Member] | S [Member] | ||
Loans and Leases Receivable, Gross, Total | 87 | 7,977 |
Commercial And Industrial Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | 15,882 | 37,429 |
Commercial And Industrial Loan [Member] | A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 15,834 | 31,810 |
Commercial And Industrial Loan [Member] | D [Member] | ||
Loans and Leases Receivable, Gross, Total | 27 | 45 |
Commercial And Industrial Loan [Member] | E [Member] | ||
Loans and Leases Receivable, Gross, Total | 21 | 49 |
Commercial And Industrial Loan [Member] | S [Member] | ||
Loans and Leases Receivable, Gross, Total | 5,525 | |
Other Loan [Member] | ||
Loans and Leases Receivable, Gross, Total | 9,072 | 5,843 |
Other Loan [Member] | A, B, or C [Member] | ||
Loans and Leases Receivable, Gross, Total | 9,060 | 5,822 |
Other Loan [Member] | D [Member] | ||
Loans and Leases Receivable, Gross, Total | $ 12 | $ 21 |
Note C - Loans - Total Loans on
Note C - Loans - Total Loans on Nonaccrual (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total loans on nonaccrual | $ 701 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans on nonaccrual | $ 3,027 | |
Real Estate, Construction [Member] | ||
Total loans on nonaccrual | 138 | |
Real Estate, Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans on nonaccrual | 346 | |
Real Estate, Mortgage [Member] | ||
Total loans on nonaccrual | 563 | |
Real Estate, Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans on nonaccrual | 2,656 | |
Commercial And Industrial Loan [Member] | ||
Total loans on nonaccrual | ||
Commercial And Industrial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Total loans on nonaccrual | $ 25 |
Note C - Loans - Impaired Loans
Note C - Loans - Impaired Loans, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
With no related allowance recorded, Unpaid Principal Balance | $ 1,286 | $ 3,416 |
With no related allowance recorded, Recorded Investment | 1,219 | 3,351 |
With no related allowance recorded, Average Recorded Investment | 1,444 | 3,742 |
With no related allowance recorded, Interest Income Recognized | 28 | 50 |
With a related allowance recorded, Unpaid Principal Balance | 199 | 489 |
With a related allowance recorded, Recorded Investment | 199 | 489 |
Related Allowance | 70 | 100 |
With a related allowance recorded, Average Recorded Investment | 203 | 495 |
With a related allowance recorded, Interest Income Recognized | 5 | 6 |
Total by class of loans, Unpaid Principal Balance | 1,485 | 3,905 |
Total by class of loans, Recorded Investment | 1,418 | 3,840 |
Total by class of loans, Average Recorded Investment | 1,647 | 4,237 |
Total by class of loans, Interest Income Recognized | 33 | 56 |
Real Estate, Construction [Member] | ||
With no related allowance recorded, Unpaid Principal Balance | 272 | 304 |
With no related allowance recorded, Recorded Investment | 205 | 239 |
With no related allowance recorded, Average Recorded Investment | 369 | 246 |
With no related allowance recorded, Interest Income Recognized | 7 | 11 |
With a related allowance recorded, Unpaid Principal Balance | 211 | |
With a related allowance recorded, Recorded Investment | 211 | |
Related Allowance | 20 | |
With a related allowance recorded, Average Recorded Investment | 214 | |
With a related allowance recorded, Interest Income Recognized | ||
Total by class of loans, Unpaid Principal Balance | 272 | 515 |
Total by class of loans, Recorded Investment | 205 | 450 |
Total by class of loans, Average Recorded Investment | 369 | 460 |
Total by class of loans, Interest Income Recognized | 7 | 11 |
Real Estate, Mortgage [Member] | ||
With no related allowance recorded, Unpaid Principal Balance | 1,014 | 3,112 |
With no related allowance recorded, Recorded Investment | 1,014 | 3,112 |
With no related allowance recorded, Average Recorded Investment | 1,075 | 3,496 |
With no related allowance recorded, Interest Income Recognized | 21 | 39 |
With a related allowance recorded, Unpaid Principal Balance | 199 | 253 |
With a related allowance recorded, Recorded Investment | 199 | 253 |
Related Allowance | 70 | 76 |
With a related allowance recorded, Average Recorded Investment | 203 | 250 |
With a related allowance recorded, Interest Income Recognized | 5 | 6 |
Total by class of loans, Unpaid Principal Balance | 1,213 | 3,365 |
Total by class of loans, Recorded Investment | 1,213 | 3,365 |
Total by class of loans, Average Recorded Investment | 1,278 | 3,746 |
