Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 7,507,769 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 39,946 | $ 31,537 |
Time deposits in other financial institutions | 350 | 350 |
Cash and cash equivalents | 40,296 | 31,887 |
Equity securities, at fair value (Note 2) | 8,288 | 8,492 |
Securities available for sale, at fair value (Note 2) | 566,142 | 1,098,885 |
Securities held to maturity, at amortized cost (Note 2) | 429,675 | 0 |
Federal Home Loan Bank stock | 3,493 | 3,824 |
Federal Reserve Bank stock | 5,064 | 5,064 |
Loans held for sale | 10,628 | 9,351 |
Loans to other financial institutions | 37,422 | 42,632 |
Loans (Note 3) | 1,081,389 | 1,016,848 |
Allowance for loan losses (Note 3) | (7,416) | (7,688) |
Loans, net | 1,073,973 | 1,009,160 |
Premises and equipment, net | 29,122 | 29,880 |
Other real estate owned, net | 0 | 194 |
Cash value of life insurance policies | 43,774 | 43,356 |
Goodwill | 59,946 | 59,946 |
Core deposit intangible | 3,358 | 3,962 |
Other assets | 49,024 | 20,049 |
Total assets | 2,360,205 | 2,366,682 |
Liabilities | ||
Deposits – noninterest-bearing | 578,927 | 560,931 |
Deposits – interest-bearing | 1,559,577 | 1,491,363 |
Total deposits | 2,138,504 | 2,052,294 |
Borrowings | 7,000 | 50,000 |
Subordinated debentures | 35,140 | 35,017 |
Other liabilities | 13,101 | 7,702 |
Total liabilities | 2,193,745 | 2,145,013 |
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: 7,503,072 at June 30, 2022 and 7,510,379 at December 31, 2021 | 171,804 | 171,913 |
Retained earnings | 59,728 | 52,332 |
Accumulated other comprehensive loss, net | (65,072) | (2,576) |
Total shareholders’ equity | 166,460 | 221,669 |
Total liabilities and shareholders’ equity | $ 2,360,205 | $ 2,366,682 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 7,503,072 | 7,510,379 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income | ||||
Loans, including fees | $ 12,523 | $ 11,565 | $ 24,821 | $ 24,247 |
Securities: | ||||
Taxable | 3,522 | 2,396 | 7,029 | 4,252 |
Tax exempt | 1,559 | 1,446 | 3,214 | 2,543 |
Other | 62 | 12 | 76 | 32 |
Total interest income | 17,666 | 15,419 | 35,140 | 31,074 |
Interest expense | ||||
Deposits | 996 | 839 | 1,779 | 1,719 |
Advances from Federal Home Loan Bank | 2 | 2 | 3 | 3 |
Other | 379 | 70 | 748 | 156 |
Total interest expense | 1,377 | 911 | 2,530 | 1,878 |
Net interest income | 16,289 | 14,508 | 32,610 | 29,196 |
Provision for loan losses | 0 | 166 | 0 | 416 |
Net interest income after provision for loan losses | 16,289 | 14,342 | 32,610 | 28,780 |
Noninterest income | ||||
Customer service charges | 2,353 | 2,134 | 4,542 | 4,054 |
Insurance and investment commissions | 233 | 198 | 438 | 471 |
Gains on sales of loans | 887 | 1,771 | 1,691 | 3,917 |
Net gains (losses) on sales of securities | (427) | 2 | (427) | 3 |
Net gains on sales and write downs of other assets | 1 | (4) | 172 | 1 |
Earnings on life insurance policies | 254 | 191 | 534 | 377 |
Trust income | 176 | 253 | 354 | 425 |
Change in market value of equity securities | (327) | (119) | (683) | 489 |
Other | 280 | 306 | 655 | 595 |
Total noninterest income | 3,430 | 4,732 | 7,276 | 10,332 |
Noninterest expense | ||||
Salaries and benefits | 7,537 | 6,999 | 15,143 | 14,167 |
Occupancy and equipment | 1,518 | 1,498 | 3,143 | 3,053 |
Data processing | 1,578 | 1,673 | 3,322 | 3,102 |
Professional fees | 559 | 943 | 1,069 | 1,672 |
Supplies and postage | 166 | 124 | 357 | 224 |
Advertising and promotional | 147 | 207 | 279 | 352 |
Intangible amortization | 322 | 352 | 604 | 659 |
FDIC insurance | 225 | 156 | 450 | 308 |
Other | 1,105 | 1,177 | 2,480 | 2,120 |
Total noninterest expense | 13,157 | 13,129 | 26,847 | 25,657 |
Income before income tax | 6,562 | 5,945 | 13,039 | 13,455 |
Income tax expense | 947 | 902 | 1,896 | 2,174 |
Net income | $ 5,615 | $ 5,043 | $ 11,143 | $ 11,281 |
Basic earnings per share (Note 4) (in dollars per share) | $ 0.75 | $ 0.65 | $ 1.49 | $ 1.45 |
Diluted earnings per share (Note 4) (in dollars per share) | 0.75 | 0.65 | 1.49 | 1.45 |
Dividends declared per share (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.50 | $ 0.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 5,615 | $ 5,043 | $ 11,143 | $ 11,281 |
Other comprehensive income: | ||||
Change in net unrealized gain (loss) on available-for-sale securities | (31,574) | 11,662 | (74,512) | (5,291) |
Change in net unrealized gain (loss) on available-for-sale securities, Income tax benefit (expense) | 6,631 | (2,449) | 15,648 | 1,111 |
Less: reclassification adjustment for net (gain) loss included in net income | 427 | (1) | 427 | (3) |
Less: reclassification adjustment for net (gain) loss included in net income, Income tax benefit (expense) | (90) | 0 | (90) | 1 |
Less: net unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity | 0 | 0 | 3,404 | 0 |
Less: net unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity, Income tax benefit (expense) | 0 | 0 | (715) | 0 |
Unrealized gain (loss) on available-for-sale securities, net of tax | (24,606) | 9,212 | (55,838) | (4,182) |
Reclassification of unrealized gain (loss) upon transfer of securities from available-for-sale to held-to-maturity | 0 | 0 | (3,404) | 0 |
Reclassification of unrealized gain (loss) upon transfer of securities from available-for-sale to held-to-maturity, Income tax benefit (expense) | 0 | 0 | 715 | 0 |
Less: amortization of net unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity | 74 | 0 | 244 | 0 |
Less: amortization of net unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity, Income tax benefit (expense) | (16) | 0 | (51) | 0 |
Unrealized loss on held to maturity securities, net of tax | 58 | 0 | (2,496) | 0 |
Change in net unrealized gain (loss) on derivatives | (5,576) | 0 | (5,576) | 0 |
Change in net unrealized gain (loss) on derivatives, Income tax benefit (expense) | 1,171 | 0 | 1,171 | 0 |
Less: amortization of net unrealized (gains) losses included in net income | 307 | 0 | 307 | 0 |
Less: amortization of net unrealized (gains) losses included in net income, Income tax benefit (expense) | (64) | 0 | (64) | 0 |
Unrealized gain (loss) on derivative instruments, net of tax | (4,162) | 0 | (4,162) | 0 |
Other comprehensive income (loss), net of tax | (28,710) | 9,212 | (62,496) | (4,182) |
Comprehensive income (loss) | $ (23,095) | $ 14,255 | $ (51,353) | $ 7,099 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | 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, 2020 | 7,796,352 | |||||||
Balance at Dec. 31, 2020 | $ 178,750,000 | $ 37,490,000 | $ 11,028,000 | $ 227,268,000 | ||||
Net income | 11,281,000 | 11,281,000 | ||||||
Other comprehensive income (loss) | (4,182,000) | (4,182,000) | ||||||
Shares issued (in shares) | 11,886 | |||||||
Shares issued | $ 281,000 | 281,000 | ||||||
Effect of employee stock purchases | 13,000 | 13,000 | ||||||
Stock-based compensation expense | $ 176,000 | 176,000 | ||||||
Shares repurchased (in shares) | (115,701) | |||||||
Shares repurchased | $ (2,897,000) | (2,897,000) | ||||||
Cash dividends declared | $ (3,419,000) | $ (3,419,000) | ||||||
Balance (in shares) at Jun. 30, 2021 | 7,692,537 | |||||||
Balance at Jun. 30, 2021 | $ 176,323,000 | 45,352,000 | 6,846,000 | 228,521,000 | ||||
Balance (in shares) at Mar. 31, 2021 | 7,802,285 | |||||||
Balance at Mar. 31, 2021 | $ 178,993,000 | 42,012,000 | (2,366,000) | 218,639,000 | ||||
Net income | 5,043,000 | 5,043,000 | ||||||
Other comprehensive income (loss) | 9,212,000 | 9,212,000 | ||||||
Shares issued (in shares) | 5,953 | |||||||
Shares issued | $ 106,000 | 106,000 | ||||||
Effect of employee stock purchases | 9,000 | 9,000 | ||||||
Stock-based compensation expense | $ 112,000 | 112,000 | ||||||
Shares repurchased (in shares) | (115,701) | |||||||
Shares repurchased | $ (2,897,000) | (2,897,000) | ||||||
Cash dividends declared | (1,703,000) | (1,703,000) | ||||||
Balance (in shares) at Jun. 30, 2021 | 7,692,537 | |||||||
Balance at Jun. 30, 2021 | $ 176,323,000 | 45,352,000 | 6,846,000 | $ 228,521,000 | ||||
Balance (in shares) at Dec. 31, 2021 | 7,510,379 | 7,510,379 | ||||||
Balance at Dec. 31, 2021 | $ 171,913,000 | 52,332,000 | (2,576,000) | $ 221,669,000 | ||||
Net income | 11,143,000 | 11,143,000 | ||||||
Other comprehensive income (loss) | (62,496,000) | (62,496,000) | ||||||
Shares issued (in shares) | 18,592 | |||||||
Shares issued | $ 272,000 | 272,000 | ||||||
Effect of employee stock purchases | 13,000 | 13,000 | ||||||
Stock-based compensation expense | $ 288,000 | $ 288,000 | ||||||
Shares repurchased (in shares) | (25,899) | (25,899) | ||||||
Shares repurchased | $ (682,000) | $ (682,000) | ||||||
Cash dividends declared | (3,747,000) | (3,747,000) | ||||||
Balance (in shares) at Jun. 30, 2022 | 7,503,072 | 7,503,072 | ||||||
Balance at Jun. 30, 2022 | $ 171,804,000 | 59,728,000 | (65,072,000) | $ 166,460,000 | ||||
Balance (in shares) at Mar. 31, 2022 | 7,489,812 | |||||||
Balance at Mar. 31, 2022 | $ 171,492,000 | 55,988,000 | (36,362,000) | 191,118,000 | ||||
Net income | 5,615,000 | 5,615,000 | ||||||
Other comprehensive income (loss) | (28,710,000) | (28,710,000) | ||||||
Shares issued (in shares) | 13,260 | |||||||
Shares issued | $ 139,000 | 139,000 | ||||||
Effect of employee stock purchases | 6,000 | 6,000 | ||||||
Stock-based compensation expense | $ 167,000 | $ 167,000 | ||||||
Cash dividends declared | $ (1,875,000) | $ (1,875,000) | ||||||
Effect of employee stock purchases (in shares) | ||||||||
Balance (in shares) at Jun. 30, 2022 | 7,503,072 | 7,503,072 | ||||||
Balance at Jun. 30, 2022 | $ 171,804,000 | $ 59,728,000 | $ (65,072,000) | $ 166,460,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Dividend [Member] | ||||
Dividends declared, per share (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.50 | $ 0.44 |
Dividends declared, per share (in dollars per share) | $ 0.25 | $ 0.22 | $ 0.50 | $ 0.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 11,143 | $ 11,281 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 0 | 416 |
Depreciation | 1,356 | 1,299 |
Amortization | 5,506 | 4,336 |
Compensation expense on employee and director stock purchases, stock options, and restricted stock units | 493 | 404 |
Net losses (gains) on sales of available for sale securities | 427 | (3) |
Net change in market value of equity securities | 683 | (489) |
Gains on sales of loans | (1,691) | (3,917) |
Loans originated for sale | (53,750) | (122,993) |
Proceeds from loan sales | 53,480 | 125,714 |
Earnings on bank-owned life insurance | (534) | (377) |
Proceeds from BOLI policy | 130 | 0 |
Earnings on death benefit from bank-owned life insurance | (14) | 0 |
(Gains)/losses on sales of other real estate owned | (41) | (4) |
Proceeds from sales of other real estate owned | 235 | 270 |
Deferred federal income tax (benefit)/expense | 169 | 506 |
Net change in: | ||
Other assets | (768) | (992) |
Other liabilities | 5,480 | 1,693 |
Net cash provided by operating activities | 22,304 | 17,144 |
Cash flows from investing activities: | ||
Sales of securities available for sale | 31,828 | 0 |
Maturities, prepayments and calls of securities available for sale | 27,404 | 28,104 |
Maturities, prepayments and calls of securities held to maturity | 3,485 | 0 |
Purchases of securities available for sale | (32,676) | (322,009) |
Purchases of securities held to maturity | (5,748) | 0 |
Loan originations and payments, net | (59,602) | 100,799 |
Additions to premises and equipment | (701) | (1,461) |
Proceeds from (payments for) derivative contracts, net | (16,745) | 0 |
Net cash provided by (used in) investing activities | (52,755) | (194,567) |
Cash flows from financing activities: | ||
Net change in deposits | 86,210 | 206,157 |
Net change in short term borrowings | (43,000) | (6,685) |
Issuance of common stock | 80 | 66 |
Repurchase of common stock | (682) | (2,897) |
Cash dividends | (3,747) | (3,419) |
Net cash provided by financing activities | 38,861 | 193,222 |
Net change in cash and cash equivalents | 8,409 | 15,799 |
Beginning cash and cash equivalents | 31,887 | 79,519 |
Ending cash and cash equivalents | 40,296 | 95,318 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,182 | 1,965 |
Cash paid for income taxes | 0 | 901 |
