Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 18, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 171,979,867 | ||
Entity Common Stock, Shares Outstanding | 5,893,782 | ||
Auditor Name | Yount, Hyde & Barbour, P.C. | ||
Auditor Firm ID | 613 | ||
Auditor Location | Winchester, Virginia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 12,967 | $ 12,403 |
Interest-bearing deposits | 73,636 | 59,026 |
Securities available for sale, at fair value | 618,601 | 656,852 |
Restricted stock, at cost | 1,264 | 941 |
Mortgage loans held for sale | 406 | 0 |
Loans: | ||
Gross loans | 857,175 | 853,193 |
Less unearned income and deferred fees and costs | (529) | (449) |
Loans, net of unearned income and deferred fees and costs | 856,646 | 852,744 |
Less allowance for credit losses | (9,094) | (8,225) |
Loans, net | 847,552 | 844,519 |
Premises and equipment, net | 11,109 | 10,371 |
Accrued interest receivable | 6,313 | 6,001 |
Other real estate owned, net | 0 | 662 |
Goodwill | 5,848 | 5,848 |
Bank-owned life insurance (BOLI) | 43,583 | 43,312 |
Other assets | 34,091 | 37,616 |
Total assets | 1,655,370 | 1,677,551 |
Liabilities and Stockholders’ Equity | ||
Noninterest-bearing demand deposits | 281,215 | 327,713 |
Interest-bearing demand deposits | 821,661 | 933,269 |
Savings deposits | 177,856 | 214,114 |
Time deposits | 223,240 | 67,629 |
Total deposits | 1,503,972 | 1,542,725 |
Accrued interest payable | 1,416 | 106 |
Other liabilities | 9,460 | 12,033 |
Total liabilities | 1,514,848 | 1,554,864 |
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 and additional paid in capital. Authorized 10,000,000 shares; issued and outstanding, 5,893,782 (including 4,095 unvested) shares as of December 31, 2023 and 5,889,687 as of December 31, 2022 | 7,404 | 7,362 |
Retained earnings | 197,984 | 199,091 |
Accumulated other comprehensive loss, net | (64,866) | (83,766) |
Total stockholders’ equity | 140,522 | 122,687 |
Total liabilities and stockholders’ equity | 1,655,370 | 1,677,551 |
Real Estate Construction Portfolio Segment[Member] | ||
Loans: | ||
Gross loans | 55,379 | 54,579 |
Less allowance for credit losses | (408) | (450) |
Consumer Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Gross loans | 241,564 | 221,052 |
Less allowance for credit losses | (3,162) | (2,199) |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Gross loans | 419,130 | 437,888 |
Less allowance for credit losses | (3,576) | (3,642) |
Commercial Non Real Estate Segment [Member] | ||
Loans: | ||
Gross loans | 41,555 | 57,652 |
Less allowance for credit losses | (682) | (930) |
Public Sector and IDA Portfolio Segment[Member] | ||
Loans: | ||
Gross loans | 60,551 | 48,074 |
Less allowance for credit losses | (333) | (319) |
Consumer Non Real Estate Portfolio Segment [Member] | ||
Loans: | ||
Gross loans | 38,996 | 33,948 |
Less allowance for credit losses | $ (583) | $ (506) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 5,893,782 | 5,889,687 |
Common stock, shares outstanding (in shares) | 5,893,782 | 5,889,687 |
Common stock, shares unvested (in shares) | 4,095 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Income | ||
Interest and fees on loans | $ 38,924 | $ 34,253 |
Interest on interest-bearing deposits | 1,982 | 1,353 |
Interest and dividends on securities – taxable | 16,536 | 12,788 |
Interest on securities – nontaxable | 1,391 | 1,715 |
Total interest income | 58,833 | 50,109 |
Interest Expense | ||
Interest on time deposits | 4,989 | 141 |
Interest on other deposits | 16,261 | 2,942 |
Interest on borrowings | 300 | 0 |
Total interest expense | 21,550 | 3,083 |
Net interest income | 37,283 | 47,026 |
(Recovery of) provision for credit losses | (1,261) | 706 |
Net interest income after (recovery of) provision for credit losses | 38,544 | 46,320 |
Noninterest Income: | ||
Noninterest Income | 7,072 | 6,994 |
Gain on sale of mortgage loans | 107 | 157 |
BOLI income | 2,026 | 958 |
Gain on sale of investment | 2,971 | 0 |
Gain on sale of private equity investment | 232 | 3,823 |
Other income | 961 | 1,091 |
Realized securities loss, net | (3,332) | 0 |
Total noninterest income | 9,359 | 12,401 |
Noninterest Expense | ||
Salaries and employee benefits | 17,318 | 16,519 |
Occupancy, furniture and fixtures | 2,005 | 1,934 |
Data processing and ATM | 3,549 | 3,186 |
FDIC assessment | 749 | 477 |
Net costs of other real estate owned | 31 | 325 |
Franchise taxes | 1,422 | 1,483 |
Professional services | 1,739 | 999 |
Other operating expenses | 2,415 | 2,035 |
Total noninterest expense | 29,228 | 26,958 |
Income before income taxes | 18,675 | 31,763 |
Income tax expense | 2,984 | 5,831 |
Net income | $ 15,691 | $ 25,932 |
Basic net income per common share (in dollars per share) | $ 2.66 | $ 4.33 |
Fully diluted net income per common share (in dollars per share) | 2.66 | 4.33 |
Dividends declared per common share (in dollars per share) | $ 2.51 | $ 1.5 |
Deposit Account [Member] | ||
Noninterest Income: | ||
Noninterest Income | $ 2,518 | $ 2,425 |
Product and Service, Other [Member] | ||
Noninterest Income: | ||
Noninterest Income | 297 | 214 |
Credit and Debit Card [Member] | ||
Noninterest Income: | ||
Noninterest Income | 1,678 | 1,916 |
Fiduciary and Trust [Member] | ||
Noninterest Income: | ||
Noninterest Income | $ 1,901 | $ 1,817 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 15,691 | $ 25,932 |
Other Comprehensive Income (Loss), Net of Tax | ||
Unrealized holding gain (loss) on available for sale securities net of tax of $4,315 in 2023 and ($22,403) in 2022 | 16,233 | (84,275) |
Reclassification adjustment for loss included in net income, net of tax of $700 in 2023 | 2,632 | 0 |
Net pension gain arising during the period, net of tax of $9 in 2023 and $1,214 in 2022 | 35 | 4,567 |
Other comprehensive income (loss), net of tax of $5,024 in 2023 and ($21,189) in 2022 | 18,900 | (79,708) |
Total Comprehensive Income (Loss) | $ 34,591 | $ (53,776) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized holding gain (loss) on available for sale securities, tax | $ 4,315 | $ (22,403) |
Reclassification adjustment for gain included in net income, tax | 700 | |
Net pension gain (losses) arising during the period, tax | 9 | 1,214 |
Other comprehensive income (loss), tax | $ 5,024 | $ (21,189) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock Including Additional Paid in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2021 | $ 7,580 | $ 188,229 | $ (4,058) | $ 191,751 | ||||
Net income | 0 | 25,932 | 0 | 25,932 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (79,708) | (79,708) | ||||
Cash dividend | 0 | (8,950) | 0 | (8,950) | ||||
Stock repurchase | (218) | (6,120) | 0 | (6,338) | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (79,708) | (79,708) | ||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ (2,014) | $ 0 | $ (2,014) | ||||
Balance at Dec. 31, 2022 | 7,362 | 199,091 | (83,766) | 122,687 | ||||
Net income | 0 | 15,691 | 0 | 15,691 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | 18,900 | 18,900 | ||||
Cash dividend | 0 | (14,784) | 0 | (14,784) | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | 18,900 | 18,900 | ||||
Stock based compensation | 42 | 0 | 0 | 42 | ||||
Balance at Dec. 31, 2023 | $ 7,404 | $ 197,984 | $ (64,866) | $ 140,522 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Other comprehensive income (loss), tax | $ | $ (21,189) |
Cash dividend, per share (in dollars per share) | $ / shares | $ 1.5 |
Stock repurchase, shares (in shares) | shares | 174,250 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 15,691 | $ 25,932 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
(Recovery of) provision for credit losses | (1,261) | 706 |
Deferred income tax expense (benefit) | 750 | (109) |
Depreciation of premises and equipment | 754 | 609 |
Amortization of premiums and accretion of discounts, net | 1,077 | 1,257 |
Gain on disposal of fixed assets | 0 | (9) |
Loss on sale of securities available for sale, net | 3,332 | 0 |
(Gain) loss and write-down on other real estate owned | (1) | 295 |
Loss on sale of repossessed items | 4 | 0 |
Income on investment in BOLI | (982) | (958) |
Gain on sale of mortgage loans held for sale | (107) | (157) |
Origination of mortgage loans held for sale | (7,624) | (7,882) |
Sale of mortgage loans held for sale | 7,325 | 8,654 |
Equity-based compensation expense | 42 | 0 |
Net change in: | ||
Accrued interest receivable | (312) | (897) |
Other assets | (1,721) | (24) |
Accrued interest payable | 1,310 | 58 |
Other liabilities | (2,754) | 2,025 |
Net cash provided by operating activities | 15,523 | 29,500 |
Cash Flows from Investing Activities | ||
Proceeds from repayments of mortgage-backed securities | 12,984 | 32,664 |
Proceeds from calls, sales and maturities of securities available for sale | 44,738 | 5,970 |
Purchases of securities available for sale | 0 | (117,341) |
Net change in restricted stock | (323) | (96) |
Purchases of loan participations | (7,997) | (19,051) |
Collections of loan participations | 7,200 | 21,452 |
Loan originations and principal collections, net | (3,594) | (52,271) |
Proceeds from disposal of other real estate owned | 663 | 0 |
Proceeds from disposal of repossessed assets | 14 | 0 |
Recoveries on loans charged off | 283 | 212 |
BOLI settlement | 712 | 0 |
Additions to premises and equipment | (1,492) | (1,258) |
Proceeds from sale of premises and equipment | 0 | 9 |
Net cash provided by (used in) investing activities | 53,188 | (129,710) |
Cash Flows from Financing Activities | ||
Net change in time deposits | 155,611 | (11,339) |
Net change in other deposits | (194,364) | 59,477 |
Cash dividends paid | (14,784) | (8,950) |
Shares repurchased | 0 | (6,338) |
Net cash (used in) provided by financing activities | (53,537) | 32,850 |
Net change in cash and due from banks | 15,174 | (67,360) |
Cash and due from banks at beginning of year | 71,429 | 138,789 |
Cash and due from banks at end of year | 86,603 | 71,429 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid on deposits and borrowed funds | 20,240 | 3,025 |
Income taxes paid | 2,545 | 3,861 |
Supplemental Disclosures of Noncash Activities | ||
Loans charged against the allowance for credit losses | 478 | 367 |
Loans transferred to repossessed assets | 11 | 7 |
Unrealized gain (loss) on securities available for sale | 23,880 | (106,678) |
Minimum pension liability adjustment | 44 | 5,781 |
Lease liabilities arising from obtaining right-of-use assets during the period | $ 0 | $ 161 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Notes to Consolidated Financial Statements $ in thousands, except per share data. 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 filing date of this Form 10 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 credit 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 Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and amounts due from banks and 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 Allowance for Credit Losses – Available for Sale Securities For available for sale securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not may not no In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (recovery of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable is excluded from the estimate of credit losses. Accrued interest receivable on securities of $3,281 as of December 31, 2023 December 31, 2022, Equity Securities 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 credit 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 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. Loans modified to provide relief from payments of interest or principle for more than 90 Loans in nonaccrual are reviewed on an individual loan basis to determine whether they may 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 credit 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 Sales, purchases and reclassification of loans The Company finances consumer real estate mortgages under “best efforts” contracts with mortgage purchasers. The mortgages are designated as held for sale upon initiation. There have been no not Occasionally, the Company purchases or sells participations in loans. All participation loans purchased met the Company’s normal underwriting standards at the time the participation was entered. Participation loans are included in the appropriate portfolio balances to which the allowance methodology is applied. Modified Loans Prior to January 1, 2023, two 1 2 not Subsequent to December 31, 2022, Allowance for Credit Losses on Loans ( ACLL ) The Company estimates the ACLL based on amortized cost basis, which is the amount at which the loan is originated, adjusted for net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of the ACLL. Accrued interest receivable on loans of $3,032 as of December 31, 2023 December 31, 2022, Intrinsic to the Company’s policy on estimating the ACLL are policies regarding loan pools, nonaccruals, past due status, collateral valuation, charge-offs and risk ratings. The Company measures expected credit losses on loans on a collective (pool) basis, when the loans share similar risk characteristics, such as collateral type and intended use, repayment source, and (if applicable) the borrower’s business model. The Company has identified the following pools of loans with similar risk characteristics for measuring expected credit losses: 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 residential real estate Commercial real estate, owner occupied Commercial real estate, other Commercial Non-Real Estate Commercial and industrial Public Sector and IDA Public sector and IDA Consumer Non-Real Estate Credit cards Automobile Other consumer loans The Company’s methodologies for estimating the ACLL consider available relevant information about the collectability of cash flows, including historical losses, reasonable and supportable forecasts of economic conditions, and current economic and portfolio conditions. The difference between cash flow estimates and amortized cost is the ACLL. The Company uses a discounted cash flow (“DCF”) method for all of its pools except for bankcards, which are measured using the historical loss rate adjusted for the forecast. For loans using the DCF method, cash flows are projected at the instrument level and discounted using the loan’s effective interest rate. Cash flows are generated using each loan’s payment attributes, adjusted for pool-level information on the probability of default (“PD”), loss given default and prepayment speeds. Default is defined as full or partial charge-off, nonaccrual status or past due 90 The Company designated national unemployment as its forecast variable. Multiple forecasts from reputable and independent third one not two three The results of DCF calculations are modified by allocations for qualitative factors to account for changes in variables that may Loans that do not The collateral method is applied to individually evaluated loans for which foreclosure is probable. The collateral method is also applied to individually evaluated loans when borrowers are experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral (“collateral dependent”). The ACLL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, the ACLL is calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, the ACLL is calculated as the amount by which the loan’s amortized cost basis exceeds the fair value of the underlying collateral less estimated cost to sell. The ACLL may zero The DCF method is applied to individually evaluated loans that do not 100% Expected credit losses are reflected in the ACLL through a charge to provision for credit losses on the Consolidated Statements of Income. When the Company deems all or a portion of a loan to be uncollectible the appropriate amount is written off against the ACLL. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no Unallocated surplus In addition to funding the allowance for credit losses based upon data analysis, the Company has the option to fund an unallocated surplus in excess to the calculated requirement, based upon management judgement. The Company’s policy permits an unallocated surplus of between 0% and 5% of the calculated requirement. ACL on Unfunded Commitments Financial instruments include off-balance sheet credit instruments such as undrawn portions of revolving lines of credit, commercial letters of credit, and loan commitments that have not Estimation of the allowance for credit losses The estimation of the allowance involves analysis of internal and external variables, methodologies, assumptions and management’s judgment and experience. Key judgments used in determining the allowance for credit losses include internal risk rating determinations, market and collateral values, discount rates, loss rates, and management’s assessment of current economic conditions. These judgments are inherently subjective and actual losses could be greater or less than the estimate. Future estimates of the allowance could increase or decrease based on changes in the financial condition of individual borrowers, concentrations of various types of loans, economic conditions or the markets in which collateral may 5 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 net costs of other real estate owned in the Consolidated Statements of Income. 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. For December 31, 2023, 350 20 35 3A, not 50 No Bank Owned Life Insurance The Company has purchased life insurance policies on certain key employees. The purchase of these life insurance policies allows the Company to use tax-advantaged rates of return. The cash surrender value of these policies is included as an asset on the consolidated balance sheets, and any increase in cash surrender value is recorded as income from bank owned life insurance on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company receives a death benefit which is also recorded as income from bank owned life insurance. 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 income (loss). The funded status of a benefit plan is measured as the difference between plan assets at fair value and the projected benefit obligation. The Company’s actuary determines plan obligations and annual pension expense using a number of key assumptions, including the discount rate, the estimated return on plan assets and the anticipated rate of compensation increases. Changes in these assumptions in the future, if any, or in the method under which benefits are calculated may 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, if any, 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 Stock Based Compensation Compensation cost is recognized for stock based payment awards issued to employees and directors, based on the fair value of these awards at the date of grant. The market price of the Company’s common stock at the date of grant is used to estimate fair value for restricted stock awards, restricted stock units, and other stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. The Company recognizes forfeitures of nonvested awards as they occur. Earnings Per Common Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under restricted stock awards that have not 21 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 $109 for the year ended December 31, 2023 December 31, 2022. 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: Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on debt securities available for sale, net of taxes, which are also recognized as a separate component of equity. Business Combinations On January 23, 2024, second third 2024, Recent Accounting Pronouncements ASU 2023 09 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 ASU 2023 07 In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 ASU 2023 06 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 ASU 2023 03 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 ASU 2022 03 In June 2022, 2022 03, 820 2022 03 not not December 15, 2023. not 2022 03 Recently Adopted Accounting Developments ASU 2016 13 In June 2016, No. 2016 13, 326 2016 13 January 1, 2023. ASU 2022 02 In March 2022, No. 2022 02, 326 2022 02 2016 13 2022 02 January 1, 2023. 2022 02 January 1, 2023 2022 02 not 5 2022 02. |
Note 2 - Restriction on Cash