Total by class of loans, Interest Income Recognized | $ 26 | 45 |
Commercial And Industrial Loan [Member] | ||
With a related allowance recorded, Unpaid Principal Balance | 25 | |
With a related allowance recorded, Recorded Investment | 25 | |
Related Allowance | 4 | |
With a related allowance recorded, Average Recorded Investment | 31 | |
With a related allowance recorded, Interest Income Recognized | ||
Total by class of loans, Unpaid Principal Balance | 25 | |
Total by class of loans, Recorded Investment | 25 | |
Total by class of loans, Average Recorded Investment | 31 | |
Total by class of loans, Interest Income Recognized |
Note C - Loans - Allowance for
Note C - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning Balance | $ 4,426 | $ 4,207 | $ 5,340 |
Charge-offs | (290) | (5,977) | (1,328) |
Recoveries | 4,838 | 194 | 195 |
Provision for (reduction of) allowance for loan losses | (5,663) | 6,002 | |
Ending Balance | 3,311 | 4,426 | 4,207 |
Ending balance: individually evaluated for impairment | 142 | 260 | 261 |
Ending balance: collectively evaluated for impairment | 3,169 | 4,166 | 3,946 |
Ending balance: individually evaluated for impairment | 4,247 | 9,927 | 13,230 |
Ending balance: collectively evaluated for impairment | 234,915 | 268,494 | 255,719 |
Gaming [Member] | |||
Beginning Balance | 186 | 223 | 416 |
Charge-offs | |||
Recoveries | |||
Provision for (reduction of) allowance for loan losses | (84) | (37) | (193) |
Ending Balance | 102 | 186 | 223 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 102 | 186 | 223 |
Ending balance: individually evaluated for impairment | 2,827 | ||
Ending balance: collectively evaluated for impairment | 7,900 | 15,938 | 19,899 |
Hotel/Motel [Member] | |||
Beginning Balance | 754 | 779 | 1,442 |
Charge-offs | |||
Recoveries | |||
Provision for (reduction of) allowance for loan losses | (63) | (25) | (663) |
Ending Balance | 691 | 754 | 779 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 691 | 754 | 779 |
Ending balance: individually evaluated for impairment | |||
Ending balance: collectively evaluated for impairment | 50,765 | 45,499 | 47,294 |
Real Estate, Construction [Member] | |||
Beginning Balance | 111 | 102 | 429 |
Charge-offs | (2) | (17) | (404) |
Recoveries | 18 | 15 | 25 |
Provision for (reduction of) allowance for loan losses | 12 | 11 | 52 |
Ending Balance | 139 | 111 | 102 |
Ending balance: individually evaluated for impairment | 20 | 20 | |
Ending balance: collectively evaluated for impairment | 139 | 91 | 82 |
Ending balance: individually evaluated for impairment | 211 | 511 | 597 |
Ending balance: collectively evaluated for impairment | 26,980 | 26,098 | 22,612 |
Real Estate, Mortgage [Member] | |||
Beginning Balance | 2,849 | 2,454 | 2,444 |
Charge-offs | (2) | (5,472) | (63) |
Recoveries | 4,599 | 4 | |
Provision for (reduction of) allowance for loan losses | (5,397) | 5,867 | 69 |
Ending Balance | 2,049 | 2,849 | 2,454 |
Ending balance: individually evaluated for impairment | 115 | 200 | 180 |
Ending balance: collectively evaluated for impairment | 1,934 | 2,649 | 2,274 |
Ending balance: individually evaluated for impairment | 3,976 | 6,474 | 12,228 |
Ending balance: collectively evaluated for impairment | 124,376 | 137,802 | 129,178 |
Commercial And Industrial Loan [Member] | |||
Beginning Balance | 417 | 553 | 476 |
Charge-offs | (261) | (591) | |
Recoveries | 102 | 34 | 55 |
Provision for (reduction of) allowance for loan losses | (267) | 91 | 613 |
Ending Balance | 252 | 417 | 553 |
Ending balance: individually evaluated for impairment | 27 | 40 | 57 |
Ending balance: collectively evaluated for impairment | 225 | 377 | 496 |
Ending balance: individually evaluated for impairment | 48 | 94 | 390 |
Ending balance: collectively evaluated for impairment | 15,834 | 37,335 | 30,236 |
Other Loan [Member] | |||
Beginning Balance | 109 | 96 | 133 |
Charge-offs | (286) | (227) | (270) |
Recoveries | 119 | 145 | 111 |
Provision for (reduction of) allowance for loan losses | 136 | 95 | 122 |
Ending Balance | 78 | 109 | 96 |
Ending balance: individually evaluated for impairment | 4 | ||
Ending balance: collectively evaluated for impairment | 78 | 109 | 92 |
Ending balance: individually evaluated for impairment | 12 | 21 | 15 |
Ending balance: collectively evaluated for impairment | $ 9,060 | $ 5,822 | $ 6,500 |
Note D - Bank Premises and Eq_3