Loans transferred to other real estate owned | $ 0 | $ 260 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Principles of Consolidation The consolidated financial statements include ChoiceOne Financial Services, Inc. ("ChoiceOne"), its wholly-owned subsidiary, ChoiceOne Bank, and ChoiceOne Bank’s wholly-owned subsidiary, ChoiceOne Insurance Agencies, Inc. 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 such financial statements. Operating results for the six June 30, 2022 not may December 31, 2022 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, 2021 Use of Estimates To prepare financial statements in conformity with GAAP, ChoiceOne’s 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. 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 may Investment Securities Investment securities for which ChoiceOne has the intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. Investment securities not Loans to Other Financial Institutions Loans to other financial institutions are made for the purpose of providing a warehouse line of credit to facilitate funding of residential mortgage loan originations at other financial institutions. The loans are short-term in nature and are designed to provide funding for the time period between the loan origination and its subsequent sale in the secondary market. Loans to other financial institutions earn a share of interest income, determined by the contract, from when the loan is funded to when the loan is sold on the secondary market. Loans to other financial institutions are excluded from Note 3. No 30 June 30, 2022. 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 Goodwill Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of the acquired tangible assets and liabilities and identifiable intangible assets. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not Core Deposit Intangible Core deposit intangible represents the value of the acquired customer core deposit bases and is included as an asset on the consolidated balance sheets. The core deposit intangible has an estimated finite life, is amortized on an accelerated basis over a 120 Stock Transactions A total of shares of common stock were issued to ChoiceOne’s Board of Directors for a cash price of $192,000 under the terms of the Directors’ Stock Purchase Plan in the first of 2022 . A total of shares for a cash price of $80,000 were issued under the Employee Stock Purchase Plan in the first six of 2022 . ChoiceOne repurchased 25,899 shares for $682,000, or a weighted average all-in cost per share of $26.35, during the first 2022. April 2021 No second 2022. Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased by the provision for loan losses and decreased by loans charged off less any recoveries of charged off loans. Management estimates the allowance for loan losses required based on past loan loss experience, the nature and volume of the loan portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance for loan losses may not The allowance for loan losses consists of general and specific components. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. Management's adjustment for current factors is based on trends in delinquencies, trends in charge-offs and recoveries, trends in the volume of loans, changes in underwriting standards, trends in loan review findings, experience and ability of lending staff, national and economic trends and conditions, industry conditions, trends in real estate values, and other conditions. The specific component relates to loans that are individually classified as impaired. A loan is impaired when full payment under the loan terms is not not not 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 no may may December 15, 2022, may |
Note 2 - Securities
Note 2 - Securities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 2 On January 1, 2022, No June 30, 2022. The fair value of equity securities and the related gross unrealized gains and (losses) recognized in noninterest income were as follows: June 30, 2022 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 8,432 $ 405 $ (549 ) $ 8,288 December 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 7,953 $ 665 $ (126 ) $ 8,492 The following tables present the amortized cost and fair value of investment securities at the dates indicated and the corresponding amounts of gross unrealized gains and losses, including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in accumulated other comprehensive income: June 30, 2022 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value U.S. Treasury notes and bonds $ 93,040 $ - $ (9,397 ) $ 83,643 State and municipal 300,824 34 (44,197 ) 256,661 Mortgage-backed 230,842 5 (19,719 ) 211,128 Corporate 1,256 - (18 ) 1,238 Asset-backed securities 14,122 - (650 ) 13,472 Total $ 640,084 $ 39 $ (73,981 ) $ 566,142 Held to Maturity: U.S. Government and federal agency $ 2,963 $ - $ (283 ) $ 2,680 State and municipal 203,267 - (32,638 ) 170,629 Mortgage-backed 202,595 - (23,007 ) 179,588 Corporate 19,593 - (1,013 ) 18,580 Asset-backed securities 1,257 - (67 ) 1,190 Total $ 429,675 $ - $ (57,008 ) $ 372,667 December 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value U.S. Government and federal agency $ 2,001 $ 7 $ - $ 2,008 U.S. Treasury notes and bonds 93,267 23 (1,311 ) 91,979 State and municipal 528,252 10,704 (4,109 ) 534,847 Mortgage-backed 441,383 781 (9,049 ) 433,115 Corporate 20,856 19 (233 ) 20,642 Asset-backed securities 16,387 - (93 ) 16,294 Total $ 1,102,146 $ 11,534 $ (14,795 ) $ 1,098,885 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 six June 30, 2022 or in the same periods in 2021 . 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 June 30, 2022 June 30, 2022 Available for Sale Securities maturing within: Fair Value Less than 1 Year - 5 Years - More than at June 30, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2022 U.S. Treasury notes and bonds $ 2,000 $ - $ 81,643 $ - $ 83,643 State and municipal 16,426 8,873 75,501 155,861 256,661 Corporate 500 505 233 - 1,238 Asset-backed securities - 9,741 3,731 - 13,472 Total debt securities 18,926 19,119 161,108 155,861 355,014 Mortgage-backed securities 18,793 101,454 90,244 637 211,128 Total Available for Sale $ 37,719 $ 120,573 $ 251,352 $ 156,498 $ 566,142 Held to Maturity Securities maturing within: Amortized Cost Less than 1 Year - 5 Years - More than at June 30, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2022 U.S. Government and federal agency $ - $ - $ 2,963 $ - $ 2,963 State and municipal 2,724 5,112 89,248 106,183 203,267 Corporate - 250 18,343 1,000 19,593 Asset-backed securities - 1,257 - - 1,257 Total debt securities 2,724 6,619 110,554 107,183 227,080 Mortgage-backed securities 6,525 45,672 150,398 - 202,595 Total Held to Maturity $ 9,249 $ 52,291 $ 260,952 $ 107,183 $ 429,675 Following is information regarding unrealized gains and losses on equity securities for the three six June 30, 2022 2021: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net gains and (losses) recognized during the period $ (327 ) $ (119 ) $ (683 ) $ 489 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 $ (327 ) $ (119 ) $ (683 ) $ 489 |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Beginning balance $ 387 $ 1,752 $ 304 $ 3,690 $ 37 $ 589 $ 842 $ 7,601 Charge-offs — (100 ) (144 ) - — - — (244 ) Recoveries — 2 55 1 — 1 — 59 Provision (255 ) (41 ) 94 533 8 101 (440 ) - Ending balance $ 132 $ 1,613 $ 309 $ 4,224 $ 45 $ 691 $ 402 $ 7,416 Allowance for Loan Losses Six Months Ended June 30, 2022 Beginning balance $ 448 $ 1,454 $ 290 $ 3,705 $ 110 $ 671 $ 1,010 $ 7,688 Charge-offs (131 ) (255 ) — — — — (386 ) Recoveries 4 106 2 — 2 — 114 Provision (316 ) 286 168 517 (65 ) 18 (608 ) - Ending balance $ 132 $ 1,613 $ 309 $ 4,224 $ 45 $ 691 $ 402 $ 7,416 Individually evaluated for impairment $ 1 $ 52 $ 1 $ 7 $ — $ 154 $ — $ 215 Collectively evaluated for impairment $ 131 $ 1,561 $ 308 $ 4,217 $ 45 $ 537 $ 402 $ 7,201 Loans June 30, 2022 Individually evaluated for impairment $ 320 $ 159 $ 7 $ 149 $ — $ 2,052 $ 2,687 Collectively evaluated for impairment 58,743 204,149 38,359 555,787 17,950 188,257 1,063,245 Acquired with deteriorated credit quality — 4,549 10 9,227 — 1,671 15,457 Ending balance $ 59,063 $ 208,857 $ 38,376 $ 565,163 $ 17,950 $ 191,980 $ 1,081,389 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 June 30, 2021 Beginning balance $ 342 $ 1,599 $ 247 $ 4,345 $ 74 $ 1,024 $ 109 $ 7,740 Charge-offs - (24 ) (76 ) - - - - (100 ) Recoveries - 64 35 42 - 3 - 144 Provision 32 (116 ) 37 (10 ) - (167 ) 390 166 Ending balance $ 374 $ 1,523 $ 243 $ 4,377 $ 74 $ 860 $ 499 $ 7,950 Allowance for Loan Losses Six Months Ended June 30, 2021 Beginning balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Charge-offs — (98 ) (147 ) (48 ) — - — (293 ) Recoveries — 73 113 43 — 5 — 234 Provision 117 221 (40 ) 204 (23 ) (445 ) 382 416 Ending balance $ 374 $ 1,523 $ 243 $ 4,377 $ 74 $ 860 $ 499 $ 7,950 Individually evaluated for impairment $ 138 $ 20 $ - $ 56 $ — $ 148 $ — $ 362 Collectively evaluated for impairment $ 236 $ 1,503 $ 243 $ 4,321 $ 74 $ 712 $ 499 $ 7,588 Loans June 30, 2021 Individually evaluated for impairment $ 3,167 $ 184 $ - $ 1,140 $ — $ 2,333 $ 6,824 Collectively evaluated for impairment 43,400 259,034 33,354 461,941 15,440 165,318 978,487 Acquired with deteriorated credit quality — 5,814 16 10,906 — 2,540 19,276 Ending balance $ 46,567 $ 265,032 $ 33,370 $ 473,987 $ 15,440 $ 170,191 $ 1,004,587 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, 2021 Individually evaluated for impairment $ 251 $ 95 $ 2 $ 9 $ - $ 146 $ - $ 503 Collectively evaluated for impairment $ 197 $ 1,359 $ 288 $ 3,696 $ 110 $ 525 $ 1,010 $ 7,185 Loans December 31, 2021 Individually evaluated for impairment $ 2,616 $ 339 $ 14 $ 273 $ - $ 2,191 $ 5,433 Collectively evaluated for impairment 62,203 197,656 35,148 515,528 19,066 164,647 994,248 Acquired with deteriorated credit quality - 5,029 12 10,083 - 2,043 17,167 Ending balance $ 64,819 $ 203,024 $ 35,174 $ 525,884 $ 19,066 $ 168,881 $ 1,016,848 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 June 30, December 31, June 30, December 31, June 30, December 31, 2022 2021 2022 2021 2022 2021 Pass $ 58,429 $ 61,864 $ 206,399 $ 201,202 $ 559,653 $ 519,537 Special Mention 313 339 1,342 300 739 778 Substandard 321 2,616 1,116 1,266 4,771 5,569 Doubtful - - - 256 - - $ 59,063 $ 64,819 $ 208,857 $ 203,024 $ 565,163 $ 525,884 Consumer Credit Exposure - Credit Risk Profile Based On Payment Activity (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate June 30, December 31, June 30, December 31, June 30, December 31, 2022 2021 2022 2021 2022 2021 Performing $ 38,368 $ 35,174 $ 17,950 $ 19,066 $ 191,152 $ 168,031 Nonperforming - - - - - - Nonaccrual 8 - - - 828 850 $ 38,376 $ 35,174 $ 17,950 $ 19,066 $ 191,980 $ 168,881 The following table provides information on loans that were considered troubled debt restructurings ("TDRs") that were modified during the three six June 30, 2022 and June 30, 2021 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 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 $ 258 $ 258 Commercial and industrial 1 19 19 1 19 19 Total 1 $ 19 $ 19 2 $ 277 $ 277 Three Months Ended June 30, 2021 Six Months Ended June 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 $ 2,320 $ 2,320 Commercial Real Estate - - - 2 1,210 1,210 Total - $ - $ - 8 $ 3,530 $ 3,530 There were no TDRs as of June 30, 2022 30 three six June 30, 2022, June 30, 2021 30 three six June 30, 2021, Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 (Dollars in thousands) Number Recorded Number Recorded of Loans Investment of Loans Investment Commercial and industrial 1 $ 52 1 $ 52 Commercial Real Estate 1 184 1 184 Total 2 $ 236 2 $ 236 Impaired loans by loan category follow: Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance June 30, 2022 With no related allowance recorded Agricultural $ 314 $ 428 $ - Commercial and industrial - - - Consumer - - - Construction real estate - - - Commercial real estate - - - Residential real estate 439 469 - Subtotal 753 897 - With an allowance recorded Agricultural 6 7 1 Commercial and industrial 159 190 52 Consumer 7 8 1 Construction real estate 149 149 - Commercial real estate - - 7 Residential real estate 1,613 1,644 154 Subtotal 1,934 1,998 215 Total Agricultural 320 435 1 Commercial and industrial 159 190 52 Consumer 7 8 1 Construction real estate 149 149 - Commercial real estate - - 7 Residential real estate 2,052 2,113 154 Total $ 2,687 $ 2,895 $ 215 Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance December 31, 2021 With no related allowance recorded Agricultural $ 314 $ 428 $ - Commercial and industrial - - - Consumer - - - Construction real estate - - - Commercial real estate 94 94 - Residential real estate 164 172 - Subtotal 572 694 - With an allowance recorded Agricultural 2,302 2,302 251 Commercial and industrial 339 363 95 Consumer 14 15 2 Construction real estate - - - Commercial real estate 179 179 9 Residential real estate 2,027 2,084 146 Subtotal 4,861 4,943 503 Total Agricultural 2,616 2,730 251 Commercial and industrial 339 363 95 Consumer 14 15 2 Construction real estate - - - Commercial real estate 273 273 9 Residential real estate 2,191 2,256 146 Total $ 5,433 $ 5,637 $ 503 The following schedule provides information regarding average balances of impaired loans and interest recognized on impaired loans for the three six June 30, 2022 June 30, 2021: Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended June 30, 2022 With no related allowance recorded Agricultural $ 314 $ - Commercial and industrial 46 - Consumer - - Construction real estate - - Commercial real estate - - Residential real estate 220 - Subtotal 580 - With an allowance recorded Agricultural 1,117 - Commercial and industrial 211 1 Consumer 20 - Construction real estate - - Commercial real estate 153 2 Residential real estate 1,733 12 Subtotal 3,234 15 Total Agricultural 1,431 - Commercial and industrial 257 1 Consumer 20 - Construction real estate - - Commercial real estate 153 2 Residential real estate 1,953 12 Total $ 3,814 $ 15 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended June 30, 2021 With no related allowance recorded Agricultural $ 778 $ 24 Commercial and industrial 993 - Consumer - - Construction real estate 27 - Commercial real estate 1,749 13 Residential real estate 267 - Subtotal 3,814 37 With an allowance recorded Agricultural 1,451 16 Commercial and industrial 165 - Consumer 3 - Construction real estate - - Commercial real estate 642 3 Residential real estate 2,280 15 Subtotal 4,541 34 Total Agricultural 