Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 14, 2024 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 $1.25 per share | |
Trading Symbol | NKSH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,361,433 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 14,908 | $ 12,967 |
Interest-bearing deposits | 80,477 | 73,636 |
Federal Funds sold | 3,499 | 0 |
Total cash and cash equivalents | 98,884 | 86,603 |
Securities available for sale, at fair value | 605,196 | 618,601 |
Restricted stock, at cost | 1,752 | 1,264 |
Mortgage loans held for sale | 125 | 406 |
Loans: | ||
Loans, net of unearned income and deferred fees and costs | 989,367 | 856,646 |
Less allowance for credit losses | (10,502) | (9,094) |
Total loans, net | 978,865 | 847,552 |
Premises and equipment, net | 15,468 | 11,109 |
Accrued interest receivable | 6,615 | 6,313 |
Goodwill, net | 10,733 | 5,848 |
Core deposit intangible, net | 2,065 | 0 |
Bank-owned life insurance | 46,775 | 43,583 |
Other assets | 42,738 | 34,091 |
Total assets | 1,809,216 | 1,655,370 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing demand deposits | 296,242 | 281,215 |
Interest-bearing demand deposits | 867,899 | 821,661 |
Savings deposits | 176,852 | 177,856 |
Time deposits | 304,059 | 223,240 |
Total deposits | 1,645,052 | 1,503,972 |
Accrued interest payable | 2,525 | 1,416 |
Other liabilities | 12,676 | 9,460 |
Total liabilities | 1,660,253 | 1,514,848 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, no par value, 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock of $1.25 par value and additional paid in capital. Authorized 10,000,000 shares; issued and outstanding 6,361,433 (including 4,839 unvested) shares at June 30, 2024 and 5,893,782 (including 4,095 unvested) shares at December 31, 2023 | 21,768 | 7,404 |
Retained earnings | 195,549 | 197,984 |
Accumulated other comprehensive loss, net | (68,354) | (64,866) |
Total stockholders' equity | 148,963 | 140,522 |
Total liabilities and stockholders' equity | $ 1,809,216 | $ 1,655,370 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 6,361,433 | 5,893,782 |
Common stock, shares outstanding (in shares) | 6,361,433 | 5,893,782 |
Common stock, shares unvested (in shares) | 4,839 | 4,095 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | ||||
Interest and fees on loans | $ 11,301 | $ 9,644 | $ 21,578 | $ 18,977 |
Interest on federal funds sold | 10 | 0 | 10 | 0 |
Interest on interest-bearing deposits | 1,229 | 540 | 2,358 | 768 |
Interest on securities – taxable | 4,239 | 4,066 | 8,515 | 8,184 |
Interest on securities – nontaxable | 338 | 347 | 677 | 712 |
Total interest income | 17,117 | 14,597 | 33,138 | 28,641 |
Interest Expense | ||||
Interest on time deposits | 2,930 | 1,054 | 5,482 | 1,413 |
Interest on other deposits | 5,486 | 4,314 | 10,710 | 6,768 |
Interest on borrowings | 1 | 12 | 1 | 297 |
Total interest expense | 8,417 | 5,380 | 16,193 | 8,478 |
Net interest income | 8,700 | 9,217 | 16,945 | 20,163 |
Provision for credit losses | 1,302 | 1 | 1,292 | 3 |
Net interest income after provision for credit losses | 7,398 | 9,216 | 15,653 | 20,160 |
Noninterest Income: | ||||
Noninterest Income | 1,832 | 1,693 | 3,736 | 3,535 |
BOLI income | 269 | 1,279 | 527 | 1,518 |
Gain on sale of investment | 0 | 2,971 | 0 | 2,971 |
Gain on sale of mortgage loans | 58 | 55 | 82 | 71 |
Other income | 213 | 249 | 532 | 624 |
Realized securities loss, net | 0 | (3,344) | 0 | (3,332) |
Total noninterest income | 2,246 | 2,791 | 4,445 | 4,990 |
Noninterest Expense | ||||
Salaries and employee benefits | 4,687 | 4,465 | 9,153 | 8,899 |
Occupancy, furniture and fixtures | 561 | 411 | 1,100 | 953 |
Data processing and ATM | 886 | 879 | 1,753 | 1,752 |
FDIC assessment | 192 | 254 | 379 | 371 |
Intangible asset amortization | 35 | 0 | 35 | 0 |
Net costs of other real estate owned | 0 | 4 | 0 | 15 |
Franchise taxes | 358 | 358 | 708 | 733 |
Professional services | 272 | 551 | 512 | 1,304 |
Merger-related expenses | 2,257 | 0 | 2,741 | 0 |
Contract termination | 173 | 0 | 173 | 0 |
Other operating expenses | 706 | 644 | 1,335 | 1,203 |
Total noninterest expense | 10,127 | 7,566 | 17,889 | 15,230 |
(Loss) Income before income (benefit) tax | (483) | 4,441 | 2,209 | 9,920 |
Income tax (benefit) expense | (177) | 540 | 341 | 1,488 |
Net (Loss) Income | $ (306) | $ 3,901 | $ 1,868 | $ 8,432 |
Basic net (loss) income per common share (in dollars per share) | $ (0.05) | $ 0.66 | $ 0.31 | $ 1.43 |
Fully diluted net (loss) income per common share (in dollars per share) | $ (0.05) | $ 0.66 | $ 0.31 | $ 1.43 |
Weighted average number of common shares outstanding, basic (in shares) | 6,028,220 | 5,889,687 | 5,958,953 | 5,889,687 |
Weighted average number of common shares outstanding, fully diluted (in shares) | 6,028,220 | 5,890,048 | 5,961,037 | 5,889,868 |
Dividends declared per common share (in dollars per share) | $ 0.73 | $ 0.73 | $ 0.73 | $ 1.73 |
Deposit Account [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | $ 722 | $ 637 | $ 1,397 | $ 1,229 |
Product and Service, Other [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | 48 | 49 | 94 | 102 |
Credit and Debit Card [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | 423 | 414 | 797 | 881 |
Fiduciary and Trust [Member] | ||||
Noninterest Income: | ||||
Noninterest Income | $ 513 | $ 481 | $ 1,016 | $ 926 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net (Loss) Income | $ (306) | $ 3,901 | $ 1,868 | $ 8,432 |
Other Comprehensive Loss, Net of Tax | ||||
Unrealized holding loss on available for sale securities | (150) | (4,848) | (3,488) | 6,891 |
Reclassification adjustment for loss included in net income, net of tax of $702 in 2023 | 0 | 2,642 | 0 | 2,632 |
Other comprehensive loss, net of tax | (150) | (2,206) | (3,488) | 9,523 |
Total Comprehensive (Loss) Income | (456) | 1,695 | (1,620) | 17,955 |
Net (Loss) Income | $ (306) | $ 3,901 | $ 1,868 | $ 8,432 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unrealized holding gain (loss) on available for sale securities, tax | $ (40) | $ (1,289) | $ (927) | $ 1,831 |
Reclassification adjustment for gain included in net income, tax | $ 702 | $ 700 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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 (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 (loss) | 0 | 8,432 | 0 | 8,432 | ||||
Cash dividend | 0 | (10,189) | 0 | (10,189) | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | 9,523 | 9,523 | ||||
Stock based compensation | 5 | 5 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 9,523 | 9,523 | ||||
Balance at Jun. 30, 2023 | 7,367 | 195,320 | (74,243) | 128,444 | ||||
Balance at Mar. 31, 2023 | 7,362 | 195,718 | (72,037) | 131,043 | ||||
Net income (loss) | 0 | 3,901 | 0 | 3,901 | ||||
Cash dividend | 0 | (4,299) | 0 | (4,299) | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (2,206) | (2,206) | ||||
Stock based compensation | 5 | 5 | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | (2,206) | (2,206) | ||||
Balance at Jun. 30, 2023 | 7,367 | 195,320 | (74,243) | 128,444 | ||||
Balance at Dec. 31, 2023 | 7,404 | 197,984 | (64,866) | 140,522 | ||||
Net income (loss) | 0 | 1,868 | 0 | 1,868 | ||||
Cash dividend | 0 | (4,303) | 0 | (4,303) | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (3,488) | (3,488) | ||||
Stock based compensation | 65 | 65 | ||||||
Acquisition of Frontier Community Bank | 14,299 | 0 | 0 | 14,299 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (3,488) | (3,488) | ||||
Balance at Jun. 30, 2024 | 21,768 | 195,549 | (68,354) | 148,963 | ||||
Balance at Mar. 31, 2024 | 7,436 | 200,158 | (68,204) | 139,390 | ||||
Net income (loss) | 0 | (306) | 0 | (306) | ||||
Cash dividend | 0 | (4,303) | 0 | (4,303) | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (150) | (150) | ||||
Stock based compensation | 33 | 33 | ||||||
Acquisition of Frontier Community Bank | 14,299 | 0 | 0 | 14,299 | ||||
Other comprehensive income (loss), net of tax | 0 | 0 | (150) | (150) | ||||
Balance at Jun. 30, 2024 | $ 21,768 | $ 195,549 | $ (68,354) | $ 148,963 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash dividend, per share (in dollars per share) | $ 0.73 | $ 0.73 | $ 0.73 | $ 1.73 |
Other comprehensive income (loss), tax | $ (40) | $ (587) | $ (927) | $ 2,531 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash Flows from Operating Activities | |||||
Net income (loss) | $ (306) | $ 3,901 | $ 1,868 | $ 8,432 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for credit losses | 1,302 | 1 | 1,292 | 3 | |
Depreciation of premises and equipment | 424 | 338 | |||
Net accretion of acquisition accounting estimates | (31) | 0 | |||
Amortization of premiums and accretion of discounts, net | 520 | 524 | |||
Loss on sale of securities available for sale, net | 0 | 3,332 | |||
Loss on disposal of repossessed assets | 0 | 5 | |||
Increase in cash value of bank-owned life insurance | (527) | (481) | |||
Origination of mortgage loans held for sale | (5,125) | (5,251) | |||
Proceeds from sale of mortgage loans held for sale | 5,488 | 5,322 | |||
Gain on sale of mortgage loans held for sale | (58) | (55) | (82) | (71) | |
Equity based compensation expense | 65 | 5 | |||
Net change in: | |||||
Accrued interest receivable | 35 | 283 | |||
Other assets | (5,667) | (2,497) | |||
Accrued interest payable | 974 | 154 | |||
Other liabilities | 1,661 | (2,426) | |||
Net cash provided by operating activities | 895 | 7,672 | |||
Cash Flows from Investing Activities | |||||
Proceeds from calls, principal payments, sales and maturities of securities available for sale | 17,789 | 50,872 | |||
Net change in restricted stock | 265 | 12 | |||
Purchase of loan participations | (12,228) | (3,630) | |||
Collection of loan participations | 5,321 | 5,146 | |||
Loan originations and principal collections, net | (7,247) | 4,520 | |||
Proceeds from sale of repossessed assets | 0 | 9 | |||
Recoveries on loans charged off | 103 | 207 | |||
Purchases of premises and equipment | (1,331) | (1,011) | |||
BOLI settlement | 0 | 712 | |||
Cash acquired in the acquisition, net of cash paid | 1,654 | 0 | |||
Net cash provided by investing activities | 4,326 | 56,837 | |||
Cash Flows from Financing Activities | |||||
Net change in time deposits | 14,385 | 79,350 | |||
Net change in other deposits | (3,023) | (135,043) | |||
Cash dividends paid | (4,302) | (10,189) | |||
Net cash provided by (used in) financing activities | 7,060 | (65,882) | |||
Net change in cash and cash equivalents | 12,281 | (1,373) | |||
Cash and cash equivalents at beginning of period | 86,603 | 71,429 | $ 71,429 | ||
Cash and cash equivalents at end of period | $ 98,884 | $ 70,056 | 98,884 | 70,056 | 86,603 |
Supplemental Disclosures of Cash Flow Information | |||||
Interest paid on deposits and borrowings | 15,219 | 8,324 | |||
Income taxes paid | 715 | 3,847 | |||
Supplemental Disclosure of Noncash Activities | |||||
Loans charged against the allowance for credit losses | 177 | 160 | $ 478 | ||
Loans transferred to repossessed assets | 0 | 7 | |||
Unrealized holding (loss) gain on securities available for sale | (4,415) | 12,054 | |||
Lease liabilities arising from obtaining right-of-use assets during the period | $ 548 | $ 0 |
Note 1 - General and Summary of
Note 1 - General and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1: The consolidated financial statements of National Bankshares, Inc. (“NBI”) and its wholly-owned subsidiaries, The National Bank of Blacksburg (the “Bank” or “NBB”) and National Bankshares Financial Services, Inc. (“NBFS”) (collectively, the “Company”), conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices within the banking industry. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated. The accompanying interim period consolidated financial statements are unaudited; however, in the opinion of the Company’s management, all adjustments consisting of normal recurring adjustments, which are necessary for a fair presentation of the consolidated financial statements, have been included. Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions, and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statement; accordingly, as this information changes, the financial statements may may The results of operations for the three six June 30, 2024 not 10 10 December 31, 2023 ( “2023 10 1 2023 10 December 31, 2023, no 1934 In addition to applying significant accounting policies disclosed in Note 1 2023 10 805, third Under the acquisition method of accounting, the Company identifies the acquirer and the closing date and applies applicable recognition principles and conditions. Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs include advisory, legal, accounting, valuation, and other professional or consulting fees. Some other examples of costs to the Company include systems conversions, integration planning consultants and advertising costs. The Company accounts for acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received, with one The most significant assessment of fair value in the Company’s accounting for business combinations relates to the valuation of an acquired loan portfolio. At acquisition, loans are classified as either (i) purchase credit-deteriorated (“PCD”) loans or (ii) non-PCD loans and are recorded at fair value on the date of acquisition. PCD loans are those for which there is more than insignificant evidence of credit deterioration since origination. Fair values are determined primarily through a discounted cash flow approach which considers the acquired loans’ underlying characteristics, including account types, remaining terms, annual interest rates, interest types, timing of principal and interest payments, current market rates, and remaining balances. Estimates of fair value also include estimates of default, loss severity, and estimated prepayments. At acquisition, an allowance for credit losses (“ACL”) for PCD loans is determined based upon the Company’s methodology for estimating the ACL on loans. This allowance is credited to the ACL on loans with a corresponding adjustment to the amortized cost basis of the loan on the date of the acquisition. The difference between the new amortized cost basis and the unpaid principal balance is either a noncredit discount or premium that is amortized or accreted to interest income over the remaining life of the loan. Disposals of PCD loans, which may third For non-PCD loans, an ACL is established in a manner that is consistent with the Company’s originated loans. The ACL is determined using the Company’s methodology and the related ACL for non-PCD loans is recorded through a charge to the provision for credit losses in the period in which the loans are purchased or acquired. The entirety of any purchase discount or premium on non-PCD loans is amortized or accreted to interest income over the remaining life of the loan. In accordance with ASC 805, 10 Risks and Uncertainties The Company is closely monitoring risks that may may Recent Accounting Pronouncements ASU 2023 09 In December 2023, 2023 09, 740 five five December 15, 2024. not 2023 09 |
Note 2 - Business Combination
