Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 08, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000796534 | ||
Entity Registrant Name | NATIONAL BANKSHARES INC | ||
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 | 0-15204 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1375874 | ||
Entity Address, Address Line One | 101 Hubbard Street | ||
Entity Address, City or Town | Blacksburg | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24062-9002 | ||
City Area Code | 540 | ||
Local Phone Number | 951-6300 | ||
Title of 12(b) Security | Common Stock, par value $1.25 per share | ||
Trading Symbol | NKSH | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 216,013,731 | ||
Entity Common Stock, Shares Outstanding | 6,022,752 | ||
Auditor Name | Yount, Hyde & Barbour, P.C. | ||
Auditor Location | Winchester, VA | ||
Auditor Firm ID | 613 | ||
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 8,768 | $ 13,147 |
Interest-bearing deposits | 130,021 | 120,725 |
Securities available for sale, at fair value | 686,080 | 546,742 |
Restricted stock | 845 | 1,279 |
Mortgage loans held for sale | 615 | 866 |
Loans: | ||
Gross loans | 803,729 | 770,027 |
Less unearned income and deferred fees and costs | (481) | (1,228) |
Loans, net of unearned income and deferred fees and costs | 803,248 | 768,799 |
Less allowance for loan losses | (7,674) | (8,481) |
Loans, net | 795,574 | 760,318 |
Premises and equipment, net | 9,722 | 10,035 |
Accrued interest receivable | 5,104 | 5,028 |
Other real estate owned, net | 957 | 1,553 |
Goodwill | 5,848 | 5,848 |
Bank-owned life insurance (BOLI) | 42,354 | 36,444 |
Other assets | 16,287 | 17,688 |
Total assets | 1,702,175 | 1,519,673 |
Liabilities and Stockholders’ Equity | ||
Noninterest-bearing demand deposits | 317,430 | 276,793 |
Interest-bearing demand deposits | 890,124 | 763,293 |
Savings deposits | 208,065 | 167,475 |
Time deposits | 78,968 | 89,582 |
Total deposits | 1,494,587 | 1,297,143 |
Accrued interest payable | 48 | 56 |
Other liabilities | 15,789 | 21,867 |
Total liabilities | 1,510,424 | 1,319,066 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $1.25 par value. Authorized 10,000,000 shares; issued and outstanding, 6,063,937 shares at December 31, 2021 and 6,432,020 at December 31, 2020 | 7,580 | 8,040 |
Retained earnings | 188,229 | 189,547 |
Accumulated other comprehensive (loss) income, net | (4,058) | 3,020 |
Total stockholders’ equity | 191,751 | 200,607 |
Total liabilities and stockholders’ equity | 1,702,175 | 1,519,673 |
Real Estate Construction Portfolio Segment[Member] | ||
Loans: | ||
Gross loans | 48,841 | 42,266 |
Less allowance for loan losses | (422) | (503) |
Consumer Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Gross loans | 208,977 | 181,782 |
Less allowance for loan losses | (1,930) | (2,165) |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Gross loans | 405,722 | 393,115 |
Less allowance for loan losses | (3,121) | (3,853) |
Commercial Non Real Estate Segment [Member] | ||
Loans: | ||
Gross loans | 60,264 | 78,771 |
Less allowance for loan losses | (1,099) | (670) |
Public Sector and IDA Portfolio Segment[Member] | ||
Loans: | ||
Gross loans | 47,899 | 40,983 |
Less allowance for loan losses | (297) | (339) |
Consumer Non Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Gross loans | 32,026 | 33,110 |
Less allowance for loan losses | $ (444) | $ (555) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 6,063,937 | 6,432,020 |
Common stock, shares outstanding (in shares) | 6,063,937 | 6,432,020 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Income | ||
Interest and fees on loans | $ 34,923 | $ 34,523 |
Interest on interest-bearing deposits | 170 | 276 |
Interest and dividends on securities – taxable | 7,960 | 7,383 |
Interest on securities – nontaxable | 1,934 | 1,826 |
Total interest income | 44,987 | 44,008 |
Interest Expense | ||
Interest on deposits | 3,098 | 5,837 |
Net interest income | 41,889 | 38,171 |
Provision for (recovery of) loan losses | (398) | 1,991 |
Net interest income after provision for (recovery of) loan losses | 42,287 | 36,180 |
Noninterest Income: | ||
Noninterest Income | 6,653 | 5,654 |
BOLI income | 910 | 877 |
Gain on sale of mortgage loans | 364 | 676 |
Other income | 1,261 | 1,093 |
Realized securities gains, net | 6 | 108 |
Total noninterest income | 8,426 | 7,944 |
Noninterest Expense | ||
Salaries and employee benefits | 15,747 | 14,674 |
Occupancy, furniture and fixtures | 1,842 | 1,795 |
Data processing and ATM | 3,039 | 3,088 |
FDIC assessment | 422 | 198 |
Net costs of other real estate owned | 51 | 39 |
Franchise taxes | 1,425 | 1,340 |
Other operating expenses | 3,554 | 3,836 |
Total noninterest expense | 26,080 | 24,970 |
Income before income taxes | 24,633 | 19,154 |
Income tax expense | 4,251 | 3,077 |
Net income | $ 20,382 | $ 16,077 |
Basic and fully diluted net income per common share (in dollars per share) | $ 3.28 | $ 2.48 |
Deposit Account [Member] | ||
Noninterest Income: | ||
Noninterest Income | $ 2,045 | $ 1,966 |
Product and Service, Other [Member] | ||
Noninterest Income: | ||
Noninterest Income | 179 | 162 |
Credit and Debit Card [Member] | ||
Noninterest Income: | ||
Noninterest Income | 1,869 | 1,400 |
Fiduciary and Trust [Member] | ||
Noninterest Income: | ||
Noninterest Income | $ 1,792 | $ 1,662 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 20,382 | $ 16,077 |
Other Comprehensive (Loss) Income, Net of Tax | ||
Unrealized holding (loss) gain on available for sale securities net of tax of ($2,740) in 2021 and $3,502 in 2020 | (10,308) | 13,176 |
Reclassification adjustment for gain included in net income, net of tax of ($1) in 2021 and ($23) in 2020 | (5) | (85) |
Net pension gain (loss) arising during the period, net of tax of $862 in 2021 and ($393) in 2020 | 3,244 | (1,478) |
Less amortization of prior service cost included in net periodic pension cost, net of tax of ($2) in 2021 and ($23) in 2020 | (9) | (87) |
Other comprehensive (loss) income, net of tax of ($1,881) in 2021 and $3,063 in 2020 | (7,078) | 11,526 |
Total Comprehensive Income | $ 13,304 | $ 27,603 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized holding gain (loss) on available for sale securities, tax | $ (2,740) | $ 3,502 |
Reclassification adjustment for gain included in net income, tax | (1) | (23) |
Net pension gain (losses) arising during the period, tax | 862 | (393) |
Amortization of prior service cost included in net periodic pension cost, tax | (2) | (23) |
Other comprehensive income (loss), tax | $ (1,881) | $ 3,063 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2019 | $ 8,112 | $ 184,120 | $ (8,506) | $ 183,726 |
Net income | 0 | 16,077 | 0 | 16,077 |
Other comprehensive income (loss), net of tax | 0 | 0 | 11,526 | 11,526 |
Cash dividend | 0 | (9,000) | 0 | (9,000) |
Stock repurchase | (72) | (1,650) | 0 | (1,722) |
Balance at Dec. 31, 2020 | 8,040 | 189,547 | 3,020 | 200,607 |
Net income | 0 | 20,382 | 0 | 20,382 |
Other comprehensive income (loss), net of tax | 0 | 0 | (7,078) | (7,078) |
Cash dividend | 0 | (8,806) | 0 | (8,806) |
Stock repurchase | (460) | (12,894) | 0 | (13,354) |
Balance at Dec. 31, 2021 | $ 7,580 | $ 188,229 | $ (4,058) | $ 191,751 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other comprehensive income (loss), tax | $ (1,881) | $ 3,063 |
Cash dividend, per share (in dollars per share) | $ 1.44 | $ 1.39 |
Stock repurchase, shares (in shares) | 368,083 | 57,554 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 20,382 | $ 16,077 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Provision for (recovery of) loan losses | (398) | 1,991 |
Deferred income tax expense | 152 | 282 |
Depreciation of premises and equipment | 636 | 708 |
Amortization of premiums and accretion of discounts, net | 1,688 | 1,455 |
Gain on disposal of fixed assets | 0 | (2) |
Gain on calls and sales of securities available for sale, net | (6) | (108) |
Loss (gain) and write-down on other real estate owned | 25 | (13) |
Loss on sale of repossessed assets | 0 | 1 |
Income on investment in BOLI | (910) | (877) |
Gain on sale of mortgage loans held for sale | (364) | (676) |
Origination of mortgage loans held for sale | (17,672) | (39,647) |
Sale of mortgage loans held for sale | 18,287 | 40,362 |
Contribution to defined benefit plan | 0 | (5,000) |
Net change in: | ||
Accrued interest receivable | (76) | (743) |
Other assets | 1,661 | (132) |
Accrued interest payable | (8) | (88) |
Other liabilities | (515) | 203 |
Net cash provided by operating activities | 22,882 | 13,793 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits | (9,296) | (43,844) |
Proceeds from repayments of mortgage-backed securities | 44,881 | 18,068 |
Proceeds from calls, sales and maturities of securities available for sale | 20,377 | 126,840 |
Purchases of securities available for sale | (219,331) | (241,164) |
Net change in restricted stock | 434 | (59) |
Purchases of loan participations | (25,167) | (11,404) |
Collections of loan participations | 15,191 | 207 |
Loan originations and principal collections, net | (25,289) | (24,875) |
Proceeds from disposal of other real estate owned | 621 | 72 |
Proceeds from disposal of repossessed assets | 11 | 30 |
Recoveries on loans charged off | 346 | 347 |
Purchase of BOLI | (5,000) | 0 |
Additions to premises and equipment | (323) | (1,824) |
Proceeds from sale of premises and equipment | 0 | 2 |
Net cash used in investing activities | (202,545) | (177,604) |
Cash Flows from Financing Activities | ||
Net change in time deposits | (10,614) | (38,446) |
Net change in other deposits | 208,058 | 215,836 |
Cash dividends paid | (8,806) | (9,000) |
Shares repurchased | (13,354) | (1,722) |
Net cash provided by financing activities | 175,284 | 166,668 |
Net change in cash and due from banks | (4,379) | 2,857 |
Cash and due from banks at beginning of year | 13,147 | 10,290 |
Cash and due from banks at end of year | 8,768 | 13,147 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid on deposits and borrowed funds | 3,106 | 5,925 |
Income taxes paid | 3,180 | 3,860 |
Supplemental Disclosures of Noncash Activities | ||
Loans charged against the allowance for loan losses | 755 | 720 |
Loans transferred to other real estate owned | 50 | 0 |
Loans transferred to repossessed assets | 11 | 4 |
Unrealized (loss) gain on securities available for sale | (13,054) | 16,570 |
Minimum pension liability adjustment | 4,095 | (1,981) |
Lease liabilities arising from obtaining right-of-use assets during the period | $ 0 | $ 24 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1: The consolidated financial statements include the accounts of National Bankshares, Inc. and its wholly-owned subsidiaries, the National Bank of Blacksburg, and National Bankshares Financial Services, Inc. All intercompany balances and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform to GAAP and to general practices within the banking industry. Subsequent events have been considered through the date of this Form 10 Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and amounts due from banks. Interest-Bearing Deposits The Company invests over-night funds in interest-bearing deposits at other banks, including the FHLB, the Federal Reserve and other entities. Interest-bearing deposits are carried at cost. Securities Certain debt securities that management has the positive intent and ability to hold to maturity may not The Company follows the accounting guidance related to recognition and presentation of other–than-temporary impairment (“OTTI”). The guidance specifies that if (a) an entity does not not not not Equity securities with readily-determinable fair values are measured at fair value using the “exit price notion”. Changes in fair value are recognized in net income. Equity securities without readily-determinable fair values are recorded as other assets at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investment of the same issuer. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on an individual loan basis. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Company releases mortgage servicing rights when loans are sold on the secondary market. Loans The Company, through its banking subsidiary, provides mortgage, commercial, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding unpaid principal balances adjusted for the allowance for loan losses, any purchase premium or discount, unearned income and deferred fees or costs. Interest income is accrued on the unpaid principal balance. Unearned income on dealer-originated loans and loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Purchase premium or discount is recognized as an adjustment of the related loan yield using the interest method. The Bank’s loan policy is updated and approved by the Board of Directors annually and disseminated to lending and loan portfolio management personnel to ensure consistent lending practices. The policy communicates the Company’s risk tolerance by prescribing underwriting guidelines and procedures, including approval limits and hierarchy, documentation standards, requirements for collateral and loan-to-value limits, debt coverage, overall creditworthiness and guarantor support. Of primary consideration is the repayment ability of the borrowers and (if secured) the collateral value in relation to the principal balance. Collateral lowers risk and may The Company’s loans are grouped into six Real Estate Construction Loans. may not may may Consumer Real Estate Loans. first 80% 43% Consumer real estate mortgages may fifth Home equity loans are secured primarily by second 80% not We do not may Commercial Real Estate Loans. first 80% 115% may may Commercial Non-Real Estate Loans. 60% 90% 70% 90 Included within this category are SBA PPP loans. The Bank provided qualifying customers with small business loans to pay payroll and other qualifying expenses. The vast majority of the Bank’s PPP loans have been repaid. Public Sector and IDA Loans. Consumer Non-Real Estate Loans. Past Due Status and Nonaccrual Designation A loan is considered past due when a payment of principal and/or interest is due but not not 30 not not 30 89 90 The Company considers multiple factors when determining whether to discontinue accrual of interest on individual loans. Generally loans are placed in nonaccrual status when collection of interest and/or full principal is considered doubtful. Interest accrual is discontinued at the time a commercial real estate loan or commercial non-real estate loan is 90 days delinquent unless the credit is well secured and in the process of collection. Accrued interest is reversed against income when a loan is placed in nonaccrual status. Any interest payments received during a loan’s nonaccrual period are credited to the principal balance of the loan. Nonaccrual loans that are not may six Allowance for Loan Losses The allowance for loan losses is an estimate of probable losses inherent in the loan portfolio. The allowance is funded by the provision for loan losses, reduced by charge-offs of loans and increased by recoveries of previously charged-off loans. The determination of the allowance is based on two 450 20 310 10 Impaired loans Impaired loans are larger non-homogeneous loans for which there is a probability that collection of principal or interest will not one three 1 2 3 The estimated fair value is compared with the loan’s recorded investment (unpaid principal net of any interest payments made by the borrower during the nonaccrual period and net of any partial charge-offs, accrued interest and deferred fees and costs). Any amount of recorded investment that exceeds estimated fair value on collateral-dependent loans, as well as any other impairment loss considered uncollectible, is charged against the allowance for loan losses. Fair value shortfalls that are not not no not Collectively-evaluated loans General allowances are established for collectively evaluated loans. Collectively evaluated loans are grouped into classes based on similar characteristics. Factors considered in determining general allowances include historical loss rates, internal risk ratings, delinquency and nonperforming rates, product mix, changes in loan policies and procedures, changes in loan review systems, changes in economic conditions, changes in management experience, industry trends, interest rate trends and changes in the competitive, legal and regulatory environment. Charge-off policy The Company’s charge-off policy meets or is more stringent than the minimum standards required by regulators. When available information confirms that a specific loan or a portion thereof, within any loan class, is uncollectible the amount is charged off against the allowance for loan losses. Additionally, losses on consumer real estate and consumer non-real estate loans are typically charged off no may may Credit quality indicators Credit quality indicators, which the Company terms risk grades, are assigned through the Company’s credit review function for larger loans and selective review of loans that fall below credit review thresholds. Credit quality is rated based on the loan’s payment history, the borrower’s current financial situation and value of the underlying collateral. Loans that do not 75 75 TDRs When the Company grants a concession to a borrower for economic or legal reasons related to a borrower’s financial condition, the loan is classified a TDR. When the Company grants a subsequent modification to a loan that had previously been modified but not may may one Rate Lock Commitments The Company enters into commitments to originate mortgage loans in which the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not The market value of rate lock commitments and best efforts contracts is not not no Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, net of accumulated depreciation. Depreciation is charged to expense over the estimated useful lives of the assets on the straight-line basis. Depreciable lives include 40 years for premises, 3-10 years for furniture and equipment, and 3 years for computer software. Costs of maintenance and repairs are charged to expense as incurred and improvements are capitalized. Other Real Estate Owned Real estate acquired through or in lieu of foreclosure is held for sale and is initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing the cost basis of the asset. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other operating expenses. Goodwill The Company records as goodwill the excess of purchase price over the fair value of the identifiable net assets acquired. Goodwill is subject to at least an annual assessment for impairment by applying a fair value based test. The Company performs its annual analysis as of September 30 2021 September 30, 2021. The Company’s goodwill impairment analysis considered three first second third no second third September 30, 2021, Pension Plan The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through other comprehensive (loss) income. The funded status of a benefit plan is measured as the difference between plan assets at fair value and the projected benefit obligation. Income Taxes Income tax accounting guidance results in two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. Trust Assets and Income Assets (other than cash deposits) held by NBB’s Trust Department in a fiduciary or agency capacity for customers are not not Earnings Per Common Share Basic earnings per common share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. During 2021 2020, The following shows the weighted average number of shares used in computing earnings per common share for the years indicated. 2021 2020 Average number of common shares outstanding 6,209,929 6,483,230 Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and reasonably estimated. Management does not Advertising The Company charges advertising costs to expenses as incurred. Advertising expenses were $112 for the year ended December 31, 2021 December 31, 2020. Revenue Recognition The Company accounts for revenue associated with financial instruments, including loans and securities via the accrual method. The Company recognizes noninterest income when it satisfies commitments to customers. Please refer to Note 18: Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, evaluation of impairment of goodwill, and pension obligations. Reclassifications Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no Recent Accounting Pronouncements In June 2016, No. 2016 13, 326 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. 2016 13 Effective November 25, 2019, 119. 119 326, 1 2 3 4 In March 2020, No. 2020 04 848 March 12, 2020 December 31, 2022. January 2021, No. 2021 01 848 848 848 may No. 2021 01 March 12, 2020, January 7, 2021, may No. 2021 01 March 12, 2020, March 12, 2020. Recently Adopted Accounting Developments In December 2019, 2019 12, 740 740 2019 12 January 1, 2021. 2019 12 not In January 2020, 2020 01, 321 323 815 321, 323, 815.” 2020 01 2020 01 January 1, 2021. 2020 01 not In October 2020, 2020 08, 310 20, 310 20 35 33 2020 08 January 1, 2021. 2020 08 not In December 2020, 541 first 19 In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, 2021 06 not Risks and Uncertainties Since the beginning of 2020, 19 not 19 Financial position and results of operations During 2020, 19 two 2021, 19 may Low interest rates since the beginning of the pandemic, financial aid to consumers provided by the CARES Act and the CAA, increased demand and supply chain bottlenecks have resulted in historically high levels of inflation. Potential future increases in interest rates to address inflation may Capital and Liquidity While the Company believes that it has sufficient capital to withstand a potential second The Company maintains access to multiple sources of liquidity. Wholesale funding markets are currently available to the Company. If the uncertainty caused by the COVID- 19 Asset valuation The pandemic has not not The Company tests goodwill for impairment annually, usually during the fourth September 30 may Lending operations, accommodations to borrowers and credit risk The Company worked with customers directly affected by COVID- 19, December 31, 2021, 19 If eventual credit losses are identified on loans that received modifications or other loans, accrued interest and fee income would be reversed at the time the loss is identified. If the loans are fully or partially charged off, future requirements for the provision for loan losses expense will increase. At this time, the Company is unable to project the materiality of such an impact, but recognizes economic declines may |