Note D - Bank Premises and Equipment - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Totals, at cost | $ 54,370 | $ 53,462 |
Less: Accumulated depreciation | 38,571 | 37,783 |
Bank premises and equipment, net of accumulated depreciation | 15,799 | 15,679 |
Land [Member] | ||
Totals, at cost | 5,554 | 5,554 |
Building [Member] | ||
Totals, at cost | $ 32,334 | 30,791 |
Building [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Building [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 40 years | |
Furniture and Fixtures [Member] | ||
Totals, at cost | $ 16,482 | $ 17,117 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 10 years |
Note E - Other Real Estate - Ot
Note E - Other Real Estate - Other Real Estate (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Number of properties | 6 | 13 |
Other real estate | $ 1,891 | $ 3,475 |
Balance | $ 1,891 | $ 3,475 |
Construction, Land Development and Other Land [Member] | ||
Number of properties | 4 | 9 |
Other real estate | $ 785 | $ 2,303 |
Balance | $ 785 | $ 2,303 |
Multifamily Residential Properties [Member] | ||
Number of properties | 1 | |
Other real estate | $ 49 | |
Balance | $ 49 | |
Nonfarm Residential [Member] | ||
Number of properties | 1 | 2 |
Other real estate | $ 753 | $ 770 |
Balance | $ 753 | $ 770 |
Other Real Estate [Member] | ||
Number of properties | 1 | 1 |
Other real estate | $ 353 | $ 353 |
Balance | $ 353 | $ 353 |
Note F - Deposits (Details Text
Note F - Deposits (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 43,613,000 | $ 20,564,000 |
Related Party Deposit Liabilities | 5,372,218 | 4,396,827 |
Deposit Liabilities Reclassified as Loans Receivable | $ 770,542 | $ 470,700 |
Note F - Deposits - Maturities
Note F - Deposits - Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 67,320 |
2023 | 12,069 |
2024 | 2,064 |
2025 | 902 |
2026 | 599 |
Total | $ 82,954 |
Note G - Federal Funds Purcha_2
Note G - Federal Funds Purchased (Details Textual) | Dec. 31, 2021USD ($) |
Federal Funds Purchased, Maximum Borrowing Capacity | $ 40,000,000 |
Note H - Borrowings (Details Te
Note H - Borrowings (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Advances from Federal Home Loan Banks, Total | $ 888,886 | $ 969,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 123,796,693 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 2.604% | |
Federal Reserve Bank Discount Window Primary Credit Program [Member] | Federal Reserve Bank Advances [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,300,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | |
Short-term Debt, Total | $ 0 |
Note I - Income Taxes (Details
Note I - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Income Tax Expense (Benefit), Total | $ 62,000 | $ 0 | $ 0 | |
Deferred Tax Assets, Valuation Allowance, Total | 6,888,984 | $ 7,209,000 | $ 8,140,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 12,091,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 |
Note I - Income Taxes - Deferre
Note I - Income Taxes - Deferred Taxes Included in Other Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2014 |
Allowance for loan losses | $ 695,000 | $ 930,000 | |
Employee benefit plans' liabilities | 3,240,000 | 3,223,000 | |
Loss on credit impairment of securities | 356,000 | 356,000 | |
Earned retiree health benefits plan liability | 1,098,000 | 1,048,000 | |
General business and AMT credits | 1,525,000 | 1,707,000 | |
Tax net operating loss carryforward | 1,575,000 | 2,558,000 | |
Other | 523,000 | 854,000 | |
Valuation allowance | (6,888,984) | (7,209,000) | $ (8,140,000) |
Deferred tax assets | 2,123,000 | 3,467,000 | |
Unrealized gain on available for sale securities, charged from equity | 3,000 | 1,116,000 | |
Unearned retiree health benefits plan asset | 257,000 | 305,000 | |
Bank premises and equipment | 1,575,000 | 1,797,000 | |
Other | 288,000 | 249,000 | |
Deferred tax liabilities | $ 2,123,000 | $ 3,467,000 |
Note I - Income Taxes - Income
Note I - Income Taxes - Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | $ 62,000 | ||
Federal | 1,482,000 | (809,000) | 166,000 |
Change in valuation allowance | (1,482,000) | 809,000 | (166,000) |
Totals | $ 62,000 | $ 0 | $ 0 |
Note I - Income Taxes - Reconci
Note I - Income Taxes - Reconciliation of Federal Income Tax Rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Taxes computed at statutory rate, tax | $ 1,815,000 | $ (578,000) | $ 321,000 |