Note 2 - Business Combination | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2: On June 1, 2024 ( January 23, 2024, The acquisition of FCB was accounted for as a business combination using the acquisition method of accounting. Assets acquired, liabilities assumed, and consideration paid were recorded at estimated fair value on the Acquisition Date. The excess of the purchase price over the fair value of the net assets was recorded as provisional goodwill and represents the benefit from the transaction that is not not twelve may not The following table presents the calculation of the purchase price and the fair value of the identifiable assets and liabilities. June 1, 2024 As Recorded by FCB Estimated Fair Value Adjustments Estimated Fair Values as Recorded by NBI Purchase Price Consideration: Stock consideration (1) $ 14,299 Cash consideration (2) 2,050 Total purchase price consideration $ 16,349 Identifiable assets: Cash and cash equivalents $ 8,993 $ (59 ) $ 8,934 Securities 9,325 (5 ) 9,320 Loans, gross, purchased performing 115,589 (7,720 ) 107,869 Loans, gross, purchased credit deteriorated 11,157 (822 ) 10,335 Loans in process 539 - 539 Deferred fees and costs on loans 34 (34 ) - Allowance for credit losses on loans (881 ) 881 - Premises and equipment 3,003 449 3,452 Core deposit intangible - 2,100 2,100 Other assets 4,998 966 5,964 Total identifiable assets acquired $ 152,757 $ (4,244 ) $ 148,513 Identifiable Liabilities Deposits 130,323 (606 ) $ 129,717 Borrowings 5,250 (20 ) 5,230 Other liabilities 1,960 131 2,091 Total identifiable liabilities assumed $ 137,533 $ (495 ) $ 137,038 Provisional fair value of net assets acquired $ 11,475 Provisional goodwill $ 4,874 ( 1 The Company issued 464,855 shares of its common stock valued at $30.76 per share, which was the closing price of the Company’s common stock on May 31, 2024, ( 2 Cash consideration was paid for shareholder elections, fractional shares and to settle outstanding vested stock options. The merger agreement provided for up to 10% of consideration to be paid in cash of $14.48 per FCB common share, at the shareholders’ election. Payments for shareholder elections and fractional shares totaled $1,769. Outstanding and vested options were settled at the difference between $14.48 and the strike price and totaled $281. Management made significant estimates and exercised significant judgement in accounting for the acquisition of FCB. The following is a brief description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company utilized a valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities. Cash and equivalents Included in cash and equivalents are an investment in time deposits of other financial institutions, valued at the present value of the expected contractual payments discounted at market rates for instruments with similar terms. Securities The estimated fair value of the acquired portfolio of debt securities was based on quoted market prices. All of the acquired portfolio was sold upon completion of the acquisition. Loans The fair valuation process identified loans with credit risk indicators that qualified for “purchase credit deteriorated” (“PCD”) status. PCD and non-PCD loans were then evaluated for credit risk and other fair value indicators. Consistent with GAAP, FCB’s related allowance for credit losses on loans and deferred fees and costs were not Credit risk was quantified using a probability of default (“PD”)/loss given default(“LGD”) methodology from a market participant perspective and applied to each loan’s outstanding principal balance. PD/LGD rates were tailored to PCD or non-PCD status. Other fair value indicators were quantified using a discounted cash flow methodology, with discounts applied for current market rates, credit risk and liquidity. Cash flows were generated based upon the loans’ underlying characteristics and estimated prepayment speeds. The following table provides information on PCD and non-PCD loans as of the Acquisition Date: June 1, 2024 PCD Loans Non-PCD Loans Number of loans 46 498 FCB recorded value $ 11,157 $ 115,589 Discount for credit risk (295 ) (498 ) Discount for non-credit factors (527 ) (7,222 ) Fair value $ 10,335 $ 107,869 Premises and equipment The fair value of premises acquired was based on a recent third Core Deposit Intangible Core deposit relationships provide a stable source of funds for lending and contribute to profitability. The core deposit intangible was valued using an income approach focused on cost savings, which recognizes the cost savings represented by the expense of maintaining the core deposit base versus the cost of an alternative funding source. The valuation incorporates assumptions related to account retention, discount rates, deposit interest rates, deposit maintenance costs and alternative funding rates. Leases: right of use asset, lease liability and fair value Right of use assets (included in other assets) and lease liabilities (included in other liabilities) for branch locations were measured at the acquisition date. The fair value of leases was determined by applying a discounted cash flow methodology discounted by current lease rates within the appropriate market. Deposits Deposits were valued using methods appropriate to their characteristics. The fair value of noninterest bearing demand deposits, interest bearing demand deposits, money market and savings deposit accounts were assumed to approximate the carrying value as these accounts have no Borrowings The estimated fair value of borrowings was determined by obtaining payoff quotes from the lender. Borrowings were paid off upon completion of the acquisition. Deferred Tax Asset Application of fair value measurements resulted in an increase to the deferred tax asset, included in other assets. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 3: Loans Loans as of June 30, 2024 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Real estate construction $ 81,355 $ 55,379 Consumer real estate 299,310 241,564 Commercial real estate 454,978 419,130 Commercial non real estate 52,297 41,555 Public sector and IDA 59,043 60,551 Consumer non real estate 42,915 38,996 Gross loans $ 989,898 $ 857,175 Less unearned income and deferred fees and costs (531 ) (529 ) Loans, net of unearned income and deferred fees and costs $ 989,367 $ 856,646 Allowance for credit losses on loans (10,502 ) (9,094 ) Total loans, net $ 978,865 $ 847,552 Accrued interest receivable of $3,352 at June 30, 2024 December 31, 2023 not Past Due and Nonaccrual Loans The following tables present the aging of past due loans, by loan pool, as of the dates indicated. June 30, 2024 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 $ 22,801 $ 140 $ - $ - $ 22,941 $ - Construction, other 58,264 150 - - 58,414 - Consumer Real Estate Equity line 21,751 6 - - 21,757 - Residential closed-end first liens 164,517 353 118 - 164,988 118 Residential closed-end junior liens 6,582 11 - - 6,593 - Investor-owned residential real estate 105,716 256 - - 105,972 - Commercial Real Estate Multifamily residential real estate 120,601 190 - - 120,791 - Commercial real estate owner-occupied 135,121 720 - 2,307 138,148 220 Commercial real estate, other 196,039 - - - 196,039 - Commercial Non Real Estate Commercial and industrial 51,852 199 46 200 52,297 46 Public Sector and IDA States and political subdivisions 59,043 - - - 59,043 - Consumer Non Real Estate Credit cards 4,763 2 - - 4,765 - Automobile 13,482 264 13 - 13,759 13 Other consumer loans 24,170 164 57 - 24,391 57 Total $ 984,702 $ 2,455 $ 234 $ 2,507 $ 989,898 $ 454 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 The following table presents nonaccrual loans, by loan class, as of the dates indicated: June 30, 2024 December 31, 2023 With No Allowance With an Allowance Total With No Allowance With an Allowance Total Commercial Real Estate Commercial real estate owner-occupied $ 2,087 $ 220 $ 2,307 $ 2,177 $ 231 $ 2,408 Commercial Non Real Estate Commercial and industrial - 200 200 - 221 221 Total $ 2,087 $ 420 $ 2,507 $ 2,177 $ 452 $ 2,629 During the three six June 30, 2024, no Allowance for Credit Losses on Loans ( “ ACLL ” ) The following tables present the activity in the ACLL by portfolio segment for the periods indicated: Activity in the ACLL for the Six Months Ended June 30, 2024 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, 2023 $ 408 $ 3,162 $ 3,576 $ 682 $ 333 $ 583 $ 350 $ 9,094 Charge-offs - - - (20 ) - (157 ) - (177 ) Recoveries - - 29 3 - 71 - 103 Provision for (recovery of) credit losses 131 376 594 79 (10 ) 87 50 1,307 Merger adjustment (1) 10 97 55 4 - 9 - 175 Balance, June 30, 2024 $ 549 $ 3,635 $ 4,254 $ 748 $ 323 $ 593 $ 400 $ 10,502 ( 1 Adjustment for PCD acquired loans. Activity in the ACLL for the Six Months Ended June 30, 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 ) - (11 ) - (132 ) - (160 ) Recoveries - 102 25 3 - 77 - 207 Provision for (recovery of) credit losses 47 (180 ) (26 ) 78 (3 ) 70 26 12 Balance, June 30, 2023 $ 476 $ 3,365 $ 4,341 $ 1,216 $ 301 $ 593 $ 334 $ 10,626 Activity in the ACLL 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 Provision for (recovery of) 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 The following tables present information about the ACLL for individually evaluated loans and collectively evaluated loans by portfolio segment as of the dates indicated. ACLL by Segment and Evaluation Method June 30, 2024 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 $ - $ 114 $ 391 $ 117 $ - $ 22 $ - $ 644 Collectively evaluated 549 3,521 3,863 631 323 571 400 9,858 Total $ 549 $ 3,635 $ 4,254 $ 748 $ 323 $ 593 $ 400 $ 10,502 ACLL by Segment and Evaluation Method 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 The following tables present information about individually evaluated loans and collectively evaluated loans by portfolio segment as of the dates indicated. Loans by Segment and Evaluation Method as of June 30, 2024 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non Real Estate Public Sector and IDA Consumer Non Real Estate Total Individually evaluated $ 276 $ 2,259 $ 10,452 $ 305 $ - $ 179 $ 13,471 Collectively evaluated 81,079 297,051 444,526 51,992 59,043 42,736 976,427 Total $ 81,355 $ 299,310 $ 454,978 $ 52,297 $ 59,043 $ 42,915 $ 989,898 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 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 ACLL on collateral dependent loans based upon the fair value of the collateral, as permitted by ASU 2016 13. no As of June 30, 2024, four December 31, 2023, three June 30, 2024 December 31, 2023. June 30, 2024 December 31, 2023 Balance Related Allowance Balance Related Allowance Consumer Real Estate Residential closed-end first lien $ 84 $ - $ 7 $ - Commercial Real Estate Commercial real estate, owner occupied 2,087 - 2,177 - Commercial real estate, other 883 - - - Total Loans $ 3,054 $ - $ 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. Loans rated pass have acceptable credit quality. Loans rated special mention have potential weakness due to challenging economic or financial conditions. Loans rated classified have well-defined weaknesses that heighten the risk of default. The tables below present the loan portfolio by amortized cost basis, year of origination, loan class, credit quality, and charge-offs as of the dates indicated. Term Loans Amortized Cost Basis by Origination Year Revolving Loans June 30, 2024 Prior 2020 2021 2022 2023 2024 Revolving Converted to Term Total Construction, residential Pass $ 177 $ 62 $ 269 $ 1,625 $ 6,504 $ 1,105 $ 13,199 $ - $ 22,941 Construction, other Pass $ 4,080 $ 1,141 $ 7,929 $ 26,139 $ 5,663 $ 6,964 $ 6,222 $ - $ 58,138 Classified - - 276 - - - - - 276 Total $ 4,080 $ 1,141 $ 8,205 $ 26,139 $ 5,663 $ 6,964 $ 6,222 $ - $ 58,414 Equity lines Pass $ 554 $ 329 $ 429 $ 528 $ 938 $ 171 $ 18,763 $ 45 $ 21,757 Residential closed-end first liens Pass $ 42,736 $ 18,555 $ 35,607 $ 36,891 $ 17,900 $ 12,087 $ - $ 268 $ 164,044 Special Mention 370 - - - - - - - 370 Classified 574 - - - - - - - 574 Total $ 43,680 $ 18,555 $ 35,607 $ 36,891 $ 17,900 $ 12,087 $ - $ 268 $ 164,988 Residential closed-end junior liens Pass $ 1,679 $ - $ 290 $ 2,081 $ 1,652 $ 891 $ - $ - $ 6,593 Investor-owned residential real estate Pass $ 30,684 $ 23,613 $ 19,627 $ 16,561 $ 8,638 $ 2,775 $ 2,800 $ - $ 104,698 Special Mention - - - 142 166 - - - 308 Classified 759 - 168 39 - - - - 966 Total $ 31,443 $ 23,613 $ 19,795 $ 16,742 $ 8,804 $ 2,775 $ 2,800 $ - $ 105,972 Multifamily residential real estate Pass $ 40,686 $ 2,114 $ 40,445 $ 28,096 $ 8,866 $ 442 $ 142 $ - $ 120,791 Commercial real estate, owner occupied Pass $ 55,824 $ 25,096 $ 7,778 $ 23,749 $ 10,695 $ 1,377 $ 4,064 $ 85 $ 128,668 Special mention 6,396 - - - - - - - 6,396 Classified 2,307 759 - - - - 18 - 3,084 Total $ 64,527 $ 25,855 $ 7,778 $ 23,749 $ 10,695 $ 1,377 $ 4,082 $ 85 $ 138,148 Commercial real estate, other Pass $ 93,009 $ 18,641 $ 38,340 $ 24,225 $ 17,239 $ 2,118 $ 1,771 $ - $ 195,343 Special Mention 696 - - - - - - - 696 Total $ 93,705 $ 18,641 $ 38,340 $ 24,225 $ 17,239 $ 2,118 $ 1,771 $ - $ 196,039 Commercial and industrial Pass $ 6,673 $ 2,412 $ 12,702 $ 6,415 $ 7,282 $ 4,292 $ 12,218 $ - $ 51,994 Special Mention - - - - - - 96 - 96 Classified 200 - - 7 - - - - 207 Total $ 6,873 $ 2,412 $ 12,702 $ 6,422 $ 7,282 $ 4,292 $ 12,314 $ - $ 52,297 YTD gross charge-offs $ 20 $ 20 Public sector and IDA Pass $ 20,062 $ 227 $ 26,162 $ 6,130 $ 6,462 $ - $ - $ - $ 59,043 Credit cards Pass $ - $ - $ - $ - $ - $ - $ 4,765 $ - $ 4,765 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 33 $ - $ 33 Automobile Pass $ 111 $ 404 $ 1,139 $ 2,181 $ 5,946 $ 3,894 $ - $ - $ 13,675 Special Mention - - - - 4 - - - 4 Classified - - - - 69 11 - - 80 Total $ 111 $ 404 $ 1,139 $ 2,181 $ 6,019 $ 3,905 $ - $ - $ 13,759 Other consumer Pass $ 322 $ 594 $ 1,318 $ 3,530 $ 8,901 $ 8,930 $ 698 $ - $ 24,293 Special Mention - - 2 - 13 11 - - 26 Classified - - 49 - 23 - - - 72 Total $ 322 $ 594 $ 1,369 $ 3,530 $ 8,937 $ 8,941 $ 698 $ - $ 24,391 YTD gross charge-offs $ - $ 4 $ 9 $ 17 $ 51 $ 43 $ - $ - $ 124 Total Loans Pass $ 296,597 $ 93,188 $ 192,035 $ 178,151 $ 106,686 $ 45,046 $ 64,642 $ 398 $ 976,743 Special Mention 7,462 - 2 142 183 11 96 - 7,896 Classified 3,840 759 493 46 92 11 18 - 5,259 Total $ 307,899 $ 93,947 $ 192,530 $ 178,339 $ 106,961 $ 45,068 $ 64,756 $ 398 $ 989,898 YTD gross charge-offs $ - $ 4 $ 9 $ 17 $ 51 $ 43 $ 53 $ - $ 177 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 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. Two loans were modified for borrowers experiencing financial difficulty during the first three 2024. second three June 30, 2024. three six June 30, 2023. The following table presents information as of June 30, 2024 six June 30, 2024. June 30, 2024 Amortized Cost Basis % of Class Type of Modification Financial Effect Commercial Real Estate Commercial real estate owner-occupied $ 6,396 5.57 % Interest only payments 6 months of interest only payments, re-amortization of the balance to contractual maturity. Commercial Non real estate Commercial and industrial $ 7 0.01 % Term extension Renewal of single-payment note for an additional 3 months. The following table presents information as of June 30, 2023 six June 30, 2023. June 30, 2023 Amortized Cost Basis % of Class Type of Modification Financial Effect Commercial Real Estate Commercial real estate owner-occupied $ 6,396 5.40 % Interest only payments 6 months of interest only payments, re-amortization of the balance to contractual maturity. The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty. Both loans are in current status as of June 30, 2024. There were no loans to borrowers experiencing financial difficulty that had a payment default during the three six June 30, 2024 2023 twelve 90 Residential Real Estate Loans In Process of Foreclosure As of June 30, 2024, two 1 4 December 31, 2023, one 1 4 ACL for Unfunded Commitments The following tables present the balance and activity in the ACL for unfunded commitments for the six June 30, 2024 2023: Allowance for Credit Losses on Unfunded Commitments Balance, December 31, 2023 $ 259 Recovery of credit losses (15 ) FCB acquisition 7 Balance, June 30, 2024 $ 251 Allowance for Credit Losses on Unfunded Commitments Balance, December 31, 2022 $ 35 Adoption of ASU 2016-13 207 Recovery of credit losses (9 ) Balance, June 30, 2023 $ 233 |