2,229 40 Commercial and industrial 1,158 - Consumer 3 - Construction real estate 27 - Commercial real estate 2,391 16 Residential real estate 2,547 15 Total $ 8,355 $ 71 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Six Months Ended June 30, 2022 With no related allowance recorded Agricultural $ 314 $ - Commercial and industrial 31 - Consumer - - Construction real estate - - Commercial real estate 31 - Residential real estate 201 - Subtotal 577 - With an allowance recorded Agricultural 1,512 - Commercial and industrial 254 2 Consumer 18 - Construction real estate - - Commercial real estate 162 5 Residential real estate 1,831 29 Subtotal 3,777 36 Total Agricultural 1,826 - Commercial and industrial 285 2 Consumer 18 - Construction real estate - - Commercial real estate 193 5 Residential real estate 2,032 29 Total $ 4,354 $ 36 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Six Months Ended June 30, 2021 With no related allowance recorded Agricultural $ 993 $ 52 Commercial and industrial 731 - Consumer - - Construction real estate - - Commercial real estate 1,698 32 Residential real estate 320 - Subtotal 3,742 84 With an allowance recorded Agricultural 2,177 35 Commercial and industrial 174 1 Consumer - - Construction real estate - - Commercial real estate 372 6 Residential real estate 2,141 33 Subtotal 4,864 75 Total Agricultural 3,170 87 Commercial and industrial 905 1 Consumer - - Construction real estate - - Commercial real estate 2,070 38 Residential real estate 2,461 33 Total $ 8,606 $ 159 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 June 30, 2022 Agricultural $ - $ - $ - $ - $ 59,063 $ 59,063 $ - Commercial and industrial 142 - 93 235 208,622 208,857 - Consumer - - - - 38,376 38,376 - Commercial real estate - - - - 565,163 565,163 - Construction real estate - - - - 17,950 17,950 - Residential real estate 29 197 580 806 191,174 191,980 - $ 171 $ 197 $ 673 $ 1,041 $ 1,080,348 $ 1,081,389 $ - December 31, 2021 Agricultural $ - $ - $ - $ - $ 64,819 $ 64,819 $ - Commercial and industrial 21 - 88 109 202,915 203,024 - Consumer 70 15 - 85 35,089 35,174 - Commercial real estate 422 13 279 714 525,170 525,884 - Construction real estate 1,149 1,235 - 2,384 16,682 19,066 - Residential real estate 1,489 306 454 2,249 166,632 168,881 - $ 3,151 $ 1,569 $ 821 $ 5,541 $ 1,011,307 $ 1,016,848 $ - ( 1 Nonaccrual loans by loan category follow: (Dollars in thousands) June 30, December 31, 2022 2021 Agricultural $ 314 $ 313 Commercial and industrial 92 285 Consumer 8 - Commercial real estate - 279 Residential real estate 828 850 $ 1,242 $ 1,727 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 the County Bank Corp. acquired loan portfolio for the years ended December 31, 2019, December 31, 2020, December 31, 2021 six June 30, 2022 (Dollars in thousands) Acquired Acquired Acquired Impaired Non-impaired Total Balance, January 1, 2019 $ - $ - $ - Merger with County Bank Corp. on October 1, 2019 185 1,894 2,079 Accretion October 1, 2019 through December 31, 2019 - (75 ) (75 ) Balance January 1, 2020 185 1,819 2,004 Accretion January 1, 2020 through December 31, 2020 (50 ) (295 ) (345 ) Balance January 1, 2021 135 1,524 1,659 Accretion January 1, 2021 through December 31, 2021 (247 ) (348 ) (595 ) Transfer from non-accretable to accretable yield 400 - 400 Balance January 1, 2022 288 1,176 1,464 Transfer from non-accretable to accretable yield 1,150 - 1,150 Accretion January 1, 2022 through June 30, 2022 (222 ) 34 (188 ) Balance, June 30, 2022 $ 1,216 $ 1,210 $ 2,426 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 years ended December 31, 2020 December 31, 2021 six June 30, 2022 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, January 1, 2021 843 455 1,298 Accretion January 1, 2021 through December 31, 2021 (321 ) (258 ) (579 ) Balance January 1, 2022 522 197 719 Transfer from non-accretable to accretable yield 874 - 874 Accretion January 1, 2022 through June 30, 2022 (578 ) (197 ) (775 ) Balance, June 30, 2022 $ 818 $ - $ 818 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended (Dollars in thousands, except share data) June 30, June 30, 2022 2021 2022 2021 Basic Net income $ 5,615 $ 5,043 $ 11,143 $ 11,281 Weighted average common shares outstanding 7,499,497 7,769,485 7,497,492 7,785,098 Basic earnings per common shares $ 0.75 $ 0.65 $ 1.49 $ 1.45 Diluted Net income $ 5,615 $ 5,043 $ 11,143 $ 11,281 Weighted average common shares outstanding 7,499,497 7,769,485 7,497,492 7,785,098 Plus dilutive stock options and restricted stock units 11,027 9,600 13,766 10,577 Weighted average common shares outstanding and potentially dilutive shares 7,510,524 7,779,085 7,511,258 7,795,675 Diluted earnings per common share $ 0.75 $ 0.65 $ 1.49 $ 1.45 There were 15,000 stock options that were considered anti-dilutive to earnings per share for the three six June 30, 2022. three June 30, 2021 six June 30, 2021. three June 30, 2022. six June 30, 2022. three June 30, 2021. six June 30, 2021. no 2022. |
Note 5 - Financial Instruments
Note 5 - Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
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) June 30, 2022 Assets Cash and cash equivalents $ 40,296 $ 40,296 $ 40,296 $ - $ - Equity securities at fair value 8,288 8,288 6,462 - 1,826 Securities available for sale 566,142 566,142 - 566,142 - Securities held to maturity 429,675 372,667 - 357,723 14,944 Federal Home Loan Bank and Federal Reserve Bank stock 8,557 8,557 - 8,557 - Loans held for sale 10,628 10,947 - 10,947 - Loans to other financial institutions 37,422 37,422 - 37,422 - Loans, net 1,073,973 1,037,946 - - 1,037,946 Accrued interest receivable 8,239 8,239 - 8,239 - Interest rate lock commitments 140 140 - 140 - Mortgage loan servicing rights 4,679 5,932 - 5,932 - Interest rate derivative contracts 14,209 14,209 - 14,209 - Liabilities Noninterest-bearing deposits 578,927 578,927 - 578,927 - Interest-bearing deposits 1,559,577 1,556,523 - 1,556,523 - Borrowings 7,000 6,995 - 6,995 - Subordinated debentures 35,140 30,785 - 30,785 - Accrued interest payable 418 418 - 418 - Interest rate derivative contracts 2,393 2,393 - 2,393 - December 31, 2021 Assets Cash and cash equivalents $ 31,887 $ 31,887 $ 31,887 $ - $ - Equity securities at fair value 8,492 8,492 6,724 - 1,768 Securities available for sale 1,098,885 1,098,885 - 1,077,835 21,050 Federal Home Loan Bank and Federal Reserve Bank stock 8,888 8,888 - 8,888 - Loans held for sale 9,351 9,632 - 9,632 - Loans to other financial institutions 42,632 42,632 - 42,632 - Loans, net 1,009,160 999,393 - - 999,393 Accrued interest receivable 8,211 8,211 - 8,211 - Interest rate lock commitments 172 172 - 172 - Mortgage loan servicing rights 4,666 5,522 - 5,522 - Liabilities Noninterest-bearing deposits 560,931 560,931 - 560,931 - Interest-bearing deposits 1,491,363 1,491,135 - 1,491,135 - Borrowings 50,000 50,000 - 50,000 - Subordinated debentures 35,017 33,414 - 33,414 - Accrued interest payable 441 441 - 441 - |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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. Disclosures concerning assets and liabilities measured at fair value are as follows: Assets and Liabilities 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 - June 30, 2022 Equity securities $ 6,462 $ - $ 1,826 $ 8,288 Investment Securities, Available for Sale - June 30, 2022 U. S. Treasury notes and bonds $ - $ 83,643 $ - $ 83,643 State and municipal - 256,661 - 256,661 Mortgage-backed - 211,128 - 211,128 Corporate - 1,238 - 1,238 Asset-backed securities - 13,472 - 13,472 Total $ - $ 566,142 $ - $ 566,142 Derivative Instruments - June 30, 2022 Interest rate derivative contracts - assets $ - $ 14,209 $ - $ 14,209 Interest rate derivative contracts - liabilities $ - $ 2,393 $ - $ 2,393 Equity Securities Held at Fair Value - December 31, 2021 Equity securities $ 6,724 $ - $ 1,768 $ 8,492 Investment Securities, Available for Sale - December 31, 2021 U. S. Government and federal agency $ - $ 2,008 $ - $ 2,008 U. S. Treasury notes and bonds - 91,979 - 91,979 State and municipal - 514,797 20,050 534,847 Mortgage-backed - 433,115 - 433,115 Corporate - 19,642 1,000 20,642 Asset-backed securities - 16,294 - 16,294 Total $ - $ 1,077,835 $ 21,050 $ 1,098,885 Changes in Level 3 Six Months Ended (Dollars in thousands) June 30, 2022 2021 Equity Securities Held at Fair Value Balance, January 1 $ 1,768 $ 1,485 Total realized and unrealized gains included in noninterest income (5 ) (39 ) Net purchases, sales, calls, and maturities 63 220 Net transfers into Level 3 - - Balance, June 30 $ 1,826 $ 1,666 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 June 30 $ (5 ) $ (39 ) Investment Securities, Available for Sale Balance, January 1 $ 21,050 $ 11,423 Total unrealized gains included in other comprehensive income - (264 ) Net purchases, sales, calls, and maturities - 1,966 Net transfers into Level 3 - - Transfer to held to maturity (21,050 ) - Balance, June 30 $ - $ 13,125 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 June 30 $ - $ (250 ) Both observable and unobservable inputs may 3 may Securities categorized as Level 3 June 30, 2022 December 31, 2021, 3 ChoiceOne estimates the fair value of these bonds and equity securities based on the present value of expected future cash flows using management’s best estimate of key assumptions, including forecasted interest yield and payment rates, credit quality and a discount rate commensurate with the current market and other risks involved. 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 June 30, 2022 $ 2,687 $ - $ - $ 2,687 December 31, 2021 $ 5,433 $ - $ - $ 5,433 Other Real Estate June 30, 2022 $ - $ - $ - $ - December 31, 2021 $ 194 $ - $ - $ 194 Mortgage Loan Servicing Rights June 30, 2022 $ 4,679 $ - $ 4,679 $ - December 31, 2021 $ 4,666 $ - $ 4,666 $ - Impaired loans categorized as Level 3 |
Note 7 - Revenue From Contracts
Note 7 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Service charges and fees on deposit accounts $ 1,036 $ 822 $ 2,067 $ 1,608 Interchange income 1,317 1,312 2,475 2,446 Investment commission income 233 198 438 471 Trust fee income 176 253 354 425 Other charges and fees for customer services 125 138 274 304 Noninterest income from contracts with customers within the scope of ASC 606 2,887 2,723 5,608 5,254 Noninterest income within the scope of other GAAP topics 543 2,009 1,668 5,078 Total noninterest income $ 3,430 $ 4,732 $ 7,276 $ 10,332 |
Note 8 - Derivative and Hedging
Note 8 - Derivative and Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8 ChoiceOne is exposed to certain risks relating to its ongoing business operations. ChoiceOne utilizes interest rate derivatives as part of its asset liability management strategy to help manage its interest rate risk position. Derivative instruments represent contracts between parties that result in one one ChoiceOne currently uses interest rate swaps and interest rate caps to manage its exposure to certain fixed and variable rate assets and variable rate liabilities. ChoiceOne recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. ChoiceOne records derivative assets and derivative liabilities on the balance sheet within other assets and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of accumulated other comprehensive income or loss depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Interest rate swaps ChoiceOne uses interest rate swaps as part of its interest rate risk management strategy to add stability to net interest income and to manage its exposure to interest rate movements. Interest rate swaps designated as hedges involve the receipt of variable-rate amounts from a counterparty in exchange for ChoiceOne making fixed-rate payments or the receipt of fixed-rate amounts from a counterparty in exchange for ChoiceOne making variable rate payments, over the life of the agreements without the exchange of the underlying notional amount. In the first six 2022, no In the first six 2022, two eight 2032. Interest rate caps ChoiceOne also uses interest rate caps to provide stability to net interest income and to manage its exposure to interest rate movements. Interest rate caps designated as hedges involve the payment of a fixed premium by ChoiceOne who will then receive payment equivalent to the spread between the current rate and the strike rate until the conclusion of the term from the counterparty. In the first six 2022, two eight 2032. June 30, 2022 December 31, 2021 (Dollars in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate contracts Other Assets $ 14,209 Other Assets $ - Interest rate contracts Other Liabilities $ 2,393 Other Liabilities $ - Location and Amount of Gain or (Loss) Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three months ended June 30, 2022 Six months ended June 30, 2022 Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ 422 $ (155 ) $ 422 $ (155 ) Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items $ (71 ) $ - $ - $ - Derivatives designated as hedging instruments $ 71 $ - $ - $ - Amount excluded from effectiveness testing recognized in earnings based on amortization approach $ (153 ) $ - $ (153 ) $ - Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ - $ - $ - $ - Amount excluded from effectiveness testing recognized in earnings based on amortization approach $ - $ (155 ) $ - $ (155 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, and ChoiceOne Bank’s wholly-owned subsidiary, ChoiceOne Insurance Agencies, Inc. 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 such financial statements. Operating results for the six June 30, 2022 not may December 31, 2022 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, 2021 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates To prepare financial statements in conformity with GAAP, ChoiceOne’s 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. 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 may |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Investment securities for which ChoiceOne has the intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. Investment securities not |
