Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000803164 | |
Entity Registrant Name | ChoiceOne Financial Services, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-19202 | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-2659066 | |
Entity Address, Address Line One | 109 East Division | |
Entity Address, City or Town | Sparta | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49345 | |
City Area Code | 616 | |
Local Phone Number | 887-7366 | |
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 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | COFS | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,574,235 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 59,430 | $ 79,169 |
Time deposits in other financial institutions | 350 | 350 |
Cash and cash equivalents | 59,780 | 79,519 |
Equity securities at fair value (Note 2) | 8,419 | 2,896 |
Securities available for sale (Note 2) | 1,028,115 | 574,787 |
Federal Home Loan Bank stock | 3,824 | 3,824 |
Federal Reserve Bank stock | 4,180 | 4,180 |
Loans held for sale | 7,505 | 12,921 |
Loans to other financial institutions | 38,728 | 35,209 |
Loans (Note 3) | 988,357 | 1,069,668 |
Allowance for loan losses (Note 3) | (7,755) | (7,593) |
Loans, net | 980,602 | 1,062,075 |
Premises and equipment, net | 30,014 | 29,489 |
Other real estate owned, net | 162 | 266 |
Cash value of life insurance policies | 33,322 | 32,751 |
Goodwill | 59,946 | 60,506 |
Core deposit intangible | 4,264 | 5,269 |
Other assets | 18,319 | 15,650 |
Total assets | 2,277,180 | 1,919,342 |
Liabilities | ||
Deposits – noninterest-bearing | 543,165 | 477,654 |
Deposits – interest-bearing | 1,468,985 | 1,196,924 |
Total deposits | 2,012,150 | 1,674,578 |
Borrowings | 0 | 9,327 |
Subordinated debentures | 34,956 | 3,089 |
Other liabilities | 5,019 | 5,080 |
Total liabilities | 2,052,125 | 1,692,074 |
Shareholders' Equity | ||
Preferred stock; shares authorized: 100,000; shares outstanding: none | 0 | 0 |
Common stock and paid-in capital, no par value; shares authorized: 12,000,000; shares outstanding: 7,591,221 at September 30, 2021 and 7,796,352 at December 31, 2020 | 173,888 | 178,750 |
Retained earnings | 49,198 | 37,490 |
Accumulated other comprehensive income, net | 1,969 | 11,028 |
Total shareholders’ equity | 225,055 | 227,268 |
Total liabilities and shareholders’ equity | $ 2,277,180 | $ 1,919,342 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, authorized (in shares) | 100,000 | 100,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, outstanding (in shares) | 7,591,221 | 7,796,352 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Loans, including fees | $ 12,408 | $ 13,047 | $ 36,655 | $ 34,110 |
Securities: | ||||
Taxable | 2,821 | 1,150 | 7,073 | 4,564 |
Tax exempt | 1,459 | 914 | 4,002 | 1,760 |
Other | 38 | 40 | 70 | 241 |
Total interest income | 16,726 | 15,151 | 47,800 | 40,675 |
Interest expense | ||||
Deposits | 837 | 946 | 2,556 | 3,229 |
Advances from Federal Home Loan Bank | 18 | 1 | 21 | 218 |
Other | 171 | 142 | 327 | 149 |
Total interest expense | 1,026 | 1,089 | 2,904 | 3,596 |
Net interest income | 15,700 | 14,062 | 44,896 | 37,079 |
Provision for loan losses | 0 | 1,225 | 416 | 3,000 |
Net interest income after provision for loan losses | 15,700 | 12,837 | 44,480 | 34,079 |
Noninterest income | ||||
Customer service charges | 2,255 | 2,059 | 6,309 | 5,306 |
Insurance and investment commissions | 153 | 137 | 624 | 416 |
Gains on sales of loans | 1,798 | 3,617 | 5,715 | 8,356 |
Net gains (losses) on sales of securities | 0 | (35) | 3 | 1,308 |
Earnings on life insurance policies | 194 | 193 | 570 | 577 |
Trust income | 187 | 197 | 612 | 569 |
Change in market value of equity securities | (28) | (238) | 461 | (184) |
Other | 159 | 396 | 756 | 661 |
Total noninterest income | 4,718 | 6,326 | 15,050 | 17,009 |
Noninterest expense | ||||
Salaries and benefits | 7,552 | 8,058 | 21,719 | 19,545 |
Occupancy and equipment | 1,538 | 1,556 | 4,591 | 4,185 |
Data processing | 1,471 | 1,585 | 4,573 | 4,637 |
Professional fees | 754 | 1,221 | 2,426 | 2,897 |
Supplies and postage | 171 | 178 | 395 | 685 |
Advertising and promotional | 183 | 148 | 535 | 440 |
Intangible amortization | 346 | 395 | 1,005 | 1,102 |
FDIC insurance | 225 | 154 | 533 | 291 |
Other | 1,266 | 1,254 | 3,386 | 3,333 |
Total noninterest expense | 13,506 | 14,549 | 39,163 | 37,115 |
Income before income tax | 6,912 | 4,614 | 20,367 | 13,973 |
Income tax expense | 1,163 | 785 | 3,337 | 2,460 |
Net income | $ 5,749 | $ 3,829 | $ 17,029 | $ 11,513 |
Basic earnings per share (Note 4) (in dollars per share) | $ 0.75 | $ 0.49 | $ 2.20 | $ 1.55 |
Diluted earnings per share (Note 4) (in dollars per share) | 0.75 | 0.49 | 2.20 | 1.55 |
Dividends declared per share (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.69 | $ 0.60 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 5,749 | $ 3,829 | $ 17,029 | $ 11,513 |
Other comprehensive income: | ||||
Changes in net unrealized gains on investment securities available for sale, net of tax (benefit)/expense of ($1,296) and $616 for the three months ended September 30, 2021 and September 30, 2020, respectively. Changes in net unrealized gains (losses) on investment securities available for sale, net of tax (benefit)/expense of ($2,407) and $2,346 for the nine months ended September 30, 2021 and September 30, 2020, respectively. | (4,877) | 2,316 | (9,057) | 8,825 |
Reclassification adjustment for realized (gain) loss on sale of investment securities available for sale included in net income, net of tax expense (benefit) of $0 and ($7) for the three months ended September 30, 2021 and September 30, 2020, respectively. Reclassification adjustment for realized gain on sale of investment securities available for sale included in net income, net of tax expense of $1 and $275 for the nine months ended September 30, 2021 and September 30, 2020, respectively. | 0 | 28 | (2) | (1,033) |
Other comprehensive income (loss), net of tax | (4,877) | 2,343 | (9,059) | 7,791 |
Comprehensive income | $ 872 | $ 6,173 | $ 7,971 | $ 19,305 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in net unrealized gains (losses) on investment securities available for sale, tax | $ (1,296) | $ 616 | $ (2,407) | $ 2,346 |
Reclassification adjustment for realized gain on sale of investment securities available for sale included in net income, tax | $ 0 | $ (7) | $ 1 | $ 275 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cash Dividend [Member]Common Stock Including Additional Paid in Capital [Member] | Cash Dividend [Member]Retained Earnings [Member] | Cash Dividend [Member]AOCI Attributable to Parent [Member] | Cash Dividend [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 7,245,088 | ||||||||
Balance at Dec. 31, 2019 | $ 162,610 | $ 28,051 | $ 1,478 | $ 192,139 | |||||
Net income | 11,513 | 11,513 | |||||||
Other comprehensive income (loss) | 7,791 | 7,791 | |||||||
Shares issued (in shares) | 14,291 | ||||||||
Shares issued | $ 304 | 304 | |||||||
Effect of employee stock purchases | $ 11 | 11 | |||||||
Stock options exercised and issued (in shares) | [1] | 7,261 | |||||||
Stock options exercised and issued | [1] | $ 9 | 9 | ||||||
Stock-based compensation expense | $ 123 | 123 | |||||||
Merger with Community Shores Bank Corporation (in shares) | 524,055 | ||||||||
Merger with Community Shores Bank Corporation | $ 15,494 | 15,494 | |||||||
Cash dividends declared | $ (4,459) | $ (4,459) | |||||||
Restricted stock units issued (in shares) | 365 | ||||||||
Restricted stock units issued | 0 | ||||||||
Balance (in shares) at Sep. 30, 2020 | 7,791,060 | ||||||||
Balance at Sep. 30, 2020 | $ 178,551 | 35,106 | 9,269 | 222,925 | |||||
Balance (in shares) at Jun. 30, 2020 | 7,261,605 | ||||||||
Balance at Jun. 30, 2020 | $ 162,862 | 32,835 | 6,926 | 202,623 | |||||
Net income | 3,829 | 3,829 | |||||||
Other comprehensive income (loss) | 2,343 | 2,343 | |||||||
Shares issued (in shares) | 5,169 | ||||||||
Shares issued | $ 143 | 143 | |||||||
Effect of employee stock purchases | $ 4 | 4 | |||||||
Stock options exercised and issued (in shares) | [1] | 231 | |||||||
Stock options exercised and issued | [1] | 0 | |||||||
Stock-based compensation expense | $ 48 | 48 | |||||||
Merger with Community Shores Bank Corporation (in shares) | 524,055 | ||||||||
Merger with Community Shores Bank Corporation | $ 15,493 | 15,493 | |||||||
Cash dividends declared | (1,558) | (1,558) | |||||||
Balance (in shares) at Sep. 30, 2020 | 7,791,060 | ||||||||
Balance at Sep. 30, 2020 | $ 178,551 | 35,106 | 9,269 | $ 222,925 | |||||
Balance (in shares) at Dec. 31, 2020 | 7,796,352 | 7,796,352 | |||||||
Balance at Dec. 31, 2020 | $ 178,750 | 37,490 | 11,028 | $ 227,268 | |||||
Net income | 17,029 | 17,029 | |||||||
Other comprehensive income (loss) | (9,059) | (9,059) | |||||||
Shares issued (in shares) | 17,810 | ||||||||
Shares issued | $ 420 | 420 | |||||||
Effect of employee stock purchases | 19 | 19 | |||||||
Stock-based compensation expense | $ 260 | $ 260 | |||||||
Cash dividends declared | (5,322) | (5,322) | |||||||
Effect of employee stock purchases (in shares) | |||||||||
Shares repurchased (in shares) | (222,941) | (223,000) | |||||||
Shares repurchased | $ (5,561) | $ (5,561) | |||||||
Balance (in shares) at Sep. 30, 2021 | 7,591,221 | 7,591,221 | |||||||
Balance at Sep. 30, 2021 | $ 173,888 | 49,198 | 1,969 | $ 225,055 | |||||
Balance (in shares) at Jun. 30, 2021 | 7,692,537 | ||||||||
Balance at Jun. 30, 2021 | $ 176,323 | 45,352 | 6,846 | 228,521 | |||||
Net income | 5,749 | 5,749 | |||||||
Other comprehensive income (loss) | (4,877) | (4,877) | |||||||
Shares issued (in shares) | 5,924 | ||||||||
Shares issued | $ 139 | 139 | |||||||
Effect of employee stock purchases | 6 | 6 | |||||||
Stock-based compensation expense | $ 84 | 84 | |||||||
Cash dividends declared | $ (1,903) | $ (1,903) | |||||||
Effect of employee stock purchases (in shares) | |||||||||
Shares repurchased (in shares) | (107,240) | ||||||||
Shares repurchased | $ (2,664) | $ (2,664) | |||||||
Balance (in shares) at Sep. 30, 2021 | 7,591,221 | 7,591,221 | |||||||
Balance at Sep. 30, 2021 | $ 173,888 | $ 49,198 | $ 1,969 | $ 225,055 | |||||
[1] | The amount shown represents the number of shares issued upon exercise of options, net of shares withheld for payment of certain taxes. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Dividend [Member] | ||||
Dividends declared, per share (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.69 | $ 0.60 |
Dividends declared, per share (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.69 | $ 0.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 17,029 | $ 11,513 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 416 | 3,000 |
Depreciation | 1,949 | 2,026 |
Amortization | 6,989 | 3,377 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units | 596 | 337 |
Net gains on sales of securities | (3) | (1,308) |
Net change in market value of equity securities | (461) | 184 |
Gains on sales of loans | (5,715) | (8,356) |
Loans originated for sale | (162,579) | (277,281) |
Proceeds from loan sales | 171,882 | 251,554 |
Earnings on bank-owned life insurance | (570) | (577) |
(Gains)/losses on sales of other real estate owned | (4) | 7 |
Proceeds from sales of other real estate owned | 407 | 983 |
Costs capitalized to other real estate | 0 | (19) |
Deferred federal income tax (benefit)/expense | 634 | (1,257) |
Net change in: | ||
Other assets | (2,805) | (4,323) |
Other liabilities | 1,797 | (116) |
Net cash provided by (used in) operating activities | 29,562 | (20,256) |
Cash flows from investing activities: | ||
Sales of securities available for sale | 0 | 121,944 |
Maturities, prepayments and calls of securities available for sale | 39,772 | 37,587 |
Purchases of securities available for sale | (514,204) | (183,109) |
Loan originations and payments, net | 78,067 | (108,485) |
Additions to premises and equipment | (2,193) | (1,552) |
Cash received from merger with Community Shores Bank Corporation, net of cash paid | 0 | 35,636 |
Net cash (used in) investing activities | (398,558) | (97,979) |
Cash flows from financing activities: | ||
Net change in deposits | 337,572 | 203,937 |
Proceeds from borrowings | 34,291 | 10,000 |
Payments on borrowings and subordinated debentures | (11,827) | (33,028) |
Issuance of common stock | 104 | 110 |
Repurchase of common stock | (5,561) | 0 |
Cash dividends | (5,322) | (4,459) |
Net cash provided by financing activities | 349,257 | 176,560 |
Net change in cash and cash equivalents | (19,739) | 58,325 |
Beginning cash and cash equivalents | 79,519 | 59,558 |
Ending cash and cash equivalents | 59,780 | 117,883 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,885 | 3,778 |
Cash paid for income taxes | 2,501 | 3,608 |