Note 2 - Restriction on Cash
Note 2 - Restriction on Cash | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 2: The Company’s subsidiary bank is a member of the Federal Reserve System. The Federal Reserve does not |
Note 3 - Securities
Note 3 - 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 3: The amortized cost and fair value of debt securities available for sale, with gross unrealized gains and losses, as of the dates indicated, follows: December 31, 2021 Available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies and corporations $ 279,934 $ 2,795 $ 4,710 $ 278,019 States and political subdivisions 195,365 5,314 2,007 198,672 Mortgage-backed securities 204,164 2,323 313 206,174 Corporate debt securities 3,004 248 37 3,215 Total securities available for sale $ 682,467 $ 10,680 $ 7,067 $ 686,080 December 31, 2020 Available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies and corporations $ 86,859 $ 4,477 $ 173 $ 91,163 States and political subdivisions 196,435 7,778 252 203,961 Mortgage-backed securities 244,780 4,473 78 249,175 Corporate debt securities 2,001 442 - 2,443 Total securities available for sale $ 530,075 $ 17,170 $ 503 $ 546,742 The amortized cost and fair value of single maturity securities available for sale at December 31, 2021, may may December 31, 2021. December 31, 2021 Available for sale: Amortized Cost Fair Value Due in one year or less $ 2,519 $ 2,540 Due after one year through five years 24,034 24,051 Due after five years through ten years 313,966 313,288 Due after ten years 341,948 346,201 Total securities available for sale $ 682,467 $ 686,080 Information pertaining to securities with gross unrealized losses at December 31, 2021 2020 December 31, 2021 Less Than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and corporations $ 201,650 $ 3,530 $ 26,792 $ 1,180 State and political subdivisions 50,659 1,214 20,542 793 Mortgage-backed securities 13,139 141 4,665 172 Corporate debt securities 966 37 - - Total temporarily impaired securities $ 266,414 $ 4,922 $ 51,999 $ 2,145 December 31, 2020 Less Than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and corporations $ 28,798 $ 173 $ - $ - State and political subdivisions 32,353 249 635 3 Mortgage-backed securities 8,816 76 4,060 2 Total temporarily impaired securities $ 69,967 $ 498 $ 4,695 $ 5 The Company had 291 securities with a fair value of $318,413 that were temporarily impaired at December 31, 2021. 12 December 31, 2021 U.S. Government agencies. not not not may not States and political subdivisions. not not not not may not Mortgage-backed securities. not not may not Restricted Stock The Company held restricted stock of $845 at December 31, 2021 December 31, 2020. not Redemption of FHLB stock is subject to certain limitations and conditions. At its discretion, the FHLB may December 31, 2021. December 31, 2021, not Management regularly monitors the credit quality of the investment portfolio. Changes in ratings are noted and follow-up research on the issuer is undertaken when warranted. Management intends to carefully monitor any changes in bond quality. Pledged Securities At December 31, 2021 2020, Realized Securities Gains and Losses During 2021, 2020, For the year ended December 31, 2021 Proceeds Book Value Gross Gain Gross Loss Net Gain Available for sale $ 20,377 $ 20,371 $ 6 $ - $ 6 For the year ended December 31, 2020 Proceeds Book Value Gross Gain Gross Loss Net Gain Available for sale $ 126,840 $ 126,732 $ 110 $ 2 $ 108 |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 4: In the ordinary course of business, the Company, through its banking subsidiary, has granted loans to related parties, including executive officers and directors of NBI and its subsidiaries. Total funded credit extended to related parties amounted to $14,822 at December 31, 2021 December 31, 2020. 2021, December 31, 2020 not 2020, The Company held $14,460 in deposits for related parties as of December 31, 2021 December 31, 2020. The Company leases to a director a small office space. The lease payments totaled $5 in 2021 2020. 2021 2020. |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 5: The allowance for loan losses methodology incorporates individual evaluation of impaired loans and collective evaluation of groups of non-impaired loans. The Company performs ongoing analysis of the loan portfolio to determine credit quality on an individual loan basis and to identify impaired loans. Please refer to Note 1: Portfolio Segments and Classes The Company evaluated characteristics in the loan portfolio and determined major segments and smaller classes within each segment. These characteristics include collateral type and intended use, repayment sources, and (if applicable) the borrower’s business model. The methodology for calculating reserves for collectively evaluated loans is applied at the class level. The Company’s segments and classes within each segment are presented below: Real Estate Construction Construction, residential Construction, other Consumer Real Estate Equity lines Residential closed-end first Residential closed-end junior liens Investor-owned residential real estate Commercial Real Estate Multifamily real estate Commercial real estate, owner-occupied Commercial real estate, other Commercial Non-Real Estate Commercial and Industrial Public Sector and IDA State and political subdivisions Consumer Non-Real Estate Credit cards Automobile Other consumer loans Collectively-evaluated loans within each class are further stratified by risk rating: pass-rated loans, loans rated special mention, and loans rated classified. Credit risk for collectively-evaluated loans is estimated at the class level, by risk rating, by applying historical net charge-off rates and percentages for qualitative factors that influence credit risk. Please refer to Note 1: A detailed analysis showing the allowance roll-forward by portfolio segment follows: Activity in the Allowance for Loan Losses by Segment for the year ended December 31, 2021 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Balance, December 31, 2020 $ 503 $ 2,165 $ 3,853 $ 670 $ 339 $ 555 $ 396 $ 8,481 Charge-offs - (13 ) - (526 ) - (216 ) - (755 ) Recoveries - 20 159 33 - 134 - 346 Provision for (recovery of) loan losses (81 ) (242 ) (891 ) 922 (42 ) (29 ) (35 ) (398 ) Balance, December 31, 2021 $ 422 $ 1,930 $ 3,121 $ 1,099 $ 297 $ 444 $ 361 $ 7,674 Activity in the Allowance for Loan Losses by Segment for the year ended December 31, 2020 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Balance, December 31, 2019 $ 400 $ 1,895 $ 2,559 $ 555 $ 478 $ 650 $ 326 $ 6,863 Charge-offs - (85 ) (15 ) (372 ) - (248 ) - (720 ) Recoveries - 18 145 9 - 175 - 347 Provision for (recovery of) loan losses 103 337 1,164 478 (139 ) (22 ) 70 1,991 Balance, December 31, 2020 $ 503 $ 2,165 $ 3,853 $ 670 $ 339 $ 555 $ 396 $ 8,481 A detailed analysis showing the allowance and loan portfolio by segment and evaluation method follows: Allowance for Loan Losses by Segment and Evaluation Method as of December 31, 2021 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated loans 422 1,930 3,121 1,099 297 444 361 7,674 Total $ 422 $ 1,930 $ 3,121 $ 1,099 $ 297 $ 444 $ 361 $ 7,674 Loans by Segment and Evaluation Method as of December 31, 2021 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ 191 $ 5,386 $ 301 $ - $ - $ - $ 5,878 Collectively evaluated loans 48,841 208,786 400,336 59,963 47,899 32,026 - 797,851 Total $ 48,841 $ 208,977 $ 405,722 $ 60,264 $ 47,899 $ 32,026 $ - $ 803,729 Allowance for Loan Losses by Segment and Evaluation Method as of December 31, 2020 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ 2 $ - $ 73 $ - $ - $ - $ 75 Collectively evaluated loans 503 2,163 3,853 597 339 555 396 8,406 Total $ 503 $ 2,165 $ 3,853 $ 670 $ 339 $ 555 $ 396 $ 8,481 Loans by Segment and Evaluation Method as of December 31, 2020 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ 194 $ 3,856 $ 851 $ - $ 2 $ - $ 4,903 Collectively evaluated loans 42,266 181,588 389,259 77,920 40,983 33,108 - 765,124 Total $ 42,266 $ 181,782 $ 393,115 $ 78,771 $ 40,983 $ 33,110 $ - $ 770,027 A summary of ratios for the allowance for loan losses follows: December 31, 2021 2020 Ratio of allowance for loan losses to the end of period loans, net of unearned income and deferred fees and costs 0.96 % 1.10 % Ratio of net charge-offs to average loans, net of unearned income and deferred fees and costs 0.05 % 0.05 % A summary of nonperforming assets, as of the dates indicated, follows: December 31, 2021 2020 Nonperforming assets: Nonaccrual loans $ - $ 846 TDR loans in nonaccrual 2,873 2,839 Total nonperforming loans 2,873 3,685 Other real estate owned, net 957 1,553 Total nonperforming assets $ 3,830 $ 5,238 Ratio of nonperforming assets to loans, net of unearned income and deferred fees and costs, plus other real estate owned 0.48 % 0.68 % Ratio of allowance for loan losses to nonperforming loans (1) 267.11 % 230.15 % ( 1 The Company defines nonperforming loans as total nonaccrual and TDR loans that are nonaccrual. Loans 90 days past due and still accruing and accruing TDR loans are excluded. As of December 31, 2021, December 31, 2021, A summary of loans past due 90 December 31, 2021 2020 Loans past due 90 days or more and still accruing $ 90 $ 17 Ratio of loans past due 90 days or more and still accruing to loans, net of unearned income and deferred fees and costs 0.01 % 0.00 % Accruing TDR loans $ 3,005 $ 1,410 Impaired loans: Impaired loans with no valuation allowance $ 5,878 $ 3,858 Impaired loans with a valuation allowance - 1,045 Total impaired loans $ 5,878 $ 4,903 Valuation allowance $ - $ (75 ) Impaired loans, net of allowance $ 5,878 $ 4,828 Average recorded investment in impaired loans (1) $ 5,901 $ 5,093 Income recognized on impaired loans, after designation as impaired $ 137 $ 54 Amount of income recognized on a cash basis $ - $ - ( 1 No interest income was recognized on nonaccrual loans for the years ended December 31, 2021 2020. A detailed analysis of investment in impaired loans, associated reserves and interest income recognized, by loan class follows: Impaired Loans as of December 31, 2021 Principal Balance (A) Total Recorded Investment (1) Recorded Investment (1) in (A) for Which There is No Related Allowance Recorded Investment (1) in (A) for Which There is a Related Allowance Related Allowance Consumer Real Estate (2) Investor-owned residential real estate $ 191 $ 191 $ 191 $ - $ - Commercial Real Estate (2) Commercial real estate, owner occupied 3,256 2,665 2,665 - - Commercial real estate, other 2,721 2,721 2,721 - - Commercial Non-Real Estate (2) Commercial and Industrial 310 301 301 - - Total $ 6,478 $ 5,878 $ 5,878 $ - $ - Impaired Loans as of December 31, 2020 Principal Balance (A) Total Recorded Investment (1) Recorded Investment (1) in (A) for Which There is No Related Allowance Recorded Investment (1) in (A) for Which There is a Related Allowance Related Allowance Consumer Real Estate (2) Investor-owned residential real estate $ 194 $ 194 $ - $ 194 $ 2 Commercial Real Estate (2) Commercial real estate, owner occupied 3,752 3,202 3,202 - - Commercial real estate, other 654 654 654 - - Commercial Non-Real Estate (2) Commercial and Industrial 851 851 - 851 73 Consumer Non-Real Estate (2) Automobile 2 2 2 - - Total $ 5,453 $ 4,903 $ 3,858 $ 1,045 $ 75 ( 1 Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. ( 2 Only classes with impaired loans are shown. Information on the average investment and interest income of impaired loans is presented in the tables below: Impaired Loans For the Year Ended December 31, 2021 Average Recorded Investment (1) Interest Income Recognized Consumer Real Estate (2) Investor-owned residential real estate $ 192 $ 13 Commercial Real Estate (2) Commercial real estate, owner occupied 2,668 9 Commercial real estate, other 2,723 100 Commercial Non-Real Estate (2) Commercial and Industrial 317 15 Consumer Non-Real Estate (2) Automobile 1 - Total $ 5,901 $ 137 Impaired Loans For the Year Ended December 31, 2020 Average Recorded Investment (1) Interest Income Recognized Consumer Real Estate (2) Investor-owned residential real estate $ 196 $ 13 Commercial Real Estate (2) Commercial real estate, owner occupied 3,217 19 Commercial real estate, other 790 - Commercial Non-Real Estate (2) Commercial and Industrial 887 22 Consumer Non-Real Estate (2) Automobile 3 - Total $ 5,093 $ 54 ( 1 Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. ( 2 Only classes with impaired loans are shown. An analysis of past due and nonaccrual loans, as of the dates indicated, follows: December 31, 2021 30 89 Days Past Due 90 or More Days Past Due 90 or More Days Past Due and Still Accruing Nonaccruals (Including Impaired Nonaccruals) Real Estate Construction (1) Construction, other $ 14 $ - $ - $ - Consumer Real Estate (1) Equity lines 50 29 29 Residential closed-end first liens 715 58 58 - Commercial Real Estate (1) Commercial real estate, owner occupied 12 266 - 2,572 Commercial Non-Real Estate (1) Commercial and Industrial 13 - - 301 Consumer Non-Real Estate (1) Credit cards 2 2 2 - Automobile 93 - - - Other consumer loans 88 1 1 - Total $ 987 $ 356 $ 90 $ 2,873 ( 1 Only classes with past due or nonaccrual loans are presented. December 31, 2020 30 89 Days Past Due 90 or More Days Past Due 90 or More Days Past Due and Still Accruing Nonaccruals (Including Impaired Nonaccruals) Consumer Real Estate (1) Residential closed-end first liens $ 365 $ 62 $ - $ 62 Investor-owned residential real estate 106 - - - Commercial Real Estate (1) Commercial real estate, owner occupied 15 571 - 2,941 Commercial real estate, other - 654 - 654 Commercial Non-Real Estate (1) Commercial and Industrial 730 27 - 28 Consumer Non-Real Estate (1) Credit cards 7 3 3 - Automobile 144 1 1 - Other consumer loans 130 13 13 - Total $ 1,497 $ 1,331 $ 17 $ 3,685 ( 1 Only classes with past due or nonaccrual loans are presented. Determination of risk grades was completed for the portfolio as of December 31, 2021 2020. December 31, 2021 Collectively-Evaluated Loans Pass Special Mention Classified Real Estate Construction Construction, 1-4 family residential $ 10,008 $ - $ - Construction, other 38,833 - - Consumer Real Estate Equity lines 13,588 - 29 Closed-end first liens 106,107 - 275 Closed-end junior liens 2,715 - - Investor-owned residential real estate 85,460 - 612 Commercial Real Estate Multifamily residential real estate 106,644 - - Commercial real estate owner-occupied 125,605 - 35 Commercial real estate, other 164,324 3,728 - Commercial Non-Real Estate Commercial and Industrial 59,953 - 10 Public Sector and IDA States and political subdivisions 47,899 - - Consumer Non-Real Estate Credit cards 4,531 - - Automobile 10,990 - 3 Other consumer 16,402 - 100 Total $ 793,059 $ 3,728 $ 1,064 December 31, 2020 Collectively-Evaluated Loans Pass Special Mention Classified Real Estate Construction Construction, 1-4 family residential $ 8,195 $ - $ - Construction, other 34,071 - - Consumer Real Estate Equity lines 13,903 - - Closed-end first liens 92,241 66 284 Closed-end junior liens 3,003 - - Investor-owned residential real estate 71,450 641 - Commercial Real Estate Multifamily residential real estate 87,455 265 - Commercial real estate owner-occupied 146,900 543 140 Commercial real estate, other 147,436 6,520 - Commercial Non-Real Estate Commercial and Industrial 77,892 - 28 Public Sector and IDA States and political subdivisions 40,983 - - Consumer Non-Real Estate Credit cards 4,665 - - Automobile 12,024 - 6 Other consumer 16,398 - 15 Total $ 756,616 $ 8,035 $ 473 Sales, Purchases and Reclassification of Loans The Company finances mortgages under “best efforts” contracts with mortgage purchasers. The mortgages are designated as held for sale upon initiation. There have been no Troubled Debt Restructurings Total TDRs amounted to $5,878 at December 31, 2021 December 31, 2020. no TDRs Designated During the Reporting Period The Company recognized three 2021. one two No three December 31, 2021 not no 2020. The following table presents TDRs by class that occurred during the year ended December 31, 2021. TDRs that occurred during the year ended December 31, 2021 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (1) Commercial Real Estate Commercial real estate owner-occupied 1 $ 102 $ 102 Commercial real estate, other 2 2,724 2,724 Total 3 $ 2,826 $ 2,826 ( 1 Post-modification outstanding recorded investment considers amounts immediately following the modification. Amounts do not Defaulted TDRs The Company analyzed its TDR portfolio for loans that defaulted during 2021 2020, 12 three one 90 Of the Company’s TDRs at December 31, 2021 December 31, 2020, none 12 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6: A summary of the cost and accumulated depreciation of premises and equipment as of the dates indicated, follows: December 31, 2021 2020 Premises $ 14,933 $ 14,809 Furniture and equipment 6,819 6,620 Premises and equipment $ 21,752 $ 21,429 Accumulated depreciation (12,030 ) (11,394 ) Premises and equipment, net $ 9,722 $ 10,035 Depreciation expense for the years ended December 31, 2021 2020 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7: The aggregate amounts of time deposits in denominations of $250 December 31, 2021 2020 December 31, 2021, Year of Maturity Time Deposits 2022 $ 64,262 2023 5,954 2024 508 2025 3,195 2026 5,029 Thereafter 20 Total time deposits $ 78,968 At December 31, 2021 2020, |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 8: 401 The Company has a Retirement Accumulation Plan qualifying under Internal Revenue Code Section 401 may December 31, 2021 2020, Employee Stock Ownership Plan The Company has a non-leveraged Employee Stock Ownership Plan (“ESOP”) which enables employees of NBI and its subsidiaries who have one January 1 July 1 not December 31, 2021 December 31, 2020. December 31, 2021, not Salary Continuation Plan The Company has a non-qualified Salary Continuation Plan for certain key officers. The plan provides the participating officers with supplemental retirement income, payable for the greater of 15 2021 2020, Defined Benefit Plan The Company’s defined benefit pension plan covers substantially all employees. The plan benefit formula is based upon the length of service of retired employees and a percentage of qualified W- 2 December 31, 2021 2020 Change in benefit obligation Projected benefit obligation at beginning of year $ 34,852 $ 29,641 Service cost (1) 1,445 1,080 Interest cost 736 820 Actuarial loss (gain) (2) (786 ) 4,621 Benefits paid (935 ) (1,310 ) Projected benefit obligation at end of year $ 35,312 $ 34,852 Change in plan assets Fair value of plan assets at beginning of year $ 32,415 $ 25,007 Actual return on plan assets 4,707 3,718 Employer contribution - 5,000 Benefits paid (935 ) (1,310 ) Fair value of plan assets at end of year $ 36,187 $ 32,415 Funded status at