Mortgage Banking Activity [Policy Text Block] | Loans to Other Financial Institutions Loans to other financial institutions are made for the purpose of providing a warehouse line of credit to facilitate funding of residential mortgage loan originations at other financial institutions. The loans are short-term in nature and are designed to provide funding for the time period between the loan origination and its subsequent sale in the secondary market. Loans to other financial institutions earn a share of interest income, determined by the contract, from when the loan is funded to when the loan is sold on the secondary market. Loans to other financial institutions are excluded from Note 3. No 30 June 30, 2022. 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 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of the acquired tangible assets and liabilities and identifiable intangible assets. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Core Deposit Intangible Core deposit intangible represents the value of the acquired customer core deposit bases and is included as an asset on the consolidated balance sheets. The core deposit intangible has an estimated finite life, is amortized on an accelerated basis over a 120 |
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 $192,000 under the terms of the Directors’ Stock Purchase Plan in the first of 2022 . A total of shares for a cash price of $80,000 were issued under the Employee Stock Purchase Plan in the first six of 2022 . ChoiceOne repurchased 25,899 shares for $682,000, or a weighted average all-in cost per share of $26.35, during the first 2022. April 2021 No second 2022. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable incurred credit losses. The allowance for loan losses is increased by the provision for loan losses and decreased by loans charged off less any recoveries of charged off loans. Management estimates the allowance for loan losses required based on past loan loss experience, the nature and volume of the loan portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance for loan losses may not The allowance for loan losses consists of general and specific components. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. Management's adjustment for current factors is based on trends in delinquencies, trends in charge-offs and recoveries, trends in the volume of loans, changes in underwriting standards, trends in loan review findings, experience and ability of lending staff, national and economic trends and conditions, industry conditions, trends in real estate values, and other conditions. The specific component relates to loans that are individually classified as impaired. A loan is impaired when full payment under the loan terms is not not not |
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 no may may December 15, 2022, may |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | June 30, 2022 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 8,432 $ 405 $ (549 ) $ 8,288 December 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value Equity securities $ 7,953 $ 665 $ (126 ) $ 8,492 |
Debt Securities, Available-for-Sale and Held-to-Maturity [Table Text Block] | June 30, 2022 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value U.S. Treasury notes and bonds $ 93,040 $ - $ (9,397 ) $ 83,643 State and municipal 300,824 34 (44,197 ) 256,661 Mortgage-backed 230,842 5 (19,719 ) 211,128 Corporate 1,256 - (18 ) 1,238 Asset-backed securities 14,122 - (650 ) 13,472 Total $ 640,084 $ 39 $ (73,981 ) $ 566,142 Held to Maturity: U.S. Government and federal agency $ 2,963 $ - $ (283 ) $ 2,680 State and municipal 203,267 - (32,638 ) 170,629 Mortgage-backed 202,595 - (23,007 ) 179,588 Corporate 19,593 - (1,013 ) 18,580 Asset-backed securities 1,257 - (67 ) 1,190 Total $ 429,675 $ - $ (57,008 ) $ 372,667 |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2021 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair Available for Sale: Cost Gains Losses Value U.S. Government and federal agency $ 2,001 $ 7 $ - $ 2,008 U.S. Treasury notes and bonds 93,267 23 (1,311 ) 91,979 State and municipal 528,252 10,704 (4,109 ) 534,847 Mortgage-backed 441,383 781 (9,049 ) 433,115 Corporate 20,856 19 (233 ) 20,642 Asset-backed securities 16,387 - (93 ) 16,294 Total $ 1,102,146 $ 11,534 $ (14,795 ) $ 1,098,885 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Securities maturing within: Fair Value Less than 1 Year - 5 Years - More than at June 30, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2022 U.S. Treasury notes and bonds $ 2,000 $ - $ 81,643 $ - $ 83,643 State and municipal 16,426 8,873 75,501 155,861 256,661 Corporate 500 505 233 - 1,238 Asset-backed securities - 9,741 3,731 - 13,472 Total debt securities 18,926 19,119 161,108 155,861 355,014 Mortgage-backed securities 18,793 101,454 90,244 637 211,128 Total Available for Sale $ 37,719 $ 120,573 $ 251,352 $ 156,498 $ 566,142 Held to Maturity Securities maturing within: Amortized Cost Less than 1 Year - 5 Years - More than at June 30, (Dollars in thousands) 1 Year 5 Years 10 Years 10 Years 2022 U.S. Government and federal agency $ - $ - $ 2,963 $ - $ 2,963 State and municipal 2,724 5,112 89,248 106,183 203,267 Corporate - 250 18,343 1,000 19,593 Asset-backed securities - 1,257 - - 1,257 Total debt securities 2,724 6,619 110,554 107,183 227,080 Mortgage-backed securities 6,525 45,672 150,398 - 202,595 Total Held to Maturity $ 9,249 $ 52,291 $ 260,952 $ 107,183 $ 429,675 |
Gain (Loss) on Securities [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net gains and (losses) recognized during the period $ (327 ) $ (119 ) $ (683 ) $ 489 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 $ (327 ) $ (119 ) $ (683 ) $ 489 |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Beginning balance $ 387 $ 1,752 $ 304 $ 3,690 $ 37 $ 589 $ 842 $ 7,601 Charge-offs — (100 ) (144 ) - — - — (244 ) Recoveries — 2 55 1 — 1 — 59 Provision (255 ) (41 ) 94 533 8 101 (440 ) - Ending balance $ 132 $ 1,613 $ 309 $ 4,224 $ 45 $ 691 $ 402 $ 7,416 Allowance for Loan Losses Six Months Ended June 30, 2022 Beginning balance $ 448 $ 1,454 $ 290 $ 3,705 $ 110 $ 671 $ 1,010 $ 7,688 Charge-offs (131 ) (255 ) — — — — (386 ) Recoveries 4 106 2 — 2 — 114 Provision (316 ) 286 168 517 (65 ) 18 (608 ) - Ending balance $ 132 $ 1,613 $ 309 $ 4,224 $ 45 $ 691 $ 402 $ 7,416 Individually evaluated for impairment $ 1 $ 52 $ 1 $ 7 $ — $ 154 $ — $ 215 Collectively evaluated for impairment $ 131 $ 1,561 $ 308 $ 4,217 $ 45 $ 537 $ 402 $ 7,201 Loans June 30, 2022 Individually evaluated for impairment $ 320 $ 159 $ 7 $ 149 $ — $ 2,052 $ 2,687 Collectively evaluated for impairment 58,743 204,149 38,359 555,787 17,950 188,257 1,063,245 Acquired with deteriorated credit quality — 4,549 10 9,227 — 1,671 15,457 Ending balance $ 59,063 $ 208,857 $ 38,376 $ 565,163 $ 17,950 $ 191,980 $ 1,081,389 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 June 30, 2021 Beginning balance $ 342 $ 1,599 $ 247 $ 4,345 $ 74 $ 1,024 $ 109 $ 7,740 Charge-offs - (24 ) (76 ) - - - - (100 ) Recoveries - 64 35 42 - 3 - 144 Provision 32 (116 ) 37 (10 ) - (167 ) 390 166 Ending balance $ 374 $ 1,523 $ 243 $ 4,377 $ 74 $ 860 $ 499 $ 7,950 Allowance for Loan Losses Six Months Ended June 30, 2021 Beginning balance $ 257 $ 1,327 $ 317 $ 4,178 $ 97 $ 1,300 $ 117 $ 7,593 Charge-offs — (98 ) (147 ) (48 ) — - — (293 ) Recoveries — 73 113 43 — 5 — 234 Provision 117 221 (40 ) 204 (23 ) (445 ) 382 416 Ending balance $ 374 $ 1,523 $ 243 $ 4,377 $ 74 $ 860 $ 499 $ 7,950 Individually evaluated for impairment $ 138 $ 20 $ - $ 56 $ — $ 148 $ — $ 362 Collectively evaluated for impairment $ 236 $ 1,503 $ 243 $ 4,321 $ 74 $ 712 $ 499 $ 7,588 Loans June 30, 2021 Individually evaluated for impairment $ 3,167 $ 184 $ - $ 1,140 $ — $ 2,333 $ 6,824 Collectively evaluated for impairment 43,400 259,034 33,354 461,941 15,440 165,318 978,487 Acquired with deteriorated credit quality — 5,814 16 10,906 — 2,540 19,276 Ending balance $ 46,567 $ 265,032 $ 33,370 $ 473,987 $ 15,440 $ 170,191 $ 1,004,587 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, 2021 Individually evaluated for impairment $ 251 $ 95 $ 2 $ 9 $ - $ 146 $ - $ 503 Collectively evaluated for impairment $ 197 $ 1,359 $ 288 $ 3,696 $ 110 $ 525 $ 1,010 $ 7,185 Loans December 31, 2021 Individually evaluated for impairment $ 2,616 $ 339 $ 14 $ 273 $ - $ 2,191 $ 5,433 Collectively evaluated for impairment 62,203 197,656 35,148 515,528 19,066 164,647 994,248 Acquired with deteriorated credit quality - 5,029 12 10,083 - 2,043 17,167 Ending balance $ 64,819 $ 203,024 $ 35,174 $ 525,884 $ 19,066 $ 168,881 $ 1,016,848 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollars in thousands) Agricultural Commercial and Industrial Commercial Real Estate June 30, December 31, June 30, December 31, June 30, December 31, 2022 2021 2022 2021 2022 2021 Pass $ 58,429 $ 61,864 $ 206,399 $ 201,202 $ 559,653 $ 519,537 Special Mention 313 339 1,342 300 739 778 Substandard 321 2,616 1,116 1,266 4,771 5,569 Doubtful - - - 256 - - $ 59,063 $ 64,819 $ 208,857 $ 203,024 $ 565,163 $ 525,884 (Dollars in thousands) Consumer Construction Real Estate Residential Real Estate June 30, December 31, June 30, December 31, June 30, December 31, 2022 2021 2022 2021 2022 2021 Performing $ 38,368 $ 35,174 $ 17,950 $ 19,066 $ 191,152 $ 168,031 Nonperforming - - - - - - Nonaccrual 8 - - - 828 850 $ 38,376 $ 35,174 $ 17,950 $ 19,066 $ 191,980 $ 168,881 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 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 $ 258 $ 258 Commercial and industrial 1 19 19 1 19 19 Total 1 $ 19 $ 19 2 $ 277 $ 277 Three Months Ended June 30, 2021 Six Months Ended June 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 $ 2,320 $ 2,320 Commercial Real Estate - - - 2 1,210 1,210 Total - $ - $ - 8 $ 3,530 $ 3,530 Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 (Dollars in thousands) Number Recorded Number Recorded of Loans Investment of Loans Investment Commercial and industrial 1 $ 52 1 $ 52 Commercial Real Estate 1 184 1 184 Total 2 $ 236 2 $ 236 |
Impaired Financing Receivables [Table Text Block] | Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance June 30, 2022 With no related allowance recorded Agricultural $ 314 $ 428 $ - Commercial and industrial - - - Consumer - - - Construction real estate - - - Commercial real estate - - - Residential real estate 439 469 - Subtotal 753 897 - With an allowance recorded Agricultural 6 7 1 Commercial and industrial 159 190 52 Consumer 7 8 1 Construction real estate 149 149 - Commercial real estate - - 7 Residential real estate 1,613 1,644 154 Subtotal 1,934 1,998 215 Total Agricultural 320 435 1 Commercial and industrial 159 190 52 Consumer 7 8 1 Construction real estate 149 149 - Commercial real estate - - 7 Residential real estate 2,052 2,113 154 Total $ 2,687 $ 2,895 $ 215 Unpaid (Dollars in thousands) Recorded Principal Related Investment Balance Allowance December 31, 2021 With no related allowance recorded Agricultural $ 314 $ 428 $ - Commercial and industrial - - - Consumer - - - Construction real estate - - - Commercial real estate 94 94 - Residential real estate 164 172 - Subtotal 572 694 - With an allowance recorded Agricultural 2,302 2,302 251 Commercial and industrial 339 363 95 Consumer 14 15 2 Construction real estate - - - Commercial real estate 179 179 9 Residential real estate 2,027 2,084 146 Subtotal 4,861 4,943 503 Total Agricultural 2,616 2,730 251 Commercial and industrial 339 363 95 Consumer 14 15 2 Construction real estate - - - Commercial real estate 273 273 9 Residential real estate 2,191 2,256 146 Total $ 5,433 $ 5,637 $ 503 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended June 30, 2022 With no related allowance recorded Agricultural $ 314 $ - Commercial and industrial 46 - Consumer - - Construction real estate - - Commercial real estate - - Residential real estate 220 - Subtotal 580 - With an allowance recorded Agricultural 1,117 - Commercial and industrial 211 1 Consumer 20 - Construction real estate - - Commercial real estate 153 2 Residential real estate 1,733 12 Subtotal 3,234 15 Total Agricultural 1,431 - Commercial and industrial 257 1 Consumer 20 - Construction real estate - - Commercial real estate 153 2 Residential real estate 1,953 12 Total $ 3,814 $ 15 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Three Months Ended June 30, 2021 With no related allowance recorded Agricultural $ 778 $ 24 Commercial and industrial 993 - Consumer - - Construction real estate 27 - Commercial real estate 1,749 13 Residential real estate 267 - Subtotal 3,814 37 With an allowance recorded Agricultural 1,451 16 Commercial and industrial 165 - Consumer 3 - Construction real estate - - Commercial real estate 642 3 Residential real estate 2,280 15 Subtotal 4,541 34 Total Agricultural 2,229 40 Commercial and industrial 1,158 - Consumer 3 - Construction real estate 27 - Commercial real estate 2,391 16 Residential real estate 2,547 15 Total $ 8,355 $ 71 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Six Months Ended June 30, 2022 With no related allowance recorded Agricultural $ 314 $ - Commercial and industrial 31 - Consumer - - Construction real estate - - Commercial real estate 31 - Residential real estate 201 - Subtotal 577 - With an allowance recorded Agricultural 1,512 - Commercial and industrial 254 2 Consumer 18 - Construction real estate - - Commercial real estate 162 5 Residential real estate 1,831 29 Subtotal 3,777 36 Total Agricultural 1,826 - Commercial and industrial 285 2 Consumer 18 - Construction real estate - - Commercial real estate 193 5 Residential real estate 2,032 29 Total $ 4,354 $ 36 Average Interest (Dollars in thousands) Recorded Income Investment Recognized Six Months Ended June 30, 2021 With no related allowance recorded Agricultural $ 993 $ 52 Commercial and industrial 731 - Consumer - - Construction real estate - - Commercial real estate 1,698 32 Residential real estate 320 - Subtotal 3,742 84 With an allowance recorded Agricultural 2,177 35 Commercial and industrial 174 1 Consumer - - Construction real estate - - Commercial real estate 372 6 Residential real estate 2,141 33 Subtotal 4,864 75 Total Agricultural 3,170 87 Commercial and industrial 905 1 Consumer - - Construction real estate - - Commercial real estate 2,070 38 Residential real estate 2,461 33 Total $ 8,606 $ 159 |