Loans transferred to other real estate owned | $ 298 | $ 372 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Explanatory Note On July 1, 2020, July 1, 2020 For additional details regarding the merger with Community Shores and the merger of County Bank Corp. ("County") with and into ChoiceOne, see Note 8 Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiary, ChoiceOne Bank (the "Bank"), and ChoiceOne Bank’s wholly-owned subsidiary ChoiceOne Insurance Agencies, Inc. (the "Insurance Agency"). Intercompany transactions and balances have been eliminated in consolidation. ChoiceOne owns all of the common securities of Community Shores Capital Trust I (the “Capital Trust”). Under U.S. generally accepted accounting principles ("GAAP"), the Capital Trust is not not The accompanying unaudited consolidated financial statements and notes thereto reflect all adjustments ordinary in nature which are, in the opinion of management, necessary for a fair presentation of the Consolidated Balance Sheets as of September 30, 2021 December 31, 2020 three nine September 30, 2021 September 30, 2020 three nine September 30, 2021 September 30, 2020 three nine September 30, 2021 September 30, 2020 nine September 30, 2021 September 30, 2020 nine September 30, 2021 not may December 31, 2021 The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in ChoiceOne’s Annual Report on Form 10 December 31, 2020 Use of Estimates To prepare financial statem ents in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided; therefore, future results could differ. These estimates and assumptions are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID- 19 19 may Loans to Other Financial Institutions ChoiceOne Bank entered into an agreement with another financial institution to fund mortgage loans. Loans to other financial institutions are purchased participating interests in individual advances made to mortgage bankers nation-wide from an unaffiliated originating bank. The originating bank services these loans and cash flows on the individual advances (principal, interest, and fees) which are allocated pro-rata based on ownership in the participating interest, less fees paid for the servicing activity. The underlying collateral is generally made up of 1 4 first 90 September 30, 2021. Credit risk associated with the participating interest is measured as an allowance for loan losses when necessary. Losses are charged off against the allowance when incurred and recoveries of loan charge-offs are recorded when received. At least quarterly, ChoiceOne Bank reviews the portfolios of participating interests for potential losses including any participating interest that is outstanding over 90 3 September 30, 2021, 30 December 31, 2020, 30 first nine 2020 2021, Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management to absorb probable incurred losses inherent in the consolidated loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses is an estimate based on known and inherent risks in the portfolio, past loan loss experience, information about specific borrower situations and estimated collateral values, economic conditions and other relevant factors (including both qualitative and quantitative factors). Allocations of the allowance may The allowance for loan losses consists of specific allocations for loans that are classified as impaired and pooled allocations for groups of homogeneous loans that are not Management believes the accounting estimate related to the allowance for loan losses is a “critical accounting estimate” because ( 1 2 Stock Transactions A total of shares of common stock were issued to ChoiceOne’s Board of Directors for a cash price of $348,000 under the terms of the Directors’ Stock Purchase Plan in the first nine of 2021 . A total of shares for a cash price of $104,000 were issued under the Employee Stock Purchase Plan in the first nine of 2021 . ChoiceOne repurchased approximately 223,000 shares for $5.6 million, or a weighted average all-in cost per share of $24.94, during the first nine 2021. April 2021 Stock-Based Compensation ChoiceOne grants restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. three one Reclassifications Certain amounts presented in prior periods have been reclassified to conform to the current presentation. Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued ASU No. 2016 13 , Financial Instruments—Credit Losses (Topic 326 . This ASU provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance attempts to reflect an entity’s current estimate of all expected credit losses and broadens the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually to include forecasted information, as well as past events and current conditions. There is no may may December 15, 2022, November 15, 2019. may Goodwill Goodwill is not first 1 not not, no 2006, 2019, 2020, Management performed its annual qualitative assessment of goodwill as of June 30, 2021. not 350 20 35 3c. 19 may November 30, 2020 June 30, 2021, not June 30, 2021 not ChoiceOne’s stock price per share was less than its book value as of September 30, 2021. may third 2021. not first nine 2021 not September 30, 2021. |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 The fair value of equity securities and the related gross unrealized gains (losses) recognized in noninterest income were as follows: September 30, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 7,898 $ 600 $ (79 ) $ 8,419 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,836 $ 60 $ - $ 2,896 The fair value of securities available for sale and the related unrealized gains and losses recognized in accumulated other comprehensive income were as follows: September 30, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,002 $ 18 $ - $ 2,020 U.S. Treasury notes and bonds 93,381 58 (653 ) 92,786 State and municipal 488,858 10,584 (2,704 ) 496,738 Mortgage-backed 411,376 1,207 (5,887 ) 406,696 Corporate 13,107 31 (125 ) 13,013 Asset-backed securities 16,897 3 (38 ) 16,862 Total $ 1,025,621 $ 11,901 $ (9,407 ) $ 1,028,115 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,007 $ 44 $ - $ 2,051 U.S. Treasury notes and bonds 1,996 60 - 2,056 State and municipal 307,201 13,191 (24 ) 320,368 Mortgage-backed 246,085 1,510 (872 ) 246,723 Corporate 3,539 51 (1 ) 3,589 Total $ 560,828 $ 14,856 $ (897 ) $ 574,787 ChoiceOne reviews its securities portfolio on a quarterly basis to determine whether unrealized losses are considered to be temporary or other-than-temporary. No other-than-temporary impairment charges were recorded in the three nine September 30, 2021 or in the same periods in 2020 . ChoiceOne believes that unrealized losses on securities were temporary in nature and were due to changes in interest rates and reduced market liquidity and not Presented below is a schedule of maturities of securities as of September 30, 2021 September 30, 2021 December 31, 2020 September 30, 2021 Securities maturing within: Fair Value Less than 1 Year - 5 Years - More than at September 30, Fair Value at Dec. 31, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2021 2020 U.S. Government and federal agency $ 2,020 $ - $ - $ - $ 2,020 $ 2,051 U.S. Treasury notes and bonds 2,033 - 90,753 - 92,786 2,056 State and municipal 18,807 58,342 337,206 82,383 496,738 320,368 Corporate 507 828 10,678 1,000 13,013 3,589 Asset-backed securities - 12,691 4,171 - 16,862 - Total debt securities 23,367 71,861 442,808 83,383 621,419 328,064 Mortgage-backed securities 17,061 148,397 240,579 659 406,696 246,723 Equity securities - 1,000 - 7,419 8,419 2,896 Total $ 40,428 $ 221,258 $ 683,387 $ 91,461 $ 1,036,534 $ 577,683 Weighted average yields: Less than 1 Year - 5 Years - More than 1 Year 5 Years 10 Years 10 Years Total U.S. Government and federal agency 1.98 % - % - % - % 1.98 % U.S. Treasury notes and bonds 1.85 - 1.16 - 1.18 State and municipal 2.80 2.86 2.50 2.33 2.52 Corporate 2.50 3.50 2.80 3.75 2.90 Asset-backed securities - 0.64 0.76 - 0.67 Mortgage-backed securities 1.69 1.58 1.38 2.90 1.47 Equity securities - 3.69 - - 0.44 Following is information regarding unrealized gains and losses on equity securities for the three nine September 30, 2021 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net gains and (losses) recognized during the period $ (28 ) $ (238 ) $ 461 $ (184 ) Less: Net gains and (losses) recognized during the period on securities sold - - - - Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date $ (28 ) $ (238 ) $ 461 $ (184 ) |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 3 Activity in the allowance for loan losses and balances in the loan portfolio were as follows: Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Three Months Ended September 30, 2021 Beginning balance $ 374 $ 1,523 $ 243 $ 4,377 $ 74 $ 860 $ 499 $ 7,950 Charge-offs - (96 ) (98 ) (63 ) - - - (257 ) Recoveries - 7 54 - - 1 - 62 Provision 144 168 33 (154 ) 39 80 (310 ) - Ending balance $ 518 $ 1,602 $ 232 $ 4,160 $ 113 $ 941 $ 189 $ 7,755 Allowance for Loan Losses Nine Months Ended September 30, 2021 Beginning balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Charge-offs - (195 ) (244 ) (111 ) - - - (550 ) Recoveries - 80 168 43 - 5 - 296 Provision 261 390 (9 ) 50 16 (364 ) 72 416 Ending balance $ 518 $ 1,602 $ 232 $ 4,160 $ 113 $ 941 $ 189 $ 7,755 Individually evaluated for impairment $ 124 $ 174 $ - $ 8 $ - $ 177 $ - $ 483 Collectively evaluated for impairment $ 394 $ 1,428 $ 232 $ 4,152 $ 113 $ 764 $ 189 $ 7,272 Loans September 30, 2021 Individually evaluated for impairment $ 3,051 $ 296 $ - $ 418 $ - $ 2,191 $ 5,956 Collectively evaluated for impairment 60,394 211,695 33,793 474,425 18,238 165,913 964,458 Acquired with deteriorated credit quality - 5,251 13 10,489 - 2,190 17,943 Ending balance $ 63,445 $ 217,242 $ 33,806 $ 485,332 $ 18,238 $ 170,294 $ 988,357 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Three Months Ended September 30, 2020 Beginning balance $ 252 $ 1,398 $ 243 $ 2,833 $ 79 $ 945 $ - $ 5,750 Charge-offs - (29 ) (58 ) (255 ) - (1 ) - (343 ) Recoveries - 1 46 4 - 2 - 53 Provision 17 (285 ) 48 961 31 122 331 1,225 Ending balance $ 269 $ 1,085 $ 279 $ 3,543 $ 110 $ 1,068 $ 331 $ 6,685 Allowance for Loan Losses Nine Months Ended September 30, 2020 Beginning balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Charge-offs - (46 ) (242 ) (255 ) - (8 ) - (551 ) Recoveries - 2 156 4 - 17 - 179 Provision (202 ) 474 95 2,131 34 419 49 3,000 Ending balance $ 269 $ 1,085 $ 279 $ 3,543 $ 110 $ 1,068 $ 331 $ 6,685 Individually evaluated for impairment $ - $ 1 $ 1 $ 13 $ - $ 218 $ - $ 233 Collectively evaluated for impairment $ 269 $ 1,084 $ 278 $ 3,530 $ 110 $ 850 $ 331 $ 6,452 Loans September 30, 2020 Individually evaluated for impairment $ 373 $ 345 $ 19 $ 2,149 $ - $ 2,203 $ 5,089 Collectively evaluated for impairment 53,130 297,886 34,104 449,041 16,489 199,930 1,050,580 Acquired with deteriorated credit quality - 7,889 30 12,116 - 3,092 23,127 Ending balance $ 53,503 $ 306,120 $ 34,153 $ 463,306 $ 16,489 $ 205,225 $ 1,078,796 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses December 31, 2020 Individually evaluated for impairment $ - $ 19 $ 1 $ 157 $ - $ 254 $ - $ 431 Collectively evaluated for impairment $ 257 $ 1,308 $ 316 $ 4,021 $ 97 $ 1,046 $ 117 $ 7,162 Loans December 31, 2020 Individually evaluated for impairment $ 348 $ 1,663 $ 8 $ 3,032 $ 80 $ 2,720 $ 7,851 Collectively evaluated for impairment 53,387 295,154 33,982 453,681 16,559 186,982 1,039,745 Acquired with deteriorated credit quality - 6,710 24 12,534 - 2,804 22,072 Ending balance $ 53,735 $ 303,527 $ 34,014 $ 469,247 $ 16,639 $ 192,506 $ 1,069,668 The process to monitor the credit quality of ChoiceOne’s loan portfolio includes tracking ( 1 2 3 1 9. Risk Rating 1 5 Risk rating 6 not not Risk rating 7 “7” “6”, “7”. Risk rating 8 Risk rating 9 not no may Information regarding ChoiceOne Bank's credit exposure was as follows: Corporate Credit Exposure - Credit Risk Profile By Creditworthiness Category (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate September 30, December 31, September 30, December 31, September 30, December 31, 2021 2020 2021 2020 2021 2020 Pass $ 60,042 $ 50,185 $ 214,493 $ 294,614 $ 477,227 $ 453,080 Special Mention 352 3,202 1,133 4,101 2,105 6,006 Substandard 3,051 348 1,320 4,812 5,758 8,925 Doubtful - - 296 - 242 1,236 $ 63,445 $ 53,735 $ 217,242 $ 303,527 $ 485,332 $ 469,247 Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate September 30, December 31, September 30, December 31, September 30, December 31, 2021 2020 2021 2020 2021 2020 Performing $ 33,806 $ 34,006 $ 18,238 $ 16,559 $ 169,443 $ 191,125 Nonperforming - - - - - - Nonaccrual - 8 - 80 851 1,381 $ 33,806 $ 34,014 $ 18,238 $ 16,639 $ 170,294 $ 192,506 The following table provides information on loans that were considered troubled debt restructurings ("TDRs") that were modified during the three nine September 30, 2021 and September 30, 2020 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment Agricultural - $ - $ - 6 $ 2,210 $ 2,210 Commercial Real Estate 1 493 493 2 931 931 Total 1 $ 493 $ 493 8 $ 3,141 $ 3,141 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment Agricultural - $ - $ - 1 $ 67 $ 67 Commercial Real Estate - - - 2 1,666 1,666 Total - $ - $ - 3 $ 1,733 $ 1,733 There were no TDRs as of September 30, 2021 30 three nine September 30, 2021, September 30, 2020 30 three nine September 30, 2020, Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 (Dollars in thousands) Number Recorded Number Recorded of Loans Investment of Loans Investment Agricultural 1 $ 67 1 $ 67 Commercial Real Estate 2 1,666 2 1,666 Total 3 $ 1,733 3 $ 1,733 In March 2020, 19 not March 22, 2020, April 7, 2020, not September 30, 2021, Impaired loans by loan category follow: Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance September 30, 2021 With no related allowance recorded Agricultural $ 341 $ 434 $ - Commercial and industrial - - - Consumer - - - Construction real estate - - - Commercial real estate 242 242 - Residential real estate 171 175 - Subtotal 754 851 - With an allowance recorded Agricultural 2,710 2,709 124 Commercial and industrial 296 312 174 Consumer - - - Construction real estate - 176 - Commercial real estate 176 - 8 Residential real estate 2,020 2,075 177 Subtotal 5,202 5,272 483 Total Agricultural 3,051 3,143 124 Commercial and industrial 296 312 174 Consumer - - - Construction real estate - 176 - Commercial real estate 418 242 8 Residential real estate 2,191 2,250 177 Total $ 5,956 $ 6,123 $ 483 Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance December 31, 2020 With no related allowance recorded Agricultural $ 348 $ 434 $ - Commercial and industrial 1,516 1,629 - Consumer - - - Construction real estate 80 80 - Commercial real estate 1,852 2,664 - Residential real estate 162 162 - Subtotal 3,958 4,969 - With an allowance recorded Agricultural - - - Commercial and industrial 147 147 19 Consumer 8 8 1 Construction real estate - - - Commercial real estate 1,180 1,180 157 Residential real estate 2,558 2,651 254 Subtotal 3,893 3,986 431 Total Agricultural 348 434 - Commercial and industrial 1,663 1,776 19 Consumer 9 8 1 Construction real estate 80 80 - Commercial real estate 3,031 3,844 157 Residential real estate 2,720 2,813 254 Total $ 7,851 $ 8,955 $ 431 The following schedule provides information regarding average balances of impaired loans and interest recognized on impaired loans for the three nine September 30, 2021 2020: Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended September 30, 2021 With no related allowance recorded Agricultural $ 989 $ - Commercial and industrial - - Consumer - - Construction real estate - - Commercial real estate 507 2 