the end of the year $ 875 $ (2,437 ) (continued) Amounts recognized in the Consolidated Balance Sheet Deferred tax (liability) asset $ (184 ) $ 512 Other assets (liabilities) 875 (2,437 ) Total amounts recognized in the Consolidated Balance Sheet $ 691 $ (1,925 ) Amounts recognized in accumulated other comprehensive (loss) income, net Net loss $ (8,749 ) $ (12,855 ) Prior service cost - 11 Deferred tax asset 1,837 2,697 Amount recognized $ (6,912 ) $ (10,147 ) Accrued/Prepaid benefit cost, net Benefit obligation $ (35,312 ) $ (34,852 ) Fair value of assets 36,187 32,415 Unrecognized net actuarial loss 8,749 12,855 Unrecognized prior service cost - (11 ) Deferred tax liability (2,021 ) (2,185 ) Prepaid benefit cost included in other assets $ 7,603 $ 8,222 Components of net periodic benefit cost Service cost $ 1,445 $ 1,080 Interest cost 736 820 Expected return on plan assets (2,220 ) (1,679 ) Amortization of prior service cost (11 ) (110 ) Recognized net actuarial loss 833 710 Net periodic benefit cost $ 783 $ 821 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income Net (gain) loss $ (4,106 ) $ 1,871 Amortization of prior service cost 11 110 Deferred income tax expense (benefit) 860 (416 ) Total recognized $ (3,235 ) $ 1,565 Total recognized in net periodic benefit cost and other comprehensive (loss) income $ (3,312 ) $ 2,802 Weighted average assumptions at end of the year Discount rate used for net periodic pension cost 2.25 % 3.00 % Discount rate used for disclosure 2.50 % 2.25 % Expected return on plan assets 7.50 % 7.50 % Rate of compensation increase 3.00 % 3.00 % ( 1 Cost is included in Salaries and Employee Benefits expense. ( 2 Actuarial loss (gain) in 2021 Long Term Rate of Return The Company, as plan sponsor, selects the expected long term rate-of-return-on-assets assumption in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not may not Because assets are held in a qualified trust, anticipated returns are not not not The Company, as plan sponsor, has adopted a Pension Administrative Committee Policy (the “Policy”) for monitoring the investment management of its qualified plans. The Policy includes a statement of general investment principles and a listing of specific investment guidelines, to which the committee may The preferred target allocation for the assets of the defined benefit pension plan is 65% in equity securities and 35% in fixed income securities. Equity securities include investments in large-cap and mid-cap companies primarily located in the United States, although a small number of international large-cap companies are included. There are also investments in mutual funds holding the equities of large-cap and mid-cap U.S. companies. Fixed income securities include U.S. government agency securities and corporate bonds from companies representing diversified industries. There are no investments in hedge funds, private equity funds or real estate. The Company’s required minimum pension contribution for 2022 not December 31, 2021 December 31, 2020 Fair Value Measurements at December 31, 2021 Asset Category Total Level 1 Level 2 Level 3) Cash $ 1,390 $ 1,390 $ - $ - Equity securities: U. S. companies 19,758 19,758 - - International companies 2,722 2,722 - - Equities mutual funds (1) 5,257 5,257 - - State and political subdivisions 57 - 57 - Corporate bonds – investment grade (2) 7,003 - 7,003 - Total pension plan assets $ 36,187 $ 29,127 $ 7,060 $ - Fair Value Measurements at December 31, 2020 Asset Category Total Level 1 Level 2 Level 3 Cash $ 4,336 $ 4,336 $ - $ - Equity securities: U. S. companies 15,129 15,129 - - International companies 2,735 2,735 - - Equities mutual funds (1) 3,840 3,840 - - State and political subdivisions 152 - 152 - Corporate bonds – investment grade (2) 6,223 - 6,223 - Total pension plan assets $ 32,415 $ 26,040 $ 6,375 $ - ( 1 This category comprises actively managed equity funds invested in large-cap and mid-cap U.S. companies. ( 2 This category represents investment grade bonds of U.S. issuers from diverse industries. Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows: 2022 $ 6,049 2023 $ 984 2024 $ 1,649 2025 $ 830 2026 $ 2,093 2027 - 2031 $ 11,352 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9: The Company files United States federal income tax returns, and Virginia, West Virginia and North Carolina state income tax returns. With few exceptions, the Company is no 2018. Years ended December 31, 2021 2020 Current $ 4,099 $ 2,795 Deferred expense 152 282 Total income tax expense $ 4,251 $ 3,077 The following reconciles the “expected” income tax expense, computed by applying the U.S. federal income tax rate of 21% Years ended December 31, 2021 2020 Computed “expected” income tax expense $ 5,173 $ 4,021 Tax-exempt interest income (763 ) (798 ) Nondeductible interest expense 25 62 Other, net (184 ) (208 ) Reported income tax expense $ 4,251 $ 3,077 The components of net deferred tax assets, included in other assets, are as follows: December 31, 2021 2020 Deferred tax assets: Allowance for loan losses and unearned fee income $ 1,774 $ 1,938 Valuation allowance on other real estate owned 186 188 Defined benefit plan 1,837 2,697 Deferred compensation and other liabilities 899 866 Lease accounting 327 423 SBA fees 9 191 Total deferred tax assets $ 5,032 $ 6,303 Deferred tax liabilities: Fixed assets $ (415 ) $ (424 ) Goodwill (1,228 ) (1,228 ) Defined benefit plan, prepaid portion (2,021 ) (2,186 ) Net unrealized gain on securities available for sale (759 ) (3,500 ) Lease accounting (321 ) (419 ) Discount accretion of securities (27 ) (15 ) Total deferred tax liabilities (4,771 ) (7,772 ) Net deferred tax assets (liabilities) $ 261 $ (1,469 ) The Company determined that no valuation allowance for gross deferred tax assets was necessary at December 31, 2021 2020. |
Note 10 - Restrictions on Divid
Note 10 - Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | Note 10: The Company’s principal source of funds for dividend payments is dividends received from its subsidiary bank. For the years ended December 31, 2021 2020, Substantially all of NBI’s retained earnings are undistributed earnings of its sole banking subsidiary, which are restricted by various regulations administered by federal bank regulatory agencies. Bank regulatory agencies restrict, unless prior approval is obtained, the total dividend payments of a bank in any calendar year to the bank’s retained net income of that year to date, as defined, combined with its retained net income of the preceding two 2021 2020, December 31, 2021, 2022. |
Note 11 - Minimum Regulatory Ca
Note 11 - Minimum Regulatory Capital Requirement | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 11: Under the Federal Reserve’s Small Bank Holding Company Policy Statement, the Company is exempt from reporting consolidated regulatory capital ratios and from minimum regulatory capital requirements. NBB is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on NBI’s and NBB’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, NBB must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. The Bank is subject to the rules implementing the Basel III capital framework and certain related provisions of the Dodd-Frank Act (the “Basel III Capital Rules”) as applied by the Office of the Comptroller of the Currency. The Basel III Capital Rules require the Bank to comply with minimum capital ratios plus a “capital conservation buffer” designed to absorb losses during periods of economic stress. The rules set forth minimum amounts and ratios for CET1 1 1 NBB’s CET1 CET1 CET1 Tier 1 CET1 1 December 31, 2021 2020, not 1 CET1 1 2 2 December 31, 2021 December 31, 2020. December 31, 2021 2020, As of December 31, 2021, 1 CET1 1 no NBB’s capital amounts and ratios as of December 31, 2021 2020 Actual Minimum Capital Requirement (1) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Total capital (to risk weighted assets) $ 192,907 19.495 % $ 103,898 10.500 % $ 98,950 10.000 % Tier 1 capital (to risk weighted assets) $ 185,187 18.715 % $ 84,108 8.500 % $ 79,160 8.000 % Common Equity Tier 1 capital (to risk weighted assets) $ 185,187 18.715 % $ 69,265 7.000 % $ 64,318 6.500 % Tier 1 capital (to average assets) $ 185,187 11.165 % $ 66,348 4.000 % $ 82,935 5.000 % Actual Minimum Capital Requirement (1) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Total capital (to risk weighted assets) $ 185,937 19.943 % $ 97,898 10.500 % $ 93,236 10.000 % Tier 1 capital (to risk weighted assets) $ 177,409 19.028 % $ 79,251 8.500 % $ 74,589 8.000 % Common Equity Tier 1 capital (to risk weighted assets) $ 177,409 19.028 % $ 65,265 7.000 % $ 60,604 6.500 % Tier 1 capital (to average assets) $ 177,409 12.105 % $ 58,624 4.000 % $ 73,281 5.000 % ( 1 Except with regard to NBB’s Tier 1 2.50% CET1 |
Note 12 - Condensed Financial S
Note 12 - Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 12: Financial information pertaining only to NBI (Parent) as of the dates indicated, is as follows: Condensed Balance Sheets December 31, 2021 2020 Assets Cash due from subsidiaries $ 2,324 $ 987 Interest-bearing deposits - 10,027 Investments in subsidiaries 189,027 189,667 Refundable income taxes 647 446 Other assets 847 791 Total assets $ 192,845 $ 201,918 Liabilities and Stockholders Equity Other liabilities $ 1,094 $ 1,311 Stockholders’ equity 191,751 200,607 Total liabilities and stockholders’ equity $ 192,845 $ 201,918 Condensed Statements of Income Years ended December 31, 2021 2020 Income Dividends from subsidiaries $ 14,508 $ 22,000 Other income 1 4 Total income 14,509 22,004 Expenses Other expenses 1,135 1,179 Income before income tax benefit and equity in undistributed net income of subsidiaries 13,374 20,825 Applicable income tax benefit 293 301 Income before equity in undistributed net income of subsidiaries 13,667 21,126 Equity (deficit) in undistributed net income of subsidiaries 6,715 (5,049 ) Net income $ 20,382 $ 16,077 Condensed Statements of Cash Flows Years ended December 31, 2021 2020 Cash Flows from Operating Expenses Net income $ 20,382 $ 16,077 Adjustments to reconcile net income to net cash provided by operating activities: Deficit (equity) in undistributed net income of subsidiaries (6,715 ) 5,049 Net change in refundable income taxes due from subsidiaries (201 ) (23 ) Net change in other assets 221 (45 ) Net change in other liabilities (217 ) (2 ) Net cash provided by operating activities 13,470 21,056 Cash Flows from Investing Activities Net change in interest-bearing deposits 10,027 (9,404 ) Net cash provided by (used in) investing activities 10,027 (9,404 ) (continued) Cash Flows from Financing Activities Cash dividends paid (8,806 ) (9,000 ) Repurchase of shares (13,354 ) (1,722 ) Net cash used in financing activities (22,160 ) (10,722 ) Net change in cash 1,337 930 Cash due from subsidiaries at beginning of year 987 57 Cash due from subsidiaries at end of year $ 2,324 $ 987 |
Note 13 - Financial Instruments
Note 13 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 13: 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, standby letters of credit and interest rate locks. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. 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 standby 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. The Company may At December 31, 2021 2020, December 31, 2021 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 181,395 $ 178,341 Standby letters of credit 13,984 13,474 Mortgage loans sold with potential recourse 18,287 40,362 Commitments to extend credit are agreements to lend to a customer as long as there is no may may not Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit. Some of these commitments are uncollateralized and do not may not Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third may The Company originates mortgage loans for sale to secondary market investors subject to contractually specified and limited recourse provisions. In 2021, 2020. may may may 12 At December 31, 2021, not December 31, 2021 not The Company maintains cash accounts in other commercial banks. The Company had $28 in deposits with correspondent institutions at December 31, 2021 not |
Note 14 - Concentrations of Cre
Note 14 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 14: The Company does a general banking business, serving the commercial and personal banking needs of its customers. NBB’s primary service area is defined as the counties of Montgomery, Giles, Carroll, Grayson, Pulaski, Tazewell, Smyth, Wythe, Roanoke and Washington and the cities of Galax, Radford and Roanoke in southwest Virginia, and Mercer, Monroe and McDowell counties in West Virginia. For loan purposes, the Company’s market also includes the Virginia cities of Salem and Bristol and counties of Botetourt and Craig, the southernmost tip of West Virginia adjacent to the counties of Giles, Buchanan, Russell and Bland, the North Carolina counties of Surry and Alleghany, and the Tennessee city of Bristol and counties of Washington and Sullivan. Substantially all of NBB’s loans are made in its primary service area. Additionally, the Company occasionally participates in loans in nearby higher growth metropolitan areas. Loans outside of the primary service area are a small percentage of the loan portfolio, are appropriately underwritten and are not Commercial real estate as of December 31, 2021 2020 December 31, 2021 2020, December 31, 2021 December 31, 2020. December 31, 2021 2020, The Company has established operating policies relating to the credit process and collateral in loan originations. Loans to purchase real and personal property are generally collateralized by the related property and with loan amounts established based on certain percentage limitations of the property’s total stated or appraised value. Credit approval is primarily a function of cash flow, collateral and the evaluation of the creditworthiness of the individual borrower or project based on available financial information. Management considers the concentration of credit risk to be minimal. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 15: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of the observable inputs and minimize the use of the unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three one three Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including: ● quoted prices in active markets for similar assets and liabilities, ● quoted prices for identical or similar assets and liabilities in less active markets, ● inputs other than quoted prices that are observable, and ● model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one Fair value is best determined by quoted market prices. However, in many instances, there are no not may not may not The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the consolidated financial statements: Financial Instruments Measured At Fair Value on a Recurring Basis Securities Available for Sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1 not may 2 The following tables present the balances of financial assets measured at fair value on a recurring basis as of December 31, 2021 2020: December 31, 2021 Fair Value Measurement Using Description Balance Level 1 Level 2 Level 3 U.S. Government agencies and corporations $ 278,019 $ - $ 278,019 $ - States and political subdivisions 198,672 - 198,672 - Mortgage-backed securities 206,174 - 206,174 - Corporate debt securities 3,215 - 3,215 - Total securities available for sale $ 686,080 $ - $ 686,080 $ - December 31, 2020 Fair Value Measurement Using Description Balance Level 1 Level 2 Level 3 U.S. Government agencies and corporations $ 91,163 $ - $ 91,163 $ - States and political subdivisions 203,961 - 203,961 - Mortgage-backed securities 249,175 - 249,175 - Corporate debt securities 2,443 - 2,443 - Total securities available for sale $ 546,742 $ - $ 546,742 $ - The Company’s securities portfolio is valued using Level 2 third two third 2 may Interest Rate Loan Contracts and Forward Contracts The Company originates consumer real estate loans which it intends to sell to a correspondent lender. Interest rate loan contracts and forward contracts result from originating loans held for sale and are derivatives reported at fair value. The Company enters interest rate lock commitments with customers who apply for a loan which the Company intends to sell to a correspondent lender. The interest rate loan contract ends when the loan closes or the customer withdraws their application. Fair value of the interest rate loan contract is based upon the correspondent lender’s pricing quotes at the report date. Fair value is adjusted for the estimated probability of the loan closing with the borrower. At the time the Company enters into an interest rate loan contract with a customer, it also enters into a best efforts forward sales commitment with the correspondent lender. If the loan has been closed and funded, the best efforts commitment converts to a mandatory forward sales commitment. Fair value is based on the gain or loss that would occur if the Company were to pair-off the transaction with the investor at the measurement date. This is a Level 3 Interest rate loan contracts and forward contracts are valued based on quotes from the correspondent lender at the reporting date. Pricing changes daily and if a loan has not may The Company did not December 31, 2021. December 31, 2020: December 31, 2020 Fair Value Measurements Using Description Balance Level 1 Level 2 Level 3 Interest rate loan contracts $ 1 $ - $ - $ 1 Forward contracts $ (11 ) $ - $ - $ (11 ) December 31, 2020 Valuation Technique Unobservable Input Range (Weighted Average) Interest rate loan contracts Market approach Pull-through rate 87.02% (1) Forward contracts Market approach Pull-through rate 87.02% (1) Interest rate loan contracts Market approach Current reference price 101.91% - 103.02% (102.55%) (2) Forward contracts Market approach Current reference price 101.91% - 103.19% (102.67%) (2) ( 1 All contracts are valued using the same pull-through rate. ( 2 Current reference prices were weighted by the relative amount of the loan. Financial Instruments Measured at Fair Value on a Non-Recurring Basis Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the consolidated financial statements: Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of one four not 2 December 31, 2021 2020. Impaired Loans Impaired loans are measured at fair value on a nonrecurring basis. If an individually evaluated impaired loan’s balance exceeds fair value, the amount is allocated to the allowance for loan losses. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. The fair value of an impaired loan may one three 1 3 may 2 3. Loans valued using the collateral method may 1 4 $250 $500. third may Appraisals of less than 24 2 3. 3. 2 3 not 3 3. At December 31, 2021, not December 31, 2020. December 31, 2020 Carrying value Description Balance Level 1 Level 2 Level 3 Impaired loans net of valuation allowance $ 970 - - $ 970 The following table presents information about Level 3 December 31, 2020. Valuation Technique Unobservable Input Range (Weighted Average (1) Present value of cash flows Discount rate 5.50% - 6.50%(5.78%) ( 1 Unobservable inputs were weighted by the relative fair value of the impaired loans. As of December 31, 2020, may may Other Real Estate Owned Certain assets such as OREO are measured at fair value less cost to sell. Valuation of OREO is determined using current appraisals from independent parties, a Level 2 3 3 Carrying Value Date Description Balance Level 1 Level 2 Level 3 December 31, 2021 OREO net of valuation allowance $ 957 $ - $ - $ 957 December 31, 2020 OREO net of valuation allowance 1,553 - - 1,553 The following table presents information about OREO and Level 3 Date Valuation Technique Unobservable Input Range (Weighted Average (1) ) December 31, 2021 Discounted appraised value Selling cost 6.20% (3) December 31, 2020 Discounted appraised value Selling cost 4.00% – 9.23%(4.54%) (2) December 31, 2020 Discounted appraised value Discount for lack of marketability and age of appraisal 0.00% – 7.66%(0.62%) (1) ( 1 Discounts were weighted by the relative appraised value of the OREO properties. ( 2 The appraised value is discounted by selling costs if the OREO property is listed with a realtor and if appraised value exceeds the list price, less estimated selling costs. Selling costs do not ( 3 As of December 31, 2021, one At December 31, 2021 December 31, 2020, Discounts for selling costs and in some instances, marketability, result when the Company markets OREO properties via local realtors. The Company works with the realtor to determine the list price, which may 6% 10% may may There is uncertainty in determining discounts to appraised value. Future changes to marketability assumptions or updated appraisals may may Fair Value Summary The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2021 December 31, 2020. no December 31, 2021 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 8,768 $ 8,768 $ - $ - Interest-bearing deposits 130,021 130,021 - - Securities 686,080 - 686,080 - Restricted securities 845 - 845 - Mortgage loans held for sale 615 - 615 - Loans, net 795,574 - - 791,335 Accrued interest receivable 5,104 - 5,104 - Bank-owned life insurance 42,354 - 42,354 - Financial liabilities: Deposits $ 1,494,587 $ - $ 1,415,619 $ 79,115 Accrued interest payable 48 - 48 - December 31, 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 13,147 $ 13,147 $ - $ - Interest-bearing deposits 120,725 120,725 - - Securities 546,742 - 546,742 - Restricted securities 1,279 - 1,279 - Mortgage loans held for sale 866 - 866 - Loans, net 760,318 - - 752,624 Accrued interest receivable 5,028 - 5,028 - Bank-owned life insurance 36,444 - 36,444 - Interest rate loan contracts 1 - - 1 Financial liabilities: Deposits $ 1,297,143 $ - $ 1,207,561 $ 89,681 Accrued interest payable 56 - 56 - Forward contracts 11 - 56 11 |