Note 2 - Restriction on Cash | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: The amortized cost and fair value of debt securities available for sale, with gross unrealized gains and losses, as of the dates indicated, follows: December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government agencies and corporations $ 353,904 $ - $ 42,060 $ 311,844 States and political subdivisions 179,507 - 29,614 149,893 Mortgage-backed securities 156,875 - 6,724 150,151 Corporate debt securities 6,504 - 754 5,750 U.S. treasury 996 - 33 963 Total securities available for sale $ 697,786 $ - $ 79,185 $ 618,601 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government agencies and corporations $ 391,538 $ 39 $ 55,002 $ 336,575 States and political subdivisions 190,192 26 38,018 152,200 Mortgage-backed securities 170,694 22 9,239 161,477 Corporate debt securities 6,501 - 837 5,664 U.S. treasury 992 - 56 936 Total securities available for sale $ 759,917 $ 87 $ 103,152 $ 656,852 No allowance for credit loss on securities available for sale was recorded as of December 31, 2023. The deferred tax asset for the net unrealized loss on securities available for sale was $16,629 as of December 31, 2023 December 31, 2022. The amortized cost and fair value of single maturity securities available for sale, by contractual maturity as of the date indicated, are shown below. Mortgage-backed securities are categorized by final maturity. Expected maturities may may December 31, 2023 Amortized Cost Fair Value Due in one year or less $ 3,795 $ 3,748 Due after one year through five years 178,297 166,386 Due after five years through ten years 277,155 238,409 Due after ten years 238,539 210,058 Total securities available for sale $ 697,786 $ 618,601 Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position as of the dates indicated, follows: December 31, 2023 Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized U.S. government agencies and corporations $ - $ - $ 311,844 $ 42,060 State and political subdivisions 884 1 148,763 29,613 Mortgage-backed securities 1,616 26 147,922 6,698 Corporate debt securities - - 5,750 754 U.S. treasury - - 963 33 Total temporarily impaired securities $ 2,500 $ 27 $ 615,242 $ 79,158 December 31, 2022 Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized U.S. Government agencies and corporations $ 144,574 $ 12,699 $ 190,950 $ 42,303 State and political subdivisions 94,657 18,373 52,134 19,645 Mortgage-backed securities 144,198 7,326 15,165 1,913 Corporate debt securities 4,843 655 821 182 U.S. treasury 936 56 - - Total temporarily impaired securities $ 389,208 $ 39,109 $ 259,070 $ 64,043 The Company evaluates securities available for sale that are in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2023, No no December 31, 2023. not not not not Realized Securities Gains and Losses During 2023, not 2022. For the Year Ended December 31, 2023 Proceeds Book Value Gross Gain Gross Loss Net Loss Available for sale $ 43,518 $ 46,850 $ 137 $ 3,469 $ 3,332 Restricted Stock The Company held restricted stock of $1,264 as of December 31, 2023 December 31, 2022. not Redemption of FHLB stock is subject to certain limitations and conditions. At its discretion, the FHLB may December 31, 2023. December 31, 2023, not Pledged Securities As of December 31, 2023 2022, |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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 $15,409 as of December 31, 2023 December 31, 2022. 2023, 2022, The Company held $17,117 in deposits for related parties as of December 31, 2023 December 31, 2022. The Company leased to a director a small office space. The lease was terminated during 2022. 2022. 2023 2022. |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 5: Please refer to Note 1: A detailed analysis showing the allowance roll-forward by portfolio segment for the periods indicated follows: Activity in the Allowance for Credit Losses on Loans for the Year Ended December 31, 2023 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, 2022 $ 450 $ 2,199 $ 3,642 $ 930 $ 319 $ 506 $ 179 $ 8,225 Adoption of ASU 2016-13 (21 ) 1,261 700 216 (15 ) 72 129 2,342 Charge-offs - (17 ) - (214 ) - (247 ) - (478 ) Recoveries - 103 45 6 - 129 - 283 (Recovery of) provision for credit losses (21 ) (384 ) (811 ) (256 ) 29 123 42 (1,278 ) Balance, December 31, 2023 $ 408 $ 3,162 $ 3,576 $ 682 $ 333 $ 583 $ 350 $ 9,094 Activity in the Allowance for Loan Losses by Segment for the Year Ended December 31, 2022 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, 2021 $ 422 $ 1,930 $ 3,121 $ 1,099 $ 297 $ 444 $ 361 $ 7,674 Charge-offs - (13 ) - (2 ) - (352 ) - (367 ) Recoveries - 29 49 11 - 123 - 212 Provision for (recovery of) loan losses 28 253 472 (178 ) 22 291 (182 ) 706 Balance, December 31, 2022 $ 450 $ 2,199 $ 3,642 $ 930 $ 319 $ 506 $ 179 $ 8,225 A detailed analysis showing the allowance and loan portfolio by segment and evaluation method as of the dates indicated follows: Allowance for Credit Losses on Loans by Segment and Evaluation Method as of December 31, 2023 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 $ - $ 74 $ 367 $ 126 $ - $ 5 $ - $ 572 Collectively evaluated 408 3,088 3,209 556 333 578 350 8,522 Total $ 408 $ 3,162 $ 3,576 $ 682 $ 333 $ 583 $ 350 $ 9,094 Loans by Segment and Evaluation Method as of December 31, 2023 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Total Individually evaluated $ 286 $ 1,183 $ 8,805 $ 227 $ - $ 43 $ 10,544 Collectively evaluated 55,093 240,381 410,325 41,328 60,551 38,953 846,631 Total $ 55,379 $ 241,564 $ 419,130 $ 41,555 $ 60,551 $ 38,996 $ 857,175 Allowance for Loan Losses by Segment and Evaluation Method as of December 31, 2022 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 $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 450 2,199 3,642 930 319 506 179 8,225 Total $ 450 $ 2,199 $ 3,642 $ 930 $ 319 $ 506 $ 179 $ 8,225 Loans by Segment and Evaluation Method as of December 31, 2022 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non- Real Estate Total Individually evaluated $ - $ 186 $ 2,583 $ 263 $ - $ - $ 3,032 Collectively evaluated 54,579 220,866 435,305 57,389 48,074 33,948 850,161 Total $ 54,579 $ 221,052 $ 437,888 $ 57,652 $ 48,074 $ 33,948 $ 853,193 A summary of ratios for the allowance for credit losses, as of the dates indicated, follows: December 31, 2023 2022 Ratio of ACLL to the end of period loans, net of unearned income and deferred fees and costs 1.06 % 0.96 % Ratio of net charge-offs to average loans, net of unearned income and deferred fees and costs 0.02 % 0.02 % The following table presents nonaccrual loans, by class, as of the dates indicated: CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans With No Allowance With an Allowance Total Consumer Real Estate Residential closed-end first liens $ - $ - $ - $ 91 Commercial Real Estate Commercial real estate owner-occupied 2,177 231 2,408 2,493 Commercial Non-Real Estate Commercial and industrial - 221 221 263 Total $ 2,177 $ 452 $ 2,629 $ 2,847 In accordance with CECL, the Company identifies individually evaluated loans when their risk characteristics become different from their pool. Under previous GAAP, the Company identified loans for potential impairment through a variety of means, including, but not not 2022 10 Individually Evaluated Loans under Incurred Loss as of December 31, 2022 Principal Balance Recorded Investment (1) Recorded Investment (1) for Which There is No Related Allowance Recorded Investment (1) Which There is a Related Allowance Related Allowance Consumer Real Estate Investor-owned residential real estate $ 186 $ 186 $ 186 $ - $ - Commercial Real Estate Commercial real estate, owner occupied 3,248 2,583 2,583 - - Commercial Non-Real Estate Commercial and industrial 285 263 263 - - Total $ 3,719 $ 3,032 $ 3,032 $ - $ - ( 1 Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. The following table shows the average recorded investment and interest income recognized for individually evaluated loans under the incurred loss model for the period indicated. Only classes with individually evaluated loans are presented. For the Year Ended December 31, 2022 Average Recorded Investment (1) Interest Income Recognized Consumer Real Estate Investor-owned residential real estate $ 188 $ 13 Commercial Real Estate Commercial real estate, owner occupied 2,587 5 Commercial real estate, other 729 - Commercial Non-Real Estate Commercial and industrial 272 - Total $ 3,776 $ 18 ( 1 Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. The following tables present the aging of past due loans, by loan pool, as of the dates indicated. December 31, 2023 Accruing Current Loans Accruing Loans 30 – 89 Days Past Due Accruing Loans 90 or More Days Past Due Nonaccrual Loans Total Loans Accruing and Nonaccrual 90 or More Days Past Due Real Estate Construction Construction, 1-4 family residential $ 13,442 $ - $ - $ - $ 13,442 $ - Construction, other 41,916 21 - - 41,937 - Consumer Real Estate Equity line 17,178 104 - - 17,282 - Residential closed-end first liens 124,886 662 131 - 125,679 131 Residential closed-end junior liens 5,027 12 - - 5,039 - Investor-owned residential real estate 93,564 - - - 93,564 - Commercial Real Estate Multifamily residential real estate 119,052 195 - - 119,247 - Commercial real estate owner-occupied 114,477 336 - 2,408 117,221 231 Commercial real estate, other 182,662 - - - 182,662 - Commercial Non-Real Estate Commercial and industrial 41,249 57 28 221 41,555 28 Public Sector and IDA States and political subdivisions 60,551 - - - 60,551 - Consumer Non-Real Estate Credit cards 4,648 17 3 - 4,668 3 Automobile 12,126 135 - - 12,261 - Other consumer loans 21,934 107 26 - 22,067 26 Total $ 852,712 $ 1,646 $ 188 $ 2,629 $ 857,175 $ 419 December 31, 2022 Accruing Current Loans Accruing Loans 30 – 89 Days Past Due Accruing Loans 90 or More Days Past Due Nonaccrual Loans Total Loans Accruing and Nonaccrual 90 or More Days Past Due Real Estate Construction Construction, 1-4 family residential $ 12,538 $ - $ - $ - $ 12,538 $ - Construction, other 42,041 - - - 42,041 - Consumer Real Estate Equity line 15,010 16 - - 15,026 - Residential closed-end first liens 121,807 750 - 91 122,648 91 Residential closed-end junior liens 2,446 - - - 2,446 - Investor-owned residential real estate 80,524 408 - - 80,932 - Commercial Real Estate Multifamily residential real estate 127,312 - - - 127,312 - Commercial real estate owner-occupied 126,640 - - 2,493 129,133 252 Commercial real estate, other 181,443 - - - 181,443 - Commercial Non-Real Estate Commercial and industrial 57,373 16 - 263 57,652 - Public Sector and IDA States and political subdivisions 48,074 - - - 48,074 - Consumer Non-Real Estate Credit cards 4,592 3 2 - 4,597 2 Automobile 9,833 102 - - 9,935 - Other consumer loans 19,317 93 6 - 19,416 6 Total $ 848,950 $ 1,388 $ 8 $ 2,847 $ 853,193 $ 351 Collateral Dependent Loans Loans are collateral dependent when repayment is expected substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually evaluated. The Company measures the ACL on collateral dependent loans based upon the fair value of the collateral, as permitted by ASU 2016 13. no As of December 31, 2023, three December 31, 2023 Amortized Cost Related Allowance Consumer Real Estate Residential closed-end first lien $ 7 $ - Commercial Real Estate Commercial real estate owner-occupied 2,177 - Total Loans $ 2,184 $ - Credit Quality The Company categorizes loans by risk based on relevant information about the ability of borrowers to service their debt, including: collateral and financial information, historical payment experience, credit documentation and current economic trends, among other factors. At origination, each loan is assigned a risk rating. Ongoing analysis of the loan portfolio adjusts risk ratings on an individual loan basis to reflect updated information. General descriptions of risk ratings are as follows: ● Pass: loans with acceptable credit quality are rated pass. ● Special mention: loans with potential weaknesses due to challenging economic or financial conditions are rated special mention. ● Classified: loans with well-defined weaknesses that heighten the risk of default are rated classified. The following table presents the amortized cost basis of the loan portfolio, by year of origination, loan class, and credit quality, as of the date indicated. Term Loans Amortized Cost Basis by Origination Year Revolving Loans December 31, 2023 Prior 2019 2020 2021 2022 2023 Revolving Converted to Term Total Construction, residential Pass $ - $ - $ 246 $ 158 $ 3,275 $ 5,157 $ 4,606 $ - $ 13,442 Construction, other Pass $ 2,741 $ 1,094 $ 1,305 $ 12,671 $ 17,397 $ 4,884 $ 1,559 $ - $ 41,651 Classified - - - 286 - - - - 286 Total $ 2,741 $ 1,094 $ 1,305 $ 12,957 $ 17,397 $ 4,884 $ 1,559 $ - $ 41,937 Equity lines Pass $ 51 $ - $ - $ - $ - $ - $ 17,182 $ - $ 17,233 Classified - - - - - - 49 - 49 Total $ 51 $ - $ - $ - $ - $ - $ 17,231 $ - $ 17,282 Residential closed-end first liens Pass $ 32,404 $ 5,806 $ 14,634 $ 31,414 $ 29,787 $ 11,208 $ - $ - $ 125,253 Classified 426 - - - - - - - 426 Total $ 32,830 $ 5,806 $ 14,634 $ 31,414 $ 29,787 $ 11,208 $ - $ - $ 125,679 YTD gross charge-offs $ - $ - $ 17 $ - $ - $ - $ - $ - $ 17 Residential closed-end junior liens Pass $ 1,499 $ 116 $ - $ 172 $ 1,387 $ 1,850 $ - $ 15 $ 5,039 Investor-owned residential real estate Pass $ 24,556 $ 5,162 $ 23,649 $ 19,062 $ 14,166 $ 4,880 $ 1,283 $ 98 $ 92,856 Classified 708 - - - - - - - 708 Total $ 25,264 $ 5,162 $ 23,649 $ 19,062 $ 14,166 $ 4,880 $ 1,283 $ 98 $ 93,564 Multifamily residential real estate Pass $ 40,092 $ 1,806 $ 2,148 $ 40,544 $ 25,681 $ 8,850 $ 126 $ - $ 119,247 Commercial real estate, owner occupied Pass $ 41,573 $ 11,091 $ 23,407 $ 4,792 $ 16,720 $ 7,914 $ 2,919 $ - $ 108,416 Special mention 6,396 - - - - - - - 6,396 Classified 2,409 - - - - - - - 2,409 Total $ 50,378 $ 11,091 $ 23,407 $ 4,792 $ 16,720 $ 7,914 $ 2,919 $ - $ 117,221 Commercial real estate, other Pass $ 68,889 $ 21,841 $ 19,098 $ 36,157 $ 22,697 $ 13,279 $ 701 $ - $ 182,662 Commercial and industrial Pass $ 6,004 $ 438 $ 1,060 $ 12,667 $ 6,954 $ 6,938 $ 7,267 $ - $ 41,328 Classified 220 - - - 7 - - - 227 Total $ 6,224 $ 438 $ 1,060 $ 12,667 $ 6,961 $ 6,938 $ 7,267 $ - $ 41,555 YTD gross charge-offs $ - $ 12 $ - $ - $ - $ 12 $ 190 $ - $ 214 Public sector and IDA Pass $ 20,817 $ - $ 235 $ 26,702 $ 6,335 $ 6,462 $ - $ - $ 60,551 Credit cards Pass $ - $ - $ - $ - $ - $ - $ 4,668 $ - $ 4,668 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 39 $ - $ 39 Automobile Pass $ 78 $ 204 $ 563 $ 1,619 $ 2,750 $ 7,047 $ - $ - $ 12,261 YTD gross charge-offs $ - $ 3 $ - $ 1 $ 38 $ - $ - $ - $ 42 Other Consumer Pass $ 93 $ 334 $ 811 $ 1,943 $ 5,815 $ 12,356 $ 672 $ - $ 22,024 Special mention - - - - - 17 - - 17 Classified - - - - 11 15 - - 26 Total $ 93 $ 334 $ 811 $ 1,943 $ 5,826 $ 12,388 $ 672 $ - $ 22,067 YTD gross charge-offs $ - $ - $ - $ 19 $ 52 $ 95 $ - $ - $ 166 Total Loans Pass $ 238,797 $ 47,892 $ 87,156 $ 187,901 $ 152,964 $ 90,825 $ 40,983 $ 113 $ 846,631 Special mention 6,396 - - - - 17 - - 6,413 Classified 3,763 - - 286 18 15 49 - 4,131 Total $ 248,956 $ 47,892 $ 87,156 $ 188,187 $ 152,982 $ 90,857 $ 41,032 $ 113 $ 857,175 YTD gross charge-offs $ - $ 15 $ 17 $ 20 $ 90 $ 107 $ 229 $ - $ 478 The following table presents the recorded investment of collectively evaluated loans by loan pool and credit quality as of the date indicated. December 31, 2022 Pass Special Mention Classified Real Estate Construction Construction, 1-4 family residential $ 12,538 $ - $ - Construction, other 41,741 - 300 Consumer Real Estate Equity lines 15,026 - - Residential closed-end first liens 122,187 - 461 Residential closed-end junior liens 2,446 - - Investor-owned residential real estate 80,143 - 603 Commercial Real Estate Multifamily residential real estate 127,312 - - Commercial real estate owner-occupied 126,550 - - Commercial real estate, other 181,443 - - Commercial Non-Real Estate Commercial and industrial 57,381 - 8 Public Sector and IDA States and political subdivisions 48,074 - - Consumer Non-Real Estate Credit cards 4,597 - - Automobile 9,932 - 3 Other consumer 19,398 - 18 Total $ 848,768 $ - $ 1,393 Loan Modifications to Borrowers Experiencing Financial Difficulty The Company modifies loans for a variety of reasons. At the date of modification, the Company assesses whether the borrower is experiencing financial difficulty. If the borrower is experiencing financial difficulty, the loan’s risk rating is evaluated and is typically changed to special mention or classified, which results in individual evaluation of the loan for the ACLL. The Company modified one loan to a borrower experiencing financial difficulty during the year ended December 31, 2023. Interest Only Payments Year Ended December 31, 2023 Amortized Cost Basis % of Portfolio Financial Effect Commercial Real Estate Commercial real estate owner-occupied $ 6,396 5.46 % 6 months of interest only payments, after which remaining balance will be re-amortized to the contractual maturity date. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty. The commercial real estate owner-occupied loan is in current status as of December 31, 2023. There were no loans to borrowers experiencing financial difficulty that defaulted during the year ended December 31, 2023 twelve three one 90 Under GAAP in effect for December 31, 2022, No 2022. December 31, 2022, none 12 ACL on Unfunded Commitments The following table presents information on the ACL for unfunded commitments for the year ended December 31, 2023: Allowance for Credit Losses on Unfunded Commitments Balance, December 31, 2022 $ 35 Adoption of ASU 2016-13 207 Provision for credit losses 17 Balance, December 31, 2023 $ 259 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6: A summary of the cost and accumulated depreciation of premises and equipment as of the dates indicated, follows: December 31, 2023 2022 Premises $ 15,724 $ 15,435 Furniture and equipment 7,862 6,658 Premises and equipment 23,586 22,093 Accumulated depreciation (12,477 ) (11,722 ) Premises and equipment, net $ 11,109 $ 10,371 Depreciation expense for the years ended December 31, 2023 2022 Premises includes construction in process. NBB has purchased land and developed plans for a new branch building in Roanoke, Virginia. The amount for the Roanoke location included in construction in process totaled $1,822 as of December 31, 2023 December 31, 2022. 2024. |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7: The aggregate amounts of time deposits in denominations of $250 December 31, 2023 2022 December 31, 2023, Year of Maturity Time Deposits 2024 $ 214,540 2025 2,831 2026 2,110 2027 2,219 2028 1,540 Thereafter - Total time deposits $ 223,240 As of December 31, 2023 2022, no 5% |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022, 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, 2023 December 31, 2022. December 31, 2023, 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 December 31, 2023 December 31, 2022. 