Residential real estate 320 - Subtotal 1,816 2 With an allowance recorded Agricultural 2,119 36 Commercial and industrial 240 2 Consumer - - Construction real estate - - Commercial real estate 272 2 Residential real estate 1,943 14 Subtotal 4,574 54 Total Agricultural 3,108 36 Commercial and industrial 240 2 Consumer - - Construction real estate - - Commercial real estate 779 4 Residential real estate 2,263 14 Total $ 6,390 $ 56 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended September 30, 2020 With no related allowance recorded Agricultural $ 376 $ - Commercial and industrial 142 - Consumer 2 - Construction real estate - - Commercial real estate 929 3 Residential real estate 109 1 Subtotal 1,558 4 With an allowance recorded Agricultural - - Commercial and industrial 191 - Consumer 20 - Construction real estate - - Commercial real estate 1,268 4 Residential real estate 2,163 17 Subtotal 3,642 21 Total Agricultural 376 - Commercial and industrial 333 - Consumer 22 - Construction real estate - - Commercial real estate 2,197 7 Residential real estate 2,272 18 Total $ 5,200 $ 25 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Nine Months Ended September 30, 2021 With no related allowance recorded Agricultural $ 669 $ 52 Commercial and industrial 745 - Consumer - - Construction real estate 20 - Commercial real estate 1,372 34 Residential real estate 243 - Subtotal 3,049 86 With an allowance recorded Agricultural 1,766 71 Commercial and industrial 198 3 Consumer 2 - Construction real estate - - Commercial real estate 525 8 Residential real estate 2,215 47 Subtotal 4,706 129 Total Agricultural 2,435 123 Commercial and industrial 943 3 Consumer 2 - Construction real estate 20 - Commercial real estate 1,897 42 Residential real estate 2,458 47 Total $ 7,755 $ 215 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Nine Months Ended September 30, 2020 With no related allowance recorded Agricultural $ 324 $ - Commercial and industrial 201 - Consumer 1 - Construction real estate - - Commercial real estate 1,405 11 Residential real estate 84 5 Subtotal 2,015 16 With an allowance recorded Agricultural 190 - Commercial and industrial 102 - Consumer 18 - Construction real estate - - Commercial real estate 826 16 Residential real estate 2,273 71 Subtotal 3,409 87 Total Agricultural 514 - Commercial and industrial 303 - Consumer 19 - Construction real estate - - Commercial real estate 2,231 27 Residential real estate 2,357 76 Total $ 5,424 $ 103 An aging analysis of loans by loan category follows: Loans Loans Loans Past Due Loans Past Due Past Due Greater 90 Days Past (Dollars in thousands) 30 59 60 89 Than 90 Loans Not Total Due and Days (1) Days (1) Days (1) Total (1) Past Due Loans Accruing September 30, 2021 Agricultural $ - $ - $ - $ - $ 63,445 $ 63,445 $ - Commercial and industrial 83 305 296 684 216,558 217,242 - Consumer 5 - - 5 33,801 33,806 - Commercial real estate 94 - 243 337 484,995 485,332 - Construction real estate - - - - 18,238 18,238 - Residential real estate 12 276 182 470 169,824 170,294 - $ 194 $ 581 $ 721 $ 1,496 $ 986,861 $ 988,357 $ - December 31, 2020 Agricultural $ - $ - $ - $ - $ 53,735 $ 53,735 $ - Commercial and industrial - 109 515 624 302,903 303,527 - Consumer 39 - - 39 33,975 34,014 - Commercial real estate 532 44 1,744 2,320 466,927 469,247 - Construction real estate 1,076 180 80 1,336 15,303 16,639 - Residential real estate 1,563 256 352 2,171 190,335 192,506 - $ 3,210 $ 589 $ 2,691 $ 6,490 $ 1,063,178 $ 1,069,668 $ - ( 1 Nonaccrual loans by loan category follow: (Dollars in thousands) September 30, December 31, 2021 2020 Agricultural $ 342 $ 348 Commercial and industrial 296 1,802 Consumer - 8 Commercial real estate 242 3,088 Construction real estate - 80 Residential real estate 851 1,381 $ 1,731 $ 6,707 The table below details the outstanding balances of the County Bank Corp. acquired loan portfolio and the acquisition fair value adjustments at acquisition date of October 1, 2019 ( Acquired Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 7,729 $ 387,394 $ 395,123 Nonaccretable difference (2,928 ) - (2,928 ) Expected cash flows 4,801 387,394 392,195 Accretable yield (185 ) (1,894 ) (2,079 ) Carrying balance at acquisition date $ 4,616 $ 385,500 $ 390,116 The table below presents a roll forward of the accretable yield on County Bank Corp. acquired loan portfolio for the year ended December 31, 2020 nine September 30, 2021 (Dollars in thousands) Acquired Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2020 $ 185 $ 1,819 $ 2,004 Accretion January 1, 2020 through December 31, 2020 (50 ) (295 ) (345 ) Balance, December 31, 2020 135 1,524 1,659 Accretion January 1, 2021 through September 30, 2021 - (233 ) (233 ) Transfer from non-accretable to accretable yield 400 - 400 Balance, September 30, 2021 $ 535 $ 1,291 $ 1,826 The table below details the outstanding balances of the Community Shores Bank Corporation acquired loan portfolio and the acquisition fair value adjustments at acquisition date of July 1, 2020 ( Acquired Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 20,491 $ 158,495 $ 178,986 Nonaccretable difference (2,719 ) - (2,719 ) Expected cash flows 17,772 158,495 176,267 Accretable yield (869 ) (596 ) (1,465 ) Carrying balance at acquisition date $ 16,903 $ 157,899 $ 174,802 The table below presents a roll forward of the accretable yield on Community Shores Bank Corporation acquired loan portfolio for the year ended December 31, 2020 nine September 30, 2021 Acquired Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2020 $ - $ - $ - Merger with Community Shores Bank Corporation on July 1, 2020 869 596 1,465 Accretion July 1, 2020 through December 31, 2020 (26 ) (141 ) (167 ) Balance, December 31, 2020 843 455 1,298 Accretion January 1, 2021 through September 30, 2021 (298 ) (258 ) (556 ) Balance, September 30, 2021 $ 545 $ 197 $ 742 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 Earnings per share are based on the weighted average number of shares outstanding during the period. A computation of basic earnings per share and diluted earnings per share follows: Three Months Ended Nine Months Ended (Dollars in thousands, except share data) September 30, September 30, 2021 2020 2021 2020 Basic Net income $ 5,749 $ 3,829 $ 17,029 $ 11,513 Weighted average common shares outstanding 7,621,423 7,783,005 7,730,135 7,429,765 Basic earnings per common shares $ 0.75 $ 0.49 $ 2.20 $ 1.55 Diluted Net income $ 5,749 $ 3,829 $ 17,029 $ 11,513 Weighted average common shares outstanding 7,621,423 7,783,005 7,730,135 7,429,765 Plus dilutive stock options and restricted stock units 12,644 7,460 13,766 7,888 Weighted average common shares outstanding and potentially dilutive shares 7,634,067 7,790,465 7,743,901 7,437,653 Diluted earnings per common share $ 0.75 $ 0.49 $ 2.20 $ 1.55 There were 15,000 stock options that were considered anti-dilutive to earnings per share for the three nine September 30, 2021. three nine September 30, 2020. three nine September 30, 2021 September 30, 2020. |
Note 5 - Financial Instruments
Note 5 - Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 5 Financial instruments as of the dates indicated were as follows: Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable (Dollars in thousands) Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) September 30, 2021 Assets Cash and cash equivalents $ 59,780 $ 59,780 $ 59,780 $ - $ - Equity securities at fair value 8,419 8,419 6,723 - 1,696 Securities available for sale 1,028,115 1,028,115 - 1,009,082 19,033 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 7,505 7,730 - 7,730 - Loans to other financial institutions 38,728 38,728 - 38,728 - Loans, net 980,602 978,685 - - 978,685 Accrued interest receivable 8,969 8,969 - 8,969 - Interest rate lock commitments 438 438 - 438 - Liabilities Noninterest-bearing deposits 543,165 543,165 - 543,165 - Interest-bearing deposits 1,468,985 1,469,300 - 1,469,300 - Subordinated debentures 34,956 34,415 - 34,415 - Accrued interest payable 202 202 - 202 - December 31, 2020 Assets Cash and due from banks $ 79,519 $ 79,519 $ 79,519 $ - $ - Equity securities at fair value 2,896 2,896 1,411 - 1,485 Securities available for sale 574,787 574,787 - 563,364 11,423 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 12,921 13,350 - 13,350 - Loans to other financial institutions 35,209 35,209 - 35,209 - Loans, net 1,062,075 1,057,786 - - 1,057,786 Accrued interest receivable 6,521 6,521 - 6,521 - Interest rate lock commitments 842 842 - 842 - Liabilities Noninterest-bearing deposits 477,654 477,654 - 477,654 - Interest-bearing deposits 1,196,924 1,197,964 - 1,197,964 - Borrowings 9,327 9,143 - 9,143 - Subordinated debentures 3,089 3,089 - 3,089 - Accrued interest payable 183 183 - 183 - |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 6 The following tables present information about assets and liabilities measured at fair value on a recurring basis and the valuation techniques used to determine those fair values. In general, fair values determined by Level 1 Fair values determined by Level 2 2 Level 3 In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. ChoiceOne Bank’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. There were no September 30, 2021 December 31, 2020 Assets Measured at Fair Value on a Recurring Basis Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Balance (Dollars in thousands) Assets Inputs Inputs at Date (Level 1) (Level 2) (Level 3) Indicated Equity Securities Held at Fair Value - September 30, 2021 Equity securities $ 6,723 $ - $ 1,696 $ 8,419 Investment Securities, Available for Sale - September 30, 2021 U. S. Government and federal agency $ - $ 2,020 $ - $ 2,020 U. S. Treasury notes and bonds - 92,786 - 92,786 State and municipal - 478,705 18,033 496,738 Mortgage-backed - 406,696 - 406,696 Corporate - 12,013 1,000 13,013 Asset-backed securities - 16,862 - 16,862 Total $ - $ 1,009,082 $ 19,033 $ 1,028,115 Equity Securities Held at Fair Value - December 31, 2020 Equity securities $ 1,411 $ - $ 1,485 $ 2,896 Investment Securities, Available for Sale - December 31, 2020 U. S. Government and federal agency $ - $ 2,051 $ - $ 2,051 U. S. Treasury notes and bonds - 2,056 - 2,056 State and municipal - 309,945 10,423 320,368 Mortgage-backed - 246,723 - 246,723 Corporate - 2,589 1,000 3,589 Total $ - $ 563,364 $ 11,423 $ 574,787 Changes in Level 3 Nine Months Ended (Dollars in thousands) September 30, 2021 2020 Equity Securities Held at Fair Value Balance, January 1 $ 1,485 $ 1,472 Total realized and unrealized gains included in noninterest income (51 ) 8 Net purchases, sales, calls, and maturities 262 - Net transfers into Level 3 - - Balance, September 30 $ 1,696 $ 1,480 Amount of total losses for the period included in earning attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 $ (51 ) $ 8 Investment Securities, Available for Sale Balance, January 1 $ 11,423 $ 12,367 Total unrealized gains included in other comprehensive income (369 ) 452 Net purchases, sales, calls, and maturities 7,979 (1,506) Net transfers into Level 3 - - Balance, September 30 $ 19,033 $ 11,313 Amount of total losses for the period included in earning attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 $ (366 ) $ 477 Of the available for sale Level 3 September 30, 2021 , the net unrealized gain as of September 30, 2021 was $420,000, which was recognized in accumulated other comprehensive income in the consolidated balance sheet. Both observable and unobservable inputs may 3 may Securities categorized as Level 3 ChoiceOne also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. These assets are not Assets Measured at Fair Value on a Non-recurring Basis Quoted Prices In Active Significant Markets for Other Significant Balances at Identical Observable Unobservable (Dollars in thousands) Dates Assets Inputs Inputs Indicated (Level 1) (Level 2) (Level 3) Impaired Loans September 30, 2021 $ 5,956 $ - $ - $ 5,956 December 31, 2020 $ 7,851 $ - $ - $ 7,851 Other Real Estate September 30, 2021 $ 162 $ - $ - $ 162 December 31, 2020 $ 266 $ - $ - $ 266 Mortgage Loan Servicing Rights September 30, 2021 $ 4,556 $ - $ - $ 4,556 December 31, 2020 $ 3,967 $ - $ - $ 3,967 Impaired loans categorized as Level 3 |
Note 7 - Revenue From Contracts
Note 7 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 7 ChoiceOne has a variety of sources of revenue, which include interest and fees from customers as well as revenue from non-customers. ASC Topic 606, 606 Service Charges and Fees on Deposit Accounts Revenue includes charges and fees to provide account maintenance, overdraft services, wire transfers, funds transfer, and other deposit-related services. Account maintenance fees such as monthly service charges are recognized over the period of time that the service is provided. Transaction fees such as wire transfer charges are recognized when the service is provided to the customer. Interchange Income Revenue includes debit card interchange and network revenues. This revenue is earned on debit card transactions that are conducted through payment networks such as MasterCard. The revenue is recorded as services are delivered and is presented net of interchange expenses. Investment Commission Income Revenue includes fees from the investment management advisory services and revenue is recognized when services are rendered. Revenue also includes commissions received from the placement of brokerage transactions for purchase or sale of stocks or other investments. Commission income is recognized when the transaction has been completed. Trust Fee Income Revenue includes fees from the management of trust assets and from other related advisory services. Revenue is recognized when services are rendered. Following is noninterest income separated by revenue within the scope of ASC 606 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2021 2020 2021 2020 Service charges and fees on deposit accounts $ 977 $ 842 $ 2,585 $ 2,498 Interchange income 1,278 1,217 3,724 2,808 Investment commission income 153 123 624 384 Trust fee income 187 197 612 569 Other charges and fees for customer services 153 111 458 342 Noninterest income from contracts with customers within the scope of ASC 606 2,748 2,490 8,003 6,601 Noninterest income within the scope of other GAAP topics 1,970 3,835 7,047 10,408 Total noninterest income $ 4,718 $ 6,326 $ 15,050 $ 17,009 |