Note 16 - Components of Accumul
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 16: The following table summarizes the activity related to each component of accumulated other comprehensive income (loss) for the years ended December 31, 2020 2021: Net Unrealized Gain (Loss) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ 76 $ (8,582 ) $ (8,506 ) Unrealized holding gain on available for sale securities net of tax of $ 3,502 13,176 - 13,176 Reclassification adjustment, net of tax of ($23) (85 ) - (85 ) Net pension loss, net of tax of ($393) - (1,478 ) (1,478 ) Less amortization of prior service cost included in net periodic pension cost, net of tax of ($23) - (87 ) (87 ) Balance at December 31, 2020 $ 13,167 $ (10,147 ) $ 3,020 Unrealized holding loss on available for sale securities net of tax of ($2,740) (10,308 ) (10,308 ) Reclassification adjustment, net of tax of ($1) (5 ) (5 ) Net pension gain, net of tax of $862 3,244 3,244 Less amortization of prior service cost included in net periodic pension cost, net of tax of ($2) (9 ) (9 ) Balance at December 31, 2021 $ 2,854 $ (6,912 ) $ (4,058 ) The following table provides information regarding reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2021 2020: December 31, 2021 2020 Component of Accumulated Other Comprehensive Income (Loss) Reclassification out of unrealized gains on available for sale securities: Realized securities gain, net $ (6 ) $ (108 ) Income tax benefit (1 ) (23 ) Realized gain on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss $ (5 ) $ (85 ) Amortization of defined benefit pension items: Prior service costs (1) $ (11 ) $ (110 ) Income tax benefit (2 ) (23 ) Amortization of defined benefit pension items, net of tax, reclassified out of accumulated other comprehensive loss $ (9 ) $ (87 ) ( 1 This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. (For additional information, see Note 8, |
Note 17 - Goodwill
Note 17 - Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 17. In accounting for goodwill, the Company conducts an impairment review at least annually and more frequently if certain impairment indicators are evident. Testing for 2021 2020 not December 31, 2021 December 31, 2020, no |
Note 18 - Revenue Recognition
Note 18 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 18: Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams such as service charges on deposit accounts, other service charges and fees, credit and debit card fees, trust income, and annuity and insurance commissions are recognized in accordance with ASC Topic 606, 606 not 606 Service Charges on Deposit Accounts Service charges on deposit accounts consist of monthly service fees, overdraft and nonsufficient funds fees, ATM fees, wire transfer fees, and other deposit account related fees. The Company’s performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Wire transfer fees, overdraft and nonsufficient funds fees and other deposit account related fees are transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Other Service Charges and Fees Other service charges include safety deposit box rental fees, check ordering charges, and other service charges. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Check ordering charges are transactional based, and therefore the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Credit and Debit Card Fees Credit and debit card fees are primarily comprised of interchange fee income and merchant services income. Interchange fees are earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa and MasterCard. Merchant services income mainly represents commission fees based upon merchant processing volume. The Company’s performance obligation for interchange fee income and merchant services income are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. In compliance with Topic 606, Trust Income Trust income is primarily comprised of fees earned from the management and administration of trusts and estates and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not Insurance and Investment Insurance income primarily consists of commissions received on insurance product sales. The Company acts as an intermediary between the Company’s customer and the insurance carrier. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Shortly after the insurance policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. Investment income consists of recurring revenue streams such as commissions from sales of mutual funds and other investments. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees (i.e., trailers) from mutual fund companies typically based on a percentage of net asset value. Trailer revenue is recorded over time, usually monthly or quarterly, as net asset value is determined. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, December 31, 2021 2020. December 31, 2021 2020 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts $ 2,045 $ 1,966 Other service charges and fees 179 162 Credit and debit card fees 1,869 1,400 Trust income 1,792 1,662 Insurance and Investment (included within Other Income on the Consolidated Statements of Income) 768 464 Noninterest Income (in-scope of Topic 606) $ 6,653 $ 5,654 Noninterest Income (out-of-scope of Topic 606) 1,773 2,290 Total noninterest income $ 8,426 $ 7,944 |
Note 19 - Leases
Note 19 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 19: The Company’s leases are recorded under ASC Topic 842, 842, not 12 not Right-of-use assets and lease liabilities are recognized for operating and finance leases. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Lease payments Lease payments for short-term leases are recognized as lease expense on a straight-line basis over the lease term, or for variable lease payments, in the period in which the obligation was incurred. Payments for leases with terms longer than 12 may not not Options to Extend, Residual Value Guarantees, and Restrictions and Covenants Of the Company’s five December 31, 2021, three two five not not one five 2020 not None none 2021. The Company’s lease right of use asset is included in other assets and the lease liability is included in other liabilities. The following tables present information about leases: December 31, 2021 December 31, 2020 Lease liability $ 1,558 $ 2,016 Right-of-use asset $ 1,532 $ 1,998 Weighted average remaining lease term (in years) 6.33 6.81 Weighted average discount rate 3.21 % 3.04 % For the Years Ended December 31, 2021 2020 Lease Expense Operating lease expense $ 368 $ 368 Short-term lease expense 2 2 Total lease expense $ 370 $ 370 Cash paid for amounts included in lease liabilities $ 362 $ 360 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ - $ 24 The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability: Undiscounted Cash Flow for the As of December 31, 2021 Twelve months ending December 31, 2022 $ 293 Twelve months ending December 31, 2023 291 Twelve months ending December 31, 2024 293 Twelve months ending December 31, 2025 244 Twelve months ending December 31, 2026 211 Thereafter 394 Total undiscounted cash flows $ 1,726 Less: discount $ (168 ) Lease liability $ 1,558 The contracts in which the Company is lessee are with parties external to the company and not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and amounts due from banks. |
Interest-bearing Deposits [Policy Text Block] | Interest-Bearing Deposits The Company invests over-night funds in interest-bearing deposits at other banks, including the FHLB, the Federal Reserve and other entities. Interest-bearing deposits are carried at cost. |
Marketable Securities, Policy [Policy Text Block] | Securities Certain debt securities that management has the positive intent and ability to hold to maturity may not The Company follows the accounting guidance related to recognition and presentation of other–than-temporary impairment (“OTTI”). The guidance specifies that if (a) an entity does not not not not Equity securities with readily-determinable fair values are measured at fair value using the “exit price notion”. Changes in fair value are recognized in net income. Equity securities without readily-determinable fair values are recorded as other assets at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investment of the same issuer. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on an individual loan basis. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The Company releases mortgage servicing rights when loans are sold on the secondary market. |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans The Company, through its banking subsidiary, provides mortgage, commercial, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding unpaid principal balances adjusted for the allowance for loan losses, any purchase premium or discount, unearned income and deferred fees or costs. Interest income is accrued on the unpaid principal balance. Unearned income on dealer-originated loans and loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Purchase premium or discount is recognized as an adjustment of the related loan yield using the interest method. The Bank’s loan policy is updated and approved by the Board of Directors annually and disseminated to lending and loan portfolio management personnel to ensure consistent lending practices. The policy communicates the Company’s risk tolerance by prescribing underwriting guidelines and procedures, including approval limits and hierarchy, documentation standards, requirements for collateral and loan-to-value limits, debt coverage, overall creditworthiness and guarantor support. Of primary consideration is the repayment ability of the borrowers and (if secured) the collateral value in relation to the principal balance. Collateral lowers risk and may The Company’s loans are grouped into six Real Estate Construction Loans. may not may may Consumer Real Estate Loans. first 80% 43% Consumer real estate mortgages may fifth Home equity loans are secured primarily by second 80% not We do not may Commercial Real Estate Loans. first 80% 115% may may Commercial Non-Real Estate Loans. 60% 90% 70% 90 Included within this category are SBA PPP loans. The Bank provided qualifying customers with small business loans to pay payroll and other qualifying expenses. The vast majority of the Bank’s PPP loans have been repaid. Public Sector and IDA Loans. Consumer Non-Real Estate Loans. Past Due Status and Nonaccrual Designation A loan is considered past due when a payment of principal and/or interest is due but not not 30 not not 30 89 90 The Company considers multiple factors when determining whether to discontinue accrual of interest on individual loans. Generally loans are placed in nonaccrual status when collection of interest and/or full principal is considered doubtful. Interest accrual is discontinued at the time a commercial real estate loan or commercial non-real estate loan is 90 days delinquent unless the credit is well secured and in the process of collection. Accrued interest is reversed against income when a loan is placed in nonaccrual status. Any interest payments received during a loan’s nonaccrual period are credited to the principal balance of the loan. Nonaccrual loans that are not may six |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is an estimate of probable losses inherent in the loan portfolio. The allowance is funded by the provision for loan losses, reduced by charge-offs of loans and increased by recoveries of previously charged-off loans. The determination of the allowance is based on two 450 20 310 10 Impaired loans Impaired loans are larger non-homogeneous loans for which there is a probability that collection of principal or interest will not one three 1 2 3 The estimated fair value is compared with the loan’s recorded investment (unpaid principal net of any interest payments made by the borrower during the nonaccrual period and net of any partial charge-offs, accrued interest and deferred fees and costs). Any amount of recorded investment that exceeds estimated fair value on collateral-dependent loans, as well as any other impairment loss considered uncollectible, is charged against the allowance for loan losses. Fair value shortfalls that are not not no not Collectively-evaluated loans General allowances are established for collectively evaluated loans. Collectively evaluated loans are grouped into classes based on similar characteristics. Factors considered in determining general allowances include historical loss rates, internal risk ratings, delinquency and nonperforming rates, product mix, changes in loan policies and procedures, changes in loan review systems, changes in economic conditions, changes in management experience, industry trends, interest rate trends and changes in the competitive, legal and regulatory environment. Charge-off policy The Company’s charge-off policy meets or is more stringent than the minimum standards required by regulators. When available information confirms that a specific loan or a portion thereof, within any loan class, is uncollectible the amount is charged off against the allowance for loan losses. Additionally, losses on consumer real estate and consumer non-real estate loans are typically charged off no may may Credit quality indicators Credit quality indicators, which the Company terms risk grades, are assigned through the Company’s credit review function for larger loans and selective review of loans that fall below credit review thresholds. Credit quality is rated based on the loan’s payment history, the borrower’s current financial situation and value of the underlying collateral. Loans that do not 75 75 |
Troubled Debt Restructuring [Policy Text Block] | TDRs When the Company grants a concession to a borrower for economic or legal reasons related to a borrower’s financial condition, the loan is classified a TDR. When the Company grants a subsequent modification to a loan that had previously been modified but not may may one |
Rate Lock Commitments [Policy Text Block] | Rate Lock Commitments The Company enters into commitments to originate mortgage loans in which the interest rate on the loan is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not The market value of rate lock commitments and best efforts contracts is not not no |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, net of accumulated depreciation. Depreciation is charged to expense over the estimated useful lives of the assets on the straight-line basis. Depreciable lives include 40 years for premises, 3-10 years for furniture and equipment, and 3 years for computer software. Costs of maintenance and repairs are charged to expense as incurred and improvements are capitalized. |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned Real estate acquired through or in lieu of foreclosure is held for sale and is initially recorded at fair value less estimated costs to sell at the date of foreclosure, establishing the cost basis of the asset. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other operating expenses. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill The Company records as goodwill the excess of purchase price over the fair value of the identifiable net assets acquired. Goodwill is subject to at least an annual assessment for impairment by applying a fair value based test. The Company performs its annual analysis as of September 30 2021 September 30, 2021. The Company’s goodwill impairment analysis considered three first second third no second third September 30, 2021, |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension Plan The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through other comprehensive (loss) income. The funded status of a benefit plan is measured as the difference between plan assets at fair value and the projected benefit obligation. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax accounting guidance results in two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. |
Trust Assets and Income [Policy Text Block] | Trust Assets and Income Assets (other than cash deposits) held by NBB’s Trust Department in a fiduciary or agency capacity for customers are not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per common share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. During 2021 2020, The following shows the weighted average number of shares used in computing earnings per common share for the years indicated. 2021 2020 Average number of common shares outstanding 6,209,929 6,483,230 |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business are recorded as liabilities when the likelihood of loss is probable and reasonably estimated. Management does not |
Advertising Cost [Policy Text Block] | Advertising The Company charges advertising costs to expenses as incurred. Advertising expenses were $112 for the year ended December 31, 2021 December 31, 2020. |
Revenue [Policy Text Block] | Revenue Recognition The Company accounts for revenue associated with financial instruments, including loans and securities via the accrual method. The Company recognizes noninterest income when it satisfies commitments to customers. Please refer to Note 18: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, evaluation of impairment of goodwill, and pension obligations. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, No. 2016 13, 326 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. 2016 13 Effective November 25, 2019, 119. 119 326, 1 2 3 4 In March 2020, No. 2020 04 848 March 12, 2020 December 31, 2022. January 2021, No. 2021 01 848 848 848 may No. 2021 01 March 12, 2020, January 7, 2021, may No. 2021 01 March 12, 2020, March 12, 2020. Recently Adopted Accounting Developments In December 2019, 2019 12, 740 740 2019 12 January 1, 2021. 2019 12 not In January 2020, 2020 01, 321 323 815 321, 323, 815.” 2020 01 2020 01 January 1, 2021. 2020 01 not In October 2020, 2020 08, 310 20, 310 20 35 33 2020 08 January 1, 2021. 2020 08 not In December 2020, 541 first 19 In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, 2021 06 not |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties Since the beginning of 2020, 19 not 19 Financial position and results of operations During 2020, 19 two 2021, 19 may Low interest rates since the beginning of the pandemic, financial aid to consumers provided by the CARES Act and the CAA, increased demand and supply chain bottlenecks have resulted in historically high levels of inflation. Potential future increases in interest rates to address inflation may Capital and Liquidity While the Company believes that it has sufficient capital to withstand a potential second The Company maintains access to multiple sources of liquidity. Wholesale funding markets are currently available to the Company. If the uncertainty caused by the COVID- 19 Asset valuation The pandemic has not not The Company tests goodwill for impairment annually, usually during the fourth September 30 may Lending operations, accommodations to borrowers and credit risk The Company worked with customers directly affected by COVID- 19, December 31, 2021, 19 If eventual credit losses are identified on loans that received modifications or other loans, accrued interest and fee income would be reversed at the time the loss is identified. If the loans are fully or partially charged off, future requirements for the provision for loan losses expense will increase. At this time, the Company is unable to project the materiality of such an impact, but recognizes economic declines may |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | 2021 2020 Average number of common shares outstanding 6,209,929 6,483,230 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | December 31, 2021 Available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies and corporations $ 279,934 $ 2,795 $ 4,710 $ 278,019 States and political subdivisions 195,365 5,314 2,007 198,672 Mortgage-backed securities 204,164 2,323 313 206,174 Corporate debt securities 3,004 248 37 3,215 Total securities available for sale $ 682,467 $ 10,680 $ 7,067 $ 686,080 December 31, 2020 Available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies and corporations $ 86,859 $ 4,477 $ 173 $ 91,163 States and political subdivisions 196,435 7,778 252 203,961 Mortgage-backed securities 244,780 4,473 78 249,175 Corporate debt securities 2,001 442 - 2,443 Total securities available for sale $ 530,075 $ 17,170 $ 503 $ 546,742 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2021 Available for sale: Amortized Cost Fair Value Due in one year or less $ 2,519 $ 2,540 Due after one year through five years 24,034 24,051 Due after five years through ten years 313,966 313,288 Due after ten years 341,948 346,201 Total securities available for sale $ 682,467 $ 686,080 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | December 31, 2021 Less Than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and corporations $ 201,650 $ 3,530 $ 26,792 $ 1,180 State and political subdivisions 50,659 1,214 20,542 793 Mortgage-backed securities 13,139 141 4,665 172 Corporate debt securities 966 37 - - Total temporarily impaired securities $ 266,414 $ 4,922 $ 51,999 $ 2,145 December 31, 2020 Less Than 12 Months 12 Months or More Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government agencies and corporations $ 28,798 $ 173 $ - $ - State and political subdivisions 32,353 249 635 3 Mortgage-backed securities 8,816 76 4,060 2 Total temporarily impaired securities $ 69,967 $ 498 $ 4,695 $ 5 |