Note 4 - Securities
Note 4 - Securities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4: The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses as of the dates indicated are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government agencies and corporations $ 353,018 $ - $ 44,205 $ 308,813 States and political subdivisions 178,435 - 32,433 146,002 Mortgage-backed securities 149,839 27 6,120 143,746 Corporate debt securities 6,506 - 849 5,657 U.S. treasury 998 - 20 978 Total securities available for sale $ 688,796 $ 27 $ 83,627 $ 605,196 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 No allowance for credit loss on securities available for sale was recorded as of June 30, 2024 December 31, 2023. Accrued interest receivable on securities, included in accrued interest receivable on the Consolidated Balance Sheets, totaled $3,263 at June 30, 2024 December 31, 2023. The deferred tax asset for the net unrealized loss on securities available for sale was $17,556 as of June 30, 2024 December 31, 2023. The amortized cost and fair value of single maturity securities available for sale at June 30, 2024, may may June 30, 2024 Amortized Cost Fair Value Available for Sale: Due in one year or less $ 20,010 $ 19,618 Due after one year through five years 187,697 172,569 Due after five years through ten years 268,663 227,654 Due after ten years 212,426 185,355 Total securities available for sale $ 688,796 $ 605,196 Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that the individual securities have been in a continuous loss position, as of the dates indicated, follows. June 30, 2024 Less Than 12 Months 12 Months or More Fair Gross Unrealized Fair Gross Unrealized U.S. government agencies and corporations $ - $ - $ 308,813 $ 44,205 State and political subdivisions 882 120 145,120 32,313 Mortgage-backed securities 520 1 121,951 6,119 Corporate debt securities - - 5,657 849 U.S. treasury - - 978 20 Total temporarily impaired securities $ 1,402 $ 121 $ 582,519 $ 83,506 December 31, 2023 Less Than 12 Months 12 Months or More Fair Gross Unrealized Fair Gross 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 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 June 30, 2024, No no June 30, 2024. not not not not Restricted Stock. The Company holds restricted stock that is reported separately from available for sale securities. As a member of the Federal Reserve and the Federal Home Loan Bank of Atlanta (“FHLB”), NBB is required to maintain certain minimum investments in the common stock of those entities. Required levels of investment are based upon NBB’s capital and a percentage of qualifying assets. The Company purchases stock from or sells stock back to the correspondents based on their calculations. The stock is held by member institutions only and is not Redemption of FHLB stock is subject to certain limitations and conditions. At its discretion, the FHLB may June 30, 2024. June 30, 2024, not Realized Securities Gains and Losses The Company initiated sale of FCB’s securities portfolio upon completion of the acquisition, and no first six 2023, |
Note 5 - Defined Benefit Plan
Note 5 - Defined Benefit Plan | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 5: The following table presents components of Net Periodic Benefit Cost for the periods indicated: Pension Benefits Three Months Ended June 30, 2024 2023 Service cost $ 261 $ 203 Interest cost 302 273 Expected return on plan assets (608 ) (518 ) Amortization of prior service cost - - Recognized net actuarial loss 33 17 Net periodic benefit income $ (12 ) $ (25 ) Pension Benefits Six Months Ended June 30, 2024 2023 Service cost $ 522 $ 406 Interest cost 604 546 Expected return on plan assets (1,216 ) (1,036 ) Amortization of prior service cost - - Recognized net actuarial loss 66 34 Net periodic benefit income $ (24 ) $ (50 ) The service cost component of net periodic benefit cost is included in salaries and employee benefits expense in the Consolidated Statements of Income. All other components are included in other operating expense in the Consolidated Statements of Income. In April 2024, |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6: 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 cases where quoted market prices are 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 June 30, 2024 Balance Level 1 Level 2 Level 3 U.S. government agencies and corporations $ 308,813 $ - $ 308,813 $ - States and political subdivisions 146,002 - 146,002 - Mortgage-backed securities 143,746 - 143,746 - Corporate debt securities 5,657 - 5,657 - U.S. treasury 978 - 978 - Total securities available for sale $ 605,196 $ - $ 605,196 $ - 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 $ - 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 As of June 30, 2024, one one December 31, 2023, one Fair Value Measurement Using June 30, 2024 Balance (Level 1) (Level 2) (Level 3) Interest rate loan contract $ 1 $ - $ - $ 1 Forward sale commitment $ (2 ) $ - $ - $ (2 ) June 30, 2024 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 101.21% (3) Forward sale commitment Market approach Current reference price 100.08% - 102.00% (101.12%) (2) 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% (3) Forward sale commitment Market approach Current reference price 101.60% - 102.64% (101.98%) (2) ( 1 All contracts are valued using the same pull-through rate ( 2 Current reference prices were weighted by the relative amount of the loan ( 3 Comprised of only one Financial Instruments Measured at Fair Value on a Non-Recurring Basis Certain financial instruments are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the 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 June 30, 2024. December 31, 2023. Collateral Dependent Loans Collateral dependent loans are measured on a non-recurring basis for the ACLL. If the fair value of the collateral is lower than the loan’s amortized cost basis, the shortfall is recognized in the ACLL. When repayment is expected from the operation of the collateral, fair value is estimated as the present value of expected cash flows from the operation of the collateral. When repayment is expected from the sale of the collateral, fair value is estimated using measurement techniques discussed below and discounted by the estimated cost to sell. The ACLL may zero For loans secured by real estate, fair value of collateral is determined by the “as-is” value of appraisals or third 24 2 may 3 The value of business equipment is based upon an outside appraisal (Level 2 3 not 3 As of June 30, 2024, one three two third 2 one 3 None Fair Value Summary The following presents the recorded amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of the dates indicated. Fair values are estimated using the exit price notion. Estimated Fair Value June 30, 2024 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 14,908 $ 14,908 $ - $ - Federal funds sold 3,499 3,499 Interest-bearing deposits 80,477 80,477 - - Securities available for sale 605,196 - 605,196 - Restricted stock, at cost 1,752 - 1,752 - Mortgage loans held for sale 125 - 125 - Loans, net 978,865 - - 919,403 Accrued interest receivable 6,615 - 6,615 - Bank-owned life insurance 46,775 - 46,775 - Interest rate loan contract 1 - - 1 Financial liabilities: Deposits $ 1,645,052 $ - $ 1,340,993 $ 303,497 Accrued interest payable 2,525 - 2,525 - Forward sale commitment 2 - - 2 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 |
Note 7 - Components of Accumula
Note 7 - Components of Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7: The following tables provide information about components of accumulated other comprehensive loss as of the dates indicated: Net Unrealized Loss on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Loss Balance at March 31, 2023 $ (69,692 ) $ (2,345 ) $ (72,037 ) Unrealized holding loss on available for sale securities, net of tax of ($ 1,289 (4,848 ) - (4,848 ) Reclassification adjustment, net of tax of $ 702 2,642 - 2,642 Balance at June 30, 2023 $ (71,898 ) $ (2,345 ) $ (74,243 ) Balance at March 31, 2024 $ (65,894 ) $ (2,310 ) $ (68,204 ) Unrealized holding loss on available for sale securities, net of tax of ($ 40 (150 ) - (150 ) Balance at June 30, 2024 $ (66,044 ) $ (2,310 ) $ (68,354 ) Net Unrealized Loss on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Loss Balance at December 31, 2022 $ (81,421 ) $ (2,345 ) $ (83,766 ) Unrealized holding gain on available for sale securities, net of tax of $ 1,831 6,891 - 6,891 Reclassification adjustment, net of tax of $ 700 2,632 - 2,632 Balance at June 30, 2023 $ (71,898 ) $ (2,345 ) $ (74,243 ) Balance at December 31, 2023 $ (62,556 ) $ (2,310 ) $ (64,866 ) Unrealized holding loss on available for sale securities, net of tax of ($ 927 (3,488 ) - (3,488 ) Balance at June 30, 2024 $ (66,044 ) $ (2,310 ) $ (68,354 ) |
Note 8 - Revenue Recognition
Note 8 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 8: 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 Accounting Standards Codification (“ASC”) Topic 606, 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, annuities and other investments. Commissions from the sale of mutual funds, annuities 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 other real estate owned ("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, Three Months Ended June 30, Noninterest Income 2024 2023 In-scope of Topic 606: Service charges on deposit accounts $ 722 $ 637 Other service charges and fees 48 49 Credit and debit card fees, net 423 414 Trust income 513 481 Insurance and Investment (included within Other Income in the Consolidated Statements of Income) 126 112 Noninterest Income (in-scope of Topic 606) $ 1,832 $ 1,693 Noninterest Income (out-of-scope of Topic 606) 414 1,098 Total noninterest income $ 2,246 $ 2,791 Six Months Ended June 30, Noninterest Income 2024 2023 In-scope of Topic 606: Service charges on deposit accounts $ 1,397 $ 1,229 Other service charges and fees 94 102 Credit and debit card fees, net 797 881 Trust income 1,016 926 Insurance and Investment (included within Other Income in the Consolidated Statements of Income) 432 397 Noninterest Income (in-scope of Topic 606) $ 3,736 $ 3,535 Noninterest Income (out-of-scope of Topic 606) 709 1,455 Total noninterest income $ 4,445 $ 4,990 |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9: The Company’s leases are recorded under ASC Topic 842, 12 not not not On June 1, 2024, two Lease payments Short-term lease payments 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. Operating and finance lease payments may not Options to Extend, Residual Value Guarantees, Restrictions and Covenants Certain of the Company’s operating leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not no The following tables present information about leases as of the dates and for the periods indicated: June 30, 2024 December 31, 2023 Lease liability $ 1,506 $ 1,127 Right-of-use asset $ 1,476 $ 1,096 Weighted average remaining lease term (in years) 5.03 4.39 Weighted average discount rate 3.84 % 3.29 % For the Three Months Ended June 30, Lease Expense 2024 2023 Operating lease expense $ 99 $ 92 Short-term lease expense 6 - Total lease expense $ 105 $ 92 Cash paid for amounts included in lease liabilities $ 104 $ 92 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ 548 $ - For the Six Months Ended June 30, Lease Expense 2024 2023 Operating lease expense $ 188 $ 184 Short-term lease expense 11 1 Total lease expense $ 199 $ 185 Cash paid for amounts included in lease liabilities $ 199 $ 186 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ 548 $ - The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability: Undiscounted Cash Flow for the Period As of June 30, 2024 Twelve months ending June 30, 2025 $ 420 Twelve months ending June 30, 2026 322 Twelve months ending June 30, 2027 286 Twelve months ending June 30, 2028 272 Twelve months ending June 30, 2029 194 Thereafter 173 Total undiscounted cash flows $ 1,667 Less: discount (161 ) Lease liability $ 1,506 |
Note 10 - Stock Based Compensat
Note 10 - Stock Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10: The Company’s 2023 May 9, 2023. may March 28, 2024 8 June 7, 2023. Restricted Stock Awards Under the Plan, non-employee directors receive restricted stock awards (“RSAs”) each June December. one three six June 30, 2024. June 30, 2024, 12 six June 30, 2024 Shares Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2024 4,095 $ 30.73 Granted 2,796 30.00 Vested and released (2,052 ) 30.70 Nonvested at June 30, 2024 4,839 $ 30.32 |
Note 11 - Net (Loss) Income Per
Note 11 - Net (Loss) Income Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11: The factors used in the computation of net (loss) income per share computation for the periods indicated are presented below: For the Three Months Ended June 30, 2024 2023 Net Loss (Numerator) Common Shares 1 (Denominator) Per Share Net Income (Numerator) Common Shares 1 (Denominator) Per Share Basic net (loss) income per common share $ (306 ) 6,028,220 $ (0.05 ) $ 3,901 5,889,687 $ 0.66 Dilutive shares for restricted stock awards: - 361 Diluted net (loss) income per common share $ (306 ) 6,028,220 $ (0.05 ) $ 3,901 5,890,048 $ 0.66 ( 1 Weighted average outstanding For the Six Months Ended June 30, 2024 2023 Net Income (Numerator) Common Shares 1 (Denominator) Per Share Net Income (Numerator) Common Shares 1 (Denominator) Per Share Basic net income per common share $ 1,868 5,958,953 $ 0.31 $ 8,432 5,889,687 $ 1.43 Dilutive shares for restricted stock awards: 2,084 181 Diluted net income per common share $ 1,868 5,961,037 $ 0.31 $ 8,432 5,889,868 $ 1.43 RSA grants are disregarded in the computation of diluted net income per share if they are determined to be anti-dilutive. There were no three six June 30, 2024 June 30, 2023. |
Note 12 - Goodwill and Other In
Note 12 - Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 12 Goodwill and Other Intangibles The aggregate amortization expense was $35 for the three six June 30, 2024. June 30, 2024. Gross Carrying Amount Additions Measurement Period Adjustment Accumulated Amortization Net Carrying Amount Goodwill $ 5,848 $ 4,874 $ 11 $ - $ 10,733 Core deposit intangible $ - $ 2,100 $ - $ (35 ) $ 2,065 At June 30, 2024, December 31, Amortization Expense 2024 $ 202 2025 373 2026 331 2027 290 2028 248 Thereafter 621 Total amortizing core deposit intangible $ 2,065 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Other Information (a) None. (b) None. (c) During the fiscal quarter ended June 30, 2024, none 16a 1 1934 10b5 1 10b5 1 408 | |
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 |
Note 2 - Business Combination (