2023 2022, 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, 2023 2022 Change in benefit obligation Projected benefit obligation at beginning of year $ 23,128 $ 35,312 Service cost (1) 813 1,297 Interest cost (2) 1,091 817 Actuarial loss (gain) (3) 1,542 (11,566 ) Benefits paid (824 ) (2,732 ) Projected benefit obligation at end of year $ 25,750 $ 23,128 Change in plan assets Fair value of plan assets at beginning of year $ 29,746 $ 36,187 Actual return on plan assets 3,587 (3,709 ) Benefits paid (824 ) (2,732 ) Fair value of plan assets at end of year $ 32,509 $ 29,746 Funded status at the end of the year $ 6,759 $ 6,618 Amounts recognized in the Consolidated Balance Sheet Deferred tax liabilities $ (1,419 ) $ (1,390 ) Other assets 6,759 6,618 Total amounts recognized in the Consolidated Balance Sheet $ 5,340 $ 5,228 Amounts recognized in accumulated other comprehensive loss, net Net loss $ (2,924 ) $ (2,968 ) Deferred tax asset 614 623 Amount recognized $ (2,310 ) $ (2,345 ) (continued ) Accrued/Prepaid benefit cost, net Benefit obligation $ (25,750 ) $ (23,128 ) Fair value of assets 32,509 29,746 Unrecognized net actuarial loss 2,924 2,968 Deferred tax liability (2,033 ) (2,013 ) Prepaid benefit cost included in other assets $ 7,650 $ 7,573 Components of net periodic benefit cost Service cost (1) $ 813 $ 1,297 Interest cost (2) 1,091 817 Expected return on plan assets (2) (2,070 ) (2,517 ) Recognized net actuarial loss (2) 69 441 Net periodic benefit cost $ (97 ) $ 38 Other changes in plan assets and benefit obligations recognized in other comprehensive loss Net gain $ (44 ) $ (5,781 ) Deferred income tax expense 9 1,214 Total recognized $ (35 ) $ (4,567 ) Total recognized in net periodic benefit cost and other comprehensive loss $ (141 ) $ (5,743 ) Weighted average assumptions at end of the year Discount rate used for net periodic pension cost 5.00 % 2.50 % Discount rate used for disclosure 4.75 % 5.00 % 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 on the Consolidated Statements of Income. ( 2 Cost is included in other operating expense on the Consolidated Statements of Income. ( 3 Please see table below for detail on the components of actuarial loss (gain). The following table presents the components of actuarial loss (gain): For the Year Ended December 31, Components of actuarial loss (gain) 2023 2022 Loss due to demographic changes $ 934 $ 66 Gain due to change in mortality table (291 ) - Loss (gain) due to change in discount rate 899 (11,632 ) Actuarial loss (gain) 1,542 (11,566 ) (Gain) loss due to asset return (1,517 ) 6,226 Actuarial loss (gain) with asset return 25 (5,340 ) 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’s Pension Administrative Committee Policy (the “Policy”) sets requirements 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 2024 not Fair Value Measurements as of December 31, 2023 Asset Category Total Level 1 Level 2 Level 3 Cash $ 867 $ 867 $ - $ - Equity securities: U. S. companies 17,540 17,540 - - International companies 400 400 - - Equities mutual funds (1) 6,098 6,098 - - State and political subdivisions 51 - 51 - Corporate bonds – investment grade (2) 7,553 - 7,553 - Total pension plan assets $ 32,509 $ 24,905 $ 7,604 $ - Fair Value Measurements as of December 31, 2022 Asset Category Total Level 1 Level 2 Level 3) Cash $ 415 $ 415 $ - $ - Equity securities: U. S. companies 15,459 15,459 - - International companies 770 770 - - Equities mutual funds (1) 6,090 6,090 - - State and political subdivisions 51 - 51 - Corporate bonds – investment grade (2) 6,961 - 6,961 - Total pension plan assets $ 29,746 $ 22,734 $ 7,012 $ - ( 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, as of December 31, 2023 Year Estimated Benefit Payment 2024 $ 4,971 2025 $ 783 2026 $ 1,824 2027 $ 1,746 2028 $ 1,817 2029 - 2033 $ 11,559 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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 2020. Year Ended December 31, 2023 2022 Current $ 2,234 $ 5,940 Deferred (benefit) expense 750 (109 ) Total income tax expense $ 2,984 $ 5,831 The following reconciles the “expected” income tax expense, computed by applying the U.S. federal income tax rate of 21% Year Ended December 31, 2023 2022 Computed “expected” income tax expense $ 3,922 $ 6,670 Tax-exempt interest income (354 ) (728 ) Nondeductible interest expense (170 ) 24 Other, net (414 ) (135 ) Reported income tax expense $ 2,984 $ 5,831 The components of net deferred tax assets, included in other assets as of the dates indicated, are as follows: December 31, 2023 2022 Deferred tax assets: Allowance for credit losses and unearned fee income $ 2,155 $ 1,906 Valuation allowance on other real estate owned - 248 Defined benefit pension plan 614 623 Deferred compensation and other liabilities 889 919 Net unrealized loss on securities available for sale 16,629 21,644 Lease accounting 237 303 Unvested stock-based compensation 5 - Total deferred tax assets $ 20,529 $ 25,643 Deferred tax liabilities: Fixed assets $ (597 ) $ (463 ) Goodwill (1,228 ) (1,228 ) Defined benefit pension plan, prepaid portion (2,034 ) (2,013 ) Lease accounting (230 ) (297 ) Discount accretion of securities (122 ) (84 ) Total deferred tax liabilities (4,211 ) (4,085 ) Net deferred tax assets $ 16,318 $ 21,558 The Company determined that no valuation allowance for gross deferred tax assets was necessary as of December 31, 2023 2022. |
Note 10 - Restrictions on Divid
Note 10 - Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022, 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 2023 2022, one December 31, 2023, 2024. |
Note 11 - Minimum Regulatory Ca
Note 11 - Minimum Regulatory Capital Requirement | 12 Months Ended |
Dec. 31, 2023 | |
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 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, 2023 2022, not 1 CET1 1 2 2 December 31, 2023 December 31, 2022. December 31, 2023 2022, As of December 31, 2023, 1 CET1 1 no NBB’s capital amounts and ratios as of the dates indicated are presented in the following tables. December 31, 2023 Actual Minimum Capital (1) Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 195,782 18.09 % $ 113,627 10.50 % $ 108,216 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 186,429 17.23 % $ 91,983 8.50 % $ 86,573 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 186,429 17.23 % $ 75,751 7.00 % $ 70,340 6.50 % Tier 1 Capital (to Average Assets) $ 186,429 11.05 % $ 67,491 4.00 % $ 84,364 5.00 % December 31, 2022 Actual Minimum Capital (1) Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 191,883 17.57 % $ 114,671 10.50 % $ 109,210 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 183,623 16.81 % $ 92,829 8.50 % $ 87,368 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 183,623 16.81 % $ 76,447 7.00 % $ 70,987 6.50 % Tier 1 Capital (to Average Assets) $ 183,623 10.50 % $ 69,925 4.00 % $ 87,406 5.00 % ( 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, 2023 | |
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 and for the years indicated, is as follows: Condensed Balance Sheets December 31, 2023 2022 Assets Cash due from subsidiaries $ 11,010 $ 14,927 Investments in subsidiaries 129,731 107,746 Refundable income taxes - 70 Other assets 655 648 Total assets $ 141,396 $ 123,391 Liabilities and Stockholders Equity Other liabilities $ 874 $ 704 Stockholders’ equity 140,522 122,687 Total liabilities and stockholders’ equity $ 141,396 $ 123,391 Condensed Statements of Income Year Ended December 31, 2023 2022 Income Dividends from subsidiaries $ 12,000 $ 25,000 Gain on sale of private equity investment 232 3,823 Total income 12,232 28,823 Expenses Other expenses 2,142 1,220 Income before income tax benefit (expense) and equity in undistributed net income of subsidiaries 10,090 27,603 Applicable income tax benefit (expense) 499 (491 ) Income before equity (deficit) in undistributed net income of subsidiaries 10,589 27,112 Equity (deficit) in undistributed net income of subsidiaries 5,102 (1,180 ) Net income $ 15,691 $ 25,932 Condensed Statements of Cash Flows Year Ended December 31, 2023 2022 Cash Flows from Operating Activities Net income $ 15,691 $ 25,932 Adjustments to reconcile net income to net cash provided by operating activities: (Equity) deficit in undistributed net income of subsidiaries (5,102 ) 1,180 Net change in refundable income taxes due from subsidiaries 70 576 Net change in other assets 38 593 Net change in other liabilities 170 (390 ) Net cash provided by operating activities 10,867 27,891 (continued) Cash Flows from Financing Activities Cash dividends paid (14,784 ) (8,950 ) Shares repurchased - (6,338 ) Net cash used in financing activities (14,784 ) (15,288 ) Net change in cash (3,917 ) 12,603 Cash due from subsidiaries at beginning of year 14,927 2,324 Cash due from subsidiaries at end of year $ 11,010 $ 14,927 |
Note 13 - Financial Instruments
Note 13 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2023 | |
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 The following table presents the unfunded balance of financial instruments that pose credit risk as of the dates indicated: December 31, 2023 2022 Commitments to extend credit $ 220,656 $ 197,459 Standby letters of credit 20,711 17,021 Mortgage loans sold with potential recourse 7,325 8,654 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 2023, 2022. may may may 12 As of December 31, 2023, not The Company maintains cash accounts in other commercial banks. The Company had $962 in deposits with correspondent institutions as of December 31, 2023 not |
Note 14 - Concentrations of Cre
Note 14 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
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 Virginia counties of Albemarle, Augusta, Bedford, Bland, Botetourt, Buchanan, Carroll, Craig, Floyd, Franklin, Giles, Grayson, Montgomery, Pulaski, Roanoke, Rockbridge, Rockingham, Russell, Tazewell, Smyth, Washington, Wythe, and the cities of Bristol, Buena Vista, Charlottesville, Galax, Harrisonburg, Lexington, Lynchburg, Radford, Roanoke, Salem, Staunton, and Waynesboro. The service area also includes the West Virginia counties of Mercer, Monroe and McDowell and the Tennessee city of Bristol and counties of Sullivan and Washington. 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. Real estate mortgage loans secured by property outside NBB’s primary service area are not not Loans secured by residential real estate were $241,564, or approximately 28% of the portfolio, and $221,052, or 26% of the portfolio as of December 31, 2023 2022, December 31, 2023 2022 December 31, 2023 2022, December 31, 2023 December 31, 2022. 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, 2023 | |
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 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 Fair Value Measurement Using December 31, 2023 Balance Level 1 Level 2 Level 3 U.S. government agencies and corporations $ 311,844 $ - $ 311,844 $ - States and political subdivisions 149,893 - 149,893 - Mortgage-backed securities 150,151 - 150,151 - Corporate debt securities 5,750 - 5,750 - U.S. treasury 963 963 Total securities available for sale $ 618,601 $ - $ 618,601 $ - Fair Value Measurement Using December 31, 2022 Balance Level 1 Level 2 Level 3 U.S. Government agencies and corporations $ 336,575 $ - $ 336,575 $ - States and political subdivisions 152,200 - 152,200 - Mortgage-backed securities 161,477 - 161,477 - Corporate debt securities 5,664 - 5,664 - U.S. treasury 936 - 936 - Total securities available for sale $ 656,852 $ - $ 656,852 $ - The Company’s securities portfolio is valued using Level 2 third two third 2 may Interest Rate Loan Contracts and Forward Sale Commitment The Company originates consumer real estate loans which it intends to sell to a correspondent lender. Interest rate loan contracts and forward sale commitments 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 is 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 sale commitments 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 had one December 31, 2023, one December 31, 2022, December 31, 2022 not The following tables present information on the interest rate loan contracts and forward sale commitments as of the date indicated: Fair Value Measurement Using December 31, 2023 Balance (Level 1) (Level 2) (Level 3) Interest rate loan contract $ 3 $ - $ - $ 3 Forward sale commitment $ (4 ) $ - $ - $ (4 ) December 31, 2023 Valuation Technique Unobservable Input Range (Weighted Average) Interest rate loan contract Market approach Pull-through rate 100% (1) Forward sale commitment Market approach Pull-through rate 100% (1) Interest rate loan contract Market approach Current reference price 102.64% (2) Forward sale commitment Market approach Current reference price 101.60% - 102.64% (101.98%) (3) ( 1 All contracts are valued using the same pull-through rate ( 2 Comprised of only one ( 3 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 No December 31, 2022. Collateral Dependent Loans Collateral dependent loans are measured on a non-recurring basis for the ACL. As of December 31, 2023, three None 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 may 3 The Company did not December 31, 2023. December 31, 2022. Carrying Value Date Description Balance Level 1 Level 2 Level 3 December 31, 2022 OREO net of valuation allowance $ 662 $ - $ - $ 662 The following table presents information about OREO and Level 3 Date Valuation Technique Unobservable Input Discount December 31, 2022 Discounted appraised value Selling cost 7.00 % December 31, 2022 Discounted appraised value Discount for lack of marketability 34.72 % As of December 31, 2022, 2022, 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, 2023 December 31, 2022. Estimated Fair Value December 31, 2023 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 12,967 $ 12,967 $ - $ - Interest-bearing deposits 73,636 73,636 - - Securities available for sale 618,601 - 618,601 - Restricted stock, at cost 1,264 - 1,264 - Mortgage loans held for sale 406 - 406 - Loans, net 847,552 - - 793,800 Accrued interest receivable 6,313 - 6,313 - Bank-owned life insurance 43,583 - 43,583 - Interest rate loan contract 3 - - 3 Financial liabilities: Deposits $ 1,503,972 $ - $ 1,280,732 $ 222,374 Accrued interest payable 1,416 - 1,416 - Forward sale commitment 4 - - 4 Estimated Fair Value December 31, 2022 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 12,403 $ 12,403 $ - $ - Interest-bearing deposits 59,026 59,026 - - Securities available for sale 656,852 - 656,852 - Restricted stock, at cost 941 - 941 - Loans, net 844,519 - - 781,749 Accrued interest receivable 6,001 - 6,001 - Bank-owned life insurance 43,312 - 43,312 - Financial liabilities: Deposits $ 1,542,725 $ - $ 1,475,096 $ 67,542 Accrued interest payable 106 - 106 - |
Note 16 - Components of Accumul
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
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 loss for the years ended December 31, 2023 2022: Net Unrealized Gain (Loss) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Loss Balance as of December 31, 2021 $ 2,854 $ (6,912 ) $ (4,058 ) Unrealized holding loss on available for sale securities net of tax of ($22,403) (84,275 ) - (84,275 ) Net pension gain, net of tax of $1,214 - 4,567 4,567 Balance as of December 31, 2022 $ (81,421 ) $ (2,345 ) $ (83,766 ) Unrealized holding gain on available for sale securities net of tax of $4,315 16,233 - 16,233 Reclassification adjustment, net of tax of $700 2,632 - 2,632 Net pension gain, net of tax of $9 - 35 35 Balance as of December 31, 2023 $ (62,556 ) $ (2,310 ) $ (64,866 ) The following table provides detail on reclassifications out of accumulated other comprehensive loss for the years indicated: December 31, 2023 2022 Component of Accumulated Other Comprehensive Loss Reclassification out of unrealized losses on available for sale securities: Realized securities loss, net $ (3,332 ) $ - Income tax benefit 700 - Realized loss on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss $ (2,632 ) $ - |
Note 17 - Goodwill
Note 17 - Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
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. As of December 31, 2023 December 31, 2022, 2023 2022 not |
Note 18 - Revenue Recognition
Note 18 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
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 safe 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. OREO Gains and Losses The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, December 31, 2023 2022. December 31, 2023 2022 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts $ 2,518 $ 2,425 Other service charges and fees 297 214 Credit and debit card fees, net 1,678 1,916 Trust income 1,901 1,817 Insurance and Investment (1) 677 622 Gain on sale of OREO (1) 1 - Noninterest Income (in-scope of Topic 606) $ 7,072 $ 6,994 Noninterest Income (out-of-scope of Topic 606) 2,287 5,407 Total noninterest income $ 9,359 $ 12,401 ( 1 Included within net costs of other real estate owned on the Consolidated Statements of Income. |
Note 19 - Leases
Note 19 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
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 six December 31, 2023, four two five one two three not not one five 2020 not None none The contracts in which the Company is lessee are with parties external to the Company and not December 31, 2023 December 31, 2022 Lease liability $ 1,127 $ 1,444 Right-of-use asset $ 1,096 $ 1,415 Weighted average remaining lease term (in years) 4.39 5.14 Weighted average discount rate 3.29 % 3.29 % For the Year Ended December 31, 2023 2022 Lease Expense Operating lease expense $ 364 $ 331 Short-term lease expense 20 2 Total lease expense $ 384 $ 333 Cash paid for amounts included in lease liabilities $ 382 $ 331 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ - $ 161 The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability as of the dates indicated: Undiscounted Cash Flow for the As of December 31, 2023 Twelve months ending December 31, 202 $ 346 Twelve months ending December 31, 2025 260 Twelve months ending December 31, 2026 211 Twelve months ending December 31, 2027 188 Twelve months ending December 31, 2028 190 Thereafter 16 Total undiscounted cash flows $ 1,211 Less: discount $ (84 ) Lease liability $ 1,127 |
Note 20 - Stock Based Compensat
Note 20 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 20: The Company’s 2023 May 9, 2023. may March 10, 2023 8 June 7, 2023. Restricted Stock Awards Under the Plan, part of the 2023 December 31, 2023 Year Ended December 31, 2023 Shares Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2023 - $ - Granted 4,095 30.73 Nonvested at December 31, 2023 4,095 $ 30.73 The RSAs vest on the one December 31, 2023. December 31, 2023, 11 |
Note 21 - Earnings Per Share
Note 21 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 21: The factors used in the earnings per share computation for the periods indicated are presented below: For the Year Ended December 31, 2023 2022 $ in thousands, except per share amounts Net Income (Numerator) Common Shares (1) (Denominator) Per Share Net Income (Numerator) Common Shares (1) (Denominator) Per Share Basic earnings per share $ 15,691 5,889,687 $ 2.66 $ 25,932 5,989,601 $ 4.33 Dilutive shares for restricted stock awards: 266 - Diluted earnings per share $ 15,691 5,889,953 $ 2.66 $ 25,932 5,989,601 $ 4.33 ( 1 Weighted average outstanding RSA grants are disregarded in the computation of diluted earnings per share if they are determined to be anti-dilutive. There were no December 31, 2023. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. (a) None (b) During the quarter ended December 31, 2023, no 16 10b5 1 10b5 1 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 credit 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 |