Schedule of Realized Gain (Loss) on Called Securities [Table Text Block] | For the year ended December 31, 2021 Proceeds Book Value Gross Gain Gross Loss Net Gain Available for sale $ 20,377 $ 20,371 $ 6 $ - $ 6 For the year ended December 31, 2020 Proceeds Book Value Gross Gain Gross Loss Net Gain Available for sale $ 126,840 $ 126,732 $ 110 $ 2 $ 108 |
Note 5 - Allowance for Loan L_2
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Activity in the Allowance for Loan Losses by Segment for the year ended December 31, 2021 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Balance, December 31, 2020 $ 503 $ 2,165 $ 3,853 $ 670 $ 339 $ 555 $ 396 $ 8,481 Charge-offs - (13 ) - (526 ) - (216 ) - (755 ) Recoveries - 20 159 33 - 134 - 346 Provision for (recovery of) loan losses (81 ) (242 ) (891 ) 922 (42 ) (29 ) (35 ) (398 ) Balance, December 31, 2021 $ 422 $ 1,930 $ 3,121 $ 1,099 $ 297 $ 444 $ 361 $ 7,674 Activity in the Allowance for Loan Losses by Segment for the year ended December 31, 2020 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Balance, December 31, 2019 $ 400 $ 1,895 $ 2,559 $ 555 $ 478 $ 650 $ 326 $ 6,863 Charge-offs - (85 ) (15 ) (372 ) - (248 ) - (720 ) Recoveries - 18 145 9 - 175 - 347 Provision for (recovery of) loan losses 103 337 1,164 478 (139 ) (22 ) 70 1,991 Balance, December 31, 2020 $ 503 $ 2,165 $ 3,853 $ 670 $ 339 $ 555 $ 396 $ 8,481 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Allowance for Loan Losses by Segment and Evaluation Method as of December 31, 2021 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated loans 422 1,930 3,121 1,099 297 444 361 7,674 Total $ 422 $ 1,930 $ 3,121 $ 1,099 $ 297 $ 444 $ 361 $ 7,674 Loans by Segment and Evaluation Method as of December 31, 2021 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ 191 $ 5,386 $ 301 $ - $ - $ - $ 5,878 Collectively evaluated loans 48,841 208,786 400,336 59,963 47,899 32,026 - 797,851 Total $ 48,841 $ 208,977 $ 405,722 $ 60,264 $ 47,899 $ 32,026 $ - $ 803,729 Allowance for Loan Losses by Segment and Evaluation Method as of December 31, 2020 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ 2 $ - $ 73 $ - $ - $ - $ 75 Collectively evaluated loans 503 2,163 3,853 597 339 555 396 8,406 Total $ 503 $ 2,165 $ 3,853 $ 670 $ 339 $ 555 $ 396 $ 8,481 Loans by Segment and Evaluation Method as of December 31, 2020 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Unallocated Total Individually evaluated for impairment $ - $ 194 $ 3,856 $ 851 $ - $ 2 $ - $ 4,903 Collectively evaluated loans 42,266 181,588 389,259 77,920 40,983 33,108 - 765,124 Total $ 42,266 $ 181,782 $ 393,115 $ 78,771 $ 40,983 $ 33,110 $ - $ 770,027 |
Schedule of Ratios for Allowance for Loan Losses [Table Text Block] | December 31, 2021 2020 Ratio of allowance for loan losses to the end of period loans, net of unearned income and deferred fees and costs 0.96 % 1.10 % Ratio of net charge-offs to average loans, net of unearned income and deferred fees and costs 0.05 % 0.05 % |
Schedule of Nonperforming Assets [Table Text Block] | December 31, 2021 2020 Nonperforming assets: Nonaccrual loans $ - $ 846 TDR loans in nonaccrual 2,873 2,839 Total nonperforming loans 2,873 3,685 Other real estate owned, net 957 1,553 Total nonperforming assets $ 3,830 $ 5,238 Ratio of nonperforming assets to loans, net of unearned income and deferred fees and costs, plus other real estate owned 0.48 % 0.68 % Ratio of allowance for loan losses to nonperforming loans (1) 267.11 % 230.15 % |
Summary of Past Due 90 Days Loans or More and Impaired Loans [Table Text Block] | December 31, 2021 2020 Loans past due 90 days or more and still accruing $ 90 $ 17 Ratio of loans past due 90 days or more and still accruing to loans, net of unearned income and deferred fees and costs 0.01 % 0.00 % Accruing TDR loans $ 3,005 $ 1,410 Impaired loans: Impaired loans with no valuation allowance $ 5,878 $ 3,858 Impaired loans with a valuation allowance - 1,045 Total impaired loans $ 5,878 $ 4,903 Valuation allowance $ - $ (75 ) Impaired loans, net of allowance $ 5,878 $ 4,828 Average recorded investment in impaired loans (1) $ 5,901 $ 5,093 Income recognized on impaired loans, after designation as impaired $ 137 $ 54 Amount of income recognized on a cash basis $ - $ - |
Impaired Financing Receivables [Table Text Block] | Impaired Loans as of December 31, 2021 Principal Balance (A) Total Recorded Investment (1) Recorded Investment (1) in (A) for Which There is No Related Allowance Recorded Investment (1) in (A) for Which There is a Related Allowance Related Allowance Consumer Real Estate (2) Investor-owned residential real estate $ 191 $ 191 $ 191 $ - $ - Commercial Real Estate (2) Commercial real estate, owner occupied 3,256 2,665 2,665 - - Commercial real estate, other 2,721 2,721 2,721 - - Commercial Non-Real Estate (2) Commercial and Industrial 310 301 301 - - Total $ 6,478 $ 5,878 $ 5,878 $ - $ - Impaired Loans as of December 31, 2020 Principal Balance (A) Total Recorded Investment (1) Recorded Investment (1) in (A) for Which There is No Related Allowance Recorded Investment (1) in (A) for Which There is a Related Allowance Related Allowance Consumer Real Estate (2) Investor-owned residential real estate $ 194 $ 194 $ - $ 194 $ 2 Commercial Real Estate (2) Commercial real estate, owner occupied 3,752 3,202 3,202 - - Commercial real estate, other 654 654 654 - - Commercial Non-Real Estate (2) Commercial and Industrial 851 851 - 851 73 Consumer Non-Real Estate (2) Automobile 2 2 2 - - Total $ 5,453 $ 4,903 $ 3,858 $ 1,045 $ 75 |
Impaired Financing Receivable Average Investment And Interest Income [Table Text Block] | Impaired Loans For the Year Ended December 31, 2021 Average Recorded Investment (1) Interest Income Recognized Consumer Real Estate (2) Investor-owned residential real estate $ 192 $ 13 Commercial Real Estate (2) Commercial real estate, owner occupied 2,668 9 Commercial real estate, other 2,723 100 Commercial Non-Real Estate (2) Commercial and Industrial 317 15 Consumer Non-Real Estate (2) Automobile 1 - Total $ 5,901 $ 137 Impaired Loans For the Year Ended December 31, 2020 Average Recorded Investment (1) Interest Income Recognized Consumer Real Estate (2) Investor-owned residential real estate $ 196 $ 13 Commercial Real Estate (2) Commercial real estate, owner occupied 3,217 19 Commercial real estate, other 790 - Commercial Non-Real Estate (2) Commercial and Industrial 887 22 Consumer Non-Real Estate (2) Automobile 3 - Total $ 5,093 $ 54 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2021 30 89 Days Past Due 90 or More Days Past Due 90 or More Days Past Due and Still Accruing Nonaccruals (Including Impaired Nonaccruals) Real Estate Construction (1) Construction, other $ 14 $ - $ - $ - Consumer Real Estate (1) Equity lines 50 29 29 Residential closed-end first liens 715 58 58 - Commercial Real Estate (1) Commercial real estate, owner occupied 12 266 - 2,572 Commercial Non-Real Estate (1) Commercial and Industrial 13 - - 301 Consumer Non-Real Estate (1) Credit cards 2 2 2 - Automobile 93 - - - Other consumer loans 88 1 1 - Total $ 987 $ 356 $ 90 $ 2,873 December 31, 2020 30 89 Days Past Due 90 or More Days Past Due 90 or More Days Past Due and Still Accruing Nonaccruals (Including Impaired Nonaccruals) Consumer Real Estate (1) Residential closed-end first liens $ 365 $ 62 $ - $ 62 Investor-owned residential real estate 106 - - - Commercial Real Estate (1) Commercial real estate, owner occupied 15 571 - 2,941 Commercial real estate, other - 654 - 654 Commercial Non-Real Estate (1) Commercial and Industrial 730 27 - 28 Consumer Non-Real Estate (1) Credit cards 7 3 3 - Automobile 144 1 1 - Other consumer loans 130 13 13 - Total $ 1,497 $ 1,331 $ 17 $ 3,685 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Collectively-Evaluated Loans Pass Special Mention Classified Real Estate Construction Construction, 1-4 family residential $ 10,008 $ - $ - Construction, other 38,833 - - Consumer Real Estate Equity lines 13,588 - 29 Closed-end first liens 106,107 - 275 Closed-end junior liens 2,715 - - Investor-owned residential real estate 85,460 - 612 Commercial Real Estate Multifamily residential real estate 106,644 - - Commercial real estate owner-occupied 125,605 - 35 Commercial real estate, other 164,324 3,728 - Commercial Non-Real Estate Commercial and Industrial 59,953 - 10 Public Sector and IDA States and political subdivisions 47,899 - - Consumer Non-Real Estate Credit cards 4,531 - - Automobile 10,990 - 3 Other consumer 16,402 - 100 Total $ 793,059 $ 3,728 $ 1,064 Collectively-Evaluated Loans Pass Special Mention Classified Real Estate Construction Construction, 1-4 family residential $ 8,195 $ - $ - Construction, other 34,071 - - Consumer Real Estate Equity lines 13,903 - - Closed-end first liens 92,241 66 284 Closed-end junior liens 3,003 - - Investor-owned residential real estate 71,450 641 - Commercial Real Estate Multifamily residential real estate 87,455 265 - Commercial real estate owner-occupied 146,900 543 140 Commercial real estate, other 147,436 6,520 - Commercial Non-Real Estate Commercial and Industrial 77,892 - 28 Public Sector and IDA States and political subdivisions 40,983 - - Consumer Non-Real Estate Credit cards 4,665 - - Automobile 12,024 - 6 Other consumer 16,398 - 15 Total $ 756,616 $ 8,035 $ 473 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | TDRs that occurred during the year ended December 31, 2021 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (1) Commercial Real Estate Commercial real estate owner-occupied 1 $ 102 $ 102 Commercial real estate, other 2 2,724 2,724 Total 3 $ 2,826 $ 2,826 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Premises $ 14,933 $ 14,809 Furniture and equipment 6,819 6,620 Premises and equipment $ 21,752 $ 21,429 Accumulated depreciation (12,030 ) (11,394 ) Premises and equipment, net $ 9,722 $ 10,035 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Scheduled Maturities of Time Deposits [Table Text Block] | Year of Maturity Time Deposits 2022 $ 64,262 2023 5,954 2024 508 2025 3,195 2026 5,029 Thereafter 20 Total time deposits $ 78,968 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2021 2020 Change in benefit obligation Projected benefit obligation at beginning of year $ 34,852 $ 29,641 Service cost (1) 1,445 1,080 Interest cost 736 820 Actuarial loss (gain) (2) (786 ) 4,621 Benefits paid (935 ) (1,310 ) Projected benefit obligation at end of year $ 35,312 $ 34,852 Change in plan assets Fair value of plan assets at beginning of year $ 32,415 $ 25,007 Actual return on plan assets 4,707 3,718 Employer contribution - 5,000 Benefits paid (935 ) (1,310 ) Fair value of plan assets at end of year $ 36,187 $ 32,415 Funded status at the end of the year $ 875 $ (2,437 ) Amounts recognized in the Consolidated Balance Sheet Deferred tax (liability) asset $ (184 ) $ 512 Other assets (liabilities) 875 (2,437 ) Total amounts recognized in the Consolidated Balance Sheet $ 691 $ (1,925 ) Amounts recognized in accumulated other comprehensive (loss) income, net Net loss $ (8,749 ) $ (12,855 ) Prior service cost - 11 Deferred tax asset 1,837 2,697 Amount recognized $ (6,912 ) $ (10,147 ) Accrued/Prepaid benefit cost, net Benefit obligation $ (35,312 ) $ (34,852 ) Fair value of assets 36,187 32,415 Unrecognized net actuarial loss 8,749 12,855 Unrecognized prior service cost - (11 ) Deferred tax liability (2,021 ) (2,185 ) Prepaid benefit cost included in other assets $ 7,603 $ 8,222 Components of net periodic benefit cost Service cost $ 1,445 $ 1,080 Interest cost 736 820 Expected return on plan assets (2,220 ) (1,679 ) Amortization of prior service cost (11 ) (110 ) Recognized net actuarial loss 833 710 Net periodic benefit cost $ 783 $ 821 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income Net (gain) loss $ (4,106 ) $ 1,871 Amortization of prior service cost 11 110 Deferred income tax expense (benefit) 860 (416 ) Total recognized $ (3,235 ) $ 1,565 Total recognized in net periodic benefit cost and other comprehensive (loss) income $ (3,312 ) $ 2,802 Weighted average assumptions at end of the year Discount rate used for net periodic pension cost 2.25 % 3.00 % Discount rate used for disclosure 2.50 % 2.25 % Expected return on plan assets 7.50 % 7.50 % Rate of compensation increase 3.00 % 3.00 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Fair Value Measurements at December 31, 2021 Asset Category Total Level 1 Level 2 Level 3) Cash $ 1,390 $ 1,390 $ - $ - Equity securities: U. S. companies 19,758 19,758 - - International companies 2,722 2,722 - - Equities mutual funds (1) 5,257 5,257 - - State and political subdivisions 57 - 57 - Corporate bonds – investment grade (2) 7,003 - 7,003 - Total pension plan assets $ 36,187 $ 29,127 $ 7,060 $ - Fair Value Measurements at December 31, 2020 Asset Category Total Level 1 Level 2 Level 3 Cash $ 4,336 $ 4,336 $ - $ - Equity securities: U. S. companies 15,129 15,129 - - International companies 2,735 2,735 - - Equities mutual funds (1) 3,840 3,840 - - State and political subdivisions 152 - 152 - Corporate bonds – investment grade (2) 6,223 - 6,223 - Total pension plan assets $ 32,415 $ 26,040 $ 6,375 $ - |
Schedule of Expected Benefit Payments [Table Text Block] | 2022 $ 6,049 2023 $ 984 2024 $ 1,649 2025 $ 830 2026 $ 2,093 2027 - 2031 $ 11,352 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, 2021 2020 Current $ 4,099 $ 2,795 Deferred expense 152 282 Total income tax expense $ 4,251 $ 3,077 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2021 2020 Computed “expected” income tax expense $ 5,173 $ 4,021 Tax-exempt interest income (763 ) (798 ) Nondeductible interest expense 25 62 Other, net (184 ) (208 ) Reported income tax expense $ 4,251 $ 3,077 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Allowance for loan losses and unearned fee income $ 1,774 $ 1,938 Valuation allowance on other real estate owned 186 188 Defined benefit plan 1,837 2,697 Deferred compensation and other liabilities 899 866 Lease accounting 327 423 SBA fees 9 191 Total deferred tax assets $ 5,032 $ 6,303 Deferred tax liabilities: Fixed assets $ (415 ) $ (424 ) Goodwill (1,228 ) (1,228 ) Defined benefit plan, prepaid portion (2,021 ) (2,186 ) Net unrealized gain on securities available for sale (759 ) (3,500 ) Lease accounting (321 ) (419 ) Discount accretion of securities (27 ) (15 ) Total deferred tax liabilities (4,771 ) (7,772 ) Net deferred tax assets (liabilities) $ 261 $ (1,469 ) |
Note 11 - Minimum Regulatory _2
Note 11 - Minimum Regulatory Capital Requirement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Capital Requirement (1) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Total capital (to risk weighted assets) $ 192,907 19.495 % $ 103,898 10.500 % $ 98,950 10.000 % Tier 1 capital (to risk weighted assets) $ 185,187 18.715 % $ 84,108 8.500 % $ 79,160 8.000 % Common Equity Tier 1 capital (to risk weighted assets) $ 185,187 18.715 % $ 69,265 7.000 % $ 64,318 6.500 % Tier 1 capital (to average assets) $ 185,187 11.165 % $ 66,348 4.000 % $ 82,935 5.000 % Actual Minimum Capital Requirement (1) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Total capital (to risk weighted assets) $ 185,937 19.943 % $ 97,898 10.500 % $ 93,236 10.000 % Tier 1 capital (to risk weighted assets) $ 177,409 19.028 % $ 79,251 8.500 % $ 74,589 8.000 % Common Equity Tier 1 capital (to risk weighted assets) $ 177,409 19.028 % $ 65,265 7.000 % $ 60,604 6.500 % Tier 1 capital (to average assets) $ 177,409 12.105 % $ 58,624 4.000 % $ 73,281 5.000 % |
Note 12 - Condensed Financial_2
Note 12 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, 2021 2020 Assets Cash due from subsidiaries $ 2,324 $ 987 Interest-bearing deposits - 10,027 Investments in subsidiaries 189,027 189,667 Refundable income taxes 647 446 Other assets 847 791 Total assets $ 192,845 $ 201,918 Liabilities and Stockholders Equity Other liabilities $ 1,094 $ 1,311 Stockholders’ equity 191,751 200,607 Total liabilities and stockholders’ equity $ 192,845 $ 201,918 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income Years ended December 31, 2021 2020 Income Dividends from subsidiaries $ 14,508 $ 22,000 Other income 1 4 Total income 14,509 22,004 Expenses Other expenses 1,135 1,179 Income before income tax benefit and equity in undistributed net income of subsidiaries 13,374 20,825 Applicable income tax benefit 293 301 Income before equity in undistributed net income of subsidiaries 13,667 21,126 Equity (deficit) in undistributed net income of subsidiaries 6,715 (5,049 ) Net income $ 20,382 $ 16,077 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Years ended December 31, 2021 2020 Cash Flows from Operating Expenses Net income $ 20,382 $ 16,077 Adjustments to reconcile net income to net cash provided by operating activities: Deficit (equity) in undistributed net income of subsidiaries (6,715 ) 5,049 Net change in refundable income taxes due from subsidiaries (201 ) (23 ) Net change in other assets 221 (45 ) Net change in other liabilities (217 ) (2 ) Net cash provided by operating activities 13,470 21,056 Cash Flows from Investing Activities Net change in interest-bearing deposits 10,027 (9,404 ) Net cash provided by (used in) investing activities 10,027 (9,404 ) Cash Flows from Financing Activities Cash dividends paid (8,806 ) (9,000 ) Repurchase of shares (13,354 ) (1,722 ) Net cash used in financing activities (22,160 ) (10,722 ) Net change in cash 1,337 930 Cash due from subsidiaries at beginning of year 987 57 Cash due from subsidiaries at end of year $ 2,324 $ 987 |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2021 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 181,395 $ 178,341 Standby letters of credit 13,984 13,474 Mortgage loans sold with potential recourse 18,287 40,362 |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2021 Fair Value Measurement Using Description Balance Level 1 Level 2 Level 3 U.S. Government agencies and corporations $ 278,019 $ - $ 278,019 $ - States and political subdivisions 198,672 - 198,672 - Mortgage-backed securities 206,174 - 206,174 - Corporate debt securities 3,215 - 3,215 - Total securities available for sale $ 686,080 $ - $ 686,080 $ - December 31, 2020 Fair Value Measurement Using Description Balance Level 1 Level 2 Level 3 U.S. Government agencies and corporations $ 91,163 $ - $ 91,163 $ - States and political subdivisions 203,961 - 203,961 - Mortgage-backed securities 249,175 - 249,175 - Corporate debt securities 2,443 - 2,443 - Total securities available for sale $ 546,742 $ - $ 546,742 $ - |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | December 31, 2020 Fair Value Measurements Using Description Balance Level 1 Level 2 Level 3 Interest rate loan contracts $ 1 $ - $ - $ 1 Forward contracts $ (11 ) $ - $ - $ (11 ) |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2020 Valuation Technique Unobservable Input Range (Weighted Average) Interest rate loan contracts Market approach Pull-through rate 87.02% (1) Forward contracts Market approach Pull-through rate 87.02% (1) Interest rate loan contracts Market approach Current reference price 101.91% - 103.02% (102.55%) (2) Forward contracts Market approach Current reference price 101.91% - 103.19% (102.67%) (2) |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2020 Carrying value Description Balance Level 1 Level 2 Level 3 Impaired loans net of valuation allowance $ 970 - - $ 970 Carrying Value Date Description Balance Level 1 Level 2 Level 3 December 31, 2021 OREO net of valuation allowance $ 957 $ - $ - $ 957 December 31, 2020 OREO net of valuation allowance 1,553 - - 1,553 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Valuation Technique Unobservable Input Range (Weighted Average (1) Present value of cash flows Discount rate 5.50% - 6.50%(5.78%) Date Valuation Technique Unobservable Input Range (Weighted Average (1) ) December 31, 2021 Discounted appraised value Selling cost 6.20% (3) December 31, 2020 Discounted appraised value Selling cost 4.00% – 9.23%(4.54%) (2) December 31, 2020 Discounted appraised value Discount for lack of marketability and age of appraisal 0.00% – 7.66%(0.62%) (1) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 8,768 $ 8,768 $ - $ - Interest-bearing deposits 130,021 130,021 - - Securities 686,080 - 686,080 - Restricted securities 845 - 845 - Mortgage loans held for sale 615 - 615 - Loans, net 795,574 - - 791,335 Accrued interest receivable 5,104 - 5,104 - Bank-owned life insurance 42,354 - 42,354 - Financial liabilities: Deposits $ 1,494,587 $ - $ 1,415,619 $ 79,115 Accrued interest payable 48 - 48 - December 31, 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 13,147 $ 13,147 $ - $ - Interest-bearing deposits 120,725 120,725 - - Securities 546,742 - 546,742 - Restricted securities 1,279 - 1,279 - Mortgage loans held for sale 866 - 866 - Loans, net 760,318 - - 752,624 Accrued interest receivable 5,028 - 5,028 - Bank-owned life insurance 36,444 - 36,444 - Interest rate loan contracts 1 - - 1 Financial liabilities: Deposits $ 1,297,143 $ - $ 1,207,561 $ 89,681 Accrued interest payable 56 - 56 - Forward contracts 11 - 56 11 |