Taxes computed at statutory rate, rate | 21.00% | 21.00% | 21.00% |
Taxes computed at statutory rate, rate | (21.00%) | (21.00%) | (21.00%) |
Tax-exempt interest income, tax | $ (187,000) | $ (127,000) | $ (172,000) |
Tax-exempt interest income, rate | (2.00%) | (5.00%) | (11.00%) |
Income from BOLI, tax | $ (91,000) | $ (148,000) | $ (92,000) |
Income from BOLI, rate | (1.00%) | (5.00%) | (6.00%) |
Federal tax credits, tax | $ (20,000) | ||
Federal tax credits, rate | (1.00%) | ||
Other, tax | $ 6,000 | $ 44,000 | $ 129,000 |
Other, rate | 2.00% | 8.00% | |
Other changes in valuation allowance, tax | $ (1,481,000) | $ 809,000 | $ (166,000) |
Other changes in valuation allowance, rate | (17.00%) | 29.00% | (11.00%) |
Totals | $ 62,000 | $ 0 | $ 0 |
Total income tax (benefit) expense, rate | 1.00% |
Note J - Shareholders' Equity_2
Note J - Shareholders' Equity (Details Textual) | 12 Months Ended | ||||||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Nov. 23, 2021$ / shares | Apr. 28, 2021shares | Mar. 24, 2021$ / shares | Apr. 22, 2020$ / shares | Nov. 08, 2019shares | |
Undistributed Earnings of Bank Subsidiaries | $ | $ 15,256,269 | ||||||
Stock Repurchased and Retired During Period, Value | $ | $ 3,381,000 | $ 735,000 | |||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.06 | $ 0.10 | $ 0.02 | ||||
Subsidiaries [Member] | |||||||
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 | |||||
Common Equity Tier One Capital Required to be Well-Capitalized to Risk Weighted Assets | 6.50% | 6.50% | |||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | 0.0800 | |||||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | 0.0500 | |||||
Capital Conservation Buffer Rate | 2.50% | ||||||
November 8, 2019 Share Repurchase Program [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 65,000 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 65,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ | $ 741,574 | ||||||
April 28, 2021 Share Repurchase Program [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 200,000 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 200,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ | $ 3,375,309 |
Note J - Shareholder's Equity -
Note J - Shareholder's Equity - Actual Capital Amounts and Ratios and Required Minimum Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital (to Risk Weighted Assets), actual amount | $ 96,582 | $ 93,268 |
Total Capital (to Risk Weighted Assets), actual ratio | 0.2144 | 0.2300 |
Total Capital (to Risk Weighted Assets), for capital adequacy purposes amount | $ 36,033 | $ 32,442 |
Total Capital (to Risk Weighted Assets), for capital adequacy purposes ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), actual amount | $ 93,271 | $ 88,842 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), actual ratio | 0.2071 | 0.2191 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes amount | $ 20,269 | $ 18,249 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes ratio | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets), actual amount | $ 93,271 | $ 88,842 |
Tier 1 Capital (to Risk Weighted Assets), actual ratio | 0.2071 | 0.2191 |
Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes amount | $ 27,025 | $ 24,331 |
Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes ratio | 0.0600 | 0.0600 |
Tier 1 Capital (to Average Assets), actual amount | $ 93,271 | $ 88,842 |
Tier 1 Capital (to Average Assets), actual ratio | 0.1255 | 0.1407 |
Tier 1 Capital (to Average Assets), for capital adequacy purposes amount | $ 29,737 | $ 25,255 |
Tier 1 Capital (to Average Assets), for capital adequacy purposes ratio | 0.0400 | 0.0400 |
Subsidiaries [Member] | ||
Total Capital (to Risk Weighted Assets), actual amount | $ 93,988 | $ 90,559 |
Total Capital (to Risk Weighted Assets), actual ratio | 0.2098 | 0.2287 |
Total Capital (to Risk Weighted Assets), for capital adequacy purposes amount | $ 35,839 | $ 31,683 |
Total Capital (to Risk Weighted Assets), for capital adequacy purposes ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), actual amount | $ 90,677 | $ 86,133 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), actual ratio | 0.2024 | 0.2175 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes amount | $ 20,160 | $ 17,821 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes ratio | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets), actual amount | $ 90,677 | $ 86,133 |