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 and 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 Allowance for Credit Losses – Available for Sale Securities For available for sale securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not may not no In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (recovery of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable is excluded from the estimate of credit losses. Accrued interest receivable on securities of $3,281 as of December 31, 2023 December 31, 2022, Equity Securities 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 credit 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 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. Loans modified to provide relief from payments of interest or principle for more than 90 Loans in nonaccrual are reviewed on an individual loan basis to determine whether they may 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 credit 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 Sales, purchases and reclassification of loans The Company finances consumer real estate mortgages under “best efforts” contracts with mortgage purchasers. The mortgages are designated as held for sale upon initiation. There have been no not Occasionally, the Company purchases or sells participations in loans. All participation loans purchased met the Company’s normal underwriting standards at the time the participation was entered. Participation loans are included in the appropriate portfolio balances to which the allowance methodology is applied. Modified Loans Prior to January 1, 2023, two 1 2 not Subsequent to December 31, 2022, |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses on Loans ( ACLL ) The Company estimates the ACLL based on amortized cost basis, which is the amount at which the loan is originated, adjusted for net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of the ACLL. Accrued interest receivable on loans of $3,032 as of December 31, 2023 December 31, 2022, Intrinsic to the Company’s policy on estimating the ACLL are policies regarding loan pools, nonaccruals, past due status, collateral valuation, charge-offs and risk ratings. The Company measures expected credit losses on loans on a collective (pool) basis, when the loans share similar risk characteristics, such as collateral type and intended use, repayment source, and (if applicable) the borrower’s business model. The Company has identified the following pools of loans with similar risk characteristics for measuring expected credit losses: 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 residential real estate Commercial real estate, owner occupied Commercial real estate, other Commercial Non-Real Estate Commercial and industrial Public Sector and IDA Public sector and IDA Consumer Non-Real Estate Credit cards Automobile Other consumer loans The Company’s methodologies for estimating the ACLL consider available relevant information about the collectability of cash flows, including historical losses, reasonable and supportable forecasts of economic conditions, and current economic and portfolio conditions. The difference between cash flow estimates and amortized cost is the ACLL. The Company uses a discounted cash flow (“DCF”) method for all of its pools except for bankcards, which are measured using the historical loss rate adjusted for the forecast. For loans using the DCF method, cash flows are projected at the instrument level and discounted using the loan’s effective interest rate. Cash flows are generated using each loan’s payment attributes, adjusted for pool-level information on the probability of default (“PD”), loss given default and prepayment speeds. Default is defined as full or partial charge-off, nonaccrual status or past due 90 The Company designated national unemployment as its forecast variable. Multiple forecasts from reputable and independent third one not two three The results of DCF calculations are modified by allocations for qualitative factors to account for changes in variables that may Loans that do not The collateral method is applied to individually evaluated loans for which foreclosure is probable. The collateral method is also applied to individually evaluated loans when borrowers are experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral (“collateral dependent”). The ACLL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, the ACLL is calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, the ACLL is calculated as the amount by which the loan’s amortized cost basis exceeds the fair value of the underlying collateral less estimated cost to sell. The ACLL may zero The DCF method is applied to individually evaluated loans that do not 100% Expected credit losses are reflected in the ACLL through a charge to provision for credit losses on the Consolidated Statements of Income. When the Company deems all or a portion of a loan to be uncollectible the appropriate amount is written off against the ACLL. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no Unallocated surplus In addition to funding the allowance for credit losses based upon data analysis, the Company has the option to fund an unallocated surplus in excess to the calculated requirement, based upon management judgement. The Company’s policy permits an unallocated surplus of between 0% and 5% of the calculated requirement. ACL on Unfunded Commitments Financial instruments include off-balance sheet credit instruments such as undrawn portions of revolving lines of credit, commercial letters of credit, and loan commitments that have not Estimation of the allowance for credit losses The estimation of the allowance involves analysis of internal and external variables, methodologies, assumptions and management’s judgment and experience. Key judgments used in determining the allowance for credit losses include internal risk rating determinations, market and collateral values, discount rates, loss rates, and management’s assessment of current economic conditions. These judgments are inherently subjective and actual losses could be greater or less than the estimate. Future estimates of the allowance could increase or decrease based on changes in the financial condition of individual borrowers, concentrations of various types of loans, economic conditions or the markets in which collateral may 5 |
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 net costs of other real estate owned in the Consolidated Statements of Income. |
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. For December 31, 2023, 350 20 35 3A, not 50 No |
Life Settlement Contracts, Policy [Policy Text Block] | Bank Owned Life Insurance The Company has purchased life insurance policies on certain key employees. The purchase of these life insurance policies allows the Company to use tax-advantaged rates of return. The cash surrender value of these policies is included as an asset on the consolidated balance sheets, and any increase in cash surrender value is recorded as income from bank owned life insurance on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company receives a death benefit which is also recorded as income from bank owned life insurance. |
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 income (loss). The funded status of a benefit plan is measured as the difference between plan assets at fair value and the projected benefit obligation. The Company’s actuary determines plan obligations and annual pension expense using a number of key assumptions, including the discount rate, the estimated return on plan assets and the anticipated rate of compensation increases. Changes in these assumptions in the future, if any, or in the method under which benefits are calculated may |
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, if any, 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 |
Share-Based Payment Arrangement [Policy Text Block] | Stock Based Compensation Compensation cost is recognized for stock based payment awards issued to employees and directors, based on the fair value of these awards at the date of grant. The market price of the Company’s common stock at the date of grant is used to estimate fair value for restricted stock awards, restricted stock units, and other stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. The Company recognizes forfeitures of nonvested awards as they occur. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under restricted stock awards that have not 21 |
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 $109 for the year ended December 31, 2023 December 31, 2022. |
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: |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on debt securities available for sale, net of taxes, which are also recognized as a separate component of equity. |
Business Combinations Policy [Policy Text Block] | Business Combinations On January 23, 2024, second third 2024, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2023 09 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 ASU 2023 07 In November 2023, 2023 07, 280 280 one 280. December 15, 2023, December 15, 2024. not 2023 07 ASU 2023 06 In October 2023, 2023 06, not not two June 30, 2027, not not not 2023 06 ASU 2023 03 In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 ASU 2022 03 In June 2022, 2022 03, 820 2022 03 not not December 15, 2023. not 2022 03 Recently Adopted Accounting Developments ASU 2016 13 In June 2016, No. 2016 13, 326 2016 13 January 1, 2023. ASU 2022 02 In March 2022, No. 2022 02, 326 2022 02 2016 13 2022 02 January 1, 2023. 2022 02 January 1, 2023 2022 02 not 5 2022 02. |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government agencies and corporations $ 353,904 $ - $ 42,060 $ 311,844 States and political subdivisions 179,507 - 29,614 149,893 Mortgage-backed securities 156,875 - 6,724 150,151 Corporate debt securities 6,504 - 754 5,750 U.S. treasury 996 - 33 963 Total securities available for sale $ 697,786 $ - $ 79,185 $ 618,601 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government agencies and corporations $ 391,538 $ 39 $ 55,002 $ 336,575 States and political subdivisions 190,192 26 38,018 152,200 Mortgage-backed securities 170,694 22 9,239 161,477 Corporate debt securities 6,501 - 837 5,664 U.S. treasury 992 - 56 936 Total securities available for sale $ 759,917 $ 87 $ 103,152 $ 656,852 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2023 Amortized Cost Fair Value Due in one year or less $ 3,795 $ 3,748 Due after one year through five years 178,297 166,386 Due after five years through ten years 277,155 238,409 Due after ten years 238,539 210,058 Total securities available for sale $ 697,786 $ 618,601 |
Gain (Loss) on Securities [Table Text Block] | December 31, 2023 Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized U.S. government agencies and corporations $ - $ - $ 311,844 $ 42,060 State and political subdivisions 884 1 148,763 29,613 Mortgage-backed securities 1,616 26 147,922 6,698 Corporate debt securities - - 5,750 754 U.S. treasury - - 963 33 Total temporarily impaired securities $ 2,500 $ 27 $ 615,242 $ 79,158 December 31, 2022 Less Than 12 Months 12 Months or More Fair Unrealized Fair Unrealized U.S. Government agencies and corporations $ 144,574 $ 12,699 $ 190,950 $ 42,303 State and political subdivisions 94,657 18,373 52,134 19,645 Mortgage-backed securities 144,198 7,326 15,165 1,913 Corporate debt securities 4,843 655 821 182 U.S. treasury 936 56 - - Total temporarily impaired securities $ 389,208 $ 39,109 $ 259,070 $ 64,043 |
Schedule of Realized Gain (Loss) on Called Securities [Table Text Block] | For the Year Ended December 31, 2023 Proceeds Book Value Gross Gain Gross Loss Net Loss Available for sale $ 43,518 $ 46,850 $ 137 $ 3,469 $ 3,332 |
Note 5 - Allowance for Loan L_2
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Activity in the Allowance for Credit Losses on Loans for the Year Ended December 31, 2023 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, 2022 $ 450 $ 2,199 $ 3,642 $ 930 $ 319 $ 506 $ 179 $ 8,225 Adoption of ASU 2016-13 (21 ) 1,261 700 216 (15 ) 72 129 2,342 Charge-offs - (17 ) - (214 ) - (247 ) - (478 ) Recoveries - 103 45 6 - 129 - 283 (Recovery of) provision for credit losses (21 ) (384 ) (811 ) (256 ) 29 123 42 (1,278 ) Balance, December 31, 2023 $ 408 $ 3,162 $ 3,576 $ 682 $ 333 $ 583 $ 350 $ 9,094 Activity in the Allowance for Loan Losses by Segment for the Year Ended December 31, 2022 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, 2021 $ 422 $ 1,930 $ 3,121 $ 1,099 $ 297 $ 444 $ 361 $ 7,674 Charge-offs - (13 ) - (2 ) - (352 ) - (367 ) Recoveries - 29 49 11 - 123 - 212 Provision for (recovery of) loan losses 28 253 472 (178 ) 22 291 (182 ) 706 Balance, December 31, 2022 $ 450 $ 2,199 $ 3,642 $ 930 $ 319 $ 506 $ 179 $ 8,225 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses on Loans by Segment and Evaluation Method as of December 31, 2023 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 $ - $ 74 $ 367 $ 126 $ - $ 5 $ - $ 572 Collectively evaluated 408 3,088 3,209 556 333 578 350 8,522 Total $ 408 $ 3,162 $ 3,576 $ 682 $ 333 $ 583 $ 350 $ 9,094 Loans by Segment and Evaluation Method as of December 31, 2023 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non-Real Estate Total Individually evaluated $ 286 $ 1,183 $ 8,805 $ 227 $ - $ 43 $ 10,544 Collectively evaluated 55,093 240,381 410,325 41,328 60,551 38,953 846,631 Total $ 55,379 $ 241,564 $ 419,130 $ 41,555 $ 60,551 $ 38,996 $ 857,175 Allowance for Loan Losses by Segment and Evaluation Method as of December 31, 2022 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 $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 450 2,199 3,642 930 319 506 179 8,225 Total $ 450 $ 2,199 $ 3,642 $ 930 $ 319 $ 506 $ 179 $ 8,225 Loans by Segment and Evaluation Method as of December 31, 2022 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non-Real Estate Public Sector and IDA Consumer Non- Real Estate Total Individually evaluated $ - $ 186 $ 2,583 $ 263 $ - $ - $ 3,032 Collectively evaluated 54,579 220,866 435,305 57,389 48,074 33,948 850,161 Total $ 54,579 $ 221,052 $ 437,888 $ 57,652 $ 48,074 $ 33,948 $ 853,193 |
Schedule of Ratios for Allowance for Loan Losses [Table Text Block] | December 31, 2023 2022 Ratio of ACLL to the end of period loans, net of unearned income and deferred fees and costs 1.06 % 0.96 % Ratio of net charge-offs to average loans, net of unearned income and deferred fees and costs 0.02 % 0.02 % |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans With No Allowance With an Allowance Total Consumer Real Estate Residential closed-end first liens $ - $ - $ - $ 91 Commercial Real Estate Commercial real estate owner-occupied 2,177 231 2,408 2,493 Commercial Non-Real Estate Commercial and industrial - 221 221 263 Total $ 2,177 $ 452 $ 2,629 $ 2,847 December 31, 2023 Accruing Current Loans Accruing Loans 30 – 89 Days Past Due Accruing Loans 90 or More Days Past Due Nonaccrual Loans Total Loans Accruing and Nonaccrual 90 or More Days Past Due Real Estate Construction Construction, 1-4 family residential $ 13,442 $ - $ - $ - $ 13,442 $ - Construction, other 41,916 21 - - 41,937 - Consumer Real Estate Equity line 17,178 104 - - 17,282 - Residential closed-end first liens 124,886 662 131 - 125,679 131 Residential closed-end junior liens 5,027 12 - - 5,039 - Investor-owned residential real estate 93,564 - - - 93,564 - Commercial Real Estate Multifamily residential real estate 119,052 195 - - 119,247 - Commercial real estate owner-occupied 114,477 336 - 2,408 117,221 231 Commercial real estate, other 182,662 - - - 182,662 - Commercial Non-Real Estate Commercial and industrial 41,249 57 28 221 41,555 28 Public Sector and IDA States and political subdivisions 60,551 - - - 60,551 - Consumer Non-Real Estate Credit cards 4,648 17 3 - 4,668 3 Automobile 12,126 135 - - 12,261 - Other consumer loans 21,934 107 26 - 22,067 26 Total $ 852,712 $ 1,646 $ 188 $ 2,629 $ 857,175 $ 419 December 31, 2022 Accruing Current Loans Accruing Loans 30 – 89 Days Past Due Accruing Loans 90 or More Days Past Due Nonaccrual Loans Total Loans Accruing and Nonaccrual 90 or More Days Past Due Real Estate Construction Construction, 1-4 family residential $ 12,538 $ - $ - $ - $ 12,538 $ - Construction, other 42,041 - - - 42,041 - Consumer Real Estate Equity line 15,010 16 - - 15,026 - Residential closed-end first liens 121,807 750 - 91 122,648 91 Residential closed-end junior liens 2,446 - - - 2,446 - Investor-owned residential real estate 80,524 408 - - 80,932 - Commercial Real Estate Multifamily residential real estate 127,312 - - - 127,312 - Commercial real estate owner-occupied 126,640 - - 2,493 129,133 252 Commercial real estate, other 181,443 - - - 181,443 - Commercial Non-Real Estate Commercial and industrial 57,373 16 - 263 57,652 - Public Sector and IDA States and political subdivisions 48,074 - - - 48,074 - Consumer Non-Real Estate Credit cards 4,592 3 2 - 4,597 2 Automobile 9,833 102 - - 9,935 - Other consumer loans 19,317 93 6 - 19,416 6 Total $ 848,950 $ 1,388 $ 8 $ 2,847 $ 853,193 $ 351 |
Impaired Financing Receivables [Table Text Block] | Individually Evaluated Loans under Incurred Loss as of December 31, 2022 Principal Balance Recorded Investment (1) Recorded Investment (1) for Which There is No Related Allowance Recorded Investment (1) Which There is a Related Allowance Related Allowance Consumer Real Estate Investor-owned residential real estate $ 186 $ 186 $ 186 $ - $ - Commercial Real Estate Commercial real estate, owner occupied 3,248 2,583 2,583 - - Commercial Non-Real Estate Commercial and industrial 285 263 263 - - Total $ 3,719 $ 3,032 $ 3,032 $ - $ - |
Impaired Financing Receivable Average Investment And Interest Income [Table Text Block] | For the Year Ended December 31, 2022 Average Recorded Investment (1) Interest Income Recognized Consumer Real Estate Investor-owned residential real estate $ 188 $ 13 Commercial Real Estate Commercial real estate, owner occupied 2,587 5 Commercial real estate, other 729 - Commercial Non-Real Estate Commercial and industrial 272 - Total $ 3,776 $ 18 |
Financing Receivable, Collateral Dependent Loan [Table Text Block] | December 31, 2023 Amortized Cost Related Allowance Consumer Real Estate Residential closed-end first lien $ 7 $ - Commercial Real Estate Commercial real estate owner-occupied 2,177 - Total Loans $ 2,184 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Year Revolving Loans December 31, 2023 Prior 2019 2020 2021 2022 2023 Revolving Converted to Term Total Construction, residential Pass $ - $ - $ 246 $ 158 $ 3,275 $ 5,157 $ 4,606 $ - $ 13,442 Construction, other Pass $ 2,741 $ 1,094 $ 1,305 $ 12,671 $ 17,397 $ 4,884 $ 1,559 $ - $ 41,651 Classified - - - 286 - - - - 286 Total $ 2,741 $ 1,094 $ 1,305 $ 12,957 $ 17,397 $ 4,884 $ 1,559 $ - $ 41,937 Equity lines Pass $ 51 $ - $ - $ - $ - $ - $ 17,182 $ - $ 17,233 Classified - - - - - - 49 - 49 Total $ 51 $ - $ - $ - $ - $ - $ 17,231 $ - $ 17,282 Residential closed-end first liens Pass $ 32,404 $ 5,806 $ 14,634 $ 31,414 $ 29,787 $ 11,208 $ - $ - $ 125,253 Classified 426 - - - - - - - 426 Total $ 32,830 $ 5,806 $ 14,634 $ 31,414 $ 29,787 $ 11,208 $ - $ - $ 125,679 YTD gross charge-offs $ - $ - $ 17 $ - $ - $ - $ - $ - $ 17 Residential closed-end junior liens Pass $ 1,499 $ 116 $ - $ 172 $ 1,387 $ 1,850 $ - $ 15 $ 5,039 Investor-owned residential real estate Pass $ 24,556 $ 5,162 $ 23,649 $ 19,062 $ 14,166 $ 4,880 $ 1,283 $ 98 $ 92,856 Classified 708 - - - - - - - 708 Total $ 25,264 $ 5,162 $ 23,649 $ 19,062 $ 14,166 $ 4,880 $ 1,283 $ 98 $ 93,564 Multifamily residential real estate Pass $ 40,092 $ 1,806 $ 2,148 $ 40,544 $ 25,681 $ 8,850 $ 126 $ - $ 119,247 Commercial real estate, owner occupied Pass $ 41,573 $ 11,091 $ 23,407 $ 4,792 $ 16,720 $ 7,914 $ 2,919 $ - $ 108,416 Special mention 6,396 - - - - - - - 6,396 Classified 2,409 - - - - - - - 2,409 Total $ 50,378 $ 11,091 $ 23,407 $ 4,792 $ 16,720 $ 7,914 $ 2,919 $ - $ 117,221 Commercial real estate, other Pass $ 68,889 $ 21,841 $ 19,098 $ 36,157 $ 22,697 $ 13,279 $ 701 $ - $ 182,662 Commercial and industrial Pass $ 6,004 $ 438 $ 1,060 $ 12,667 $ 6,954 $ 6,938 $ 7,267 $ - $ 41,328 Classified 220 - - - 7 - - - 227 Total $ 6,224 $ 438 $ 1,060 $ 12,667 $ 6,961 $ 6,938 $ 7,267 $ - $ 41,555 YTD gross charge-offs $ - $ 12 $ - $ - $ - $ 12 $ 190 $ - $ 214 Public sector and IDA Pass $ 20,817 $ - $ 235 $ 26,702 $ 6,335 $ 6,462 $ - $ - $ 60,551 Credit cards Pass $ - $ - $ - $ - $ - $ - $ 4,668 $ - $ 4,668 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 39 $ - $ 39 Automobile Pass $ 78 $ 204 $ 563 $ 1,619 $ 2,750 $ 7,047 $ - $ - $ 12,261 YTD gross charge-offs $ - $ 3 $ - $ 1 $ 38 $ - $ - $ - $ 42 Other Consumer Pass $ 93 $ 334 $ 811 $ 1,943 $ 5,815 $ 12,356 $ 672 $ - $ 22,024 Special mention - - - - - 17 - - 17 Classified - - - - 11 15 - - 26 Total $ 93 $ 334 $ 811 $ 1,943 $ 5,826 $ 12,388 $ 672 $ - $ 22,067 YTD gross charge-offs $ - $ - $ - $ 19 $ 52 $ 95 $ - $ - $ 166 Total Loans Pass $ 238,797 $ 47,892 $ 87,156 $ 187,901 $ 152,964 $ 90,825 $ 40,983 $ 113 $ 846,631 Special mention 6,396 - - - - 17 - - 6,413 Classified 3,763 - - 286 18 15 49 - 4,131 Total $ 248,956 $ 47,892 $ 87,156 $ 188,187 $ 152,982 $ 90,857 $ 41,032 $ 113 $ 857,175 YTD gross charge-offs $ - $ 15 $ 17 $ 20 $ 90 $ 107 $ 229 $ - $ 478 December 31, 2022 Pass Special Mention Classified Real Estate Construction Construction, 1-4 family residential $ 12,538 $ - $ - Construction, other 41,741 - 300 Consumer Real Estate Equity lines 15,026 - - Residential closed-end first liens 122,187 - 461 Residential closed-end junior liens 2,446 - - Investor-owned residential real estate 80,143 - 603 Commercial Real Estate Multifamily residential real estate 127,312 - - Commercial real estate owner-occupied 126,550 - - Commercial real estate, other 181,443 - - Commercial Non-Real Estate Commercial and industrial 57,381 - 8 Public Sector and IDA States and political subdivisions 48,074 - - Consumer Non-Real Estate Credit cards 4,597 - - Automobile 9,932 - 3 Other consumer 19,398 - 18 Total $ 848,768 $ - $ 1,393 |
Financing Receivable, Modified [Table Text Block] | Interest Only Payments Year Ended December 31, 2023 Amortized Cost Basis % of Portfolio Financial Effect Commercial Real Estate Commercial real estate owner-occupied $ 6,396 5.46 % 6 months of interest only payments, after which remaining balance will be re-amortized to the contractual maturity date. |
Unfunded Loan Commitment [Member] | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses on Unfunded Commitments Balance, December 31, 2022 $ 35 Adoption of ASU 2016-13 207 Provision for credit losses 17 Balance, December 31, 2023 $ 259 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Premises $ 15,724 $ 15,435 Furniture and equipment 7,862 6,658 Premises and equipment 23,586 22,093 Accumulated depreciation (12,477 ) (11,722 ) Premises and equipment, net $ 11,109 $ 10,371 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Scheduled Maturities of Time Deposits [Table Text Block] | Year of Maturity Time Deposits 2024 $ 214,540 2025 2,831 2026 2,110 2027 2,219 2028 1,540 Thereafter - Total time deposits $ 223,240 |
Note 8 - Employee Benefit Pla_2