Note 16 - Components of Accum_2
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net Unrealized Gain (Loss) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ 76 $ (8,582 ) $ (8,506 ) Unrealized holding gain on available for sale securities net of tax of $ 3,502 13,176 - 13,176 Reclassification adjustment, net of tax of ($23) (85 ) - (85 ) Net pension loss, net of tax of ($393) - (1,478 ) (1,478 ) Less amortization of prior service cost included in net periodic pension cost, net of tax of ($23) - (87 ) (87 ) Balance at December 31, 2020 $ 13,167 $ (10,147 ) $ 3,020 Unrealized holding loss on available for sale securities net of tax of ($2,740) (10,308 ) (10,308 ) Reclassification adjustment, net of tax of ($1) (5 ) (5 ) Net pension gain, net of tax of $862 3,244 3,244 Less amortization of prior service cost included in net periodic pension cost, net of tax of ($2) (9 ) (9 ) Balance at December 31, 2021 $ 2,854 $ (6,912 ) $ (4,058 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | December 31, 2021 2020 Component of Accumulated Other Comprehensive Income (Loss) Reclassification out of unrealized gains on available for sale securities: Realized securities gain, net $ (6 ) $ (108 ) Income tax benefit (1 ) (23 ) Realized gain on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss $ (5 ) $ (85 ) Amortization of defined benefit pension items: Prior service costs (1) $ (11 ) $ (110 ) Income tax benefit (2 ) (23 ) Amortization of defined benefit pension items, net of tax, reclassified out of accumulated other comprehensive loss $ (9 ) $ (87 ) |
Note 18 - Revenue Recognition (
Note 18 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | December 31, 2021 2020 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts $ 2,045 $ 1,966 Other service charges and fees 179 162 Credit and debit card fees 1,869 1,400 Trust income 1,792 1,662 Insurance and Investment (included within Other Income on the Consolidated Statements of Income) 768 464 Noninterest Income (in-scope of Topic 606) $ 6,653 $ 5,654 Noninterest Income (out-of-scope of Topic 606) 1,773 2,290 Total noninterest income $ 8,426 $ 7,944 |
Note 19 - Leases (Tables)
Note 19 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2021 December 31, 2020 Lease liability $ 1,558 $ 2,016 Right-of-use asset $ 1,532 $ 1,998 Weighted average remaining lease term (in years) 6.33 6.81 Weighted average discount rate 3.21 % 3.04 % For the Years Ended December 31, 2021 2020 Lease Expense Operating lease expense $ 368 $ 368 Short-term lease expense 2 2 Total lease expense $ 370 $ 370 Cash paid for amounts included in lease liabilities $ 362 $ 360 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ - $ 24 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Undiscounted Cash Flow for the As of December 31, 2021 Twelve months ending December 31, 2022 $ 293 Twelve months ending December 31, 2023 291 Twelve months ending December 31, 2024 293 Twelve months ending December 31, 2025 244 Twelve months ending December 31, 2026 211 Thereafter 394 Total undiscounted cash flows $ 1,726 Less: discount $ (168 ) Lease liability $ 1,558 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Days Past Due (Day) | 30 days | |
Number of Days of Delinquent Loans Nonaccrual of Interest (Year) | 90 years | |
Minimum Number of Days Consumer Loans are Past Due for Losses to be Charged Off (Day) | 120 days | |
Maximum Number of Days Consumer Loans are Past Due for Losses to be Charged Off (Day) | 180 days | |
Number of Days Loans Secured by Residential Or Commercial Real Estate Are Past Due for Losses to Be Carged Off (Day) | 180 days | |
Period of Time Between Issuance of Loan Commitment and Closing and Sale of Loans Lower Range (Day) | 30 days | |
Period of Time Between Issuance of Loan Commitments and Closing and Sale of Loans Upper Range (Day) | 60 days | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Advertising Expense | $ 112 | $ 99 |
Number of Loan Modifications for COVID-19 Related Accommodations | 0 | |
National Bank of Blacksburg [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Building [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Weighted Average Number of Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Average number of common shares outstanding (in shares) | 6,209,929 | 6,483,230 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Temporarily Impaired Securities | 291 | |
Available-for-sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | $ 318,413 | |
Continuous Unrealized Loss Position Aggregate Losses | $ 7,067 | |
Number of Temporarily Impaired Securities Greater than Twelve Months | 48 | |
Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | $ 51,999 | $ 4,695 |
Continuous Unrealized Loss Position 12 Months or Longer Aggregate Losses | 2,145 | 5 |
Debt Securities, Available-for-sale, Restricted | 287,023 | 251,048 |
Debt Securities, Available-for-sale, Realized Gain | 108 | |
National Bank of Blacksburg [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 603,827 | |
Restricted Stock [Member] | ||
Restricted Investments | $ 845 | 1,279 |
US Government Agencies Debt Securities [Member] | ||
Number of Temporarily Impaired Securities | 28 | |
Available-for-sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | $ 26,792 | |
Continuous Unrealized Loss Position Aggregate Losses | 1,180 | |
Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 26,792 | 0 |
Continuous Unrealized Loss Position 12 Months or Longer Aggregate Losses | $ 1,180 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Number of Temporarily Impaired Securities | 17 | |
Available-for-sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | $ 20,542 | |
Continuous Unrealized Loss Position Aggregate Losses | 793 | |
Continuous Unrealized Loss Position Twelve Months or Longer Fair Value | 20,542 | 635 |
Continuous Unrealized Loss Position 12 Months or Longer Aggregate Losses | $ 793 | 3 |
Collateralized Mortgage Backed Securities [Member] | ||
Number of Temporarily Impaired Securities | 3 | |
Available-for-sale and Held to Maturity Securities Continuous Unrealized Loss Position Fair Value | $ 4,665 | |
Continuous Unrealized Loss Position Aggregate Losses | 172 | |
Securities Called [Member] | ||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 6 | |
Debt Securities, Available-for-sale, Realized Gain | 65 | |
Securities Sold [Member] | ||
Debt Securities, Available-for-sale, Realized Gain | $ 43 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale, amortized costs | $ 682,467 | $ 530,075 |
Securities available-for-sale, gross unrealized gains | 10,680 | 17,170 |
Securities available-for-sale, gross unrealized losses | 7,067 | 503 |
Securities available for sale, at fair value | 686,080 | 546,742 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 279,934 | 86,859 |
Securities available-for-sale, gross unrealized gains | 2,795 | 4,477 |
Securities available-for-sale, gross unrealized losses | 4,710 | 173 |
Securities available for sale, at fair value | 278,019 | 91,163 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 195,365 | 196,435 |
Securities available-for-sale, gross unrealized gains | 5,314 | 7,778 |
Securities available-for-sale, gross unrealized losses | 2,007 | 252 |
Securities available for sale, at fair value | 198,672 | 203,961 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available-for-sale, amortized costs | 204,164 | 244,780 |
Securities available-for-sale, gross unrealized gains | 2,323 | 4,473 |
Securities available-for-sale, gross unrealized losses | 313 | 78 |
Securities available for sale, at fair value | 206,174 | 249,175 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 3,004 | 2,001 |
Securities available-for-sale, gross unrealized gains | 248 | 442 |
Securities available-for-sale, gross unrealized losses | 37 | |
Securities available for sale, at fair value | $ 3,215 | $ 2,443 |
Note 3 - Securities - Securit_2
Note 3 - Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost, due in one year or less, available for sale securities | $ 2,519 | |
Fair value, due in one year or less, available for sale securities | 2,540 | |
Amortized cost, due after one year through five years, available for sale securities | 24,034 | |
Fair value, due after one year through five years, available for sale securities | 24,051 | |
Amortized cost, due after five years through ten years, available for sale securities | 313,966 | |
Fair value, due after five years through ten years, available for sale securities | 313,288 | |
Amortized cost, due after ten years, available for sale securities | 341,948 | |
Fair value, due after ten years, available for sale securities | 346,201 | |
Amortized cost, total securities available for sale | 682,467 | $ 530,075 |
Fair value, total securities available for sale | $ 686,080 | $ 546,742 |
Note 3 - Securities - Securit_3
Note 3 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Temporarily impaired securities, less than 12 months, fair value | $ 266,414 | $ 69,967 |
Temporarily impaired securities, less than 12 months unrealized loss | 4,922 | 498 |
Temporarily impaired securities, 12 months or more fair value | 51,999 | 4,695 |
Temporarily impaired securities, 12 months or more unrealized loss | 2,145 | 5 |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 201,650 | 28,798 |
Temporarily impaired securities, less than 12 months unrealized loss | 3,530 | 173 |
Temporarily impaired securities, 12 months or more fair value | 26,792 | 0 |
Temporarily impaired securities, 12 months or more unrealized loss | 1,180 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 50,659 | 32,353 |
Temporarily impaired securities, less than 12 months unrealized loss | 1,214 | 249 |
Temporarily impaired securities, 12 months or more fair value | 20,542 | 635 |
Temporarily impaired securities, 12 months or more unrealized loss | 793 | 3 |
Commercial Mortgage Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 13,139 | 8,816 |
Temporarily impaired securities, less than 12 months unrealized loss | 141 | 76 |
Temporarily impaired securities, 12 months or more fair value | 4,665 | 4,060 |
Temporarily impaired securities, 12 months or more unrealized loss | 172 | $ 2 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 966 | |
Temporarily impaired securities, less than 12 months unrealized loss | 37 | |
Temporarily impaired securities, 12 months or more fair value | 0 | |
Temporarily impaired securities, 12 months or more unrealized loss | $ 0 |
Note 3 - Securities - Realized
Note 3 - Securities - Realized Gains and Losses From Calls of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Available for sale, proceeds | $ 20,377 | $ 126,840 |
Available for sale, book value | 20,371 | 126,732 |
Available for sale, gross gain | 6 | 110 |
Available for sale, gross loss | 0 | 2 |
Available for sale, net gain (loss) | $ 6 | $ 108 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 14,822 | $ 15,403 |
Loans and Leases Receivable, Related Parties, Additions | 2,570 | 10,649 |
Loans and Leases Receivable, Related Parties, Proceeds | 3,151 | 10,248 |
Related Party Deposit Liabilities | 14,460 | 16,140 |
Director [Member] | ||
Loans and Leases Receivable, Related Parties, Period Increase (Decrease), Total | (116) | |
Director [Member] | Small Office Space Lease to Related Party [Member] | ||
Revenue from Related Parties | 5 | 5 |
Director [Member] | Payments for Architectural Plans [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 113 | $ 66 |
Note 5 - Allowance for Loan L_3
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Threshold Period Past Due (Day) | 90 days | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 62 | ||
Interest and Fee Income, Loans and Leases, Total | 34,923 | $ 34,523 | |
Financing Receivable, Troubled Debt Restructuring | $ 5,878 | $ 4,249 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Nonperforming Financial Instruments [Member] | |||
Interest and Fee Income, Loans and Leases, Total | $ 0 | $ 0 | |
Real Estate Construction Portfolio Segment[Member] | |||
Number of Real Estate Properties | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Commercial Real Estate Portfolio Segment [Member] | Re-amortization and Reduced Interest Rate [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 2 |
Note 5 - Allowance for Loan L_4
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 8,481 | $ 6,863 |
Charge-offs | (755) | (720) |
Recoveries | 346 | 347 |
Provision for (recovery of) loan losses | (398) | 1,991 |
Balance | 7,674 | 8,481 |
Real Estate Construction Portfolio Segment[Member] | ||
Balance | 503 | 400 |
Provision for (recovery of) loan losses | (81) | 103 |
Balance | 422 | 503 |
Consumer Real Estate Portfolio Segment [Member] | ||
Balance | 2,165 | 1,895 |
Charge-offs | (13) | (85) |
Recoveries | 20 | 18 |
Provision for (recovery of) loan losses | (242) | 337 |
Balance | 1,930 | 2,165 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 3,853 | 2,559 |
Charge-offs | 0 | (15) |
Recoveries | 159 | 145 |
Provision for (recovery of) loan losses | (891) | 1,164 |
Balance | 3,121 | 3,853 |
Commercial Non Real Estate Segment [Member] | ||
Balance | 670 | 555 |
Charge-offs | (526) | (372) |
Recoveries | 33 | 9 |
Provision for (recovery of) loan losses | 922 | 478 |
Balance | 1,099 | 670 |
Public Sector and IDA Portfolio Segment[Member] | ||
Balance | 339 | 478 |
Provision for (recovery of) loan losses | (42) | (139) |
Balance | 297 | 339 |
Consumer Non Real Estate Portfolio Segment [Member] | ||
Balance | 555 | 650 |
Charge-offs | (216) | (248) |
Recoveries | 134 | 175 |
Provision for (recovery of) loan losses | (29) | (22) |
Balance | 444 | 555 |
Unallocated Financing Receivables [Member] | ||
Balance | 396 | 326 |
Provision for (recovery of) loan losses | (35) | 70 |
Balance | $ 361 | $ 396 |
Note 5 - Allowance for Loan L_5
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Loans and Allowance for Loan Losses by Evaluation Method (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses, Individually evaluated for impairment | $ 0 | $ 75 | |
Allowance for loan losses, Collectively evaluated for impairment | 7,674 | 8,406 | |
Allowance for loan losses | 7,674 | 8,481 | $ 6,863 |
Individually evaluated for impairment | 5,878 | 4,903 | |
Non-impaired gross loans | 797,851 | 765,124 | |
Total | 803,729 | 770,027 | |
Real Estate Construction Portfolio Segment[Member] | |||
Allowance for loan losses, Collectively evaluated for impairment | 422 | 503 | |
Allowance for loan losses | 422 | 503 | 400 |
Individually evaluated for impairment | 0 | ||
Non-impaired gross loans | 48,841 | 42,266 | |
Total | 48,841 | 42,266 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, Individually evaluated for impairment | 0 | 2 | |
Allowance for loan losses, Collectively evaluated for impairment | 1,930 | 2,163 | |
Allowance for loan losses | 1,930 | 2,165 | 1,895 |
Individually evaluated for impairment | 191 | 194 | |
Non-impaired gross loans | 208,786 | 181,588 | |
Total | 208,977 | 181,782 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, Collectively evaluated for impairment | 3,121 | 3,853 | |
Allowance for loan losses | 3,121 | 3,853 | 2,559 |
Individually evaluated for impairment | 5,386 | 3,856 | |
Non-impaired gross loans | 400,336 | 389,259 | |
Total | 405,722 | 393,115 | |
Commercial Non Real Estate Segment [Member] | |||
Allowance for loan losses, Individually evaluated for impairment | 0 | 73 | |
Allowance for loan losses, Collectively evaluated for impairment | 1,099 | 597 | |
Allowance for loan losses | 1,099 | 670 | 555 |
Individually evaluated for impairment | 301 | 851 | |
Non-impaired gross loans | 59,963 | 77,920 | |
Total | 60,264 | 78,771 | |
Public Sector and IDA Portfolio Segment[Member] | |||
Allowance for loan losses, Collectively evaluated for impairment | 297 | 339 | |
Allowance for loan losses | 297 | 339 | 478 |
Individually evaluated for impairment | 0 | ||
Non-impaired gross loans | 47,899 | 40,983 | |
Total | 47,899 | 40,983 | |
Consumer Non Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, Collectively evaluated for impairment | 444 | 555 | |
Allowance for loan losses | 444 | 555 | 650 |
Individually evaluated for impairment | 0 | 2 | |
Non-impaired gross loans | 32,026 | 33,108 | |
Total | 32,026 | 33,110 | |
Unallocated Financing Receivables [Member] | |||
Allowance for loan losses, Collectively evaluated for impairment | 361 | 396 | |
Allowance for loan losses | 361 | 396 | $ 326 |
Individually evaluated for impairment | 0 | ||
Non-impaired gross loans | 0 | 0 | |
Total | $ 0 | $ 0 |
Note 5 - Allowance for Loan L_6
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Ratios of Allowance for Loan Losses (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Ratio of allowance for loan losses to the end of period loans, net of unearned income and deferred fees and costs | [1] | 0.96% | 1.10% |
Ratio of net charge-offs to average loans, net of unearned income and deferred fees and costs | [2] | 0.05% | 0.05% |
[1] | The ratio of the allowance for loan losses to the end of period loans, net of unearned income and deferred fees and costs at September 30, 2021, December 31, 2020 and September 30, 2020 includes government-guaranteed SBA PPP loans, which do not require an allowance for loan losses. Excluding the PPP loans, the ratio would be 0.98% at September 30, 2021, 1.16% at December 31, 2020 and 1.13% at September 30, 2020. | ||
[2] | Net charge-offs are on an annualized basis. |
Note 5 - Allowance for Loan L_7
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Nonperforming Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Nonaccrual loans | $ 0 | $ 846 | |
TDR loans in nonaccrual | 2,873 | 2,839 | |
Total nonperforming loans | 2,873 | 3,685 | |
Other real estate owned, net | 957 | 1,553 | |
Total nonperforming assets | $ 3,830 | $ 5,238 | |
Ratio of nonperforming assets to loans, net of unearned income and deferred fees and costs, plus other real estate owned | 0.48% | 0.68% | |
Ratio of allowance for loan losses to nonperforming loans(1) | [1] | 267.11% | 230.15% |
[1] | The Company defines nonperforming loans as nonaccrual loans and restructured loans that are nonaccrual. Loans 90 days past due and still accruing and accruing restructured loans are excluded. |
Note 5 - Allowance for Loan L_8
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Loans Past Due 90 Days or More and Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Loans past due 90 days or more and still accruing | $ 90 | $ 17 | |
Ratio of loans past due 90 days or more and still accruing to loans, net of unearned income and deferred fees and costs | 0.01% | 0.00% | |