Note 8 - Business Combination
Note 8 - Business Combination | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | N OTE 8 Community Shores Bank Corporation ChoiceOne completed the acquisition of Community Shores Bank Corporation (“Community Shores”) with and into ChoiceOne, with ChoiceOne as the surviving entity, effective on July 1, 2020. July 1, 2020 not The table below presents the allocation of purchase price for the merger with Community Shores (dollars in thousands): Purchase Price Consideration $ 20,881 Net assets acquired: Cash and cash equivalents 41,023 Securities available for sale 20,023 Federal Home Loan Bank and Federal Reserve Bank stock 300 Originated loans 174,802 Premises and equipment 6,204 Other real estate owned 346 Deposit based intangible 760 Other assets 1,077 Total assets 244,535 Non-interest bearing deposits 65,499 Interest bearing deposits 162,333 Total deposits 227,832 Subordinated debentures 3,039 Other liabilities 136 Total liabilities 231,007 Net assets acquired 13,528 Goodwill $ 7,353 County Bank Corp ChoiceOne completed the merger of County Bank Corp (“County”) with and into ChoiceOne effective on October 1, 2019. October 1, 2019 not The table below presents the allocation of purchase price for the merger with County (dollars in thousands): Purchase Price Consideration $ 107,945 Net assets acquired: Cash and cash equivalents 20,638 Equity securities at fair value 474 Securities available for sale 187,230 Federal Home Loan Bank and Federal Reserve Bank stock 2,915 Loans to other financial institutions 33,481 Originated loans 390,116 Premises and equipment 9,271 Other real estate owned 1,364 Deposit based intangible 6,359 Bank owned life insurance 16,912 Other assets 4,002 Total assets 672,762 Non-interest bearing deposits 124,113 Interest bearing deposits 449,488 Total deposits 573,601 Federal funds purchased 3,800 Advances from Federal Home Loan Bank 23,000 Other liabilities 3,282 Total liabilities 603,683 Net assets acquired 69,079 Goodwill $ 38,866 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiary, ChoiceOne Bank (the "Bank"), and ChoiceOne Bank’s wholly-owned subsidiary ChoiceOne Insurance Agencies, Inc. (the "Insurance Agency"). Intercompany transactions and balances have been eliminated in consolidation. ChoiceOne owns all of the common securities of Community Shores Capital Trust I (the “Capital Trust”). Under U.S. generally accepted accounting principles ("GAAP"), the Capital Trust is not not The accompanying unaudited consolidated financial statements and notes thereto reflect all adjustments ordinary in nature which are, in the opinion of management, necessary for a fair presentation of the Consolidated Balance Sheets as of September 30, 2021 December 31, 2020 three nine September 30, 2021 September 30, 2020 three nine September 30, 2021 September 30, 2020 three nine September 30, 2021 September 30, 2020 nine September 30, 2021 September 30, 2020 nine September 30, 2021 not may December 31, 2021 The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in ChoiceOne’s Annual Report on Form 10 December 31, 2020 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates To prepare financial statem ents in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided; therefore, future results could differ. These estimates and assumptions are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID- 19 19 may |
Mortgage Banking Activity [Policy Text Block] | Loans to Other Financial Institutions ChoiceOne Bank entered into an agreement with another financial institution to fund mortgage loans. Loans to other financial institutions are purchased participating interests in individual advances made to mortgage bankers nation-wide from an unaffiliated originating bank. The originating bank services these loans and cash flows on the individual advances (principal, interest, and fees) which are allocated pro-rata based on ownership in the participating interest, less fees paid for the servicing activity. The underlying collateral is generally made up of 1 4 first 90 September 30, 2021. Credit risk associated with the participating interest is measured as an allowance for loan losses when necessary. Losses are charged off against the allowance when incurred and recoveries of loan charge-offs are recorded when received. At least quarterly, ChoiceOne Bank reviews the portfolios of participating interests for potential losses including any participating interest that is outstanding over 90 3 September 30, 2021, 30 December 31, 2020, 30 first nine 2020 2021, |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management to absorb probable incurred losses inherent in the consolidated loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses is an estimate based on known and inherent risks in the portfolio, past loan loss experience, information about specific borrower situations and estimated collateral values, economic conditions and other relevant factors (including both qualitative and quantitative factors). Allocations of the allowance may The allowance for loan losses consists of specific allocations for loans that are classified as impaired and pooled allocations for groups of homogeneous loans that are not Management believes the accounting estimate related to the allowance for loan losses is a “critical accounting estimate” because ( 1 2 |
Stockholders' Equity, Policy [Policy Text Block] | Stock Transactions A total of shares of common stock were issued to ChoiceOne’s Board of Directors for a cash price of $348,000 under the terms of the Directors’ Stock Purchase Plan in the first nine of 2021 . A total of shares for a cash price of $104,000 were issued under the Employee Stock Purchase Plan in the first nine of 2021 . ChoiceOne repurchased approximately 223,000 shares for $5.6 million, or a weighted average all-in cost per share of $24.94, during the first nine 2021. April 2021 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation ChoiceOne grants restricted stock units to a select group of employees under the Stock Incentive Plan of 2012. three one |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts presented in prior periods have been reclassified to conform to the current presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") issued ASU No. 2016 13 , Financial Instruments—Credit Losses (Topic 326 . This ASU provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance attempts to reflect an entity’s current estimate of all expected credit losses and broadens the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually to include forecasted information, as well as past events and current conditions. There is no may may December 15, 2022, November 15, 2019. may |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is not first 1 not not, no 2006, 2019, 2020, Management performed its annual qualitative assessment of goodwill as of June 30, 2021. not 350 20 35 3c. 19 may November 30, 2020 June 30, 2021, not June 30, 2021 not ChoiceOne’s stock price per share was less than its book value as of September 30, 2021. may third 2021. not first nine 2021 not September 30, 2021. |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | September 30, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 7,898 $ 600 $ (79 ) $ 8,419 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 2,836 $ 60 $ - $ 2,896 |
Debt Securities, Available-for-sale [Table Text Block] | September 30, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,002 $ 18 $ - $ 2,020 U.S. Treasury notes and bonds 93,381 58 (653 ) 92,786 State and municipal 488,858 10,584 (2,704 ) 496,738 Mortgage-backed 411,376 1,207 (5,887 ) 406,696 Corporate 13,107 31 (125 ) 13,013 Asset-backed securities 16,897 3 (38 ) 16,862 Total $ 1,025,621 $ 11,901 $ (9,407 ) $ 1,028,115 December 31, 2020 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Government and federal agency $ 2,007 $ 44 $ - $ 2,051 U.S. Treasury notes and bonds 1,996 60 - 2,056 State and municipal 307,201 13,191 (24 ) 320,368 Mortgage-backed 246,085 1,510 (872 ) 246,723 Corporate 3,539 51 (1 ) 3,589 Total $ 560,828 $ 14,856 $ (897 ) $ 574,787 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities maturing within: Fair Value Less than 1 Year - 5 Years - More than at September 30, Fair Value at Dec. 31, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2021 2020 U.S. Government and federal agency $ 2,020 $ - $ - $ - $ 2,020 $ 2,051 U.S. Treasury notes and bonds 2,033 - 90,753 - 92,786 2,056 State and municipal 18,807 58,342 337,206 82,383 496,738 320,368 Corporate 507 828 10,678 1,000 13,013 3,589 Asset-backed securities - 12,691 4,171 - 16,862 - Total debt securities 23,367 71,861 442,808 83,383 621,419 328,064 Mortgage-backed securities 17,061 148,397 240,579 659 406,696 246,723 Equity securities - 1,000 - 7,419 8,419 2,896 Total $ 40,428 $ 221,258 $ 683,387 $ 91,461 $ 1,036,534 $ 577,683 Weighted average yields: Less than 1 Year - 5 Years - More than 1 Year 5 Years 10 Years 10 Years Total U.S. Government and federal agency 1.98 % - % - % - % 1.98 % U.S. Treasury notes and bonds 1.85 - 1.16 - 1.18 State and municipal 2.80 2.86 2.50 2.33 2.52 Corporate 2.50 3.50 2.80 3.75 2.90 Asset-backed securities - 0.64 0.76 - 0.67 Mortgage-backed securities 1.69 1.58 1.38 2.90 1.47 Equity securities - 3.69 - - 0.44 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net gains and (losses) recognized during the period $ (28 ) $ (238 ) $ 461 $ (184 ) Less: Net gains and (losses) recognized during the period on securities sold - - - - Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date $ (28 ) $ (238 ) $ 461 $ (184 ) |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Three Months Ended September 30, 2021 Beginning balance $ 374 $ 1,523 $ 243 $ 4,377 $ 74 $ 860 $ 499 $ 7,950 Charge-offs - (96 ) (98 ) (63 ) - - - (257 ) Recoveries - 7 54 - - 1 - 62 Provision 144 168 33 (154 ) 39 80 (310 ) - Ending balance $ 518 $ 1,602 $ 232 $ 4,160 $ 113 $ 941 $ 189 $ 7,755 Allowance for Loan Losses Nine Months Ended September 30, 2021 Beginning balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Charge-offs - (195 ) (244 ) (111 ) - - - (550 ) Recoveries - 80 168 43 - 5 - 296 Provision 261 390 (9 ) 50 16 (364 ) 72 416 Ending balance $ 518 $ 1,602 $ 232 $ 4,160 $ 113 $ 941 $ 189 $ 7,755 Individually evaluated for impairment $ 124 $ 174 $ - $ 8 $ - $ 177 $ - $ 483 Collectively evaluated for impairment $ 394 $ 1,428 $ 232 $ 4,152 $ 113 $ 764 $ 189 $ 7,272 Loans September 30, 2021 Individually evaluated for impairment $ 3,051 $ 296 $ - $ 418 $ - $ 2,191 $ 5,956 Collectively evaluated for impairment 60,394 211,695 33,793 474,425 18,238 165,913 964,458 Acquired with deteriorated credit quality - 5,251 13 10,489 - 2,190 17,943 Ending balance $ 63,445 $ 217,242 $ 33,806 $ 485,332 $ 18,238 $ 170,294 $ 988,357 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses Three Months Ended September 30, 2020 Beginning balance $ 252 $ 1,398 $ 243 $ 2,833 $ 79 $ 945 $ - $ 5,750 Charge-offs - (29 ) (58 ) (255 ) - (1 ) - (343 ) Recoveries - 1 46 4 - 2 - 53 Provision 17 (285 ) 48 961 31 122 331 1,225 Ending balance $ 269 $ 1,085 $ 279 $ 3,543 $ 110 $ 1,068 $ 331 $ 6,685 Allowance for Loan Losses Nine Months Ended September 30, 2020 Beginning balance $ 471 $ 655 $ 270 $ 1,663 $ 76 $ 640 $ 282 $ 4,057 Charge-offs - (46 ) (242 ) (255 ) - (8 ) - (551 ) Recoveries - 2 156 4 - 17 - 179 Provision (202 ) 474 95 2,131 34 419 49 3,000 Ending balance $ 269 $ 1,085 $ 279 $ 3,543 $ 110 $ 1,068 $ 331 $ 6,685 Individually evaluated for impairment $ - $ 1 $ 1 $ 13 $ - $ 218 $ - $ 233 Collectively evaluated for impairment $ 269 $ 1,084 $ 278 $ 3,530 $ 110 $ 850 $ 331 $ 6,452 Loans September 30, 2020 Individually evaluated for impairment $ 373 $ 345 $ 19 $ 2,149 $ - $ 2,203 $ 5,089 Collectively evaluated for impairment 53,130 297,886 34,104 449,041 16,489 199,930 1,050,580 Acquired with deteriorated credit quality - 7,889 30 12,116 - 3,092 23,127 Ending balance $ 53,503 $ 306,120 $ 34,153 $ 463,306 $ 16,489 $ 205,225 $ 1,078,796 Commercial (Dollars in thousands) and Commercial Construction Residential Agricultural Industrial Consumer Real Estate Real Estate Real Estate Unallocated Total Allowance for Loan Losses December 31, 2020 Individually evaluated for impairment $ - $ 19 $ 1 $ 157 $ - $ 254 $ - $ 431 Collectively evaluated for impairment $ 257 $ 1,308 $ 316 $ 4,021 $ 97 $ 1,046 $ 117 $ 7,162 Loans December 31, 2020 Individually evaluated for impairment $ 348 $ 1,663 $ 8 $ 3,032 $ 80 $ 2,720 $ 7,851 Collectively evaluated for impairment 53,387 295,154 33,982 453,681 16,559 186,982 1,039,745 Acquired with deteriorated credit quality - 6,710 24 12,534 - 2,804 22,072 Ending balance $ 53,735 $ 303,527 $ 34,014 $ 469,247 $ 16,639 $ 192,506 $ 1,069,668 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate September 30, December 31, September 30, December 31, September 30, December 31, 2021 2020 2021 2020 2021 2020 Pass $ 60,042 $ 50,185 $ 214,493 $ 294,614 $ 477,227 $ 453,080 Special Mention 352 3,202 1,133 4,101 2,105 6,006 Substandard 3,051 348 1,320 4,812 5,758 8,925 Doubtful - - 296 - 242 1,236 $ 63,445 $ 53,735 $ 217,242 $ 303,527 $ 485,332 $ 469,247 (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate September 30, December 31, September 30, December 31, September 30, December 31, 2021 2020 2021 2020 2021 2020 Performing $ 33,806 $ 34,006 $ 18,238 $ 16,559 $ 169,443 $ 191,125 Nonperforming - - - - - - Nonaccrual - 8 - 80 851 1,381 $ 33,806 $ 34,014 $ 18,238 $ 16,639 $ 170,294 $ 192,506 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment Agricultural - $ - $ - 6 $ 2,210 $ 2,210 Commercial Real Estate 1 493 493 2 931 931 Total 1 $ 493 $ 493 8 $ 3,141 $ 3,141 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding (Dollars in thousands) Number of Recorded Recorded Number of Recorded Recorded Loans Investment Investment Loans Investment Investment Agricultural - $ - $ - 1 $ 67 $ 67 Commercial Real Estate - - - 2 1,666 1,666 Total - $ - $ - 3 $ 1,733 $ 1,733 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 (Dollars in thousands) Number Recorded Number Recorded of Loans Investment of Loans Investment Agricultural 1 $ 67 1 $ 67 Commercial Real Estate 2 1,666 2 1,666 Total 3 $ 1,733 3 $ 1,733 |