Tier 1 Capital (to Risk Weighted Assets), actual ratio | 0.2024 | 0.2175 |
Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes amount | $ 26,879 | $ 23,762 |
Tier 1 Capital (to Risk Weighted Assets), for capital adequacy purposes ratio | 0.0600 | 0.0600 |
Tier 1 Capital (to Average Assets), actual amount | $ 90,677 | $ 86,133 |
Tier 1 Capital (to Average Assets), actual ratio | 0.1113 | 0.1253 |
Tier 1 Capital (to Average Assets), for capital adequacy purposes amount | $ 32,599 | $ 27,504 |
Tier 1 Capital (to Average Assets), for capital adequacy purposes ratio | 0.0400 | 0.0400 |
Total Capital (to Risk Weighted Assets), to be well capitalized amount | $ 44,799 | $ 39,603 |
Total Capital (to Risk Weighted Assets), to be well capitalized ratio | 0.1000 | 0.1000 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), to be well capitalized amount | $ 29,119 | $ 25,742 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), to be well capitalized ratio | 6.50% | 6.50% |
Tier 1 Capital (to Risk Weighted Assets), to be well capitalized amount | $ 35,839 | $ 31,683 |
Tier 1 Capital (to Risk Weighted Assets), to be well capitalized ratio | 0.0800 | 0.0800 |
Tier 1 Capital (to Average Assets), to be well capitalized amount | $ 40,749 | $ 34,380 |
Tier 1 Capital (to Average Assets), to be well capitalized ratio | 0.0500 | 0.0500 |
Note K - Other Income and Exp_3
Note K - Other Income and Expenses - Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other service charges, commissions and fees | $ 86 | $ 80 | $ 91 |
Rentals | 364 | 369 | 329 |
Other | 136 | 94 | 112 |
Totals | $ 586 | $ 543 | $ 532 |
Note K - Other Income and Exp_4
Note K - Other Income and Expenses - Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Advertising | $ 377 | $ 350 | $ 529 |
Data processing | 1,408 | 1,226 | 1,356 |
FDIC and state banking assessments | 415 | 359 | 374 |
Legal and accounting | 1,930 | 532 | 714 |
Other real estate | 86 | 1,044 | 553 |
ATM expense | 1,084 | 917 | 697 |
Trust expense | 347 | 338 | 368 |
Other | 1,718 | 1,542 | 1,975 |
Totals | $ 7,365 | $ 6,308 | $ 6,566 |
Note L - Financial Instrument_2
Note L - Financial Instruments with Off-balance-sheet Risk (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 34,623,000 | $ 22,290,000 |
Irrevocable Letters of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 138,318 | 141,000 |
Commitments to Extend Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 55,297,000 | $ 37,739,000 |
Note M - Contingencies (Details
Note M - Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Litigation Settlement, Amount Awarded to Other Party | $ 1,125,000 |
Note N - Condensed Parent Com_3
Note N - Condensed Parent Company Only Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash in bank subsidiary | $ 49,991 | $ 91,542 | $ 29,424 | $ 17,191 |
Other assets | 722 | 1,066 | ||
Total assets | 818,813 | 668,026 | ||
Shareholders' equity | 91,592 | 94,866 | 95,123 | |
Total liabilities and shareholders' equity | 818,813 | 668,026 | ||
Parent Company [Member] | ||||
Cash in bank subsidiary | 166 | 92 | $ 740 | $ 283 |
Other assets | 2,427 | 2,616 | ||
Total assets | 91,592 | 94,866 | ||
Shareholders' equity | 91,592 | 94,866 | ||
Total liabilities and shareholders' equity | 91,592 | 94,866 | ||
Parent Company [Member] | The Peoples Bank, Biloxi, Mississippi [Member] | ||||
Investments in subsidiaries, at underlying equity | 88,998 | 92,157 | ||
Parent Company [Member] | PFC Service Corp. [Member] | ||||
Investments in subsidiaries, at underlying equity | $ 1 | $ 1 |
Note N - Condensed Parent Com_4
Note N - Condensed Parent Company Only Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total income | $ 6,470 | $ 7,251 | $ 6,535 |
Other expense | 7,365 | 6,308 | 6,566 |
Total expenses | 22,954 | 21,727 | 22,538 |
Income (loss) before income taxes | 8,641 | (2,751) | 1,679 |
Net income (loss) | 8,579 | (2,751) | 1,679 |
Parent Company [Member] | |||
Distributed income of bank subsidiary | 4,610 | 250 | 700 |
Undistributed income (loss) of bank subsidiary | 4,544 | (2,888) | 1,240 |
Other loss | (186) | (46) | (164) |
Total income | 8,968 | (2,684) | 1,776 |
Other expense | 389 | 67 | 97 |
Total expenses | 389 | 67 | 97 |
Income (loss) before income taxes | 8,579 | (2,751) | 1,679 |
Net income (loss) | $ 8,579 | $ (2,751) | $ 1,679 |
Note N - Condensed Parent Com_5
Note N - Condensed Parent Company Only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ 8,579 | $ (2,751) | $ 1,679 |