Note 2 - Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | June 1, 2024 As Recorded by FCB Estimated Fair Value Adjustments Estimated Fair Values as Recorded by NBI Purchase Price Consideration: Stock consideration (1) $ 14,299 Cash consideration (2) 2,050 Total purchase price consideration $ 16,349 Identifiable assets: Cash and cash equivalents $ 8,993 $ (59 ) $ 8,934 Securities 9,325 (5 ) 9,320 Loans, gross, purchased performing 115,589 (7,720 ) 107,869 Loans, gross, purchased credit deteriorated 11,157 (822 ) 10,335 Loans in process 539 - 539 Deferred fees and costs on loans 34 (34 ) - Allowance for credit losses on loans (881 ) 881 - Premises and equipment 3,003 449 3,452 Core deposit intangible - 2,100 2,100 Other assets 4,998 966 5,964 Total identifiable assets acquired $ 152,757 $ (4,244 ) $ 148,513 Identifiable Liabilities Deposits 130,323 (606 ) $ 129,717 Borrowings 5,250 (20 ) 5,230 Other liabilities 1,960 131 2,091 Total identifiable liabilities assumed $ 137,533 $ (495 ) $ 137,038 Provisional fair value of net assets acquired $ 11,475 Provisional goodwill $ 4,874 June 1, 2024 PCD Loans Non-PCD Loans Number of loans 46 498 FCB recorded value $ 11,157 $ 115,589 Discount for credit risk (295 ) (498 ) Discount for non-credit factors (527 ) (7,222 ) Fair value $ 10,335 $ 107,869 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2024 December 31, 2023 Real estate construction $ 81,355 $ 55,379 Consumer real estate 299,310 241,564 Commercial real estate 454,978 419,130 Commercial non real estate 52,297 41,555 Public sector and IDA 59,043 60,551 Consumer non real estate 42,915 38,996 Gross loans $ 989,898 $ 857,175 Less unearned income and deferred fees and costs (531 ) (529 ) Loans, net of unearned income and deferred fees and costs $ 989,367 $ 856,646 Allowance for credit losses on loans (10,502 ) (9,094 ) Total loans, net $ 978,865 $ 847,552 |
Financing Receivable, Past Due [Table Text Block] | June 30, 2024 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 $ 22,801 $ 140 $ - $ - $ 22,941 $ - Construction, other 58,264 150 - - 58,414 - Consumer Real Estate Equity line 21,751 6 - - 21,757 - Residential closed-end first liens 164,517 353 118 - 164,988 118 Residential closed-end junior liens 6,582 11 - - 6,593 - Investor-owned residential real estate 105,716 256 - - 105,972 - Commercial Real Estate Multifamily residential real estate 120,601 190 - - 120,791 - Commercial real estate owner-occupied 135,121 720 - 2,307 138,148 220 Commercial real estate, other 196,039 - - - 196,039 - Commercial Non Real Estate Commercial and industrial 51,852 199 46 200 52,297 46 Public Sector and IDA States and political subdivisions 59,043 - - - 59,043 - Consumer Non Real Estate Credit cards 4,763 2 - - 4,765 - Automobile 13,482 264 13 - 13,759 13 Other consumer loans 24,170 164 57 - 24,391 57 Total $ 984,702 $ 2,455 $ 234 $ 2,507 $ 989,898 $ 454 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 June 30, 2024 December 31, 2023 With No Allowance With an Allowance Total With No Allowance With an Allowance Total Commercial Real Estate Commercial real estate owner-occupied $ 2,087 $ 220 $ 2,307 $ 2,177 $ 231 $ 2,408 Commercial Non Real Estate Commercial and industrial - 200 200 - 221 221 Total $ 2,087 $ 420 $ 2,507 $ 2,177 $ 452 $ 2,629 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Activity in the ACLL for the Six Months Ended June 30, 2024 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, 2023 $ 408 $ 3,162 $ 3,576 $ 682 $ 333 $ 583 $ 350 $ 9,094 Charge-offs - - - (20 ) - (157 ) - (177 ) Recoveries - - 29 3 - 71 - 103 Provision for (recovery of) credit losses 131 376 594 79 (10 ) 87 50 1,307 Merger adjustment (1) 10 97 55 4 - 9 - 175 Balance, June 30, 2024 $ 549 $ 3,635 $ 4,254 $ 748 $ 323 $ 593 $ 400 $ 10,502 Activity in the ACLL for the Six Months Ended June 30, 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 ) - (11 ) - (132 ) - (160 ) Recoveries - 102 25 3 - 77 - 207 Provision for (recovery of) credit losses 47 (180 ) (26 ) 78 (3 ) 70 26 12 Balance, June 30, 2023 $ 476 $ 3,365 $ 4,341 $ 1,216 $ 301 $ 593 $ 334 $ 10,626 Activity in the ACLL 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 Provision for (recovery of) 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 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | ACLL by Segment and Evaluation Method June 30, 2024 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 $ - $ 114 $ 391 $ 117 $ - $ 22 $ - $ 644 Collectively evaluated 549 3,521 3,863 631 323 571 400 9,858 Total $ 549 $ 3,635 $ 4,254 $ 748 $ 323 $ 593 $ 400 $ 10,502 ACLL by Segment and Evaluation Method 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 June 30, 2024 Real Estate Construction Consumer Real Estate Commercial Real Estate Commercial Non Real Estate Public Sector and IDA Consumer Non Real Estate Total Individually evaluated $ 276 $ 2,259 $ 10,452 $ 305 $ - $ 179 $ 13,471 Collectively evaluated 81,079 297,051 444,526 51,992 59,043 42,736 976,427 Total $ 81,355 $ 299,310 $ 454,978 $ 52,297 $ 59,043 $ 42,915 $ 989,898 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 |
Financing Receivable, Collateral Dependent Loan [Table Text Block] | June 30, 2024 December 31, 2023 Balance Related Allowance Balance Related Allowance Consumer Real Estate Residential closed-end first lien $ 84 $ - $ 7 $ - Commercial Real Estate Commercial real estate, owner occupied 2,087 - 2,177 - Commercial real estate, other 883 - - - Total Loans $ 3,054 $ - $ 2,184 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans Amortized Cost Basis by Origination Year Revolving Loans June 30, 2024 Prior 2020 2021 2022 2023 2024 Revolving Converted to Term Total Construction, residential Pass $ 177 $ 62 $ 269 $ 1,625 $ 6,504 $ 1,105 $ 13,199 $ - $ 22,941 Construction, other Pass $ 4,080 $ 1,141 $ 7,929 $ 26,139 $ 5,663 $ 6,964 $ 6,222 $ - $ 58,138 Classified - - 276 - - - - - 276 Total $ 4,080 $ 1,141 $ 8,205 $ 26,139 $ 5,663 $ 6,964 $ 6,222 $ - $ 58,414 Equity lines Pass $ 554 $ 329 $ 429 $ 528 $ 938 $ 171 $ 18,763 $ 45 $ 21,757 Residential closed-end first liens Pass $ 42,736 $ 18,555 $ 35,607 $ 36,891 $ 17,900 $ 12,087 $ - $ 268 $ 164,044 Special Mention 370 - - - - - - - 370 Classified 574 - - - - - - - 574 Total $ 43,680 $ 18,555 $ 35,607 $ 36,891 $ 17,900 $ 12,087 $ - $ 268 $ 164,988 Residential closed-end junior liens Pass $ 1,679 $ - $ 290 $ 2,081 $ 1,652 $ 891 $ - $ - $ 6,593 Investor-owned residential real estate Pass $ 30,684 $ 23,613 $ 19,627 $ 16,561 $ 8,638 $ 2,775 $ 2,800 $ - $ 104,698 Special Mention - - - 142 166 - - - 308 Classified 759 - 168 39 - - - - 966 Total $ 31,443 $ 23,613 $ 19,795 $ 16,742 $ 8,804 $ 2,775 $ 2,800 $ - $ 105,972 Multifamily residential real estate Pass $ 40,686 $ 2,114 $ 40,445 $ 28,096 $ 8,866 $ 442 $ 142 $ - $ 120,791 Commercial real estate, owner occupied Pass $ 55,824 $ 25,096 $ 7,778 $ 23,749 $ 10,695 $ 1,377 $ 4,064 $ 85 $ 128,668 Special mention 6,396 - - - - - - - 6,396 Classified 2,307 759 - - - - 18 - 3,084 Total $ 64,527 $ 25,855 $ 7,778 $ 23,749 $ 10,695 $ 1,377 $ 4,082 $ 85 $ 138,148 Commercial real estate, other Pass $ 93,009 $ 18,641 $ 38,340 $ 24,225 $ 17,239 $ 2,118 $ 1,771 $ - $ 195,343 Special Mention 696 - - - - - - - 696 Total $ 93,705 $ 18,641 $ 38,340 $ 24,225 $ 17,239 $ 2,118 $ 1,771 $ - $ 196,039 Commercial and industrial Pass $ 6,673 $ 2,412 $ 12,702 $ 6,415 $ 7,282 $ 4,292 $ 12,218 $ - $ 51,994 Special Mention - - - - - - 96 - 96 Classified 200 - - 7 - - - - 207 Total $ 6,873 $ 2,412 $ 12,702 $ 6,422 $ 7,282 $ 4,292 $ 12,314 $ - $ 52,297 YTD gross charge-offs $ 20 $ 20 Public sector and IDA Pass $ 20,062 $ 227 $ 26,162 $ 6,130 $ 6,462 $ - $ - $ - $ 59,043 Credit cards Pass $ - $ - $ - $ - $ - $ - $ 4,765 $ - $ 4,765 YTD gross charge-offs $ - $ - $ - $ - $ - $ - $ 33 $ - $ 33 Automobile Pass $ 111 $ 404 $ 1,139 $ 2,181 $ 5,946 $ 3,894 $ - $ - $ 13,675 Special Mention - - - - 4 - - - 4 Classified - - - - 69 11 - - 80 Total $ 111 $ 404 $ 1,139 $ 2,181 $ 6,019 $ 3,905 $ - $ - $ 13,759 Other consumer Pass $ 322 $ 594 $ 1,318 $ 3,530 $ 8,901 $ 8,930 $ 698 $ - $ 24,293 Special Mention - - 2 - 13 11 - - 26 Classified - - 49 - 23 - - - 72 Total $ 322 $ 594 $ 1,369 $ 3,530 $ 8,937 $ 8,941 $ 698 $ - $ 24,391 YTD gross charge-offs $ - $ 4 $ 9 $ 17 $ 51 $ 43 $ - $ - $ 124 Total Loans Pass $ 296,597 $ 93,188 $ 192,035 $ 178,151 $ 106,686 $ 45,046 $ 64,642 $ 398 $ 976,743 Special Mention 7,462 - 2 142 183 11 96 - 7,896 Classified 3,840 759 493 46 92 11 18 - 5,259 Total $ 307,899 $ 93,947 $ 192,530 $ 178,339 $ 106,961 $ 45,068 $ 64,756 $ 398 $ 989,898 YTD gross charge-offs $ - $ 4 $ 9 $ 17 $ 51 $ 43 $ 53 $ - $ 177 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 |
Financing Receivable, Modified [Table Text Block] | June 30, 2024 Amortized Cost Basis % of Class Type of Modification Financial Effect Commercial Real Estate Commercial real estate owner-occupied $ 6,396 5.57 % Interest only payments 6 months of interest only payments, re-amortization of the balance to contractual maturity. Commercial Non real estate Commercial and industrial $ 7 0.01 % Term extension Renewal of single-payment note for an additional 3 months. June 30, 2023 Amortized Cost Basis % of Class Type of Modification Financial Effect Commercial Real Estate Commercial real estate owner-occupied $ 6,396 5.40 % Interest only payments 6 months of interest only payments, re-amortization of the balance to contractual maturity. |
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, 2023 $ 259 Recovery of credit losses (15 ) FCB acquisition 7 Balance, June 30, 2024 $ 251 Allowance for Credit Losses on Unfunded Commitments Balance, December 31, 2022 $ 35 Adoption of ASU 2016-13 207 Recovery of credit losses (9 ) Balance, June 30, 2023 $ 233 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government agencies and corporations $ 353,018 $ - $ 44,205 $ 308,813 States and political subdivisions 178,435 - 32,433 146,002 Mortgage-backed securities 149,839 27 6,120 143,746 Corporate debt securities 6,506 - 849 5,657 U.S. treasury 998 - 20 978 Total securities available for sale $ 688,796 $ 27 $ 83,627 $ 605,196 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | June 30, 2024 Amortized Cost Fair Value Available for Sale: Due in one year or less $ 20,010 $ 19,618 Due after one year through five years 187,697 172,569 Due after five years through ten years 268,663 227,654 Due after ten years 212,426 185,355 Total securities available for sale $ 688,796 $ 605,196 |
Gain (Loss) on Securities [Table Text Block] | June 30, 2024 Less Than 12 Months 12 Months or More Fair Gross Unrealized Fair Gross Unrealized U.S. government agencies and corporations $ - $ - $ 308,813 $ 44,205 State and political subdivisions 882 120 145,120 32,313 Mortgage-backed securities 520 1 121,951 6,119 Corporate debt securities - - 5,657 849 U.S. treasury - - 978 20 Total temporarily impaired securities $ 1,402 $ 121 $ 582,519 $ 83,506 December 31, 2023 Less Than 12 Months 12 Months or More Fair Gross Unrealized Fair Gross 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 |
Note 5 - Defined Benefit Plan (
Note 5 - Defined Benefit Plan (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Pension Benefits Three Months Ended June 30, 2024 2023 Service cost $ 261 $ 203 Interest cost 302 273 Expected return on plan assets (608 ) (518 ) Amortization of prior service cost - - Recognized net actuarial loss 33 17 Net periodic benefit income $ (12 ) $ (25 ) Pension Benefits Six Months Ended June 30, 2024 2023 Service cost $ 522 $ 406 Interest cost 604 546 Expected return on plan assets (1,216 ) (1,036 ) Amortization of prior service cost - - Recognized net actuarial loss 66 34 Net periodic benefit income $ (24 ) $ (50 ) |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement Using June 30, 2024 Balance Level 1 Level 2 Level 3 U.S. government agencies and corporations $ 308,813 $ - $ 308,813 $ - States and political subdivisions 146,002 - 146,002 - Mortgage-backed securities 143,746 - 143,746 - Corporate debt securities 5,657 - 5,657 - U.S. treasury 978 - 978 - Total securities available for sale $ 605,196 $ - $ 605,196 $ - 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 June 30, 2024 Balance (Level 1) (Level 2) (Level 3) Interest rate loan contract $ 1 $ - $ - $ 1 Forward sale commitment $ (2 ) $ - $ - $ (2 ) June 30, 2024 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 101.21% (3) Forward sale commitment Market approach Current reference price 100.08% - 102.00% (101.12%) (2) 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% (3) Forward sale commitment Market approach Current reference price 101.60% - 102.64% (101.98%) (2) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Estimated Fair Value June 30, 2024 Carrying Amount Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 14,908 $ 14,908 $ - $ - Federal funds sold 3,499 3,499 Interest-bearing deposits 80,477 80,477 - - Securities available for sale 605,196 - 605,196 - Restricted stock, at cost 1,752 - 1,752 - Mortgage loans held for sale 125 - 125 - Loans, net 978,865 - - 919,403 Accrued interest receivable 6,615 - 6,615 - Bank-owned life insurance 46,775 - 46,775 - Interest rate loan contract 1 - - 1 Financial liabilities: Deposits $ 1,645,052 $ - $ 1,340,993 $ 303,497 Accrued interest payable 2,525 - 2,525 - Forward sale commitment 2 - - 2 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 |
Note 7 - Components of Accumu_2
Note 7 - Components of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net Unrealized Loss on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Loss Balance at March 31, 2023 $ (69,692 ) $ (2,345 ) $ (72,037 ) Unrealized holding loss on available for sale securities, net of tax of ($ 1,289 (4,848 ) - (4,848 ) Reclassification adjustment, net of tax of $ 702 2,642 - 2,642 Balance at June 30, 2023 $ (71,898 ) $ (2,345 ) $ (74,243 ) Balance at March 31, 2024 $ (65,894 ) $ (2,310 ) $ (68,204 ) Unrealized holding loss on available for sale securities, net of tax of ($ 40 (150 ) - (150 ) Balance at June 30, 2024 $ (66,044 ) $ (2,310 ) $ (68,354 ) Net Unrealized Loss on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Loss Balance at December 31, 2022 $ (81,421 ) $ (2,345 ) $ (83,766 ) Unrealized holding gain on available for sale securities, net of tax of $ 1,831 6,891 - 6,891 Reclassification adjustment, net of tax of $ 700 2,632 - 2,632 Balance at June 30, 2023 $ (71,898 ) $ (2,345 ) $ (74,243 ) Balance at December 31, 2023 $ (62,556 ) $ (2,310 ) $ (64,866 ) Unrealized holding loss on available for sale securities, net of tax of ($ 927 (3,488 ) - (3,488 ) Balance at June 30, 2024 $ (66,044 ) $ (2,310 ) $ (68,354 ) |
Note 8 - Revenue Recognition (T