Impaired Financing Receivables [Table Text Block] | Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance September 30, 2021 With no related allowance recorded Agricultural $ 341 $ 434 $ - Commercial and industrial - - - Consumer - - - Construction real estate - - - Commercial real estate 242 242 - Residential real estate 171 175 - Subtotal 754 851 - With an allowance recorded Agricultural 2,710 2,709 124 Commercial and industrial 296 312 174 Consumer - - - Construction real estate - 176 - Commercial real estate 176 - 8 Residential real estate 2,020 2,075 177 Subtotal 5,202 5,272 483 Total Agricultural 3,051 3,143 124 Commercial and industrial 296 312 174 Consumer - - - Construction real estate - 176 - Commercial real estate 418 242 8 Residential real estate 2,191 2,250 177 Total $ 5,956 $ 6,123 $ 483 Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance December 31, 2020 With no related allowance recorded Agricultural $ 348 $ 434 $ - Commercial and industrial 1,516 1,629 - Consumer - - - Construction real estate 80 80 - Commercial real estate 1,852 2,664 - Residential real estate 162 162 - Subtotal 3,958 4,969 - With an allowance recorded Agricultural - - - Commercial and industrial 147 147 19 Consumer 8 8 1 Construction real estate - - - Commercial real estate 1,180 1,180 157 Residential real estate 2,558 2,651 254 Subtotal 3,893 3,986 431 Total Agricultural 348 434 - Commercial and industrial 1,663 1,776 19 Consumer 9 8 1 Construction real estate 80 80 - Commercial real estate 3,031 3,844 157 Residential real estate 2,720 2,813 254 Total $ 7,851 $ 8,955 $ 431 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended September 30, 2021 With no related allowance recorded Agricultural $ 989 $ - Commercial and industrial - - Consumer - - Construction real estate - - Commercial real estate 507 2 Residential real estate 320 - Subtotal 1,816 2 With an allowance recorded Agricultural 2,119 36 Commercial and industrial 240 2 Consumer - - Construction real estate - - Commercial real estate 272 2 Residential real estate 1,943 14 Subtotal 4,574 54 Total Agricultural 3,108 36 Commercial and industrial 240 2 Consumer - - Construction real estate - - Commercial real estate 779 4 Residential real estate 2,263 14 Total $ 6,390 $ 56 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended September 30, 2020 With no related allowance recorded Agricultural $ 376 $ - Commercial and industrial 142 - Consumer 2 - Construction real estate - - Commercial real estate 929 3 Residential real estate 109 1 Subtotal 1,558 4 With an allowance recorded Agricultural - - Commercial and industrial 191 - Consumer 20 - Construction real estate - - Commercial real estate 1,268 4 Residential real estate 2,163 17 Subtotal 3,642 21 Total Agricultural 376 - Commercial and industrial 333 - Consumer 22 - Construction real estate - - Commercial real estate 2,197 7 Residential real estate 2,272 18 Total $ 5,200 $ 25 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Nine Months Ended September 30, 2021 With no related allowance recorded Agricultural $ 669 $ 52 Commercial and industrial 745 - Consumer - - Construction real estate 20 - Commercial real estate 1,372 34 Residential real estate 243 - Subtotal 3,049 86 With an allowance recorded Agricultural 1,766 71 Commercial and industrial 198 3 Consumer 2 - Construction real estate - - Commercial real estate 525 8 Residential real estate 2,215 47 Subtotal 4,706 129 Total Agricultural 2,435 123 Commercial and industrial 943 3 Consumer 2 - Construction real estate 20 - Commercial real estate 1,897 42 Residential real estate 2,458 47 Total $ 7,755 $ 215 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Nine Months Ended September 30, 2020 With no related allowance recorded Agricultural $ 324 $ - Commercial and industrial 201 - Consumer 1 - Construction real estate - - Commercial real estate 1,405 11 Residential real estate 84 5 Subtotal 2,015 16 With an allowance recorded Agricultural 190 - Commercial and industrial 102 - Consumer 18 - Construction real estate - - Commercial real estate 826 16 Residential real estate 2,273 71 Subtotal 3,409 87 Total Agricultural 514 - Commercial and industrial 303 - Consumer 19 - Construction real estate - - Commercial real estate 2,231 27 Residential real estate 2,357 76 Total $ 5,424 $ 103 |
Financing Receivable, Past Due [Table Text Block] | Loans Loans Loans Past Due Loans Past Due Past Due Greater 90 Days Past (Dollars in thousands) 30 59 60 89 Than 90 Loans Not Total Due and Days (1) Days (1) Days (1) Total (1) Past Due Loans Accruing September 30, 2021 Agricultural $ - $ - $ - $ - $ 63,445 $ 63,445 $ - Commercial and industrial 83 305 296 684 216,558 217,242 - Consumer 5 - - 5 33,801 33,806 - Commercial real estate 94 - 243 337 484,995 485,332 - Construction real estate - - - - 18,238 18,238 - Residential real estate 12 276 182 470 169,824 170,294 - $ 194 $ 581 $ 721 $ 1,496 $ 986,861 $ 988,357 $ - December 31, 2020 Agricultural $ - $ - $ - $ - $ 53,735 $ 53,735 $ - Commercial and industrial - 109 515 624 302,903 303,527 - Consumer 39 - - 39 33,975 34,014 - Commercial real estate 532 44 1,744 2,320 466,927 469,247 - Construction real estate 1,076 180 80 1,336 15,303 16,639 - Residential real estate 1,563 256 352 2,171 190,335 192,506 - $ 3,210 $ 589 $ 2,691 $ 6,490 $ 1,063,178 $ 1,069,668 $ - |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) September 30, December 31, 2021 2020 Agricultural $ 342 $ 348 Commercial and industrial 296 1,802 Consumer - 8 Commercial real estate 242 3,088 Construction real estate - 80 Residential real estate 851 1,381 $ 1,731 $ 6,707 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | Acquired Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 7,729 $ 387,394 $ 395,123 Nonaccretable difference (2,928 ) - (2,928 ) Expected cash flows 4,801 387,394 392,195 Accretable yield (185 ) (1,894 ) (2,079 ) Carrying balance at acquisition date $ 4,616 $ 385,500 $ 390,116 (Dollars in thousands) Acquired Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2020 $ 185 $ 1,819 $ 2,004 Accretion January 1, 2020 through December 31, 2020 (50 ) (295 ) (345 ) Balance, December 31, 2020 135 1,524 1,659 Accretion January 1, 2021 through September 30, 2021 - (233 ) (233 ) Transfer from non-accretable to accretable yield 400 - 400 Balance, September 30, 2021 $ 535 $ 1,291 $ 1,826 Acquired Acquired Acquired Impaired Non-impaired Total Loans acquired - contractual payments $ 20,491 $ 158,495 $ 178,986 Nonaccretable difference (2,719 ) - (2,719 ) Expected cash flows 17,772 158,495 176,267 Accretable yield (869 ) (596 ) (1,465 ) Carrying balance at acquisition date $ 16,903 $ 157,899 $ 174,802 Acquired Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2020 $ - $ - $ - Merger with Community Shores Bank Corporation on July 1, 2020 869 596 1,465 Accretion July 1, 2020 through December 31, 2020 (26 ) (141 ) (167 ) Balance, December 31, 2020 843 455 1,298 Accretion January 1, 2021 through September 30, 2021 (298 ) (258 ) (556 ) Balance, September 30, 2021 $ 545 $ 197 $ 742 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended (Dollars in thousands, except share data) September 30, September 30, 2021 2020 2021 2020 Basic Net income $ 5,749 $ 3,829 $ 17,029 $ 11,513 Weighted average common shares outstanding 7,621,423 7,783,005 7,730,135 7,429,765 Basic earnings per common shares $ 0.75 $ 0.49 $ 2.20 $ 1.55 Diluted Net income $ 5,749 $ 3,829 $ 17,029 $ 11,513 Weighted average common shares outstanding 7,621,423 7,783,005 7,730,135 7,429,765 Plus dilutive stock options and restricted stock units 12,644 7,460 13,766 7,888 Weighted average common shares outstanding and potentially dilutive shares 7,634,067 7,790,465 7,743,901 7,437,653 Diluted earnings per common share $ 0.75 $ 0.49 $ 2.20 $ 1.55 |
Note 5 - Financial Instruments
Note 5 - Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable (Dollars in thousands) Carrying Estimated Assets Inputs Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) September 30, 2021 Assets Cash and cash equivalents $ 59,780 $ 59,780 $ 59,780 $ - $ - Equity securities at fair value 8,419 8,419 6,723 - 1,696 Securities available for sale 1,028,115 1,028,115 - 1,009,082 19,033 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 7,505 7,730 - 7,730 - Loans to other financial institutions 38,728 38,728 - 38,728 - Loans, net 980,602 978,685 - - 978,685 Accrued interest receivable 8,969 8,969 - 8,969 - Interest rate lock commitments 438 438 - 438 - Liabilities Noninterest-bearing deposits 543,165 543,165 - 543,165 - Interest-bearing deposits 1,468,985 1,469,300 - 1,469,300 - Subordinated debentures 34,956 34,415 - 34,415 - Accrued interest payable 202 202 - 202 - December 31, 2020 Assets Cash and due from banks $ 79,519 $ 79,519 $ 79,519 $ - $ - Equity securities at fair value 2,896 2,896 1,411 - 1,485 Securities available for sale 574,787 574,787 - 563,364 11,423 Federal Home Loan Bank and Federal Reserve Bank stock 8,004 8,004 - 8,004 - Loans held for sale 12,921 13,350 - 13,350 - Loans to other financial institutions 35,209 35,209 - 35,209 - Loans, net 1,062,075 1,057,786 - - 1,057,786 Accrued interest receivable 6,521 6,521 - 6,521 - Interest rate lock commitments 842 842 - 842 - Liabilities Noninterest-bearing deposits 477,654 477,654 - 477,654 - Interest-bearing deposits 1,196,924 1,197,964 - 1,197,964 - Borrowings 9,327 9,143 - 9,143 - Subordinated debentures 3,089 3,089 - 3,089 - Accrued interest payable 183 183 - 183 - |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Balance (Dollars in thousands) Assets Inputs Inputs at Date (Level 1) (Level 2) (Level 3) Indicated Equity Securities Held at Fair Value - September 30, 2021 Equity securities $ 6,723 $ - $ 1,696 $ 8,419 Investment Securities, Available for Sale - September 30, 2021 U. S. Government and federal agency $ - $ 2,020 $ - $ 2,020 U. S. Treasury notes and bonds - 92,786 - 92,786 State and municipal - 478,705 18,033 496,738 Mortgage-backed - 406,696 - 406,696 Corporate - 12,013 1,000 13,013 Asset-backed securities - 16,862 - 16,862 Total $ - $ 1,009,082 $ 19,033 $ 1,028,115 Equity Securities Held at Fair Value - December 31, 2020 Equity securities $ 1,411 $ - $ 1,485 $ 2,896 Investment Securities, Available for Sale - December 31, 2020 U. S. Government and federal agency $ - $ 2,051 $ - $ 2,051 U. S. Treasury notes and bonds - 2,056 - 2,056 State and municipal - 309,945 10,423 320,368 Mortgage-backed - 246,723 - 246,723 Corporate - 2,589 1,000 3,589 Total $ - $ 563,364 $ 11,423 $ 574,787 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Nine Months Ended (Dollars in thousands) September 30, 2021 2020 Equity Securities Held at Fair Value Balance, January 1 $ 1,485 $ 1,472 Total realized and unrealized gains included in noninterest income (51 ) 8 Net purchases, sales, calls, and maturities 262 - Net transfers into Level 3 - - Balance, September 30 $ 1,696 $ 1,480 Amount of total losses for the period included in earning attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 $ (51 ) $ 8 Investment Securities, Available for Sale Balance, January 1 $ 11,423 $ 12,367 Total unrealized gains included in other comprehensive income (369 ) 452 Net purchases, sales, calls, and maturities 7,979 (1,506) Net transfers into Level 3 - - Balance, September 30 $ 19,033 $ 11,313 Amount of total losses for the period included in earning attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30 $ (366 ) $ 477 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted Prices In Active Significant Markets for Other Significant Balances at Identical Observable Unobservable (Dollars in thousands) Dates Assets Inputs Inputs Indicated (Level 1) (Level 2) (Level 3) Impaired Loans September 30, 2021 $ 5,956 $ - $ - $ 5,956 December 31, 2020 $ 7,851 $ - $ - $ 7,851 Other Real Estate September 30, 2021 $ 162 $ - $ - $ 162 December 31, 2020 $ 266 $ - $ - $ 266 Mortgage Loan Servicing Rights September 30, 2021 $ 4,556 $ - $ - $ 4,556 December 31, 2020 $ 3,967 $ - $ - $ 3,967 |
Note 7 - Revenue From Contrac_2
Note 7 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2021 2020 2021 2020 Service charges and fees on deposit accounts $ 977 $ 842 $ 2,585 $ 2,498 Interchange income 1,278 1,217 3,724 2,808 Investment commission income 153 123 624 384 Trust fee income 187 197 612 569 Other charges and fees for customer services 153 111 458 342 Noninterest income from contracts with customers within the scope of ASC 606 2,748 2,490 8,003 6,601 Noninterest income within the scope of other GAAP topics 1,970 3,835 7,047 10,408 Total noninterest income $ 4,718 $ 6,326 $ 15,050 $ 17,009 |
Note 8 - Business Combination (
Note 8 - Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Consideration $ 20,881 Net assets acquired: Cash and cash equivalents 41,023 Securities available for sale 20,023 Federal Home Loan Bank and Federal Reserve Bank stock 300 Originated loans 174,802 Premises and equipment 6,204 Other real estate owned 346 Deposit based intangible 760 Other assets 1,077 Total assets 244,535 Non-interest bearing deposits 65,499 Interest bearing deposits 162,333 Total deposits 227,832 Subordinated debentures 3,039 Other liabilities 136 Total liabilities 231,007 Net assets acquired 13,528 Goodwill $ 7,353 Purchase Price Consideration $ 107,945 Net assets acquired: Cash and cash equivalents 20,638 Equity securities at fair value 474 Securities available for sale 187,230 Federal Home Loan Bank and Federal Reserve Bank stock 2,915 Loans to other financial institutions 33,481 Originated loans 390,116 Premises and equipment 9,271 Other real estate owned 1,364 Deposit based intangible 6,359 Bank owned life insurance 16,912 Other assets 4,002 Total assets 672,762 Non-interest bearing deposits 124,113 Interest bearing deposits 449,488 Total deposits 573,601 Federal funds purchased 3,800 Advances from Federal Home Loan Bank 23,000 Other liabilities 3,282 Total liabilities 603,683 Net assets acquired 69,079 Goodwill $ 38,866 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2021USD ($) | Mar. 31, 2021 | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Apr. 30, 2021shares | Dec. 31, 2020USD ($) | Jul. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 01, 2019USD ($) | Dec. 31, 2006USD ($) | |