Loss from other investments | (189) | (50) | (168) |
Net cash provided by operating activities | 4,584 | 5,922 | 4,149 |
Stock repurchase | 3,381 | 735 | |
Dividends paid | 769 | 98 | 148 |
Net cash used in financing activities | 150,110 | 70,965 | (30,127) |
Net increase (decrease) in cash | (41,551) | 62,118 | 12,233 |
Cash and cash equivalents, beginning of year | 91,542 | 29,424 | 17,191 |
Cash and cash equivalents, end of year | 49,991 | 91,542 | 29,424 |
Parent Company [Member] | |||
Net income (loss) | 8,579 | (2,751) | 1,679 |
Loss from other investments | 190 | 50 | 166 |
Undistributed (income) loss of subsidiaries | (4,544) | 2,888 | (1,240) |
Other assets | (1) | (2) | |
Net cash provided by operating activities | 4,224 | 185 | 605 |
Stock repurchase | (3,381) | (735) | |
Dividends paid | (769) | (98) | (148) |
Net cash used in financing activities | (4,150) | (833) | (148) |
Net increase (decrease) in cash | 74 | (648) | 457 |
Cash and cash equivalents, beginning of year | 92 | 740 | 283 |
Cash and cash equivalents, end of year | $ 166 | $ 92 | $ 740 |
Note O - Employee and Directo_3
Note O - Employee and Director Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 75.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Contribution Plan, Employer Contributions | $ 260,000 | $ 260,000 | $ 260,000 |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 222,891 | 223,976 | 237,923 |
Cash Surrender Value of Life Insurance | $ 20,150,000 | $ 19,609,000 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.80% | 2.50% | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | $ 81,381 | ||
Postretirement Life Insurance [Member] | |||
Cash Surrender Value of Life Insurance | $ 324,538 | $ 318,861 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.00% | |
Directors' Deferred Income Plan [Member] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 105,076 | $ 105,358 | |
Certain Key Executives [Member] | Other Postretirement Benefits Plan [Member] | |||
Cash Surrender Value of Life Insurance | $ 2,109,593 | $ 1,976,912 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.00% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,559,728 | $ 1,594,591 | |
Director [Member] | Other Postretirement Benefits Plan [Member] | |||
Cash Surrender Value of Life Insurance | $ 172,034 | $ 167,262 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.00% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 208,590 | $ 230,337 | |
Executive Supplemental Income Plan [Member] | |||
Defined Benefit Plan, Payment Period (Year) | 15 years | ||
Executive Supplemental Income Plan [Member] | President and CEO [Member] | |||
Defined Benefit Plan, Percentage of Compensation | 67.00% | ||
Executive Supplemental Income Plan [Member] | Executive Vice President [Member] | |||
Defined Benefit Plan, Percentage of Compensation | 58.00% | ||
Executive Supplemental Income Plan [Member] | Executive Officer [Member] | |||
Defined Benefit Plan, Percentage of Compensation | 50.00% | ||
Directors' Deferred Income Plan [Member] | |||
Defined Benefit Plan, Payment Period (Year) | 10 years | ||
Interest on Deferred Fees, Percent | 10.00% | ||
Cash Surrender Value of Life Insurance | $ 17,544,449 | $ 17,145,869 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.00% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 13,556,638 | $ 13,416,820 |
Note O - Employee and Directo_4
Note O - Employee and Director Benefit Plans - Components of Net Periodic Post-retirement Benefit Cost (Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Postretirement Benefit Cost | $ 139 | $ 61 |
Note O - Employee and Directo_5
Note O - Employee and Director Benefit Plans - Accumulated Post-retirement Benefit Obligation and Accumulated Other Comprehensive Income (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Postretirement Benefit Obligation | $ 4,003 | $ 3,625 |
Funded Status | 4,003 | 3,625 |
Balance in Accumulated Other Comprehensive Income | $ 1,224 | $ 1,453 |
Note O - Employee and Directo_6
Note O - Employee and Director Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Gain | $ 229 | $ 359 | $ (394) |
Other Postretirement Benefits Plan [Member] | |||
Net Gain | 606 | 754 | |
Prior Service Credit | 618 | 699 | |
Total | $ 1,224 | $ 1,453 |
Note O - Employee and Directo_7
Note O - Employee and Director Benefit Plans - Assumptions (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equivalent APBO Single Discount Rate | 2.80% | 2.50% |