Accruing TDR loans | $ 3,005 | $ 1,410 | |
Impaired loans: | |||
Impaired loans with no valuation allowance | [1] | 5,878 | 3,858 |
Impaired loans with a valuation allowance | [1] | 0 | 1,045 |
Total impaired loans | [1] | 5,878 | 4,903 |
Valuation allowance | 0 | (75) | |
Impaired loans, net of allowance | 5,878 | 4,828 | |
Average recorded investment in impaired loans(1) | [1] | 5,901 | 5,093 |
Income recognized on impaired loans, after designation as impaired | $ 137 | $ 54 | |
[1] | Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. |
Note 5 - Allowance for Loan L_9
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Impaired Loans and Associated Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Principal balance | $ 6,478 | $ 5,453 | |
Total recorded investment | [1] | 5,878 | 4,903 |
Recorded investment for which there is a related allowance | [1] | 0 | 1,045 |
Related allowance | 0 | 75 | |
Recorded investment for which there is no related allowance | [1] | 5,878 | 3,858 |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | |||
Principal balance | [2] | 191 | 194 |
Total recorded investment | [1],[2] | 191 | 194 |
Recorded investment for which there is a related allowance | [1],[2] | 0 | 194 |
Related allowance | [2] | 0 | 2 |
Recorded investment for which there is no related allowance | [1],[2] | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Principal balance | [2] | 3,256 | 3,752 |
Total recorded investment | [1],[2] | 2,665 | 3,202 |
Recorded investment for which there is no related allowance | [1],[2] | 2,665 | 3,202 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||
Principal balance | [2] | 2,721 | 654 |
Total recorded investment | [1],[2] | 2,721 | 654 |
Recorded investment for which there is no related allowance | [1],[2] | 2,721 | 654 |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | |||
Principal balance | [2] | 310 | 851 |
Total recorded investment | [1],[2] | 301 | 851 |
Recorded investment for which there is a related allowance | [1],[2] | 0 | 851 |
Related allowance | [2] | $ 0 | 73 |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | |||
Principal balance | [2] | 2 | |
Total recorded investment | [1],[2] | 2 | |
Recorded investment for which there is no related allowance | [1],[2] | $ 2 | |
[1] | Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. | ||
[2] | Only classes with impaired loans are shown. |
Note 5 - Allowance for Loan _10
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Impaired Loans, Average Investment and Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Average recorded investment in impaired loans(1) | [1] | $ 5,901 | $ 5,093 |
Interest income recognized | 137 | 54 | |
Investor Owned Residential Real Estate [Member] | Consumer Real Estate Portfolio Segment [Member] | |||
Average recorded investment in impaired loans(1) | [1],[2] | 192 | 196 |
Interest income recognized | [2] | 13 | 13 |
Commercial Real Estate, Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Average recorded investment in impaired loans(1) | [1],[2] | 2,668 | 3,217 |
Interest income recognized | [2] | 9 | 19 |
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Average recorded investment in impaired loans(1) | [1],[2] | 2,723 | 790 |
Interest income recognized | [2] | 100 | 0 |
Commercial and Industrial [Member] | Commercial Non Real Estate Segment [Member] | |||
Average recorded investment in impaired loans(1) | [1],[2] | 317 | 887 |
Interest income recognized | [2] | 15 | 22 |
Automobile Loan [Member] | Consumer Non Real Estate Portfolio Segment [Member] | |||
Average recorded investment in impaired loans(1) | [1],[2] | $ 1 | $ 3 |
[1] | Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. | ||
[2] | Only classes with impaired loans are shown. |
Note 5 - Allowance for Loan _11
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross loans | $ 803,729 | $ 770,027 | |
Loans past due 90 days or more and still accruing | 90 | 17 | |
Nonaccruals | 2,873 | 3,685 | |
Financing Receivables 30 to 89 Days Past Due [Member] | |||
Gross loans | 987 | 1,497 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | 356 | 1,331 | |
Real Estate Construction Portfolio Segment[Member] | |||
Gross loans | 48,841 | 42,266 | |
Loans past due 90 days or more and still accruing | [1] | 0 | |
Nonaccruals | [1] | 0 | |
Real Estate Construction Portfolio Segment[Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Gross loans | [1] | 14 | |
Real Estate Construction Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Gross loans | [1] | 0 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Gross loans | 208,977 | 181,782 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | |||
Loans past due 90 days or more and still accruing | [1] | 58 | |
Nonaccruals | [1] | 0 | 62 |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | |||
Loans past due 90 days or more and still accruing | [1] | 29 | |
Nonaccruals | [1] | ||
Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Closed End First Liens [Member] | |||
Gross loans | [1] | 715 | 365 |
Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Equity Lines [Member] | |||
Gross loans | [1] | 50 | |
Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Investor Owned Residential Real Estate [Member] | |||
Gross loans | [1] | 106 | |
Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Closed End First Liens [Member] | |||
Gross loans | [1] | 58 | 62 |
Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Equity Lines [Member] | |||
Gross loans | [1] | 29 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 405,722 | 393,115 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Nonaccruals | [1] | 2,572 | 2,941 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||
Nonaccruals | [1] | 654 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Gross loans | [1] | 12 | 15 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Gross loans | [1] | 266 | 571 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Other [Member] | |||
Gross loans | [1] | 654 | |
Commercial Non Real Estate Segment [Member] | |||
Gross loans | 60,264 | 78,771 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | |||
Nonaccruals | [1] | 301 | 28 |
Commercial Non Real Estate Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Gross loans | [1] | 13 | 730 |
Commercial Non Real Estate Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Gross loans | [1] | 0 | 27 |
Consumer Non Real Estate Portfolio Segment [Member] | |||
Gross loans | 32,026 | 33,110 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Loans past due 90 days or more and still accruing | [1] | 2 | 3 |
Nonaccruals | 0 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | |||
Loans past due 90 days or more and still accruing | [1] | 0 | 1 |
Nonaccruals | 0 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans past due 90 days or more and still accruing | [1] | 1 | 13 |
Nonaccruals | 0 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Credit Card Receivable [Member] | |||
Gross loans | [1] | 2 | 7 |
Consumer Non Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Automobile Loan [Member] | |||
Gross loans | [1] | 93 | 144 |
Consumer Non Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | Other Consumer Loans [Member] | |||
Gross loans | [1] | 88 | 130 |
Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Credit Card Receivable [Member] | |||
Gross loans | [1] | 2 | 3 |
Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Automobile Loan [Member] | |||
Gross loans | [1] | 0 | 1 |
Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Consumer Loans [Member] | |||
Gross loans | [1] | $ 1 | $ 13 |
[1] | Only classes with past due or nonaccrual loans are presented. |
Note 5 - Allowance for Loan _12
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-impaired gross loans | $ 797,851 | $ 765,124 |
Real Estate Construction Portfolio Segment[Member] | ||
Non-impaired gross loans | 48,841 | 42,266 |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 208,786 | 181,588 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 400,336 | 389,259 |
Commercial Non Real Estate Segment [Member] | ||
Non-impaired gross loans | 59,963 | 77,920 |
Consumer Non Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 32,026 | 33,108 |
Pass [Member] | ||
Non-impaired gross loans | 793,059 | 756,616 |
Pass [Member] | States Political Subdivisions [Member] | ||
Non-impaired gross loans | 47,899 | 40,983 |
Classified Excluding Impaired [Member] | ||
Non-impaired gross loans | 1,064 | 473 |
Special Mention [Member] | ||
Non-impaired gross loans | 3,728 | 8,035 |
Construction, 1-4 Family Residential [Member] | Pass [Member] | Real Estate Construction Portfolio Segment[Member] | ||
Non-impaired gross loans | 10,008 | 8,195 |
Construction, Other [Member] | Pass [Member] | Real Estate Construction Portfolio Segment[Member] | ||
Non-impaired gross loans | 38,833 | 34,071 |
Equity Lines [Member] | Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 13,588 | 13,903 |
Equity Lines [Member] | Classified Excluding Impaired [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 29 | |
Closed End First Liens [Member] | Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 106,107 | 92,241 |
Closed End First Liens [Member] | Classified Excluding Impaired [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 275 | 284 |
Closed End First Liens [Member] | Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | 66 |
Closed End Junior Liens [Member] | Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 2,715 | 3,003 |
Closed End Junior Liens [Member] | Classified Excluding Impaired [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | |
Closed End Junior Liens [Member] | Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | |
Investor Owned Residential Real Estate [Member] | Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 85,460 | 71,450 |
Investor Owned Residential Real Estate [Member] | Classified Excluding Impaired [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 612 | 0 |
Investor Owned Residential Real Estate [Member] | Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | 641 |
Multifamily Real Estate [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 106,644 | 87,455 |
Multifamily Real Estate [Member] | Classified Excluding Impaired [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | |
Multifamily Real Estate [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | 265 |
Commercial Real Estate, Owner Occupied [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 125,605 | 146,900 |
Commercial Real Estate, Owner Occupied [Member] | Classified Excluding Impaired [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 35 | 140 |
Commercial Real Estate, Owner Occupied [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 0 | 543 |
Commercial Real Estate Other [Member] | Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 164,324 | 147,436 |
Commercial Real Estate Other [Member] | Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 3,728 | 6,520 |
Commercial and Industrial [Member] | Pass [Member] | Commercial Non Real Estate Segment [Member] | ||
Non-impaired gross loans | 59,953 | 77,892 |
Commercial and Industrial [Member] | Classified Excluding Impaired [Member] | Commercial Non Real Estate Segment [Member] | ||
Non-impaired gross loans | 10 | 28 |
Commercial and Industrial [Member] | Special Mention [Member] | Commercial Non Real Estate Segment [Member] | ||
Non-impaired gross loans | 0 | |
Credit Card Receivable [Member] | Pass [Member] | Consumer Non Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 4,531 | 4,665 |
Automobile Loan [Member] | Pass [Member] | Consumer Non Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 10,990 | 12,024 |
Automobile Loan [Member] | Classified Excluding Impaired [Member] | Consumer Non Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 3 | 6 |
Other Consumer Loans [Member] | Pass [Member] | Consumer Non Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | 16,402 | 16,398 |
Other Consumer Loans [Member] | Classified Excluding Impaired [Member] | Consumer Non Real Estate Portfolio Segment [Member] | ||
Non-impaired gross loans | $ 100 | $ 15 |
Note 5 - Allowance for Loan _13
Note 5 - Allowance for Loan Losses, Nonperforming Assets and Impaired Loans - Restructurings By Class (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020 | ||
Number of contracts | 3 | 0 | |
Pre-modification outstanding principal balance | $ 2,826 | ||
Post-modification outstanding principal balance | [1] | $ 2,826 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Number of contracts | 1 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Number of contracts | 1 | ||
Pre-modification outstanding principal balance | $ 102 | ||
Post-modification outstanding principal balance | [1] | $ 102 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||
Number of contracts | 2 | ||
Pre-modification outstanding principal balance | $ 2,724 | ||
Post-modification outstanding principal balance | $ 2,724 | ||
[1] | Post-modification outstanding recorded investment considers amounts immediately following the modification. Amounts do not reflect balances at the end of the period. |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 636 | $ 708 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and Equipment | $ 21,752 | $ 21,429 |
Accumulated depreciation | (12,030) | (11,394) |
Premises and equipment, net | 9,722 | 10,035 |
Building [Member] | ||
Premises and Equipment | 14,933 | 14,809 |
Furniture and Fixtures [Member] | ||
Premises and Equipment | $ 6,819 | $ 6,620 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 14,600 | $ 13,177 |
Deposit Liabilities Reclassified as Loans Receivable | $ 170 | $ 39 |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 64,262 | |
2023 | 5,954 | |
2024 | 508 | |
2025 | 3,195 | |
2026 | 5,029 | |
Thereafter | 20 | |
Total time deposits | $ 78,968 | $ 89,582 |
Note 8 - Employee Benefit Pla_3
Note 8 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 402 | $ 394 |
Age Attained to be Eligible for ESOP (Year) | 21 years | |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 360 | 300 |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 184,054 | |
Age of Employees Required to Diversify Allocated ESOP Shares (Year) | 55 years | |
Years of Plan Participation Required to Diversify Allocated ESOP Shares (Year) | 10 years | |
Percentage of Allocated ESOP Shares That Can be Diversified | 50.00% | |
Accrued Expenses for Salary Continuation Plan | $ 296 | $ 304 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) Due to Demographic Changes | (764) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) Due to Change in Mortality Table | (40) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) Due to Change in Discount Rate | $ 1,590 | |
Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65.00% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% | |
Hedge Funds [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% |
Note 8 - Employee Benefit Pla_4
Note 8 - Employee Benefit Plans - Defined Benefit Plan Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Fair value of plan assets at beginning of year | $ 32,415 | ||
Fair value of plan assets at end of year | 36,187 | $ 32,415 | |
Other assets (liabilities) | 875 | (2,437) | |
Net (gain) loss | (4,106) | 1,871 | |
Deferred income tax expense (benefit) | 860 | (416) | |
Pension Plan [Member] | |||
Projected benefit obligation at beginning of year | 34,852 | 29,641 | |
Service cost (1) | [1] | 1,445 | 1,080 |
Interest cost | 736 | 820 | |
Actuarial loss (gain) (2) | [2] | (786) | 4,621 |
Benefits paid | (935) | (1,310) | |
Projected benefit obligation at end of year | 35,312 | 34,852 | |
Fair value of plan assets at beginning of year | 32,415 | 25,007 | |
Actual return on plan assets | 4,707 | 3,718 | |
Employer contribution | 0 | 5,000 | |
Benefits paid | (935) | (1,310) | |
Fair value of plan assets at end of year | 36,187 | 32,415 | |
Funded status at the end of the year | 875 | (2,437) | |
Deferred tax asset (liability) | (184) | 512 | |
Total amounts recognized in the Consolidated Balance Sheet | 691 | (1,925) | |
Net loss | (8,749) | (12,855) | |
Prior service cost | 0 | 11 | |
Deferred tax asset | 1,837 | 2,697 | |
Amount recognized | (6,912) | (10,147) | |
Benefit obligation | (35,312) | (34,852) | |
Fair value of assets | 36,187 | 32,415 | |
Unrecognized net actuarial loss | 8,749 | 12,855 | |
Unrecognized prior service cost | 0 | (11) | |
Deferred tax liability | (2,021) | (2,185) | |
Prepaid benefit cost included in other assets | 7,603 | 8,222 | |
Expected return on plan assets | (2,220) | (1,679) | |
Amortization of prior service cost | (11) | (110) | |
Recognized net actuarial loss | 833 | 710 | |
Net periodic benefit cost | 783 | 821 | |
Amortization of prior service cost | 11 | 110 | |
Total recognized | (3,235) | 1,565 | |
Total recognized in net periodic benefit cost and other comprehensive (loss) income | $ (3,312) | $ 2,802 | |
Discount rate used for net periodic pension cost | 2.25% | 3.00% | |
Discount rate used for disclosure | 2.50% | 2.25% | |
Expected return on plan assets | 7.50% | 7.50% | |
Rate of compensation increase | 3.00% | 3.00% | |
[1] | Cost is included in Salaries and Employee Benefits expense. | ||
[2] | Actuarial loss (gain) in 2021 is composed of loss due to demographic changes of $764, loss due to change in mortality table of $40 and gain due to change in discount rate of ($1,590). |
Note 8 - Employee Benefit Pla_5
Note 8 - Employee Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value, plan assets | $ 36,187 | $ 32,415 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 29,127 | 26,040 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value, plan assets | 7,060 | 6,375 | |
Cash [Member] | |||
Fair value, plan assets | 1,390 | 4,336 | |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 1,390 | 4,336 | |
Defined Benefit Plan, Equity Securities, US [Member] | |||
Fair value, plan assets | 19,758 | 15,129 | |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 19,758 | 15,129 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Fair value, plan assets | 2,722 | 2,735 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 2,722 | 2,735 | |
Equity Funds [Member] | |||
Fair value, plan assets | [1] | 5,257 | 3,840 |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | [1] | 5,257 | 3,840 |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair value, plan assets | 57 | 152 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, plan assets | 57 | 152 | |
Corporate Debt Securities [Member] | |||
Fair value, plan assets | [2] | 7,003 | 6,223 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, plan assets | [2] | $ 7,003 | $ 6,223 |
[1] | This category comprises actively managed equity funds invested in large-cap and mid-cap U.S. companies. | ||
[2] | This category represents investment grade bonds of U.S. issuers from diverse industries. |
Note 8 - Employee Benefit Pla_6
Note 8 - Employee Benefit Plans - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 6,049 |
2023 | 984 |
2024 | 1,649 |
2025 | 830 |
2026 | 2,093 |
2027 - 2031 | $ 11,352 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 |
Note 9 - Income Taxes - Allocat
Note 9 - Income Taxes - Allocation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | $ 4,099 | $ 2,795 |
Deferred income tax expense | 152 | 282 |
Total income tax expense | $ 4,251 | $ 3,077 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Expected Income Tax Expense With Reported Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Computed "expected" income tax expense | $ 5,173 | $ 4,021 |
Tax-exempt interest income | (763) | (798) |
Nondeductible interest expense | 25 | 62 |
Other, net | (184) | (208) |
Total income tax expense | $ 4,251 | $ 3,077 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan losses and unearned fee income | $ 1,774 | $ 1,938 |
Valuation allowance on other real estate owned | 186 | 188 |
Defined benefit plan | 1,837 | 2,697 |
Deferred compensation and other liabilities | 899 | 866 |
Lease accounting | 327 | 423 |
SBA fees | 9 | 191 |
Total deferred tax assets | 5,032 | 6,303 |
Deferred tax liabilities: | ||
Fixed assets | (415) | (424) |
Goodwill | (1,228) | (1,228) |
Defined benefit plan, prepaid portion | (2,021) | (2,186) |
Net unrealized gain on securities available for sale | (759) | (3,500) |
Lease accounting | (321) | (419) |
Discount accretion of securities | (27) | (15) |
Total deferred tax liabilities | (4,771) | (7,772) |
Net deferred tax assets | $ 261 | |
Net deferred tax liabilities | $ (1,469) |
Note 10 - Restrictions on Div_2
Note 10 - Restrictions on Dividends (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $ 14,508 | $ 22,000 | |