Note 8 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Noninterest Income 2024 2023 In-scope of Topic 606: Service charges on deposit accounts $ 722 $ 637 Other service charges and fees 48 49 Credit and debit card fees, net 423 414 Trust income 513 481 Insurance and Investment (included within Other Income in the Consolidated Statements of Income) 126 112 Noninterest Income (in-scope of Topic 606) $ 1,832 $ 1,693 Noninterest Income (out-of-scope of Topic 606) 414 1,098 Total noninterest income $ 2,246 $ 2,791 Six Months Ended June 30, Noninterest Income 2024 2023 In-scope of Topic 606: Service charges on deposit accounts $ 1,397 $ 1,229 Other service charges and fees 94 102 Credit and debit card fees, net 797 881 Trust income 1,016 926 Insurance and Investment (included within Other Income in the Consolidated Statements of Income) 432 397 Noninterest Income (in-scope of Topic 606) $ 3,736 $ 3,535 Noninterest Income (out-of-scope of Topic 606) 709 1,455 Total noninterest income $ 4,445 $ 4,990 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 30, 2024 December 31, 2023 Lease liability $ 1,506 $ 1,127 Right-of-use asset $ 1,476 $ 1,096 Weighted average remaining lease term (in years) 5.03 4.39 Weighted average discount rate 3.84 % 3.29 % For the Three Months Ended June 30, Lease Expense 2024 2023 Operating lease expense $ 99 $ 92 Short-term lease expense 6 - Total lease expense $ 105 $ 92 Cash paid for amounts included in lease liabilities $ 104 $ 92 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ 548 $ - For the Six Months Ended June 30, Lease Expense 2024 2023 Operating lease expense $ 188 $ 184 Short-term lease expense 11 1 Total lease expense $ 199 $ 185 Cash paid for amounts included in lease liabilities $ 199 $ 186 Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period $ 548 $ - |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Undiscounted Cash Flow for the Period As of June 30, 2024 Twelve months ending June 30, 2025 $ 420 Twelve months ending June 30, 2026 322 Twelve months ending June 30, 2027 286 Twelve months ending June 30, 2028 272 Twelve months ending June 30, 2029 194 Thereafter 173 Total undiscounted cash flows $ 1,667 Less: discount (161 ) Lease liability $ 1,506 |
Note 10 - Stock Based Compens_2
Note 10 - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2024 4,095 $ 30.73 Granted 2,796 30.00 Vested and released (2,052 ) 30.70 Nonvested at June 30, 2024 4,839 $ 30.32 |
Note 11 - Net (Loss) Income P_2
Note 11 - Net (Loss) Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, 2024 2023 Net Loss (Numerator) Common Shares 1 (Denominator) Per Share Net Income (Numerator) Common Shares 1 (Denominator) Per Share Basic net (loss) income per common share $ (306 ) 6,028,220 $ (0.05 ) $ 3,901 5,889,687 $ 0.66 Dilutive shares for restricted stock awards: - 361 Diluted net (loss) income per common share $ (306 ) 6,028,220 $ (0.05 ) $ 3,901 5,890,048 $ 0.66 For the Six Months Ended June 30, 2024 2023 Net Income (Numerator) Common Shares 1 (Denominator) Per Share Net Income (Numerator) Common Shares 1 (Denominator) Per Share Basic net income per common share $ 1,868 5,958,953 $ 0.31 $ 8,432 5,889,687 $ 1.43 Dilutive shares for restricted stock awards: 2,084 181 Diluted net income per common share $ 1,868 5,961,037 $ 0.31 $ 8,432 5,889,868 $ 1.43 |
Note 12 - Goodwill and Other _2
Note 12 - Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Carrying Amount Additions Measurement Period Adjustment Accumulated Amortization Net Carrying Amount Goodwill $ 5,848 $ 4,874 $ 11 $ - $ 10,733 Core deposit intangible $ - $ 2,100 $ - $ (35 ) $ 2,065 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense 2024 $ 202 2025 373 2026 331 2027 290 2028 248 Thereafter 621 Total amortizing core deposit intangible $ 2,065 |
Note 2 - Business Combination_2
Note 2 - Business Combination (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2024 | May 31, 2024 |
Share Price (in dollars per share) | $ 30.76 | |
Frontier Community Bank [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 464,855 | |
Business Acquisition, Share Price (in dollars per share) | $ 30.76 | |
Business Acquisition, Cash Payment, Maximum Percentage of Consideration (in dollars per share) | $ 10 | |
Payment for Shareholder Elections and Fractional Shares | $ 1,769 | |
Business Acquisition, Outstanding and Vested Options Settlement Payment | $ 281 | |
Frontier Community Bank [Member] | FCB Common Share [Member] | ||
Business Acquisition, Share Price for Cash Payment of Fractional Shares and Option Settlement (in dollars per share) | $ 14.48 |
Note 2 - Business Combination -
Note 2 - Business Combination - Schedule of Business Acquisitions (Details) $ in Thousands | Jun. 01, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Goodwill, net | $ 10,733 | $ 5,848 | ||
Frontier Community Bank [Member] | ||||
Stock consideration(1) | [1] | $ 14,299 | ||
Cash consideration (2) | [2] | 2,050 | ||
Total purchase price consideration | 16,349 | |||
Cash and cash equivalents | 8,934 | |||
Securities | 9,320 | |||
Deferred fees and costs on loans | 0 | |||
Allowance for credit losses on loans | 0 | |||
Premises and equipment | 3,452 | |||
Core deposit intangible | 2,100 | |||
Other assets | 5,964 | |||
Total identifiable assets acquired | 148,513 | |||
Deposits | 129,717 | |||
Borrowings | 5,230 | |||
Other liabilities | 2,091 | |||
Total identifiable liabilities assumed | 137,038 | |||
Provisional fair value of net assets acquired | 11,475 | |||
Goodwill, net | 4,874 | |||
Frontier Community Bank [Member] | Loans in Process [Member] | ||||
Loans, gross | 539 | |||
Frontier Community Bank [Member] | Performing Financial Instruments [Member] | ||||
Loans, gross | 107,869 | |||
Frontier Community Bank [Member] | Reported by FCB [Member] | ||||
Cash and cash equivalents | 8,993 | |||
Securities | 9,325 | |||
Deferred fees and costs on loans | 34 | |||
Allowance for credit losses on loans | (881) | |||
Premises and equipment | 3,003 | |||
Core deposit intangible | 0 | |||
Other assets | 4,998 | |||
Total identifiable assets acquired | 152,757 | |||
Deposits | 130,323 | |||
Borrowings | 5,250 | |||
Other liabilities | 1,960 | |||
Total identifiable liabilities assumed | 137,533 | |||
Frontier Community Bank [Member] | Reported by FCB [Member] | Loans in Process [Member] | ||||
Loans, gross | 539 | |||
Frontier Community Bank [Member] | Reported by FCB [Member] | Performing Financial Instruments [Member] | ||||
Loans, gross | 115,589 | |||
Frontier Community Bank [Member] | Scenario, Adjustment [Member] | ||||
Cash and cash equivalents | (59) | |||
Securities | (5) | |||
Deferred fees and costs on loans | (34) | |||
Allowance for credit losses on loans | 881 | |||
Premises and equipment | 449 | |||
Core deposit intangible | 2,100 | |||
Other assets | 966 | |||
Total identifiable assets acquired | (4,244) | |||
Deposits | (606) | |||
Borrowings | (20) | |||
Other liabilities | 131 | |||
Total identifiable liabilities assumed | (495) | |||
Frontier Community Bank [Member] | Scenario, Adjustment [Member] | Loans in Process [Member] | ||||
Loans, gross | 0 | |||
Frontier Community Bank [Member] | Scenario, Adjustment [Member] | Performing Financial Instruments [Member] | ||||
Loans, gross | (7,720) | |||
Frontier Community Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||
Loans, gross | $ 10,335 | |||
Number of loans | 46 | |||
Discount for credit risk | $ (295) | |||
Discount for non-credit factors | (527) | |||
Frontier Community Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Reported by FCB [Member] | ||||
Loans, gross | 11,157 | |||
Frontier Community Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Scenario, Adjustment [Member] | ||||
Loans, gross | (822) | |||
Frontier Community Bank [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans, gross | $ 107,869 | |||
Number of loans | 498 | |||
Discount for credit risk | $ (498) | |||
Discount for non-credit factors | (7,222) | |||
Frontier Community Bank [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | Reported by FCB [Member] | ||||
Loans, gross | $ 115,589 | |||
[1]The Company issued 464,855 shares of its common stock valued at $30.76 per share, which was the closing price of the Company’s common stock on May 31, 2024, the last day of trading prior to the consummation of the acquisition.[2]Cash consideration was paid for shareholder elections, fractional shares and to settle outstanding and vested stock options. The merger agreement provided for up to 10% of consideration to be paid in cash of $14.48 per FCB common share, at the shareholders’ election. Payments for shareholder elections and fractional shares totaled $1,769. Outstanding and vested options were settled at the difference between $14.48 and the strike price and totaled $281. |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Credit Losses (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 | Dec. 31, 2023 USD ($) | |
Financing Receivable, after Allowance for Credit Loss | $ 978,865 | $ 978,865 | $ 847,552 | ||
Financing Receivable, Accrued Interest, before Allowance for Credit Loss | $ 3,352 | $ 3,352 | 3,032 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Acquired Loans [Member] | |||||
Financing Receivable, after Allowance for Credit Loss | $ 8,255 | $ 8,255 | |||
Construction, 1-4 Family Residential [Member] | Real Estate Construction Portfolio Segment[Member] | |||||
Mortgage Loans in Process of Foreclosure, Amount | $ 123 | $ 123 | $ 7 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Credit Losses - Loan Portfolio, Excluding Loans Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Gross loans | $ 989,898 | $ 857,175 | ||
Less unearned income and deferred fees and costs | (531) | (529) | ||
Loans, net of unearned income and deferred fees and costs | 989,367 | 856,646 | ||
Allowance for credit losses on loans | (10,502) | (9,094) | $ (10,626) | $ (8,225) |
Total loans, net | 978,865 | 847,552 | ||
Real Estate Construction Portfolio Segment[Member] | ||||
Gross loans | 81,355 | 55,379 | ||
Allowance for credit losses on loans | (549) | (408) | (476) | (450) |
Consumer Real Estate Portfolio Segment [Member] | ||||
Gross loans | 299,310 | 241,564 | ||
Allowance for credit losses on loans | (3,635) | (3,162) | (3,365) | (2,199) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Gross loans | 454,978 | 419,130 | ||
Allowance for credit losses on loans | (4,254) | (3,576) | (4,341) | (3,642) |
Commercial Non Real Estate Segment [Member] | ||||
Gross loans | 52,297 | 41,555 | ||
Allowance for credit losses on loans | (748) | (682) | (1,216) | (930) |
Public Sector and IDA Portfolio Segment[Member] | ||||
Gross loans | 59,043 | 60,551 | ||
Allowance for credit losses on loans | (323) | (333) | (301) | (319) |
Consumer Non Real Estate Portfolio Segment [Member] | ||||
Gross loans | 42,915 | 38,996 | ||
Allowance for credit losses on loans | $ (593) | $ (583) | $ (593) | $ (506) |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Credit Losses - Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Loans, gross | $ 989,898 | $ 857,175 | |
Loans 90 or more days past due and accruing | 234 | 188 | |
Nonaccruals | 2,507 | 2,629 | |
Nonaccruals, no allowance | 2,087 | 2,177 | |
Nonaccruals, with allowance | 420 | 452 | |
Financial Asset, Not Past Due [Member] | |||
Loans, gross | 984,702 | 852,712 | |
Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 2,455 | 1,646 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 454 | 419 | |
Real Estate Construction Portfolio Segment[Member] | |||
Loans, gross | 81,355 | 55,379 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | |||
Loans, gross | 22,941 | 13,442 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 22,801 | 13,442 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 140 | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, 1-4 Family Residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | |||
Loans, gross | 58,414 | 41,937 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 58,264 | 41,916 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 150 | 21 |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Real Estate Construction Portfolio Segment[Member] | Equity Lines [Member] | |||
Loans, gross | 17,282 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Loans, gross | 454,978 | 419,130 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Loans, gross | 138,148 | 117,221 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 2,307 | 2,408 | |
Nonaccruals, no allowance | 2,087 | 2,177 | |
Nonaccruals, with allowance | 220 | 231 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 135,121 | 114,477 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 720 | 336 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 220 | 231 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | |||
Loans, gross | 120,791 | 119,247 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 120,601 | 119,052 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 190 | 195 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||
Loans, gross | 196,039 | 182,662 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 196,039 | 182,662 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Commercial Non Real Estate Segment [Member] | |||
Loans, gross | 52,297 | 41,555 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | |||
Loans, gross | 52,297 | 41,555 | |
Loans 90 or more days past due and accruing | 46 | 28 | |
Nonaccruals | 200 | 221 | |
Nonaccruals, no allowance | 0 | 0 | |
Nonaccruals, with allowance | 200 | 221 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 51,852 | 41,249 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 199 | 57 |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 46 | 28 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Loans, gross | 299,310 | 241,564 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | |||
Loans, gross | 21,757 | 17,282 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 21,751 | 17,178 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 6 | 104 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | |||
Loans, gross | 164,988 | 125,679 | |
Loans 90 or more days past due and accruing | 118 | 131 | |
Nonaccruals | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 164,517 | 124,886 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 353 | 662 |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 118 | 131 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | |||
Loans, gross | 6,593 | 5,039 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 6,582 | 5,027 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 11 | 12 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | |||
Loans, gross | 105,972 | 93,564 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 105,716 | 93,564 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 256 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 0 | |
Public Sector and IDA Portfolio Segment[Member] | |||
Loans, gross | 59,043 | 60,551 | |
Loans 90 or more days past due and accruing | 0 | 0 | |
Nonaccruals | 0 | 0 | |
Public Sector and IDA Portfolio Segment[Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 59,043 | 60,551 | |
Public Sector and IDA Portfolio Segment[Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | 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 | |
Consumer Non Real Estate Portfolio Segment [Member] | |||
Loans, gross | 42,915 | 38,996 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Loans, gross | 4,765 | 4,668 | |
Loans 90 or more days past due and accruing | 0 | 3 | |
Nonaccruals | 0 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 4,763 | 4,648 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 2 | 17 |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 0 | 3 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | |||
Loans, gross | 13,759 | 12,261 | |
Loans 90 or more days past due and accruing | 13 | 0 | |
Nonaccruals | 0 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 13,482 | 12,126 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 264 | 135 |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | 13 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans, gross | 24,391 | 22,067 | |
Loans 90 or more days past due and accruing | 57 | 26 | |