Current Pre 65 Health Care Trend Rate | 5.50% | 5.75% |
Current Post 64 Health Care Trend Rate | 5.50% | 5.75% |
Ultimate Health Care Trend Rate | 4.50% | 4.50% |
Year Ultimate Trend Rate Reached | 2026 | 2026 |
Equivalent APBO Single Discount Rate | 2.50% | 3.20% |
Current Pre 65 Health Care Trend Rate | 0.0575 | 0.0600 |
Current Post 64 Health Care Trend Rate | 0.0575 | 0.0600 |
Ultimate Health Care Trend Rate | 4.50% | 4.50% |
Year Ultimate Trend Rate Reached | 2026 | 2026 |
Note O - Employee and Directo_8
Note O - Employee and Director Benefit Plans - Reconciliation of Fund Status (Details) - Other Postretirement Benefits Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Accumulated postretirement benefit obligation | $ (3,625) |
Fair value of plan assets | |
Funded status | (3,625) |
Service cost, accumulated postretirement benefit obligation | (120) |
Service cost, funded status | (120) |
Interest cost, accumulated postretirement benefit obligation | (100) |
Interest cost, funded status | (100) |
Losses, accumulated postretirement benefit obligation | (148) |
Losses, funded status | (148) |
Benefits paid, accumulated postretirement benefit obligation | 44 |
Benefits paid, fair value of plan assets | (44) |
Participant contributions, accumulated postretirement benefit obligation | (54) |
Participant contributions, fair value of plan assets | 54 |
Employer Contributions, accumulated postretirement benefit obligation | |
Employer Contributions | (10) |
Employer Contributions, funded status | (10) |
Accumulated postretirement benefit obligation | (4,003) |
Fair value of plan assets | |
Funded status | $ (4,003) |
Note O - Employee and Directo_9
Note O - Employee and Director Benefit Plans - Reconciliation of Accumulated Other Comprehensive Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
December 31, 2020: | $ 94,866 |
December 31, 2021 | 91,592 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |
December 31, 2020: | (754) |
Amortization payment | |
Liability (Gain)/Loss | 148 |
December 31, 2021 | (606) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |
December 31, 2020: | (699) |
Amortization payment | 81 |
Liability (Gain)/Loss | |
December 31, 2021 | (618) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
December 31, 2020: | (1,453) |
Amortization payment | 81 |
Liability (Gain)/Loss | 148 |
December 31, 2021 | $ (1,224) |
Note O - Employee and Direct_10
Note O - Employee and Director Benefit Plans - Reconciliation of Accrued Postretirement Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued Postretirement Cost at December 31, 2020 | $ (18,882) | |
Total Net Postretirement Benefit cost | (139) | $ (61) |
Accrued Postretirement Cost at December 31, 2021 | (19,332) | (18,882) |
Other Postretirement Benefits Plan [Member] | ||
Accrued Postretirement Cost at December 31, 2020 | (5,079) | |
Employer Contributions | (10) | |
Total Net Postretirement Benefit cost | (139) | |
Accrued Postretirement Cost at December 31, 2021 | $ (5,228) | $ (5,079) |
Note P - Fair Value Measureme_3
Note P - Fair Value Measurements and Disclosures (Details Textual) | Dec. 31, 2021USD ($) |
Minimum Current Appraisals More Than One Year Old And/ Or Loan Balance | $ 200,000 |
Percentage Of Time Deposits Provide For Automatic Renewal At Current Interest Rates | 98.00% |
Note P - Fair Value Measureme_4
Note P - Fair Value Measurements and Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities | $ 376,803 | $ 180,130 |
Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 376,803 | 180,130 |
Fair Value, Recurring [Member] | ||
Available for sale securities | 376,803 | 180,130 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 376,803 | 180,130 |
US Treasury Securities [Member] | ||
Available for sale securities | 73,154 | 20,124 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Available for sale securities | 73,154 | 20,124 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 73,154 | 20,124 |
Collateralized Mortgage Backed Securities [Member] | ||