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 June 30, 2022 Agricultural $ - $ - $ - $ - $ 59,063 $ 59,063 $ - Commercial and industrial 142 - 93 235 208,622 208,857 - Consumer - - - - 38,376 38,376 - Commercial real estate - - - - 565,163 565,163 - Construction real estate - - - - 17,950 17,950 - Residential real estate 29 197 580 806 191,174 191,980 - $ 171 $ 197 $ 673 $ 1,041 $ 1,080,348 $ 1,081,389 $ - December 31, 2021 Agricultural $ - $ - $ - $ - $ 64,819 $ 64,819 $ - Commercial and industrial 21 - 88 109 202,915 203,024 - Consumer 70 15 - 85 35,089 35,174 - Commercial real estate 422 13 279 714 525,170 525,884 - Construction real estate 1,149 1,235 - 2,384 16,682 19,066 - Residential real estate 1,489 306 454 2,249 166,632 168,881 - $ 3,151 $ 1,569 $ 821 $ 5,541 $ 1,011,307 $ 1,016,848 $ - |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollars in thousands) June 30, December 31, 2022 2021 Agricultural $ 314 $ 313 Commercial and industrial 92 285 Consumer 8 - Commercial real estate - 279 Residential real estate 828 850 $ 1,242 $ 1,727 |
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, 2019 $ - $ - $ - Merger with County Bank Corp. on October 1, 2019 185 1,894 2,079 Accretion October 1, 2019 through December 31, 2019 - (75 ) (75 ) Balance January 1, 2020 185 1,819 2,004 Accretion January 1, 2020 through December 31, 2020 (50 ) (295 ) (345 ) Balance January 1, 2021 135 1,524 1,659 Accretion January 1, 2021 through December 31, 2021 (247 ) (348 ) (595 ) Transfer from non-accretable to accretable yield 400 - 400 Balance January 1, 2022 288 1,176 1,464 Transfer from non-accretable to accretable yield 1,150 - 1,150 Accretion January 1, 2022 through June 30, 2022 (222 ) 34 (188 ) Balance, June 30, 2022 $ 1,216 $ 1,210 $ 2,426 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, January 1, 2021 843 455 1,298 Accretion January 1, 2021 through December 31, 2021 (321 ) (258 ) (579 ) Balance January 1, 2022 522 197 719 Transfer from non-accretable to accretable yield 874 - 874 Accretion January 1, 2022 through June 30, 2022 (578 ) (197 ) (775 ) Balance, June 30, 2022 $ 818 $ - $ 818 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended (Dollars in thousands, except share data) June 30, June 30, 2022 2021 2022 2021 Basic Net income $ 5,615 $ 5,043 $ 11,143 $ 11,281 Weighted average common shares outstanding 7,499,497 7,769,485 7,497,492 7,785,098 Basic earnings per common shares $ 0.75 $ 0.65 $ 1.49 $ 1.45 Diluted Net income $ 5,615 $ 5,043 $ 11,143 $ 11,281 Weighted average common shares outstanding 7,499,497 7,769,485 7,497,492 7,785,098 Plus dilutive stock options and restricted stock units 11,027 9,600 13,766 10,577 Weighted average common shares outstanding and potentially dilutive shares 7,510,524 7,779,085 7,511,258 7,795,675 Diluted earnings per common share $ 0.75 $ 0.65 $ 1.49 $ 1.45 |
Note 5 - Financial Instruments
Note 5 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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) June 30, 2022 Assets Cash and cash equivalents $ 40,296 $ 40,296 $ 40,296 $ - $ - Equity securities at fair value 8,288 8,288 6,462 - 1,826 Securities available for sale 566,142 566,142 - 566,142 - Securities held to maturity 429,675 372,667 - 357,723 14,944 Federal Home Loan Bank and Federal Reserve Bank stock 8,557 8,557 - 8,557 - Loans held for sale 10,628 10,947 - 10,947 - Loans to other financial institutions 37,422 37,422 - 37,422 - Loans, net 1,073,973 1,037,946 - - 1,037,946 Accrued interest receivable 8,239 8,239 - 8,239 - Interest rate lock commitments 140 140 - 140 - Mortgage loan servicing rights 4,679 5,932 - 5,932 - Interest rate derivative contracts 14,209 14,209 - 14,209 - Liabilities Noninterest-bearing deposits 578,927 578,927 - 578,927 - Interest-bearing deposits 1,559,577 1,556,523 - 1,556,523 - Borrowings 7,000 6,995 - 6,995 - Subordinated debentures 35,140 30,785 - 30,785 - Accrued interest payable 418 418 - 418 - Interest rate derivative contracts 2,393 2,393 - 2,393 - December 31, 2021 Assets Cash and cash equivalents $ 31,887 $ 31,887 $ 31,887 $ - $ - Equity securities at fair value 8,492 8,492 6,724 - 1,768 Securities available for sale 1,098,885 1,098,885 - 1,077,835 21,050 Federal Home Loan Bank and Federal Reserve Bank stock 8,888 8,888 - 8,888 - Loans held for sale 9,351 9,632 - 9,632 - Loans to other financial institutions 42,632 42,632 - 42,632 - Loans, net 1,009,160 999,393 - - 999,393 Accrued interest receivable 8,211 8,211 - 8,211 - Interest rate lock commitments 172 172 - 172 - Mortgage loan servicing rights 4,666 5,522 - 5,522 - Liabilities Noninterest-bearing deposits 560,931 560,931 - 560,931 - Interest-bearing deposits 1,491,363 1,491,135 - 1,491,135 - Borrowings 50,000 50,000 - 50,000 - Subordinated debentures 35,017 33,414 - 33,414 - Accrued interest payable 441 441 - 441 - |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 - June 30, 2022 Equity securities $ 6,462 $ - $ 1,826 $ 8,288 Investment Securities, Available for Sale - June 30, 2022 U. S. Treasury notes and bonds $ - $ 83,643 $ - $ 83,643 State and municipal - 256,661 - 256,661 Mortgage-backed - 211,128 - 211,128 Corporate - 1,238 - 1,238 Asset-backed securities - 13,472 - 13,472 Total $ - $ 566,142 $ - $ 566,142 Derivative Instruments - June 30, 2022 Interest rate derivative contracts - assets $ - $ 14,209 $ - $ 14,209 Interest rate derivative contracts - liabilities $ - $ 2,393 $ - $ 2,393 Equity Securities Held at Fair Value - December 31, 2021 Equity securities $ 6,724 $ - $ 1,768 $ 8,492 Investment Securities, Available for Sale - December 31, 2021 U. S. Government and federal agency $ - $ 2,008 $ - $ 2,008 U. S. Treasury notes and bonds - 91,979 - 91,979 State and municipal - 514,797 20,050 534,847 Mortgage-backed - 433,115 - 433,115 Corporate - 19,642 1,000 20,642 Asset-backed securities - 16,294 - 16,294 Total $ - $ 1,077,835 $ 21,050 $ 1,098,885 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Six Months Ended (Dollars in thousands) June 30, 2022 2021 Equity Securities Held at Fair Value Balance, January 1 $ 1,768 $ 1,485 Total realized and unrealized gains included in noninterest income (5 ) (39 ) Net purchases, sales, calls, and maturities 63 220 Net transfers into Level 3 - - Balance, June 30 $ 1,826 $ 1,666 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 June 30 $ (5 ) $ (39 ) Investment Securities, Available for Sale Balance, January 1 $ 21,050 $ 11,423 Total unrealized gains included in other comprehensive income - (264 ) Net purchases, sales, calls, and maturities - 1,966 Net transfers into Level 3 - - Transfer to held to maturity (21,050 ) - Balance, June 30 $ - $ 13,125 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 June 30 $ - $ (250 ) |
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 June 30, 2022 $ 2,687 $ - $ - $ 2,687 December 31, 2021 $ 5,433 $ - $ - $ 5,433 Other Real Estate June 30, 2022 $ - $ - $ - $ - December 31, 2021 $ 194 $ - $ - $ 194 Mortgage Loan Servicing Rights June 30, 2022 $ 4,679 $ - $ 4,679 $ - December 31, 2021 $ 4,666 $ - $ 4,666 $ - |
Note 7 - Revenue From Contrac_2
Note 7 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Service charges and fees on deposit accounts $ 1,036 $ 822 $ 2,067 $ 1,608 Interchange income 1,317 1,312 2,475 2,446 Investment commission income 233 198 438 471 Trust fee income 176 253 354 425 Other charges and fees for customer services 125 138 274 304 Noninterest income from contracts with customers within the scope of ASC 606 2,887 2,723 5,608 5,254 Noninterest income within the scope of other GAAP topics 543 2,009 1,668 5,078 Total noninterest income $ 3,430 $ 4,732 $ 7,276 $ 10,332 |
Note 8 - Derivative and Hedgi_2
Note 8 - Derivative and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | June 30, 2022 December 31, 2021 (Dollars in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate contracts Other Assets $ 14,209 Other Assets $ - Interest rate contracts Other Liabilities $ 2,393 Other Liabilities $ - |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Location and Amount of Gain or (Loss) Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three months ended June 30, 2022 Six months ended June 30, 2022 Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ 422 $ (155 ) $ 422 $ (155 ) Gain or (loss) on fair value hedging relationships: Interest rate contracts: Hedged items $ (71 ) $ - $ - $ - Derivatives designated as hedging instruments $ 71 $ - $ - $ - Amount excluded from effectiveness testing recognized in earnings based on amortization approach $ (153 ) $ - $ (153 ) $ - Gain or (loss) on cash flow hedging relationships: Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ - $ - $ - $ - Amount excluded from effectiveness testing recognized in earnings based on amortization approach $ - $ (155 ) $ - $ (155 ) |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Apr. 30, 2021 | |
Stock Issued During Period, Value, New Issues | $ 139,000 | $ 106,000 | $ 272,000 | $ 281,000 | |
Stock Repurchased During Period, Shares (in shares) | 25,899 | ||||
Stock Repurchased During Period, Value | $ 2,897,000 | $ 682,000 | $ 2,897,000 | ||
Stock Repurchased, Price Per Share (in dollars per share) | $ 26.35 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 390,114 | ||||
Stock Repurchase Program, Percent of Stock Outstanding | 5% | ||||
Directors' Stock Purchase Plan [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,407 | ||||
Stock Issued During Period, Value, New Issues | $ 192,000 | ||||
Employee Stock Purchase Plan [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,257 | ||||
Stock Issued During Period, Value, New Issues | $ 80,000 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 372,667 | $ 372,667 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale | 0 | $ 0 | 0 | $ 0 |
Reclassified From Available-for-sale Securities [Member] | ||||
Debt Securities, Held-to-Maturity, Fair Value, Total | $ 428,400 | 428,400 | ||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), after Tax | (2,700) | |||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI Unamortized, After Tax | $ 2,500 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Amortized Cost | $ 8,432 | $ 7,953 |
Gross Unrealized Gains | 405 | 665 |
Gross Unrealized Losses | (549) | (126) |
Equity securities, at fair value (Note 2) | $ 8,288 | $ 8,492 |
Note 2 - Securities - Fair Va_2
Note 2 - Securities - Fair Value of Debt Security, Available-for-sale and Held-to-maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost, available for sale | $ 640,084 | $ 1,102,146 |
Gross Unrealized Gains, available for sale | 39 | 11,534 |
Gross Unrealized Losses, available for sale | (73,981) | (14,795) |
Fair Value, available for sale | 566,142 | 1,098,885 |
Amortized Cost, held to maturity | 429,675 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (57,008) | |
Fair Value, held to maturity | 372,667 | |
US Treasury Securities [Member] | ||
Amortized Cost, available for sale | 93,040 | 93,267 |
Gross Unrealized Gains, available for sale | 0 | 23 |
Gross Unrealized Losses, available for sale | (9,397) | (1,311) |
Fair Value, available for sale | 83,643 | 91,979 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost, available for sale | 300,824 | 528,252 |
Gross Unrealized Gains, available for sale | 34 | 10,704 |
Gross Unrealized Losses, available for sale | (44,197) | (4,109) |
Fair Value, available for sale | 256,661 | 534,847 |
Amortized Cost, held to maturity | 203,267 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (32,638) | |
Fair Value, held to maturity | 170,629 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized Cost, available for sale | 230,842 | 441,383 |
Gross Unrealized Gains, available for sale | 5 | 781 |
Gross Unrealized Losses, available for sale | (19,719) | (9,049) |