Nonaccruals | 0 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans, gross | 24,170 | 21,934 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | |||
Loans, gross | [1] | 164 | 107 |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans, gross | $ 57 | $ 26 | |
[1]Includes accruing and nonaccrual loans past due 90 days or more. |
Note 2 - Loans and Allowance fo
Note 2 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Balance | $ 9,094 | $ 8,225 | $ 8,225 | |
Charge-offs | (177) | (160) | (478) | |
Recoveries | 103 | 207 | 283 | |
Recovery of credit losses | 1,307 | 12 | (1,278) | |
Merger adjustment(1) | [1] | 175 | ||
Balance | 10,502 | 10,626 | 9,094 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | 2,342 | 2,342 | ||
Real Estate Construction Portfolio Segment[Member] | ||||
Balance | 408 | 450 | 450 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Recovery of credit losses | 131 | 47 | (21) | |
Merger adjustment(1) | [1] | 10 | ||
Balance | 549 | 476 | 408 | |
Real Estate Construction Portfolio Segment[Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (21) | (21) | ||
Consumer Real Estate Portfolio Segment [Member] | ||||
Balance | 3,162 | 2,199 | 2,199 | |
Charge-offs | 0 | (17) | (17) | |
Recoveries | 0 | 102 | 103 | |
Recovery of credit losses | 376 | (180) | (384) | |
Merger adjustment(1) | [1] | 97 | ||
Balance | 3,635 | 3,365 | 3,162 | |
Consumer Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | 1,261 | 1,261 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 3,576 | 3,642 | 3,642 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 29 | 25 | 45 | |
Recovery of credit losses | 594 | (26) | (811) | |
Merger adjustment(1) | [1] | 55 | ||
Balance | 4,254 | 4,341 | 3,576 | |
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | 700 | 700 | ||
Commercial Non Real Estate Segment [Member] | ||||
Balance | 682 | 930 | 930 | |
Charge-offs | (20) | (11) | (214) | |
Recoveries | 3 | 3 | 6 | |
Recovery of credit losses | 79 | 78 | (256) | |
Merger adjustment(1) | [1] | 4 | ||
Balance | 748 | 1,216 | 682 | |
Commercial Non Real Estate Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | 216 | 216 | ||
Public Sector and IDA Portfolio Segment[Member] | ||||
Balance | 333 | 319 | 319 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Recovery of credit losses | (10) | (3) | 29 | |
Merger adjustment(1) | [1] | 0 | ||
Balance | 323 | 301 | 333 | |
Public Sector and IDA Portfolio Segment[Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | (15) | (15) | ||
Consumer Non Real Estate Portfolio Segment [Member] | ||||
Balance | 583 | 506 | 506 | |
Charge-offs | (157) | (132) | (247) | |
Recoveries | 71 | 77 | 129 | |
Recovery of credit losses | 87 | 70 | 123 | |
Merger adjustment(1) | [1] | 9 | ||
Balance | 593 | 593 | 583 | |
Consumer Non Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | 72 | 72 | ||
Unallocated Financing Receivables [Member] | ||||
Balance | 350 | 179 | 179 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Recovery of credit losses | 50 | 26 | 42 | |
Merger adjustment(1) | [1] | 0 | ||
Balance | $ 400 | 334 | 350 | |
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Balance | $ 129 | $ 129 | ||
[1]Adjustment for PCD acquired loans. |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Credit Losses - Loans and Allowance for Loan Losses by Evaluation Method (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for loan losses | $ 10,502 | $ 9,094 | $ 10,626 | $ 8,225 |
Loans, individually evaluated | 13,471 | 10,544 | ||
Loans, collectively evaluated | 976,427 | 846,631 | ||
Loans | 989,898 | 857,175 | ||
Individually Evaluated [Member] | ||||
Allowance for loan losses | 644 | 572 | ||
Collectively Evaluated [Member] | ||||
Allowance for loan losses | 9,858 | 8,522 | ||
Real Estate Construction Portfolio Segment[Member] | ||||
Allowance for loan losses | 549 | 408 | 476 | 450 |
Loans, individually evaluated | 276 | 286 | ||
Loans, collectively evaluated | 81,079 | 55,093 | ||
Loans | 81,355 | 55,379 | ||
Real Estate Construction Portfolio Segment[Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 0 | 0 | ||
Real Estate Construction Portfolio Segment[Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | 549 | 408 | ||
Consumer Real Estate Portfolio Segment [Member] | ||||
Allowance for loan losses | 3,635 | 3,162 | 3,365 | 2,199 |
Loans, individually evaluated | 2,259 | 1,183 | ||
Loans, collectively evaluated | 297,051 | 240,381 | ||
Loans | 299,310 | 241,564 | ||
Consumer Real Estate Portfolio Segment [Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 114 | 74 | ||
Consumer Real Estate Portfolio Segment [Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | 3,521 | 3,088 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for loan losses | 4,254 | 3,576 | 4,341 | 3,642 |
Loans, individually evaluated | 10,452 | 8,805 | ||
Loans, collectively evaluated | 444,526 | 410,325 | ||
Loans | 454,978 | 419,130 | ||
Commercial Real Estate Portfolio Segment [Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 391 | 367 | ||
Commercial Real Estate Portfolio Segment [Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | 3,863 | 3,209 | ||
Commercial Non Real Estate Segment [Member] | ||||
Allowance for loan losses | 748 | 682 | 1,216 | 930 |
Loans, individually evaluated | 305 | 227 | ||
Loans, collectively evaluated | 51,992 | 41,328 | ||
Loans | 52,297 | 41,555 | ||
Commercial Non Real Estate Segment [Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 117 | 126 | ||
Commercial Non Real Estate Segment [Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | 631 | 556 | ||
Public Sector and IDA Portfolio Segment[Member] | ||||
Allowance for loan losses | 323 | 333 | 301 | 319 |
Loans, individually evaluated | 0 | 0 | ||
Loans, collectively evaluated | 59,043 | 60,551 | ||
Loans | 59,043 | 60,551 | ||
Public Sector and IDA Portfolio Segment[Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 0 | 0 | ||
Public Sector and IDA Portfolio Segment[Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | 323 | 333 | ||
Consumer Non Real Estate Portfolio Segment [Member] | ||||
Allowance for loan losses | 593 | 583 | 593 | 506 |
Loans, individually evaluated | 179 | 43 | ||
Loans, collectively evaluated | 42,736 | 38,953 | ||
Loans | 42,915 | 38,996 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 22 | 5 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | 571 | 578 | ||
Unallocated Financing Receivables [Member] | ||||
Allowance for loan losses | 400 | 350 | $ 334 | $ 179 |
Unallocated Financing Receivables [Member] | Individually Evaluated [Member] | ||||
Allowance for loan losses | 0 | 0 | ||
Unallocated Financing Receivables [Member] | Collectively Evaluated [Member] | ||||
Allowance for loan losses | $ 400 | $ 350 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Credit Losses - Details of the Collateral Dependent Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Total Loans | $ 989,367 | $ 856,646 | ||
Related allowance | 10,502 | 9,094 | $ 10,626 | $ 8,225 |
Collateral Pledged [Member] | ||||
Total Loans | 3,054 | 2,184 | ||
Related allowance | 0 | 0 | ||
Consumer Real Estate Portfolio Segment [Member] | ||||
Related allowance | 3,635 | 3,162 | 3,365 | 2,199 |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Collateral Pledged [Member] | ||||
Total Loans | 84 | 7 | ||
Related allowance | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Related allowance | 4,254 | 3,576 | $ 4,341 | $ 3,642 |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||||
Total Loans | 2,970 | |||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Collateral Pledged [Member] | ||||
Total Loans | 2,087 | 2,177 | ||
Related allowance | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Collateral Pledged [Member] | ||||
Total Loans | 883 | 0 | ||
Related allowance | $ 0 | $ 0 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Credit Losses - Loans by Credit Quality Indicators (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Originated more than five years prior | $ 307,899 | $ 248,956 | |
Originated five years prior | 93,947 | 47,892 | |
Originated four years prior | 192,530 | 87,156 | |
Originated three years prior | 178,339 | 188,187 | |
Originated two years prior | 106,961 | 152,982 | |
Originated current year | 45,068 | 90,857 | |
Revolving | 64,756 | 41,032 | |
Revolving loans converted to term | 398 | 113 | |
Gross loans | 989,898 | 857,175 | |
Originated five years prior, write offs | 4 | 15 | |
Originated three years prior, write offs | 17 | 20 | |
YTD gross charge-offs | 51 | 90 | |
Originated current year, write offs | 43 | 107 | |
Revolving, write offs | 53 | 229 | |
Revolving loans converted to term, write offs | 0 | 0 | |
Loans charged against the allowance for credit losses | 177 | $ 160 | 478 |
YTD gross charge-offs | 0 | ||
Originated four years prior, write offs | 9 | 17 | |
Pass [Member] | |||
Originated more than five years prior | 296,597 | 238,797 | |
Originated five years prior | 93,188 | 47,892 | |
Originated four years prior | 192,035 | 87,156 | |
Originated three years prior | 178,151 | 187,901 | |
Originated two years prior | 106,686 | 152,964 | |
Originated current year | 45,046 | 90,825 | |
Revolving | 64,642 | 40,983 | |
Revolving loans converted to term | 398 | 113 | |
Gross loans | 976,743 | 846,631 | |
Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 3,840 | 3,763 | |
Originated five years prior | 759 | 0 | |
Originated four years prior | 493 | 0 | |
Originated three years prior | 46 | 286 | |
Originated two years prior | 92 | 18 | |
Originated current year | 11 | 15 | |
Revolving | 18 | 49 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 5,259 | 4,131 | |
Special Mention [Member] | |||
Originated more than five years prior | 7,462 | 6,396 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 2 | 0 | |
Originated three years prior | 142 | 0 | |
Originated two years prior | 183 | 0 | |
Originated current year | 11 | 17 | |
Revolving | 96 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 7,896 | 6,413 | |
Real Estate Construction Portfolio Segment[Member] | |||
Gross loans | 81,355 | 55,379 | |
Loans charged against the allowance for credit losses | 0 | 0 | 0 |
Real Estate Construction Portfolio Segment[Member] | Construction Residential [Member] | Pass [Member] | |||
Originated more than five years prior | 177 | 0 | |
Originated five years prior | 62 | 0 | |
Originated four years prior | 269 | 246 | |
Originated three years prior | 1,625 | 158 | |
Originated two years prior | 6,504 | 3,275 | |
Originated current year | 1,105 | 5,157 | |
Revolving | 13,199 | 4,606 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 22,941 | 13,442 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | |||
Originated more than five years prior | 4,080 | 2,741 | |
Originated five years prior | 1,141 | 1,094 | |
Originated four years prior | 8,205 | 1,305 | |
Originated three years prior | 26,139 | 12,957 | |
Originated two years prior | 5,663 | 17,397 | |
Originated current year | 6,964 | 4,884 | |
Revolving | 6,222 | 1,559 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 58,414 | 41,937 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Pass [Member] | |||
Originated more than five years prior | 4,080 | 2,741 | |
Originated five years prior | 1,141 | 1,094 | |
Originated four years prior | 7,929 | 1,305 | |
Originated three years prior | 26,139 | 12,671 | |
Originated two years prior | 5,663 | 17,397 | |
Originated current year | 6,964 | 4,884 | |
Revolving | 6,222 | 1,559 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 58,138 | 41,651 | |
Real Estate Construction Portfolio Segment[Member] | Construction, Other [Member] | Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 0 | 0 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 276 | 0 | |
Originated three years prior | 0 | 286 | |
Originated two years prior | 0 | 0 | |
Originated current year | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 276 | 286 | |
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 | 299,310 | 241,564 | |
Loans charged against the allowance for credit losses | 0 | 17 | 17 |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | |||
Gross loans | 21,757 | 17,282 | |
Consumer Real Estate Portfolio Segment [Member] | Equity Lines [Member] | Pass [Member] | |||
Originated more than five years prior | 554 | 51 | |
Originated five years prior | 329 | 0 | |
Originated four years prior | 429 | 0 | |
Originated three years prior | 528 | 0 | |
Originated two years prior | 938 | 0 | |
Originated current year | 171 | 0 | |
Revolving | 18,763 | 17,182 | |
Revolving loans converted to term | 45 | 0 | |
Gross loans | 21,757 | 17,233 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | |||
Originated more than five years prior | 43,680 | 32,830 | |
Originated five years prior | 18,555 | 5,806 | |
Originated four years prior | 35,607 | 14,634 | |
Originated three years prior | 36,891 | 31,414 | |
Originated two years prior | 17,900 | 29,787 | |
Originated current year | 12,087 | ||
Revolving | 0 | 0 | |
Revolving loans converted to term | 268 | 0 | |
Gross loans | 164,988 | 125,679 | |
Originated five 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 | 0 | ||
Revolving loans converted to term, write offs | 0 | ||
Loans charged against the allowance for credit losses | 17 | ||
YTD gross charge-offs | 0 | ||
Originated four years prior, write offs | 17 | ||
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Pass [Member] | |||
Originated more than five years prior | 42,736 | 32,404 | |
Originated five years prior | 18,555 | 5,806 | |
Originated four years prior | 35,607 | 14,634 | |
Originated three years prior | 36,891 | 31,414 | |
Originated two years prior | 17,900 | 29,787 | |
Originated current year | 12,087 | 11,208 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 268 | 0 | |
Gross loans | 164,044 | 125,253 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 574 | 426 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated current year | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 574 | 426 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End First Liens [Member] | Special Mention [Member] | |||
Originated more than five years prior | 370 | ||
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 | 370 | ||
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | |||
Gross loans | 6,593 | 5,039 | |
Consumer Real Estate Portfolio Segment [Member] | Closed End Junior Liens [Member] | Pass [Member] | |||
Originated more than five years prior | 1,679 | 1,499 | |
Originated five years prior | 0 | 116 | |
Originated four years prior | 290 | 0 | |
Originated three years prior | 2,081 | 172 | |
Originated two years prior | 1,652 | 1,387 | |
Originated current year | 891 | 1,850 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 15 | |
Gross loans | 6,593 | 5,039 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | |||
Originated more than five years prior | 31,443 | 25,264 | |
Originated five years prior | 23,613 | 5,162 | |
Originated four years prior | 19,795 | 23,649 | |
Originated three years prior | 16,742 | 19,062 | |
Originated two years prior | 8,804 | 14,166 | |
Originated current year | 4,880 | ||
Revolving | 2,800 | 1,283 | |
Revolving loans converted to term | 0 | 98 | |
Gross loans | 105,972 | 93,564 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Pass [Member] | |||