Available for sale securities | 71,982 | 72,676 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Available for sale securities | 71,982 | 72,676 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 71,982 | 72,676 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities | 129,987 | 45,437 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Available for sale securities | 129,987 | 45,437 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | 129,987 | 45,437 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | 101,680 | 39,310 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available for sale securities | 101,680 | 39,310 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | $ 101,680 | 39,310 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities | 2,583 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available for sale securities | 2,583 | |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | $ 2,583 |
Note P - Fair Value Measureme_5
Note P - Fair Value Measurements and Disclosures - Assets Measured at Fair Value on Non-recurring Basis of Impairment Loans (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans, fair value | $ 129 | $ 493 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value | $ 129 | $ 493 |
Note P - Fair Value Measureme_6
Note P - Fair Value Measurements and Disclosures - Assets Measured at Fair Value on Non-recurring Basis of Other Real Estate (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other real estate, fair value | $ 1,891 | $ 3,475 |
Fair Value, Inputs, Level 3 [Member] | ||
Other real estate, fair value | $ 1,891 | $ 3,475 |
Note P - Fair Value Measureme_7
Note P - Fair Value Measurements and Disclosures - Change in Fair Value of Other Real Estate (Details) - Real Estate Acquired in Satisfaction of Debt [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of year | $ 3,475 | $ 7,453 |
Loans transferred to ORE | 14 | 753 |
Sales | (1,299) | (4,070) |
Write-downs | (299) | (661) |
Balance, end of year | $ 1,891 | $ 3,475 |
Note P - Fair Value Measureme_8
Note P - Fair Value Measurements and Disclosures - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and due from banks | $ 49,991 | $ 91,542 |
Available for sale securities | 376,803 | 180,130 |
Held to maturity securities | 110,208 | 75,688 |
Held to maturity securities, fair value | 111,340 | 78,474 |
Other investments | 2,404 | 2,593 |
Federal Home Loan Bank stock | 2,153 | 2,149 |
Loans, net | 238,305 | 278,898 |
Cash surrender value of life insurance | 20,150 | 19,609 |
Non-interest bearing | 193,473 | 170,269 |
Interest bearing | 512,034 | 380,733 |
Borrowings from Federal Home Loan Bank | 1,072 | 1,316 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 49,991 | 91,542 |
Available for sale securities | ||
Held to maturity securities, fair value | ||
Other investments | 2,404 | 2,593 |
Federal Home Loan Bank stock | ||
Loans, net | ||
Cash surrender value of life insurance | ||
Non-interest bearing | 193,473 | 170,269 |
Interest bearing | ||
Borrowings from Federal Home Loan Bank | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Available for sale securities | 376,803 | 180,130 |
Held to maturity securities, fair value | 111,340 | 78,474 |
Other investments | ||
Federal Home Loan Bank stock | 2,153 | 2,149 |
Loans, net | ||
Cash surrender value of life insurance | 20,150 | 19,609 |
Non-interest bearing | ||
Interest bearing | ||
Borrowings from Federal Home Loan Bank | 1,072 | 1,316 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Available for sale securities | ||
Held to maturity securities, fair value | ||
Other investments | ||
Federal Home Loan Bank stock | ||
Loans, net | 238,305 | 278,898 |
Cash surrender value of life insurance | ||
Non-interest bearing | ||
Interest bearing | 512,034 | 380,733 |
Borrowings from Federal Home Loan Bank | ||
Reported Value Measurement [Member] | ||
Cash and due from banks | 49,991 | 91,542 |
Available for sale securities | 376,803 | 180,130 |
Held to maturity securities | 110,208 | 75,688 |
Other investments | 2,404 | 2,593 |
Federal Home Loan Bank stock | 2,153 | 2,149 |
Loans, net | 235,851 | 273,995 |
Cash surrender value of life insurance | 20,150 | 19,609 |
Non-interest bearing | 193,473 | 170,269 |
Interest bearing | 511,365 | 380,229 |
Borrowings from Federal Home Loan Bank | $ 889 | $ 969 |
Note Q - Subsequent Events (Det
Note Q - Subsequent Events (Details Textual) - USD ($) | Mar. 17, 2022 | Mar. 11, 2022 | Nov. 23, 2021 | Mar. 24, 2021 | Apr. 22, 2020 |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.06 | $ 0.10 | $ 0.02 | ||
Subsequent Event [Member] | |||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.09 | ||||
Subsequent Event [Member] | Trustmark [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 650,000 |