Note 8 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2023 2022 Change in benefit obligation Projected benefit obligation at beginning of year $ 23,128 $ 35,312 Service cost (1) 813 1,297 Interest cost (2) 1,091 817 Actuarial loss (gain) (3) 1,542 (11,566 ) Benefits paid (824 ) (2,732 ) Projected benefit obligation at end of year $ 25,750 $ 23,128 Change in plan assets Fair value of plan assets at beginning of year $ 29,746 $ 36,187 Actual return on plan assets 3,587 (3,709 ) Benefits paid (824 ) (2,732 ) Fair value of plan assets at end of year $ 32,509 $ 29,746 Funded status at the end of the year $ 6,759 $ 6,618 Amounts recognized in the Consolidated Balance Sheet Deferred tax liabilities $ (1,419 ) $ (1,390 ) Other assets 6,759 6,618 Total amounts recognized in the Consolidated Balance Sheet $ 5,340 $ 5,228 Amounts recognized in accumulated other comprehensive loss, net Net loss $ (2,924 ) $ (2,968 ) Deferred tax asset 614 623 Amount recognized $ (2,310 ) $ (2,345 ) (continued ) Accrued/Prepaid benefit cost, net Benefit obligation $ (25,750 ) $ (23,128 ) Fair value of assets 32,509 29,746 Unrecognized net actuarial loss 2,924 2,968 Deferred tax liability (2,033 ) (2,013 ) Prepaid benefit cost included in other assets $ 7,650 $ 7,573 Components of net periodic benefit cost Service cost (1) $ 813 $ 1,297 Interest cost (2) 1,091 817 Expected return on plan assets (2) (2,070 ) (2,517 ) Recognized net actuarial loss (2) 69 441 Net periodic benefit cost $ (97 ) $ 38 Other changes in plan assets and benefit obligations recognized in other comprehensive loss Net gain $ (44 ) $ (5,781 ) Deferred income tax expense 9 1,214 Total recognized $ (35 ) $ (4,567 ) Total recognized in net periodic benefit cost and other comprehensive loss $ (141 ) $ (5,743 ) Weighted average assumptions at end of the year Discount rate used for net periodic pension cost 5.00 % 2.50 % Discount rate used for disclosure 4.75 % 5.00 % Expected return on plan assets 7.50 % 7.50 % Rate of compensation increase 3.00 % 3.00 % |
Schedule of Defined Benefit Plans, Components of Actuarial Loss (Gain) [Table Text Block] | For the Year Ended December 31, Components of actuarial loss (gain) 2023 2022 Loss due to demographic changes $ 934 $ 66 Gain due to change in mortality table (291 ) - Loss (gain) due to change in discount rate 899 (11,632 ) Actuarial loss (gain) 1,542 (11,566 ) (Gain) loss due to asset return (1,517 ) 6,226 Actuarial loss (gain) with asset return 25 (5,340 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | Fair Value Measurements as of December 31, 2023 Asset Category Total Level 1 Level 2 Level 3 Cash $ 867 $ 867 $ - $ - Equity securities: U. S. companies 17,540 17,540 - - International companies 400 400 - - Equities mutual funds (1) 6,098 6,098 - - State and political subdivisions 51 - 51 - Corporate bonds – investment grade (2) 7,553 - 7,553 - Total pension plan assets $ 32,509 $ 24,905 $ 7,604 $ - Fair Value Measurements as of December 31, 2022 Asset Category Total Level 1 Level 2 Level 3) Cash $ 415 $ 415 $ - $ - Equity securities: U. S. companies 15,459 15,459 - - International companies 770 770 - - Equities mutual funds (1) 6,090 6,090 - - State and political subdivisions 51 - 51 - Corporate bonds – investment grade (2) 6,961 - 6,961 - Total pension plan assets $ 29,746 $ 22,734 $ 7,012 $ - |
Schedule of Expected Benefit Payments [Table Text Block] | Year Estimated Benefit Payment 2024 $ 4,971 2025 $ 783 2026 $ 1,824 2027 $ 1,746 2028 $ 1,817 2029 - 2033 $ 11,559 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 Current $ 2,234 $ 5,940 Deferred (benefit) expense 750 (109 ) Total income tax expense $ 2,984 $ 5,831 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 Computed “expected” income tax expense $ 3,922 $ 6,670 Tax-exempt interest income (354 ) (728 ) Nondeductible interest expense (170 ) 24 Other, net (414 ) (135 ) Reported income tax expense $ 2,984 $ 5,831 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax assets: Allowance for credit losses and unearned fee income $ 2,155 $ 1,906 Valuation allowance on other real estate owned - 248 Defined benefit pension plan 614 623 Deferred compensation and other liabilities 889 919 Net unrealized loss on securities available for sale 16,629 21,644 Lease accounting 237 303 Unvested stock-based compensation 5 - Total deferred tax assets $ 20,529 $ 25,643 Deferred tax liabilities: Fixed assets $ (597 ) $ (463 ) Goodwill (1,228 ) (1,228 ) Defined benefit pension plan, prepaid portion (2,034 ) (2,013 ) Lease accounting (230 ) (297 ) Discount accretion of securities (122 ) (84 ) Total deferred tax liabilities (4,211 ) (4,085 ) Net deferred tax assets $ 16,318 $ 21,558 |
Note 11 - Minimum Regulatory _2
Note 11 - Minimum Regulatory Capital Requirement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | December 31, 2023 Actual Minimum Capital (1) Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 195,782 18.09 % $ 113,627 10.50 % $ 108,216 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 186,429 17.23 % $ 91,983 8.50 % $ 86,573 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 186,429 17.23 % $ 75,751 7.00 % $ 70,340 6.50 % Tier 1 Capital (to Average Assets) $ 186,429 11.05 % $ 67,491 4.00 % $ 84,364 5.00 % December 31, 2022 Actual Minimum Capital (1) Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 191,883 17.57 % $ 114,671 10.50 % $ 109,210 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 183,623 16.81 % $ 92,829 8.50 % $ 87,368 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 183,623 16.81 % $ 76,447 7.00 % $ 70,987 6.50 % Tier 1 Capital (to Average Assets) $ 183,623 10.50 % $ 69,925 4.00 % $ 87,406 5.00 % |
Note 12 - Condensed Financial_2
Note 12 - Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, 2023 2022 Assets Cash due from subsidiaries $ 11,010 $ 14,927 Investments in subsidiaries 129,731 107,746 Refundable income taxes - 70 Other assets 655 648 Total assets $ 141,396 $ 123,391 Liabilities and Stockholders Equity Other liabilities $ 874 $ 704 Stockholders’ equity 140,522 122,687 Total liabilities and stockholders’ equity $ 141,396 $ 123,391 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income Year Ended December 31, 2023 2022 Income Dividends from subsidiaries $ 12,000 $ 25,000 Gain on sale of private equity investment 232 3,823 Total income 12,232 28,823 Expenses Other expenses 2,142 1,220 Income before income tax benefit (expense) and equity in undistributed net income of subsidiaries 10,090 27,603 Applicable income tax benefit (expense) 499 (491 ) Income before equity (deficit) in undistributed net income of subsidiaries 10,589 27,112 Equity (deficit) in undistributed net income of subsidiaries 5,102 (1,180 ) Net income $ 15,691 $ 25,932 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Year Ended December 31, 2023 2022 Cash Flows from Operating Activities Net income $ 15,691 $ 25,932 Adjustments to reconcile net income to net cash provided by operating activities: (Equity) deficit in undistributed net income of subsidiaries (5,102 ) 1,180 Net change in refundable income taxes due from subsidiaries 70 576 Net change in other assets 38 593 Net change in other liabilities 170 (390 ) Net cash provided by operating activities 10,867 27,891 (continued) Cash Flows from Financing Activities Cash dividends paid (14,784 ) (8,950 ) Shares repurchased - (6,338 ) Net cash used in financing activities (14,784 ) (15,288 ) Net change in cash (3,917 ) 12,603 Cash due from subsidiaries at beginning of year 14,927 2,324 Cash due from subsidiaries at end of year $ 11,010 $ 14,927 |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, 2023 2022 Commitments to extend credit $ 220,656 $ 197,459 Standby letters of credit 20,711 17,021 Mortgage loans sold with potential recourse 7,325 8,654 |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement Using December 31, 2023 Balance Level 1 Level 2 Level 3 U.S. government agencies and corporations $ 311,844 $ - $ 311,844 $ - States and political subdivisions 149,893 - 149,893 - Mortgage-backed securities 150,151 - 150,151 - Corporate debt securities 5,750 - 5,750 - U.S. treasury 963 963 Total securities available for sale $ 618,601 $ - $ 618,601 $ - Fair Value Measurement Using December 31, 2022 Balance Level 1 Level 2 Level 3 U.S. Government agencies and corporations $ 336,575 $ - $ 336,575 $ - States and political subdivisions 152,200 - 152,200 - Mortgage-backed securities 161,477 - 161,477 - Corporate debt securities 5,664 - 5,664 - U.S. treasury 936 - 936 - Total securities available for sale $ 656,852 $ - $ 656,852 $ - Fair Value Measurement Using December 31, 2023 Balance (Level 1) (Level 2) (Level 3) Interest rate loan contract $ 3 $ - $ - $ 3 Forward sale commitment $ (4 ) $ - $ - $ (4 ) December 31, 2023 Valuation Technique Unobservable Input Range (Weighted Average) Interest rate loan contract Market approach Pull-through rate 100% (1) Forward sale commitment Market approach Pull-through rate 100% (1) Interest rate loan contract Market approach Current reference price 102.64% (2) Forward sale commitment Market approach Current reference price 101.60% - 102.64% (101.98%) (3) |
Fair Value Measurements, Nonrecurring [Table Text Block] | Carrying Value Date Description Balance Level 1 Level 2 Level 3 December 31, 2022 OREO net of valuation allowance $ 662 $ - $ - $ 662 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Date Valuation Technique Unobservable Input Discount December 31, 2022 Discounted appraised value Selling cost 7.00 % December 31, 2022 Discounted appraised value Discount for lack of marketability 34.72 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Estimated Fair Value December 31, 2023 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 12,967 $ 12,967 $ - $ - Interest-bearing deposits 73,636 73,636 - - Securities available for sale 618,601 - 618,601 - Restricted stock, at cost 1,264 - 1,264 - Mortgage loans held for sale 406 - 406 - Loans, net 847,552 - - 793,800 Accrued interest receivable 6,313 - 6,313 - Bank-owned life insurance 43,583 - 43,583 - Interest rate loan contract 3 - - 3 Financial liabilities: Deposits $ 1,503,972 $ - $ 1,280,732 $ 222,374 Accrued interest payable 1,416 - 1,416 - Forward sale commitment 4 - - 4 Estimated Fair Value December 31, 2022 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 12,403 $ 12,403 $ - $ - Interest-bearing deposits 59,026 59,026 - - Securities available for sale 656,852 - 656,852 - Restricted stock, at cost 941 - 941 - Loans, net 844,519 - - 781,749 Accrued interest receivable 6,001 - 6,001 - Bank-owned life insurance 43,312 - 43,312 - Financial liabilities: Deposits $ 1,542,725 $ - $ 1,475,096 $ 67,542 Accrued interest payable 106 - 106 - |
Note 16 - Components of Accum_2
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Loss Balance as of December 31, 2021 $ 2,854 $ (6,912 ) $ (4,058 ) Unrealized holding loss on available for sale securities net of tax of ($22,403) (84,275 ) - (84,275 ) Net pension gain, net of tax of $1,214 - 4,567 4,567 Balance as of December 31, 2022 $ (81,421 ) $ (2,345 ) $ (83,766 ) Unrealized holding gain on available for sale securities net of tax of $4,315 16,233 - 16,233 Reclassification adjustment, net of tax of $700 2,632 - 2,632 Net pension gain, net of tax of $9 - 35 35 Balance as of December 31, 2023 $ (62,556 ) $ (2,310 ) $ (64,866 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | December 31, 2023 2022 Component of Accumulated Other Comprehensive Loss Reclassification out of unrealized losses on available for sale securities: Realized securities loss, net $ (3,332 ) $ - Income tax benefit 700 - Realized loss on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss $ (2,632 ) $ - |
Note 18 - Revenue Recognition (
Note 18 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | December 31, 2023 2022 Noninterest Income In-scope of Topic 606: Service charges on deposit accounts $ 2,518 $ 2,425 Other service charges and fees 297 214 Credit and debit card fees, net 1,678 1,916 Trust income 1,901 1,817 Insurance and Investment (1) 677 622 Gain on sale of OREO (1) 1 - Noninterest Income (in-scope of Topic 606) $ 7,072 $ 6,994 Noninterest Income (out-of-scope of Topic 606) 2,287 5,407 Total noninterest income $ 9,359 $ 12,401 |
Note 19 - Leases (Tables)
Note 19 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2023 December 31, 2022 Lease liability $ 1,127 $ 1,444 Right-of-use asset $ 1,096 $ 1,415 Weighted average remaining lease term (in years) 4.39 5.14 Weighted average discount rate 3.29 % 3.29 % For the Year Ended December 31, 2023 2022 Lease Expense Operating lease expense $ 364 $ 331 Short-term lease expense 20 2 Total lease expense $ 384 $ 333 Cash paid for amounts included in lease liabilities $ 382 $ 331 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ - $ 161 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Undiscounted Cash Flow for the As of December 31, 2023 Twelve months ending December 31, 202 $ 346 Twelve months ending December 31, 2025 260 Twelve months ending December 31, 2026 211 Twelve months ending December 31, 2027 188 Twelve months ending December 31, 2028 190 Thereafter 16 Total undiscounted cash flows $ 1,211 Less: discount $ (84 ) Lease liability $ 1,127 |
Note 20 - Stock Based Compens_2
Note 20 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Year Ended December 31, 2023 Shares Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2023 - $ - Granted 4,095 30.73 Nonvested at December 31, 2023 4,095 $ 30.73 |
Note 21 - Earnings Per Share (T
Note 21 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2023 2022 $ in thousands, except per share amounts Net Income (Numerator) Common Shares (1) (Denominator) Per Share Net Income (Numerator) Common Shares (1) (Denominator) Per Share Basic earnings per share $ 15,691 5,889,687 $ 2.66 $ 25,932 5,989,601 $ 4.33 Dilutive shares for restricted stock awards: 266 - Diluted earnings per share $ 15,691 5,889,953 $ 2.66 $ 25,932 5,989,601 $ 4.33 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jan. 23, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 3,281 | $ 3,485 | |||
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 | ||||
Accrued Interest Receivable, Loans | $ 3,032 | 2,516 | |||
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 | ||||
Advertising Expense | $ 109 | 163 | |||
Financing Receivable, Allowance for Credit Loss | 9,094 | 8,225 | $ 7,674 | ||
Retained Earnings (Accumulated Deficit) | $ 197,984 | 199,091 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ 2,342 | $ 2,342 | |||
Retained Earnings (Accumulated Deficit) | 2,014 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Previously Reported [Member] | |||||
Financing Receivable, Allowance for Credit Loss | $ 207 | ||||
Frontier Community Bank [Member] | Subsequent Event [Member] | |||||
Business Combination, Consideration Transferred | $ 16,822 | ||||
Building [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||
Computer Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Minimum [Member] | |||||
Unallocated Surplus Percent | 0% | ||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Maximum [Member] | |||||
Unallocated Surplus Percent | 5% | ||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | |
Deferred Tax Asset, Debt Securities, Available-for-Sale, Unrealized Loss | $ 16,629 | $ 21,644 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 576 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 617,742 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | (3,332) | 0 |
Debt Securities, Available-for-Sale, Restricted | 534,465 | 345,689 |
National Bank of Blacksburg [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 508,768 | |
Restricted Stock [Member] | ||
Restricted Investments | 1,264 | 941 |
Securities Called [Member] | ||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ (3,332) | $ 0 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available-for-sale, amortized costs | $ 697,786 | $ 759,917 |
Securities available-for-sale, gross unrealized gains | 0 | 87 |
Securities available-for-sale, gross unrealized losses | 79,185 | 103,152 |
Securities available-for-sale, fair values | 618,601 | 656,852 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 353,904 | 391,538 |
Securities available-for-sale, gross unrealized gains | 0 | 39 |
Securities available-for-sale, gross unrealized losses | 42,060 | 55,002 |
Securities available-for-sale, fair values | 311,844 | 336,575 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 179,507 | 190,192 |
Securities available-for-sale, gross unrealized gains | 0 | 26 |
Securities available-for-sale, gross unrealized losses | 29,614 | 38,018 |
Securities available-for-sale, fair values | 149,893 | 152,200 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, amortized costs | 156,875 | 170,694 |
Securities available-for-sale, gross unrealized gains | 0 | 22 |
Securities available-for-sale, gross unrealized losses | 6,724 | 9,239 |
Securities available-for-sale, fair values | 150,151 | 161,477 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 6,504 | 6,501 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | 754 | 837 |
Securities available-for-sale, fair values | 5,750 | 5,664 |
US Treasury Securities [Member] | ||
Securities available-for-sale, amortized costs | 996 | 992 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | 33 | 56 |
Securities available-for-sale, fair values | $ 963 | $ 936 |
Note 3 - Securities - Securit_2
Note 3 - Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost, due in one year or less, available for sale securities | $ 3,795 | |
Fair value, due in one year or less, available for sale securities | 3,748 | |
Amortized cost, due after one year through five years, available for sale securities | 178,297 | |
Fair value, due after one year through five years, available for sale securities | 166,386 | |
Amortized cost, due after five years through ten years, available for sale securities | 277,155 | |
Fair value, due after five years through ten years, available for sale securities | 238,409 | |
Amortized cost, due after ten years, available for sale securities | 238,539 | |
Fair value, due after ten years, available for sale securities | 210,058 | |
Amortized cost, total securities available for sale | 697,786 | $ 759,917 |
Fair value, total securities available for sale | $ 618,601 | $ 656,852 |
Note 3 - Securities - Securit_3
Note 3 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Temporarily impaired securities, less than 12 months, fair value | $ 2,500 | $ 389,208 |
Temporarily impaired securities, less than 12 months unrealized loss | 27 | 39,109 |
Temporarily impaired securities, 12 months or more fair value | 615,242 | 259,070 |
Temporarily impaired securities, 12 months or more unrealized loss | 79,158 | 64,043 |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 144,574 |
Temporarily impaired securities, less than 12 months unrealized loss | 0 | 12,699 |
Temporarily impaired securities, 12 months or more fair value | 311,844 | 190,950 |
Temporarily impaired securities, 12 months or more unrealized loss | 42,060 | 42,303 |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 884 | 94,657 |
Temporarily impaired securities, less than 12 months unrealized loss | 1 | 18,373 |
Temporarily impaired securities, 12 months or more fair value | 148,763 | 52,134 |
Temporarily impaired securities, 12 months or more unrealized loss | 29,613 | 19,645 |
Commercial Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 1,616 | 144,198 |
Temporarily impaired securities, less than 12 months unrealized loss | 26 | 7,326 |
Temporarily impaired securities, 12 months or more fair value | 147,922 | 15,165 |
Temporarily impaired securities, 12 months or more unrealized loss | 6,698 | 1,913 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 4,843 |
Temporarily impaired securities, less than 12 months unrealized loss | 0 | 655 |
Temporarily impaired securities, 12 months or more fair value | 5,750 | 821 |
Temporarily impaired securities, 12 months or more unrealized loss | 754 | 182 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 936 |
Temporarily impaired securities, less than 12 months unrealized loss | 0 | 56 |
Temporarily impaired securities, 12 months or more fair value | 963 | 0 |
Temporarily impaired securities, 12 months or more unrealized loss | $ 33 | $ 0 |
Note 3 - Securities - Realized
Note 3 - Securities - Realized Gains and Losses From Calls of Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Available for sale, proceeds | $ 43,518 |
Available for sale, book value | 46,850 |
Available for sale, gross gain | 137 |
Available for sale, gross loss | 3,469 |
Available for sale, net gain (loss) | $ 3,332 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Related Parties | $ 15,409 | $ 18,187 |