Participating Interest In Loans, Losses or Charge-offs | $ 0 | $ 0 | |||||||||
Stock Issued During Period, Value, New Issues | $ 139,000 | $ 143,000 | $ 420,000 | $ 304,000 | |||||||
Stock Repurchased During Period, Shares (in shares) | shares | 223,000 | ||||||||||
Stock Repurchased During Period, Value | 2,664,000 | $ 5,561,000 | |||||||||
Stock Repurchased, Price Per Share (in dollars per share) | $ / shares | $ 24.94 | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 390,114 | ||||||||||
Stock Repurchase Program, Percent of Stock Outstanding | 5.00% | ||||||||||
Goodwill, Ending Balance | $ 59,946,000 | $ 59,946,000 | $ 60,506,000 | ||||||||
Valley Ridge Financial Corp. [Member] | |||||||||||
Goodwill, Ending Balance | $ 13,700,000 | ||||||||||
County Bank Corp ("County") [Member] | |||||||||||
Goodwill, Ending Balance | $ 38,900,000 | $ 38,866,000 | |||||||||
Community Shores Bank Corp ("Community Shores") [Member] | |||||||||||
Goodwill, Ending Balance | $ 7,300,000 | $ 7,353,000 | |||||||||
Directors' Stock Purchase Plan [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 13,092 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 348,000 | ||||||||||
Employee Stock Purchase Plan [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 4,718 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 104,000 | ||||||||||
Participating Interests in Mortgage Loans [Member] | Credit Concentration Risk [Member] | |||||||||||
Number Of Mortgage Bankers | 11 | ||||||||||
Number of Participating Interest In Loans To Other Financial Institutions Over 30 Days | 0 | 0 | 26 | ||||||||
Number of Participating Interest In Loans To Other Financial Institutions | 218 | ||||||||||
Participating Interests in Mortgage Loans [Member] | Credit Concentration Risk [Member] | Past Due 30 Days or More [Member] | |||||||||||
Participating Mortgage Loans, Mortgage Obligations, Amount | $ 7,900,000 | ||||||||||
Participating Interests in Mortgage Loans [Member] | Credit Concentration Risk [Member] | Eleven Mortgage Brokers [Member] | |||||||||||
Concentration Risk, Percentage | 17.00% |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Note 2 - Securities - Fair Valu
Note 2 - Securities - Fair Value of Equity Securities and Related Gross Unrealized Gains (Losses) Recognized in Interest Income (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Amortized Cost | $ 7,898 | $ 2,836 |
Gross Unrealized Gains | 600 | 60 |
Gross Unrealized Losses | (79) | 0 |
Equity securities at fair value (Note 2) | $ 8,419 | $ 2,896 |
Note 2 - Securities - Fair Va_2
Note 2 - Securities - Fair Value of Securities Available for Sale and The Related Unrealized Gains and Losses Recognized in Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | $ 1,025,621 | $ 560,828 |
Gross Unrealized Gains | 11,901 | 14,856 |
Gross Unrealized Losses | (9,407) | (897) |
Fair Value | 1,028,115 | 574,787 |
US Treasury and Government [Member] | ||
Amortized Cost | 2,002 | 2,007 |
Gross Unrealized Gains | 18 | 44 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,020 | 2,051 |
US Treasury Securities [Member] | ||
Amortized Cost | 93,381 | 1,996 |
Gross Unrealized Gains | 58 | 60 |
Gross Unrealized Losses | (653) | 0 |
Fair Value | 92,786 | 2,056 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 488,858 | 307,201 |
Gross Unrealized Gains | 10,584 | 13,191 |
Gross Unrealized Losses | (2,704) | (24) |
Fair Value | 496,738 | 320,368 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized Cost | 411,376 | 246,085 |
Gross Unrealized Gains | 1,207 | 1,510 |
Gross Unrealized Losses | (5,887) | (872) |
Fair Value | 406,696 | 246,723 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 13,107 | 3,539 |
Gross Unrealized Gains | 31 | 51 |
Gross Unrealized Losses | (125) | (1) |
Fair Value | 13,013 | 3,589 |
Asset-backed Securities [Member] | ||
Amortized Cost | 16,897 | |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (38) | |
Fair Value | $ 16,862 | $ 0 |
Note 2 - Securities - Schedule
Note 2 - Securities - Schedule of Maturities of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Less than 1 Year | $ 40,428 | |
1 Year - 5 Years | 221,258 | |
5 Years - 10 Years | 683,387 | |
More than 10 Years | 91,461 | |
Fair Value | 1,028,115 | $ 574,787 |
Equity securities | 8,419 | 2,896 |
Fair value | 1,036,534 | 577,683 |
US Treasury and Government [Member] | ||
Less than 1 Year | 2,020 | |
1 Year - 5 Years | 0 | |
5 Years - 10 Years | 0 | |
More than 10 Years | 0 | |
Fair Value | $ 2,020 | 2,051 |
Less than 1 year, weighted average yield | 1.98% | |
1 year to 5 years, weighted average yield | 0.00% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 1.98% | |
US Treasury Securities [Member] | ||
Less than 1 Year | $ 2,033 | |
1 Year - 5 Years | 0 | |
5 Years - 10 Years | 90,753 | |
More than 10 Years | 0 | |
Fair Value | $ 92,786 | 2,056 |
Less than 1 year, weighted average yield | 1.85% | |
1 year to 5 years, weighted average yield | 0.00% | |
5 years to 10 years , weighted average yields | 1.16% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 1.18% | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 1 Year | $ 18,807 | |
1 Year - 5 Years | 58,342 | |
5 Years - 10 Years | 337,206 | |
More than 10 Years | 82,383 | |
Fair Value | $ 496,738 | 320,368 |
Less than 1 year, weighted average yield | 2.80% | |
1 year to 5 years, weighted average yield | 2.86% | |
5 years to 10 years , weighted average yields | 2.50% | |
More than 10 years , weighted average yields | 2.33% | |
Weighted average yields, total | 2.52% | |
Corporate Debt Securities [Member] | ||
Less than 1 Year | $ 507 | |
1 Year - 5 Years | 828 | |
5 Years - 10 Years | 10,678 | |
More than 10 Years | 1,000 | |
Fair Value | $ 13,013 | 3,589 |
Less than 1 year, weighted average yield | 2.50% | |
1 year to 5 years, weighted average yield | 3.50% | |
5 years to 10 years , weighted average yields | 2.80% | |
More than 10 years , weighted average yields | 3.75% | |
Weighted average yields, total | 2.90% | |
Asset-backed Securities [Member] | ||
Less than 1 Year | $ 0 | |
1 Year - 5 Years | 12,691 | |
5 Years - 10 Years | 4,171 | |
More than 10 Years | 0 | |
Fair Value | $ 16,862 | 0 |
Less than 1 year, weighted average yield | 0.00% | |
1 year to 5 years, weighted average yield | 0.64% | |
5 years to 10 years , weighted average yields | 0.76% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 0.67% | |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 1 Year | $ 17,061 | |
1 Year - 5 Years | 148,397 | |
5 Years - 10 Years | 240,579 | |
More than 10 Years | 659 | |
Fair Value | $ 406,696 | 246,723 |
Less than 1 year, weighted average yield | 1.69% | |
1 year to 5 years, weighted average yield | 1.58% | |
5 years to 10 years , weighted average yields | 1.38% | |
More than 10 years , weighted average yields | 2.90% | |
Weighted average yields, total | 1.47% | |
Debt Securities [Member] | ||
Less than 1 Year | $ 23,367 | |
1 Year - 5 Years | 71,861 | |
5 Years - 10 Years | 442,808 | |
More than 10 Years | 83,383 | |
Fair Value | 621,419 | $ 328,064 |
Equity Securities [Member] | ||
Less than 1 Year | 0 | |
1 Year - 5 Years | 1,000 | |
5 Years - 10 Years | 0 | |
More than 10 Years | $ 7,419 | |
Less than 1 year, weighted average yield | 0.00% | |
1 year to 5 years, weighted average yield | 3.69% | |
5 years to 10 years , weighted average yields | 0.00% | |
More than 10 years , weighted average yields | 0.00% | |
Weighted average yields, total | 0.44% |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in market value of equity securities | $ (28) | $ (238) | $ 461 | $ (184) |
Less: Net gains and (losses) recognized during the period on securities sold | 0 | 0 | 0 | 0 |
Unrealized gains and losses recognized during the reporting period on securities still held at the reporting date | $ (28) | $ (238) | $ 461 | $ (184) |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 0 | 8 | 3 |
Past Due 30 Days or More [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Allowance for Loan Losses and Balance in the Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Beginning balance | $ 7,950 | $ 5,750 | $ 7,593 | $ 4,057 | |
Charge-offs | (257) | (343) | (550) | (551) | |
Recoveries | 62 | 53 | 296 | 179 | |
Provision | 0 | 1,225 | 416 | 3,000 | |
Ending balance | 7,755 | 6,685 | 7,755 | 6,685 | |
Individually evaluated for impairment | 483 | 233 | 483 | 233 | $ 431 |
Collectively evaluated for impairment | 7,272 | 6,452 | 7,272 | 6,452 | 7,162 |
Individually evaluated for impairment | 5,956 | 5,089 | 5,956 | 5,089 | 7,851 |
Collectively evaluated for impairment | 964,458 | 1,050,580 | 964,458 | 1,050,580 | 1,039,745 |
Acquired with deteriorated credit quality | 17,943 | 23,127 | 17,943 | 23,127 | 22,072 |
Loans | 988,357 | 1,078,796 | 988,357 | 1,078,796 | 1,069,668 |
Agricultural [Member] | |||||
Beginning balance | 374 | 252 | 257 | 471 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 144 | 17 | 261 | (202) | |
Ending balance | 518 | 269 | 518 | 269 | |
Individually evaluated for impairment | 124 | 0 | 124 | 0 | 0 |
Collectively evaluated for impairment | 394 | 269 | 394 | 269 | 257 |
Individually evaluated for impairment | 3,051 | 373 | 3,051 | 373 | 348 |
Collectively evaluated for impairment | 60,394 | 53,130 | 60,394 | 53,130 | 53,387 |
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
Loans | 63,445 | 53,503 | 63,445 | 53,503 | 53,735 |
Commercial and Industrial [Member] | |||||
Beginning balance | 1,523 | 1,398 | 1,327 | 655 | |
Charge-offs | (96) | (29) | (195) | (46) | |
Recoveries | 7 | 1 | 80 | 2 | |
Provision | 168 | (285) | 390 | 474 | |
Ending balance | 1,602 | 1,085 | 1,602 | 1,085 | |
Individually evaluated for impairment | 174 | 1 | 174 | 1 | 19 |
Collectively evaluated for impairment | 1,428 | 1,084 | 1,428 | 1,084 | 1,308 |
Individually evaluated for impairment | 296 | 345 | 296 | 345 | 1,663 |
Collectively evaluated for impairment | 211,695 | 297,886 | 211,695 | 297,886 | 295,154 |
Acquired with deteriorated credit quality | 5,251 | 7,889 | 5,251 | 7,889 | 6,710 |
Loans | 217,242 | 306,120 | 217,242 | 306,120 | 303,527 |
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 243 | 243 | 317 | 270 | |
Charge-offs | (98) | (58) | (244) | (242) | |
Recoveries | 54 | 46 | 168 | 156 | |
Provision | 33 | 48 | (9) | 95 | |
Ending balance | 232 | 279 | 232 | 279 | |
Individually evaluated for impairment | 0 | 1 | 0 | 1 | 1 |
Collectively evaluated for impairment | 232 | 278 | 232 | 278 | 316 |
Individually evaluated for impairment | 0 | 19 | 0 | 19 | 8 |
Collectively evaluated for impairment | 33,793 | 34,104 | 33,793 | 34,104 | 33,982 |
Acquired with deteriorated credit quality | 13 | 30 | 13 | 30 | 24 |
Loans | 33,806 | 34,153 | 33,806 | 34,153 | 34,014 |
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 4,377 | 2,833 | 4,178 | 1,663 | |
Charge-offs | (63) | (255) | (111) | (255) | |
Recoveries | 0 | 4 | 43 | 4 | |
Provision | (154) | 961 | 50 | 2,131 | |
Ending balance | 4,160 | 3,543 | 4,160 | 3,543 | |
Individually evaluated for impairment | 8 | 13 | 8 | 13 | 157 |
Collectively evaluated for impairment | 4,152 | 3,530 | 4,152 | 3,530 | 4,021 |
Individually evaluated for impairment | 418 | 2,149 | 418 | 2,149 | 3,032 |
Collectively evaluated for impairment | 474,425 | 449,041 | 474,425 | 449,041 | 453,681 |
Acquired with deteriorated credit quality | 10,489 | 12,116 | 10,489 | 12,116 | 12,534 |
Loans | 485,332 | 463,306 | 485,332 | 463,306 | 469,247 |
Construction Real Estate [Member] | |||||
Beginning balance | 74 | 79 | 97 | 76 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 39 | 31 | 16 | 34 | |
Ending balance | 113 | 110 | 113 | 110 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 113 | 110 | 113 | 110 | 97 |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 80 |
Collectively evaluated for impairment | 18,238 | 16,489 | 18,238 | 16,489 | 16,559 |
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
Loans | 18,238 | 16,489 | 18,238 | 16,489 | 16,639 |
Residential Portfolio Segment [Member] | |||||
Beginning balance | 860 | 945 | 1,300 | 640 | |
Charge-offs | 0 | (1) | 0 | (8) | |
Recoveries | 1 | 2 | 5 | 17 | |
Provision | 80 | 122 | (364) | 419 | |
Ending balance | 941 | 1,068 | 941 | 1,068 | |
Individually evaluated for impairment | 177 | 218 | 177 | 218 | 254 |
Collectively evaluated for impairment | 764 | 850 | 764 | 850 | 1,046 |
Individually evaluated for impairment | 2,191 | 2,203 | 2,191 | 2,203 | 2,720 |
Collectively evaluated for impairment | 165,913 | 199,930 | 165,913 | 199,930 | 186,982 |
Acquired with deteriorated credit quality | 2,190 | 3,092 | 2,190 | 3,092 | 2,804 |
Loans | 170,294 | 205,225 | 170,294 | 205,225 | 192,506 |
Unallocated Financing Receivables [Member] | |||||
Beginning balance | 499 | 0 | 117 | 282 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (310) | 331 | 72 | 49 | |
Ending balance | 189 | 331 | 189 | 331 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 189 | 331 | 189 | 331 | 117 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | |||||
Acquired with deteriorated credit quality | |||||
Loans |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Credit Risk Profile (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Loans | $ 988,357 | $ 1,069,668 | $ 1,078,796 |
Nonaccrual | 1,731 | 6,707 | |
Agricultural [Member] | |||
Loans | 63,445 | 53,735 | 53,503 |
Nonaccrual | 342 | 348 | |
Agricultural [Member] | Pass [Member] | |||
Loans | 60,042 | 50,185 | |
Agricultural [Member] | Special Mention [Member] | |||
Loans | 352 | 3,202 | |
Agricultural [Member] | Substandard [Member] | |||
Loans | 3,051 | 348 | |
Agricultural [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans | 33,806 | 34,014 | 34,153 |
Nonaccrual | 0 | 8 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 33,806 | 34,006 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial [Member] | |||
Loans | 217,242 | 303,527 | 306,120 |
Nonaccrual | 296 | 1,802 | |
Commercial and Industrial [Member] | Pass [Member] | |||
Loans | 214,493 | 294,614 | |
Commercial and Industrial [Member] | Special Mention [Member] | |||
Loans | 1,133 | 4,101 | |
Commercial and Industrial [Member] | Substandard [Member] | |||
Loans | 1,320 | 4,812 | |