Fair Value, available for sale | 211,128 | 433,115 |
Amortized Cost, held to maturity | 202,595 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (23,007) | |
Fair Value, held to maturity | 179,588 | |
Corporate Debt Securities [Member] | ||
Amortized Cost, available for sale | 1,256 | 20,856 |
Gross Unrealized Gains, available for sale | 0 | 19 |
Gross Unrealized Losses, available for sale | (18) | (233) |
Fair Value, available for sale | 1,238 | 20,642 |
Amortized Cost, held to maturity | 19,593 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (1,013) | |
Fair Value, held to maturity | 18,580 | |
Asset-Backed Securities [Member] | ||
Amortized Cost, available for sale | 14,122 | 16,387 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (650) | (93) |
Fair Value, available for sale | 13,472 | 16,294 |
Amortized Cost, held to maturity | 1,257 | |
Gross Unrealized Gains, held to maturity | 0 | |
Gross Unrealized Losses, held to maturity | (67) | |
Fair Value, held to maturity | 1,190 | |
US Treasury and Government [Member] | ||
Amortized Cost, available for sale | 2,963 | 2,001 |
Gross Unrealized Gains, available for sale | 0 | 7 |
Gross Unrealized Losses, available for sale | (283) | 0 |
Fair Value, available for sale | $ 2,680 | $ 2,008 |
Note 2 - Securities - Fair Va_3
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost, available for sale | $ 640,084 | $ 1,102,146 |
Gross Unrealized Gains, available for sale | 39 | 11,534 |
Gross Unrealized Losses, available for sale | (73,981) | (14,795) |
Fair Value, available for sale | 566,142 | 1,098,885 |
US Treasury and Government [Member] | ||
Amortized Cost, available for sale | 2,963 | 2,001 |
Gross Unrealized Gains, available for sale | 0 | 7 |
Gross Unrealized Losses, available for sale | (283) | 0 |
Fair Value, available for sale | 2,680 | 2,008 |
US Treasury Securities [Member] | ||
Amortized Cost, available for sale | 93,040 | 93,267 |
Gross Unrealized Gains, available for sale | 0 | 23 |
Gross Unrealized Losses, available for sale | (9,397) | (1,311) |
Fair Value, available for sale | 83,643 | 91,979 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost, available for sale | 300,824 | 528,252 |
Gross Unrealized Gains, available for sale | 34 | 10,704 |
Gross Unrealized Losses, available for sale | (44,197) | (4,109) |
Fair Value, available for sale | 256,661 | 534,847 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized Cost, available for sale | 230,842 | 441,383 |
Gross Unrealized Gains, available for sale | 5 | 781 |
Gross Unrealized Losses, available for sale | (19,719) | (9,049) |
Fair Value, available for sale | 211,128 | 433,115 |
Corporate Debt Securities [Member] | ||
Amortized Cost, available for sale | 1,256 | 20,856 |
Gross Unrealized Gains, available for sale | 0 | 19 |
Gross Unrealized Losses, available for sale | (18) | (233) |
Fair Value, available for sale | 1,238 | 20,642 |
Asset-Backed Securities [Member] | ||
Amortized Cost, available for sale | 14,122 | 16,387 |
Gross Unrealized Gains, available for sale | 0 | 0 |
Gross Unrealized Losses, available for sale | (650) | (93) |
Fair Value, available for sale | $ 13,472 | $ 16,294 |
Note 2 - Securities - Schedule
Note 2 - Securities - Schedule of Maturities of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Less than 1 Year | $ 37,719 | |
1 Year - 5 Years | 120,573 | |
5 Years - 10 Years | 251,352 | |
More than 10 Years | 156,498 | |
Fair Value, available for sale | 566,142 | $ 1,098,885 |
Total Available for Sale | 566,142 | |
Investment securities held to maturity, amortized cost, 1 year or less | 9,249 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 52,291 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 260,952 | |
Investment securities held to maturity, amortized cost, over 10 years | 107,183 | |
Investment securities held to maturity, amortized cost, subtotal | 429,675 | |
US Treasury Securities [Member] | ||
Less than 1 Year | 2,000 | |
1 Year - 5 Years | 0 | |
5 Years - 10 Years | 81,643 | |
More than 10 Years | 0 | |
Fair Value, available for sale | 83,643 | 91,979 |
US Treasury and Government [Member] | ||
Fair Value, available for sale | 2,680 | 2,008 |
Investment securities held to maturity, amortized cost, 1 year or less | 0 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 0 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 2,963 | |
Investment securities held to maturity, amortized cost, over 10 years | 0 | |
Investment securities held to maturity, amortized cost, subtotal | 2,963 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 1 Year | 16,426 | |
1 Year - 5 Years | 8,873 | |
5 Years - 10 Years | 75,501 | |
More than 10 Years | 155,861 | |
Fair Value, available for sale | 256,661 | 534,847 |
Investment securities held to maturity, amortized cost, 1 year or less | 2,724 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 5,112 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 89,248 | |
Investment securities held to maturity, amortized cost, over 10 years | 106,183 | |
Investment securities held to maturity, amortized cost, subtotal | 203,267 | |
Corporate Debt Securities [Member] | ||
Less than 1 Year | 500 | |
1 Year - 5 Years | 505 | |
5 Years - 10 Years | 233 | |
More than 10 Years | 0 | |
Fair Value, available for sale | 1,238 | 20,642 |
Investment securities held to maturity, amortized cost, 1 year or less | 0 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 250 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 18,343 | |
Investment securities held to maturity, amortized cost, over 10 years | 1,000 | |
Investment securities held to maturity, amortized cost, subtotal | 19,593 | |
Asset-Backed Securities [Member] | ||
Less than 1 Year | 0 | |
1 Year - 5 Years | 9,741 | |
5 Years - 10 Years | 3,731 | |
More than 10 Years | 0 | |
Fair Value, available for sale | 13,472 | 16,294 |
Investment securities held to maturity, amortized cost, 1 year or less | 0 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 1,257 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 0 | |
Investment securities held to maturity, amortized cost, over 10 years | 0 | |
Investment securities held to maturity, amortized cost, subtotal | 1,257 | |
Debt Securities [Member] | ||
Less than 1 Year | 18,926 | |
1 Year - 5 Years | 19,119 | |
5 Years - 10 Years | 161,108 | |
More than 10 Years | 155,861 | |
Fair Value, available for sale | 355,014 | |
Investment securities held to maturity, amortized cost, 1 year or less | 2,724 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 6,619 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 110,554 | |
Investment securities held to maturity, amortized cost, over 10 years | 107,183 | |
Investment securities held to maturity, amortized cost, subtotal | 227,080 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Less than 1 Year | 18,793 | |
1 Year - 5 Years | 101,454 | |
5 Years - 10 Years | 90,244 | |
More than 10 Years | 637 | |
Fair Value, available for sale | 211,128 | $ 433,115 |
Investment securities held to maturity, amortized cost, 1 year or less | 6,525 | |
Investment securities held to maturity, amortized cost, over 1 to 5 years | 45,672 | |
Investment securities held to maturity, amortized cost, over 5 to 10 years | 150,398 | |
Investment securities held to maturity, amortized cost, over 10 years | 0 | |
Investment securities held to maturity, amortized cost, subtotal | $ 202,595 |
Note 2 - Securities - Unrealize
Note 2 - Securities - Unrealized Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Change in market value of equity securities | $ (327) | $ (119) | $ (683) | $ 489 |
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 | $ (327) | $ (119) | $ (683) | $ 489 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 0 | 2 | 8 |
Past Due 30 Days or More [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Beginning balance | $ 7,601 | $ 7,740 | $ 7,688 | $ 7,593 | |
Charge-offs | (244) | (100) | (386) | (293) | |
Recoveries | 59 | 144 | 114 | 234 | |
Provision | 0 | 166 | 0 | 416 | |
Ending balance | 7,416 | 7,950 | 7,416 | 7,950 | |
Individually evaluated for impairment | 215 | 362 | 215 | 362 | $ 503 |
Collectively evaluated for impairment | 7,201 | 7,588 | 7,201 | 7,588 | 7,185 |
Individually evaluated for impairment | 2,687 | 6,824 | 2,687 | 6,824 | 5,433 |
Collectively evaluated for impairment | 1,063,245 | 978,487 | 1,063,245 | 978,487 | 994,248 |
Acquired with deteriorated credit quality | 15,457 | 19,276 | 15,457 | 19,276 | 17,167 |
Loans | 1,081,389 | 1,004,587 | 1,081,389 | 1,004,587 | 1,016,848 |
Agricultural [Member] | |||||
Beginning balance | 387 | 342 | 448 | 257 | |
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provision | (255) | 32 | (316) | 117 | |
Ending balance | 132 | 374 | 132 | 374 | |
Individually evaluated for impairment | 1 | 138 | 1 | 138 | 251 |
Collectively evaluated for impairment | 131 | 236 | 131 | 236 | 197 |
Individually evaluated for impairment | 320 | 3,167 | 320 | 3,167 | 2,616 |
Collectively evaluated for impairment | 58,743 | 43,400 | 58,743 | 43,400 | 62,203 |
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
Loans | 59,063 | 46,567 | 59,063 | 46,567 | 64,819 |
Commercial and Industrial [Member] | |||||
Beginning balance | 1,752 | 1,599 | 1,454 | 1,327 | |
Charge-offs | (100) | (24) | (131) | (98) | |
Recoveries | 2 | 64 | 4 | 73 | |
Provision | (41) | (116) | 286 | 221 | |
Ending balance | 1,613 | 1,523 | 1,613 | 1,523 | |
Individually evaluated for impairment | 52 | 20 | 52 | 20 | 95 |
Collectively evaluated for impairment | 1,561 | 1,503 | 1,561 | 1,503 | 1,359 |
Individually evaluated for impairment | 159 | 184 | 159 | 184 | 339 |
Collectively evaluated for impairment | 204,149 | 259,034 | 204,149 | 259,034 | 197,656 |
Acquired with deteriorated credit quality | 4,549 | 5,814 | 4,549 | 5,814 | 5,029 |
Loans | 208,857 | 265,032 | 208,857 | 265,032 | 203,024 |
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 304 | 247 | 290 | 317 | |
Charge-offs | (144) | (76) | (255) | (147) | |
Recoveries | 55 | 35 | 106 | 113 | |
Provision | 94 | 37 | 168 | (40) | |
Ending balance | 309 | 243 | 309 | 243 | |
Individually evaluated for impairment | 1 | 0 | 1 | 0 | 2 |
Collectively evaluated for impairment | 308 | 243 | 308 | 243 | 288 |
Individually evaluated for impairment | 7 | 0 | 7 | 0 | 14 |
Collectively evaluated for impairment | 38,359 | 33,354 | 38,359 | 33,354 | 35,148 |
Acquired with deteriorated credit quality | 10 | 16 | 10 | 16 | 12 |
Loans | 38,376 | 33,370 | 38,376 | 33,370 | 35,174 |
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 3,690 | 4,345 | 3,705 | 4,178 | |
Charge-offs | 0 | 0 | 0 | (48) | |
Recoveries | 1 | 42 | 2 | 43 | |
Provision | 533 | (10) | 517 | 204 | |
Ending balance | 4,224 | 4,377 | 4,224 | 4,377 | |
Individually evaluated for impairment | 7 | 56 | 7 | 56 | 9 |
Collectively evaluated for impairment | 4,217 | 4,321 | 4,217 | 4,321 | 3,696 |
Individually evaluated for impairment | 149 | 1,140 | 149 | 1,140 | 273 |
Collectively evaluated for impairment | 555,787 | 461,941 | 555,787 | 461,941 | 515,528 |
Acquired with deteriorated credit quality | 9,227 | 10,906 | 9,227 | 10,906 | 10,083 |
Loans | 565,163 | 473,987 | 565,163 | 473,987 | 525,884 |
Construction Real Estate [Member] | |||||
Beginning balance | 37 | 74 | 110 | 97 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 8 | 0 | (65) | (23) | |
Ending balance | 45 | 74 | 45 | 74 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 45 | 74 | 45 | 74 | 110 |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 17,950 | 15,440 | 17,950 | 15,440 | 19,066 |
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
Loans | 17,950 | 15,440 | 17,950 | 15,440 | 19,066 |
Residential Portfolio Segment [Member] | |||||
Beginning balance | 589 | 1,024 | 671 | 1,300 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 1 | 3 | 2 | 5 | |
Provision | 101 | (167) | 18 | (445) | |
Ending balance | 691 | 860 | 691 | 860 | |
Individually evaluated for impairment | 154 | 148 | 154 | 148 | 146 |
Collectively evaluated for impairment | 537 | 712 | 537 | 712 | 525 |
Individually evaluated for impairment | 2,052 | 2,333 | 2,052 | 2,333 | 2,191 |
Collectively evaluated for impairment | 188,257 | 165,318 | 188,257 | 165,318 | 164,647 |
Acquired with deteriorated credit quality | 1,671 | 2,540 | 1,671 | 2,540 | 2,043 |
Loans | 191,980 | 170,191 | 191,980 | 170,191 | 168,881 |
Unallocated Financing Receivables [Member] | |||||
Beginning balance | 842 | 109 | 1,010 | 117 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (440) | 390 | (608) | 382 | |
Ending balance | 402 | 499 | 402 | 499 | |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Collectively evaluated for impairment | 402 | 499 | 402 | 499 | 1,010 |
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 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Loans | $ 1,081,389 | $ 1,016,848 | $ 1,004,587 |
Nonaccrual | 1,242 | 1,727 | |
Agricultural [Member] | |||
Loans | 59,063 | 64,819 | 46,567 |
Nonaccrual | 314 | 313 | |
Agricultural [Member] | Pass [Member] | |||
Loans | 58,429 | 61,864 | |
Agricultural [Member] | Special Mention [Member] | |||
Loans | 313 | 339 | |
Agricultural [Member] | Substandard [Member] | |||
Loans | 321 | 2,616 | |
Agricultural [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Loans | 38,376 | 35,174 | 33,370 |