Loans and Leases Receivable, Related Parties, Additions | 4,751 | 5,145 |
Loans and Leases Receivable, Related Parties, Proceeds | 7,529 | 1,780 |
Related Party Deposit Liabilities | 17,117 | 9,509 |
Director [Member] | Small Office Space Lease to Related Party [Member] | ||
Revenues | 2 | |
Director [Member] | Payments for Architectural Plans [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 79 | $ 39 |
Note 5 - Allowance for Loan L_3
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 1 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Modified, Accumulated | $ 3,032 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Special Mention [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 347 |
Note 5 - Allowance for Loan L_4
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 8,225 | $ 7,674 |
Charge-offs | (478) | (367) |
Recoveries | 283 | 212 |
Provision for credit losses | (1,278) | 706 |
Balance | 9,094 | 8,225 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | 2,342 | |
Balance | 2,342 | |
Real Estate Construction Portfolio Segment[Member] | ||
Balance | 450 | 422 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | (21) | 28 |
Balance | 408 | 450 |
Real Estate Construction Portfolio Segment[Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | (21) | |
Balance | (21) | |
Consumer Real Estate Portfolio Segment [Member] | ||
Balance | 2,199 | 1,930 |
Charge-offs | (17) | (13) |
Recoveries | 103 | 29 |
Provision for credit losses | (384) | 253 |
Balance | 3,162 | 2,199 |
Consumer Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | 1,261 | |
Balance | 1,261 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 3,642 | 3,121 |
Charge-offs | 0 | 0 |
Recoveries | 45 | 49 |
Provision for credit losses | (811) | 472 |
Balance | 3,576 | 3,642 |
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | 700 | |
Balance | 700 | |
Commercial Non Real Estate Segment [Member] | ||
Balance | 930 | 1,099 |
Charge-offs | (214) | (2) |
Recoveries | 6 | 11 |
Provision for credit losses | (256) | (178) |
Balance | 682 | 930 |
Commercial Non Real Estate Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | 216 | |
Balance | 216 | |
Public Sector and IDA Portfolio Segment[Member] | ||
Balance | 319 | 297 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 29 | 22 |
Balance | 333 | 319 |
Public Sector and IDA Portfolio Segment[Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | (15) | |
Balance | (15) | |
Consumer Non Real Estate Portfolio Segment [Member] | ||
Balance | 506 | 444 |
Charge-offs | (247) | (352) |
Recoveries | 129 | 123 |
Provision for credit losses | 123 | 291 |
Balance | 583 | 506 |
Consumer Non Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | 72 | |
Balance | 72 | |
Unallocated Financing Receivables [Member] | ||
Balance | 179 | 361 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for credit losses | 42 | (182) |
Balance | 350 | 179 |
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | $ 129 | |
Balance | $ 129 |
Note 5 - Allowance for Loan L_5
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Loans and Allowance for Loan Losses by Evaluation Method (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss | $ 9,094 | $ 8,225 | $ 7,674 |
Loans, individually evaluated | 10,544 | 3,032 | |
Loans, collectively evaluated | 846,631 | 850,161 | |
Loans | 857,175 | 853,193 | |
Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 572 | 0 | |
Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 8,522 | 8,225 | |
Real Estate Construction Portfolio Segment[Member] | |||
Financing Receivable, Allowance for Credit Loss | 408 | 450 | 422 |
Loans, individually evaluated | 286 | 0 | |
Loans, collectively evaluated | 55,093 | 54,579 | |
Loans | 55,379 | 54,579 | |
Real Estate Construction Portfolio Segment[Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Real Estate Construction Portfolio Segment[Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 408 | 450 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss | 3,162 | 2,199 | 1,930 |
Loans, individually evaluated | 1,183 | 186 | |
Loans, collectively evaluated | 240,381 | 220,866 | |
Loans | 241,564 | 221,052 | |
Consumer Real Estate Portfolio Segment [Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 74 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 3,088 | 2,199 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss | 3,576 | 3,642 | 3,121 |
Loans, individually evaluated | 8,805 | 2,583 | |
Loans, collectively evaluated | 410,325 | 435,305 | |
Loans | 419,130 | 437,888 | |
Commercial Real Estate Portfolio Segment [Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 367 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 3,209 | 3,642 | |
Commercial Non Real Estate Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss | 682 | 930 | 1,099 |
Loans, individually evaluated | 227 | 263 | |
Loans, collectively evaluated | 41,328 | 57,389 | |
Loans | 41,555 | 57,652 | |
Commercial Non Real Estate Segment [Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 126 | 0 | |
Commercial Non Real Estate Segment [Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 556 | 930 | |
Public Sector and IDA Portfolio Segment[Member] | |||
Financing Receivable, Allowance for Credit Loss | 333 | 319 | 297 |
Loans, individually evaluated | 0 | 0 | |
Loans, collectively evaluated | 60,551 | 48,074 | |
Loans | 60,551 | 48,074 | |
Public Sector and IDA Portfolio Segment[Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Public Sector and IDA Portfolio Segment[Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 333 | 319 | |
Consumer Non Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss | 583 | 506 | 444 |
Loans, individually evaluated | 43 | 0 | |
Loans, collectively evaluated | 38,953 | 33,948 | |
Loans | 38,996 | 33,948 | |
Consumer Non Real Estate Portfolio Segment [Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 5 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 578 | 506 | |
Unallocated Financing Receivables [Member] | |||
Financing Receivable, Allowance for Credit Loss | 350 | 179 | $ 361 |
Unallocated Financing Receivables [Member] | Individually Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | |
Unallocated Financing Receivables [Member] | Collectively Evaluated [Member] | |||
Financing Receivable, Allowance for Credit Loss | $ 350 | $ 179 |
Note 5 - Allowance for Loan L_6
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Ratios of Allowance for Loan Losses (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Ratio of ACLL to the end of period loans, net of unearned income and deferred fees and costs | 1.06% | 0.96% |
Ratio of net charge-offs to average loans, net of unearned income and deferred fees and costs | 0.02% | 0.02% |
Note 5 - Allowance for Loan L_7
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Nonaccruals, no allowance | $ 2,177 | ||
Nonaccruals, with allowance | 452 | ||
Nonaccruals | 2,629 | $ 2,847 | |
Loans, gross | 857,175 | 853,193 | |
Loans 90 or more days past due and accruing | 188 | 8 | |
Gross loans | 857,175 | 853,193 | |
Financial Asset, Not Past Due [Member] | |||
Loans, gross | 852,712 | 848,950 | |
Gross loans | 852,712 | 848,950 | |
Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 1,646 | 1,388 |
Gross loans | [1] | 1,646 | 1,388 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 419 | 351 | |
Gross loans | 419 | 351 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Loans, gross | 241,564 | 221,052 | |
Gross loans | 241,564 | 221,052 | |
Real Estate Construction Portfolio Segment[Member] | |||
Loans, gross | 55,379 | 54,579 | |
Gross loans | 55,379 | 54,579 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans, gross | 419,130 | 437,888 | |
Gross loans | 419,130 | 437,888 | |
Commercial Non Real Estate Segment [Member] | |||
Loans, gross | 41,555 | 57,652 | |
Gross loans | 41,555 | 57,652 | |
Public Sector and IDA Portfolio Segment[Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 60,551 | 48,074 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 60,551 | 48,074 | |
Public Sector and IDA Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 60,551 | 48,074 | |
Gross loans | 60,551 | 48,074 | |
Public Sector and IDA Portfolio Segment[Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Public Sector and IDA Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | |||
Loans, gross | 38,996 | 33,948 | |
Gross loans | 38,996 | 33,948 | |
Closed End First Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | |||
Nonaccruals, no allowance | 0 | ||
Nonaccruals, with allowance | 0 | ||
Nonaccruals | 0 | 91 | |
Loans, gross | 125,679 | 122,648 | |
Loans 90 or more days past due and accruing | 131 | 0 | |
Gross loans | 125,679 | 122,648 | |
Closed End First Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 124,886 | 121,807 | |
Gross loans | 124,886 | 121,807 | |
Closed End First Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 662 | 750 |
Gross loans | [1] | 662 | 750 |
Closed End First Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 131 | 91 | |
Gross loans | 131 | 91 | |
Construction, 1-4 Family Residential [Member] | Real Estate Construction Portfolio Segment[Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 13,442 | 12,538 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 13,442 | 12,538 | |
Construction, 1-4 Family Residential [Member] | Real Estate Construction Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 13,442 | 12,538 | |
Gross loans | 13,442 | 12,538 | |
Construction, 1-4 Family Residential [Member] | Real Estate Construction Portfolio Segment[Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Construction, 1-4 Family Residential [Member] | Real Estate Construction Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Real Estate, Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Nonaccruals, no allowance | 2,177 | ||
Nonaccruals, with allowance | 231 | ||
Nonaccruals | 2,408 | 2,493 | |
Loans, gross | 117,221 | 129,133 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 117,221 | 129,133 | |
Commercial Real Estate, Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 114,477 | 126,640 | |
Gross loans | 114,477 | 126,640 | |
Commercial Real Estate, Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 336 | 0 |
Gross loans | [1] | 336 | 0 |
Commercial Real Estate, Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 231 | 252 | |
Gross loans | 231 | 252 | |
Construction, Other [Member] | Real Estate Construction Portfolio Segment[Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 41,937 | 42,041 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 41,937 | 42,041 | |
Construction, Other [Member] | Real Estate Construction Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 41,916 | 42,041 | |
Gross loans | 41,916 | 42,041 | |
Construction, Other [Member] | Real Estate Construction Portfolio Segment[Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 21 | 0 |
Gross loans | [1] | 21 | 0 |
Construction, Other [Member] | Real Estate Construction Portfolio Segment[Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial and Industrial [Member] | Commercial Non Real Estate Segment [Member] | |||
Nonaccruals, no allowance | 0 | ||
Nonaccruals, with allowance | 221 | ||
Nonaccruals | 221 | 263 | |
Loans, gross | 41,555 | 57,652 | |
Loans 90 or more days past due and accruing | 28 | 0 | |
Gross loans | 41,555 | 57,652 | |
Commercial and Industrial [Member] | Commercial Non Real Estate Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 41,249 | 57,373 | |
Gross loans | 41,249 | 57,373 | |
Commercial and Industrial [Member] | Commercial Non Real Estate Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 57 | 16 |
Gross loans | [1] | 57 | 16 |
Commercial and Industrial [Member] | Commercial Non Real Estate Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 28 | 0 | |
Gross loans | 28 | 0 | |
Equity Lines [Member] | Consumer Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 17,282 | 15,026 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 17,282 | 15,026 | |
Equity Lines [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 17,178 | 15,010 | |
Gross loans | 17,178 | 15,010 | |
Equity Lines [Member] | Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 104 | 16 | |
Gross loans | 104 | 16 | |
Equity Lines [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Equity Lines [Member] | Real Estate Construction Portfolio Segment[Member] | |||
Loans, gross | 17,282 | ||
Gross loans | 17,282 | ||
Closed End Junior Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 5,039 | 2,446 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 5,039 | 2,446 | |
Closed End Junior Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 5,027 | 2,446 | |
Gross loans | 5,027 | 2,446 | |
Closed End Junior Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 12 | 0 | |
Gross loans | 12 | 0 | |
Closed End Junior Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Investor Owned Residential Real Estate [Member] | Consumer Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 93,564 | 80,932 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 93,564 | 80,932 | |
Investor Owned Residential Real Estate [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 93,564 | 80,524 | |
Gross loans | 93,564 | 80,524 | |
Investor Owned Residential Real Estate [Member] | Consumer Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 0 | 408 |
Gross loans | [1] | 0 | 408 |
Investor Owned Residential Real Estate [Member] | Consumer Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Multifamily Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 119,247 | 127,312 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 119,247 | 127,312 | |
Multifamily Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 119,052 | 127,312 | |
Gross loans | 119,052 | 127,312 | |
Multifamily Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 195 | 0 | |
Gross loans | 195 | 0 | |
Multifamily Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 182,662 | 181,443 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 182,662 | 181,443 | |
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 182,662 | 181,443 | |
Gross loans | 182,662 | 181,443 | |
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Credit Card Receivable [Member] | Consumer Non Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 4,668 | 4,597 | |
Loans 90 or more days past due and accruing | 3 | 2 | |
Gross loans | 4,668 | 4,597 | |
Credit Card Receivable [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 4,648 | 4,592 | |
Gross loans | 4,648 | 4,592 | |
Credit Card Receivable [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 17 | 3 |
Gross loans | [1] | 17 | 3 |
Credit Card Receivable [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 3 | 2 | |
Gross loans | 3 | 2 | |
Automobile Loan [Member] | Consumer Non Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 12,261 | 9,935 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Gross loans | 12,261 | 9,935 | |
Automobile Loan [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 12,126 | 9,833 | |
Gross loans | 12,126 | 9,833 | |
Automobile Loan [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 135 | 102 |
Gross loans | [1] | 135 | 102 |
Automobile Loan [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Gross loans | 0 | 0 | |
Other Consumer Loans [Member] | Consumer Non Real Estate Portfolio Segment [Member] | |||
Nonaccruals | 0 | 0 | |
Loans, gross | 22,067 | 19,416 | |
Loans 90 or more days past due and accruing | 26 | 6 | |
Gross loans | 22,067 | 19,416 | |
Other Consumer Loans [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 21,934 | 19,317 | |
Gross loans | 21,934 | 19,317 | |
Other Consumer Loans [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 107 | 93 |
Gross loans | [1] | 107 | 93 |
Other Consumer Loans [Member] | Consumer Non Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 26 | 6 | |
Gross loans | $ 26 | $ 6 | |
[1]Includes accruing and nonaccrual loans past due 90 days or more. |
Note 5 - Allowance for Loan L_8
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Impaired Loans and Associated Reserves (Details) $ in Thousands | Dec. 31, 2022 USD ($) | |
Principal balance | $ 3,719 | |
Total recorded investment | 3,032 | [1] |
Recorded investment for which there is no related allowance | 3,032 | |
Recorded investment for which there is a related allowance | 0 | |
Related allowance | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | ||
Principal balance | 186 | |
Total recorded investment | 186 | [1] |
Recorded investment for which there is no related allowance | 186 | |
Recorded investment for which there is a related allowance | 0 | |
Related allowance | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | ||
Principal balance | 3,248 | |
Total recorded investment | 2,583 | [1] |
Recorded investment for which there is no related allowance | 2,583 | |
Recorded investment for which there is a related allowance | 0 | |
Related allowance | 0 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | ||
Principal balance | 285 | |
Total recorded investment | 263 | [1] |
Recorded investment for which there is no related allowance | 263 | |
Recorded investment for which there is a related allowance | 0 | |
Related allowance | $ 0 | |
[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 on Loans and Nonperforming Assets - Impaired Loans, Average Investment and Interest Income (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Average recorded investment | $ 3,776 | [1] |
Interest income recognized | 18 | |
Investor Owned Residential Real Estate [Member] | Consumer Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 188 | [1] |
Interest income recognized | 13 | |
Commercial Real Estate, Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 2,587 | [1] |
Interest income recognized | 5 | |
Commercial Real Estate Other [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average recorded investment | 729 | |
Interest income recognized | 0 | |
Commercial and Industrial [Member] | Commercial Non Real Estate Segment [Member] | ||
Average recorded investment | 272 | [1] |
Interest income recognized | $ 0 | |
[1]Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status. |
Note 5 - Allowance for Loan _10
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Details of the Collateral Dependent Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related allowance | $ 9,094 | $ 8,225 | $ 7,674 |
Collateral Pledged [Member] | |||
Total Loans | 2,184 | ||
Related allowance | 0 | ||
Consumer Real Estate Portfolio Segment [Member] | |||
Related allowance | 3,162 | 2,199 | 1,930 |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Collateral Pledged [Member] | |||
Total Loans | 7 | ||
Related allowance | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Related allowance | 3,576 | $ 3,642 | $ 3,121 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Collateral Pledged [Member] | |||
Total Loans | 2,177 | ||
Related allowance | $ 0 |
Note 5 - Allowance for Loan _11
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Loans by Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Originated more than five years prior | $ 248,956 | |
Originated five years prior | 47,892 | |
Originated four years prior | 87,156 | |
Originated three years prior | 188,187 | |
Originated two years prior | 152,982 | |
Originated current year | 90,857 | |
Revolving | 41,032 | |
Revolving loans converted to term | 113 | |
Gross loans | 857,175 | $ 853,193 |
Originated more than five years prior, write-offs | 0 | |
Originated five years prior, write offs | 15 | |
Originated four years prior, write offs | 17 | |
Originated three years prior, write offs | 20 | |
YTD gross charge-offs | 90 | |
Originated current year, write offs | 107 | |
Revolving, write offs | 229 | |
Revolving loans converted to term, write offs | 0 | |
Loans charged against the allowance for credit losses | 478 | 367 |
Loans, collectively evaluated | 846,631 | 850,161 |
Pass [Member] | ||
Originated more than five years prior | 238,797 | |
Originated five years prior | 47,892 | |
Originated four years prior | 87,156 | |
Originated three years prior | 187,901 | |
Originated two years prior | 152,964 | |
Originated current year | 90,825 | |
Revolving | 40,983 | |
Revolving loans converted to term | 113 | |
Gross loans | 846,631 | |
Loans, collectively evaluated | 848,768 | |
Special Mention [Member] | ||
Originated more than five years prior | 6,396 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 17 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 6,413 | |
Loans, collectively evaluated | 0 | |
Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 3,763 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 286 | |
Originated two years prior | 18 | |
Originated current year | 15 | |
Revolving | 49 | |
Revolving loans converted to term | 0 | |
Gross loans | 4,131 | |
Loans, collectively evaluated | 1,393 | |
Real Estate Construction Portfolio Segment[Member] | ||
Gross loans | 55,379 | 54,579 |
Loans charged against the allowance for credit losses | 0 | 0 |
Loans, collectively evaluated | 55,093 | 54,579 |
Real Estate Construction Portfolio Segment[Member] | Construction Residential [Member] | Pass [Member] | ||
Originated more than five years prior | 0 | |
Originated five years prior | 0 | |
Originated four years prior | 246 | |
Originated three years prior | 158 | |
Originated two years prior | 3,275 | |
Originated current year | 5,157 | |
Revolving | 4,606 | |
Revolving loans converted to term | 0 | |
Gross loans | 13,442 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | ||
Gross loans | 13,442 | 12,538 |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | Pass [Member] | ||
Loans, collectively evaluated | 12,538 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | ||
Originated more than five years prior | 2,741 | |
Originated five years prior | 1,094 | |
Originated four years prior | 1,305 | |
Originated three years prior | 12,957 | |
Originated two years prior | 17,397 | |
Originated current year | 4,884 | |
Revolving | 1,559 | |
Revolving loans converted to term | 0 | |
Gross loans | 41,937 | 42,041 |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Pass [Member] | ||
Originated more than five years prior | 2,741 | |
Originated five years prior | 1,094 | |
Originated four years prior | 1,305 | |
Originated three years prior | 12,671 | |
Originated two years prior | 17,397 | |
Originated current year | 4,884 | |
Revolving | 1,559 | |
Revolving loans converted to term | 0 | |
Gross loans | 41,651 | |
Loans, collectively evaluated | 41,741 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 0 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 286 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 286 | |
Loans, collectively evaluated | 300 | |
Real Estate Construction Portfolio Segment[Member] | Equity Lines [Member] | ||
Originated more than five years prior | 51 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 17,231 | |
Revolving loans converted to term | 0 | |
Gross loans | 17,282 | |
Real Estate Construction Portfolio Segment[Member] | Equity Lines [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 0 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 49 | |
Revolving loans converted to term | 0 | |
Gross loans | 49 | |
Consumer Real Estate Portfolio Segment [Member] | ||
Gross loans | 241,564 | 221,052 |
Loans charged against the allowance for credit losses | 17 | 13 |
Loans, collectively evaluated | 240,381 | 220,866 |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | ||
Gross loans | 17,282 | 15,026 |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Pass [Member] | ||
Originated more than five years prior | 51 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 17,182 | |
Revolving loans converted to term | 0 | |
Gross loans | 17,233 | |
Loans, collectively evaluated | 15,026 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | ||
Originated more than five years prior | 32,830 | |
Originated five years prior | 5,806 | |
Originated four years prior | 14,634 | |
Originated three years prior | 31,414 | |
Originated two years prior | 29,787 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 125,679 | 122,648 |
Originated more than five years prior, write-offs | 0 | |
Originated five years prior, write offs | 0 | |
Originated four years prior, write offs | 17 | |
Originated three years prior, write offs | 0 | |
YTD gross charge-offs | 0 | |
Originated current year, write offs | 0 | |
Revolving, write offs | 0 | |
Revolving loans converted to term, write offs | 0 | |
Loans charged against the allowance for credit losses | 17 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Pass [Member] | ||
Originated more than five years prior | 32,404 | |
Originated five years prior | 5,806 | |
Originated four years prior | 14,634 | |
Originated three years prior | 31,414 | |
Originated two years prior | 29,787 | |
Originated current year | 11,208 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 125,253 | |
Loans, collectively evaluated | 122,187 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 426 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 426 | |
Loans, collectively evaluated | 461 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | ||
Gross loans | 5,039 | 2,446 |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Pass [Member] | ||
Originated more than five years prior | 1,499 | |
Originated five years prior | 116 | |
Originated four years prior | 0 | |
Originated three years prior | 172 | |
Originated two years prior | 1,387 | |
Originated current year | 1,850 | |
Revolving | 0 | |
Revolving loans converted to term | 15 | |
Gross loans | 5,039 | |
Loans, collectively evaluated | 2,446 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | ||
Originated more than five years prior | 25,264 | |
Originated five years prior | 5,162 | |
Originated four years prior | 23,649 | |
Originated three years prior | 19,062 | |
Originated two years prior | 14,166 | |
Originated current year | 4,880 | |
Revolving | 1,283 | |
Revolving loans converted to term | 98 | |
Gross loans | 93,564 | 80,932 |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Pass [Member] | ||
Originated more than five years prior | 24,556 | |
Originated five years prior | 5,162 | |
Originated four years prior | 23,649 | |
Originated three years prior | 19,062 | |
Originated two years prior | 14,166 | |
Originated current year | 4,880 | |
Revolving | 1,283 | |
Revolving loans converted to term | 98 | |
Gross loans | 92,856 | |
Loans, collectively evaluated | 80,143 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 708 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 708 | |
Loans, collectively evaluated | 603 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Gross loans | 419,130 | 437,888 |
Loans charged against the allowance for credit losses | 0 | 0 |
Loans, collectively evaluated | 410,325 | 435,305 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | ||
Gross loans | 119,247 | 127,312 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Pass [Member] | ||
Originated more than five years prior | 40,092 | |
Originated five years prior | 1,806 | |
Originated four years prior | 2,148 | |
Originated three years prior | 40,544 | |
Originated two years prior | 25,681 | |
Originated current year | 8,850 | |
Revolving | 126 | |
Revolving loans converted to term | 0 | |
Gross loans | 119,247 | |
Loans, collectively evaluated | 127,312 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | ||
Originated more than five years prior | 50,378 | |
Originated five years prior | 11,091 | |
Originated four years prior | 23,407 | |
Originated three years prior | 4,792 | |
Originated two years prior | 16,720 | |
Originated current year | 7,914 | |
Revolving | 2,919 | |
Revolving loans converted to term | 0 | |
Gross loans | 117,221 | 129,133 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Pass [Member] | ||
Originated more than five years prior | 41,573 | |
Originated five years prior | 11,091 | |
Originated four years prior | 23,407 | |
Originated three years prior | 4,792 | |
Originated two years prior | 16,720 | |
Originated current year | 7,914 | |
Revolving | 2,919 | |
Revolving loans converted to term | 0 | |
Gross loans | 108,416 | |
Loans, collectively evaluated | 126,550 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Special Mention [Member] | ||
Originated more than five years prior | 6,396 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 6,396 | |
Loans, collectively evaluated | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 2,409 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 2,409 | |
Loans, collectively evaluated | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | ||
Gross loans | 182,662 | 181,443 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Pass [Member] | ||
Originated more than five years prior | 68,889 | |
Originated five years prior | 21,841 | |
Originated four years prior | 19,098 | |
Originated three years prior | 36,157 | |
Originated two years prior | 22,697 | |
Originated current year | 13,279 | |
Revolving | 701 | |
Revolving loans converted to term | 0 | |
Gross loans | 182,662 | |
Loans, collectively evaluated | 181,443 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Commercial Non Real Estate Segment [Member] | ||
Gross loans | 41,555 | 57,652 |
Loans charged against the allowance for credit losses | 214 | 2 |
Loans, collectively evaluated | 41,328 | 57,389 |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | ||
Originated more than five years prior | 6,224 | |
Originated five years prior | 438 | |
Originated four years prior | 1,060 | |
Originated three years prior | 12,667 | |
Originated two years prior | 6,961 | |
Originated current year | 6,938 | |
Revolving | 7,267 | |
Revolving loans converted to term | 0 | |
Gross loans | 41,555 | 57,652 |
Originated more than five years prior, write-offs | 0 | |
Originated five years prior, write offs | 12 | |
Originated four years prior, write offs | 0 | |
Originated three years prior, write offs | 0 | |
YTD gross charge-offs | 0 | |
Originated current year, write offs | 12 | |
Revolving, write offs | 190 | |
Revolving loans converted to term, write offs | 0 | |
Loans charged against the allowance for credit losses | 214 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Originated more than five years prior | 6,004 | |
Originated five years prior | 438 | |
Originated four years prior | 1,060 | |
Originated three years prior | 12,667 | |
Originated two years prior | 6,954 | |
Originated current year | 6,938 | |
Revolving | 7,267 | |
Revolving loans converted to term | 0 | |
Gross loans | 41,328 | |
Loans, collectively evaluated | 57,381 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 220 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 7 | |
Originated current year | 0 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 227 | |
Loans, collectively evaluated | 8 | |
States Political Subdivisions [Member] | Pass [Member] | ||
Loans, collectively evaluated | 48,074 | |
States Political Subdivisions [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
States Political Subdivisions [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | ||
Gross loans | 38,996 | 33,948 |
Loans charged against the allowance for credit losses | 247 | 352 |
Loans, collectively evaluated | 38,953 | 33,948 |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Gross loans | 4,668 | 4,597 |
Originated more than five years prior, write-offs | 0 | |
Originated five years prior, write offs | 0 | |
Originated four years prior, write offs | 0 | |
Originated three years prior, write offs | 0 | |
YTD gross charge-offs | 0 | |
Originated current year, write offs | 0 | |
Revolving, write offs | 39 | |
Revolving loans converted to term, write offs | 0 | |
Loans charged against the allowance for credit losses | 39 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Pass [Member] | ||
Originated more than five years prior | 0 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 0 | |
Revolving | 4,668 | |
Revolving loans converted to term | 0 | |
Gross loans | 4,668 | |
Loans, collectively evaluated | 4,597 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | ||
Gross loans | 12,261 | 9,935 |
Originated more than five years prior, write-offs | 0 | |
Originated five years prior, write offs | 3 | |
Originated four years prior, write offs | 0 | |
Originated three years prior, write offs | 1 | |
YTD gross charge-offs | 38 | |
Originated current year, write offs | 0 | |
Revolving, write offs | 0 | |
Revolving loans converted to term, write offs | 0 | |
Loans charged against the allowance for credit losses | 42 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Pass [Member] | ||
Originated more than five years prior | 78 | |
Originated five years prior | 204 | |
Originated four years prior | 563 | |
Originated three years prior | 1,619 | |
Originated two years prior | 2,750 | |
Originated current year | 7,047 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 12,261 | |
Loans, collectively evaluated | 9,932 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Special Mention [Member] | ||
Loans, collectively evaluated | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Classified Excluding Impaired [Member] | ||
Loans, collectively evaluated | 3 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Originated more than five years prior | 93 | |
Originated five years prior | 334 | |
Originated four years prior | 811 | |
Originated three years prior | 1,943 | |
Originated two years prior | 5,826 | |
Originated current year | 12,388 | |
Revolving | 672 | |
Revolving loans converted to term | 0 | |
Gross loans | 22,067 | 19,416 |
Originated more than five years prior, write-offs | 0 | |
Originated five years prior, write offs | 0 | |
Originated four years prior, write offs | 0 | |
Originated three years prior, write offs | 19 | |
YTD gross charge-offs | 52 | |
Originated current year, write offs | 95 | |
Revolving, write offs | 0 | |
Revolving loans converted to term, write offs | 0 | |
Loans charged against the allowance for credit losses | 166 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Pass [Member] | ||
Originated more than five years prior | 93 | |
Originated five years prior | 334 | |
Originated four years prior | 811 | |
Originated three years prior | 1,943 | |
Originated two years prior | 5,815 | |
Originated current year | 12,356 | |
Revolving | 672 | |
Revolving loans converted to term | 0 | |
Gross loans | 22,024 | |
Loans, collectively evaluated | 19,398 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Special Mention [Member] | ||
Originated more than five years prior | 0 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 0 | |
Originated current year | 17 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 17 | |
Loans, collectively evaluated | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Classified Excluding Impaired [Member] | ||
Originated more than five years prior | 0 | |
Originated five years prior | 0 | |
Originated four years prior | 0 | |
Originated three years prior | 0 | |
Originated two years prior | 11 | |
Originated current year | 15 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | 26 | |
Loans, collectively evaluated | 18 | |
Public Sector and IDA Portfolio Segment[Member] | ||
Gross loans | 60,551 | 48,074 |
Loans charged against the allowance for credit losses | 0 | 0 |
Loans, collectively evaluated | 60,551 | $ 48,074 |
Public Sector and IDA Portfolio Segment[Member] | Pass [Member] | ||
Originated more than five years prior | 20,817 | |
Originated five years prior | 0 | |
Originated four years prior | 235 | |
Originated three years prior | 26,702 | |
Originated two years prior | 6,335 | |
Originated current year | 6,462 | |
Revolving | 0 | |
Revolving loans converted to term | 0 | |
Gross loans | $ 60,551 |
Note 5 - Allowance for Loan _12
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Financing Receivable, Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
amortized cost | $ 3,032 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Interest Only Payments [Member] | ||
amortized cost | $ 6,396 | |
Percentage | 5.46% | |
Commercial real estate owner-occupied (Month) | 6 months |
Note 5 - Allowance for Loan _13
Note 5 - Allowance for Loan Losses on Loans and Nonperforming Assets - Allowance for Credit Losses on Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 8,225 | $ 7,674 |
Provision for credit losses | (1,278) | 706 |
Balance | 9,094 | 8,225 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | 2,342 | |
Balance | 2,342 | |
Unfunded Loan Commitment [Member] | ||
Balance | 35 | |
Provision for credit losses | 17 | |
Balance | 259 | 35 |
Unfunded Loan Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Balance | $ 207 | |
Balance | $ 207 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 754 | $ 609 |
Construction in Progress, Gross | $ 1,822 | $ 1,586 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Premises and Equipment | $ 23,586 | $ 22,093 |
Accumulated depreciation | (12,477) | (11,722) |
Premises and equipment, net | 11,109 | 10,371 |
Building [Member] | ||
Premises and Equipment | 15,724 | 15,435 |
Furniture and Fixtures [Member] | ||
Premises and Equipment | $ 7,862 | $ 6,658 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 65,777 | $ 18,610 |
Deposit Liabilities Reclassified as Loans Receivable | $ 237 | $ 277 |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 214,540 | |
2025 | 2,831 | |
2026 | 2,110 | |
2027 | 2,219 | |
2028 | 1,540 | |
Thereafter | 0 | |
Total time deposits | $ 223,240 | $ 67,629 |
Note 8 - Employee Benefit Pla_3
Note 8 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 446 | $ 392 |
Age Attained to be Eligible for ESOP (Year) | 21 years | |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 300 | 400 |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 189,869 | |
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% | |
Employee Benefits and Share-Based Compensation | $ 3,371 | 3,339 |
Accrued Expenses for Salary Continuation Plan | $ 317 | $ 326 |
Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35% | |
Hedge Funds [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% |
Note 8 - Employee Benefit Pla_4
Note 8 - Employee Benefit Plans - Defined Benefit Plan Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Actuarial loss (gain) (3) | $ 1,542 | $ (11,566) | |
Fair value of plan assets at beginning of year | 29,746 | ||
Fair value of plan assets at end of year | 32,509 | 29,746 | |
Pension Plan [Member] | |||
Projected benefit obligation at beginning of year | 23,128 | 35,312 | |
Service cost (1) | [1] | 813 | 1,297 |
Interest cost (2) | [2] | 1,091 | 817 |
Actuarial loss (gain) (3) | [3] | 1,542 | (11,566) |
Benefits paid | (824) | (2,732) | |
Projected benefit obligation at end of year | 25,750 | 23,128 | |
Fair value of plan assets at beginning of year | 29,746 | 36,187 | |
Actual return on plan assets | 3,587 | (3,709) | |
Benefits paid | (824) | (2,732) | |
Fair value of plan assets at end of year | 32,509 | 29,746 | |
Funded status at the end of the year | 6,759 | 6,618 | |
Deferred tax liabilities | (1,419) | (1,390) | |
Other assets | 6,759 | 6,618 | |
Total amounts recognized in the Consolidated Balance Sheet | 5,340 | 5,228 | |
Net loss | (2,924) | (2,968) | |
Deferred tax asset | 614 | 623 | |
Amount recognized | (2,310) | (2,345) | |
Benefit obligation | (25,750) | (23,128) | |
Fair value of assets | 32,509 | 29,746 | |
Unrecognized net actuarial loss | 2,924 | 2,968 | |
Deferred tax liability | (2,033) | (2,013) | |
Prepaid benefit cost included in other assets | 7,650 | 7,573 | |
Expected return on plan assets | [4] | (2,070) | (2,517) |
Recognized net actuarial loss | [4] | 69 | 441 |
Net periodic benefit cost | (97) | 38 | |
Net gain | (44) | (5,781) | |
Deferred income tax expense | 9 | 1,214 | |
Total recognized | (35) | (4,567) | |
Total recognized in net periodic benefit cost and other comprehensive loss | $ (141) | $ (5,743) | |
Discount rate used for net periodic pension cost | 5% | 2.50% | |
Discount rate used for disclosure | 4.75% | 5% | |
Expected return on plan assets | 7.50% | 7.50% | |
Rate of compensation increase | 3% | 3% | |
[1]Cost is included in Salaries and Employee Benefits expense.[2]Cost is included in other operating expense on the Consolidated Statements of Income.[3]Please see table below for detail on the components of actuarial loss (gain).[4]Cost is included in other operating expense on the Consolidated Statements of Income. |
Note 8 - Employee Benefit Pla_5
Note 8 - Employee Benefit Plans- Components of Actuarial Loss (Gain) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss due to demographic changes | $ 934 | $ 66 |
Gain due to change in mortality table | (291) | 0 |
Loss (gain) due to change in discount rate | 899 | (11,632) |
Actuarial loss (gain) | 1,542 | (11,566) |
(Gain) loss due to asset return | (1,517) | 6,226 |
Actuarial loss (gain) with asset return | $ 25 | $ (5,340) |
Note 8 - Employee Benefit Pla_6
Note 8 - Employee Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value, plan assets | $ 32,509 | $ 29,746 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 24,905 | 22,734 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value, plan assets | 7,604 | 7,012 | |