Commercial and Industrial [Member] | Doubtful [Member] | |||
Loans | 296 | 0 | |
Construction Real Estate [Member] | |||
Loans | 18,238 | 16,639 | 16,489 |
Nonaccrual | 0 | 80 | |
Construction Real Estate [Member] | Performing Financial Instruments [Member] | |||
Loans | 18,238 | 16,559 | |
Construction Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 485,332 | 469,247 | 463,306 |
Nonaccrual | 242 | 3,088 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans | 477,227 | 453,080 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 2,105 | 6,006 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 5,758 | 8,925 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 242 | 1,236 | |
Residential Portfolio Segment [Member] | |||
Loans | 170,294 | 192,506 | $ 205,225 |
Nonaccrual | 851 | 1,381 | |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 169,443 | 191,125 | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | $ 0 | $ 0 |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Number of loans | 1 | 0 | 8 | 3 |
Pre- Modification Outstanding | $ 493 | $ 0 | $ 3,141 | $ 1,733 |
Post- Modification Outstanding | $ 493 | $ 0 | $ 3,141 | $ 1,733 |
Agricultural [Member] | ||||
Number of loans | 0 | 0 | 6 | 1 |
Pre- Modification Outstanding | $ 0 | $ 0 | $ 2,210 | $ 67 |
Post- Modification Outstanding | $ 0 | $ 0 | $ 2,210 | $ 67 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Number of loans | 1 | 0 | 2 | 2 |
Pre- Modification Outstanding | $ 493 | $ 0 | $ 931 | $ 1,666 |
Post- Modification Outstanding | $ 493 | $ 0 | $ 931 | $ 1,666 |
Financial Asset, 30 Days Past Due or More [Member] | ||||
Number of loans | 3 | 3 | ||
Recorded investment | $ 1,733 | $ 1,733 | ||
Financial Asset, 30 Days Past Due or More [Member] | Agricultural [Member] | ||||
Number of loans | 1 | 1 | ||
Recorded investment | $ 67 | $ 67 | ||
Financial Asset, 30 Days Past Due or More [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Number of loans | 2 | 2 | ||
Recorded investment | $ 1,666 | $ 1,666 |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans by Loan Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Recorded Investment with no related allowance recorded | $ 754 | $ 754 | $ 3,958 | ||
Unpaid Principal Balance with no related allowance recorded | 851 | 851 | 4,969 | ||
Recorded Investment with an allowance recorded | 5,202 | 5,202 | 3,893 | ||
Unpaid Principal Balance with an allowance recorded | 5,272 | 5,272 | 3,986 | ||
Related Allowance | 483 | 483 | 431 | ||
Recorded Investment | 5,956 | 5,956 | 7,851 | ||
Unpaid Principal Balance | 6,123 | 6,123 | 8,955 | ||
Average Recorded Investment with no related allowance recorded | 1,816 | $ 1,558 | 3,049 | $ 2,015 | |
Interest Income Recognized with no related allowance recorded | 2 | 4 | 86 | 16 | |
Average Recorded Investment with an allowance recorded | 4,574 | 3,642 | 4,706 | 3,409 | |
Interest Income Recognized with an allowance recorded | 54 | 21 | 129 | 87 | |
Average Recorded Investment | 6,390 | 5,200 | 7,755 | 5,424 | |
Interest Income Recognized | 56 | 25 | 215 | 103 | |
Agricultural [Member] | |||||
Recorded Investment with no related allowance recorded | 341 | 341 | 348 | ||
Unpaid Principal Balance with no related allowance recorded | 434 | 434 | 434 | ||
Recorded Investment with an allowance recorded | 2,710 | 2,710 | 0 | ||
Unpaid Principal Balance with an allowance recorded | 2,709 | 2,709 | 0 | ||
Related Allowance | 124 | 124 | 0 | ||
Recorded Investment | 3,051 | 3,051 | 348 | ||
Unpaid Principal Balance | 3,143 | 3,143 | 434 | ||
Average Recorded Investment with no related allowance recorded | 989 | 376 | 669 | 324 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 52 | 0 | |
Average Recorded Investment with an allowance recorded | 2,119 | 0 | 1,766 | 190 | |
Interest Income Recognized with an allowance recorded | 36 | 0 | 71 | 0 | |
Average Recorded Investment | 3,108 | 376 | 2,435 | 514 | |
Interest Income Recognized | 36 | 0 | 123 | 0 | |
Commercial and Industrial [Member] | |||||
Recorded Investment with no related allowance recorded | 0 | 0 | 1,516 | ||
Unpaid Principal Balance with no related allowance recorded | 0 | 0 | 1,629 | ||
Recorded Investment with an allowance recorded | 296 | 296 | 147 | ||
Unpaid Principal Balance with an allowance recorded | 312 | 312 | 147 | ||
Related Allowance | 174 | 174 | 19 | ||
Recorded Investment | 296 | 296 | 1,663 | ||
Unpaid Principal Balance | 312 | 312 | 1,776 | ||
Average Recorded Investment with no related allowance recorded | 0 | 142 | 745 | 201 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 240 | 191 | 198 | 102 | |
Interest Income Recognized with an allowance recorded | 2 | 0 | 3 | 0 | |
Average Recorded Investment | 240 | 333 | 943 | 303 | |
Interest Income Recognized | 2 | 0 | 3 | 0 | |
Consumer Portfolio Segment [Member] | |||||
Recorded Investment with no related allowance recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance with no related allowance recorded | 0 | 0 | 0 | ||
Recorded Investment with an allowance recorded | 0 | 0 | 8 | ||
Unpaid Principal Balance with an allowance recorded | 0 | 0 | 8 | ||
Related Allowance | 0 | 0 | 1 | ||
Recorded Investment | 0 | 0 | 9 | ||
Unpaid Principal Balance | 0 | 0 | 8 | ||
Average Recorded Investment with no related allowance recorded | 0 | 2 | 0 | 1 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 0 | 20 | 2 | 18 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 0 | 22 | 2 | 19 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Construction Real Estate [Member] | |||||
Recorded Investment with no related allowance recorded | 0 | 0 | 80 | ||
Unpaid Principal Balance with no related allowance recorded | 0 | 0 | 80 | ||
Recorded Investment with an allowance recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance with an allowance recorded | 176 | 176 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
Recorded Investment | 0 | 0 | 80 | ||
Unpaid Principal Balance | 176 | 176 | 80 | ||
Average Recorded Investment with no related allowance recorded | 0 | 0 | 20 | 0 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 0 | 0 | 0 | 0 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 0 | 0 | 20 | 0 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Recorded Investment with no related allowance recorded | 242 | 242 | 1,852 | ||
Unpaid Principal Balance with no related allowance recorded | 242 | 242 | 2,664 | ||
Recorded Investment with an allowance recorded | 176 | 176 | 1,180 | ||
Unpaid Principal Balance with an allowance recorded | 0 | 0 | 1,180 | ||
Related Allowance | 8 | 8 | 157 | ||
Recorded Investment | 418 | 418 | 3,031 | ||
Unpaid Principal Balance | 242 | 242 | 3,844 | ||
Average Recorded Investment with no related allowance recorded | 507 | 929 | 1,372 | 1,405 | |
Interest Income Recognized with no related allowance recorded | 2 | 3 | 34 | 11 | |
Average Recorded Investment with an allowance recorded | 272 | 1,268 | 525 | 826 | |
Interest Income Recognized with an allowance recorded | 2 | 4 | 8 | 16 | |
Average Recorded Investment | 779 | 2,197 | 1,897 | 2,231 | |
Interest Income Recognized | 4 | 7 | 42 | 27 | |
Residential Portfolio Segment [Member] | |||||
Recorded Investment with no related allowance recorded | 171 | 171 | 162 | ||
Unpaid Principal Balance with no related allowance recorded | 175 | 175 | 162 | ||
Recorded Investment with an allowance recorded | 2,020 | 2,020 | 2,558 | ||
Unpaid Principal Balance with an allowance recorded | 2,075 | 2,075 | 2,651 | ||
Related Allowance | 177 | 177 | 254 | ||
Recorded Investment | 2,191 | 2,191 | 2,720 | ||
Unpaid Principal Balance | 2,250 | 2,250 | $ 2,813 | ||
Average Recorded Investment with no related allowance recorded | 320 | 109 | 243 | 84 | |
Interest Income Recognized with no related allowance recorded | 0 | 1 | 0 | 5 | |
Average Recorded Investment with an allowance recorded | 1,943 | 2,163 | 2,215 | 2,273 | |
Interest Income Recognized with an allowance recorded | 14 | 17 | 47 | 71 | |
Average Recorded Investment | 2,263 | 2,272 | 2,458 | 2,357 | |
Interest Income Recognized | $ 14 | $ 18 | $ 47 | $ 76 |
Note 3 - Loans and Allowance _8
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of Loans by Loan Category (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | ||
Loans | $ 988,357 | $ 1,069,668 | $ 1,078,796 | ||
Loan 90 days and accruing | 0 | 0 | |||
Agricultural [Member] | |||||
Loans | 63,445 | 53,735 | 53,503 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial and Industrial [Member] | |||||
Loans | 217,242 | 303,527 | 306,120 | ||
Loan 90 days and accruing | 0 | 0 | |||
Consumer Portfolio Segment [Member] | |||||
Loans | 33,806 | 34,014 | 34,153 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 485,332 | 469,247 | 463,306 | ||
Loan 90 days and accruing | 0 | 0 | |||
Construction Real Estate [Member] | |||||
Loans | 18,238 | 16,639 | 16,489 | ||
Loan 90 days and accruing | 0 | 0 | |||
Residential Portfolio Segment [Member] | |||||
Loans | 170,294 | 192,506 | $ 205,225 | ||
Loan 90 days and accruing | 0 | 0 | |||
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Loans | 194 | [1] | 3,210 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Agricultural [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | [1] | 83 | 0 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 5 | 39 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 94 | 532 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 1,076 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 12 | 1,563 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Loans | 581 | [1] | 589 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Agricultural [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | [1] | 305 | 109 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 44 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 180 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 276 | 256 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Loans | 721 | [1] | 2,691 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agricultural [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | [1] | 296 | 515 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 243 | 1,744 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 80 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 182 | 352 | ||
Financial Asset, Past Due [Member] | |||||
Loans | 1,496 | [1] | 6,490 | ||
Financial Asset, Past Due [Member] | Agricultural [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | [1] | 684 | 624 | ||
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 5 | 39 | ||
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 337 | 2,320 | ||
Financial Asset, Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 1,336 | ||
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 470 | 2,171 | ||
Financial Asset, Not Past Due [Member] | |||||
Loans | 986,861 | 1,063,178 | |||
Financial Asset, Not Past Due [Member] | Agricultural [Member] | |||||
Loans | 63,445 | 53,735 | |||
Financial Asset, Not Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | 216,558 | 302,903 | |||
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | 33,801 | 33,975 | |||
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 484,995 | 466,927 | |||
Financial Asset, Not Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | 18,238 | 15,303 | |||
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | $ 169,824 | $ 190,335 | |||
[1] | Includes nonaccrual loans. |
Note 3 - Loans and Allowance _9
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loan by Loan Category (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Nonaccrual loans | $ 1,731 | $ 6,707 |
Agricultural [Member] | ||
Nonaccrual loans | 342 | 348 |
Commercial and Industrial [Member] | ||
Nonaccrual loans | 296 | 1,802 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans | 0 | 8 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 242 | 3,088 |
Construction Real Estate [Member] | ||
Nonaccrual loans | 0 | 80 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | $ 851 | $ 1,381 |
Note 3 - Loans and Allowance_10
Note 3 - Loans and Allowance for Loan Losses - Acquired Portfolio and the Acquisition Fair Value Adjustments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Jul. 01, 2020 | Oct. 01, 2019 | |
County Bank Corp ("County") [Member] | ||||
Loans acquired - contractual payments | $ 395,123 | |||
Nonaccretable difference | (2,928) | |||
Expected cash flows | 392,195 | |||
Accretable yield | (2,079) | |||
Carrying balance at acquisition date | 390,116 | |||
Accretion | $ (233) | $ (345) | ||
Transfer from non-accretable to accretable yield | 400 | |||
Balance | 1,826 | 1,659 | ||
Balance | 1,659 | 2,004 | ||
County Bank Corp ("County") [Member] | Acquired Impaired [Member] | ||||
Loans acquired - contractual payments | 7,729 | |||
Nonaccretable difference | (2,928) | |||
Expected cash flows | 4,801 | |||
Accretable yield | (185) | |||
Carrying balance at acquisition date | 4,616 | |||
Accretion | 0 | (50) | ||
Transfer from non-accretable to accretable yield | 400 | |||
Balance | 535 | 135 | ||
Balance | 135 | 185 | ||
County Bank Corp ("County") [Member] | Acquired Non-Impaired [Member] | ||||
Loans acquired - contractual payments | 387,394 | |||
Nonaccretable difference | 0 | |||
Expected cash flows | 387,394 | |||
Accretable yield | (1,894) | |||
Carrying balance at acquisition date | $ 385,500 | |||
Accretion | (233) | (295) | ||
Transfer from non-accretable to accretable yield | 0 | |||
Balance | 1,291 | 1,524 | ||
Balance | 1,524 | 1,819 | ||
Community Shores Bank Corp ("Community Shores") [Member] | ||||
Loans acquired - contractual payments | $ 178,986 | |||
Nonaccretable difference | (2,719) | |||
Expected cash flows | 176,267 | |||
Accretable yield | (1,465) | |||
Carrying balance at acquisition date | 174,802 | |||
Accretion | (556) | (167) | ||
Balance | 742 | 1,298 | ||
Balance | 1,298 | 0 | ||
Merger | 1,465 | |||
Community Shores Bank Corp ("Community Shores") [Member] | Acquired Impaired [Member] | ||||
Loans acquired - contractual payments | 20,491 | |||
Nonaccretable difference | (2,719) | |||
Expected cash flows | 17,772 | |||
Accretable yield | (869) | |||
Carrying balance at acquisition date | 16,903 | |||
Accretion | (298) | (26) | ||