Originated more than five years prior | 30,684 | 24,556 | |
Originated five years prior | 23,613 | 5,162 | |
Originated four years prior | 19,627 | 23,649 | |
Originated three years prior | 16,561 | 19,062 | |
Originated two years prior | 8,638 | 14,166 | |
Originated current year | 2,775 | 4,880 | |
Revolving | 2,800 | 1,283 | |
Revolving loans converted to term | 0 | 98 | |
Gross loans | 104,698 | 92,856 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [Member] | Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 759 | 708 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 168 | 0 | |
Originated three years prior | 39 | 0 | |
Originated two years prior | 0 | 0 | |
Originated current year | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 966 | 708 | |
Consumer Real Estate Portfolio Segment [Member] | Investor Owned Residential Real Estate [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 | 142 | ||
Originated two years prior | 166 | ||
Originated current year | 0 | ||
Revolving | 0 | ||
Revolving loans converted to term | 0 | ||
Gross loans | 308 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Gross loans | 454,978 | 419,130 | |
Loans charged against the allowance for credit losses | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | |||
Gross loans | 120,791 | 119,247 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Real Estate [Member] | Pass [Member] | |||
Originated more than five years prior | 40,686 | 40,092 | |
Originated five years prior | 2,114 | 1,806 | |
Originated four years prior | 40,445 | 2,148 | |
Originated three years prior | 28,096 | 40,544 | |
Originated two years prior | 8,866 | 25,681 | |
Originated current year | 442 | 8,850 | |
Revolving | 142 | 126 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 120,791 | 119,247 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | |||
Originated more than five years prior | 64,527 | 50,378 | |
Originated five years prior | 25,855 | 11,091 | |
Originated four years prior | 7,778 | 23,407 | |
Originated three years prior | 23,749 | 4,792 | |
Originated two years prior | 10,695 | 16,720 | |
Originated current year | 1,377 | 7,914 | |
Revolving | 4,082 | 2,919 | |
Revolving loans converted to term | 85 | 0 | |
Gross loans | 138,148 | 117,221 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Pass [Member] | |||
Originated more than five years prior | 55,824 | 41,573 | |
Originated five years prior | 25,096 | 11,091 | |
Originated four years prior | 7,778 | 23,407 | |
Originated three years prior | 23,749 | 4,792 | |
Originated two years prior | 10,695 | 16,720 | |
Originated current year | 1,377 | 7,914 | |
Revolving | 4,064 | 2,919 | |
Revolving loans converted to term | 85 | 0 | |
Gross loans | 128,668 | 108,416 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 2,307 | 2,409 | |
Originated five years prior | 759 | 0 | |
Originated four years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated current year | 0 | 0 | |
Revolving | 18 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 3,084 | 2,409 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Special Mention [Member] | |||
Originated more than five years prior | 6,396 | 6,396 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated current year | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 6,396 | 6,396 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | |||
Originated more than five years prior | 93,705 | ||
Originated five years prior | 18,641 | ||
Originated four years prior | 38,340 | ||
Originated three years prior | 24,225 | ||
Originated two years prior | 17,239 | ||
Originated current year | 2,118 | ||
Revolving | 1,771 | ||
Revolving loans converted to term | 0 | ||
Gross loans | 196,039 | 182,662 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Pass [Member] | |||
Originated more than five years prior | 93,009 | 68,889 | |
Originated five years prior | 18,641 | 21,841 | |
Originated four years prior | 38,340 | 19,098 | |
Originated three years prior | 24,225 | 36,157 | |
Originated two years prior | 17,239 | 22,697 | |
Originated current year | 2,118 | 13,279 | |
Revolving | 1,771 | 701 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 195,343 | 182,662 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Other [Member] | Special Mention [Member] | |||
Originated more than five years prior | 696 | ||
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 | 696 | ||
Commercial Non Real Estate Segment [Member] | |||
Gross loans | 52,297 | 41,555 | |
Loans charged against the allowance for credit losses | 20 | 11 | 214 |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | |||
Originated more than five years prior | 6,873 | 6,224 | |
Originated five years prior | 2,412 | 438 | |
Originated four years prior | 12,702 | 1,060 | |
Originated three years prior | 6,422 | 12,667 | |
Originated two years prior | 7,282 | 6,961 | |
Originated current year | 4,292 | 6,938 | |
Revolving | 12,314 | 7,267 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 52,297 | 41,555 | |
Originated five years prior, write offs | 12 | ||
Originated three years prior, write offs | 0 | ||
YTD gross charge-offs | 0 | ||
Originated current year, write offs | 12 | ||
Revolving, write offs | 20 | 190 | |
Revolving loans converted to term, write offs | 0 | ||
Loans charged against the allowance for credit losses | 20 | 214 | |
YTD gross charge-offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | |||
Originated more than five years prior | 6,673 | 6,004 | |
Originated five years prior | 2,412 | 438 | |
Originated four years prior | 12,702 | 1,060 | |
Originated three years prior | 6,415 | 12,667 | |
Originated two years prior | 7,282 | 6,954 | |
Originated current year | 4,292 | 6,938 | |
Revolving | 12,218 | 7,267 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 51,994 | 41,328 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 200 | 220 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated three years prior | 7 | 0 | |
Originated two years prior | 0 | 7 | |
Originated current year | 0 | 0 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 207 | 227 | |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [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 | 0 | ||
Revolving | 96 | ||
Revolving loans converted to term | 0 | ||
Gross loans | 96 | ||
Public Sector and IDA Portfolio Segment[Member] | |||
Gross loans | 59,043 | 60,551 | |
Loans charged against the allowance for credit losses | 0 | 0 | 0 |
Public Sector and IDA Portfolio Segment[Member] | Pass [Member] | |||
Originated more than five years prior | 20,062 | 20,817 | |
Originated five years prior | 227 | 0 | |
Originated four years prior | 26,162 | 235 | |
Originated three years prior | 6,130 | 26,702 | |
Originated two years prior | 6,462 | 6,335 | |
Originated current year | 0 | 6,462 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 59,043 | 60,551 | |
Consumer Non Real Estate Portfolio Segment [Member] | |||
Gross loans | 42,915 | 38,996 | |
Loans charged against the allowance for credit losses | 157 | $ 132 | 247 |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Gross loans | 4,765 | 4,668 | |
Originated five years prior, write offs | 0 | ||
Originated three years prior, write offs | 0 | 0 | |
YTD gross charge-offs | 0 | 0 | |
Originated current year, write offs | 0 | 0 | |
Revolving, write offs | 33 | 39 | |
Revolving loans converted to term, write offs | 0 | 0 | |
Loans charged against the allowance for credit losses | 33 | 39 | |
YTD gross charge-offs | 0 | 0 | |
Originated four years prior, write offs | 0 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Credit Card Receivable [Member] | Pass [Member] | |||
Originated more than five years prior | 0 | 0 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated current year | 0 | 0 | |
Revolving | 4,765 | 4,668 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 4,765 | 4,668 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | |||
Originated more than five years prior | 111 | ||
Originated five years prior | 404 | ||
Originated four years prior | 1,139 | ||
Originated three years prior | 2,181 | ||
Originated two years prior | 6,019 | ||
Originated current year | 3,905 | ||
Revolving | 0 | ||
Revolving loans converted to term | 0 | ||
Gross loans | 13,759 | 12,261 | |
Originated five years prior, write offs | 3 | ||
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 | ||
YTD gross charge-offs | 0 | ||
Originated four years prior, write offs | 0 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [Member] | Pass [Member] | |||
Originated more than five years prior | 111 | 78 | |
Originated five years prior | 404 | 204 | |
Originated four years prior | 1,139 | 563 | |
Originated three years prior | 2,181 | 1,619 | |
Originated two years prior | 5,946 | 2,750 | |
Originated current year | 3,894 | 7,047 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 13,675 | 12,261 | |
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [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 | 69 | ||
Originated current year | 11 | ||
Revolving | 0 | ||
Revolving loans converted to term | 0 | ||
Gross loans | 80 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Automobile Loan [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 | 4 | ||
Originated current year | 0 | ||
Revolving | 0 | ||
Revolving loans converted to term | 0 | ||
Gross loans | 4 | ||
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Originated more than five years prior | 322 | 93 | |
Originated five years prior | 594 | 334 | |
Originated four years prior | 1,369 | 811 | |
Originated three years prior | 3,530 | 1,943 | |
Originated two years prior | 8,937 | 5,826 | |
Originated current year | 8,941 | 12,388 | |
Revolving | 698 | 672 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 24,391 | 22,067 | |
Originated five years prior, write offs | 4 | 0 | |
Originated three years prior, write offs | 17 | 19 | |
YTD gross charge-offs | 51 | 52 | |
Originated current year, write offs | 43 | 95 | |
Revolving, write offs | 0 | 0 | |
Revolving loans converted to term, write offs | 0 | 0 | |
Loans charged against the allowance for credit losses | 124 | 166 | |
YTD gross charge-offs | 0 | 0 | |
Originated four years prior, write offs | 9 | 0 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Pass [Member] | |||
Originated more than five years prior | 322 | 93 | |
Originated five years prior | 594 | 334 | |
Originated four years prior | 1,318 | 811 | |
Originated three years prior | 3,530 | 1,943 | |
Originated two years prior | 8,901 | 5,815 | |
Originated current year | 8,930 | 12,356 | |
Revolving | 698 | 672 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 24,293 | 22,024 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Classified Excluding Impaired [Member] | |||
Originated more than five years prior | 0 | 0 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 49 | 0 | |
Originated three years prior | 0 | 0 | |
Originated two years prior | 23 | 11 | |
Originated current year | 0 | 15 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | 72 | 26 | |
Consumer Non Real Estate Portfolio Segment [Member] | Other Consumer Loans [Member] | Special Mention [Member] | |||
Originated more than five years prior | 0 | 0 | |
Originated five years prior | 0 | 0 | |
Originated four years prior | 2 | 0 | |
Originated three years prior | 0 | 0 | |
Originated two years prior | 13 | 0 | |
Originated current year | 11 | 17 | |
Revolving | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Gross loans | $ 26 | $ 17 |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Credit Losses - Financing Receivable, Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate, Owner Occupied [Member] | Interest Only Payments [Member] | ||
amortized cost | $ 6,396 | $ 6,396 |
Percentage | 5.57% | 5.40% |
Commercial real estate owner-occupied (Month) | 6 months | 6 months |
Commercial Non Real Estate Segment [Member] | Commercial and Industrial [Member] | Extended Maturity [Member] | ||
amortized cost | $ 7 | |
Percentage | 0.01% | |
Commercial and industrial (Month) | 3 months |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Credit Losses - Allowance for Credit Losses on Unfunded Commitments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Balance | $ 9,094 | $ 8,225 | $ 8,225 |
Recovery of credit losses | 1,307 | 12 | (1,278) |
Balance | 10,502 | 10,626 | 9,094 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | 2,342 | 2,342 | |
Unfunded Loan Commitment [Member] | |||
Balance | 259 | 35 | 35 |
Recovery of credit losses | (15) | (9) | |
Balance | 251 | 233 | 259 |
Unfunded Loan Commitment [Member] | Frontier Community Bank [Member] | |||
FCB acquisition | $ 7 | ||
Unfunded Loan Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | $ 207 | $ 207 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | |
Interest Receivable on Securities | 3,263 | 3,281 | |
Deferred Tax Asset, Debt Securities, Available-for-Sale, Unrealized Loss | $ 17,556 | $ 16,629 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 566 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ 583,921 | ||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | $ (3,332) | |
Available-for-sale Securities Sold, Book Value | 46,850 | ||
National Bank of Blacksburg [Member] | Federal Home Loan Bank of Atlanta [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 503,383 |
Note 4 - Securities - Securitie
Note 4 - Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Securities available-for-sale, amortized costs | $ 688,796 | $ 697,786 |
Securities available-for-sale, gross unrealized gains | 27 | 0 |
Securities available-for-sale, gross unrealized losses | 83,627 | 79,185 |
Securities available-for-sale, fair values | 605,196 | 618,601 |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 353,018 | 353,904 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | 44,205 | 42,060 |
Securities available-for-sale, fair values | 308,813 | 311,844 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 178,435 | 179,507 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | 32,433 | 29,614 |
Securities available-for-sale, fair values | 146,002 | 149,893 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available-for-sale, amortized costs | 149,839 | 156,875 |
Securities available-for-sale, gross unrealized gains | 27 | 0 |
Securities available-for-sale, gross unrealized losses | 6,120 | 6,724 |
Securities available-for-sale, fair values | 143,746 | 150,151 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale, amortized costs | 6,506 | 6,504 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | 849 | 754 |
Securities available-for-sale, fair values | 5,657 | 5,750 |
US Treasury Securities [Member] | ||
Securities available-for-sale, amortized costs | 998 | 996 |
Securities available-for-sale, gross unrealized gains | 0 | 0 |
Securities available-for-sale, gross unrealized losses | 20 | 33 |
Securities available-for-sale, fair values | $ 978 | $ 963 |
Note 4 - Securities - Securit_2
Note 4 - Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized cost, due in one year or less, available for sale securities | $ 20,010 | |
Fair value, due in one year or less, available for sale securities | 19,618 | |
Amortized cost, due after one year through five years, available for sale securities | 187,697 | |
Fair value, due after one year through five years, available for sale securities | 172,569 | |