Cash [Member] | |||
Fair value, plan assets | 867 | 415 | |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 867 | 415 | |
Defined Benefit Plan, Equity Securities, US [Member] | |||
Fair value, plan assets | 17,540 | 15,459 | |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 17,540 | 15,459 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Fair value, plan assets | 400 | 770 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | 400 | 770 | |
Equity Funds [Member] | |||
Fair value, plan assets | [1] | 6,098 | 6,090 |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, plan assets | [1] | 6,098 | 6,090 |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair value, plan assets | 51 | 51 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, plan assets | 51 | 51 | |
Corporate Debt Securities [Member] | |||
Fair value, plan assets | [2] | 7,553 | 6,961 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, plan assets | [2] | $ 7,553 | $ 6,961 |
[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_7
Note 8 - Employee Benefit Plans - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 4,971 |
2025 | 783 |
2026 | 1,824 |
2027 | 1,746 |
2028 | 1,817 |
2029-2033 | $ 11,559 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets, Valuation Allowance | $ 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, 2023 | Dec. 31, 2022 | |
Current | $ 2,234 | $ 5,940 |
Deferred income tax expense (benefit) | 750 | (109) |
Total income tax expense | $ 2,984 | $ 5,831 |
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, 2023 | Dec. 31, 2022 | |
Computed "expected" income tax expense | $ 3,922 | $ 6,670 |
Tax-exempt interest income | (354) | (728) |
Nondeductible interest expense | (170) | 24 |
Other, net | (414) | (135) |
Total income tax expense | $ 2,984 | $ 5,831 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses and unearned fee income | $ 2,155 | $ 1,906 |
Valuation allowance on other real estate owned | 0 | 248 |
Defined benefit pension plan | 614 | 623 |
Deferred compensation and other liabilities | 889 | 919 |
Net unrealized loss on securities available for sale | 16,629 | 21,644 |
Lease accounting | 237 | 303 |
Unvested stock-based compensation | 5 | 0 |
Total deferred tax assets | 20,529 | 25,643 |
Deferred tax liabilities: | ||
Fixed assets | (597) | (463) |
Goodwill | (1,228) | (1,228) |
Defined benefit pension plan, prepaid portion | (2,034) | (2,013) |
Lease accounting | (230) | (297) |
Discount accretion of securities | (122) | (84) |
Total deferred tax liabilities | (4,211) | (4,085) |
Net deferred tax assets | $ 16,318 | $ 21,558 |
Note 10 - Restrictions on Div_2
Note 10 - Restrictions on Dividends (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $ 12,000 | $ 25,000 |
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 | $ 9,456 |
Note 11 - Minimum Regulatory _3
Note 11 - Minimum Regulatory Capital Requirement (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
National Bank of Blacksburg [Member] | ||
Banking Regulation, Risk-Weighted Assets, Actual | $ 1,082,158 | $ 1,092,101 |
Note 11 - Minimum Regulatory _4
Note 11 - Minimum Regulatory Capital Requirement - Minimum Capital Requirements (Details) - National Bank of Blacksburg [Member] $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Total capital (to risk weighted assets), actual, amount | $ 195,782 | $ 191,883 | |
Total capital (to risk weighted assets), actual, ratio | 0.1809 | 0.1757 | |
Total capital (to risk weighted assets), minimum capital requirement, amount | [1] | $ 113,627 | $ 114,671 |
Total capital (to risk weighted assets), minimum capital requirement, ratio | [1] | 0.105 | 0.105 |
Total capital (to risk weighted assets), minimum to be well capitalized, amount | $ 108,216 | $ 109,210 | |
Total capital (to risk weighted assets), minimum to be well capitalized, ratio | 0.10 | 0.10 | |
Tier 1 capital (to risk weighted assets), actual, amount | $ 186,429 | $ 183,623 | |
Tier 1 capital (to risk weighted assets), actual, ratio | 0.1723 | 0.1681 | |
Tier 1 capital (to risk weighted assets), minimum capital requirement, amount | [1] | $ 91,983 | $ 92,829 |
Tier 1 capital (to risk weighted assets), minimum capital requirement, ratio | [1] | 0.085 | 0.085 |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized, amount | $ 86,573 | $ 87,368 | |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized, ratio | 0.08 | 0.08 | |
Common equity tier 1 capital (to risk weighted assets), actual, amount | $ 186,429 | $ 183,623 | |
Common equity tier 1 capital (to risk weighted assets), actual, ratio | 0.1723 | 0.1681 | |
Common equity tier 1 capital (to risk weighted assets), minimum capital requirement, amount | [1] | $ 75,751 | $ 76,447 |
Common equity tier 1 capital (to risk weighted assets), minimum capital requirement, ratio | [1] | 7% | 7% |
Common equity tier 1 capital (to risk weighted assets), minimum to be well capitalized, amount | $ 70,340 | $ 70,987 | |
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 | $ 186,429 | $ 183,623 | |
Tier 1 capital (to average assets), actual, ratio | 0.1105 | 0.105 | |
Tier 1 capital (to average assets), minimum capital requirement, amount | [1] | $ 67,491 | $ 69,925 |
Tier 1 capital (to average assets), minimum capital requirement, ratio | [1] | 0.04 | 0.04 |
Tier 1 capital (to average assets), minimum to be well capitalized, amount | $ 84,364 | $ 87,406 | |
Tier 1 capital (to average assets), minimum to be well capitalized, ratio | 0.05 | 0.05 | |
[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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Cash and due from banks | $ 12,967 | $ 12,403 | |
Investments in subsidiaries | 129,731 | 107,746 | |
Other assets | 34,091 | 37,616 | |
Total assets | 1,655,370 | 1,677,551 | |
Liabilities and Stockholders’ Equity | |||
Other liabilities | 9,460 | 12,033 | |
Stockholders’ equity | 140,522 | 122,687 | $ 191,751 |
Total liabilities and stockholders’ equity | 1,655,370 | 1,677,551 | |
Parent Company [Member] | |||
Assets | |||
Cash and due from banks | 11,010 | 14,927 | |
Refundable income taxes | 0 | 70 | |
Other assets | 655 | 648 | |
Total assets | 141,396 | 123,391 | |
Liabilities and Stockholders’ Equity | |||
Other liabilities | 874 | 704 | |
Stockholders’ equity | 140,522 | 122,687 | |
Total liabilities and stockholders’ equity | $ 141,396 | $ 123,391 |
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, 2023 | Dec. 31, 2022 | |
Income | ||
Gain on sale of private equity investment | $ 232 | $ 3,823 |
Expenses | ||
Applicable income tax benefit (expense) | 2,984 | 5,831 |
Net income | 15,691 | 25,932 |
Parent Company [Member] | ||
Income | ||
Dividends from subsidiaries | 12,000 | 25,000 |
Gain on sale of private equity investment | 232 | 3,823 |
Revenues | 12,232 | 28,823 |
Expenses | ||
Other expenses | 2,142 | 1,220 |
Income before income tax benefit (expense) and equity in undistributed net income of subsidiaries | 10,090 | 27,603 |
Applicable income tax benefit (expense) | 499 | (491) |
Income before equity (deficit) in undistributed net income of subsidiaries | 10,589 | 27,112 |
Equity (deficit) in undistributed net income of subsidiaries | 5,102 | (1,180) |
Net income | $ 15,691 | $ 25,932 |
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, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 15,691 | $ 25,932 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Other assets | (1,721) | (24) |
Net change in other liabilities | (2,754) | 2,025 |
Net cash provided by operating activities | 15,523 | 29,500 |
Cash dividends paid | (14,784) | (8,950) |
Shares repurchased | 0 | (6,338) |
Net cash (used in) provided by financing activities | (53,537) | 32,850 |
Net change in cash and due from banks | 15,174 | (67,360) |
Cash and due from banks at beginning of year | 71,429 | 138,789 |
Cash and due from banks at end of year | 86,603 | 71,429 |
Parent Company [Member] | ||
Cash Flows from Operating Activities | ||
Net income | 15,691 | 25,932 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
(Equity) deficit in undistributed net income of subsidiaries | 5,102 | (1,180) |
Net change in refundable income taxes due from subsidiaries | 70 | 576 |
Other assets | 38 | 593 |
Net change in other liabilities | 170 | (390) |
Net cash provided by operating activities | 10,867 | 27,891 |
Cash dividends paid | (14,784) | (8,950) |
Shares repurchased | 0 | (6,338) |
Net cash (used in) provided by financing activities | (14,784) | (15,288) |
Net change in cash and due from banks | (3,917) | 12,603 |
Cash and due from banks at beginning of year | 14,927 | 2,324 |
Cash and due from banks at end of year | $ 11,010 | $ 14,927 |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Payment for Origination, Loan, Mortgage, Held-for-Sale | $ 7,624 | $ 7,882 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Cost of Mortgage Sold | 7,325 | $ 8,654 |
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 | 406 | $ 0 |
Cash, Uninsured Amount | 962 | |
Interest Rate Lock Commitments [Member] | ||
Other Commitment | $ 233 |
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, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Off balance sheet liability, amount | $ 220,656 | $ 197,459 |
Standby Letters of Credit 1 [Member] | ||
Off balance sheet liability, amount | 20,711 | 17,021 |
Interest Rate Lock Commitments [Member] | ||
Off balance sheet liability, amount | $ 7,325 | $ 8,654 |
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, 2023 | Dec. 31, 2022 | |
Residential Real Estate Loans [Member] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 241,564 | $ 221,052 |
Concentration Risk, Percentage | 28% | 26% |
Commercial Real Estate Loans [Member] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 419,130 | $ 437,888 |
Concentration Risk, Percentage | 49% | 51% |
College Housing and Professional Office Buildings [Member] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 167,794 | $ 196,398 |
Concentration Risk, Percentage | 20% | 23% |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Loans Held-for-sale [Member] | Changes Measurement [Member] | Fair Value, Nonrecurring [Member] | |
Assets, Fair Value Adjustment | $ 0 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Securities available for sale | $ 618,601 | $ 656,852 | |
Interest Rate Loan Contract [Member] | Fair Value, Recurring [Member] | |||
Derivative Asset | $ 3 | ||
Forward Sale Commitment [Member] | Valuation, Market Approach [Member] | Measurement Input, Current Reference Price [Member] | Minimum [Member] | |||
Derivative Liability, Measurement Input | [1] | 1.016 | |
Forward Sale Commitment [Member] | Valuation, Market Approach [Member] | Measurement Input, Current Reference Price [Member] | Maximum [Member] | |||
Derivative Liability, Measurement Input | [1] | 1.0264 | |
Forward Sale Commitment [Member] | Fair Value, Recurring [Member] | |||
Derivative Liability | $ (4) | ||
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 618,601 | 656,852 | |
Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Loan Contract [Member] | Fair Value, Recurring [Member] | |||
Derivative Asset | 3 | ||
Fair Value, Inputs, Level 3 [Member] | Forward Sale Commitment [Member] | Fair Value, Recurring [Member] | |||
Derivative Liability | (4) | ||
US Government Agencies Debt Securities [Member] | |||
Securities available for sale | 311,844 | 336,575 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 311,844 | 336,575 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Securities available for sale | 149,893 | 152,200 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 149,893 | 152,200 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Collateralized Mortgage-Backed Securities [Member] | |||
Securities available for sale | 150,151 | 161,477 | |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 150,151 | 161,477 | |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Securities available for sale | 5,750 | 5,664 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 5,750 | 5,664 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
US Treasury Securities [Member] | |||
Securities available for sale | 963 | 936 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 963 | 936 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | $ 0 | ||
[1]Current reference prices were weighted by the relative amount of the loan |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements - Impaired Loans and Other Real Estate Owned Measured at Fair Value on Nonrecurring Basis (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Other real estate owned net of valuation allowance | $ 662 |
Fair Value, Inputs, Level 1 [Member] | |
Other real estate owned net of valuation allowance | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Other real estate owned net of valuation allowance | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Other real estate owned net of valuation allowance | $ 662 |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements - Level 3 Fair Value Measurements (Details) - Valuation, Market Approach [Member] | Dec. 31, 2022 | [1] |
Measurement Input, Cost to Sell [Member] | ||
OREO | 0.07 | |
Measurement Input, Discount Rate [Member] | ||
OREO | 0.3472 | |
[1]As of September 30, 2022 and December 31, 2021, OREO was composed of a single property. |
Note 15 - Fair Value Measurem_7
Note 15 - Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value | $ 618,601 | $ 656,852 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, at fair value | 618,601 | 656,852 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 12,967 | 12,403 |
Interest-bearing deposits | 73,636 | 59,026 |
Securities available for sale, at fair value | 656,852 | |
Restricted stock, at cost | 941 | |
Loans, net | 847,552 | 844,519 |
Accrued interest receivable | 6,313 | 6,001 |
Bank-owned life insurance | 43,583 | 43,312 |
Deposits | 1,503,972 | 1,542,725 |
Accrued interest payable | 1,416 | 106 |
Estimate of Fair Value Measurement [Member] | ||
Securities available for sale, at fair value | 618,601 | |
Restricted stock, at cost | 1,264 | |
Mortgage loans | 406 | |
Interest rate loan contract | 3 | |
Forward sale commitment | 4 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 12,967 | 12,403 |
Interest-bearing deposits | 73,636 | 59,026 |
Securities available for sale, at fair value | 0 | 0 |
Restricted stock, at cost | 0 | 0 |
Mortgage loans | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Interest rate loan contract | 0 | |
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Forward sale commitment | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Securities available for sale, at fair value | 618,601 | 656,852 |
Restricted stock, at cost | 1,264 | 941 |
Mortgage loans | 406 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 6,313 | 6,001 |
Bank-owned life insurance | 43,583 | 43,312 |
Interest rate loan contract | 0 | |
Deposits | 1,280,732 | 1,475,096 |
Accrued interest payable | 1,416 | 106 |
Forward sale commitment | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
Restricted stock, at cost | 0 | 0 |
Mortgage loans | 0 | |
Loans, net | 793,800 | 781,749 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Interest rate loan contract | 3 | |
Deposits | 222,374 | 67,542 |
Accrued interest payable | 0 | $ 0 |
Forward sale commitment | $ 4 |
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, 2023 | Dec. 31, 2022 | |
Balance | $ 122,687 | $ 191,751 |
Net pension gain (loss) arising during the period, net of tax | (35) | (4,567) |
Balance | 140,522 | 122,687 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Balance | (81,421) | 2,854 |
Unrealized holding gain (loss) on available for sale securities, net of tax | 16,233 | (84,275) |
Reclassification adjustment, net of tax of $700 | 2,632 | |
Balance | (62,556) | (81,421) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (2,345) | (6,912) |
Net pension gain (loss) arising during the period, net of tax | 35 | 4,567 |
Reclassification adjustment, net of tax of $700 | 0 | |
Balance | (2,310) | (2,345) |
AOCI Attributable to Parent [Member] | ||
Balance | (83,766) | (4,058) |
Unrealized holding gain (loss) on available for sale securities, net of tax | 16,233 | (84,275) |
Net pension gain (loss) arising during the period, net of tax | 35 | 4,567 |
Reclassification adjustment, net of tax of $700 | 2,632 | |
Balance | $ (64,866) | $ (83,766) |
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, 2023 | Dec. 31, 2022 | |
Net pension gain (loss) arising during the period, taxes | $ 9 | $ 1,214 |
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, 2023 | Dec. 31, 2022 | |
Realized securities loss, net | $ (3,332) | $ 0 |
Income tax benefit | (700) | |
Realized loss on available for sale securities, net of tax, reclassified out of accumulated other comprehensive loss | (2,632) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Income tax benefit | $ 700 | $ 0 |
Note 17 - Goodwill (Details Tex
Note 17 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | $ 5,848 | $ 5,848 |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 18 - Revenue Recognition -
Note 18 - Revenue Recognition - Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest Income (in-scope of Topic 606) | $ 7,072 | $ 6,994 |
Gain on sale of OREO(1) | (4) | 0 |
Noninterest Income (out-of-scope of Topic 606) | 2,287 | 5,407 |
Total noninterest income | 9,359 | 12,401 |
Noninterest Income [Member] | ||
Gain on sale of OREO(1) | 1 | 0 |
Deposit Account [Member] | ||
Noninterest Income (in-scope of Topic 606) | 2,518 | 2,425 |
Product and Service, Other [Member] | ||
Noninterest Income (in-scope of Topic 606) | 297 | 214 |
Credit and Debit Card [Member] | ||
Noninterest Income (in-scope of Topic 606) | 1,678 | 1,916 |
Fiduciary and Trust [Member] | ||
Noninterest Income (in-scope of Topic 606) | 1,901 | 1,817 |
Insurance and Investment [Member] | ||
Noninterest Income (in-scope of Topic 606) | $ 677 | $ 622 |
Note 19 - Leases - Lease Inform
Note 19 - Leases - Lease Information and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted average remaining lease term (in years) (Year) | 4 years 4 months 20 days | 5 years 1 month 20 days |
Weighted average discount rate | 3.29% | 3.29% |
Operating lease expense | $ 364 | $ 331 |
Short-term lease expense | 20 | 2 |
Total lease expense | 384 | 333 |
Cash paid for amounts included in lease liabilities | 382 | 331 |
Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period | 0 | 161 |
Other Liabilities [Member] | ||
Lease liability | 1,127 | 1,444 |
Other Assets [Member] | ||
Right-of-use asset | $ 1,096 | $ 1,415 |
Note 19 - Leases - Lease Liabil
Note 19 - Leases - Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Twelve months ending December 31, 202 | $ 346 | |
Twelve months ending December 31, 2025 | 260 | |
Twelve months ending December 31, 2026 | 211 | |
Twelve months ending December 31, 2027 | 188 | |
Twelve months ending December 31, 2028 | 190 | |
Thereafter | 16 | |
Total undiscounted cash flows | 1,211 | |
Less: discount | (84) | |
Other Liabilities [Member] | ||
Lease liability | $ 1,127 | $ 1,444 |
Note 20 - Stock Based Compens_3
Note 20 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | May 09, 2023 | |
Share-Based Payment Arrangement, Expense | $ 42 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 84 | |
Stock Incentive Plan 2023 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 120,000 | |
Stock Incentive Plan 2023 [Member] | Restricted Stock Award [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year |
Note 20 - Stock Based Compens_4
Note 20 - Stock Based Compensation - Summary of Nonvested Shares (Details) - Restricted Stock Award [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Nonvested, shares (in shares) | shares | 0 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted, shares (in shares) | shares | 4,095 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.73 |
Nonvested, shares (in shares) | shares | 4,095 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.73 |
Note 21 - Earnings Per Share -
Note 21 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income, basic | $ 15,691 | $ 25,932 |
Common shares, basic (in shares) | 5,889,687 | 5,989,601 |
Basic net income per common share (in dollars per share) | $ 2.66 | $ 4.33 |
Dilutive shares for restricted stock awards: (in shares) | 266 | 0 |
Net income, diluted | $ 15,691 | $ 25,932 |
Common shares, diluted (in shares) | 5,889,953 | 5,989,601 |
Fully diluted net income per common share (in dollars per share) | $ 2.66 | $ 4.33 |