Balance | 545 | 843 | ||
Balance | 843 | 0 | ||
Merger | 869 | |||
Community Shores Bank Corp ("Community Shores") [Member] | Acquired Non-Impaired [Member] | ||||
Loans acquired - contractual payments | 158,495 | |||
Nonaccretable difference | 0 | |||
Expected cash flows | 158,495 | |||
Accretable yield | (596) | |||
Carrying balance at acquisition date | $ 157,899 | |||
Accretion | (258) | (141) | ||
Balance | 197 | 455 | ||
Balance | $ 455 | 0 | ||
Merger | $ 596 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 15,000 | 0 | 15,000 | 0 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 4 - Earnings Per Share - C
Note 4 - Earnings Per Share - Computation of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 5,749 | $ 3,829 | $ 17,029 | $ 11,513 |
Weighted average common shares outstanding (in shares) | 7,621,423 | 7,783,005 | 7,730,135 | 7,429,765 |
Basic earnings per share (Note 4) (in dollars per share) | $ 0.75 | $ 0.49 | $ 2.20 | $ 1.55 |
Net income | $ 5,749 | $ 3,829 | $ 17,029 | $ 11,513 |
Plus dilutive stock options and restricted stock units (in shares) | 12,644 | 7,460 | 13,766 | 7,888 |
Weighted average common shares outstanding and potentially dilutive shares (in shares) | 7,634,067 | 7,790,465 | 7,743,901 | 7,437,653 |
Diluted earnings per share (Note 4) (in dollars per share) | $ 0.75 | $ 0.49 | $ 2.20 | $ 1.55 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Equity securities at fair value (Note 2) | $ 8,419 | $ 2,896 | |
Securities available for sale (Note 2) | 1,028,115 | 574,787 | |
Deposits – noninterest-bearing | 543,165 | 477,654 | |
Deposits – interest-bearing | 1,468,985 | 1,196,924 | |
Loans to other financial institutions | 38,728 | 35,209 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale (Note 2) | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale (Note 2) | 1,009,082 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale (Note 2) | 19,033 | ||
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 59,780 | 79,519 | |
Equity securities at fair value (Note 2) | 8,419 | 2,896 | |
Securities available for sale (Note 2) | 1,028,115 | 574,787 | |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 8,004 | |
Loans held for sale | 7,505 | 12,921 | |
Loans | 980,602 | 1,062,075 | |
Accrued interest receivable | 8,969 | 6,521 | |
Interest rate lock commitments | 438 | 842 | |
Deposits – noninterest-bearing | 543,165 | 477,654 | |
Deposits – interest-bearing | 1,468,985 | 1,196,924 | |
Subordinated debentures | 34,956 | ||
Accrued interest payable | 202 | 183 | |
Loans to other financial institutions | $ 35,209 | ||
Borrowings | 9,327 | ||
Subordinated debentures | 3,089 | ||
Reported Value Measurement [Member] | Loans to Other Financial Institutions [Member] | |||
Loans | 38,728 | ||
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 59,780 | 79,519 | |
Equity securities at fair value (Note 2) | 8,419 | 2,896 | |
Securities available for sale (Note 2) | 1,028,115 | 574,787 | |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 8,004 | |
Loans held for sale | 7,730 | 13,350 | |
Loans | 978,685 | 1,057,786 | |
Accrued interest receivable | 8,969 | 6,521 | |
Interest rate lock commitments | 438 | 842 | |
Deposits – noninterest-bearing | 543,165 | 477,654 | |
Deposits – interest-bearing | 1,469,300 | 1,197,964 | |
Subordinated debentures | 34,415 | ||
Accrued interest payable | 202 | 183 | |
Loans to other financial institutions | 35,209 | ||
Borrowings | 9,143 | ||
Subordinated debentures | 3,089 | ||
Estimate of Fair Value Measurement [Member] | Loans to Other Financial Institutions [Member] | |||
Loans | 38,728 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 59,780 | 79,519 | |
Equity securities at fair value (Note 2) | 6,723 | 1,411 | |
Securities available for sale (Note 2) | 0 | 0 | |
Federal Home Loan Bank and Federal Reserve Bank stock | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Interest rate lock commitments | 0 | 0 | |
Deposits – noninterest-bearing | 0 | 0 | |
Deposits – interest-bearing | 0 | 0 | |
Subordinated debentures | 0 | ||
Accrued interest payable | 0 | 0 | |
Loans to other financial institutions | 0 | ||
Borrowings | 0 | ||
Subordinated debentures | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Loans to Other Financial Institutions [Member] | |||
Loans | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Equity securities at fair value (Note 2) | 0 | 0 | |
Securities available for sale (Note 2) | 1,009,082 | 563,364 | |
Federal Home Loan Bank and Federal Reserve Bank stock | 8,004 | 8,004 | |
Loans held for sale | 7,730 | 13,350 | |
Loans | 0 | 0 | |
Accrued interest receivable | 8,969 | 6,521 | |
Interest rate lock commitments | 438 | 842 | |
Deposits – noninterest-bearing | 543,165 | 477,654 | |
Deposits – interest-bearing | 1,469,300 | 1,197,964 | |
Subordinated debentures | 34,415 | ||
Accrued interest payable | 202 | 183 | |
Loans to other financial institutions | 35,209 | ||
Borrowings | 9,143 | ||
Subordinated debentures | 3,089 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans to Other Financial Institutions [Member] | |||
Loans | 38,728 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Equity securities at fair value (Note 2) | 1,696 | 1,485 | |
Securities available for sale (Note 2) | 19,033 | 11,423 | |
Federal Home Loan Bank and Federal Reserve Bank stock | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans | 978,685 | 1,057,786 | |
Accrued interest receivable | 0 | 0 | |
Interest rate lock commitments | 0 | 0 | |
Deposits – noninterest-bearing | 0 | 0 | |
Deposits – interest-bearing | 0 | 0 | |
Subordinated debentures | 0 | ||
Accrued interest payable | 0 | 0 | |
Loans to other financial institutions | $ 0 | ||
Borrowings | 0 | ||
Subordinated debentures | $ 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Loans to Other Financial Institutions [Member] | |||
Loans | $ 0 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) | Sep. 30, 2021USD ($) |
Fair Value, Inputs, Level 3 [Member] | |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | $ 420,000 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Equity securities at fair value (Note 2) | $ 8,419 | $ 2,896 |
Securities available for sale (Note 2) | 1,028,115 | 574,787 |
US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,020 | 2,051 |
US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 92,786 | 2,056 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 496,738 | 320,368 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 406,696 | 246,723 |
Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 13,013 | 3,589 |
Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 16,862 | 0 |
Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 574,787 | |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 8,419 | 2,896 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,020 | 2,051 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 92,786 | 2,056 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 496,738 | 320,368 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 406,696 | 246,723 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 13,013 | 3,589 |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 16,862 | |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 6,723 | 1,411 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale (Note 2) | 1,009,082 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 563,364 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 2,020 | 2,051 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 92,786 | 2,056 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 478,705 | 309,945 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 406,696 | 246,723 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 12,013 | 2,589 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | 16,862 | |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale (Note 2) | 19,033 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale (Note 2) | 11,423 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities at fair value (Note 2) | 1,696 | 1,485 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale (Note 2) | 18,033 | 10,423 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale (Note 2) | 1,000 | $ 1,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||
Securities available for sale (Note 2) | $ 0 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Securities [Member] | ||
Balance | $ 1,485 | $ 1,472 |
Total realized and unrealized gains included in income | (51) | 8 |
Net purchases, sales, calls, and maturities | 262 | 0 |
Net transfers into Level 3 | 0 | 0 |
Amount of total losses for the period included in earning attributable to the change in unrealized gains (losses) relating to assets and liabilities still held | (51) | 8 |
Balance | 1,696 | 1,480 |
Available-for-sale Securities [Member] | ||
Balance | 11,423 | 12,367 |
Net purchases, sales, calls, and maturities | 7,979 | (1,506) |
Net transfers into Level 3 | 0 | 0 |
Amount of total losses for the period included in earning attributable to the change in unrealized gains (losses) relating to assets and liabilities still held | (366) | 477 |
Total unrealized gains included in other comprehensive income | (369) | 452 |
Balance | $ 19,033 | $ 11,313 |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Impaired Loans | $ 5,956 | $ 7,851 |
Other Real Estate | 162 | 266 |
Mortgage Loan Servicing Rights | 4,556 | 3,967 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired Loans | 0 | 0 |
Other Real Estate | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 5,956 | 7,851 |
Other Real Estate | 162 | 266 |
Mortgage Loan Servicing Rights | $ 4,556 | $ 3,967 |
Note 7 - Revenue from Contrac_3
Note 7 - Revenue from Contracts with Customers - Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noninterest income from contracts with customers within the scope of ASC 606 | $ 2,748 | $ 2,490 | $ 8,003 | $ 6,601 |
Noninterest income within the scope of other GAAP topics | 1,970 | 3,835 | 7,047 | 10,408 |
Total noninterest income | 4,718 | 6,326 | 15,050 | 17,009 |
Service Charges and Fees on Deposit Accounts [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 977 | 842 | 2,585 | 2,498 |
Interchange Income [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 1,278 | 1,217 | 3,724 | 2,808 |
Investment Commission Income [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 153 | 123 | 624 | 384 |
Trust Fee Income [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 187 | 197 | 612 | 569 |
Other Charges and Fees for Customer Services [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | $ 153 | $ 111 | $ 458 | $ 342 |
Note 8 - Business Combination_2
Note 8 - Business Combination (Details Textual) | Jul. 01, 2020USD ($)shares | Oct. 01, 2019USD ($)shares | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) |
Stock Issued During Period, Value, Acquisitions | $ 15,493,000 | $ 15,494,000 | ||
County Bank Corp ("County") [Member] | ||||
Number of Branch Offices | 14 | |||
Number of Loan Office | 1 | |||
Community Shores Bank Corp ("Community Shores") [Member] | ||||
Number of Branch Offices | 4 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 244,535,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Loans | 174,800,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Deposits | $ 227,832,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 524,139 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Fractional Shares (in shares) | shares | 84 | |||
Payments to Acquire Businesses, Gross | $ 5,390,000 | |||
Business Combination, Consideration Transferred, Total | $ 20,881,000 | |||
County Bank Corp ("County") [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 672,762,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Loans | 424,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Total Deposits | 573,601,000 | |||
Business Combination, Consideration Transferred, Total | $ 107,945,000 | |||
County Bank Corp ("County") [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 3,603,872 | |||
Stock Issued During Period, Value, Acquisitions | $ 108,000,000 | |||
County Bank Corp ("County") [Member] | Fractional Stock [Member] | ||||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 299 |
Note 8 - Business Combination -
Note 8 - Business Combination - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Oct. 01, 2019 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 59,946 | $ 60,506 | |||
Community Shores Bank Corp ("Community Shores") [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 20,881 | ||||
Cash and cash equivalents | 41,023 | ||||
Securities available for sale | 20,023 | ||||
Federal Home Loan Bank and Federal Reserve Bank stock | 300 | ||||
Originated loans | 174,802 | ||||
Premises and equipment | 6,204 | ||||
Other real estate owned | 346 | ||||
Deposit based intangible | 760 | ||||
Other assets | 1,077 | ||||
Total assets | 244,535 | ||||
Non-interest bearing deposits | 65,499 | ||||
Interest bearing deposits | 162,333 | ||||
Total deposits | 227,832 | ||||
Subordinated debentures | 3,039 | ||||
Other liabilities | 136 | ||||
Total liabilities | 231,007 | ||||
Net assets acquired | 13,528 | ||||
Goodwill, Ending Balance | 7,353 | $ 7,300 | |||
Consideration | $ 20,881 | ||||
County Bank Corp ("County") [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 107,945 | ||||
Cash and cash equivalents | 20,638 | ||||
Securities available for sale | 474 | ||||
Federal Home Loan Bank and Federal Reserve Bank stock | 2,915 | ||||
Originated loans | 390,116 | ||||
Premises and equipment | 9,271 | ||||
Other real estate owned | 1,364 | ||||
Deposit based intangible | 6,359 | ||||
Other assets | 4,002 | ||||
Total assets | 672,762 | ||||
Non-interest bearing deposits | 124,113 | ||||
Interest bearing deposits | 449,488 | ||||
Total deposits | 573,601 | ||||
Other liabilities | 3,282 | ||||
Total liabilities | 603,683 | ||||
Net assets acquired | 69,079 | ||||
Goodwill, Ending Balance | 38,866 | $ 38,900 | |||
Consideration | 107,945 | ||||
Securities available for sale | 187,230 | ||||
Loans to other financial institutions | 33,481 | ||||
Bank owned life insurance | 16,912 | ||||
Federal funds purchased | 3,800 | ||||
Advances from Federal Home Loan Bank | $ 23,000 |