Nonaccrual | 8 | 0 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 38,368 | 35,174 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial and Industrial [Member] | |||
Loans | 208,857 | 203,024 | 265,032 |
Nonaccrual | 92 | 285 | |
Commercial and Industrial [Member] | Pass [Member] | |||
Loans | 206,399 | 201,202 | |
Commercial and Industrial [Member] | Special Mention [Member] | |||
Loans | 1,342 | 300 | |
Commercial and Industrial [Member] | Substandard [Member] | |||
Loans | 1,116 | 1,266 | |
Commercial and Industrial [Member] | Doubtful [Member] | |||
Loans | 0 | 256 | |
Construction Real Estate [Member] | |||
Loans | 17,950 | 19,066 | 15,440 |
Nonaccrual | 0 | 0 | |
Construction Real Estate [Member] | Performing Financial Instruments [Member] | |||
Loans | 17,950 | 19,066 | |
Construction Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 565,163 | 525,884 | 473,987 |
Nonaccrual | 0 | 279 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans | 559,653 | 519,537 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 739 | 778 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 4,771 | 5,569 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Loans | 191,980 | 168,881 | $ 170,191 |
Nonaccrual | 828 | 850 | |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | 191,152 | 168,031 | |
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 | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Number of loans | 1 | 0 | 2 | 8 |
Pre- Modification Outstanding | $ 19 | $ 0 | $ 277 | $ 3,530 |
Post- Modification Outstanding | $ 19 | $ 0 | $ 277 | $ 3,530 |
Financial Asset, 30 Days Past Due or More [Member] | ||||
Number of loans | 2 | 2 | ||
Recorded investment | $ 236 | $ 236 | ||
Commercial and Industrial [Member] | Financial Asset, 30 Days Past Due or More [Member] | ||||
Number of loans | 1 | 1 | ||
Recorded investment | $ 52 | $ 52 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Number of loans | 1 | 0 | 1 | 2 |
Pre- Modification Outstanding | $ 19 | $ 0 | $ 19 | $ 1,210 |
Post- Modification Outstanding | $ 19 | $ 0 | $ 19 | $ 1,210 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 Days Past Due or More [Member] | ||||
Number of loans | 1 | 1 | ||
Recorded investment | $ 184 | $ 184 | ||
Agricultural [Member] | ||||
Number of loans | 0 | 0 | 1 | 6 |
Pre- Modification Outstanding | $ 0 | $ 0 | $ 258 | $ 2,320 |
Post- Modification Outstanding | $ 0 | $ 0 | $ 258 | $ 2,320 |
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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Recorded Investment with no related allowance recorded | $ 753 | $ 753 | $ 572 | ||
Unpaid Principal Balance with no related allowance recorded | 897 | 897 | 694 | ||
Recorded Investment with an allowance recorded | 1,934 | 1,934 | 4,861 | ||
Unpaid Principal Balance with an allowance recorded | 1,998 | 1,998 | 4,943 | ||
Related Allowance | 215 | 215 | 503 | ||
Recorded Investment | 2,687 | 2,687 | 5,433 | ||
Unpaid Principal Balance | 2,895 | 2,895 | 5,637 | ||
Average Recorded Investment with no related allowance recorded | 580 | $ 3,814 | 577 | $ 3,742 | |
Interest Income Recognized with no related allowance recorded | 0 | 37 | 0 | 84 | |
Average Recorded Investment with an allowance recorded | 3,234 | 4,541 | 3,777 | 4,864 | |
Interest Income Recognized with an allowance recorded | 15 | 34 | 36 | 75 | |
Average Recorded Investment | 3,814 | 8,355 | 4,354 | 8,606 | |
Interest Income Recognized | 15 | 71 | 36 | 159 | |
Agricultural [Member] | |||||
Recorded Investment with no related allowance recorded | 314 | 314 | 314 | ||
Unpaid Principal Balance with no related allowance recorded | 428 | 428 | 428 | ||
Recorded Investment with an allowance recorded | 6 | 6 | 2,302 | ||
Unpaid Principal Balance with an allowance recorded | 7 | 7 | 2,302 | ||
Related Allowance | 1 | 1 | 251 | ||
Recorded Investment | 320 | 320 | 2,616 | ||
Unpaid Principal Balance | 435 | 435 | 2,730 | ||
Average Recorded Investment with no related allowance recorded | 314 | 778 | 314 | 993 | |
Interest Income Recognized with no related allowance recorded | 0 | 24 | 0 | 52 | |
Average Recorded Investment with an allowance recorded | 1,117 | 1,451 | 1,512 | 2,177 | |
Interest Income Recognized with an allowance recorded | 0 | 16 | 0 | 35 | |
Average Recorded Investment | 1,431 | 2,229 | 1,826 | 3,170 | |
Interest Income Recognized | 0 | 40 | 0 | 87 | |
Commercial and Industrial [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 | 159 | 159 | 339 | ||
Unpaid Principal Balance with an allowance recorded | 190 | 190 | 363 | ||
Related Allowance | 52 | 52 | 95 | ||
Recorded Investment | 159 | 159 | 339 | ||
Unpaid Principal Balance | 190 | 190 | 363 | ||
Average Recorded Investment with no related allowance recorded | 46 | 993 | 31 | 731 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 211 | 165 | 254 | 174 | |
Interest Income Recognized with an allowance recorded | 1 | 0 | 2 | 1 | |
Average Recorded Investment | 257 | 1,158 | 285 | 905 | |
Interest Income Recognized | 1 | 0 | 2 | 1 | |
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 | 7 | 7 | 14 | ||
Unpaid Principal Balance with an allowance recorded | 8 | 8 | 15 | ||
Related Allowance | 1 | 1 | 2 | ||
Recorded Investment | 7 | 7 | 14 | ||
Unpaid Principal Balance | 8 | 8 | 15 | ||
Average Recorded Investment with no related allowance recorded | 0 | 0 | 18 | 0 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 20 | 3 | 18 | 0 | |
Interest Income Recognized with an allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment | 20 | 3 | 0 | ||
Interest Income Recognized | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Recorded Investment with no related allowance recorded | 0 | 0 | 94 | ||
Unpaid Principal Balance with no related allowance recorded | 0 | 0 | 94 | ||
Recorded Investment with an allowance recorded | 0 | 0 | 179 | ||
Unpaid Principal Balance with an allowance recorded | 0 | 0 | 179 | ||
Related Allowance | 7 | 7 | 9 | ||
Recorded Investment | 0 | 0 | 273 | ||
Unpaid Principal Balance | 0 | 0 | 273 | ||
Average Recorded Investment with no related allowance recorded | 0 | 1,749 | 31 | 1,698 | |
Interest Income Recognized with no related allowance recorded | 0 | 13 | 0 | 32 | |
Average Recorded Investment with an allowance recorded | 153 | 642 | 162 | 372 | |
Interest Income Recognized with an allowance recorded | 2 | 3 | 5 | 6 | |
Average Recorded Investment | 153 | 2,391 | 193 | 2,070 | |
Interest Income Recognized | 2 | 16 | 5 | 38 | |
Construction Real Estate [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 | 149 | 149 | 0 | ||
Unpaid Principal Balance with an allowance recorded | 149 | 149 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
Recorded Investment | 149 | 149 | 0 | ||
Unpaid Principal Balance | 149 | 149 | 0 | ||
Average Recorded Investment with no related allowance recorded | 0 | 27 | 0 | 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 | 27 | 0 | ||
Interest Income Recognized | 0 | 0 | |||
Residential Portfolio Segment [Member] | |||||
Recorded Investment with no related allowance recorded | 439 | 439 | 164 | ||
Unpaid Principal Balance with no related allowance recorded | 469 | 469 | 172 | ||
Recorded Investment with an allowance recorded | 1,613 | 1,613 | 2,027 | ||
Unpaid Principal Balance with an allowance recorded | 1,644 | 1,644 | 2,084 | ||
Related Allowance | 154 | 154 | 146 | ||
Recorded Investment | 2,052 | 2,052 | 2,191 | ||
Unpaid Principal Balance | 2,113 | 2,113 | $ 2,256 | ||
Average Recorded Investment with no related allowance recorded | 220 | 267 | 201 | 320 | |
Interest Income Recognized with no related allowance recorded | 0 | 0 | 0 | 0 | |
Average Recorded Investment with an allowance recorded | 1,733 | 2,280 | 1,831 | 2,141 | |
Interest Income Recognized with an allowance recorded | 12 | 15 | 29 | 33 | |
Average Recorded Investment | 1,953 | 2,547 | 2,032 | 2,461 | |
Interest Income Recognized | $ 12 | $ 15 | $ 29 | $ 33 |
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 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | ||
Loans | $ 1,081,389 | $ 1,016,848 | $ 1,004,587 | ||
Loan 90 days and accruing | 0 | 0 | |||
Agricultural [Member] | |||||
Loans | 59,063 | 64,819 | 46,567 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial and Industrial [Member] | |||||
Loans | 208,857 | 203,024 | 265,032 | ||
Loan 90 days and accruing | 0 | 0 | |||
Consumer Portfolio Segment [Member] | |||||
Loans | 38,376 | 35,174 | 33,370 | ||
Loan 90 days and accruing | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 565,163 | 525,884 | 473,987 | ||
Loan 90 days and accruing | 0 | 0 | |||
Construction Real Estate [Member] | |||||
Loans | 17,950 | 19,066 | 15,440 | ||
Loan 90 days and accruing | 0 | 0 | |||
Residential Portfolio Segment [Member] | |||||
Loans | 191,980 | 168,881 | $ 170,191 | ||
Loan 90 days and accruing | 0 | 0 | |||
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Loans | 171 | [1] | 3,151 | ||
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] | 142 | 21 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 70 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 422 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 1,149 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 29 | 1,489 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Loans | 197 | [1] | 1,569 | ||
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] | 0 | 0 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 15 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 13 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 1,235 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 197 | 306 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Loans | 673 | [1] | 821 | ||
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] | 93 | 88 | ||
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] | 0 | 279 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 580 | 454 | ||
Financial Asset, Past Due [Member] | |||||
Loans | 1,041 | [1] | 5,541 | ||
Financial Asset, Past Due [Member] | Agricultural [Member] | |||||
Loans | [1] | 0 | 0 | ||
Financial Asset, Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | [1] | 235 | 109 | ||
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 85 | ||
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | [1] | 0 | 714 | ||
Financial Asset, Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | [1] | 0 | 2,384 | ||
Financial Asset, Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | [1] | 806 | 2,249 | ||
Financial Asset, Not Past Due [Member] | |||||
Loans | 1,080,348 | 1,011,307 | |||
Financial Asset, Not Past Due [Member] | Agricultural [Member] | |||||
Loans | 59,063 | 64,819 | |||
Financial Asset, Not Past Due [Member] | Commercial and Industrial [Member] | |||||
Loans | 208,622 | 202,915 | |||
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Loans | 38,376 | 35,089 | |||
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 565,163 | 525,170 | |||
Financial Asset, Not Past Due [Member] | Construction Real Estate [Member] | |||||
Loans | 17,950 | 16,682 | |||
Financial Asset, Not Past Due [Member] | Residential Portfolio Segment [Member] | |||||
Loans | $ 191,174 | $ 166,632 | |||
[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 | Jun. 30, 2022 | Dec. 31, 2021 |
Nonaccrual loans | $ 1,242 | $ 1,727 |
Agricultural [Member] | ||
Nonaccrual loans | 314 | 313 |
Commercial and Industrial [Member] | ||
Nonaccrual loans | 92 | 285 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans | 8 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 0 | 279 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | $ 828 | $ 850 |
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 | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | 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 | |||||
Balance | $ 1,464 | $ 1,659 | $ 2,004 | $ 0 | ||
Merger with County Bank Corp. on October 1, 2019 | 2,079 | |||||
Accretion | (188) | (595) | (345) | (75) | ||
Transfer from non-accretable to accretable yield | 1,150 | 400 | ||||
Balance | 2,426 | 1,464 | 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 | |||||
Balance | 288 | 135 | 185 | 0 | ||
Merger with County Bank Corp. on October 1, 2019 | 185 | |||||
Accretion | (222) | (247) | (50) | 0 | ||
Transfer from non-accretable to accretable yield | 1,150 | 400 | ||||
Balance | 1,216 | 288 | 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 | |||||
Balance | 1,176 | 1,524 | 1,819 | 0 | ||
Merger with County Bank Corp. on October 1, 2019 | 1,894 | |||||
Accretion | (34) | (348) | (295) | (75) | ||
Transfer from non-accretable to accretable yield | 0 | 0 | ||||
Balance | 1,210 | 1,176 | 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 | |||||
Balance | 719 | 1,298 | 0 | |||
Merger with County Bank Corp. on October 1, 2019 | 1,465 | |||||
Accretion | (775) | (579) | (167) | |||
Transfer from non-accretable to accretable yield | 874 | |||||
Balance | 818 | 719 | 1,298 | 0 | ||
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 | |||||
Balance | 522 | 843 | 0 | |||
Merger with County Bank Corp. on October 1, 2019 | 869 | |||||
Accretion | (578) | (321) | (26) | |||
Transfer from non-accretable to accretable yield | 874 | |||||
Balance | 818 | 522 | 843 | 0 | ||
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 | |||||
Balance | 197 | 455 | 0 | |||
Merger with County Bank Corp. on October 1, 2019 | 596 | |||||
Accretion | (197) | (258) | (141) | |||
Transfer from non-accretable to accretable yield | 0 | |||||