Period of Restriction on Retained Net Income Without Prior Approval (Year) | 2 years | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 0 | $ 0 |
Note 11 - Minimum Regulatory _3
Note 11 - Minimum Regulatory Capital Requirement (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
National Bank of Blacksburg [Member] | ||
Banking Regulation, Risk-Weighted Assets, Actual | $ 989,503 | $ 932,364 |
Note 11 - Minimum Regulatory _4
Note 11 - Minimum Regulatory Capital Requirement - Minimum Capital Requirements (Details) - National Bank of Blacksburg [Member] $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Total capital (to risk weighted assets), actual, amount | $ 192,907 | $ 185,937 | |
Total capital (to risk weighted assets), actual, ratio | 0.19495 | 0.19943 | |
Total capital (to risk weighted assets), minimum capital requirement, amount | [1] | $ 103,898 | $ 97,898 |
Total capital (to risk weighted assets), minimum capital requirement, ratio | [1] | 0.10500 | 0.10500 |
Total capital (to risk weighted assets), minimum to be well capitalized, amount | $ 98,950 | $ 93,236 | |
Total capital (to risk weighted assets), minimum to be well capitalized, ratio | 0.10000 | 0.10000 | |
Tier 1 capital (to risk weighted assets), actual, amount | $ 185,187 | $ 177,409 | |
Tier 1 capital (to risk weighted assets), actual, ratio | 0.18715 | 0.19028 | |
Tier 1 capital (to risk weighted assets), minimum capital requirement, amount | [1] | $ 84,108 | $ 79,251 |
Tier 1 capital (to risk weighted assets), minimum capital requirement, ratio | [1] | 0.08500 | 0.08500 |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized, amount | $ 79,160 | $ 74,589 | |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized, ratio | 0.08000 | 0.08000 | |
Common equity tier 1 capital (to risk weighted assets), actual, amount | $ 185,187 | $ 177,409 | |
Common equity tier 1 capital (to risk weighted assets), actual, ratio | 0.18715 | 0.19028 | |
Common equity tier 1 capital (to risk weighted assets), minimum capital requirement, amount | [1] | $ 69,265 | $ 65,265 |
Common equity tier 1 capital (to risk weighted assets), minimum capital requirement, ratio | [1] | 7.00% | 7.00% |
Common equity tier 1 capital (to risk weighted assets), minimum to be well capitalized, amount | $ 64,318 | $ 60,604 | |
Common equity tier 1 capital (to risk weighted assets), minimum to be well capitalized, ratio | 6.50% | 6.50% | |
Tier 1 capital (to average assets), actual, amount | $ 185,187 | $ 177,409 | |
Tier 1 capital (to average assets), actual, ratio | 0.11165 | 0.12105 | |
Tier 1 capital (to average assets), minimum capital requirement, amount | [1] | $ 66,348 | $ 58,624 |
Tier 1 capital (to average assets), minimum capital requirement, ratio | [1] | 0.04000 | 0.04000 |
Tier 1 capital (to average assets), minimum to be well capitalized, amount | $ 82,935 | $ 73,281 | |
Tier 1 capital (to average assets), minimum to be well capitalized, ratio | 0.05000 | 0.05000 | |
[1] | Except with regard to NBB’s Tier 1 capital to average assets ratio, the minimum capital requirement includes the Basel III Capital Rules’ capital conservation buffer (2.50%) which is added to the minimum capital requirements for capital adequacy purposes. NBB’s capital conservation buffer consists of additional CET1 above regulatory minimum requirement. Failure to maintain the prescribed levels would result in limitations on capital distributions and discretionary bonuses to executives. |
Note 12 - Condensed Financial_3
Note 12 - Condensed Financial Statements of Parent Company - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash and due from banks | $ 8,768 | $ 13,147 | |
Interest-bearing deposits | 130,021 | 120,725 | |
Investments in subsidiaries | 189,027 | 189,667 | |
Other assets | 16,287 | 17,688 | |
Total assets | 1,702,175 | 1,519,673 | |
Liabilities and Stockholders’ Equity | |||
Other liabilities | 15,789 | 21,867 | |
Stockholders’ equity | 191,751 | 200,607 | $ 183,726 |
Total liabilities and stockholders’ equity | 1,702,175 | 1,519,673 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 2,324 | 987 | |
Interest-bearing deposits | 0 | 10,027 | |
Refundable income taxes | 647 | 446 | |
Other assets | 847 | 791 | |
Total assets | 192,845 | 201,918 | |
Liabilities and Stockholders’ Equity | |||
Other liabilities | 1,094 | 1,311 | |
Stockholders’ equity | 191,751 | 200,607 | |
Total liabilities and stockholders’ equity | $ 192,845 | $ 201,918 |
Note 12 - Condensed Financial_4
Note 12 - Condensed Financial Statements of Parent Company - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income | ||
Other income | $ 1,261 | $ 1,093 |
Expenses | ||
Applicable income tax benefit | 4,251 | 3,077 |
Net income | 20,382 | 16,077 |
Parent Company [Member] | ||
Income | ||
Dividends from subsidiaries | 14,508 | 22,000 |
Other income | 1 | 4 |
Total income | 14,509 | 22,004 |
Expenses | ||
Other expenses | 1,135 | 1,179 |
Income before income tax benefit and equity in undistributed net income of subsidiaries | 13,374 | 20,825 |
Applicable income tax benefit | 293 | 301 |
Income before equity in undistributed net income of subsidiaries | 13,667 | 21,126 |
Equity (deficit) in undistributed net income of subsidiaries | 6,715 | (5,049) |
Net income | $ 20,382 | $ 16,077 |
Note 12 - Condensed Financial_5
Note 12 - Condensed Financial Statements of Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 20,382 | $ 16,077 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Other assets | 1,661 | (132) |
Net change in other liabilities | (515) | 203 |
Net cash provided by operating activities | 22,882 | 13,793 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits | (9,296) | (43,844) |
Net cash used in investing activities | (202,545) | (177,604) |
Cash Flows from Financing Activities | ||
Cash dividends paid | (8,806) | (9,000) |
Shares repurchased | (13,354) | (1,722) |
Net cash provided by financing activities | 175,284 | 166,668 |
Parent Company [Member] | ||
Cash Flows from Operating Activities | ||
Net income | 20,382 | 16,077 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Deficit (equity) in undistributed net income of subsidiaries | 6,715 | (5,049) |
Net change in refundable income taxes due from subsidiaries | (201) | (23) |
Other assets | 221 | (45) |
Net change in other liabilities | (217) | (2) |
Net cash provided by operating activities | 13,470 | 21,056 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits | 10,027 | (9,404) |
Net cash used in investing activities | 10,027 | (9,404) |
Cash Flows from Financing Activities | ||
Cash dividends paid | (8,806) | (9,000) |
Shares repurchased | (13,354) | (1,722) |
Net cash provided by financing activities | (22,160) | (10,722) |
Net change in cash | 1,337 | 930 |
Cash due from subsidiaries at beginning of year | 987 | 57 |
Cash due from subsidiaries at end of year | $ 2,324 | $ 987 |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Payments for Origination of Mortgage Loans Held-for-sale | $ 17,672 | $ 39,647 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Cost of Mortgage Sold | $ 18,287 | 40,362 |
Potential Default Period After Sale of Loans to Investor (Month) | 12 months | |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance, Ending Balance | $ 615 | $ 866 |
Cash, Uninsured Amount | 28 | |
Interest Rate Lock Commitments [Member] | ||
Other Commitment, Total | $ 0 |
Note 13 - Financial Instrumen_4
Note 13 - Financial Instruments With Off-balance Sheet Risk - Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Off balance sheet liability, amount | $ 181,395 | $ 178,341 |
Standby Letters of Credit 1 [Member] | ||
Off balance sheet liability, amount | 13,984 | 13,474 |
Interest Rate Lock Commitments [Member] | ||
Off balance sheet liability, amount | $ 18,287 | $ 40,362 |
Note 14 - Concentrations of C_2
Note 14 - Concentrations of Credit Risk (Details Textual) - Credit Concentration Risk [Member] - Commercial Real Estate, Loan Portfolio [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commercial Real Estate Loans [Member] | ||
Concentration Risk, Percentage | 50.00% | 51.00% |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 405,722 | $ 393,115 |
College Housing and Professional Office Buildings [Member] | ||
Concentration Risk, Percentage | 25.00% | |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 201,858 | $ 189,421 |
Residential [Member] | ||
Concentration Risk, Percentage | 26.00% | 24.00% |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 208,977 | $ 181,782 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans Held-for-sale [Member] | Changes Measurement [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Adjustment | $ 0 | $ 0 |
Interest Rate Contract [Member] | ||
Derivative, Fair Value, Net, Total | 0 | |
Forward Contract [Member] | ||
Derivative, Fair Value, Net, Total | $ 0 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available for sale | $ 686,080 | $ 546,742 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 686,080 | 546,742 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 278,019 | 91,163 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 278,019 | 91,163 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 198,672 | 203,961 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 198,672 | 203,961 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale | 206,174 | 249,175 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 206,174 | 249,175 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 3,215 | 2,443 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | $ 3,215 | $ 2,443 |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements - Interest Rate Loan Contracts and Forward Contracts Fair Value Measurement (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Reported Value Measurement [Member] | |
Interest rate loan contracts | $ 1 |
Forward contracts | (11) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |
Interest rate loan contracts | 1 |
Forward contracts | (11) |
Interest Rate Contract [Member] | Reported Value Measurement [Member] | |
Interest rate loan contracts | 1 |
Interest Rate Contract [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |
Interest rate loan contracts | 1 |
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member] | |
Forward contracts | (11) |
Forward Contracts [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |
Forward contracts | $ (11) |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements - Change in Fair Value Measurement Impacts Net Income (Details) - Valuation, Market Approach [Member] | Dec. 31, 2020 | |
Pull-through Rate [Member] | Interest Rate Contract [Member] | ||
Derivative asset (liability) | 0.8702 | [1] |
Pull-through Rate [Member] | Forward Contract [Member] | ||
Derivative asset (liability) | 0.8702 | [1] |
Current Reference Price [Member] | Interest Rate Contract [Member] | Minimum [Member] | ||
Derivative asset (liability) | 1.0191 | |
Current Reference Price [Member] | Interest Rate Contract [Member] | Maximum [Member] | ||
Derivative asset (liability) | 1.0302 | |
Current Reference Price [Member] | Interest Rate Contract [Member] | Weighted Average [Member] | ||
Derivative asset (liability) | 1.0255 | [2] |
Current Reference Price [Member] | Forward Contract [Member] | Minimum [Member] | ||
Derivative asset (liability) | 1.0191 | |
Current Reference Price [Member] | Forward Contract [Member] | Maximum [Member] | ||
Derivative asset (liability) | 1.0319 | |
Current Reference Price [Member] | Forward Contract [Member] | Weighted Average [Member] | ||
Derivative asset (liability) | 1.0267 | [2] |
[1] | All contracts are valued using the same pull-through rate. | |
[2] | Current reference prices were weighted by the relative amount of the loan. |
Note 15 - Fair Value Measurem_7
Note 15 - Fair Value Measurements - Impaired Loans and Other Real Estate Owned Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans net of valuation allowance | $ 957 | $ 970 |
Other real estate owned net of valuation allowance | 1,553 | |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans net of valuation allowance | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans net of valuation allowance | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans net of valuation allowance | $ 957 | 970 |
Other real estate owned net of valuation allowance | $ 1,553 |
Note 15 - Fair Value Measurem_8
Note 15 - Fair Value Measurements - Level 3 Fair Value Measurements (Details) - Valuation, Market Approach [Member] | Dec. 31, 2021 | [4] | Dec. 31, 2020 | ||
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Present value of cash flows | [1] | 0.0550 | |||
OREO | [2] | 0 | |||
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Present value of cash flows | [1] | 0.0650 | |||
OREO | [2] | 0.0766 | |||
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||||
OREO | [2] | 0.0062 | |||
Measurement Input, Cost to Sell [Member] | Minimum [Member] | |||||
OREO | [3] | 0.0400 | |||
Measurement Input, Cost to Sell [Member] | Maximum [Member] | |||||
OREO | [3] | 0.0923 | |||
Measurement Input, Cost to Sell [Member] | Weighted Average [Member] | |||||
OREO | 0.0620 | 0.0454 | [3] | ||
[1] | Unobservable inputs were weighted by the relative fair value of the impaired loans. | ||||
[2] | Discounts were weighted by the relative appraised value of the OREO properties. | ||||
[3] | The appraised value is discounted by selling costs if the OREO property is listed with a realtor and if appraised value exceeds the list price, less estimated selling costs. Selling costs do not discount appraised value if the Company markets the OREO property independently or if the OREO property is listed with a realtor and the list price less estimated selling costs exceeds appraised value. | ||||
[4] | As of December 31, 2021, the Company held one OREO property |
Note 15 - Fair Value Measurem_9
Note 15 - Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Cash and due from banks | $ 8,768 | $ 13,147 |
Interest-bearing deposits | 130,021 | 120,725 |
Securities | 686,080 | 546,742 |
Restricted securities | 845 | 1,279 |
Mortgage loans held for sale | 615 | 866 |
Loans, net | 795,574 | 760,318 |
Accrued interest receivable | 5,104 | 5,028 |
Bank-owned life insurance | 42,354 | 36,444 |
Deposits | 1,494,587 | 1,297,143 |
Accrued interest payable | 48 | 56 |
Interest rate loan contracts | 1 | |
Forward contracts | 11 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 8,768 | 13,147 |
Interest-bearing deposits | 130,021 | 120,725 |
Mortgage loans held for sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities | 686,080 | 546,742 |
Restricted securities | 845 | 1,279 |
Mortgage loans held for sale | 615 | 866 |
Accrued interest receivable | 5,104 | 5,028 |
Bank-owned life insurance | 42,354 | 36,444 |
Deposits | 1,415,619 | 1,207,561 |
Accrued interest payable | 48 | 56 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Mortgage loans held for sale | 0 | 0 |
Loans, net | 791,335 | 752,624 |
Deposits | $ 79,115 | 89,681 |
Interest rate loan contracts | 1 | |
Forward contracts | $ 11 |
Note 16 - Components of Accum_3
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 200,607 | $ 183,726 |
Net pension gain (loss) arising during the period, net of tax | (3,244) | 1,478 |
Less amortization of prior service cost included in net periodic pension cost, net of tax | (9) | (87) |
Balance | 191,751 | 200,607 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | 13,167 | 76 |
Unrealized holding gain (loss) on available for sale securities, net of tax | (10,308) | 13,176 |
Reclassification adjustment, net of tax | (5) | (85) |
Net pension gain (loss) arising during the period, net of tax | ||
Balance | 2,854 | 13,167 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (10,147) | (8,582) |
Net pension gain (loss) arising during the period, net of tax | 3,244 | (1,478) |
Less amortization of prior service cost included in net periodic pension cost, net of tax | (9) | (87) |
Balance | (6,912) | (10,147) |
AOCI Attributable to Parent [Member] | ||
Balance | 3,020 | (8,506) |
Unrealized holding gain (loss) on available for sale securities, net of tax | (10,308) | 13,176 |
Reclassification adjustment, net of tax | (5) | (85) |
Net pension gain (loss) arising during the period, net of tax | 3,244 | (1,478) |
Less amortization of prior service cost included in net periodic pension cost, net of tax | (9) | (87) |
Balance | $ (4,058) | $ 3,020 |
Note 16 - Components of Accum_4
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net pension gain (loss) arising during the period, taxes | $ 862 | $ (393) |
Amortization of prior service cost included in net periodic pension cost, tax | (2) | (23) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Unrealized holding gain (loss) on available for sale securities, tax | (2,740) | 3,502 |
Reclassification adjustment for gain included in net income, taxes | (1) | (23) |
AOCI Attributable to Parent [Member] | ||
Unrealized holding gain (loss) on available for sale securities, tax | (2,740) | 3,502 |
Reclassification adjustment for gain included in net income, taxes | (1) | $ (23) |
Net pension gain (loss) arising during the period, taxes | 862 | |
Amortization of prior service cost included in net periodic pension cost, tax | (2) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Net pension gain (loss) arising during the period, taxes | 862 | |
Amortization of prior service cost included in net periodic pension cost, tax | $ (2) |
Note 16 - Components of Accum_5
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Reclassification adjustment for gain included in net income, tax | $ (1) | $ (23) | |
Realized gain on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss | (5) | (85) | |
Income tax benefit | 2 | 23 | |
Amortization of defined benefit pension items, net of tax, reclassified out of accumulated other comprehensive loss | (9) | (87) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Realized securities gain, net | (6) | (108) | |
Reclassification adjustment for gain included in net income, tax | (1) | (23) | |
Realized gain on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss | (5) | (85) | |
Prior service costs(1) | [1] | (11) | (110) |
Income tax benefit | (2) | (23) | |
Amortization of defined benefit pension items, net of tax, reclassified out of accumulated other comprehensive loss | $ (9) | $ (87) | |
[1] | This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. (For additional information, see Note 8, Employee Benefit Plans.) |
Note 17 - Goodwill (Details Tex
Note 17 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Goodwill, Ending Balance | $ 5,848 | $ 5,848 |
Note 18 - Revenue Recognition -
Note 18 - Revenue Recognition - Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Noninterest Income (in-scope of Topic 606) | $ 6,653 | $ 5,654 |
Noninterest Income (out-of-scope of Topic 606) | 1,773 | 2,290 |
Total noninterest income | 8,426 | 7,944 |
Deposit Account [Member] | ||
Noninterest Income (in-scope of Topic 606) | 2,045 | 1,966 |
Product and Service, Other [Member] | ||
Noninterest Income (in-scope of Topic 606) | 179 | 162 |
Credit and Debit Card [Member] | ||
Noninterest Income (in-scope of Topic 606) | 1,869 | 1,400 |
Fiduciary and Trust [Member] | ||
Noninterest Income (in-scope of Topic 606) | 1,792 | 1,662 |
Insurance and Investment [Member] | ||
Noninterest Income (in-scope of Topic 606) | $ 768 | $ 464 |
Note 19 - Leases (Details Textu
Note 19 - Leases (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee, Operating Lease, Early Termination Fee | $ 150 |
Note 19 - Leases - Lease Inform
Note 19 - Leases - Lease Information and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average remaining lease term (in years) (Year) | 6 years 3 months 29 days | 6 years 9 months 21 days |
Weighted average discount rate | 3.21% | 3.04% |
Operating lease expense | $ 368 | $ 368 |
Short-term lease expense | 2 | 2 |
Total lease expense | 370 | 370 |
Cash paid for amounts included in lease liabilities | 362 | 360 |
Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period | 0 | 24 |
Other Liabilities [Member] | ||
Lease liability | 1,558 | 2,016 |
Other Assets [Member] | ||
Right-of-use asset | $ 1,532 | $ 1,998 |
Note 19 - Leases - Lease Liabil
Note 19 - Leases - Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Twelve months ending December 31, 2022 | $ 293 | |
Twelve months ending December 31, 2023 | 291 | |
Twelve months ending December 31, 2024 | 293 | |
Twelve months ending December 31, 2025 | 244 | |
Twelve months ending December 31, 2026 | 211 | |
Thereafter | 394 | |
Total undiscounted cash flows | 1,726 | |
Less: discount | (168) | |
Other Liabilities [Member] | ||
Lease liability | $ 1,558 | $ 2,016 |