Amortized cost, due after five years through ten years, available for sale securities | 268,663 | |
Fair value, due after five years through ten years, available for sale securities | 227,654 | |
Amortized cost, due after ten years, available for sale securities | 212,426 | |
Fair value, due after ten years, available for sale securities | 185,355 | |
Amortized cost, total securities available for sale | 688,796 | $ 697,786 |
Fair value, total securities available for sale | $ 605,196 | $ 618,601 |
Note 4 - Securities - Securit_3
Note 4 - Securities - Securities in a Continuous Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Temporarily impaired securities, less than 12 months, fair value | $ 1,402 | $ 2,500 |
Temporarily impaired securities, less than 12 months unrealized loss | 121 | 27 |
Temporarily impaired securities, 12 months or more fair value | 582,519 | 615,242 |
Temporarily impaired securities, 12 months or more unrealized loss | 83,506 | 79,158 |
US Government Agencies Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 0 |
Temporarily impaired securities, less than 12 months unrealized loss | 0 | 0 |
Temporarily impaired securities, 12 months or more fair value | 308,813 | 311,844 |
Temporarily impaired securities, 12 months or more unrealized loss | 44,205 | 42,060 |
US States and Political Subdivisions Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 882 | 884 |
Temporarily impaired securities, less than 12 months unrealized loss | 120 | 1 |
Temporarily impaired securities, 12 months or more fair value | 145,120 | 148,763 |
Temporarily impaired securities, 12 months or more unrealized loss | 32,313 | 29,613 |
Commercial Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 520 | 1,616 |
Temporarily impaired securities, less than 12 months unrealized loss | 1 | 26 |
Temporarily impaired securities, 12 months or more fair value | 121,951 | 147,922 |
Temporarily impaired securities, 12 months or more unrealized loss | 6,119 | 6,698 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 0 |
Temporarily impaired securities, less than 12 months unrealized loss | 0 | 0 |
Temporarily impaired securities, 12 months or more fair value | 5,657 | 5,750 |
Temporarily impaired securities, 12 months or more unrealized loss | 849 | 754 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 0 |
Temporarily impaired securities, less than 12 months unrealized loss | 0 | 0 |
Temporarily impaired securities, 12 months or more fair value | 978 | 963 |
Temporarily impaired securities, 12 months or more unrealized loss | $ 20 | $ 33 |
Note 5 - Defined Benefit Plan_2
Note 5 - Defined Benefit Plan (Details Textual) $ in Millions | 1 Months Ended |
Apr. 30, 2024 USD ($) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3 |
Note 5 - Defined Benefit Plan -
Note 5 - Defined Benefit Plan - Defined Benefit Plan Activity (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Service cost | $ 261 | $ 203 | $ 522 | $ 406 |
Interest cost | 302 | 273 | 604 | 546 |
Expected return on plan assets | (608) | (518) | (1,216) | (1,036) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 33 | 17 | 66 | 34 |
Net periodic benefit income | $ (12) | $ (25) | $ (24) | $ (50) |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, before Allowance for Credit Loss | $ 989,367 | $ 856,646 |
Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 3,054 | 2,184 |
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 2,970 | |
Closed End First Liens [Member] | Consumer Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Financing Receivable, before Allowance for Credit Loss | 84 | 7 |
Loans Held-for-sale [Member] | Changes Measurement [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Adjustment | $ (1) | $ 0 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Securities available for sale | $ 605,196 | $ 618,601 | |
Interest Rate Loan Contract [Member] | Valuation, Market Approach [Member] | Measurement Input, Pull-through Rate [Member] | |||
Derivative Asset, Measurement Input | [1] | 1 | 1 |
Interest Rate Loan Contract [Member] | Valuation, Market Approach [Member] | Measurement Input, Current Reference Price [Member] | |||
Derivative Asset, Measurement Input | [2] | 1.0264 | |
Interest Rate Loan Contract [Member] | Valuation, Market Approach [Member] | Measurement Input, Current Reference Price [Member] | Maximum [Member] | |||
Derivative Asset, Measurement Input | [2] | 1.0121 | |
Interest Rate Loan Contract [Member] | Fair Value, Recurring [Member] | |||
Derivative Asset | $ 1 | $ 3 | |
Forward Sale Commitment [Member] | Valuation, Market Approach [Member] | Measurement Input, Pull-through Rate [Member] | |||
Derivative Liability, Measurement Input | [1] | 1 | 1 |
Forward Sale Commitment [Member] | Valuation, Market Approach [Member] | Measurement Input, Current Reference Price [Member] | Maximum [Member] | |||
Derivative Liability, Measurement Input | [3] | 1.02 | 1.0264 |
Forward Sale Commitment [Member] | Valuation, Market Approach [Member] | Measurement Input, Current Reference Price [Member] | Minimum [Member] | |||
Derivative Liability, Measurement Input | [3] | 1.0008 | 1.016 |
Forward Sale Commitment [Member] | Fair Value, Recurring [Member] | |||
Derivative Liability | $ (2) | $ (4) | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 605,196 | 618,601 | |
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 | 1 | 3 | |
Fair Value, Inputs, Level 3 [Member] | Forward Sale Commitment [Member] | Fair Value, Recurring [Member] | |||
Derivative Liability | (2) | (4) | |
US Government Agencies Debt Securities [Member] | |||
Securities available for sale | 308,813 | 311,844 | |
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 | 308,813 | 311,844 | |
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 | 146,002 | 149,893 | |
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 | 146,002 | 149,893 | |
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 | 143,746 | 150,151 | |
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 | 143,746 | 150,151 | |
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 | 5,657 | 5,750 | |
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 | 5,657 | 5,750 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | 0 | 0 | |
US Treasury Securities [Member] | |||
Securities available for sale | 978 | 963 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | 0 | 0 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 978 | 963 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | $ 0 | $ 0 | |
[1]All contracts are valued using the same pull-through rate[2]Comprised of only one loan.[3]Current reference prices were weighted by the relative amount of the loan |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Federal funds sold | $ 3,499 | $ 0 |
Securities available for sale, at fair value | 605,196 | 618,601 |
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 | 605,196 | 618,601 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, at fair value | 0 | 0 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 14,908 | 12,967 |
Federal funds sold | 3,499 | |
Interest-bearing deposits | 80,477 | 73,636 |
Securities available for sale, at fair value | 605,196 | |
Restricted stock, at cost | 1,752 | |
Mortgage loans held for sale | 125 | |
Loans, net | 978,865 | 847,552 |
Accrued interest receivable | 6,615 | 6,313 |
Bank-owned life insurance | 46,775 | 43,583 |
Interest rate loan contract | 1 | |
Deposits | 1,645,052 | 1,503,972 |
Accrued interest payable | 2,525 | 1,416 |
Forward sale commitment | 2 | |
Estimate of Fair Value Measurement [Member] | ||
Securities available for sale, at fair value | 618,601 | |
Restricted stock, at cost | 1,264 | |
Mortgage loans held for sale | 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 | 14,908 | 12,967 |
Federal funds sold | 3,499 | |
Interest-bearing deposits | 80,477 | 73,636 |
Securities available for sale, at fair value | 0 | 0 |
Restricted stock, at cost | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Interest rate loan contract | 0 | 0 |
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Forward sale commitment | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | ||
Interest-bearing deposits | 0 | 0 |
Securities available for sale, at fair value | 605,196 | 618,601 |
Restricted stock, at cost | 1,752 | 1,264 |
Mortgage loans held for sale | 125 | 406 |
Loans, net | 0 | 0 |
Accrued interest receivable | 6,615 | 6,313 |
Bank-owned life insurance | 46,775 | 43,583 |
Interest rate loan contract | 0 | 0 |
Deposits | 1,340,993 | 1,280,732 |
Accrued interest payable | 2,525 | 1,416 |
Forward sale commitment | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | ||
Interest-bearing deposits | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
Restricted stock, at cost | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 919,403 | 793,800 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Interest rate loan contract | 1 | 3 |
Deposits | 303,497 | 222,374 |
Accrued interest payable | 0 | 0 |
Forward sale commitment | $ 2 | $ 4 |
Note 7 - Components of Accumu_3
Note 7 - Components of Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Balance | $ 139,390 | $ 131,043 | $ 140,522 | $ 122,687 |
Balance | 148,963 | 128,444 | 148,963 | 128,444 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (65,894) | (69,692) | (62,556) | (81,421) |
Unrealized holding gain (loss) on available for sale securities, net of tax | (150) | (4,848) | (3,488) | 6,891 |
Reclassification adjustment, net of tax of $702 | 2,642 | 2,632 | ||
Balance | (66,044) | (71,898) | (66,044) | (71,898) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (2,310) | (2,345) | (2,310) | (2,345) |
Unrealized holding gain (loss) on available for sale securities, net of tax | 0 | 0 | ||
Reclassification adjustment, net of tax of $702 | 0 | 0 | ||
Balance | (2,310) | (2,345) | (2,310) | (2,345) |
AOCI Attributable to Parent [Member] | ||||
Balance | (68,204) | (72,037) | (64,866) | (83,766) |
Unrealized holding gain (loss) on available for sale securities, net of tax | (150) | (4,848) | (3,488) | 6,891 |
Reclassification adjustment, net of tax of $702 | 2,642 | 2,632 | ||
Balance | $ (68,354) | $ (74,243) | $ (68,354) | $ (74,243) |
Note 7 - Components of Accumu_4
Note 7 - Components of Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - AOCI Attributable to Parent [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unrealized holding gain (loss) on available for sale securities, tax | $ (40) | $ (1,289) | $ (927) | $ 1,831 |
Reclassification adjustment for gain included in net income, taxes | $ 702 | $ 700 |
Note 8 - Revenue Recognition -
Note 8 - Revenue Recognition - Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noninterest Income (in-scope of Topic 606) | $ 1,832 | $ 1,693 | $ 3,736 | $ 3,535 |
Noninterest Income (out-of-scope of Topic 606) | 414 | 1,098 | 709 | 1,455 |
Total noninterest income | 2,246 | 2,791 | 4,445 | 4,990 |
Deposit Account [Member] | ||||
Noninterest Income (in-scope of Topic 606) | 722 | 637 | 1,397 | 1,229 |
Product and Service, Other [Member] | ||||
Noninterest Income (in-scope of Topic 606) | 48 | 49 | 94 | 102 |
Credit and Debit Card [Member] | ||||
Noninterest Income (in-scope of Topic 606) | 423 | 414 | 797 | 881 |
Fiduciary and Trust [Member] | ||||
Noninterest Income (in-scope of Topic 606) | 513 | 481 | 1,016 | 926 |
Insurance and Investment [Member] | ||||
Noninterest Income (in-scope of Topic 606) | $ 126 | $ 112 | $ 432 | $ 397 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 548 | $ 548 | $ 0 | $ 548 | $ 0 |
Note 9 - Leases - Lease Informa
Note 9 - Leases - Lease Information and Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Lease liability | $ 1,506 | $ 1,506 | $ 1,127 | |||
Right-of-use asset | $ 1,476 | $ 1,476 | $ 1,096 | |||
Weighted average remaining lease term (in years) (Year) | 5 years 10 days | 5 years 10 days | 4 years 4 months 20 days | |||
Weighted average discount rate | 3.84% | 3.84% | 3.29% | |||
Operating lease expense | $ 99 | $ 92 | $ 188 | $ 184 | ||
Short-term lease expense | 6 | 0 | 11 | 1 | ||
Total lease expense | 105 | 92 | 199 | 185 | ||
Cash paid for amounts included in lease liabilities | 104 | 92 | 199 | 186 | ||
Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period | $ 548 | $ 548 | $ 0 | $ 548 | $ 0 |
Note 9 - Leases - Lease Liabili
Note 9 - Leases - Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Twelve months ending June 30, 2025 | $ 420 | |
Twelve months ending June 30, 2026 | 322 | |
Twelve months ending June 30, 2027 | 286 | |
Twelve months ending June 30, 2028 | 272 | |
Twelve months ending June 30, 2029 | 194 | |
Thereafter | 173 | |
Total undiscounted cash flows | 1,667 | |
Less: discount | (161) | |
Lease liability | $ 1,506 | $ 1,127 |
Note 10 - Stock Based Compens_3
Note 10 - Stock Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | May 09, 2023 | |
Share-Based Payment Arrangement, Expense | $ 33 | $ 65 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 103 | $ 103 | |
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 10 - Stock Based Compens_4
Note 10 - Stock Based Compensation - Summary of Nonvested Shares (Details) - Restricted Stock Award [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Nonvested, shares (in shares) | shares | 4,095 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.73 |
Granted, shares (in shares) | shares | 2,796 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30 |
Vested and released, shares (in shares) | shares | (2,052) |
Vested and released, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.7 |
Nonvested, shares (in shares) | shares | 4,839 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.32 |
Note 11 - Net (Loss) Income P_3
Note 11 - Net (Loss) Income Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income, basic | $ (306) | $ 3,901 | $ 1,868 | $ 8,432 |
Weighted average number of common shares outstanding, basic (in shares) | 6,028,220 | 5,889,687 | 5,958,953 | 5,889,687 |
Basic net (loss) income per common share (in dollars per share) | $ (0.05) | $ 0.66 | $ 0.31 | $ 1.43 |
Dilutive shares for restricted stock awards: (in shares) | 0 | 361 | 2,084 | 181 |
Net income, diluted | $ (306) | $ 3,901 | $ 1,868 | $ 8,432 |
Weighted average number of common shares outstanding, fully diluted (in shares) | 6,028,220 | 5,890,048 | 5,961,037 | 5,889,868 |
Fully diluted net (loss) income per common share (in dollars per share) | $ (0.05) | $ 0.66 | $ 0.31 | $ 1.43 |
Note 12 - Goodwill and Other _3
Note 12 - Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Amortization of Intangible Assets | $ 35 | $ 0 | $ 35 | $ 0 |
Note 12 - Goodwill and Other _4
Note 12 - Goodwill and Other Intangibles - Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill, gross | $ 5,848 | |
Goodwill addition | 4,874 | |
Goodwill, measurement adjustments | 11 | |
Goodwill, net | 10,733 | $ 5,848 |
Core deposit intangible, net | 2,065 | $ 0 |
Core Deposits [Member] | ||
Core deposit intangible, gross | 0 | |
Core deposit intangible additional | 2,100 | |
Core deposit intangible, accumulated amortization | (35) | |
Core deposit intangible, net | $ 2,065 |
Note 12 - Goodwill and Other _5
Note 12 - Goodwill and Other Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Core Deposits [Member] $ in Thousands | Jun. 30, 2024 USD ($) |
2024 | $ 202 |
2025 | 373 |
2026 | 331 |
2027 | 290 |
2028 | 248 |
Thereafter | 621 |
Total amortizing core deposit intangible | $ 2,065 |