Balance | $ 0 | $ 197 | $ 455 | $ 0 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 15,000 | 15,000 | 15,000 | 12,000 |
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 6,396 | 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 27,592 | 18,985 | 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 5,615 | $ 5,043 | $ 11,143 | $ 11,281 |
Weighted average common shares outstanding (in shares) | 7,499,497 | 7,769,485 | 7,497,492 | 7,785,098 |
Basic earnings per share (Note 4) (in dollars per share) | $ 0.75 | $ 0.65 | $ 1.49 | $ 1.45 |
Net income | $ 5,615 | $ 5,043 | $ 11,143 | $ 11,281 |
Plus dilutive stock options and restricted stock units (in shares) | 11,027 | 9,600 | 13,766 | 10,577 |
Weighted average common shares outstanding and potentially dilutive shares (in shares) | 7,510,524 | 7,779,085 | 7,511,258 | 7,795,675 |
Diluted earnings per share (Note 4) (in dollars per share) | $ 0.75 | $ 0.65 | $ 1.49 | $ 1.45 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Equity securities, at fair value (Note 2) | $ 8,288 | $ 8,492 |
Securities available for sale, at fair value (Note 2) | 566,142 | 1,098,885 |
Loans to other financial institutions | 37,422 | 42,632 |
Deposits – noninterest-bearing | 578,927 | 560,931 |
Deposits – interest-bearing | 1,559,577 | 1,491,363 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 40,296 | 31,887 |
Equity securities, at fair value (Note 2) | 8,288 | 8,492 |
Securities available for sale, at fair value (Note 2) | 566,142 | 1,098,885 |
Securities held to maturity | 429,675 | |
Reserve Bank stock | 8,557 | 8,888 |
Loans held for sale | 10,628 | 9,351 |
Loans to other financial institutions | 37,422 | 42,632 |
Loans, net | 1,073,973 | 1,009,160 |
Accrued interest receivable | 8,239 | 8,211 |
Interest rate lock commitments | 140 | 172 |
Mortgage Loan Servicing Rights | 4,679 | 4,666 |
Interest rate contracts | 14,209 | |
Deposits – noninterest-bearing | 578,927 | 560,931 |
Deposits – interest-bearing | 1,559,577 | 1,491,363 |
Borrowings | 7,000 | |
Subordinated debentures | 35,140 | 35,017 |
Accrued interest payable | 418 | 441 |
Interest rate contracts | 2,393 | |
Borrowings | 50,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 40,296 | 31,887 |
Equity securities, at fair value (Note 2) | 8,288 | 8,492 |
Securities available for sale, at fair value (Note 2) | 566,142 | 1,098,885 |
Securities held to maturity | 372,667 | |
Reserve Bank stock | 8,557 | 8,888 |
Loans held for sale | 10,947 | 9,632 |
Loans to other financial institutions | 37,422 | 42,632 |
Loans, net | 1,037,946 | 999,393 |
Accrued interest receivable | 8,239 | 8,211 |
Interest rate lock commitments | 140 | 172 |
Mortgage Loan Servicing Rights | 5,932 | 5,522 |
Interest rate contracts | 14,209 | |
Deposits – noninterest-bearing | 578,927 | 560,931 |
Deposits – interest-bearing | 1,556,523 | 1,491,135 |
Borrowings | 6,995 | |
Subordinated debentures | 30,785 | 33,414 |
Accrued interest payable | 418 | 441 |
Interest rate contracts | 2,393 | |
Borrowings | 50,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 40,296 | 31,887 |
Equity securities, at fair value (Note 2) | 6,462 | 6,724 |
Securities available for sale, at fair value (Note 2) | 0 | 0 |
Securities held to maturity | 0 | |
Reserve Bank stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans to other financial institutions | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Interest rate contracts | 0 | |
Deposits – noninterest-bearing | 0 | 0 |
Deposits – interest-bearing | 0 | 0 |
Borrowings | 0 | |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate contracts | 0 | |
Borrowings | 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, at fair value (Note 2) | 566,142 | 1,077,835 |
Securities held to maturity | 357,723 | |
Reserve Bank stock | 8,557 | 8,888 |
Loans held for sale | 10,947 | 9,632 |
Loans to other financial institutions | 37,422 | 42,632 |
Loans, net | 0 | 0 |
Accrued interest receivable | 8,239 | 8,211 |
Interest rate lock commitments | 140 | 172 |
Mortgage Loan Servicing Rights | 5,932 | 5,522 |
Interest rate contracts | 14,209 | |
Deposits – noninterest-bearing | 578,927 | 560,931 |
Deposits – interest-bearing | 1,556,523 | 1,491,135 |
Borrowings | 6,995 | |
Subordinated debentures | 30,785 | 33,414 |
Accrued interest payable | 418 | 441 |
Interest rate contracts | 2,393 | |
Borrowings | 50,000 | |
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) | 1,826 | 1,768 |
Securities available for sale, at fair value (Note 2) | 0 | 21,050 |
Securities held to maturity | 14,944 | |
Reserve Bank stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans to other financial institutions | 0 | 0 |
Loans, net | 1,037,946 | 999,393 |
Accrued interest receivable | 0 | 0 |
Interest rate lock commitments | 0 | 0 |
Mortgage Loan Servicing Rights | 0 | 0 |
Interest rate contracts | 0 | |
Deposits – noninterest-bearing | 0 | 0 |
Deposits – interest-bearing | 0 | 0 |
Borrowings | 0 | |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate contracts | $ 0 | |
Borrowings | $ 0 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Equity securities, at fair value (Note 2) | $ 8,288 | $ 8,492 |
Securities available for sale, at fair value (Note 2) | 566,142 | 1,098,885 |
US Treasury Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 83,643 | 91,979 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 256,661 | 534,847 |
Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 211,128 | 433,115 |
Corporate Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 1,238 | 20,642 |
Asset-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 13,472 | 16,294 |
US Treasury and Government [Member] | ||
Securities available for sale, at fair value (Note 2) | 2,680 | 2,008 |
Fair Value, Recurring [Member] | ||
Securities available for sale, at fair value (Note 2) | 566,142 | 1,098,885 |
Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||
Interest rate contracts | 14,209 | |
Interest rate derivative contracts - liabilities | 2,393 | |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities, at fair value (Note 2) | 8,288 | 8,492 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 83,643 | 91,979 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 256,661 | 534,847 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 211,128 | 433,115 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 1,238 | 20,642 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 13,472 | 16,294 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale, at fair value (Note 2) | 2,008 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||
Interest rate contracts | 0 | |
Interest rate derivative contracts - liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities, at fair value (Note 2) | 6,462 | 6,724 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale, at fair value (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, at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale, at fair value (Note 2) | 566,142 | 1,077,835 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||
Interest rate contracts | 14,209 | |
Interest rate derivative contracts - liabilities | 2,393 | |
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 Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 83,643 | 91,979 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 256,661 | 514,797 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 211,128 | 433,115 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 1,238 | 19,642 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 13,472 | 16,294 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale, at fair value (Note 2) | 2,008 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 21,050 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||
Interest rate contracts | 0 | |
Interest rate derivative contracts - liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Equity securities, at fair value (Note 2) | 1,826 | 1,768 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale, at fair value (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, at fair value (Note 2) | 0 | 20,050 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | 1,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Securities available for sale, at fair value (Note 2) | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Securities available for sale, at fair value (Note 2) | $ 0 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Equity Securities [Member] | ||
Balance | $ 1,768 | $ 1,485 |
Total realized and unrealized gains included in income | (5) | (39) |
Net purchases, sales, calls, and maturities | 63 | 220 |
Net transfers into Level 3 | 0 | 0 |
Balance | 1,826 | 1,666 |
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 June 30 | (5) | (39) |
Net transfers into Level 3 | 0 | 0 |
Available-for-Sale Securities [Member] | ||
Balance | 21,050 | 11,423 |
Net purchases, sales, calls, and maturities | 0 | 1,966 |
Net transfers into Level 3 | 0 | 0 |
Balance | 0 | 13,125 |
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 June 30 | 0 | (250) |
Total unrealized gains included in other comprehensive income | 0 | (264) |
Net transfers into Level 3 | 0 | 0 |
Transfer to held to maturity | $ (21,050) | $ 0 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Impaired Loans | $ 2,687 | $ 5,433 |
Other Real Estate | 0 | 194 |
Mortgage Loan Servicing Rights | 4,679 | 4,666 |
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 | 4,679 | 4,666 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired Loans | 2,687 | 5,433 |
Other Real Estate | 0 | 194 |
Mortgage Loan Servicing Rights | $ 0 | $ 0 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Noninterest income from contracts with customers within the scope of ASC 606 | $ 2,887 | $ 2,723 | $ 5,608 | $ 5,254 |
Noninterest income within the scope of other GAAP topics | 543 | 2,009 | 1,668 | 5,078 |
Total noninterest income | 3,430 | 4,732 | 7,276 | 10,332 |
Service Charges and Fees on Deposit Accounts [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 1,036 | 822 | 2,067 | 1,608 |
Interchange Income [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 1,317 | 1,312 | 2,475 | 2,446 |
Investment Commission Income [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 233 | 198 | 438 | 471 |
Trust Fee Income [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | 176 | 253 | 354 | 425 |
Other Charges and Fees for Customer Services [Member] | ||||
Noninterest income from contracts with customers within the scope of ASC 606 | $ 125 | $ 138 | $ 274 | $ 304 |
Note 8 - Derivative and Hedgi_3
Note 8 - Derivative and Hedging Activities (Details Textual) $ in Billions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Pay Floating Swap Agreement [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative, Number of Instruments Held, Total | 2 |
Derivative, Notional Amount | $ 0.2 |
Derivative, Fixed Coupon Rate | 2.41% |
Pay Fixed Swap Agreement [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative, Number of Instruments Held, Total | 1 |
Derivative, Notional Amount | $ 0.2 |
Derivative, Fixed Coupon Rate | 2.75% |
Derivative, Term of Contract (Year) | 8 years |
Four SOFR Cap Agreements [Member] | |
Derivative, Number of Instruments Held, Total | 4 |
Derivative, Notional Amount | $ 0.2 |
Derivative, Term of Contract (Year) | 8 years |
Three SOFR Cap Agreement [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |
Derivative, Notional Amount | $ 0.1 |
Derivative, Floor Interest Rate | 2.68% |
One SOFR Cap Agreement [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative, Notional Amount | $ 0.1 |
Derivative, Floor Interest Rate | 2.68% |
Note 8 - Derivative and Hedgi_4
Note 8 - Derivative and Hedging Activities - Schedule of Derivatives Instruments in Balance Sheet Location (Details) - Interest Rate Contract [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Member] | ||
Interest rate contracts | $ 14,209 | $ 0 |
Other Liabilities [Member] | ||
Interest rate contracts | $ 2,393 | $ 0 |
Note 8 - Derivative and Hedgi_5
Note 8 - Derivative and Hedging Activities - Location and Amount of Gain (Loss) in Income on Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income [Member] | ||||
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ 422 | $ 422 | ||
Interest Income [Member] | Interest Rate Contract, Hedged Items [Member] | ||||
The effects of fair value and cash flow hedging: | (71) | 0 | ||
Interest Income [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||
The effects of fair value and cash flow hedging: | 71 | 0 | ||
Interest Income [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | (153) | (153) | ||
Interest Income [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | 0 | 0 | ||
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | $ 0 | $ 0 | ||
Interest Expense [Member] | ||||
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ (155) | $ (155) | ||
Interest Expense [Member] | Interest Rate Contract, Hedged Items [Member] | ||||
The effects of fair value and cash flow hedging: | 0 | 0 | ||
Interest Expense [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||||
The effects of fair value and cash flow hedging: | 0 | 0 | ||
Interest Expense [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | 0 | 0 | ||
Interest Expense [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | (155) | (155) | ||
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income | $ 0 | $ 0 |